Intertek Group (ITRK) H1 2026 earnings summary

Executive summary

• Revenue grew 6.1% at constant currency to £1,771.3m, with robust like-for-like (LFL) growth across most divisions.

• Adjusted operating profit rose 12.4% at constant currency to £309.7m, with margin up 100bps to 17.5%.

• Adjusted diluted EPS increased 12.4% at constant currency to 124.9p.

• Excellent cash conversion (116%) and free cash flow of £138.5m, up £82.5m year-on-year.

• Recent acquisitions in high-growth segments performing well; integration of AePVI and QTEST progressing.

Financial highlights

• Revenue: £1,771.3m (+6.1% constant currency, +5.9% actual rates) compared to H1 2025.

• Adjusted operating profit: £309.7m (+12.4% constant currency), margin 17.5% (+100bps).

• Adjusted diluted EPS: 124.9p (+12.4% constant currency).

• Free cash flow: £138.5m (+147.3% year-on-year).

• Financial net debt: £1,145.5m, net debt/EBITDA 1.4x.

Outlook and guidance

• FY26 guidance: mid-single digit LFL revenue growth, continuous margin progression, strong earnings and free cash flow.

• Segment outlooks: mid-single digit LFL growth in Consumer Products and Industry & Infrastructure, high-single digit in Corporate Assurance, low-single digit in Health & Safety and World of Energy.

• FY26 capex expected at £135–145m, net finance costs £69–70m, effective tax rate 25.5–26.5%.

• FY26 financial net debt now expected at £800–850m, lower than previous guidance.