Intertek Group (ITRK) Q3 2025 TU earnings summary

Executive summary

• Year-to-date revenue reached GBP 2.85bn, up 4.6% at constant currency, with like-for-like revenue growth of 4.3% and strong trading from July–October led by Consumer Products and Corporate Assurance.

• Margin progression supported by divisional mix, pricing, operating leverage, cost controls, and productivity improvements.

• Excellent free cash flow and ROIC reported, with GBP 328m of GBP 350m share buyback completed.

• Three acquisitions in 2025 (TASIS, EnviroLab, SupliLab) in high-growth, high-margin sectors contributed to revenue and margin expansion.

• On track to meet 2025 earnings expectations and well positioned for 2026.

Financial highlights

• Group revenue for January–October 2025 was GBP 2,850m, up 4.6% at constant currency and 1.2% at actual rates; like-for-like revenue was GBP 2,841m, up 4.3%.

• July–October 2025 revenue was GBP 1,177.3m, up 4.6% at constant currency; like-for-like revenue up 4.1%.

• Recent acquisitions contributed GBP 9m in revenue year-to-date.

• Margin progression supported by divisional mix, pricing, operating leverage, and cost controls.

• GBP 328m of GBP 350m share buyback program completed.

Outlook and guidance

• Expecting mid-single-digit like-for-like revenue growth at constant currency for 2025, with strong margin progression and excellent cash generation.

• 2025 guidance: capital expenditure GBP 135–145m, net finance costs GBP 51–52m, effective tax rate 25–26%, minority interests GBP 21–22m, dividend payout ratio ~65%.

• FY25 net financial debt expected at GBP 925–975m, within leverage target of 1.3–1.8 net debt/EBITDA.

• Currency volatility could reduce full-year revenue by 350bps and earnings by 500bps.

• 2026 outlook remains strong, targeting 18.5%+ margin and continued strong cash generation.