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Visual21 Nov 2025
Data center suppliers
QinetiQ Group (QQ) investor relations material
QinetiQ Group H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary13 Nov, 2025
Executive summary
Delivered robust operational performance in challenging markets, with successful US restructuring and disposal of the Federal IT business.
Secured major strategic milestones, including a £1.5bn LTPA extension, supporting transformation for future warfare and boosting order backlog.
Maintained focus on execution, resilience, and disciplined capital deployment, supporting full-year guidance.
Mission-critical capabilities remain highly relevant in a growing defence market, supported by a significant backlog and strong pipeline.
Financial highlights
Order intake reached £2.4bn, up 134% year-over-year, driving a record closing order backlog of £4.8bn and a book-to-bill of 0.9x.
Revenue was £900.4m, down 3% organically year-over-year, mainly due to US restructuring and market headwinds.
Underlying operating profit was £96.0m, down 10% year-over-year, with a margin of 10.7%.
Underlying EPS was 14.2p, flat year-over-year, supported by share buybacks; interim dividend increased by 7% to 3.0p.
Net debt stood at £180.9m, leverage at 0.6x, with strong cash conversion of 85% and £63m free cash flow generated.
Outlook and guidance
Full-year guidance maintained: c.3% organic revenue growth, c.11% margin, 15–20% EPS growth, c.90% cash conversion, and leverage around 0.5x.
Approximately 90% of revenue for the year is already under contract, with revenue cover for H2 at 89%.
Strong backlog and pipeline (8x FY2025 revenue, £11bn pipeline) provide long-term growth visibility.
US growth drivers and margin outlook
UK order delay resolution and H2 outlook
Key drivers for post-FY26 growth
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Next QinetiQ Group earnings date
Q3 2026 TU20 Jan, 2026
Next QinetiQ Group earnings date
Q3 2026 TU20 Jan, 2026
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Frequently asked questions
QinetiQ Group PLC is a British multinational defense technology company specializing in science and engineering solutions across defense, security, and infrastructure sectors. The company operates through two main segments: EMEA Services and Global Solutions, offering a broad range of services and products such as robotics, autonomous systems, cyber and electromagnetic technologies, and advanced materials. QinetiQ provides test and evaluation services, training, and consulting for sectors including aerospace, defense, marine, and telecommunications. The company isheadquartered in Farnborough, UK, and its shares are listed on the London Stock Exchange.
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