Inchcape (INCH) Q3 2026 TU earnings summary

Executive summary

• Resilient Q3 performance, with momentum in the Americas and Europe & Africa offset by continued Australian underperformance and margin pressure.

• Diversification, acquisitions and recently won distribution contracts supported growth; Chinese OEMs represented ~25% of Q3 volumes.

Financial highlights

• Q3 revenue rose 7% reported to £2.5bn, 5% at constant currency and 1% organically; volumes increased 3% versus TIV growth of 9%.

• The gap between organic revenue growth and volume growth reflected a small price-mix headwind, mainly from regional mix and lower average selling prices in the Americas and Europe & Africa.

• Volume growth reflected acquisitions and distribution contracts won in prior years; most markets continued H1 trends.

Outlook and guidance

• FY 2026 organic volume growth is expected at the top end of the 3%–5% range; free cash flow conversion guidance remains above 100%.

• FY 2026 adjusted operating margin is expected at ~5.5%, with Australia dilutive; adjusted EPS growth is expected at ~10%.

• Corporate reorganisation and tax restructuring are expected to benefit FY 2026 EPS growth; medium-term tax guidance remains ~31%.

• Medium-term ambition remains EPS CAGR above 10% through 2030; 2027 guidance will be provided with FY 2026 results.

• Translational currency tailwinds are expected at prevailing exchange rates.