Intertek Group (ITRK) Q1 2026 TU earnings summary

Executive summary

• Strategic review initiated to consider separating Testing & Assurance and Energy & Infrastructure into two specialist global ATIC businesses to accelerate growth and unlock shareholder value, with implementation targeted by mid-2027.

• Strong start to 2026 with 5.4% like-for-like revenue growth at constant currency in Q1, driven by robust performances across most divisions.

• Full-year 2026 guidance reiterated, targeting mid-single-digit like-for-like revenue growth, margin progression, strong earnings, and free cash flow.

Financial highlights

• Q1 2026 group revenue: GBP 838.5 million, up 6.7% at constant currency and 3.7% at actual rates year-over-year.

• Q1 2026 like-for-like revenue: GBP 828.3 million, up 5.4% at constant currency and 2.4% at actual rates year-over-year.

• Four acquisitions in 2025 (TESIS, Envirolab, Suplilab, PTL) performing well and contributing to portfolio growth.

• Continued margin progression attributed to divisional mix, pricing, operating leverage, and productivity improvements.

• Strong operating and free cash flow, supporting ongoing investment and a robust balance sheet.

Outlook and guidance

• Full-year 2026 guidance confirmed: mid-single-digit like-for-like revenue growth at constant currency, continuous margin progression, strong earnings growth, and strong free cash flow.

• High-single-digit growth expected in Corporate Assurance; mid-single-digit in Consumer Products, Industry & Infrastructure; low-single-digit in Health & Safety and World of Energy.

• Capital expenditure expected at GBP 150–160 million, with net finance costs GBP 71–72 million, effective tax rate 25.5–26.5%, and minority interests GBP 21–22 million.

• FY26 net financial debt projected at GBP 930–980 million, prior to FX or M&A impacts.

• Quarterly trading updates to be provided for March and September periods.