Inchcape plc (LON:INCH), the leading global automotive distributor, has announced its Q1 trading update covering 1 January – 31 March 2026
Q1 2026 trading update
Performance in-line with management expectations, FY 2026 guidance reiterated
Duncan Tait, Group Chief Executive, commented:
“Inchcape continues to deliver on our strategy, with our Q1 2026 revenue performance benefiting from our diversified market and brand portfolio. During the quarter, we saw continued good momentum in the Americas and Europe & Africa, offsetting a weaker APAC performance.
“Organic revenue growth of 6%, against soft comparators, was supported by the scaling of distribution contracts secured in recent years, market share gains, growth in our core brand portfolio and supportive market conditions in certain regions. We also maintained a strong focus on optimisation across the Group, with on-going cost actions and even closer collaboration with our OEM partners, and through various initiatives in areas like vehicle parts and Finance and Insurance.
“We remain disciplined in our capital allocation approach. We are making progress with our recently announced £175m share buyback programme and we have an active acquisition pipeline. We remain on track to meet our 2026 guidance of EPS growth of more than 10%, in line with our medium term target.”
Key highlights:
· Q1 organic revenue growth of 6%, and 8% reported revenue growth to £2.3bn, against soft comparators:
· Driven by contribution from distribution contract wins and market share gains, with Inchcape volume growth of 9%, against Inchcape market TIV1 growth of 6%
· Regional market update:
o Americas – strong growth delivered, with supportive market conditions
o APAC – on-going implementation of management actions to address challenges, including an increasingly competitive Australian market, compounded by brand supply phasing
o Europe and Africa – another quarter of market outperformance, supported by strong performance in Iceland, following bolt-on acquisition there in Q3 2025
· No direct impact from Middle East situation on Inchcape markets to date:
o Some immaterial disruption to logistics in Europe and Africa
o Monitoring consumer demand trends, which have so far remained unchanged
· Continued progress against strategy, with disciplined approach to capital allocation:
· Two distribution contract wins, Volvo in Ecuador and Deepal in Barbados, with continued momentum from contracts won in previous years
· Continued progress with £175m share buyback programme – approximately £27m repurchased (as at 29 April 2026)
· Active pipeline of bolt-on acquisitions
· Guidance for FY 2026 reiterated – a year of growth, at constant currency, in line with our medium term target, benefitting from our scaled and diversified portfolio:
· EPS growth of >10% – driven by:
o Organic volume growth towards lower end of 3% – 5% guidance range
o Resilient operating margins of c.6% and free cashflow conversion of c.100%
o Disciplined approach to capital allocation
· Continued expectation of H2-weighted revenue and profit performance – due to:
o Increasing contribution from the Americas, with typical H2-weighted seasonality
o Brand supply phasing in APAC, as previously highlighted, and the benefits of management actions coming through
· In the context of the uncertain and fast-evolving macro environment, we continue to manage our business in an agile and dynamic manner with our OEM partners
| Q1 2026 revenue YoY% | Constant FX | Organic1 | Reported | |
| Group2 | 7% | 6% | 8% | |
1. Total Industry Volumes in Inchcape markets, excluding Thailand and Argentina, which are substantial markets where Inchcape volumes are immaterial
2: Organic growth is defined as sales growth in operations that have been open for at least a year at constant foreign exchange rates. In 2025 we disposed of a non-core retail business in Australia which has therefore been removed from the comparative period.
3. In addition to this press release, we have published Q1 26 market data which can be found on our website. Link: Results, Reports + Presentations – Inchcape.
Conference call today
Adrian Lewis, Group CFO, will hold a conference call for analysts and investors today, Thursday 30th April at 08:30 (UK time).
Dial-in details (UK wide): +44 (0) 33 0551 0200; Toll free: 0808 109 0700
Password (if prompted): Quote ‘Inchcape Q1’ when prompted by the operator.
Webcast details: To register for the webcast of the event please follow this link: Inchcape – Q1 2026 Trading Update. A replay of the call will be available via the Company’s website, www.inchcape.com later today.
Financial calendar
Ex-dividend date for 2025 full year dividend 7 May 2026
Record date 8 May 2026
Last election date 22 May 2026
Payment date 15 June 2026
AGM 14 May 2026
2026 interim results 28 July 2026
Q3 trading update 22 October 2026
