Intertek Reports strong H1 2026 growth and reaffirms full-year outlook

Intertek Group PLC (LON:ITRK) has announced its 2026 half year results.

Strong H1 26 performance: 6.1%1 revenue growth, 12.4%2 EPS growth and operating cash flow growth of 27.2%3

• Revenue of £1,771m, +6.1% at constant currency, and +5.9% at actual rates
• Robust LFL revenue growth of 4.9%1: Consumer Products 5.3%, Corporate Assurance 10.0%, Health and Safety 6.3%, Industry and Infrastructure 4.5%, and stable LFL in the World of Energy
• Strong progress on M&A with recent acquisitions in attractive growth and margin segments performing well
• Adjusted operating profit of £309.7m, +12.4% at constant currency and +12.1% at actual rates
• Strong adjusted margin progression of 100bps1 to 17.5%
• Strong adjusted diluted EPS growth of +12.4% at constant currency and +12.0% at actual rates
• Excellent cash conversion of 116%, strong adjusted operating cash flow of £338.1m, +27.2% year on year and excellent free cash flow of £138.5m, up by £82.5m year on year
• Increased investments in growth: capex up 7.9% year on year and acquisition of AePVI and QTEST
• Reiterate strong FY 2026 outlook: mid-single digit LFL1 revenue growth, continuous margin progression, strong earnings growth and strong free cash flow
• On track to deliver our medium-term targets of mid-single digit LFL revenue growth, 18.5%+ margin, strong cash and strong ROIC
• The Board has recommended EQT’s prospective acquisition of the Group at an offer value of £61.077 per share (inclusive of our 107.7p FY25 final dividend, which has now been paid in the ordinary course of business)

Note 1: at constant currency. Note 2: Adjusted EPS at constant currency. Note 3: Adjusted operating cash flow at actual rates

André Lacroix: Chief Executive Officer statement

“I would like to recognise all my colleagues for having delivered a strong performance in the first half of the year, implementing our AAA differentiated strategy for growth with passion and excellence. Our revenue grew twice as fast as expected 2026 global GDP growth, our adjusted diluted EPS twice as fast as revenue, and our adjusted operating cash flow growth was more than twice as fast as adjusted diluted EPS. Our high-quality earnings model continues to demonstrate the company’s ability to improve its performance across all our key financial metrics on a sustainable and consistent basis, with H1 26 the 11th consecutive six-month period of mid-single digit LFL revenue growth and the seventh consecutive six-month period of double-digit1 adjusted diluted EPS growth, whilst delivering strong and consistent returns on capital.

Revenue grew by 6.1% driven by robust LFL revenue growth and the contribution of acquisitions. Portfolio mix, pricing, operating leverage, our disciplined cost approach, productivity improvements and margin accretive investments delivered strong margin progression of 100bps to 17.5%, putting us well on track to deliver our 18.5%+ margin target. Our cash performance was excellent with a cash conversion of 116% generating adjusted operating cash flow of £338m, up 27.2% year on year and free cash flow of £138.5m up £82.5m year on year. We continue to invest in growth to seize the exciting organic and inorganic opportunities we see in high growth and high margin segments with capex up nearly 8%. We are pleased with the performance of our acquisitions and the integrations of AePVI and QTEST made earlier this year are progressing well.

Our role in society is mission-critical, providing a unique suite of industry-leading ATIC solutions to over 400,000 clients across every industry and region in each of our five divisions, and all our global business lines enjoy scale leadership positions at both the local and global level. At this time of growing global complexity, our industry-leading suite of ATIC solutions are increasingly valued by clients as a trusted means of achieving faster market access without compromising on quality, safety and sustainability.

Our clients are increasing their focus on Risk-based Quality Assurance to operate with higher standards on quality, safety and sustainability in each part of their value chain, triggering higher demand for our ATIC solutions. We believe the current environment creates additional growth opportunities for Intertek with new global trade routes to assure, more products to test and certify, and more factories to audit and inspect. Following a strong first half, we enter H2 with confidence and expect to deliver a strong 2026 performance with mid-single digit LFL revenue growth at constant currency, continuous margin progression, and a strong free cash flow performance.”

1 Constant rates are calculated by translating H1 25 results at H1 26 exchange rates.

2 LFL revenue includes acquisitions following their 12-month anniversary of ownership and excludes the historical contribution of any business disposals/closures.

3 Adjusted results are stated before Separately Disclosed Items (‘SDIs’), see note 3 to the Condensed Consolidated Financial Statements.

1,2,3 Reconciliations for these measures are shown in the Presentation of Results section.

4 Financial net debt excludes the IFRS 16 lease liability of £319.3m. Total net debt is £1,464.8m. Reflects prior 12 months’ Adjusted EBITDA for relevant period. See note 7 to the Condensed Consolidated Financial Statements.

5 Under the terms of the EQT Offer, any dividends paid by the Group other than the FY25 final dividend would result in a reduction to the cash consideration to be paid to Intertek shareholders in connection with the EQT Offer. Intertek’s Board of Directors is not, therefore, proposing an interim dividend. Further information on the EQT Offer is provided in the EQT Transaction Update section.