Inchcape Plc · LSE:INCH
Inchcape — FY 2025 Earnings Presentation
26 slides from Inchcape's earnings presentation, Mar 3, 2026
Slide 1: FY 2025 Results
FY 2025 RESULTS 3 March 2026
Slide 2: Agenda
Inchcape 2 Agenda Overview and market context Duncan Tait Group Chief Executive FY 2025 Financial results Adrian Lewis Chief Financial Officer Summary and FY 2026 outlook Duncan Tait Group Chief Executive
Slide 3: Overview and Market Context
OVERVIEW AND MARKET CONTEXT Duncan Tait Group Chief Executive
Slide 4: Key takeaways
Inchcape 4 Key takeaways Diversified portfolio underpins Inchcape’s FY 2025 performance Delivery against Further execution A year of growth key metrics against Accelerate+ expected in FY 2026 strategy
Slide 5: Delivering against our Medium Term targets in FY 2025
Inchcape 5 Delivering against our Medium Term targets in FY 2025 Driving growth, returns and shareholder value Driving returns Disciplined Delivering Key value drivers: and growth: capital allocation: shareholder value: Market outperformance: 3% organic volume growth 13% 13% DPS growth Resilient: 6.
Slide 6: FY 2025: Strategic execution against Accelerate+
Inchcape 6 FY 2025: Strategic execution against Accelerate+ SCALE OPTIMISE Distribution contracts: Commercial discipline: ▪ 10 new distribution contracts ▪ Portfolio prioritisation and optimisation ▪ Continued growth from distribution contracts won ▪ Increase in third party retail network coverage i
Slide 7: Our long term, diversified OEM portfolio
Inchcape 7 Our long term, diversified OEM portfolio Supporting our OEM partners globally 50+ years 35+ years 25+ years 15+ years Up to 4 years Long-standing OEM relationships Selected OEM brands that Inchcape distributes passenger and commercial vehicles.
Slide 8: Market context: a transforming industry
Inchcape 8 Market context: a transforming industry Global Inchcape markets TIV up 2% Americas Europe & Africa APAC TIV up 8% TIV up 3% TIV down (1)% ▪ Lagging BEV adoption, hybrid ▪ BEV adoption rates moderating ▪ BEV & Chinese brands strong ▪ Southern Europe strong accelerating ▪ 3% TIV growth in C
Slide 9: FY 2025 Financial Results
FY 2025 FINANCIAL RESULTS Adrian Lewis Group Chief Financial Officer
Slide 10: FY 2025: Accelerate+ delivering value for shareholders
Inchcape 10 FY 2025: Accelerate+ delivering value for shareholders Delivery across key metrics REVENUE: PROFITABILITY & ROCE: £9.1bn 1% £443m 6.2% 29% Reported revenue Organic growth Adjusted PBT Operating margin ROCE (YoY%) +3% in constant (10) bps in vs 27% in FY 2024 currency constant currency BA
Slide 11: H2 weighted performance in FY 2025
Inchcape 11 H2 weighted performance in FY 2025 Improved momentum in key markets Inchcape volume growth Organic revenue growth Adjusted operating margin % +11% 5.7% 6.6% +5% 0 0 0 (3%) (5%) H1 H2 H1 H2 H1 H2
Slide 12: Americas: Positive momentum building, with supportive market conditions
Inchcape 12 Americas: Positive momentum building, with supportive market conditions FY 2025 revenue: ▪ Stable market share, despite contract exits Reported ▪ Strong performance in scaled markets – revenue £m 3,265 3,304 Chile, Colombia and Peru 1,511 1,793 ▪ Certain markets remain weaker, including
Slide 13: APAC: Australia resilient, management actions to address challenges in APAC
Inchcape 13 APAC: Australia resilient, management actions to address challenges in APAC FY 2025 revenue: ▪ Australia resilient Reported ▪ Asian markets underperformed revenue £m 2,995 2,541 ▪ Highly competitive APAC markets 1,227 1,314 ▪ Weak premium segment 2024 1H25 2H25 2025 Organic FY 2025 opera
Slide 14: Europe & Africa: Continued market outperformance
Inchcape 14 Europe & Africa: Continued market outperformance FY 2025 revenue: ▪ Contribution to growth from recently won Reported distribution contracts revenue £m 3,003 3,255 – BYD Belux contributed <5% of regional revenue 1,582 1,673 ▪ Iceland acquisition performing well 2024 1H25 2H25 2025 ▪ Part
Slide 15: Income statement: Key financials
Inchcape 15 Income statement: Key financials Net Finance Costs £m (unless otherwise stated) FY 2024 FY 2025 ▪ Lower net finance costs due to lower net debt Revenue 9,263 9,100 & more favourable interest rate environment Adjusted Operating Profit 584 563 Share of profit after tax from 2 3 Adjusting i
Slide 16: Disciplined capital allocation
Inchcape 16 Disciplined capital allocation Supported by a strong balance sheet 2025 highlights: Net Cash / (Debt) bridge (£m) 2025 ▪ 104% FCF:PAT conversion, supported by data-driven (101) (101) inventory management ▪ £29m net M&A spend 315 315 (29) – £35m investment in Iceland acquisition (190) (19
Slide 17: Our consistent capital allocation policy
Inchcape 17 Our consistent capital allocation policy Disciplined, returns-focused, approach Dividends: Share buybacks: Mergers & Acquisitions: FY2024: £150m FY2025: £250m FY2025: £35m* Iceland 40% FY2026: £175m FY2026: Active pipeline Annual payout of Committed to on-going basic adjusted EPS share b
Slide 18: Delivering against our Medium Term targets
Inchcape 18 Delivering against our Medium Term targets Driving returns Disciplined Delivering Key value drivers: and growth: capital allocation: shareholder value: Market outperformance: 3%-5% organic volume CAGR Dividends Resilient: c.6% operating margins 40% >10% of EPS EPS CAGR + dividends Cash g
Slide 19: Summary and FY 2026 Outlook
SUMMARY AND FY 2026 OUTLOOK Duncan Tait Group CEO
Slide 20: Inchcape – mid-term review (since 2019)
Inchcape 20 Inchcape – mid-term review (since 2019) A stronger, more resilient and capital-light business Growth: Value: Strategic focus on automotive distribution Cash generation & utilisation +50 1.8x £2.3bn £900m New distribution Growth in distribution Aggregate FCF Cash from contracts won revenu
Slide 21: Accelerate+ Our clear strategy to drive growth and value
Inchcape 21 Accelerate+ Our clear strategy to drive growth and value SCALE OPTIMISE Passenger Adjacent Vehicle Distribution Value Added Cars Categories Excellence Services OUR ENABLERS Culture & Digital, Data OEM M&A & Capabilities & Analytics relationships Integration SUSTAINABILITY
Slide 22: FY 2026 outlook: a year of growth
Inchcape 22 FY 2026 outlook: a year of growth* In line with our medium term guidance ▪ Organic volume growth at lower end of medium-term guidance range of 3% - 5% Revenue ▪ Continued momentum in Americas & E&A, addressing APAC challenges growth ▪ H2-weighted performance Resilient ▪ Further penetrati
Slide 23: Key takeaways
Inchcape 23 Key takeaways Diversified portfolio underpins Inchcape’s FY 2025 performance Delivery against Further execution A year of growth key metrics against Accelerate+ expected in FY 2026 strategy
Slide 24: _ inchcape
_ inchcape
Slide 25: Appendix
@® inchcape APPENDIX
Slide 26: Scaling and optimising
Inchcape 26 Scaling and optimising Distribution contracts wins and exits in FY 2025 SCALE OPTIMISE Scaling efficiently, 10 new contracts: Portfolio optimisation, exiting 4 contracts: OEM brand Market OEM brand Market BYD Lithuania, Latvia Komatsu Ethiopia GAC AION Greece Geely Ecuador, Guatemala, El