Slide 1: H1 2025 Interim Results
H1 2025 INTERIM RESULTS 29th July 2025
Slide 2: Agenda
Inchcape 2 Agenda Overview H1 2025 Summary and Financial Results FY 2025 outlook Duncan Tait Adrian Lewis Duncan Tait Group Chief Executive Group Chief Financial Officer Group Chief Executive
Slide 3: Context in H1 2025: A mixed market backdrop
Inchcape 3 Context in H1 2025 A mixed market backdrop Americas Europe & Africa APAC TIV up 5%: TIV down (4)%: TIV down (4)%: ▪ Chile stable ▪ Southern Europe stable ▪ Certain Asian markets weak, ▪ Very strong growth in key ▪ Central & Northern Europe weak particularly in premium segment markets, inc
Slide 4: H1 2025 performance overview
Inchcape 4 H1 2025 performance overview Executing Accelerate+ strategy SHAREHOLDER CAPITAL STRATEGIC OPERATIONAL STRONG 2025 GUIDANCE VALUE RETURNS PROGRESS EXECUTION BALANCE SHEET REITERATED Medium Term £220m in Scaling through Robust results, Leverage of 0.6x Expecting Targets shareholder Distribu
Slide 5: H1 2025 Financials
H1 2025 FINANCIALS Adrian Lewis, Group CFO
Slide 6: Update on latest tariff dynamics
Inchcape 6 Update on latest tariff dynamics Successfully managing a fast-moving situation Areas of potential impact: Inchcape actions: Direct Supply Demand Costs Inventory OEM impact dynamics impact management partnerships No material Some logistics Some impact in Continued Conservative, Proactive &
Slide 7: H1 2025 results overview
Inchcape 7 H1 2025 results overview Executing Accelerate+ strategy (3)% (4)%* 5.7%* Organic revenue Adjusted PBT to £200m Adjusted operating margins Down (50) bps 0.6x £220m +2% Leverage Shareholder returns Adjusted basic EPS growth From 0.3x in FY 2024 From £100m in H1 2024 to 35.5p * In constant c
Slide 8: Revenues: Robust performance, against mixed market backdrop
Inchcape 8 Revenues: Robust performance, against mixed market backdrop H1 2024 £4.7bn (1)% (5)% (3)% Reported Disposal of Translational non-core FX Organic revenue retail asset H1 2024 (2)% £4.5bn At constant TIV trend currency * (1)% H1 2025 Price/mix £4.3bn Reported * Constant currency based on cu
Slide 9: Operating Margins: Gross margins protected, in the context of lower revenues
Inchcape 9 Operating Margins: Gross margins protected, in the context of lower revenues H1 2024 (10)bps 6.3% Translational FX H1 2024 (10)bps Reported 6.2% Gross margins (40)bps protected At constant Impact of currency * lower revenues H1 2025 5.7% Reported * Constant currency based on current year’
Slide 10: Adjusted profit before tax: Tracking revenue performance
Inchcape 10 Adjusted profit before tax: Tracking revenue performance H1 2024 £(17)m £226m Translational ▪ FX headwinds: FX – ETB: £(7)m – AUD: £(4)m H1 2024 £(9)m – Basket of currencies (inc USD, Euro and £209m Underlying CLP): £(1)m each Constant currency* H1 2025 £200m Reported * Constant currency
Slide 11: Americas: On-going improvement in trading and growth
Inchcape 11 Americas: On-going improvement in trading and growth Revenue Operating profit 1,650 at CCR 1,501 1,511 at CCR 108 £m £m 90 90 1H 24 2H 24 1H 25 1H 24 2H 24 1H 25 Adjusted Organic Organic growth % (9)% 1% 3% Organic growth % operating 6.1% 6.6% 6.0% growth % margin % H1 2025 revenue: H1 2
Slide 12: APAC: Strong comparators and weaker premium segment
Inchcape 12 APAC: Strong comparators and weaker premium segment Revenue Operating profit at CCR at CCR £m 1,462 £m 1,438 112 114 1,227 79 1H 24 2H 24 1H 25 1H 24 2H 24 1H 25 Adjusted Organic Organic growth % +9% (6)% (15)% Organic growth % operating 7.8% 7.9% 6.4% growth % margin % H1 2025 revenue:
Slide 13: Europe & Africa: Continued underlying market outperformance
Inchcape 13 Europe & Africa: Continued underlying market outperformance Revenue Operating profit at CCR 1,576 1,582 at CCR 1,407 £m £m 79 78 62 1H 24 2H 24 1H 25 1H 24 2H 24 1H 25 Adjusted Organic Organic growth % +18% +5% 0% Organic growth % operating 5.2% 4.1% 4.9% growth % margin % H1 2025 revenu
Slide 14: Income statement: Key financials
Inchcape 14 Income statement: Key financials ▪ Lower net finance costs – Efficient working capital management – £m (unless otherwise stated) H1 2024 H1 2025 driving: – Lower average net debt Revenue 4,725 4,320 – Higher interest income in the Adjusted Operating Profit 299 247 Americas from improved
Slide 15: Strong balance sheet supported shareholder returns
Inchcape 15 Strong balance sheet supported shareholder returns H1 2025 highlights: Net Cash / (Debt) bridge (£m) ▪ Net debt of £(374)m 0 – £(220)m cash outflow in relation to shareholder returns (190) – £72m FCF generated 72 – £(53)m working capital outflow (374) to support supply phasing (154) – Le
Slide 16: Capital allocation policy
Inchcape 16 Capital allocation policy DIVIDENDS COMMITTED TO ON-GOING 40% annual payout SHARE BUYBACKS of basic adjusted EPS £250m programme in FY 2025 VALUE-ACCRETIVE M&A Potential to invest in bolt-on acquisitions Net debt to adjusted EBITDA limit of 1x (pre IFRS16)
Slide 17: FY 2025 modelling on key financial items
Inchcape 17 FY 2025 modelling on key financial items H2-weighted performance, against easing comparators % Operating FCF: PAT Net interest FX translation Tax margins conversion c.6% c.100% Lower, c.£(15)m 30%-31% compared H2 PBT range to FY 2024 impact* * Based on foreign exchange rates as at 23 Jul
Slide 18: Focused on delivering >10% EPS CAGR to 2030
Inchcape 18 Focused on delivering >10% EPS CAGR to 2030 POWERED BY KEY VALUE DRIVERS DRIVING RETURNS DISCIPLINED DELIVERING AND GROWTH: CAPITAL ALLOCATION: SHAREHOLDER VALUE: Market outperformance >10% 3%-5% organic volume CAGR Dividends Resilient operating margins c.6% 2.5bn 40% of EPS EPS CAGR + d
Slide 19: Summary and FY 2025 Outlook
SUMMARY AND FY 2025 OUTLOOK Duncan Tait, Group CEO
Slide 20: Accelerate+ Our clear strategy to drive growth and value
Inchcape 20 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 21: Strategic progress during H1 2025
Inchcape 21 Strategic progress during H1 2025 Successful implementation of Accelerate+ Distribution contract dynamics: Askja acquisition: Optimising our retail network: Contract wins: ▪ Bolt-on acquisition of leading ▪ Fundamental element of automotive distributor in Iceland, Accelerate+ and our rol
Slide 22: FY 2025 outlook and guidance
Inchcape 22 FY 2025 outlook and guidance Unchanged from March 2025 Resilient short-term outlook: Higher EPS growth, ▪ Another year of growth expected relative to profit growth: ▪ At prevailing foreign exchange rates ▪ Operating performance ▪ Capital allocation
Slide 23: Stronger growth expected in H2 2025
Inchcape 23 Stronger growth expected in H2 2025 Key underpins Product launches: Focus on costs, cash & ▪ Driving stronger Australia, Asia and inventory management: the Americas ▪ Continued cost management ▪ Across various brands and markets ▪ Strong inventory and working capital ▪ On track, with rob
Slide 24: H1 2025 performance overview
Inchcape 24 H1 2025 performance overview Executing Accelerate+ strategy SHAREHOLDER CAPITAL STRATEGIC OPERATIONAL STRONG 2025 GUIDANCE VALUE RETURNS PROGRESS EXECUTION BALANCE SHEET REITERATED Medium Term £220m in Scaling through Robust results, Leverage of 0.6x Expecting Targets shareholder Distrib
Slide 25: Focused on delivering >10% EPS CAGR to 2030
Inchcape 25 Focused on delivering >10% EPS CAGR to 2030 Supported by a clear investment case: The leading global …with an attractive …driving shareholder value automotive Distributor… financial profile… ▪ Long-term, diversified OEM ▪ Growth driven by market ▪ Clear dividend policy portfolio outperfo
Slide 26: _ inchcape
_ inchcape