Inchcape Plc · LSE:INCH
Inchcape — H1 2026 Earnings Presentation
27 slides from Inchcape's earnings presentation, Jul 28, 2026
Slide 1: H1 2026 Interim Results
H1 2026 INTERIM RESULTS 28th July 2026
Slide 2: Agenda
Inchcape 2 Agenda Overview and H1 2026 financial Strategy review market context results & FY 2026 & summary outlook Duncan Tait Adrian Lewis Duncan Tait Chief Executive Officer Chief Financial Officer Chief Executive Officer
Slide 3: Overview and Market Context
OVERVIEW AND MARKET CONTEXT Duncan Tait Group Chief Executive
Slide 4: Overview
Inchcape 4 Overview Good progress in H1 2026, amid evolving market backdrop Delivering against Disciplined Continued delivery strategy approach to capital in line with Medium allocation Term guidance
Slide 5: Key Market and Industry Developments
Inchcape 5 Key market and industry developments Inchcape’s agile approach, supported by our scaled and diversified business Key developments: An evolving industry New Energy Vehicle transition Enhanced focus on Rise of emerging OEMs, with cross- A long term story in most efficiencies by OEMs industr
Slide 6: Market Context: An Evolving Landscape
Inchcape 6 Market context: an evolving landscape Europe & Africa Global Inchcape markets TIV up 8%, TIV up 4%, Inchcape Inchcape volumes up 9% volumes up 13% ▪ Moderate EV adoption ▪ Chinese OEMs market share up to 10% (7% in FY25) ▪ Resilient markets in Southern and Eastern Europe ▪ Africa robust A
Slide 7: Inchcape Remains the Independent Automotive Distributor of Choice
Inchcape 7 Inchcape remains the independent automotive distributor of choice A critical partner for OEMs across a scaled & diversified geographic footprint We manage our Through local Differentiated by Proven by our OEMs’ route-to- expertise our technology long track record market supported by of pe
Slide 8: H1 2026 Financials & FY 2026 Outlook
H1 2026 FINANCIALS & FY 2026 OUTLOOK Adrian Lewis, Group CFO
Slide 9: H1 2026 Results Overview
Inchcape 9 H1 2026 results overview Executing against Accelerate+ strategy 9% 5.3% £188m Revenue growth, inc: Adjusted operating margins Adjusted PBT 7% CCR growth and Down (40) bps (H1 2025: £200m) 5% organic revenue growth 35.5p 65% 0.5x Adjusted EPS FCF: PAT conversion % Leverage (Net Debt: EBITD
Slide 10: H1 2026 Reported Revenue Growth of 9%
Inchcape 10 H1 2026 reported revenue growth of 9% In line with volume growth 7% CCR growth 2% H1 2026 2% Translational FX £4.7bn M&A Reported 5% H1 2025 Organic growth £4.3bn Reported Constant currency based on current year’s rates Where appropriate, figures are shown on an adjusted basis, and on th
Slide 11: Stable H1 2026 Operating Profit
Inchcape 11 Stable H1 2026 operating profit Margin compression driven by regional mix Inclusive of £6m translational FX tailwind equivalent to 10bps £16m Europe £(40m) £25m & Africa H1 2025 Americas APAC H1 2026 £247m £248m Reported Reported Operating Margin: 5.7% 5.3% Where appropriate, figures are
Slide 12: Americas: Continued Positive Momentum
Inchcape 12 Americas: Continued positive momentum, with supportive conditions Revenue Operating profit reported reported £m £m 1,511 1,793 1,762 90 140 115 1H 25 2H 25 1H 26 1H 25 2H 25 1H 26 Adjusted Organic 3% 11% 13% operating 6.0% 7.8% 6.5% growth % margin % H1 2026 revenue: H1 2026 profit: FY 2
Slide 13: APAC: Stabilising Position in Asia, Weak Australia
Inchcape 13 APAC: Stabilising position in Asia, weak Australia Revenue Operating profit reported reported £m £m 1,227 1,314 1,112 79 103 39 1H 25 2H 25 1H 26 1H 25 2H 25 1H 26 Adjusted Organic (15)% (9)% (7)% operating 6.4% 7.8% 3.5% growth % margin % H1 2026 revenue: H1 2026 profit: FY 2026 outlook
Slide 14: Europe & Africa
Inchcape 14 Europe & Africa: Underlying market outperformance, supported by growth from contracts and acquisitions Revenue Operating profit reported reported £m £m 1,582 1,673 1,848 78 73 94 1H 25 2H 25 1H 26 1H 25 2H 25 1H 26 Organic Adjusted 0% 11% 7% operating 4.9% 4.4% 5.1% growth % margin % M&A
Slide 15: Income Statement: Key Financials
Inchcape 15 Income statement: Key financials Net finance costs increased by £14m: ▪ Higher interest rates ▪ Increased levels of inventory financing ▪ Impact of currency timing in prior year £m (unless otherwise stated) H1 2025 H1 2026 Revenue 4,320 4,722 Adjusting items of £64m: Adjusted Operating P
Slide 16: LTM Net Debt Bridge
Inchcape 16 LTM net debt bridge - 112% FCF: PAT conversion 65% FCF: PAT conversion during H1 2026 112% FCF: PAT (167) (329) (374) 327 (116) (38) 39 Net Debt Free Share Dividends Net M&A FX/Other Net Debt @ Jun’25 cashflow buybacks @ Jun’26 0.6x 0.5x Net debt / EBITDA Net debt / EBITDA 1. Net debt ca
Slide 17: Capital Allocation
Inchcape 17 Capital allocation Focused on driving shareholder value Dividends Committed to on-going Value-accretive M&A ▪ 40% annual payout share buybacks ▪ Silver Star in Bulgaria of basic adjusted EPS ▪ c,£71m of £175m ▪ Integration of Iceland ▪ Interim dividend of 10.8p, programme re-purchased ac
Slide 18: FY 2026 Outlook
Inchcape 18 FY 2026 outlook: A year of strong EPS growth expected >10% EPS growth, in line with MT guidance Organic volume growth FCF conversion Disciplined capital allocation approach At top end of 3% - 5% Driven by scale and Highly cash generative ▪ Increased share range cost discipline business m
Slide 19: FY 2026 Growth Supported by Our Diversified Portfolio
Inchcape 19 FY 2026 growth supported by our diversified portfolio H2-weighted performance Diversified portfolio H2-weighted performance supporting FY 2026 growth ▪ Translational currency tailwinds* and ▪ New vehicle volumes: c.180k in H1 2026, +20k in value-accretive M&A H2 2026 – similar volume ste
Slide 20: Strategy Review & Summary
STRATEGY REVIEW & SUMMARY Duncan Tait, Group CEO
Slide 21: Delivering Against Our Accelerate+ Strategy
Inchcape 21 Delivering against our Accelerate+ strategy To drive >10% EPS CAGR to 2030 SCALE OPTIMISE Passenger Adjacent Distribution Value Cars Vehicle Categories Excellence Added Services Our enablers Culture & Capabilities Digital, Data & Analytics OEM relationships M&A & Integration SUSTAINABILI
Slide 22: H1 2026: Strategic Execution Against Accelerate+
Inchcape 22 H1 2026: Strategic execution against Accelerate+ SCALE OPTIMISE Distribution contracts: Commercial discipline: ▪ 5 new distribution contracts so far this year – Volvo in ▪ Portfolio optimisation: 15 contract exits in APAC and Ecuador, Deepal in Barbados, Subaru and XPENG in Americas – c.
Slide 23: Progress on Management Actions in APAC
Inchcape 23 Progress on management actions in APAC: Optimising our business across the region Driving operational execution: New management appointments Cost actions & capital discipline ▪ At regional HQ ▪ Reduction in regional headcount ▪ In key markets ▪ Assessing non-core businesses for disposal
Slide 24: Summary
Inchcape 24 Summary Good progress in H1 2026, amid evolving market backdrop Delivering Disciplined approach Continued delivery, against strategy to capital allocation in line with Medium Term guidance
Slide 25: Driving Value for Shareholders
Inchcape 25 Driving value for shareholders By 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%
Slide 26: Inchcape
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Slide 27: Scaling and Optimising
Inchcape 27 Scaling and optimising Distribution contracts wins and exits in H1 2026 SCALE OPTIMISE Scaling efficiently, 5 new contracts: Portfolio optimisation, exiting 15 contracts: OEM brand Market OEM brand Market Subaru Brunei Renault Chile XPENG Brunei XCMG Colombia Deepal Barbados Citroen, Peu