Slide 1: Strong Performance in 2024 and Significant Value Growth Opportunity Ahead
STRONG PERFORMANCE IN 2024 AND SIGNIFICANT VALUE GROWTH OPPORTUNITY AHEAD 2024 FULL YEAR RESULTS PRESENTATION 4 March 2025 1
Slide 2: Strong Performance in 2024, Significant Value Growth Opportunity
STRONG PERFORMANCE SIGNIFICANT VALUE IN 2024 GROWTH OPPORTUNITY 4th Year of Strong Margin Robust financial MSD LFL Progression performance Revenue Growth1 +100bps expected in 2025 15.2% EPS Record Adjusted Initial £350m Growth1 Free Cash Flow Share Buyback New ROIC up 40% Increase Margin target of +
Slide 3: Performance Highlights, FY24 Financial Results, Business Lines Review, AAA Strategy
01 02 03 04 05 Performance FY24 Financial Business Lines AAA Strategy in 2025 Highlights Results Review Action and Beyond 3
Slide 4: Strong Performance in 2024
STRONG PERFORMANCE IN 2024 YoY YoY FY24 FY23 (Actual rates) (Constant rates) Revenue £3,393.2m £3,328.7m 1.9% 6.6% Like-for-like revenue £3,378.8m £3,324.1m 1.6% 6.3% Operating Profit1 £590.1m £551.1m 7.1% 13.0% Operating Margin1 17.4% 16.6% 80bps 100bps EPS¹ 240.6p 223.0p 7.9% 15.2% ROIC 22.4% 20.
Slide 5: Robust ATIC Demand with 6.3% LFL Revenue Growth
ROBUST ATIC DEMAND WITH 6.3% LFL REVENUE GROWTH 2024 LFL growth1 by division 2021 - 2024 Group Constant Currency LFL Growth 8.0% 7.8% 7.9% 8.0% 6.3% 6.2% 6.3% 5.6% 4.9% 1.7% Consumer Corporate Health & Industry & World of Group 2021 2022 2023 2024 Products Assurance Safety Infrastructure Energy 4th
Slide 6: Acquisitions in High Growth and High Margin Sectors Performing Well
ACQUISITIONS IN HIGH GROWTH AND HIGH MARGIN SECTORS PERFORMING WELL Australia │ May 2021 Brazil │ July 2021 and April 2023 USA │ July 2022 USA │August 2023 North America │March 2024 Corporate Assurance Health & Safety World of Energy People Assurance Minerals Leading provider of assurance Provid
Slide 7: Broad-Based Revenue Growth Geographically
BROAD-BASED REVENUE GROWTH GEOGRAPHICALLY FY 24 revenue by region 2024 Revenue Region Growth YoY1 Americas 5.9% 34.8% 38.5% EMEA 7.5% 26.7% APAC 6.7% Total 6.6% Americas EMEA APAC Note: (1) At constant currency 7
Slide 8: Revenue Acceleration in H2 in China with 7.7% LFL
REVENUE ACCELERATION IN H2 IN CHINA WITH 7.7% LFL INDUSTRY LEADER SINCE 1973 Since 1973, 100+ offices and laboratories, covering more than 40 cities and offering industry-leading technical expertise Shanghai INTERTEK LFL1 REVENUE Taiwan 2024 H1 2024 H2 2024 Hong Kong Guangzhou Shenzhen 6.7% 5.6% 7.7
Slide 9: Total Quality Assurance Advantage with Unique ATIC Offering
TOTAL QUALITY ASSURANCE ADVANTAGE WITH UNIQUE ATIC OFFERING ATIC REVENUE (£M)1 15-24 CAGR RESEARCH & DEVELOPMENT £3,393m 5.1% RAW 8% 5.6% CONSUMER MATERIALS MANAGEMENT SOURCING 25% 2.9% £2,166m SYSTEMIC ATIC APPROACH 8% TO QUALITY, SAFETY & 30% 3.6% SUSTAINABILITY 46% DISTRIBUTION COMPONENT & RETAIL
Slide 10: Strong Margin Performance +100bps
STRONG MARGIN PERFORMANCE +100BPS2 2024 Adjusted Operating Margin1 growth2 2014 - 2024 Adjusted Group Operating Margin1 17.5% 17.4% 17.2% 16.9% 17.0% 170bps 16.6% 140bps 16.3% 16.0% 100bps 15.9% 80bps 15.5% 15.6% 60bps 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 (40bps) Group Consumer Cor
Slide 11: All Time High Cash from Operations
ALL TIME HIGH CASH FROM OPERATIONS Adjusted EBITDA Working Capital as % of Revenue Cash Conversion % £752m £696m £701m £726m £643m 8.8% 149% £602m 136% 139% 132% £563m £571m 7.1% 128% 126% 127% 124% 122% 121% £499m 5.0% £429m 3.9% 3.4% (0.1%) (1.6%) (1.5%) (2.4%) (2.8%) 15 16 17 18 19 20 21 22 23 24
Slide 12: Performance Highlights, FY24 Financial Results, Business Lines Review, AAA Strategy
01 02 03 04 05 Performance FY24 Financial Business Lines AAA Strategy in 2025 Highlights Results Review Action and Beyond 12
Slide 13: Key P&L Financials
KEY P&L FINANCIALS YoY YoY FY 2024 (Actual rates) (Constant rates) Revenue £3,393.2m 1.9% 6.6% Like-for-like revenue £3,378.8m 1.6% 6.3% Operating Profit1 £590.1m 7.1% 13.0% Operating Margin1 17.4% 80bps 100bps EPS¹ 240.6p 7.9% 15.2% Note: (1) Before separately disclosed items 13
Slide 14: Cash Flow & Net Debt
CASH FLOW & NET DEBT £m @ actual exchange rates FY 2024 FY 2023 Adjusted operating profit1 590.1 551.1 Depreciation/amortisation 161.7 175.3 Change in working capital 16.9 4.6 Other2 20.5 18.0 Adjusted cash flow from operations 789.2 749.0 Capex (135.0) (116.9) Income taxes paid (126.5) (119.0) Othe
Slide 15: Financial Guidance
FINANCIAL GUIDANCE FY 2025 Guidance Net finance cost1 £42-44m Effective tax rate1 25-26% Minority interest £23-24m Diluted shares (as at 31 December 2024) 162.4 Capex £135-145m Financial Net Debt¹ £470-520m Note: (1) Guidance pre share buyback and before any material change in FX rates and any M&A 1
Slide 16: Performance Highlights, FY24 Financial Results, Business Lines Review, AAA Strategy
01 02 03 04 05 Performance FY24 Financial Business Lines AAA Strategy in 2025 Highlights Results Review Action and Beyond 16
Slide 17: High-Single Digit LFL Growth in Consumer Products
HIGH-SINGLE DIGIT LFL GROWTH IN CONSUMER PRODUCTS Revenue (£m) Like-for-like Revenue (£m) Operating Profit1 (£m) Operating Margin1 (%) 935.8 958.8 957.4 246.8 268.7 28.0 931.2 26.4 23 24 23 24 23 24 23 24 7.6% CCR 8.0% CCR 14.8% CCR 170bps CCR 2.5% 2.8% 8.9% 160bps FY 23 Actual LFL FY 24 Actual LFL
Slide 18: High-Single Digit LFL Growth in Corporate Assurance
HIGH-SINGLE DIGIT LFL GROWTH IN CORPORATE ASSURANCE Revenue (£m) Like-for-like Revenue (£m) Operating Profit1 (£m) Operating Margin1 (%) 496.3 492.4 117.2 23.6 477.5 477.5 109.4 22.9 23 24 23 24 23 24 23 24 8.6% CCR 7.8% CCR 12.7% CCR 80bps CCR 3.9% 3.1% 7.1% 70bps FY 23 Actual LFL FY 24 Actual LFL
Slide 19: High-Single Digit LFL Growth in Health and Safety
HIGH-SINGLE DIGIT LFL GROWTH IN HEALTH AND SAFETY Revenue (£m) Like-for-like Revenue (£m) Operating Profit1 (£m) Operating Margin1 (%) 337.2 333.8 13.6 326.3 326.3 43.2 46.0 13.2 23 24 23 24 23 24 23 24 9.0% CCR 7.9% CCR 13.9% CCR 50bps CCR 3.3% 2.3% 6.5% 40bps FY 23 Actual LFL FY 24 Actual LFL Grow
Slide 20: Low-Single Digit LFL Growth in Industry and Infrastructure
LOW-SINGLE DIGIT LFL GROWTH IN INDUSTRY AND INFRASTRUCTURE Revenue (£m) Like-for-like Revenue (£m) Operating Profit1 (£m) Operating Margin1 (%) 10.0 860.5 860.5 86.1 9.6 843.6 837.9 80.7 23 24 23 24 23 24 23 24 2.4% CCR 1.7% CCR (1.6)% CCR (40)bps CCR (2.0)% (2.6)% (6.3)% (40)bps FY 23 Actual LFL FY
Slide 21: High-Single Digit LFL Growth in World of Energy
HIGH-SINGLE DIGIT LFL GROWTH IN WORLD OF ENERGY Revenue (£m) Like-for-like Revenue (£m) Operating Profit1 (£m) Operating Margin1 (%) 77.5 10.2 757.3 757.3 65.6 9.0 728.6 728.6 23 24 23 24 23 24 23 24 8.0% CCR 8.0% CCR 25.4% CCR 140bps CCR 3.9% 3.9% 18.1% 120bps FY 23 Actual LFL FY 24 Actual LFL Grow
Slide 22: Performance Highlights, FY24 Financial Results, Business Lines Review, AAA Strategy
01 02 03 04 05 Performance FY24 Financial Business Lines AAA Strategy in 2025 Highlights Results Review Action and Beyond 22
Slide 23: AAA Strategy in Action
AAA STRATEGY IN ACTION March 2024 August 2024 March 2025 Faster growth Investing in Bigger ATIC for our our Global opportunity ATIC solutions ATIC Capability with China+1 Significant Sustainability is AAA is about margin accretion the movement being the best potential of our time everyday Proven Bui
Slide 24: China Exports Will Continue to Grow
CHINA EXPORTS WILL CONTINUE TO GROW Bigger ATIC LEVERAGING ITS MANUFACTURING EXCELLENCE COMPETITIVE ADVANTAGE opportunity with China+1 Unparalleled Economies of Scale within 2.8% China R&D % of GDP1 Long-run expansion into Industrial Ecosystem 2.6% new industries with higher Highly integrated and ef
Slide 25: Bigger ATIC Opportunity with China+1
BIGGER ATIC OPPORTUNITY WITH CHINA+1 Bigger ATIC opportunity with China+1 Our strategy is to anticipate the structural changes of our Clients and invest in our global ATIC capability China +1, nearshoring and onshoring will make the ATIC pie bigger China +1, will benefit primarily the APAC and Ameri
Slide 26: Asia Pac and Americas Will Benefit from China+1
ASIA PAC AND AMERICAS Bigger ATIC WILL BENEFIT FROM CHINA+1 opportunity with China+1 85% of Global 48% of Global 68% of Global Investment1 Trade2 Manufacturing3 Asia Pac Americas Asia Pac Americas Asia Pac Americas 44% 41% 31% 17% 48% 20% Large, skilled and USA strength in high USA the largest Manuf
Slide 27: 35% of Intertek Revenue Delivered in APAC
35% OF INTERTEK REVENUE DELIVERED IN APAC Bigger ATIC opportunity with China+1 No. Employees 21k FY24 YoY No. Countries 22 Rev +6.7%1 No. Sites 182 FY24 Rev £1.2bn Environmental Lab Jakarta, Indonesia Performance Chambers Seoul, Korea Malaysia Technical Centre Port Klang, Malaysia China Hardlines La
Slide 28: 39% of Intertek Revenue Delivered in the Americas
39% OF INTERTEK REVENUE DELIVERED IN THE AMERICAS Bigger ATIC opportunity with China+1 No. Employees 11k FY24 YoY No. Countries 26 Rev +5.9%1 No. Sites 247 FY24 Rev £1.3bn York B&C Lab Pennsylvania, USA Softlines Lab JLA Brasil Battery Lab Boxborough Electrical Lab Guatemala City, Guatemala Sao Paul
Slide 29: Being the best for every stakeholder. All the time.
AAA is about being the best everyday Customers Be the most trusted TQA partner Being the best Employees for every stakeholder. Shareholders Sustainable Employer of Choice All the time. growth and value Every Day Community Sustainability Excellence Everywhere 29
Slide 30: Our Science-Based Customer Excellence TQA Advantage
OUR SCIENCE-BASED CUSTOMER EXCELLENCE TQA ADVANTAGE AAA is about being the best everyday 24/7 quality Unique value Attracting the best Investing State-of-the-art assurance proposition with from leading in pioneering operations with monitoring Risk-based Quality universities and innovations world-cla
Slide 31: Our Unique TQA Value Proposition Delivers a Superior Customer Service
OUR UNIQUE TQA VALUE PROPOSITION DELIVERS AAA is about A SUPERIOR CUSTOMER SERVICE being the best everyday CUSTOMERS EXPECT MORE THAN TIC TO MANAGE THE RISK IN THEIR COMPLEX SOURCING AND DISTRIBUTION OPERATIONS A Assurance ensures our customers identify and mitigate the intrinsic risk in their opera
Slide 32: We Are the Pioneers in Innovation
WE ARE THE PIONEERS IN INNOVATION AAA is about being the best everyday CONTINUOUS INVESTMENT IN TEK-BASED INNOVATIONS WITH ATIC DIGITISATION AND SAAS PLATFORMS 32
Slide 33: Investing in State of the Art Operations
INVESTING IN STATE OF THE ART OPERATIONS AAA is about being the best everyday EV Centre of Excellence Maison Centre of Excellence Battery Xcellence Centre Caleb Brett Fuel Testing lab Milton Keynes, UK Florence, Italy Mestre, Italy Algeciras, Spain Electrification Centre of Excellence Minerals Centr
Slide 34: High Performance Organisation
HIGH PERFORMANCE ORGANISATION AAA is about being the best everyday 10X Culture Top Talent in Leading every role Capability Ever Better Ingenious “Energising our colleagues to take 10X 10X the company to ENERGY Culture new heights” Customer Reward & Caring Trusted Thriving Centric Recognition Organis
Slide 35: Sustainability Excellence in Action
SUSTAINABILITY EXCELLENCE IN ACTION AAA is about being the best everyday End-to-end systemic sustainability approach People & Culture Customers Environment Fully engaged Communities employees in safe Ensure our customers Decarbonise Create positive impacts can operate safely in our communities worki
Slide 36: Proven High Quality Cash Compounder Earnings Model
PROVEN HIGH QUALITY CASH COMPOUNDER EARNINGS MODEL Significant Value Growth Opportunity 14-24 Intertek competitive advantage Financial performance metrics1 20142 2024 Chg Revenue £2,093m £3,393m 62.1% Operating Profit £324.4m £590.1m 81.9% Operating Margin 15.5% 17.4% 190bps Science-based Customer D
Slide 37: Higher Demand for Intertek ATIC Solutions
HIGHER DEMAND FOR INTERTEK ATIC SOLUTIONS Significant Value Growth Opportunity HIGHER INVESTMENTS IN SAFER SUPPLY HIGHER INVESTMENTS IN INNOVATION STEP CHANGE IN SUSTAINABILITY HIGHER GROWTH IN THE WORLD OF ENERGY INCREASE IN NEW CLIENTS MSD LFL GROWTH MEDIUM TERM OUTLOOK 37
Slide 38: High Quality Growth Portfolio
HIGH QUALITY GROWTH PORTFOLIO Significant Value Growth Opportunity Services Our Business Lines Softlines, Hardlines, E&CW, Business Corporate Caleb Brett, Government & Trade Industry and Assurance, B&C, Transportation Tech, Consumer Products Health and Safety Industry Services, Minerals, World E&P o
Slide 39: High Quality Returns Underpinned by High Quality Incentives
HIGH QUALITY RETURNS UNDERPINNED BY Significant HIGH QUALITY INCENTIVES Value Growth Opportunity REMUNERATION SYSTEM METRICS FOR TARGET SETTING BASE PAY + BENEFITS + • 70% REVENUE + OPERATING PROFIT LOCAL TEAMS AND ANNUAL INCENTIVE • 15% ROIC OPERATIONS [Aligned With Management Scheme] • 15% ESG BAS
Slide 40: Significant Value Growth Opportunity
SIGNIFICANT VALUE GROWTH OPPORTUNITY Significant Value Growth Opportunity MSD LFL revenue growth Investments in high- growth and high- HIGH QUALITY Margin target of 18.5%+ margin sectors GROWTH WITH SUPERIOR ROIC Disciplined capital Strong free allocation cash flow 40
Slide 41: New Medium-Term Margin Target of 18.5%+
NEW MEDIUM-TERM MARGIN TARGET OF 18.5%+ Significant Value Growth Opportunity SIGNIFICANT MARGIN ACCRETION POTENTIAL Portfolio/volume- Daily / weekly / monthly Margin Enablers price-mix management Margin Drivers performance management Operating leverage Best in class benchmarking Variable cost produc
Slide 42: Accretive Disciplined Capital Allocation
ACCRETIVE DISCIPLINED CAPITAL ALLOCATION Significant Value Growth Opportunity Capex and working capital investment to support organic growth 2024 CAPEX 01 (target c.5% of revenue in capex) INVESTED £135M 4.0% OF REVENUE Sustainable shareholder returns through payment of progressive 2024 DIVIDEND 02
Slide 43: Performance Highlights, FY23 Financial Results, Business Lines Review, AAA Strategy
01 02 03 04 05 Performance FY23 Financial Business Lines AAA Strategy in 2025 Highlights Results Review Action and Beyond 43
Slide 44: Robust 2025 Outlook
ROBUST 2025 OUTLOOK MSD LFL Revenue growth at CCY Consumer Products: MSD Corporate Assurance: HSD Health and Safety: MSD Industry and Infrastructure: MSD World of Energy: MSD Margin progression year-on-year Strong free cash flow Capex: £135-145m Financial net debt: £470-520m1 44 Note: (1) Net debt g
Slide 45: Significant Value Growth Opportunity
SIGNIFICANT VALUE GROWTH OPPORTUNITY Higher demand for Committed to Strong cash our ATIC solutions delivering 18.5%+ generation to support creating exciting margin, capitalising on our investments in organic and inorganic our proven disciplined growth and deliver growth opportunities performance AAA
Slide 46: Intertek: Total Quality. Assured.
ntertek Total Quality. Assured.