Inchcape plc (INCH) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone. I'm Duncan Tate, Group CEO, and I'm joined by our Group CFO, Adrian Lewis. Here's today's agenda. I'll give some context and an overview of first half performance. Adrian will then run through our results, and then I'll sum up and discuss our outlook for 2025. Today's presentation is available on our website, and a recording of today's session will be available later today. After the presentation concludes, we'll then take your questions. Either ask them over the phone line or feel free to post them on our webcast platform, and Rob, our head of IR, will ask them on your behalf. I'll start with some market context. Overall, with TIV, or total industry volumes, in our markets down 2% during the period, we operated against a mixed market backdrop, with challenges in certain markets offset by more resilient trends in others. In the Americas, TIV in our markets were up 5%. While we are seeing pockets of strong growth, many markets remain at or around historical lows. Chile, our largest market by revenue, remains stable, with growth of around 2% during the period. There was very strong growth from markets like Colombia and Peru, which saw market growth of 23% and 18% respectively. Costa Rica is weakening, with negative growth of 6% after periods of very strong growth. Elsewhere across the region, our other markets saw growth of over 20% in aggregate. In Europe and Africa, TIV was down 4%. Southern Europe was stable, with markets like Greece and Bulgaria flat during the period. Central and Northern Europe were weak, with Belgium, our largest market in the region, down 8%. Economies in our African markets remain resilient, which is supportive of the automotive industry in those markets. In APAC, TIV was also down 4%. Certain Asian markets, particularl...