Half Year 2026 Inchcape PLC Earnings Call Transcript

Jul 28, 2026 / 07:30 AM GMT

Release Date Price: £8.26 (-0.18%)

Transcript

Key Points

Positve

Inchcape PLC (IHCPF) achieved a 9% revenue growth in the first half of 2026, driven by supportive market conditions and recent distribution contracts.
The company completed the acquisition of Silverstar in Bulgaria and increased its share buyback program by £75 million to £250 million, highlighting its strong cash generation.
Inchcape PLC (IHCPF) outperformed market volumes in Europe and Africa with a 13% growth, benefiting from new contracts with Chinese OEMs.
The company is making strategic progress with its Accelerate Plus strategy, focusing on value accretive M&A and disciplined capital allocation.
Inchcape PLC (IHCPF) is well-positioned for the transition to new energy vehicles, with significant investments in network upgrades and training initiatives.

Negative

Adjusted operating margins declined by 40 basis points to 5.3%, primarily due to margin contraction in the APAC region, particularly in Australia.
The company's adjusted profit before tax was down 10% in constant currency, impacted by higher net finance costs.
In APAC, market volumes were up 4%, but Inchcape PLC (IHCPF)'s volumes were down 16%, reflecting challenges in Australia and a shift in consumer purchasing trends.
The company is exiting 13 immaterial distribution contracts in APAC, which are dilutive to profitability, indicating challenges in maintaining profitable operations in the region.
Inchcape PLC (IHCPF) faces ongoing competitiveness in key markets, particularly in Australia, where performance was below expectations due to supply constraints and market shifts.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

INCH.L - Inchcape PLC
Half Year 2026 Inchcape PLC Earnings Call
Jul 28, 2026 / 07:30AM GMT

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Presentation
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Unidentified_1 [1]
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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 an overview and market context. Adrian will then run through our results and outlook for the full year. And I'll give an update on our strategic progress and sum up.

Today's presentation is available on our website and a recording of today's session will be available later today.

After the presentation, we'll take your questions.

So let's begin.

Inchcape continued to deliver on our Accelerate Plus strategy during the first half amid an evolving market backdrop supported by our diversified and scaled market and brand portfolio.

Our growth was driven by

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