REG - Inchcape PLC - Q1 2026 Trading Update

InchcapeAnnouncement

Today 07:02

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RNS Number : 4749C  Inchcape PLC  30 April 2026

30 April 2026

Inchcape plc, the leading global automotive distributor, announces its Q1
trading update covering 1 January - 31 March 2026

Q1 2026 trading update
Performance in-line with management expectations, FY 2026 guidance reiterated

 

Duncan Tait, Group Chief Executive, commented:

"Inchcape continues to deliver on our strategy, with our Q1 2026 revenue
performance benefiting from our diversified market and brand portfolio. During
the quarter, we saw continued good momentum in the Americas and Europe &
Africa, offsetting a weaker APAC performance.

"Organic revenue growth of 6%, against soft comparators, was supported by the
scaling of distribution contracts secured in recent years, market share gains,
growth in our core brand portfolio and supportive market conditions in certain
regions. We also maintained a strong focus on optimisation across the Group,
with on-going cost actions and even closer collaboration with our OEM
partners, and through various initiatives in areas like vehicle parts and
Finance and Insurance.

"We remain disciplined in our capital allocation approach. We are making
progress with our recently announced £175m share buyback programme and we
have an active acquisition pipeline. We remain on track to meet our 2026
guidance of EPS growth of more than 10%, in line with our medium term target."

Key highlights:

·      Q1 organic revenue growth of 6%, and 8% reported revenue growth
to £2.3bn, against soft comparators:

·    Driven by contribution from distribution contract wins and market
share gains, with Inchcape volume growth of 9%, against Inchcape market TIV(1)
growth of 6%

·    Regional market update:

o  Americas - strong growth delivered, with supportive market conditions

o  APAC - on-going implementation of management actions to address
challenges, including an increasingly competitive Australian market,
compounded by brand supply phasing

o  Europe and Africa - another quarter of market outperformance, supported by
strong performance in Iceland, following bolt-on acquisition there in Q3 2025

·    No direct impact from Middle East situation on Inchcape markets to
date:

o  Some immaterial disruption to logistics in Europe and Africa

o  Monitoring consumer demand trends, which have so far remained unchanged

 

·      Continued progress against strategy, with disciplined approach to
capital allocation:

·    Two distribution contract wins, Volvo in Ecuador and Deepal in
Barbados, with continued momentum from contracts won in previous years

·    Continued progress with £175m share buyback programme -
approximately £27m repurchased (as at 29 April 2026)

·    Active pipeline of bolt-on acquisitions

 

·      Guidance for FY 2026 reiterated - a year of growth, at constant
currency, in line with our medium term target, benefitting from our scaled and
diversified portfolio:

·    EPS growth of >10% - driven by:

o  Organic volume growth towards lower end of 3% - 5% guidance range

o  Resilient operating margins of c.6% and free cashflow conversion of c.100%

o  Disciplined approach to capital allocation

·    Continued expectation of H2-weighted revenue and profit performance -
due to:

o  Increasing contribution from the Americas, with typical H2-weighted
seasonality

o  Brand supply phasing in APAC, as previously highlighted, and the benefits
of management actions coming through

·    In the context of the uncertain and fast-evolving macro environment,
we continue to manage our business in an agile and dynamic manner with our OEM
partners

 

 Q1 2026 revenue YoY%  Constant FX  Organic(1)  Reported
 Group(2)              7%           6%                 8%

( )

1. Total Industry Volumes in Inchcape markets, excluding Thailand and
Argentina, which are substantial markets where Inchcape volumes are immaterial

2: Organic growth is defined as sales growth in operations that have been open
for at least a year at constant foreign exchange rates. In 2025 we disposed of
a non-core retail business in Australia which has therefore been removed from
the comparative period.

3. In addition to this press release, we have published Q1 26 market data
which can be found on our website. Link: Results, Reports + Presentations -
Inchcape
(https://www.inchcape.com/en/investors/results-reports-and-events/results-reports-and-presentations)
.

 

Conference call today

Adrian Lewis, Group CFO, will hold a conference call for analysts and investors today, Thursday 30th April at 08:30 (UK time).
Dial-in details (UK wide): +44 (0) 33 0551 0200; Toll free: 0808 109 0700
Password (if prompted): Quote 'Inchcape Q1' when prompted by the operator.
Webcast details: To register for the webcast of the event please follow this link:
Inchcape - Q1 2026 Trading Update (https://stream.brrmedia.co.uk/broadcast/69e0d1950c700800123f1262)
. A replay of the call will be available via the Company's website,
www.inchcape.com (http://www.inchcape.com)
 later today.
 
Market abuse regulation statement
This announcement contains inside information
 
Financial calendar

Ex-dividend date for 2025 full year dividend      7 May 2026

Record date
              8 May 2026

Last election date
         22 May 2026

Payment date
             15 June 2026

AGM
                  14 May 2026

2026 interim results
      28 July 2026

Q3 trading update
         22 October 2026

 
Contacts
 Inchcape plc (investor enquiries):
 Rob Gurner                            +44 (0)7825 189 088  i (mailto:investors@inchcape.com) nvestors@inchcape.com
                                                            (mailto:investors@inchcape.com)
 Rachel Masser

 DGA Group (media enquiries):
 James Styles                          +44 (0)7510 385 554  inchcape@dgagroup.com (mailto:inchcape@dgagroup.com)

About Inchcape

Inchcape is the leading global automotive Distributor, with operations across
six continents. Inchcape works with our mobility company partners in smaller,
more complex and harder-to-reach markets, which tend to be higher growth with
low motorisation rates. By combining our in-market expertise with our unique
technology and advanced data analytics, we create innovative customer
experiences that deliver outstanding performance for our partners - building
stronger automotive brands and creating sustainable growth.

 

Our distribution platform connects the products of mobility company partners
with customers, and our responsibilities span product planning and pricing,
import and logistics, brand and marketing to operating digital sales, managing
physical sales and aftermarket service channels. Our ambition is to deliver
for our partners, our customers and our people - so they can realise their
ambitions in the new world of mobility. The Group is headquartered in London
and employs around 16,000 people globally.

 

www.inchcape.com (http://www.inchcape.com)

 

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