Intertek (IT1) Q4 2025 Earnings Report
CH:IT1 Q4 2025 EPS Results
- Actual EPS
- CHF 1.58
- Consensus EPS
- CHF 1.58
- Beat/Miss
- Met expectations
- One Year Ago EPS
- CHF 1.50
CH:IT1 Q4 2025 Revenue Results
- Actual Revenue
- CHF 1.92B
- Expected Revenue
- CHF 1.93B
- Beat/Miss
- Missed by -CHF 16.88M
- YoY Revenue Growth
- +2.04%
Earnings Announcement Details
- Quarter
- Q4 2025
- Date
- 03/03/2026
- Time
- Before Open
- Conference Call
- Tuesday, March 3, 2026
Intertek's next earnings date is estimated for March 2, 2027, based on past reporting schedules.
Q4 2025 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q4 2025 Earnings Slide Deck
No slide deck is available for this earnings event.
Q4 2025 Earnings Call Summary
The call presents a broadly positive performance: robust underlying profitability with double-digit EPS growth, margin expansion (+90bps), high ROIC (~21%), accretive M&A and clear medium-term targets (mid-single-digit organic growth, 18.5%+ margin). Key weaknesses include weaker free cash flow versus 2024, FX headwinds, and a material slowdown in the World of Energy (notably Transportation Technology and CEA) which pressured late‑2025 performance and contributed to higher restructuring activity. Management provided confident 2026 guidance and reiterated disciplined capital allocation and M&A focus.
Management guided to mid-single-digit like‑for‑like revenue growth for 2026 (group), with division callouts of high‑single‑digit LFL for Corporate Assurance, mid‑single‑digit LFL for Consumer Products and Industry & Infrastructure, and low‑single‑digit LFL for Health & Safety and World of Energy; they expect further margin progression (targeting 18.5%+), strong earnings growth and continued strong free cash flow/cash conversion discipline, plan GBP 150–160m of CapEx, expect net finance costs of GBP 71–72m (ex‑FX), an effective tax rate of 25.5–26.5%, minority interest of GBP 21–22m, and financial net debt of GBP 930–980m prior to material FX/M&A, with a net‑debt/EBITDA leverage target of 1.3–1.8x (currently ~1.3x), a ~65% dividend payout policy and the company noting the recent average sterling rate is broadly neutral at the revenue and operating level.
- Strong earnings and margin progressionDiluted EPS of 253.5p, up 10.1% at constant currency (5.4% at actual rates); operating margin 18.1%, up 90 basis points year-on-year; operating profit GBP 620m, up 9.3% at constant currency.
- Revenue growth and scaleTotal revenue GBP 3.4bn, up 4.3% at constant currency (1.1% at actual rates); like-for-like group revenue growth driven by ATIC demand was ~3.9% at constant rates, with core segments (Consumer Products, Corporate Assurance, Health & Safety and Industry Infrastructure) delivering combined like-for-like growth of 5.4%.
- Excellent returns and capital allocationROIC strong at ~21.3% (3-year average ~21.4% referenced); cash conversion 110%; management invested ~GBP 300m in growth and returned GBP 602m to shareholders (over the year) with a stated medium-term dividend payout target of ~65%.
- Consumer Products outperformanceConsumer Products revenue GBP 983m, up 6.2% year-on-year; like-for-like +6.3%; operating profit up 11% to GBP 299m and margin 30.4%, up 250 basis points driven by operating leverage and productivity gains.
- Industry Infrastructure strong operational leverageIndustry Infrastructure revenue GBP 858m, up 5.3% (like-for-like +4.7%); operating profit GBP 95m, up 24% with margin improvement of 170 basis points from operating leverage, productivity and portfolio mix.
- Corporate Assurance and Health & Safety growthCorporate Assurance revenue GBP 514m, up 6.8% with operating profit GBP 116m (operating profit +3%); Health & Safety revenue GBP 347m, up 5.5%, with Food achieving double-digit like-for-like growth.
- Accretive M&A and targeted bolt-onsSeven acquisitions in the last three years to strengthen IT/value proposition in high-growth, high-margin sectors; acquisitions delivered an aggregate margin of 34% in 2025. Recent deals include Aerial PV (drone-based solar inspections) and QTEST (Colombia electrical network expansion).
- Geographic resilience — China performanceChina like-for-like revenue growth 5.4% in 2025 (in line with 3-year like-for-like of 5.6%) with diversified portfolio and scale across business lines.
- Clear guidance and ambition for 20262026 guidance: mid-single-digit like-for-like revenue growth at group level, further margin progression targeting 18.5%+, expected CapEx GBP 150–160m, net finance costs GBP 71–72m, effective tax rate 25.5–26.5%, and financial net debt guidance GBP 930–980m (before material FX/M&A).
- Strategic differentiation — ATIC and AI focusReinforced premium ATIC (end-to-end Quality Assurance) differentiation and active AI initiatives (AI assurance product 'AI2', internal AI lab) to drive productivity, enhanced SaaS/data offerings and new client services.
CH:IT1 Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 02, 2027 | 2026 (Q4) | 1.63- | 1.58 | ― | ― |
| Jul 31, 2026 | 2026 (Q2) | 1.211.36 | 1.21 | 12.62% (+0.15) | |
| Mar 03, 2026 | 2025 (Q4) | 1.581.58 | 1.5 | 5.45% (+0.08) | |
| Aug 01, 2025 | 2025 (Q2) | 1.211.21 | 1.14 | 5.72% (+0.07) | |
| Mar 04, 2025 | 2024 (Q4) | 1.451.50 | 1.34 | 11.51% (+0.15) | |
| Aug 02, 2024 | 2024 (Q2) | 1.081.14 | 1.04 | 10.19% (+0.11) | |
| Mar 05, 2024 | 2023 (Q4) | 1.341.34 | 1.32 | 1.98% (+0.03) | |
| Jul 28, 2023 | 2023 (Q2) | 0.911.04 | 0.94 | 10.06% (+0.09) | |
| Feb 28, 2023 | 2022 (Q4) | 1.321.32 | 1.23 | 7.08% (+0.09) | |
| Jul 29, 2022 | 2022 (Q2) | 0.650.94 | 0.85 | 10.61% (+0.09) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
