IMI (AO) | Hold | Q1 Trading update and CC takeaways: Solid start, Guidance Reiterated

Research evidence excerpt

IMI (AO) | Hold | Q1 Trading update and CC takeaways: Solid start, Guidance Reiterated

News comment

Release date: 12 May 2026

Emanuele Sartori

Equity Research Analyst

Hold + 44 207 621 5267IMI esartori@keplercheuvreux.com

United Kingdom | Capital goods Beta Profile: MCap: GBP6.3bn

Target Price: 2820p Bloomberg: IMI LN Reuters: IMI.L

Current Price: 2758.00p Free float 95%

Up/downside: 2.2% Avg. daily volume (GBPm) 4,329.1

YTD abs performance 10.9% Market data: 11 May 2026

52-week high/low (GBP) 2908.00/1893.00

Q1 Trading update and CC takeaways: Solid start, Guidance Reiterated

Key points:

We see these results as clearly supportive. IMI delivered stronger-than-expected Q1 growth, reiterated full-year guidance, and

showed that Middle East disruption remains manageable.

Process Automation continues to be underpinned by strong power/LNG/nuclear demand and resilient aftermarket, while Climate

Control/datacentres remain an increasingly attractive growth lever.

Overall, the message remains one of another mid-single-digit growth year, with H2 weighting intact and no material damage to

the fundamental story.

Better Q1, Manageable Middle East, Full-Year Still Intact

A clearly positive update overall, with IMI delivering 5% organic revenue growth in Q1, ahead of the softer phasing many had been

expecting, and reconfirming full-year guidance for mid-single-digit organic growth and 136p–142p EPS.

The update supports the view that IMI remains on track for another year of solid, H2-weighted delivery, with no evidence that the

underlying demand backdrop has deteriorated.

Relative to sector read-across from Flowserve / Emerson / Rotork, IMI looks to be holding up better than feared, particularly on Middle

East execution and on the strength of Process Automation.