IMI: Q1 performance ahead; FY guidance reiterated

Research evidence excerpt

IMI: Q1 performance ahead; FY guidance reiterated

Deutsche Bank Group

Deutsche Numis Research

Rating Company Date

Buy IMI 12 May 2026

Forecast Change

Europe

United Kingdom

Reuters Bloomberg Exchange Ticker Price at 11 May 2026 (GBP) 2,758.00

IMI.L IMI LN LSE IMI

Price Target (GBP) 3,250.00

Capital Goods

Engineering ADR ISIN 52-week range (GBP) 2,908.001,893.00-

IMIAY US44969D1081

Q1 performance ahead; FY guidance

Valuation & Risks reiterated

Richard Paige

A strong start to the year Research Analyst

IMI delivered a strong start to the year, with 5% OCC sales growth exceeding our +44-20-7545-4606

estimates (DBe +1.4%). All business segments outperformed, notably Process

Thomas Elgar, CFA

Automation (PA) with 6% YoY sales growth, beating our flat forecast. As expected, Research Analyst

PA orders declined slightly (2% overall, 1% including aftermarket), against a +44-20-7541-1556

challenging prior-year comp (Q1 25 orders +7% including +19% AM due to some

large nuclear AM orders) and strong Q4 2025 performance (Q4 25 OCC orders Key changes

+28%). Management notes some minor disruption from the ME conflict and we 138.46 to

DB EPS (GBP) ↓ -0.0%

have cautiously reduced our FY26 OCC sales growth estimate for PA from 5.7% to 138.45

4.4% as a result. Nevertheless, PA's Q1 performance and outlook are notably robust Revenue (GBPm) 2,343 to 2,344 ↑ 0.0%

compared to peers, we believe reflecting its favourable end market mix and and Source: Deutsche Bank

effective Growth Hub and the AM upgrade strategies. This PA adjustment is fully

offset by small upgrades to IA, CC, and Transport following their Q1 Price/price relative

outperformance. The medium-term outlook at PA remains very strong and gives us 3000

increasing confidence in the endurance of growth. The shares trade on a Dec FY26E