Intertek: 1H‘26 results: Readacross to SGS and BVI

研报英文原文证据摘录

Intertek: 1H‘26 results: Readacross to SGS and BVI

C A Z E N O V E Europe Equity Research

31 July 2026

Intertek Not Rated

ITRK.L, ITRK LN

1H’26 results: Readacross to SGS and BVI Price (30 Jul 26):5,835p

European Business Services

Victoria K Chang AC

• 1H’26 results: Intertek reported revenues broadly in line, and beat adj. EBITA (44-20) 7134-5439

BBG consensus estimates by 4%. Organic growth in 2Q was c.4.4%, slightly victoria.kx.chang@jpmorgan.com

slower vs. 5.4% in 1Q. The 4.4% organic growth compares to 5.9% at SGS and J.P. Morgan Securities plc

5.5% at BVI. All divisions reported growth similar/weaker than 1Q with the Jane L Sparrow

exception of Health & Safety which improved. 1H Adj. EBITA came in 4% (44-20) 3493-7101

better vs. consensus, with margins at 17.5%, +100bps yoy. Margin expansion jane.sparrow@jpmorgan.com

was driven in particular by Consumer Products (+120bps yoy), Industry & J.P. Morgan Securities plc

Infrastructure (+230bps) and Health & Safety (+210bps). World of Energy was Ankit Khandelwal

(91-22) 6157-5167

the only division to see margin declines, -130bps yoy. We are Not Rated on ankit.khandelwal@jpmchase.com

Intertek. J.P. Morgan India Private Limited

• Readacross to SGS and BVI: SGS and Bureau Veritas saw acceleration of J.P. Morgan Securities plc is acting as

growth in 2Q vs. 1Q despite ongoing Middle East disruption, compared to financial adviser and corporate broker to

Intertek which reported slightly slower growth vs. 1Q. Intertek saw more Intertek Group plc (“Intertek”) in

muted growth within the Industry & Infrastructure division due to O&G capex/ connection with the recommended cash

opex inspection services, similar to SGS and BVI, driven by disruptions in the

offer to acquire the entire issued and to be

Middle East.