Inchcape plc (IHCPF) Q2 2026 Earnings Call Transcript

Good morning, everyone. I'm Duncan Tait, Group CEO, and I'm joined by our Group CFO, Adrian Lewis. Here's today's agenda. I'll give an overview and market context. Adrian will then run through our results and outlook for the full year, and I'll give an update on our strategic progress and sum up. Today's presentation is available on our website, and a recording of today's session will be available later today. After the presentation, we'll take your questions. So let's begin.

Inchcape continued to deliver on our Accelerate+ strategy during the first half amid an evolving market backdrop, supported by our diversified and scaled market and brand portfolio. Our growth was driven by distribution contracts won in recent years and last year's bolt-on acquisition in Iceland. We remain disciplined on capital allocation. We completed the acquisition of Silver Star in Bulgaria on 1st July, underlining our ongoing focus on value-accretive M&A. And we made progress with our GBP 175 million share buyback program launched in March, which we have today increased by GBP 75 million to GBP 250 million. And this highlights our highly cash-generative business. Looking ahead, we expect to continue to deliver in line with our medium-term guidance of greater than 10% EPS growth. This slide shows the key developments in our