Inchcape PLC

Inchcape PLC achieved a 9% revenue increase in the first half of 2026, supported by market conditions and new distribution contracts, while adjusted profit before tax fell 10% in constant currency due to higher net finance costs and margin contraction in the APAC region. Adjusted operating margins declined 40 basis points to 5.3%, driven by challenges in Australia where volumes dropped 16% despite a 4% rise in overall market volumes, reflecting supply constraints and a consumer shift toward electric vehicles. The company completed the acquisition of Silverstar in Bulgaria and expanded its share buyback program by 75 million to 250 million, underscoring strong cash generation. Inchcape is exiting 13 immaterial distribution contracts in APAC that are dilutive to profitability, as part of a broader portfolio management discipline, and continues to invest in network upgrades and training for the transition to new energy vehicles.