IMI plc Q2 2026 Earnings Recap

IMI's shares inched up 0.5% post-results, reflecting a largely stable reaction to solid but unsurprising organic growth and margin improvement, alongside a confirmed full-year outlook.

Key Takeaways

• Organic revenue rose 5% in H1 2026, with growth seen across all sectors, including a 22% increase in Growth Hub orders.
• Organic adjusted operating profit increased 8%, lifting adjusted operating margin by 50 basis points to 18.7%.
• Adjusted basic EPS grew 13% to 63.4p, supported by disciplined capital allocation and operating leverage.
• Free cash flow improved sharply to GBP 171 million from GBP 30 million a year ago, driven by strong cash conversion and working capital management.
• Full-year guidance was reaffirmed, with mid-single-digit organic revenue growth and adjusted EPS expected between 136p and 142p.