Trading update – Q3 2026 - News & Insights

Full year adjusted EPS guidance increased to 137p – 143p
Continued momentum in the third quarter against a strong comparator
On track to deliver sixth consecutive year of mid-single-digit organic revenue growth

IMI plc (“IMI”), a global leader in fluid and motion control, issues the following trading update covering the third quarter from 1 July to 30 September 2026.

Roy Twite, Chief Executive, commented:

“We delivered a good third quarter performance, against a very strong prior year comparator, with strong order intake in Process Automation and double-digit organic growth in Climate Control. We have increased our full year earnings guidance, principally reflecting the additional contribution from Truflo Marine ahead of its disposal. We remain on track to deliver our sixth consecutive year of mid-single-digit organic revenue growth. Consistent execution of the One IMI operating model underpins this performance, and I would like to thank all our people for their contribution.

Earlier this month, we were delighted to announce the agreed acquisition of iSMA CONTROLLI, a targeted bolt-on that is an excellent example of our disciplined approach to capital allocation. It strengthens our smart-connected offering, helping customers improve energy efficiency in underserved small and medium-sized commercial buildings, and we are excited about what we can achieve together.

Our strategic focus on the megatrends of Energy, Automation and Healthcare continues to create sustained demand across our markets. With a unique, market-led approach to innovation, significant recurring aftermarket revenue and strong pricing power, IMI is well placed to deliver continued growth.”

Third quarter performance

Third quarter organic revenue was 2% higher, against 12% organic growth in the third quarter of 2025, and is 4% higher year to date. Statutory revenue in the quarter was 3% higher, reflecting foreign currency movements.

Automation

Automation (65% of 2025 sales) organic revenue was 3% lower in the third quarter and is 2% higher year to date.

Process Automation (44% of 2025 sales) organic order intake was 19% higher in the third quarter and 14% higher year to date (both excluding Truflo Marine). On the same basis, New Construction orders are 27% higher and high-margin Aftermarket orders 7% higher year to date. Organic revenue was 6% lower in the third quarter, reflecting the timing of shipments against 26% organic growth in the same period last year. Organic revenue is 1% higher year to date.
Industrial Automation (21% of 2025 sales) organic revenue was 2% higher in the third quarter, against a strong comparator that benefited from the recovery of delayed shipments. Organic revenue is 4% higher year to date.

Life Technology

Life Technology (35% of 2025 sales) organic revenue was 11% higher in the third quarter and is 7% higher year to date.

Climate Control (18% of 2025 sales) organic revenue was 13% higher in the third quarter and is 7% higher year to date, reflecting continued demand for our energy-efficient solutions and the phasing of data centre shipments in the order book. Data centre orders were £25m year to date, up from the £9m won in the same period last year.
Life Science and Fluid Control (10% of 2025 sales) organic revenue was 2% higher in the third quarter, against a prior year comparator that included catch-up shipments, and is 4% higher year to date.
Transport (7% of 2025 sales) organic revenue was 19% higher in the third quarter and is 10% higher year to date, as the global heavy-duty truck market continued to recover. We now expect Transport to deliver high-single-digit organic revenue growth in 2026 (previously mid-single-digit). The strategic review of Transport is ongoing.

Exchange rates

If exchange rates as at 23 October 2026 of US$1.34 and €1.19 remain constant for the remainder of the year, they would have no material impact on revenue and adjusted operating profit in the full year compared with 2025.

Outlook

We now expect full year adjusted basic earnings per share to be between 137p and 143p (previously between 136p and 142p). This principally reflects the additional contribution from Truflo Marine, the disposal of which is now expected to complete in the fourth quarter of 2026 (previously the third quarter), as well as stronger growth in Transport.

Year to date, shipments to the Middle East are in line with the expectations set out at our first quarter trading update, and our guidance continues to assume that conditions allow for planned shipments to be delivered by the end of the financial year.

We continue to assume a net interest charge of £20m, an adjusted effective tax rate of around 26.3% and a weighted average number of shares of 239m following completion of our £500m share buyback programme.

For 2027, we currently expect a net interest charge of around £23m and an adjusted effective tax rate at a similar level to 2026. We expect the weighted average number of shares to reduce to around 231m, reflecting the full year impact of the share buyback programme. These assumptions exclude the impact of any further acquisitions or share buybacks.