At a glance
We are consolidating our position as the world’s leading independent automotive Distributor, as we continue to execute our Accelerate+ strategy, further diversifying our business across geographies and strengthening our OEM partnerships. We remain focused on driving growth and value for stakeholders.
Financial Highlights
£ 9.1 bn
Revenue
(2024: £9.3bn)
£ 315 m
Free cash flow
(2024: £462m)
6.2 %
Adjusted operating margin
(2024: 6.3%)
29 %
Return on capital employed
(2024: 27%)
£ 443 m
Profit before tax and adjusting items
(2024: £444m)
Non-financial Highlights
43 %
Reduction in scope 1 and 2 greenhouse gas emissions
808
Reputation.com score
(2024: 761)
26 %
Women in Senior Leadership
(2024: 28%)
81 %
Global colleague engagement
(2024: 77%)
through...
our purpose...
Bringing mobility to the world’s communities – for today, for tomorrow and for the better.
our partnerships...
Our trusted partnerships with OEMs continue to grow, providing us with a globally scaled, diversified portfolio that is unrivalled across the automotive distribution industry.
and our global reach.
We combine our global scale with deep local expertise and collaborate with leading OEMs worldwide to provide access to their products in smaller, more complex markets.
Leadership perspective
“Our performance in 2025 was in the context of a transforming industry, with our continued execution against our Accelerate+ strategy resulting in more value being delivered for shareholders. This was supported by our disciplined approach to capital allocation, with dividend payments at 40% of adjusted EPS, investment in value-accretive bolt-on acquisitions and a commitment to ongoing share buybacks.”
Chairman
“Our performance in 2025 highlighted the strength of our diversified and scaled business as we delivered against our medium-term targets during the year…Powered by Accelerate+, we will continue to strengthen our position as the leading global automotive Distributor as we work towards our ambition of achieving 10% market share in our markets.”
Group Chief Executive
”Inchcape's capital allocation policy remains focused on creating shareholder value in a disciplined and returns-focused way, with dividends at 40% of adjusted basic EPS, a commitment to ongoing share buybacks and value-accretive acquisitions. We have delivered against all of these in FY 2025 and expect to deliver a year of growth in FY 2026, in line with our medium-term guidance.”
Group Chief Financial Officer
Responding to
global trends
The automotive industry and the markets we operate in are transforming. Discover how Inchcape is responding to industry trends.
Global capabilities, local expertise
Our global business is powered by local expertise built on over 175 years of insight, execution and trust. Our people and platforms turn data into smarter decisions, enabling us to adapt quickly and with agility to shifting global macro conditions.
Sustainability Framework
We have a Sustainability Framework that focusses on delivering insights to our stakeholders, enabling new technologies to accelerate the adoption of NEVs and provide the most sustainable route-to-market for OEM partners.
Agile, efficient distribution
Inchcape enables OEMs to capture share in complex, mid-sized markets through the most cost efficient route. Our agile Distribution model scales seamlessly with demand, supporting profitability, service excellence and maximum value from every Distribution partnership.
Driving growth together
Operating across 40+ markets with expertise in complex geographies, we deliver OEMs cost-efficient international growth. In the last three years, we have secured over 35 Chinese contracts, proving our ability to accelerate expansion and build competitive positions, globally, outside their home market.
Drivers of Change
Released in August 2025, our survey of nearly 6,000 consumers across 13 countries revealed regional differences, hybrid preferences, and perceived barriers to NEV adoption. These insights support OEMs, policymakers and partners to shape tailored strategies that accelerate electrification.
We are focused on growing our passenger car market share in existing and new markets, expanding into new segments, like premium motorcycles, light commercial vehicles and heavy construction and machinery vehicles, and driving growth through organic expansion, new OEM contracts, and acquisitions.
In 2025, Inchcape volumes were up 3%, with market share gains in multiple markets, supported by Distribution contract wins.
We aim to build on our strong market position by expanding into commercial vehicles, construction and machinery vehicles and premium motorcycles across current and new markets. In Chile, Harley‑Davidson sales have shown strong growth since 2024. BMW Motorrad has a strong share of the premium market in Chile as a result of our partnership, leading to further Distribution contracts in Peru, Kenya, Poland and Latvia.
We are focused on maximising the efficiency of our unique global distribution platform, strengthening OEM partnerships, and enhancing customer satisfaction and loyalty through our Value Added Services offering.
Our Distribution Excellence approach connects our OEM partners’ products with customers by managing every stage of the value chain in small to medium size, complex, high-growth markets. We do this in two ways: our Distributor Model, where we manage OEM brands end-to-end, from the factory, to logistics, and customer delivery; and our Vertical Integration Model, where we also own and operate dealerships, controlling every stage of distribution directly.
We offer Value Added Services to enhance customer value throughout the vehicle lifecycle. Through parts, finance, insurance, used cars, and new energy mobility services, we leverage our digital platforms and analytics to optimise sales, aftersales, and customer experiences for OEM partners and drivers alike.
We are continuously cultivating a culture based on high performance, fresh thinking, and collaboration to attract and retain the very best talent.
We are investing in our technological capabilities so that we can continue to deliver outstanding experiences for customers, and growth for our OEM partners.
We are developing an even deeper understanding of the global OEM landscape to ensure outstanding long-term value for our OEM partners.
We are ensuring acquisitions are in line with our capital allocation framework and are integrated in a disciplined and effective way.
Our Sustainability Framework is built around our ambition to deliver the global mobility transition, locally.
Strategy in action
DELIVERING DISTRIBUTION
EXCELLENCE
By connecting every stage of the value chain, our end-to-end Distribution model underpins Accelerate+
We use our local market expertise to inform certification and vehicle ordering decisions, around elements like model types and specification.
We deliver vehicles and parts to markets in each of our regions.
We work on brand proposition development and positioning, price setting and marketing, maximising market share for our partners.
This includes the exclusive distribution of original vehicle parts, maintenance, finance and insurance.
We bring our omni-channel platform to customers to deliver world-class, digital-first experiences for consumers through DXP.
We recommend the optimal channels to reach consumers and businesses covering network management, digital, and omni-channel and including the selection and management of independent third-party dealers, where appropriate.
Global mobility transition, delivered locally
Delivering insights
Delivering insights draws on our experience and scale to share data, market knowledge and best practice. In 2025, we published the Drivers of Change research examining mobility attitudes, ownership trends, and new energy vehicle (NEV) transition barriers across 13 markets in Asia-Pacific and the Americas.
Enabling new technologies
Enabling New Technologies reflects how we support innovation and increase the adoption of new energy vehicles across our markets. In 2025, we expanded our NEV brand portfolio, advanced training and upskilling programmes and strengthened charging infrastructure partnerships.
People
Implemented global Employee Support Service, enhanced capability development and talent attraction, delivered Global Inclusive Hiring Standards and launched Female Leader Sponsorship Programme.
Practices
Launched refreshed Code of Conduct, embedded issues management framework and implemented new training for colleagues on competition law and preventing the facilitation of tax evasion.
Places
Several community wellbeing and road-safety programmes, reaching thousands of people. Increased employee pride in our sustainability efforts by 5%, reaching an upper-quartile score of 85%.
Planet
Achieved a 9.9% market-based reduction in Scope 1 and 2 emissions year-on-year. Reduced overall Scope 1 and 2 emissions by 43% (from 2019 baseline).