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Annual Report & Accounts 2025
Strategic Report
3: Financial Report2: Sustainability Report1: Strategic Report
We are pleased to share with you our
Annual Report & Accounts in a unique,
three-report format:
These separate, but connected reports, with their
interconnected themes and narratives, allow us to
present what we achieved in 2025 in a systemic,
end-to-end architecture. They have been designed
to make it easier for our stakeholders to fully
understand our business, how we bring quality,
safety and sustainability to life, what we offer our
clients and society, and the opportunities we have
ahead of us.
Report 1: Strategic Report
Where we discuss our growth
opportunities and strategic performance.
Report 2: Sustainability Report
Where we discuss our environmental,
social and governance progress.
Report 3: Financial Report
Where we record our financial activities,
performance and position.
Contents
1.01 Performance highlights
1.02 At a glance
1.04 Our unique strengths
1.05 Reach
1.06 Precision
1.07 Focus
1.08 People
1.09 Trust
1.10 Chief Executive Officer’s letter
1.16 Our Strategy
1.17 Strategic priority:
Brand Push & Pull
1.18 Strategic enabler:
Margin accretive investments
1.19 Strategic enabler:
Sustainability Excellence
1.20 Our Business Model
1.21 How we create value
1.22 The value we create for
our stakeholders
1.24 Key Performance Indicators
1.28 Financial review
1.34 Operating review
1.34 Consumer Products
1.40 Corporate Assurance
1.43 Health and Safety
1.47 Industry and Infrastructure
1.51 World of Energy
1.54 Principal risks and uncertainties
1.62 TCFD statement
1.71 Group non-financial and sustainability
information statement
VISIT: INTERTEK.COM/INVESTORS
We stand out in the industry with our unique Assurance,
Testing, Inspection and Certification ‘ATIC’ offering,
underpinned by the Science-based Customer Excellence
that gives our clients the peace of mind they need to
power ahead safely with their growth agendas.
Intertek is the global
ICON for Total Quality
Assurance with a
track record of
driving sustainable
growth for all.
Around the world, our talented people apply
their expertise to make the world better, safer
and more sustainable for billions of consumers
every day. Our science-based approach ensures
we consistently strengthen our clients’
businesses and enable them to operate
and win in their own markets.
At the heart of everything we do is our unique
and high-performance 10X culture. For more
than 130 years, it has shaped how we work
together, ensuring we uphold the highest
standards and retain the trust of our clients
every day.
This is why we have long been and remain to this
day the global icon for Total Quality Assurance.
READ ABOUT OUR UNIQUE STRENGTHS ON PAGES 1.04-1.09
You’ll be amazed
where you find Intertek
Our ‘You’ll Be Amazed’ campaign
showcases the breadth of our
solutions and how our talented people
make our clients’ businesses stronger,
safer and more sustainable.
VISIT: INTERTEK.COM/AMAZED
Intertek Group plc
Annual Report & Accounts 2025
1.01
3: Financial Report2: Sustainability Report1: Strategic Report
Performance highlights
Robust revenue growth:
• Revenue of £3,431.6m, up 4.3% at constant currency, and +1.1% at
actual rates
• LFL growth of 3.9% at constant currency: Consumer Products 6.3%,
Corporate Assurance 6.8%, Health and Safety 2.4%, Industry and
Infrastructure 4.7%, and World of Energy (1.3%)
Excellent margin progression to 18.1%
• Adjusted operating profit of £620m, up 9.3% at constant currency and
up 5.0% at actual rates
• Adjusted margin up 90bps¹ driven by mix, pricing, operating leverage,
cost control and productivity gains
• Recent acquisitions in attractive growth and margin segments
performing well
Third consecutive year of double-digit
1
adjusted EPS growth:
+10.1% at constant currency; 5.4% at actual rates
Continued strong cash performance: 110% cash conversion
delivers adjusted operating cash flow of £762m
Disciplined capital allocation:
• Invested £300m in growth: capex £144m (+7%); four acquisitions
completed for £156m
Revenue
£3,431.6m
2024: £3,393.2m
Dividend per share
3
165.0p
2024: 156.5p
Statutory operating profit
£542.3m
2024: £535.7m
Like-for-like revenue
1
£3,416.3m
2024: £3,391.8m
Return on Invested Capital
1
21.3%
2024: 22.4%
Statutory operating margin
15.8%
2024: 15.8%
• Balance sheet: net financial debt of £1bn and net debt/EBITDA of 1.3x
after investments and share buyback
• Excellent ROIC of 21.3%
Strong shareholder returns:
• Full year dividend of 165p, +5.4% year-on-year in line with dividend
policy of c.65% payout ratio
• £350m share buyback programme completed
AAA Strategy delivering Quality Growth, ahead of target
in the 23-25 period
• 6.0%¹ annual revenue growth
• 240bps
1,2
margin accretion
• 12.1%
1,2
average EPS growth
• £2.3bn cumulative operating cash flow
• 17.0% average dividend growth
Strong growth outlook expected in 2026 and on track
to deliver medium-term targets
• FY26: Expecting mid-single digit LFL
1
revenue growth, continuous
margin progression, strong earnings growth and strong free cash flow
• Consumer Products guidance upgrade to mid-single digit LFL
1
revenue growth
• Medium term targets of mid-single digit annual LFL
1
revenue growth,
18.5%+ margin, strong cash and strong ROIC
Adjusted free cash flow
1,2
£352.2m
2024: £408.8m
Statutory diluted EPS
216.0p
2024: 212.7p
Adjusted operating margin
1,2
18.1%
20 24: 17.4%
Adjusted operating profit
1,2
£619.6m
2024: £590.1m
Adjusted diluted EPS
1,2
253.5p
2024: 240.6p
1. Definitions of the alternative performance measures, metrics and constant rates can be found on page 3.64-3.66 in Report 3.
2. Adjusted operating profit, adjusted operating profit margin, adjusted diluted earnings per share (‘EPS’) and adjusted free cash flow are non-GAAP measures. Adjusted measures are stated
before Separately Disclosed Items, which are described in note 3 to the financial statements on page 3.11-3.12 in Report 3. Reconciliations between statutory and adjusted measures, as
well as return on invested capital and cash conversion, are shown in the Financial review on pages 1.28-1.33.
3. Dividend per share for 2025 based on the interim dividend paid of 57.3p (2024: 53.9p) plus the proposed final dividend of 107.7p (2024: 102.6p).
• As a purpose-led organisation, our goal is to make the world a better,
safer and more sustainable place, strengthened by the partnerships
we continue to build and maintain with all our stakeholders.
• The science-based expertise of our talented colleagues continues
to set us apart, enabling our customers to power ahead with higher
standards of safety, quality and sustainability.
• Our clients are further intensifying their focus on Risk-based
Quality Assurance, fuelling growing demand for our industry-leading
ATIC solutions.
• Our AAA differentiated growth strategy is delivering strong
momentum, supported by the increasing investments our clients
are making in Total Quality Assurance as they seek to navigate an
increasingly complex global environment with precision and pace.
• We will continue to leverage our proven high growth, cash
compounder earnings model to unlock the exciting value creation
opportunities ahead, while further strengthening those areas where
we are already making an impact.
• We are well positioned to deliver sustainable growth and long-term
value for all our stakeholders.
• Levels of Hazard Observations increased for the fifth consecutive
year, reflecting greater levels of activity across our sites as well as
greater awareness and reporting of health and safety overall.
• Since 2015, we have used the Net Promoter Score (‘NPS’) process to
listen to our customers, enabling us to improve our customer service
over the years consistently. In 2025, we conducted an average of
6,059 NPS interviews per month.
• We are driving environmental performance across our operations
through science-based reduction targets to 2030, validated by the
SBTi. Through energy efficiency initiatives, process optimisation and
the increased use of low-carbon technologies, we reduced our market-
based emissions and met our scope 1 and 2 target early, delivering a
54.7% reduction against our 2019 base year. We also met our scope 3
target, achieving a 53.4% reduction against the same 2019 baseline.
• In 2025, we strengthened our double materiality assessment (‘DMA’)
by building on the preliminary work undertaken in 2024.
• We recognise the importance of employee engagement in driving
sustainable performance for all stakeholders. We measure employee
engagement against our Intertek ATIC Engagement Index and in
2025 we increased our score for the third consecutive year to a new
high of 93 (2024: 91).
• Our voluntary permanent employee turnover improved to a six-year
low rate of 10.1% in 2025 (2024: 11.2%).
Financial highlights Strategic highlights
Sustainability highlights
3: Financial Report2: Sustainability Report1: Strategic Report
1.02
Intertek Group plc
Annual Report & Accounts 2025
At a glance
We are a leading Total
Quality Assurance
provider to industries
worldwide
Total Quality Assurance (‘TQA’) means going
beyond the traditional testing, inspection
and certification (‘TIC’) services to provide
our clients with the ATIC Advantage
– Assurance, Testing, Inspection and
Certification solutions, empowering them to
make their businesses ever stronger, ever
more resilient and ever more sustainable.
Our Purpose
Bringing quality, safety
and sustainability to life.
Our Mission
To exceed our customers’ expectations with
innovative and bespoke ATIC services for their
operations and supply chain. Globally. 24/7
Our strategic
priorities and
enablers
Our strategic priorities
Science-based TQA
Customer Excellence
Brand Push & Pull
Winning Innovations
Our strategic enablers
10X Purpose-based
Engagement
Sustainability Excellence
Margin Accretive Investments
READ OUR STRATEGY ON PAGE 1.16-1.19
Our Values
We are a
global family
that values
diversity.
We always do
the right thing.
With precision,
pace and
passion.
We trust each
other and have
fun winning
together.
We own
and shape
our future.
We create
sustainable
growth.
For all.
READ ABOUT OUR PEOPLE AND CULTURE ON PAGE 2.16-2.23 AND HOW THE BOARD MONITORS CULTURE ON PAGE 2.64-2.65, REPORT 2
You’ll be amazed where
you find Intertek
The ‘You’ll Be Amazed’ campaign
showcases the breadth of our
expertise and our leadership in
Total Quality Assurance.
VISIT: INTERTEK.COM/AMAZED
Intertek Group plc
Annual Report & Accounts 2025
1.03
3: Financial Report2: Sustainability Report1: Strategic Report
At a glance Continued
Our global
operations
45,425
Employees
1,000+
Laboratories and offices
150,000+
Audits
100+
Languages
3,000
Auditors
100+
Countries
We deliver
ATIC solutions
across industries
worldwide
through our
five divisions
Consumer
Products
Revenue
£983.4m
Adjusted operating margin
30.4%
Corporate
Assurance
Revenue
£514.0m
Adjusted operating margin
22.6%
Health and
Safety
Revenue
£3 47.1m
Adjusted operating margin
13.0%
Industry and
Infrastructure
Revenue
£858.1m
Adjusted operating margin
11.1%
World of
Energy
Revenue
£729.0m
Adjusted operating margin
8.7%
We make the
world better,
safer and more
sustainable for all
People Customers Investors Communities
Governments
and regulators
READ ABOUT THE VALUE WE CREATE FOR OUR STAKEHOLDERS ON PAGE 1.22-1.23
READ OUR BUSINESS MODEL ON PAGE 1.20-1.23
Our unique strengths
We stand at the heart of a highly attractive industry, with a unique value proposition that sets
us apart. The growth opportunities ahead are vast, and we are well positioned to seize them.
To unlock this future, we will harness our five unique strengths that fuel growth, inspire
confidence and deliver sustainable growth for all.
10.1%
Voluntary permanent employee
turnover improved to a six-year
low rate (2024: 11.2%)
6,000+
customer interviews
on average per month
(Net Promoter Score-based)
18.1%
margin achieved in 2025
Science-Based
Customer Excellence
Our Science-based Customer
Excellence Advantage is
fundamental to our unique Total
Quality Assurance proposition,
enabling us to deliver systemic
end-to-end, data-driven solutions
that are tailored to our customer
needs. Having reinvented TIC into
ATIC a decade ago, we stand out
in the industry with our unique
ATIC offering, providing end-to-end
Risk-based Quality Assurance that
helps our customers power ahead
with their growth agendas safely.
Disciplined
Performance
Management
Through our disciplined approach
to performance management,
based on our financial and non-
financial data, we drive operational
improvements across the high
growth sectors where we operate,
enabling us to achieve sustainable,
high-quality, compounding growth
and success throughout the cycle.
The Best Talents
In The Industry
Our high-performance organisation
is powered by our 10X culture,
enabling our people to unlock their
potential and deliver ever better
solutions for our clients. Through
our industry-leading recruitment
process, global career opportunities
and dedicated 10X Leadership
programme, we are able to attract,
retain and develop the best talent,
providing training so they can
deliver Total Quality Assurance
using our Intertek proprietary
operating procedures.
Doing Business
The Right Way
‘Doing Business the Right Way’
underpins everything we do at
Intertek, and our culture of strong
governance, strict controls and
rigorous approach to compliance
means we never let our clients or
each other down. As a responsible
business, we consistently strive to
make the world a better, safer and
more sustainable place for all, now
and for future generations.
96%
average global colleague completion
rate of the ‘Doing Business the
Right Way’ programme
£36m
Contribution from
acquisitions in 2025
(companies acquired 2023–25)
High-quality Global
Growth Portfolio
Intertek’s high-quality global
growth ATIC portfolio holds a
unique position in the industry,
spanning 100+ countries and
including a diversified range of
high growth, high margin sectors.
Streamlined and agile, we adapt
locally while leveraging our scale
advantage. Based on our track
record of growth, we usually hold
a leadership position at the local
level which makes the world safer
for billions of consumers.
READ MORE ON PAGE 1.05 READ MORE ON PAGE 1.07 READ MORE ON PAGE 1.08 READ MORE ON PAGE 1.09 READ MORE ON PAGE 1.06
Intertek Group plc
Annual Report & Accounts 2025
1.04
3: Financial Report2: Sustainability Report1: Strategic Report
reach
high-quality Global Growth Portfolio
Our unique strengths in action
Intertek’s global portfolio of industry-leading
ATIC solutions spans 100+ countries, driving
growth, strong returns and global leadership
for a better, safer and more sustainable future.
Unlocking greater value
through acquisitions
We have expanded our global ATIC
footprint through a range of strategic high
quality acquisitions in high growth high
margin sectors. A recent example was the
acquisition of Envirolab in 2025, Australia’s
leading environmental testing and analysis
provider. With over 200 experts spread
across five state-of-the-art laboratories,
the acquisition of Envirolab gives Intertek
exposure to the highly attractive APAC
environmental testing market whose rapid
growth is currently being powered by
increased regulatory requirements, corporate
sustainability commitments and heightened
public awareness.
"
TOGETHER WITH ENVIROLAB, WE WILL UNLOCK
THE EXCITING GROWTH OPPORTUNITIES IN THE
ENVIRONMENTAL TESTING INDUSTRY AND MEET
THE HEIGHTENED DEMAND FOR COMPREHENSIVE
RISK-BASED QUALITY ASSURANCE SOLUTIONS,
PARTICULARLY IN THE FAST GROWING APAC
MARKET.”
BERTRAND MALLET, CHIEF COMMERCIAL OFFICER
DISCOVER MORE ABOUT THE
ENVIROLAB ACQUISITON AND
WATCH THE VIDEO
1.05
Intertek Group plc
Annual Report & Accounts 2025
3: Financial Report2: Sustainability Report1: Strategic Report
precision
Science-Based Customer Excellence
Intertek innovation
in action: smarter AI,
stronger supply chains
True to our pioneering spirit, innovative
new solutions such as AI and SupplyTek
are already helping our clients to navigate a
rapidly changing world. From smarter, safer
AI to resilient, re-engineered supply chains,
our end-to-end consulting, training and
assurance solutions deliver trust, agility and
competitive advantage – helping to turn risks
into opportunities.
“
WITH ORGANISATIONS ACROSS EVERY INDUSTRY
RACING TO INTEGRATE AI INTO THEIR SYSTEMS,
INTERTEK OFFERS THE SOLUTIONS THEY NEED
THROUGH THE WORLD’S FIRST INDEPENDENT,
END-TO-END AI ASSURANCE PROGRAMME,
AI. BY EMBEDDING ADVANCED, AI-POWERED
TECHNOLOGIES INCLUDING OUR PEOPLE
ASSURANCE PARTNERSHIP WITH SYNTHESIA
TO SCALE HIGH-QUALITY, MULTI-LINGUAL
TRAINING AT SPEED, WE EMPOWER OUR
CLIENTS TO MOVE AHEAD WITH SMARTER,
SAFER AND MORE TRUSTED SOLUTIONS.”
ALI KNAPP, VICE PRESIDENT PEOPLE ASSURANCE
FIND OUT MORE ABOUT AI O U R
INDUSTRY-LEADING INNOVATION
By harnessing our Science-based Customer Excellence,
we provide our clients with tailored, end-to-end Total
Quality Assurance solutions across complex global supply
chains. Combining deep technical expertise with a clear
understanding of our clients’ operational challenges and
customer centric approach, we help them better manage
risk, and partner with them to accelerate innovation and
operate with total peace of mind.
Our unique strengths in action
Intertek Group plc
Annual Report & Accounts 2025
1.06
3: Financial Report2: Sustainability Report1: Strategic Report
focus
Disciplined Performance Management
Our daily performance management
discipline delivers real-time insights across
our sites worldwide, enabling us to deliver
margin accretive growth and strong cash
conversion through the cycle, consolidating
our industry leadership position.
Our unique strengths in action
Unlocking Intertek’s
5x5 Data Advantage
Leveraging cutting-edge data from across
our network of more than 1,000 sites
worldwide, we are able to accelerate
decision making and retain our operational
agility in a fast evolving global marketplace.
This structured framework embeds resilience,
enables continuous improvement, and
underpins our iconic 5x5 Data Advantage
– turning data into actionable insights for
our clients.
“
INSTANT ACCESS TO FINANCIAL AND
NON-FINANCIAL DATA AND INSIGHT
EMPOWERS US TO MOVE FASTER, SMARTER
AND STRONGER THAN THE COMPETITION.”
SANDEEP DAS, CEO GREATER CHINA & PRESIDENT
GLOBAL SOFTLINES AND HARDLINES
READ MORE ABOUT HOW INTERTEK
DELIVERS SUSTAINABLE LONG-TERM
GROWTH AND VALUE FOR ALL OUR
STAKEHOLDERS.
1.07
Intertek Group plc
Annual Report & Accounts 2025
3: Financial Report2: Sustainability Report1: Strategic Report
People
The Best Talents In The Industry
Intertek’s 10X culture empowers our
extraordinary talent, driving growth,
innovation and global leadership through
leading engagement, development and
growth opportunities for all.
Empowering growth:
our people’s journey
from good to great
Among our talented colleagues, Katherine
Ramsden has built a highly impactful
career with Intertek, progressing through
senior global people and leadership
development roles to become responsible
for Group Quality and Safety Assurance.
Her journey reflects Intertek’s 10X culture
and commitment to developing experienced
leaders, supporting internal mobility, and
equipping our colleagues with the expertise
and opportunities they need to grow
and succeed.
“
BY PLACING PEOPLE AT THE HEART OF OUR
GROWTH STRATEGY, WE ARE HARNESSING
THE RICH BLEND OF DIFFERENT TALENTS
PRESENT ACROSS OUR GLOBAL TEAMS TO
UNLOCK OPPORTUNITIES FOR GROWTH.”
TONY GEORGE, EXECUTIVE VICE PRESIDENT,
HUMAN RESOURCES
Our unique strengths in action
READ MORE ABOUT OUR
PEOPLE AND CULTURE, ON
PAGES 2.16-2.23 IN REPORT 2
Intertek Group plc
Annual Report & Accounts 2025
1.08
3: Financial Report2: Sustainability Report1: Strategic Report
trust
Intertek aims to lead responsibly with
strong governance, compliance and
sustainability, empowering our people
and partners to drive ethical, lasting
progress for an ever better world.
Doing Business The Right Way
Grounded in integrity,
powered by growth
In 2025, we continued Intertek’s good to
great journey with the launch of our global
‘Doing Business the Right Way’ programme.
Led by our Group Executive Committee,
the programme is designed to anchor
integrity and responsible decision making
in our everyday activities, making these
qualities the foundation of trust, growth
and sustainable value creation.
“
RESPONSIBLE BEHAVIOUR IS NOT AN
ADDITIONAL REQUIREMENT AT INTERTEK,
BUT THE CORE FOUNDATION OF OUR AMBITION
TO BE THE WORLD’S MOST TRUSTED PARTNER
FOR QUALITY ASSURANCE.”
CARLOS VELASCO, PRESIDENT LATIN AMERICA
AND GLOBAL BUILDING AND CONSTRUCTION
YOU’LL BE AMAZED WHERE YOU
FIND INTERTEK – EXPLORE HOW
OUR PURPOSE-LED WORK IS WOVEN
INTO DAILY LIFE.
Our unique strengths in action
1.09
Intertek Group plc
Annual Report & Accounts 2025
3: Financial Report2: Sustainability Report1: Strategic Report
3: Financial Report2: Sustainability Report1: Strategic Report
1.10
Intertek Group plc
Annual Report & Accounts 2025
You’ll be amazed
where you find Intertek
READ MORE IN OUR STRATEGY ON PAGE 1.16-1.19
Chief Executive Officer’s letter
The ICON for Total
Quality Assurance
I would like to recognise our
talented colleagues whose hard
work and dedication continue
to strengthen Intertek’s iconic
leadership in Total Quality
Assurance. We are a powerful
force for good in the world,
fuelled by our unique strengths
which empowered us to deliver
another record performance.”
André Lacroix
Chief Executive Officer
For more than 130 years,
Intertek has led the ATIC
(Assurance, Testing, Inspection
and Certification) industry with
a pioneering spirit, bringing
quality, safety and sustainability
to life. Through the energy and
passion of our incredible
colleagues, we have built:
an iconic brand based on trust,
serving more than 400,000
clients across every industry and
region, touching businesses and
lives across the world.
Our leadership is built on five unique strengths that
differentiate Intertek and underpin our long-term
approach to value creation: a high-quality growth
portfolio with global scale; our Science-based
Customer Excellence ATIC Advantage; disciplined
financial and non-financial performance management;
a high-performance organisation that attracts and
develops the best talent; and a strong culture of
‘Doing Business the Right Way’ grounded in rigorous
controls, compliance and governance.
Everyone at Intertek is aligned and focused on
executing our differentiated AAA strategy for growth
and consistently delivering on our corporate targets:
mid-single digit like for like revenue growth, margin
progression targeting 18.5%+ over time, strong cash
generation, and disciplined investments in both organic
and inorganic growth to deliver a superior ROIC.
This is how we help clients operate responsibly,
innovate with confidence and pace, and meet the
rising expectations of society, while driving growth
and sustainable value creation for all our stakeholders.
We are entering 2026 well positioned to capitalise
on the significant growth opportunities created at
a time of increased complexity in the supply chains
of our clients and are confident that we can meet
rising demand for our industry-leading ATIC solutions,
as our customers seek to achieve faster market
access without compromising on quality, safety
or sustainability.
SCAN TO VIEW OUR RESULTS FILM
Our ‘You’ll Be
Amazed’ campaign
showcases the
breadth of our
expertise and our
leadership in Total
Quality Assurance.
3: Financial Report2: Sustainability Report1: Strategic Report
1.11
Intertek Group plc
Annual Report & Accounts 2025
Chief Executive Officer’s letter Continued
Strong 2025 results
Our 2025 results demonstrate, once again, Intertek’s
ability to consistently deliver quality growth, improving
its performance on a sustainable basis and delivering
another year of record performance. I would like to
recognise all my colleagues for having delivered a
strong performance in 2025 in customer service,
revenue growth, margin accretion, earnings growth,
cash generation and ROIC. Since announcing our
differentiated AAA strategy in 2023, our successful
execution has delivered cumulative revenue growth
of 18.4% at constant currency, 240bps margin accretion,
and grown EPS 33.4% cumulatively. Importantly we have
delivered a £2.3bn cumulative operating cash flow, have
invested in organic and inorganic growth, increased the
dividend by an average of 17% and returned £985m
to shareholders. Given the excellent earnings growth
momentum in the business, we are entering 2026
with confidence targeting a strong performance
with mid-single digit LFL revenue growth, continuous
margin progression, strong earnings growth and
strong cash generation.
In 2025, we grew revenue by 4.3% at constant rates
driven by robust LFL revenue growth and the contribution
of acquisitions. Our adjusted operating margin improved
90bps benefitting from portfolio mix, pricing, operating
leverage, our disciplined cost approach, productivity
improvements and margin accretive investments. Our
cash performance was once again excellent with a cash
conversion of 110% delivering an adjusted operating cash
flow of £762m. We have delivered a strong operating
profit growth every quarter resulting in 10% EPS growth
at constant rates for the year.
We have a strong balance sheet with gearing of 1.3x net
debt to EBITDA after investing over £300m to seize the
exciting organic and inorganic opportunities in high
growth and high margin segments. We are pleased with
the performance of our acquisitions and the integration
of the four acquisitions we completed. ROIC was strong,
demonstrating our high quality earnings model in action
and The Board is recommending a full year dividend of
165.0p per share, a year on year increase of 5.4%,
reflecting the Group’s dividend policy based on a payout
ratio of c.65%.
We are well positioned to seize the exciting growth
opportunities ahead, given the continued increased
investments of our 400,000 clients in Risk-based Quality
Assurance to operate with ever-higher quality, safety
and sustainability standards in each part of their value
chain, triggering greater demand for our solutions.
Everyone at Intertek is focused on executing our AAA
strategy to consistently deliver quality growth based
on our corporate targets: mid-single digit LFL revenue
growth at constant currency, margin progression with
significant upside to 18.5%+ over time, strong cash
generation, and disciplined investments in both organic
and inorganic opportunities to deliver superior ROIC.
READ MORE IN THE FINANCIAL REVIEW ON PAGE 1.28-1.33
“ Our AAA strategy delivery is ahead of targets for the
2023-2025 period, demonstrating the Company’s ability
to deliver quality growth, improving its performance on
a sustainable basis.”
André Lacroix
Chief Executive Officer
2025 performance
4.3% revenue growth
1
+90bps margin improvement
1,4
10.1% EPS growth
1,4
110% cash conversion
£300m investments in growth
2
£602m returns to shareholders
3
Three-year performance:
2023-2025
18.4% cumulative revenue
growth
1
+240bps margin improvement
1,4
33.4% cumulative EPS growth
1,4
£2.3bn cumulative operating
cash flow
4
£1.1bn free cash flow
4
17% average dividend per
share growth
Three-year delivery on our strategy
1. Constant currency
2. Capex and M&A
3. Dividends and share buyback
4. Adjusted metrics are stated before Separately Disclosed Items
3: Financial Report2: Sustainability Report1: Strategic Report
1.12
Intertek Group plc
Annual Report & Accounts 2025
Margin target
of 18.5%+
Strong free
cash flow
Mid-single digit LFL
revenue growth
Superior
ROIC
Investments in
high growth and
high margin
sectors
Disciplined
capital allocation
Meeting our customers’
evolving needs: data centres
Read more about how we are supporting our
customers as they navigate this rapidly growing
sector with our Data Centre Solutions service.
READ MORE ON PAGE 1.21
Chief Executive Officer’s letter Continued
Quality Growth. Assured.
Intertek high growth cash
compounder earnings model
With our proven high growth cash compounder
earnings model, we are ideally positioned to
capitalise on the growth in our end-markets
and to continue to deliver significant value
for every stakeholder every day.
Significant value growth
opportunity ahead
Our talented people have built an iconic brand
enabling us to seize highly attractive structural
growth drivers. The value growth opportunity
ahead is significant, and our high-performance
culture, strong market position, industry-leading
portfolio and global customer base mean we are
well positioned to accelerate our growth momentum.
Our best in class operating platform and AAA
differentiated growth strategy will continue to
deliver value throughout the cycle, targeting
mid-single digit LFL revenue growth, margin accretion
and strong cash generation, while pursuing highly
disciplined investments that augment the unique
strengths of Intertek’s business model.
In response to regulatory and supply chain pressures,
companies are intensifying their focus on Risk-based
Quality Assurance to make their supply chains safer,
stronger and more sustainable, generating greater
demand for our ATIC solutions.
Faced with a growing global population and rising
concerns around energy security, investment in
both traditional oil and gas and renewables is also
accelerating, creating new opportunities for our Caleb
Brett and Moody businesses that are well positioned
to support the creation of new companies, new
markets and new customers.
At the same time, we continue to expand our
diversified global ATIC portfolio, providing customers
with cutting-edge ATIC solutions and exposure to the
right structural opportunities across global markets.
In particular, our increasing expansion in APAC and
the Americas – the world’s largest consumption and
manufacturing zones – provides a firm foundation for
future growth.
Importantly, we operate a diversified earnings model
with intrinsic defensive characteristics which enable
us to consistently deliver sustainable growth and
value through the economic cycle, year after year.
Indeed, our industry-leading ATIC solutions are
mission-critical for the world to operate safely.
Over the years, we have driven a step-change in the
Group’s cash generation. Our proven high growth
earnings cash compounder earnings model continues
to deliver significant value for every stakeholder
every day.
Guided by our disciplined capital allocation policy, we
continue to reward shareholders with an attractive,
progressive dividend while investing in high growth,
high margin sectors. We target mid-single digit LFL
revenue growth, margin accretion, and strong cash
generation, while pursuing disciplined cash accretive
investments in attractive high growth and high
margin sectors to deliver a superior ROIC.
Intertek Group plc
Annual Report & Accounts 2025
1.13
3: Financial Report2: Sustainability Report1: Strategic Report
Chief Executive Officer’s letter Continued
Secular tailwinds make independent, assurance-grade
testing non-optional
Our high-quality global growth portfolio benefits from secular
tailwinds, accelerating demand for our ATIC solutions.
Tightening global standards are driving higher
demand for independent assurance as regulators
and consumers insist on stronger quality, safety
and sustainability oversight.
Rapid innovations and shorter product cycles
are increasing the need for testing, inspection
and certification in new technologies such as
electric vehicles, batteries, AI-driven devices
and medical equipment.
Supply chain complexity and risk
management are fuelling the need for systemic,
Risk-based Quality Assurance and end-to-end
transparency.
Rising consumer expectations and SKU
proliferation are creating more testing and
certification requirements as brands compete
on quality and sustainability.
Energy transition and electrification are
expanding opportunities across renewables,
cleaner fuels and advanced energy systems, while
traditional oil and gas investment remains robust.
Digitisation and data-driven assurance
are accelerating the adoption of traceability,
digital product passports and AI-enabled
quality management.
READ MORE IN OUR BUSINESS MODEL ON PAGE 1.20
Pioneering innovations and
investments in growth
True to our pioneering spirit, we continue to lead the
industry and innovate to meet the emerging needs of
our customers with winning ATIC solutions.
We are constantly learning from our customers, using
the extensive feedback they provide us with every
month through our comprehensive Net Promoter
Score research programme to help deliver ever better
solutions for their evolving requirements.
We believe that successful innovation starts with
the insight advantage, which means having a deep
understanding of what our customers need and want
in real time. With the ability to access world-class
customer intelligence site-by-site from anywhere
across our global network, we have a continuous
stream of data that enables us to build on our
insights and develop new ATIC solutions.
Our clients have also realised that they need to invest
more in product and service innovation to meet the
changing needs of their customers. One major area
of investment inside corporations is sustainability
and we are seeing positive momentum with new and
emerging regulations. This means companies will have
to reinvent the way they manage their sustainability
agenda with greater emphasis on independently
verified non-financial disclosures. This is excellent
news for our industry-leading sustainability solutions.
During the period, we launched SupplyTek, a unique,
end-to-end suite of solutions designed to help
companies around the world navigate growing supply
chain complexity. Capitalising on Intertek’s leading-
edge Consulting, Training and Assurance solutions,
SupplyTek enables customers to optimise operations,
identify alternative suppliers and remain fully
compliant with regulations, allowing them to achieve
faster market access amidst a rapidly evolving
global landscape.
As Artificial Intelligence (‘AI’) reshapes our world
at an unprecedented pace, we recently introduced
Intertek AI
2
, the world’s first independent, end-to-end
AI assurance programme. Covering the entire AI life
cycle from ideation through to deployment and
beyond, Intertek AI
2
provides organisations across
various industries with comprehensive assurance
solutions designed to ensure their AI systems are
smarter, safer and trusted.
To help customers respond to the new EU
Deforestation Regulation (‘EUDR’), we launched
a comprehensive suite of risk-based assurance
solutions designed to support everyone from
farmers through to end-consumers. At the heart
of this offering is EUDRtrace, a cutting-edge
blockchain platform that delivers expert guidance
through advanced traceability technology. This is
enabling our clients to achieve full transparency
across their supply chains, ensuring compliance with
regulatory requirements while protecting their market
position and paving the way towards a sustainable,
deforestation-free future.
We are pioneering the use of unmanned robots and
drones to inspect industrial assets in hazardous
environments. Through our partnership with DroneQ
Robotics, we deliver Advanced Unmanned Robotics
Services that enable safe, efficient inspections across
offshore wind farms, oil rigs and pipelines. Leveraging
our expertise in AI, robotics and data science, this
collaboration provides clients with high-quality,
actionable insights that protect personnel and
optimise operations.
In parallel, our work with the University of Houston
is empowering the next generation of engineers
to design bespoke drones for diverse industrial
applications. This initiative strengthens our
inspection services portfolio while fostering a
pipeline of emerging talent, reinforcing Intertek’s
leadership in innovation and safety.
READ MORE ABOUT OUR WINNING INNOVATIONS IN THE
OPERATING REVIEW ON PAGES 1.34-1.53
Intertek Group plc
Annual Report & Accounts 2025
1.14
3: Financial Report2: Sustainability Report1: Strategic Report
Chief Executive Officer’s letter Continued
We see a steady pipeline of M&A opportunities in
attractive high margin and high growth areas to
broaden our ATIC portfolio of solutions with new
services we can offer to our clients and to expand
our regional coverage. We will remain disciplined
and selective to make sure we augment the unique
strengths of Intertek’s business model.
Our people and culture
Our talented people are central to Intertek’s
differentiated value proposition, underpinning our
competitive advantage through our Science-based
Customer Excellence. Their passion and energy
enable us to deliver exceptional standards of quality,
safety and sustainability, in the process making the
world a better, safer and more sustainable place.
At the core of this success is our unique 10X culture,
which empowers colleagues to think bigger, act
faster and deliver ever better, every day. Monitored
and evaluated by the Board on a regular basis, it
fosters ambition, collaboration and accountability,
ensuring we create sustainable value for our clients,
shareholders and society.
READ MORE IN OUR CULTURE SECTION IN THE DIRECTORS’
REPORT ON PAGE 2.64-2.65 IN REPORT 2
I am deeply grateful to our 45,425 highly skilled
colleagues worldwide for the commitment and
dedication they invest in our business and our clients
every day. Their passion and deep technical expertise
have allowed our business to innovate, achieve new
heights, and strengthen Intertek’s position as the
icon of the Total Quality Assurance industry.
READ MORE ABOUT OUR PEOPLE AND CULTURE ON PAGE
2.16-2.23 IN REPORT 2
Leading the way in
Sustainability Excellence
Sustainability is the movement of our time and is
embedded in Intertek’s Purpose, Vision, Values and
Strategy. It is also one of the major growth drivers
of our global ATIC portfolio, creating significant
opportunities as stakeholders demand faster
progress and greater transparency. Companies
worldwide are scaling up their sustainability agendas,
re-evaluating energy usage, investing in renewables
and strengthening their disclosure practices.
Through our global Total Sustainability Assurance
(‘TSA’) programme, we provide clients with independent,
systemic and end-to-end assurance across all aspects of
their sustainability strategies, activities and operations.
TSA comprises three core elements: Intertek Operational
Sustainability Solutions, ESG Assurance, and Corporate
Sustainability Certification.
For our own Sustainability Excellence programme, we
focus on ten demanding TSA standards and have set
ambitious commitments: reducing absolute Scope 1
and 2 GHG emissions by 50% by 2030 (from a 2019
base year); reducing Scope 3 emissions from business
travel and commuting by 50% within the same
timeframe; and ensuring 70% of suppliers by spend
have science-based targets by 2027. Adopting these
rigorous end-to-end TSA standards has resulted in
our organisation being recognised with the highest
possible ‘AAA’ rating from MSCI.
The year also saw a number of other important
achievements, including a fifth consecutive annual
increase in hazard observations, reflecting heightened
activity and stronger health and safety awareness
across our sites, alongside continued progress in
customer insight, with an average of 6,059 Net
Promoter Score interviews conducted per month.
We also delivered meaningful sustainability and
people outcomes, reducing operational market-based
emissions by 13.4% year-on-year (54.3% vs 2019),
strengthening our double materiality assessment,
achieving a record employee engagement score of 93,
and lowering voluntary permanent employee turnover
to a six-year low of 10.1%.
With regulatory momentum continuing to fuel rising
demand for our leading ATIC solutions, we are well
positioned to unlock significant growth opportunities in
the future. By leading through example, we believe we
can energise all stakeholders – our people, customers,
regulators, suppliers, communities and shareholders –
reinforcing Intertek’s iconic status as a trusted partner
in building a safer, stronger and more sustainable world.
READ MORE ABOUT PROGRESS ON OUR SUSTAINABILITY
EXCELLENCE AGENDA ON PAGE 2.15-2.49 IN REPORT 2
Strong track record of value
accretive acquisitions
The acquisitions we have made over the last few
years in the high growth and high margin segments
are adding real value to Intertek.
In April 2023, we announced the acquisition of
Controle Analítico Análises Técnicas Ltda, a leading
provider of environmental analysis, with a focus on
water testing, based in Brazil. The acquisition was a
strong strategic fit, expanding our footprint of leading
Food and Agri TQA solutions in Brazil.
In August 2023, we announced the acquisition of
US-based PlayerLync, a leading provider of high-quality
mobile-first training and learning content to frontline
workforces at some of the world’s leading consumer
brands, strengthening our position as a leader in SaaS-
based, technology-enabled People Assurance services.
We invested in our People Assurance business with the
acquisition of Alchemy/Wisetail in 2018, and PlayerLync
provides a compelling opportunity to further enhance our
differentiated TQA proposition and customer excellence
advantage in what is a fast-evolving landscape.
In March 2024, we announced the acquisition of
Base Metallurgical Laboratories (‘Base Met Labs’),
a leading provider of metallurgical testing services
for the Minerals sector based in North America,
reinforcing and expanding Intertek’s ATIC offering in
the Minerals industry. The acquisition of Base Met Labs
is highly complementary to our ATIC service offering,
establishing a Minerals testing footprint for Intertek on
the American continent and creating attractive growth
opportunities with existing and new clients.
In May 2025, we announced the acquisition of
Tecnologia e Qualidade de Sistemas em Engenharia
Ltda (‘TESIS’), a provider of high-quality testing and
conformity assessment services across a broad range
of building products in São Paulo, Brazil. The acquisition
expands our leading Building & Construction Total
Quality Assurance business into Brazil’s construction
industry, while also complementing Intertek’s existing
building products testing and assurance business in
North America, opening up an attractive high growth,
high margin sector for our cutting-edge ATIC solutions.
In September 2025, we announced the acquisition
of Envirolab, a high-quality environmental testing
business in Australia with strong growth and margin
track record. The acquisition establishes Intertek as
one of the market leaders in Australia’s attractive
environmental testing sector and unlocks compelling
commercial synergies through Intertek’s broad client
base in Australia and complementary industry-leading
sustainability solutions.
In early November 2025, Intertek expanded its ATIC
footprint in Central America with the acquisition of
Suplilab, a market-leading provider of food safety and
medical devices testing services, based in San José, Costa
Rica. The acquisition will enable Intertek to establish a
leading position in Costa Rica’s food and medical devices
sectors, offering immediate access to a large customer
base and a fast-growing ATIC market in Central America.
READ MORE IN OUR AAA STRATEGY SECTION ON
ACQUISITION HISTORY AND CONTRIBUTION ON PAGE 1.18
In late November 2025, we acquired Professional Testing
Laboratory (‘PTL’), a leading provider of high-quality
testing services for the flooring industry, based in the
USA. The acquisition is highly complementary to our TQA
offering in North America, strengthening our presence in
a high growth, high margin flooring materials market and
creating strong commercial synergies across Intertek’s
global ATIC portfolio.
These acquisitions contributed £35.5m to 2025 revenue
and delivered a margin of 34%.
Since the year end, in February 2026, we announced
the acquisition of Aerial PV Inspection (‘AePVI’),
a leading provider of high-speed TEK-powered
inspection and diagnostic solutions for solar PV
systems. The acquisition is highly complementary
to Intertek’s CEA world-leading end-to-end quality
assurance offering for the solar industry.
Also in February 2026, we acquired Laboratorio
Electromecánico QTEST S.A.S. QCERT S.A.S. (QTEST),
a market leading provider of high-quality electrical
testing and certification services based in Colombia. This
most recent acquisition represents an exciting growth
opportunity for Intertek ETL, our electrical business
line, allowing us to expand into a highly attractive, high-
growth economy, whilst providing our customers across
Latin America and international markets with a broader
suite of industry-leading ATIC solutions.
1: Strategic Report 3: Financial Report2: Sustainability Report
1.15
Intertek Group plc
Annual Report & Accounts 2025
Chief Executive Officer’s letter Continued
Looking ahead
We have seen a significant performance
acceleration in the last three years, based on
the strong delivery of our AAA differentiated
strategy for growth and, moving forward, the
value growth opportunity ahead is significant.
Our highly engaged, customer centric organisation
is laser-focused to take Intertek to greater
heights, putting our AAA strategy in action.
To deliver sustainable growth and value for
our shareholders, we will capitalise on our
high-quality cash compounder earnings model,
benefitting year after year from the compounding
effect of mid-single digit LFL revenue growth,
margin accretion, strong free cash flow and
disciplined investments in high growth and high
margin sectors. We operate in a highly attractive
industry with a differentiated value proposition,
and we are confident in the value growth
opportunity moving forward.
Intertek’s success is anchored in the five unique
strengths that set us apart: our high-quality
global growth portfolio with scale leadership
positions, our Science-based Customer Excellence
Advantage, our disciplined financial and non-
financial performance management, a high-
performance organisation that attracts and
develops the best talent, and a strong culture of
‘Doing Business the Right Way’. Together, these
strengths form a powerful platform that enables
us to deliver sustainable growth and long-term
value creation.
READ MORE ABOUT OUR FIVE KEY STRENGTHS ON PAGE
1.04-1.09
Strong 2026 outlook
Mid-single digit like for like
revenue growth
Further margin progression
Strong earnings growth
Cash conversion >100%
Track record and financial
capability for value
accretive M&A
Progressive dividend policy
with c.65% payout
The value growth
opportunity ahead
is significant, and we
are entering 2026
with confidence.”
Looking ahead, we are confident in our ability
to continue accelerating our growth momentum.
With increased consumer expectations towards
building an ever better world, corporations
are investing more in quality, safety and
sustainability, accelerating the demand for
our industry-leading ATIC solutions. Everyone
at Intertek is focused on executing our AAA
differentiated growth strategy and we are well
positioned to seize the opportunities of tomorrow.
Our people, our culture and our differentiated
capabilities will continue to power our journey,
ensuring we remain the trusted partner of choice
for clients worldwide and an icon for Total Quality
Assurance in our industry.
André Lacroix
Chief Executive Officer
3: Financial Report2: Sustainability Report1: Strategic Report
Intertek Group plc
Annual Report & Accounts 2025
1.16
Customers
Be the most trusted
TQA partner
Sustainability
Excellence
everywhere
Employer of choice
every day
Community
Employees
Sustainable growth
and value
Shareholders
Our Strategy
AAA means giving our clients an
‘Amazing ATIC Advantage’ to make
their businesses stronger.
Being the best for
every stakeholder.
Allthe time.
We want to be the most
trusted TQA partner for our
customers, the employer of
choice for our employees, to
demonstrate Sustainability
Excellence everywhere in
our community and deliver
significant growth and
value for our shareholders.
Continue to lead the industry and
invest in our global ATIC capacity
to ensure we have the right
geographical exposure to the right
structural growth opportunities.
Embed our powerful 10X culture
across the organisation, empowering
our amazing people to deliver an
exceptional performance and taking
Intertek to new heights.
Create sustainable growth and value
for all stakeholders, leveraging the
best in class operating platform
we have built and returning excess
capital to our shareholders.
We will reach our goals by implementing our AAA
strategy to unlock the significant value growth
opportunity ahead. We pursue three strategic
priorities and three strategic enablers.
Our strategic
priorities
Science-based TQA
Customer Excellence
We invest in the skills we
need to deliver operational
excellence and superior
customer service.
Brand
Push & Pull
We lead the market with our
trusted brand, ATIC sales
power and our cut-through
digital marketing.
Winning
Innovations
Our innovative solutions
help clients resolve
their quality, safety and
sustainability challenges.
Our strategic
enablers
10X Purpose-based
Engagement
Our amazing people are our
key competitive advantage,
allowing us to consistently
exceed the expectations of
our customers.
Sustainability
Excellence
We lead by example,
adopting rigorous
end-to-end TSA
standards and internal
compliance controls.
Margin Accretive
Investments
We target opportunities
in high growth and high
margin areas, ensuring
sustainable returns for
our shareholders.
Our highly engaged, customer centric organisation is laser-focused to take
Intertek to greater heights, and the execution of our AAA differentiated growth
strategy is on track to create sustainable growth and value for all stakeholders.
Our strategic priorities and enablers
Our Amazing ATIC Advantage Our goals
3: Financial Report2: Sustainability Report1: Strategic Report
1.17
Intertek Group plc
Annual Report & Accounts 2025
The ‘You’ll Be Amazed’ campaign showcases
the extraordinary breadth of our colleagues’
expertise and the critical role the work they do
every day plays across industries worldwide.
The industry’s first B2B2C campaign, launched
in 2023, this year focused on our brand
partnerships and relationships.
As an industry pioneer, on our good to great
journey, we have been focused across all of our
business lines on making Intertek the global
icon for Total Quality Assurance. The campaign
shares how our people, our purpose and our
culture come together to deliver Total Quality
Assurance that is essential to everyone and
You’ll be Amazed Where
you Find Intertek
Our global ‘You’ll Be Amazed’ brand campaign
is integral to our Brand Push & Pull strategic
priority and is designed to create awareness
and engagement, while ensuring consistent
delivery of our quality, safety and sustainability
brand promise.
everything, relied on not only by the world’s
most recognised brands, but by consumers
around the world that depend on quality,
safety and sustainability in daily life.
From helping leading consumer brands
meet global safety standards, to conducting
hurricane-resilience testing on flood walls in
West Palm Beach, validating charging-station
performance in Hong Kong, and supporting cave
operators in Vietnam as they lower their carbon
footprint – Intertek’s reach is truly global.
VISIT: INTERTEK.COM/AMAZED
Our Strategy
Strategic priority Brand Push & Pull
3: Financial Report2: Sustainability Report1: Strategic Report
Intertek Group plc
Annual Report & Accounts 2025
1.18
®
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The acquisitions we have made over the last few years in high growth and
high margin segments are adding real value to Intertek, contributing £36m
to 2025 revenue and delivering a margin of 34%.
Our Strategy
Strategic enabler Margin accretive investments
Where: United States
When: August 2023
Provider of mobile-first training and
learning content to frontline workforces,
strengthening our position as a leader in
SaaS-based, technology-enabled People
Assurance services.
Where: North America
When: March 2024
Where: Brazil
When: April 2023
Leading provider of metallurgical
testing services for the minerals sector,
broadening our ATIC offering in the
minerals industry and establishing a
minerals testing footprint for us on
the American continent.
Provider of environmental testing
solutions, complementing our leading
Food and Agri TQA solutions in
Brazil by expanding our presence
and service offering.
Where: United States
When: November 2025
Provider of testing services for the US
flooring industry, strengthening our
product testing business and unlocking
synergies by expanding PTL’s services
to our existing clients.
Where: Costa Rica
When: November 2025
High-quality ATIC provider with a leading
scale position and a track record of fast
growth in high margin sectors, providing
immediate access to ATIC growth
opportunities in Central America.
Where: Brazil
When: May 2025
Provider of testing and conformity
assessment services for building
products, expanding our leading
Building & Construction TQA
business into Brazil’s high growth
construction industry.
Where: Australia
When: September 2025
Industry-leading provider of
environmental testing services,
establishing Intertek as one of
the market leaders in Australia’s
environmental testing sector.
2025 margin
34%
2025 operating
profit
£12m
2025 revenue
£36m
3: Financial Report2: Sustainability Report1: Strategic Report
1.19
Intertek Group plc
Annual Report & Accounts 2025
READ MORE ABOUT OUR TSA PROGRAMME:
INTERTEK.COM/SUSTAINABILITY
Our Strategy
Strategic enabler Sustainability Excellence
Sustainability Excellence is a core
strategic enabler, representing
our end-to-end and systemic
approach to sustainability.
Sustainability is embedded in
our Purpose, our Vision, and in
every area of our operations,
acting as a foundation for
sustainable growth.
We drive Sustainability Excellence through
site-level action plans, robust performance
measurement and strong governance. We hold
ourselves to account against our own Total
Sustainability Assurance (‘TSA’) standards,
international best practice, stakeholder
expectations and forthcoming regulations.
A key element of our Sustainability Excellence
strategy is our commitment to reaching net zero
emissions by 2050, with specific targets for 2030:
reducing absolute Scope 1 and 2 emissions by
50%, and Scope 3 by 50% from a 2019 baseline.
Our approach has earned Intertek high
ratings from ESG rating agencies, including a
‘AAA’ rating from MSCI and a ‘low risk’ rating
from Sustainalytics.
READ MORE ABOUT OUR ESG CREDENTIALS ON PAGE 2.04 IN
REPORT 2
Our Sustainability Excellence strategy is
informed by our assessment of our most material
sustainability topics. Our identification of the
Impacts, Risks and Opportunities (‘IROs’) has also
been informed by the United Nations Sustainable
Development Goals (‘UN SDGs’).
READ MORE ON OUR APPROACH TO MATERIALITY, OUR IROS
AND THE SDGS MOST RELEVANT TO OUR BUSINESS ON PAGES
2.06-2.13 IN REPORT 2
READ OUR FULL SUSTAINABILITY REPORT, REPORT 2
VISIT: INTERTEK.COM/ABOUT/OUR-RESPONSIBILITY/
Alongside our own approach
to sustainability, a major area
of focus is our global TSA
programme, which is supported
by secular tailwinds including
the tightening of global
sustainability regulations
and the energy transition.
Businesses around the world have had to
navigate heightened pressure from consumers
and regulators demanding faster progress
and greater transparency when it comes to
sustainability reporting. As a result, they have
scaled up their efforts around operational and
corporate sustainability, re-evaluating their energy
usage, investing in renewables and reconsidering
how they disclose their non-financial performance.
This has fuelled growing demand for our global
TSA programme, through which we provide our
clients with proven independent, systemic and
end-to-end assurance on all aspects of their
sustainability strategies, activities and operations.
Total Sustainability Assurance
Our approach is based
on our five pillars:
2 31
Intertek Operational
Sustainability Solutions
enable companies to
understand, achieve and
validate their existing and
emerging sustainability
goals for their products,
assets, facilities,
systems, processes and
the environment.
Providing independent
verification of
sustainability disclosures
and reporting, Intertek
ESG Assurance enables
companies to identify
areas of risk and impact,
define their sustainability
strategies and prepare
ESG reports.
Intertek Corporate
Sustainability Certification
covers topics from Quality &
Safety to the Environment
and Communication &
Disclosure, enabling clients
to verify their corporate
sustainability performance
across the ten most essential
corporate sustainability
subject areas.
People and Culture
Energise our colleagues to take
the company to new heights.
Working with Customers
Empower our customers to make
sustainability a competitive advantage.
Environment
Decarbonise our business by 2050.
Communities
Create positive impacts in the
communities where we operate.
Responsible Business
Uncompromising on quality
and compliance.
The TSA programme comprises
three elements:
Intertek Group plc
Annual Report & Accounts 2025
1.20
3: Financial Report2: Sustainability Report1: Strategic Report
Research &
development
Consumer
management
Component
suppliers
Transportation
Manufacturing
Raw materials
sourcing
Distribution &
retail channels
Our Business Model
How we create value
We capitalise
on our iconic
strengths…
Our high-quality global
growth portfolio with
scale leadership positions
Our Science-based
Customer Excellence
Advantage
Our disciplined
performance
management
The best talents
in the industry
Our ‘Doing the
Business the Right
Way’ operating culture
… to provide premium
end-to-end ATIC services…
Assurance (22% of Group revenue)
Enabling our customers to
identify and mitigate intrinsic risk
in their operations, supply and
distribution chains, and quality
management systems.
Testing (45% of Group revenue)
Evaluating how our customers’
products and services meet and
exceed quality, safety, sustainability
and performance standards.
Inspection (24% of Group revenue)
Validating the specifications, value
and safety of our customers’ raw
materials, products and assets.
Certification (9% of Group revenue)
Formally confirming that our
customers’ products and services
meet all trusted external and
internal standards.
… to serve a broad range
of client needs…
TQA value
proposition
Intertek’s innovation-led,
end-to-end value proposition
helps organisations to
mitigate risk at every stage
and operate safely, effectively
and with complete peace of
mind in a complex world.
… and create sustainable
long-term value for our
stakeholders
People: We create amazing opportunities
for our 45,425 people to thrive, always
striving to offer the best customer service
to our clients.
Customers: We support 400,000+ clients
with innovative solutions that enable them
to operate with higher standards on quality,
safety and sustainability in each part of
their value chain.
Investors: We operate a high growth cash
compounder earnings model with a proven
track record of sustainable value creation
over the long term.
Communities: We support and enhance our
communities and the environment across our
global network of state-of-the-art operations
in more than 100 countries.
Governments and regulators: Governments
and regulators expect compliance with
all global, regional and local regulations,
responsible business practices and
collaboration on the transition to net zero.
Attractive secular
tailwinds
Tightening global
standards
Supply chain complexity
and risk management
Energy transition and
electrification
Rapid innovations and
shorter product cycles
Rising consumer
expectations and
SKU proliferation
Digitisation and data-
driven assurance
READ MORE ON PAGE 1.13
READ MORE DETAIL ON OUR END-TO-END ATIC
OFFERING IN OUR DATA CENTRE CASE STUDY
ON PAGE 1.21
Sustainability Excellence/Governance
READ MORE ON PAGE 2.15, REPORT 2
1.21
Intertek Group plc
Annual Report & Accounts 2025
3: Financial Report2: Sustainability Report1: Strategic Report
Infrastructure
Build Out
Operational Life &
Decommissioning
Building
Construction
Site Selection
& Design
Life cycle support for high-performing data centres
Geophysical
Services
Field Testing &
Labelling
Energy &
Energy
Efficiency
Services
Environmental
Consulting &
Geotechnical
Services
Building
Product &
Construction
Materials
Testing
Product Safety
Testing
Building
Systems
Consulting
Building
Science
Solution
Property
Management
Support
Services
Decommission
& Due Diligence
Our Business Model
How we create value Continued
Premium end-to-end ATIC offering
Our industry-agnostic value proposition is based on our end-to-end understanding
of the value chains of our clients and on the breadth and depth of our solutions.
Intertek Total Quality Assurance key
Assurance
A
Testing
T
Inspection
I
Certification
C
Due Diligence & Analysis Materials Testing (QA/QC) System IntegrityCore Computing
Industrial Hygiene Due Diligence & Analysis Operations & MaintenanceMYAC & Cooling
Global Market Access Speciality Testing Upgrade & Design Change Support
Engineering & Construction Building Science/Excellence Information SecurityPower System
Supplier Management Enhancing Final Testing Decommission & TransferSecurity & Field Evaluation
Quality Management Process Execution Field Labelling Property Condition Assessment
How it works for data centres
Intertek partners with clients to build resilient,
sustainable and high-performing data centres.
As global demand surges, we provide essential
coordinated end-to-end services. Our expertise
spans the entire life cycle, including new
construction, expansions, retrofits and
hyperscale or colocation environments.
We deliver the dependable technical data and
documentation required by project teams across
design, construction and operations. By focusing
on these critical factors, we ensure continuity
of service, optimise power usage and enable
facilities to scale effectively alongside rising
digital and AI-driven workloads.
SCAN TO WATCH
EXPLORE OUR
NEW DATA
CENTRE SERVICES
Intertek Group plc
Annual Report & Accounts 2025
1.22
3: Financial Report2: Sustainability Report1: Strategic Report
Section 172 statement
In its discussions and decisions during the year, the Board of
Directors has acted in the way that it considers, in good faith,
would be most likely to promote the success of the Group for the
benefit of its members as a whole (having regard to stakeholders
and the matters set out in sub-sections 172(1) (a)–(f) of the 2006
Companies Act).
DETAILS OF HOW THE BOARD HAS ENGAGED WITH STAKEHOLDERS
AND HOW IT HAS HAD REGARD TO THEIR INTERESTS IS SET OUT
IN THE DIRECTORS’ REPORT ON PAGE 2.59, 2.61-2.67 IN REPORT 2
People
We create amazing opportunities for our
45,425 people to thrive, always striving to
offer the best customer service to our clients.
Why they are important to us
Our people are our most valuable asset and are critical to our
success. Customer centric and passionate about what they do, they
deliver sustainable value through unmatched expertise and quality
of work for our customers every day.
How we engage
We create a high-performance, growth-oriented, inclusive and
caring culture with clear, transparent communication and regular
recognition, in which each colleague has a personal growth plan.
How they benefitted in 2025
• Champions engagement and team action planning
• 10X performance management approach, talent development,
recognition and growth planning
• 10X Leadership development events, including global leadership
programmes, a new executive development programme, 10X
Coaching and coaching certification programme
• Lucie Partners training platform, for non-employees representing Intertek
• IGNITE programme to empower and inspire sales leaders
• Improved safety culture through iHazard
• MOSAIC workshops on diversity, equity and inclusion
• Kindness global wellbeing programme
• Extensive learning and development through Lucie, our global
learning management system
READ MORE ON PAGE 2.16-2.23 IN REPORT 2
Customers
We support 400,000+ clients with innovative
solutions that enable them to operate with
higher standards on quality, safety and
sustainability in each part of their value chain.
Why they are important to us
Our customers are at the centre of everything we do, and delivering
the highest standards of customer service is a crucial aspect of
becoming the world’s most trusted TQA partner.
How we engage
We continuously engage and build our relationships with customers,
and closely analyse our NPS data.
How they benefitted in 2025
• Communication, partnership and 24/7 support
• Refreshed intertek.com country sites to provide best in class
digital experience in many languages
• Fast development of new and innovative Risk-based Quality
Assurance solutions
• Training and webinars from all business lines, covering
allindustries
• Digital customer portals for improved efficiency, productivity
and visibility
• Digital directories providing our clients’ customers with access
to product and supply chain information
READ MORE ON PAGE 2.24-2.33 IN REPORT 2
Our Business Model
The value we create for our stakeholders
Our Purpose is
to bring quality,
safety and
sustainability to
life for an ever
better world
1.23
Intertek Group plc
Annual Report & Accounts 2025
3: Financial Report2: Sustainability Report1: Strategic Report
Our Business Model
The value we create for our stakeholders Continued
Investors
We operate a high growth cash compounder
earnings model with a proven track record of
sustainable value creation over the long term.
Why they are important to us
Delivering for our investors drives our ongoing success, enabling us
to deliver for all stakeholders today and tomorrow.
How we engage
We engage with existing and potential investors and sell-side
analysts through regular trading updates, investor conferences
and roadshows throughout the year.
How they benefitted in 2025
• Returned £602m to our shareholders in 2025 (dividends and
share buyback)
• Stock exchange announcements, including financial results
• Investor roadshows and participation in investor conferences
• Engaging through meetings and calls
• Annual General Meeting
• Annual Report, ESG Reporting Index
• Shareholder information on intertek.com
• Enriched Investors section on intertek.com, including new
financial modelling tool
LEARN MORE ON INTERTEK.COM/INVESTORS
Communities
We support and enhance our communities and
the environment across our global network
of state-of-the-art operations in more than
100 countries.
Why they are important to us
Our businesses and people are part of the communities in which we
work and are dedicated to supporting organisations and initiatives
that improve the environment, and the lives of local people. We are
a force for good, close to home, that makes the world amazing for
everyone.
How we engage
Our businesses regularly engage with and contribute to our
communities, and many colleagues support local and charitable
causes that reflect the diversity of our communities and people.
How they benefitted in 2025
• Support for and partnerships with charities and NGOs
• Focused activities to improve local communities
and environments
• BBEB.com platform to share impactful stories and inspire
positive change in the world
READ MORE ON PAGE 2.40-2.43 IN REPORT 2
Governments and regulators
Governments and regulators expect
compliance with all global, regional and local
regulation, responsible business practices and
collaboration on the transition to net zero.
Why they are important to us
‘Doing Business the Right Way’ is part of who we are. As a
responsible business, we are dedicated to engaging positively
with governments and regulators to support our communities
and comply with global, regional and local regulations.
How we engage
We interact with trade associations and governmental authorities
to provide input into industry and regulatory improvements
in product safety, quality, sustainability and risk assurance.
Interactions with governments, governmental authorities and
regulators are reviewed by our Group Legal & Risk functions to
ensure we fully comply with all laws and regulations.
How they benefitted in 2025
• Our businesses’ economic and tax contribution to governments
and communities supports the basic infrastructure of society
READ MORE ON PAGE 2.44-2.47 IN REPORT 2
3: Financial Report2: Sustainability Report1: Strategic Report
1.24
Intertek Group plc
Annual Report & Accounts 2025
Key Performance Indicators
Strong earnings
growth momentum
and significant
value growth
opportunity ahead
Financial
The Group uses a variety of key performance
indicators (‘KPIs’) to monitor performance and
measure the financial impact of the Group’s
strategy. Where applicable, KPIs are based
on adjusted measures in order to provide
a meaningful and consistent year-on-year
comparison. An explanation and reconciliation
of statutory to adjusted performance
measures is given on page 1.31. A glossary
of performance measures is provided on
pages 3.64-3.66 in Report 3.
Key Adjusted actual rates 2025 Adjusted
Adjusted constant rates 2024 Adjusted
Statutory actual rates Statutory
Revenue
1
(£m)
Revenue growth measures how
well the Group is expanding
its business and includes
currency impacts.
Operating profit
1,2
(£m)
Measures profitability of the Group
and includes currency impacts.
Diluted earnings per
share
2
(pence)
A key measure of value creation for
the Board and for shareholders.
1. Revenue, adjusted operating profit and ROIC are recalculated using 2024 exchange rates
to form the basis for Executive Director remuneration, as described in more detail on page
2.99 in Report 2.
2. Adjusted operating profit, adjusted operating margin, adjusted cash flow from operations,
adjusted free cash flow and adjusted diluted earnings per share are stated before
Separately Disclosed Items, which are described on page 3.11-3.12. There is no difference
between adjusted and statutory revenue.
3. Dividend per share is based on the interim dividend of 57.3p (2024: 53.9p) plus the
proposed final dividend of 107.7p (2024: 102.6p).
4. 2024 ROIC has been prepared using 2025 average exchange rates for adjusted operating
profit and adjusted tax, and year-end 2025 exchange rates for invested capital. 2024
ROIC at actual rates was 20.3%.
Intertek Group plc
Annual Report & Accounts 2025
1.25
3: Financial Report2: Sustainability Report1: Strategic Report
2024
2025 3,416
3,392
3.9%0.7%
2024
2025 18.1 15.8
17.4 15.8
90bps –bps70bps
2024
2025 165.0
156.5
5.4%
Key Performance Indicators Continued
Key Adjusted actual rates 2025 Adjusted
Adjusted constant rates 2024 Adjusted
Statutory actual rates Statutory
Like for like revenue (£m)
Revenue growth, including acquisitions
following their 12-month anniversary of
ownership and excluding the historical
contribution of any business disposals/closures
excluding acquisitions and disposals.
Cash flow from
operations
2
(£m)
Shows the ability of the Group to
turn profit into cash.
Operating margin
1,2
(%)
Measures profitability as a proportion
of revenue.
Return on invested capital
at constant rates
1,4
(%)
Measures how effectively the Group
generates profit from its invested capital.
Dividend per share
3
(pence)
Measures returns provided to shareholders.
Dividend per share is based on the interim dividend
paid plus the proposed final dividend.
Adjusted free cash flow
2
(£m)
Shows the ability of the Group to turn profit
into cash.
Intertek Group plc
Annual Report & Accounts 2025
1.26
3: Financial Report2: Sustainability Report1: Strategic Report
2022 2023 2024 2025
0.2
0.3
0.4
0.5
0.6
0.7
0.8
2024
2023
2022
2020
2019
6,036
2025 6,059
5,684
5,463
XX
XX
2020 2021 2022 2023 2024 2025
50,000
0
100,000
150,000
200,000
250,000
300,000
Key Performance Indicators Continued
Non-financial
We measure our success by tracking both non-
financial and financial key performance indicators
that reflect our strategic priorities. We continue
to review the sustainability areas that are most
material and relevant to our stakeholders, and
have set ourselves targets in those areas that
are aligned to our corporate strategy.
FOR MORE INFORMATION, READ OUR BASIS
OFREPORTING ESG DATA DOCUMENT AT
INTERTEK.COM/ABOUT/OUR-RESPONSIBILITY
Health and safety
Health and safety
Recordable incidents include medical treatment incidents, lost time
incidents and fatalities per 200,000 hours worked.
Why we measure it
A reduction in incidents is an important measure of the
effectiveness of our safety culture. It also lowers rates of
absenteeism and costs associated with work-related injuries
and illnesses.
Target
RIR of less than 0.5 per 200,000 hours worked.
Customer satisfaction
Customer focus
Average number of Net Promoter Score (‘NPS’) interviews carried
out each month.
Why we measure it
Customers are our priority. Since 2015, we have used the NPS
process to listen to our customers. These insights give us a deep
understanding of what our customers need and want, fuelling
our innovations.
Target
We will continue to aim to conduct at least
6,000 NPS interviews per month.
Environment
Operational emissions
Since the adoption of our near-term absolute emissions reduction
targets, we measure our environmental performance against these.
Operational emissions comprise scope 1, scope 2 (market-based)
and scope 3 (business travel and employee commuting).
Why we measure it
We measure our carbon emissions to reduce our impact on the
environment and increase operational efficiency. We track both
location-based and market-based scope 2 emissions.
Operational emissions (in tCO
2
e)Average NPS interviews per monthTotal Recordable Incident Rate (‘TRIR’)
Target
2030: reduce absolute scope 1, scope 2 (market-based) and scope 3
(business travel and employee commuting) by 50% vs 2019
base line.
Intertek Group plc
Annual Report & Accounts 2025
1.27
3: Financial Report2: Sustainability Report1: Strategic Report
2024
2023
2022
26.3
2025 27.7
23.6
20.8
73.7
72.3
76.4
79.2
Men Women
2024
2023
2022
2020
2019
100.0
2025 99.6
97.6
96.8
XX
XX
Employee voluntary turnover and
Intertek ATIC Engagement Index
Women in senior management (%) Training completion by eligible employees
1
(%)
Key Performance Indicators Continued
Employees
Voluntary permanent employee turnover
and employee engagement
Voluntary permanent leavers are employees who choose to leave
the Group themselves. This does not include employees on a
fixed-term contract.
Intertek ATIC Engagement Index is based on the key drivers of
sustainable value creation and it measures engagement on
a monthly basis in every operation with the following metrics:
Net Promoter Score, customer retention, quality, voluntary
permanent employee turnover and Total Recordable Incident Rate.
Why we measure it
Ensuring employees are engaged is essential to talent retention
and we measure and monitor this closely at a global and local level
through our voluntary turnover rate.
Key financials 2022 2023 2024 2025
Employee voluntary turnover
(% of permanent employees) 14.0% 12.3% 11.2% 10.1%
Intertek ATIC Engagement
Index score 80 87 91 93
Target
We aim to keep our voluntary permanent turnover rate below 15%
and continue to target an Intertek ATIC Engagement Index score of
90 or more.
Diversity, equity and inclusion
Gender balance
Percentage of women in senior management roles (Group Executive
Committee and their direct reports).
Why we measure it
We promote diversity in all its forms, including gender, age, sexual
orientation and disability, as well as having an ethnic and social
make-up that reflects broader society. Achieving better gender
balance is a driver of progress.
Target
We will continue working towards 30% representation of women
in senior leadership.
Compliance
Compliance training
Completion of annual compliance training by eligible employees
1
(online or face to face, when available) during the training window.
Refer to the Basis of Reporting ESG Data document for a definition of eligible employees.
New joiners complete training throughout the year as part of their induction.
Why we measure it
Our commitment to the highest standards of integrity and
professional ethics is embedded in the Group’s culture through
the integrity principles set out in our Code of Ethics. Every year,
to support continuing understanding in this area, our people are
required to complete our comprehensive training course.
1. A few employees did not complete the training, the 2024 rate is rounded
to the nearest 0.1%.
Target
We aim to achieve 100% completion of our annual compliance
training by eligible employees.
3: Financial Report2: Sustainability Report1: Strategic Report
1.28
Intertek Group plc
Annual Report & Accounts 2025
Financial review
high-performance
organisation
delivering strong
financial performance
Our high growth cash
compounder earnings
model and daily
performance management
discipline have delivered
robust revenue growth,
double-digit EPS growth,
strong cash generation
and excellent ROIC.”
Colm Deasy
Chief Financial Officer
Financial highlights
£3,431.6m
Revenue up
Actual rates: 1.1%
Constant rates: 4.3%
£542.3m
Statutory operating profit up
Actual rates: 1.2%
Constant rates: 5.5%
£619.6m
Adjusted operating profit up
Actual rates: 5.0%
Constant rates: 9.3%
15.8%
Statutory operating margin up
Actual rates: nil bps
Constant rates: 20bps
18.1%
Adjusted operating margin up
Actual rates: 70bps
Constant rates: 90bps
216.0p
Statutory diluted EPS up
Actual rates: 1.6%
Constant rates: 6.9%
165.0p
Dividend per share up
Actual rates: 5.4%
Negative
Working Capital
£352.2m
Adjusted Free Cash Flow down
Actual rates: (13.8%)
21.3%
Return on Invested Capital down
Actual rates: (110bps)
Constant rates: (100bps)
Intertek Group plc
Annual Report & Accounts 2025
1.29
3: Financial Report2: Sustainability Report1: Strategic Report
2024
2023
2022
2021
2020
240.6
2025 253.5
223.0
211.1
190.8
170.9
2024
2023
2022
2021
2020
156.5
2025 165.0
111.7
105.8
105.8
105.8
Consolidated income statement commentary
Total reported Group revenue increased by 1.1%, with
0.4% growth contributed by acquisitions, a like-for-
like (‘LFL’) revenue increase of 0.7% and a decrease
of 320bps from foreign exchange, reflecting
sterling appreciation against most of the Group’s
trading currencies.
The Group’s LFL revenue at constant rates consisted
of an increase of 6.3% in Consumer Products, 6.8% in
Corporate Assurance, 2.4% in Health and Safety, 4.7%
in Industry and Infrastructure, and (1.3)% in World
of Energy.
We delivered an adjusted operating profit performance
of £619.6m (2024: £590.1m), up 9.3% at constant
rates and 5.0% at actual rates.
The Group’s adjusted operating margin was 18.1%
(2024: 17.4%), an increase of 90bps from the prior
year at constant exchange rates and 70bps at
actual rates.
The Group’s statutory operating profit after
Separately Disclosed Items (‘SDIs’) for the period
was £542.3m (2024: £535.7m), up 5.5% at constant
rates. The statutory margin was 15.8% (2024:
15.8%). The Group’s statutory profit for the year
after tax was £363.2m (2024: £367.2m).
Net financing costs
Adjusted net financing costs were £50.6m, an
increase of £8.3m on 2024 resulting from a higher
interest expense. This comprised £3.7m (2024:
£2.5m) of finance income and £54.3m (2024: £44.8m)
of finance expense. Statutory net financing costs
of £48.9m (2024: £45.7m) included £1.7m of credit
(2024: £3.4m cost) relating to SDIs, predominantly
driven by changes in the fair value of contingent
consideration related to acquisitions.
Results for the year
Key financials
2025
£m
2024
£m
Adjusted
Revenue 3,431.6 3,393.2
Operating profit 619.6 590.1
Diluted EPS 253.5p 240.6p
Profit after tax 422.8 412.6
Cash flow from operations 762.3 789.2
Statutory
Revenue 3,431.6 3,393.2
Operating profit 542.3 535.7
Diluted EPS 216.0p 212.7p
Profit after tax 363.2 36 7. 2
Cash flow from operations 737.1 775.8
Dividend per share 165.0p 156.5p
Dividends paid in the year 252.2 206.1
Tax
The adjusted effective tax rate was 25.7%, an
increase of 1.0% on the prior year (2024: 24.7%).
The tax charge, including the impact of SDIs, of
£130.2m (2024: £122.8m), equates to an effective
rate of 26.3% (2024: 25.1%). The cash tax on
adjusted profit before tax was 23.6% (2024: 23.1%).
Earnings per share
Adjusted diluted earnings per share (‘EPS’) at actual
exchange rates was 5.4% higher at 253.5p (2024:
240.6p). Diluted EPS after SDIs was 216.0p (2024:
212.7p) per share and basic EPS after SDIs was
218.1p (2024: 214.4p).
Dividend
The Board recommends a full year dividend of 165.0p
per share, a year-on-year increase of 5.4%, reflecting
the Group’s strong cash generation in 2025 and the
continuation of our dividend policy based on a payout
ratio of circa 65%.
The full year dividend of 165.0p represents a
total cost of £260.3m, or 65% of adjusted profit
attributable to shareholders of the Group for 2025
(2024: £254.2m and 65%). The dividend is covered
1.5 times by earnings (2024: 1.5 times), based
on adjusted diluted earnings per share divided by
dividend per share.
Five-year performance – adjusted diluted EPS
1
(pence)
+8.2%
CAGR
3
Dividend per share
2
(pence)
+9.3%
CAGR
3
1. Presentation of results: To provide readers with a clear and
consistent presentation of the underlying operating performance
of the Group’s business, some figures discussed in this review are
presented as adjusted, before SDIs (see note 3 to the financial
statements on page 3.11-3.12 in Report 3). A reconciliation
between adjusted and statutory performance measures is set
out overleaf.
2. Dividend per share for 2025 is based on the interim dividend paid
of 57.3p (2024: 53.9p) plus the proposed final dividend of 107.7p
(2024: 102.6p).
3. CAGR represents the compound annual growth rate from 2020
to 2025.
Financial review Continued
Intertek Group plc
Annual Report & Accounts 2025
1.30
3: Financial Report2: Sustainability Report1: Strategic Report
Acquisitions and investment
One of the key corporate goals of the Group’s strategy is delivering
an accretive, disciplined capital allocation policy.
As a result, the Group invests both organically and by acquiring or
investing in complementary businesses to strengthen our portfolio in
the locations demanded by clients. This approach enables the Group to
focus on those existing business lines or countries with good growth
and margin prospects where we have market-leading positions or to
enter exciting new growth areas offering the latest technologies and
Quality Assurance services.
Acquisitions
The Group completed four main acquisitions in the year (2024: one):
• In April 2025, the Group acquired Tecnologia e Qualidade de Sistemas
em Engenharia Ltda (‘TESIS’), a leading provider of building products
testing and assurance services, based in São Paulo, Brazil.
• In September 2025, the Group acquired Envirolab, an industry-leading
provider of environmental testing and analysis in Australia.
• In November 2025, the Group acquired Suplilab, a market-leading
provider of food safety and medical devices testing services, based in
San José, Costa Rica, and Professional Testing Laboratory LLC (‘PTL’),
a leading provider of high-quality testing services for the flooring
industry, based in the USA.
Total consideration paid was £157.0m, net of cash acquired of £5.9m.
The combined purchase price includes cash consideration of £155.9m
and further contingent consideration payable of £1.1m. £31.2m was
spent in the year in relation to consideration for prior year acquisitions.
In 2024, the Group completed one acquisition with consideration paid of
£23.6m, net of cash acquired of £0.3m.
Organic investment
The Group invested £164.2m (2024: £124.8m) organically in laboratory
expansions, new technologies (including software) and equipment
and other facilities. This investment represented 4.8% ofrevenue
(2024: 3.7%).
Pensions
The Group’s pension moved to a net surplus of £27.3m (2024: £22.0m
surplus) driven by periodic updates to our actuarial assumptions.
The underlying performance of the business, by division, is shown in the table below:
Revenue Adjusted operating profit
Notes
2025
£m
Change
at 2025
actual
rates
%
Change at
constant
rates
%
2025
£m
Change
at 2025
actual
rates
%
Change at
constant
rates
%
Consumer Products 2 983.4 2.6 6.2 299.3 11.4 16.0
Corporate Assurance 2 514.0 3.6 6.8 116.3 (0.8) 3.0
Health and Safety 2 347.1 2.9 5.5 45.2 (1.7) 2.3
Industry and Infrastructure 2 858.1 1.7 5.3 95.4 18.2 24.1
World of Energy 2 729.0 (3.7) (1.3) 63.4 (18.2) (15.0)
Group total 3,431.6 1.1 4.3 619.6 5.0 9.3
Net financing costs 14 (50.6)
Adjusted profit before income tax 569.0 3.9 8.5
Adjusted income tax expense 6 (146.2)
Adjusted profit for the year
422.8 2.5 7.1
Adjusted diluted EPS (pence) 7 253.5p 5.4 10.1
Financial review Continued
Intertek Group plc
Annual Report & Accounts 2025
1.31
3: Financial Report2: Sustainability Report1: Strategic Report
Separately Disclosed Items (‘SDIs’)
A number of items are separately disclosed in the financial statements
as exclusion of these items provides readers with a clear and consistent
presentation of the underlying operating performance of the Group’s
business. Reconciliations of the statutory to adjusted measures are
given overleaf.
When applicable, these SDIs include amortisation of acquisition
intangibles; impairment of goodwill and other assets; the profit or loss on
disposals of businesses or other significant fixed assets; costs related to
acquisition activity; the cost of any fundamental restructuring; the costs
of any significant strategic projects; significant claims and settlements;
and unrealised market or fair value gains or losses on financial assets or
liabilities, including contingent consideration.
Adjusted operating profit excludes the amortisation of acquired
intangible assets, primarily customer relationships, as we do not believe
that the amortisation charge in the income statement provides useful
information about the cash costs of running our business as these
assets will be supported and maintained by ongoing marketing and
promotional expenditure, which is already reflected in operating costs.
Amortisation of software, however, is included in adjusted operating
profit as it is similar in nature to other capital expenditure.
The costs associated with our cost reduction programme are
excludedfrom adjusted operating profit where they represent changes
associated with operational streamlining, technology upgrades and
related asset write-offs, and are costs that are not expected to reoccur.
The restructuring programme, which began in 2022, is expected
to last up to five years. The treatment as SDI is consistent with the
disclosure of costs for similar restructuring and strategic programmes
previously undertaken.
The impairment of goodwill and other assets that by their nature or size
are not expected to recur, the profit and loss on disposals of businesses
or other significant assets, and the costs associated with successful,
active or aborted acquisitions are excluded from adjusted operating
profit in order to provide useful information regarding the underlying
performance of the Group’s operations.
The SDIs charge for 2025 comprises amortisation of acquisition
intangibles of £35.9m (2024: £32.3m); acquisition and integration
costs relating to successful, active or aborted acquisitions of £4.3m
(2024: £2.5m); significant legal claims of £nil ( 2024: £3.8m); and
restructuring costs of £37.1m (2024: £15.8m).
Further information on SDIs is given in note 3 to the financial statements
on page 3.11-3.12 in Report 3.
2025 reconciliation of statutory to adjusted performance measures
£m Statutory SDIs Adjusted
Revenue 3,431.6 – 3,431.6
Operating profit 542.3 77.3 619.6
Operating margin (%) 15.8% 2.3% 18.1%
Net financing costs (48.9) (1.7) (50.6)
Income tax expense (130.2) (16.0) (146.2)
Profit for the year 363.2 59.6 422.8
Cash flow from operations 737.1 25.2 762.3
Basic EPS (pence) 218.1 37.8 255.9
Diluted EPS (pence) 216.0 37. 5 253.5
2024 reconciliation of statutory to adjusted performance measures
£m Statutory SDIs Adjusted
Revenue 3,393.2 – 3,393.2
Operating profit 535.7 54.4 590.1
Operating margin (%) 15.8% 1.6% 17.4%
Net financing costs (45.7) 3.4 (42.3)
Income tax expense (122.8) (12.4) (135.2)
Profit for the year 36 7. 2 45.4 412.6
Cash flow from operations 775.8 13.4 789.2
Basic EPS (pence) 214.4 28.2 242.6
Diluted EPS (pence) 212.7 27.9 240.6
Key performance indicators
The Group uses a variety of key performance indicators (‘KPIs’) to
monitor the financial performance of the Group and its operating
divisions. The specific metrics and associated definitions are disclosed
on pages 1.24-1.27.
LFL revenue at constant currency is presented to show the Group’s
revenue excluding the effects of the change in the scope of the
consolidation (acquisitions following their 12-month anniversary of
ownership, and removes the historical contribution of any business
disposals/closures) and removing the impact of currency translation
from the Group’s growth figures.
Like-for-like revenue at constantcurrency
2025
£m
2024
£m
Change
%
Reported revenue 3,431.6 3,393.2 1.1
less: Acquisitions/
disposals revenue (15.3) (1.4)
LFL revenue 3,416.3 3,391.8 0.7
Impact of foreign
exchange movements – (103.7)
LFL revenue at
constant currency 3,416.3 3,288.1 3.9
The rate of Return on Invested Capital (‘ROIC’), defined as adjusted
operating profit less adjusted taxes divided by invested capital, measures
the efficiency of Group investments. This is a key measure to assess the
efficiency of investment decisions and is also an important criterion in the
decision making process.
ROIC in 2025 of 21.3% compares to 22.3% in the prior year at constant
exchange rates (2024: 22.4% at actual exchange rates). To reflect
the impact of acquisitions, organic ROIC is 23.0%, up 50bps at actual
exchange rates.
Return on Invested Capital at constant currency
2025
£m
2024
£m
Change
%
Adjusted operating profit 619.6 566.7 9.3%
less: Adjusted tax
1
(159.2) (140.0) 13.7%
Adjusted profit after tax 460.4 426.7 7.9 %
Invested capital
2
2,164.5 1,916.5 12.9%
ROIC % 21.3% 22.3% (100bps)
1. Calculated by applying the adjusted effective tax rate (2025: 25.7%, 2024: 24.7%) to
adjusted operating profit.
2. Net assets excluding tax balances, net financial debt and net pension liabilities.
Financial review Continued
Intertek Group plc
Annual Report & Accounts 2025
1.32
3: Financial Report2: Sustainability Report1: Strategic Report
Financial review Continued
Free cash flow reconciliation
2025
£m
2024
£m
Cash flow from operations 737.1 775.8
less: Net capital expenditure (134.7) (130.0)
add back: Interest received 3.6 2.7
less: Interest paid (66.1) (52.2)
less: Income tax paid (134.5) (126.5)
less: Lease liabilities paid (78.4) (74.4)
Free cash flow 327.0 395.4
add back: SDI cash outflow 25.2 13.4
Adjusted free cash flow 352.2 408.8
Net debt
The Group ended the period in a strong financial position. Financial
netdebt was £996.8m, a increase of £497.0m on 31 December 2024.
The undrawn headroom on the Group’s existing committed borrowing
facilities at 31 December 2025 was £345.5m (2024: £655.7m)
and cashand cash equivalents were £324.6m (2024: £336.5m),
representingsignificant total liquidity.
Total net debt, including the impact of the IFRS 16 lease liability, was
£1,319.0m (2024: £799.4m).
The Group has a well-balanced loan portfolio to enable the funding of
future growth opportunities with a maturity profile as shown overleaf.
Working capital
During 2025, we have continued our working capital focus. The Group
ended the period with negative working capital of £45.7m (2024:
negative £95.9m).
Organic Return on Invested Capital at actual rates
2025
£m
2024
£m
Change
%
Adjusted profit after tax 460.4 444.5 3.6%
less: acquisition/ disposal
profit after tax (3.3) (2.0)
LfL Adjusted profit
after tax 457.1 442.5 3.3%
Invested Capital
1
2,164.5 1,982.9 9.2%
Less: acquisition/
disposal investment (181.3) (13.4)
Organic Invested Capital 1,983.2 1,969.5 0.7%
Organic ROIC % 23.0% 22.5% 50bps
1. Net assets excluding tax balances, net financial debt and net pensions liability.
Cash flow and net debt
Cash flow
The Group relies on a combination of debt and internal cash resources
tofund its investment plans. One of the key metrics for measuring the
ability of the business to generate cash is cash flow from operations.
Due to the cash payments associated with the SDIs, and to provide a
complete picture of the underlying performance of the Group, adjusted
cash flow from operations is shown below to illustrate the cash
generated by the Group:
Cash conversion
2025
£m
2024
£m
Change
%
Cash flow from operations 737.1 775.8 (5.0%)
add back: Cash flow relating
toSDIs 25.2 13.4
Adjusted cash flow
fromoperations 762.3 789.2 (3.4%)
Repayment of lease liability (78.4) (74.4) 5.4%
Cash flow for cash conversion 683.9 714.8 (4.3%)
Cash conversion % 110.4% 121.1% (1,070bps)
Five-year trend – working capital
1
as % of revenue
(120
bps
)
2024
2023
2022
2021
2020
(2.8)
2025 (1.3)
(2.4)
(1.5)
(1.6)
(0.1)
1. Working capital is defined under the consolidated statement of financial position
within the financial statements on page 3.03 in Report 3.
Adjusted free cash flow (£m)
(4.2%)
CAGR
1
2024
2023
2022
2021
2020
408.8
2025
352.2
378.4
386.3
401.8
435.6
1. CAGR represents the compound annual growth rate from 2020 to 2025.
Intertek Group plc
Annual Report & Accounts 2025
1.33
3: Financial Report2: Sustainability Report1: Strategic Report
Financial review Continued
Borrowings by maturity profile
(At 31 December 2025)
Less than one year 12%
One to five years 88%
Over five years –
Under existing facilities, the Group has available debt headroom of
£345.5m at 31 December 2025 (2024: £655.7m). The components
of net debt at31 December 2025 are outlinedbelow:
1
January
2025
£m
Cash and
non-cash
movements
£m
Exchange
adjustments
£m
31
December
2025
£m
Cash
1
336.5 3.5 (15.4) 324.6
Borrowings
2
(836.3) (511.3) 26.2 (1,321.4)
Financial
netdebt (499.8) (507. 8) 10.8 (996.8)
Lease liabilities
2
(299.6) (31.1) 8.5 (322.2)
Net debt (799.4) (538.9) 19.3 (1,319.0)
1. As disclosed in note 14 of the financial statements on page 3.27-3.34 in Report 3.
2. Borrowings include £0.9m of non-cash movements related to amortisation of facility fees
(see note 14 of the financial statements on page 3.27-3.34 in Report 3). Lease liabilities
include £109.5m of non-cash movements.
To ensure the Group is not exposed to income statement volatility in
relation to foreign currency translation on its debt, the Group ensures
that any foreign currency borrowings are matched to the value of its
overseas assets in that currency (an‘effective’ hedge).
The Group borrows primarily in US and Australian dollars, and any
currency translation exposures on the borrowings are offset by the
currency translation on the US/Australian dollar and US/Australian
dollar-related overseas assets of the Group.
The composition of the Group’s gross borrowings in 2025, analysed by
currency, is as follows:
Borrowings by currency
(At 31 December 2025)
GBP 3%
EUR 12%
AUD 41%
JPY 1%
USD 43%
Foreign currency movements
The Group transacts in over 80 currencies across more than
100countries, and revenue and profit are impacted by currency
fluctuations. However, the diversification of the Group’s revenue
base provides a partial dilution to this exposure.
At constant rates, revenue grew 4.3% (actual rates 1.1%) and adjusted
operating profit grew 9.3% (actual rates 5.0%).
The exchange rates used to translate the statement of financial position
and the income statement into the Group’s functional currency, sterling,
for the five most material currencies used in the Group are shown
as follows:
Statement of
financial position rates
Income statement
rates
Value of £1 2025 2024 2025 2024
US dollar 1.35 1.26 1.32 1.28
Euro 1.15 1.21 1.17 1.18
Chinese renminbi 9.47 9.18 9.50 9.21
Hong Kong dollar 10.50 9.76 10.32 9.99
Australian dollar 2.02 2.02 2.05 1.94
Significant accounting policies
The consolidated financial statements in Report 3 are prepared in
accordance with IFRS as adopted by the UK. Details of the Group’s
significant accounting policies are shown in note 1 to thefinancial
statements on page 3.07-3.09 in Report 3.
Colm Deasy
Chief Financial Officer
Intertek Group plc
Annual Report & Accounts 2025
1.34
3: Financial Report2: Sustainability Report1: Strategic Report
Operating review
Consumer
Products
Percentage of Group revenue
29%
2024: 28%
Financial highlights 2025
2025
£m
2024
£m
Change at
actual rates
Change at
constant rates
Revenue 983.4 958.8 2.6% 6.2%
Like-for-like revenue 983.4 957.4 2.7% 6.3%
Adjusted operating profit 299.3 268.7 11.4% 16.0%
Adjusted operating margin 30.4% 28.0% 240bps 250bps
Intertek value proposition
Our Consumer Products division focuses on the ATIC
solutions we offer to our clients to develop and sell
better, safer, and more sustainable products to their
own clients. This division was 29% of our revenue
and 48% of our operating profit in 2025 and includes
the following business lines: Softlines, Hardlines,
Electrical & Connected World and Government &
Trade Services .
As a trusted partner to the world’s leading retailers,
manufacturers and distributors, the division
supports a wide range of industries including
textiles, footwear, toys, hardlines, home appliances,
consumer electronics, information and communication
technology, automotive, aerospace, lighting, building
products, industrial and renewable energy products,
and healthcare.
Strategy
Our TQA Value Proposition provides a systemic
approach to support the Quality Assurance efforts
of our Consumer Products-related customers in
each of the areas of their operations. To do this we
leverage our global network of accredited facilities
and world leading technical experts to help our
clients meet high quality, safety, regulatory and brand
standards, and develop new products, materials and
technologies, as well as the import of goods in their
markets, based on acceptable quality and safety
standards. Ultimately, we assist them in getting their
products to market quickly and safely, to continually
meet evolving consumer demands.
Move to our other divisions
Consumer Products 1.34
Corporate Assurance 1.40
Health and Safety 1.43
Industry and Infrastructure 1.47
World of Energy 1.51
2025 performance
In FY 25 our Consumer Products-related business
delivered revenue of £983.4m up year-on-year by
6.2% at constant currency and 2.6% at actual rates.
We delivered an adjusted operating profit of £299.3m
up 16.0% year-on-year at constant currency and up
11.4% year-on-year at actual rates resulting in an
adjusted operating margin of 30.4% up 250bps year-
on-year at constant currency.
• Our Softlines business delivered high single
-digit LFL revenue growth at constant currency
benefitting from additional ATIC investments by
our clients in e-commerce and sustainability, as
well as an increased focus on new products.
• Hardlines reported mid-single digit LFL revenue
growth at constant currency, driven by ATIC
investments from our clients in e-commerce and
sustainability, as well as new product development
in both the toy and furniture segments.
• With increased ATIC activities driven by higher
regulatory standards in energy efficiency, more
demand for medical devices and 5G investments,
our Electrical & Connected World business
delivered mid-single digit LFL revenue growth
at constant currency.
• Our Government & Trade Services business, which
provides certification services to governments in
the Middle East and Africa to facilitate the import
of goods in their markets based on acceptable
quality and safety standards, reported double-digit
LFL revenue growth at constant currency.
2026 growth outlook
We expect our Consumer Products division to
deliver mid-single digit LFL revenue growth at
constant currency.
Mid- to long-term growth outlook
In the last three years, Consumer Products LFL
revenue performance has been at the upper end of
our guidance with 5.2% LFL revenue growth between
2023 and 2025, therefore we are upgrading our
corporate guidance for Consumer Products to deliver
mid-single digit revenue growth at constant currency.
Our Consumer Products division will benefit from
growth in new brands, SKUs & e-commerce, increased
regulation, a greater focus on sustainability and
technology, as well as a growing middle class.
‘You’ll be Amazed’ campaign
Showcasing the breadth of our
expertise and our leadership in TQA.
VISIT: INTERTEK.COM/AMAZED/CONSUMER-PRODUCTS
Intertek Group plc
Annual Report & Accounts 2025
1.35
3: Financial Report2: Sustainability Report1: Strategic Report
Operating review
Consumer Products Continued
Innovation
SupplyTek
Navigating supply chains
in a dynamic world
Intertek’s SupplyTek is the first
comprehensive suite of ATIC
global market access solutions,
designed to help companies
navigate the complexities of
supply chain re-engineering
with clarity and speed.
Harnessing our global footprint, science-based
Quality Assurance solutions, and unrivalled
supply chain intelligence, SupplyTek empowers
businesses to optimise operations, identify
trusted alternative suppliers, and ensure full
compliance with international trade regulations,
enabling faster, safer market access worldwide.
VISIT: INTERTEK.COM
Business lines
Softlines
Providing end-to-end Assurance, Testing,
Inspection and Certification solutions
for textiles, garments, footwear
and accessories.
Our role: We support brands, retailers and
manufacturers to mitigate safety and chemical
risks, improve product quality and durability and
demonstrate sustainability compliance across
the entire product life cycle from R&D and raw
material selection through manufacturing,
packaging and logistics, retail and end-of-life.
Hardlines
Delivering comprehensive Assurance,
Testing, Inspection and Certification
solutions for toys, juvenile products,
housewares, furniture and general
hardgoods.
Our role: We support customers across a
broad spectrum of product categories, from
toys to household items, packaging and pet
products, helping them meet regulatory and
retailer-specific requirements. Through profound
technical expertise and technology-enabled
solutions, we improve product safety, quality and
differentiation, while facilitating global market
access with pace.
Government & Trade Services
Providing conformity assessment services to
governments, regulatory bodies, exporters
and importers to support trade compliance.
Our role: We support governments, customs
authorities, exporters and importers by ensuring
imported goods comply with international safety
and quality standards. Our worldwide network of
offices delivers rapid inspection and certification.
Electrical & Connected World
Helping clients meet safety, performance,
environmental and quality requirements and
delivering best in class networking and cyber
security solutions for today’s wireless and
connected devices.
Our role: We bring more than 100 years of
product testing and certification expertise
to a wide range of industries, such as Medical,
Lighting, Energy, Appliances & Electronics,
Industrial Equipment, and IT & Telecom
Equipment. We also provide comprehensive
hardware, software, and cyber security solutions
to help clients rapidly launch secure and reliable
products in each industry and sector around
the world.
Intertek Group plc
Annual Report & Accounts 2025
1.36
3: Financial Report2: Sustainability Report1: Strategic Report
Operating review
Consumer Products Continued
Intertek AI
Building smarter,
safer, trusted AI
Intertek AI² is the world’s first
independent, end-to-end AI
assurance programme, designed
to give organisations confidence
at every stage of the AI life cycle.
From ideation through deployment and beyond,
AI² delivers comprehensive, science-based
solutions that ensure systems are smarter,
safer, and trusted. By setting the highest
standards of reliability and integrity, Intertek
drives innovation and uniquely empowers
customers to harness AI responsibly.
VISIT: INTERTEK.COM
Advancing respiratory
product testing
Intertek Electrical has expanded
its capabilities in respiratory
protective device testing with
the acquisition of ATOR Labs’
Automated Breathing Metabolic
Simulator (‘ABMS’).
One of only nine such systems worldwide,
the ABMS replicates human respiration with
exceptional accuracy, enabling rigorous,
real-world testing of respirators, self-
contained breathing apparatus, and powered
air-purifying respirators. This cutting-edge
capability accelerates development,
streamlines compliance with global standards,
and empowers manufacturers to deliver
safer, high-performance respiratory solutions
with confidence.
VISIT: INTERTEK.COM
InnovationInnovation
InterLink 2.0
Enabling leading brands
and retailers to eFile
with confidence
InterLink 2.0 is our
market-leading digital compliance
platform, enabling seamless
eFiling with the US Consumer
Product Safety Commission
(‘CPSC’) ahead of mandatory
electronic submissions in July
2026. Referenced by the CPSC
in the Federal Register, it helps
prevent unsafe products from
entering the US market.
With major retailers and brands already
onboarded, InterLink 2.0 digitises General
Certificates of Conformity (‘GCC’) and Children’s
Product Certificates (‘CPC’) workflows. This
enables direct entry, bulk upload and API
integration – reducing manual processes,
strengthening compliance assurance and
accelerating market access.
VISIT: INTERTEK.COM
Innovation
Intertek Group plc
Annual Report & Accounts 2025
1.37
3: Financial Report2: Sustainability Report1: Strategic Report
Operating review
Consumer Products Continued
Plano HVAC Lab
Expanding our
performance testing
capabilities
We have expanded our Plano,
Texas, US HVAC Lab with the
addition of advanced new
HVAC Performance Chambers,
enhancing our testing capabilities
for small and large unitary ACs
and heat pumps, air-cooled
condensing units, and fan coils.
These state-of-the-art chambers accommodate
up to 360,000 Btu/hr, operate from -20°F
to 130°F, and deliver precise indoor and
outdoor airflow control. This supports the US
Department of Energy Certified Verification
Program, as we can provide rigorous, reliable
performance testing across a wide range of
needs – accelerating compliance, innovation,
and trusted assurance in HVAC solutions.
VISIT: INTERTEK.COM
Centre of Excellence
Leader in
High-Performance
Testing Innovation
We continue to lead in
high-performance testing
innovation by developing
science-based methods that
more accurately reflect real-world
product performance.
Recent advancements include the simulation
testing system for evaluating absorbency
and leakproof performance under consumer
actual wearing conditions, as well as the
sweat visibility test, an automated method
that objectively measures sweat visibility and
surface moisture control on fabrics. These
innovations further demonstrate Intertek’s
commitment to advancing high-performance
testing, complementing our market-leading
High-Performance Mark Program, which
helps our customers substantiate credible
performance claims and deliver products
consumers can trust with confidence.
VISIT: INTERTEK.COM
Innovation
Innovation
Pioneering Patented
Innovation in Pet
Product Assurance
Intertek is advancing assurance in
the pet products market through
patented testing innovations
that respond to growing safety
expectations and emerging
regulatory requirements.
Developed by Intertek’s Pet Products Centre of
Excellence in Hong Kong, these technologies
include testers that simulate realistic biting,
shaking, tearing and tugging behaviours
to evaluate toy durability and small-part
risks. Together, these proprietary solutions
strengthen risk assessment, accelerate
product development and enable safer pet
products to reach the market with confidence.
VISIT: INTERTEK.COM
Intertek Group plc
Annual Report & Accounts 2025
1.38
3: Financial Report2: Sustainability Report1: Strategic Report
Operating review
Consumer Products Continued
Centre of Excellence
US Footwear Centre
Strengthening
Intertek’s retail
partnerships
In October 2025, we opened
our state-of-the-art Footwear
CoE in Bentonville, Arkansas,
US, reinforcing our legacy
of innovation, partnership,
and excellence.
Adding to our 23 consumer product sites
across the US, the world-class facility is located
in the historic heartland of retail innovation
and reinforces the long-standing partnership
between Intertek and its customers. It brings
advanced footwear testing closer to US
operations, improving efficiency, reducing
lead times, and ensuring quality, safety, and
sustainability across the product life cycle.
VISIT: INTERTEK.COM
UK Lab for
Consumer Goods
Elevating assurance
for everyday products
Intertek is creating a
market-leading lab for consumer
goods testing and assurance in
Leigh, Greater Manchester, UK.
By uniting Softlines and Hardlines expertise
under one roof, the enhanced facility will deliver
faster turnaround times, superior customer
service, and cutting-edge technical support.
This landmark investment reinforces Intertek’s
commitment to quality, safety, and sustainability
across textiles, apparel, footwear, PPE, and home
products, enabling UK brands and retailers to
thrive with the backing of trusted assurance.
VISIT: INTERTEK.COM
Centre of ExcellenceCentre of Excellence
New Centre in
Bangladesh
Ensuring compliance
with global standards
Intertek has expanded its Total
Quality Assurance footprint in
South Asia with new Hardlines,
Toys and Calibration laboratories
at its advanced Gazipur facility.
The new CoE delivers world-class testing,
inspection, certification and calibration services
for products ranging from toys, tents and
cookware to packaging and ceramics, ensuring
compliance with global standards. By enabling
manufacturers to test and calibrate locally and
comply globally, Intertek reduces turnaround
time, strengthens Bangladesh’s role as a trusted
sourcing hub while advancing precision and
quality for the consumer and industrial sectors.
VISIT: INTERTEK.COM
Intertek Group plc
Annual Report & Accounts 2025
1.39
3: Financial Report2: Sustainability Report1: Strategic Report
Centre of Excellence
Medical Wearables CoE
Supporting the future
of connected health
We have established a new
Medical Wearables CoE in
Menlo Park, California, at the
heart of Silicon Valley.
This state-of-the-art laboratory provides
comprehensive safety, EMC/radio, and
performance testing for the fast-growing
wearables market – from fitness trackers and
glucose monitors to smart watches, AR/VR
headsets, and more. By ensuring their full
compliance with all necessary global regulatory
standards, Intertek empowers manufacturers
to launch cutting-edge technologies safely,
confidently, and at speed.
VISIT: INTERTEK.COM
Operating review
Consumer Products Continued
Expanding regional
testing capabilities
in Vietnam
We have expanded the Vietnam
Softlines Centre of Excellence by
increasing the gross area of our
Softlines and Chemical laboratory
facilities in Ho Chi Minh City
by 50%, significantly boosting
testing capacity and reducing
turnaround times.
Operating alongside our Hanoi site, this
investment reinforces Vietnam’s role as a
regional Centre of Excellence, enabling faster,
more efficient and scalable assurance solutions
that support responsible quality production and
sustainable global supply chains.
VISIT: INTERTEK.COM
Centre of Excellence
Intertek Group plc
Annual Report & Accounts 2025
1.40
3: Financial Report2: Sustainability Report1: Strategic Report
Corporate
Assurance
Intertek value proposition
Our Corporate Assurance division focuses on the
industry agnostic assurance solutions we offer
to our clients to make their value chains more
sustainable and more resilient end-to-end. This
division was 15% of our revenue and 19% of our
operating profit in 2025 and includes Business
Assurance and Assuris.
Strategy
Business Assurance and Assuris are central to our
ATIC offering and are some of the most exciting
businesses within Intertek, given the increased focus
on operational risk management within the value
chain of every company. Intertek Business Assurance
provides a full range of business process audit and
support services, including accredited third-party
management systems auditing and certification,
second-party supplier auditing and supply chain
solutions, sustainability data verification, process
performance analysis and training. Assuris’ global
network of experts provides a global network of
scientists, engineers, and regulatory specialists
to provide support to navigate complex scientific,
regulatory, environmental, health, safety, and quality
challenges throughout the value chain of our clients.
2025 performance
In FY 25, our Corporate Assurance-related business
reported revenue of £514.0m, LFL revenue growth
of 6.8% at constant currency and of 3.6% at actual
rates. We delivered adjusted operating profit of
£116.3m up 3% year-on-year at constant currency
and down 0.8% year-on-year at actual rates, with
an adjusted operating margin of 22.6%, down
year-on-year at constant currency by 90bps due
to investments in growth and portfolio mix.
Percentage of Group revenue
15%
2024: 15%
Financial highlights 2025
2025
£m
2024
£m
Change at
actual rates
Change at
constant rates
Revenue 514.0 496.3 3.6% 6.8%
Like-for-like revenue 514.0 496.3 3.6% 6.8%
Adjusted operating profit 116.3 117.2 (0.8%) 3.0%
Adjusted operating margin 22.6% 23.6% (100bps) (90bps)
Move to our other divisions
Consumer Products 1.34
Corporate Assurance 1.40
Health and Safety 1.43
Industry and Infrastructure 1.47
World of Energy 1.51
Business Assurance
Providing a full range of business process
audit and support solutions.
Our role: We enable our clients to improve
their operations, meet regulatory requirements,
mitigate business risks, reduce their environmental
impact, qualify their suppliers, and help them
achieve their business objectives.
Intertek Assuris
Helping clients reduce risk, access global
markets, promote health and safety, and
protect the environment.
Our role: Intertek Assuris provides global
regulatory support and scientific substantiation
to enable market access, implements quality
management systems, assesses essential safety
concerns and provides clients with a pathway to
decarbonisation.
‘You’ll be Amazed’ campaign
Showcasing the breadth of our
expertise and our leadership in TQA.
VISIT: INTERTEK.COM/AMAZED/CORPORATE-ASSURANCE
• Business Assurance reported high-single digit
LFL revenue growth at constant currency driven
by increased client investments to improve the
resilience of their supply chains, the continuing
corporate focus on ethical supply and the greater
need for sustainability assurance.
• The Assuris business reported a low-single digit
LFL revenue growth at constant currency as we
continue to benefit from improved demand for our
regulatory assurance solutions and from increased
corporate investment in ESG.
2026 growth outlook
We expect our Corporate Assurance division to
deliver high-single digit LFL revenue growth at
constant currency.
Mid- to long-term growth outlook
Our Corporate Assurance division will benefit from a
greater corporate focus on sustainability, the need
for increased supply chain resilience, enterprise cyber
security, People Assurance services and regulatory
assurance. Our mid to long-term guidance for
Corporate Assurance is high-single digit to double-
digit LFL revenue growth at constant currency.
Business lines
Operating review
Intertek Group plc
Annual Report & Accounts 2025
1.41
3: Financial Report2: Sustainability Report1: Strategic Report
Intertek People
Assurance
Powering training with
generative AI
Intertek People Assurance has
partnered with Synthesia, the
UK’s largest generative AI media
company, to deliver consistent,
high-quality training content
across our global frontline teams.
By integrating advanced AI-powered video
technology into our products, Intertek’s
People Assurance clients can scale dynamic,
multi-lingual, branded training videos to local
teams at speed and with lower production costs.
VISIT: INTERTEK.COM
Innovation
Operating review
Corporate Assurance Continued
360° Brand Assurance
Strengthening
Brand Reputation
Through Independent
Verification
360° Brand Assurance is a
comprehensive service from
Intertek designed to help
organisations protect and
strengthen brand reputation
in an increasingly digital and
consumer-driven marketplace.
The programme independently assesses the
key drivers of brand trust, including customer
experience, online reputation, health and safety
risk management, sustainability performance,
and operational quality, using a tailored, data-
driven approach. By combining expert audits,
analytics, and benchmarking against global
best practices, 360° Brand Assurance enables
businesses to identify risks early, demonstrate
due diligence, enhance consumer confidence,
and support long-term, sustainable brand value.
VISIT: INTERTEK.COM
Advancing Water
Stewardship
through ISO 46001
Certification (BA)
Through its Assurance, Testing,
Inspection and Certification
(‘ATIC’) services, Intertek helps
organisations worldwide
strengthen water stewardship
by achieving ISO 46001
Water Efficiency Management
Systems certification.
As water scarcity and regulatory expectations
continue to intensify, ISO 46001 provides
a structured, risk-based framework to
help organisations measure, manage, and
continually improve water efficiency across
operations. Intertek’s independent certification
services enable businesses to demonstrate
credible environmental performance, reduce
water-related risk and waste, and enhance
operational resilience, while reinforcing
stakeholder confidence and alignment with
global sustainability priorities.
VISIT: INTERTEK.COM
InnovationInnovation
Intertek Group plc
Annual Report & Accounts 2025
1.42
3: Financial Report2: Sustainability Report1: Strategic Report
Enhancing Trust in
Climate Disclosures
through GHG
Accreditation
Intertek strengthened its
position as a global leader in
sustainability assurance with
the attainment of formal
accreditation for Greenhouse
Gas (‘GHG’) emissions validation
and verification, reinforcing our
long-standing commitment
to climate action and
environmental integrity.
This accreditation continues to enhance our
ability to independently assess and verify
organisations’ GHG inventories and emissions
reporting against internationally recognised
standards, supporting transparent climate
disclosures and regulatory compliance.
Through Intertek’s accredited expertise, clients
in high-impact sectors are enabled to measure,
manage, and reduce their carbon footprints,
improve operational efficiency, and build
stakeholder trust. This capability reflects our
sustained investment in sustainability services
that support the transition to lower-carbon
operations, climate resilience, and alignment
with global climate goals.
VISIT: INTERTEK.COM
Expanding Trust in
Responsible AI
through ISO 42001
In 2025, Intertek expanded its
assurance portfolio with the
addition of ISO 42001 Artificial
Intelligence Management
Systems, reinforcing our
leadership in emerging
technology assurance.
As organisations increasingly deploy AI across
critical business processes, ISO 42001 provides
a globally recognised framework to manage
AI risks, governance, ethics, security, and
continual improvement. By offering independent
certification to this new standard, Intertek
enables businesses to demonstrate responsible
AI practices, strengthen regulatory readiness,
and build confidence with customers, regulators,
and stakeholders. This addition reflects
Intertek’s ongoing investment in future-focused
assurance services that help clients innovate
with confidence while managing risk in a rapidly
evolving digital landscape.
VISIT: INTERTEK.COM
Operating review
Corporate Assurance Continued
Innovation
Innovation
Intertek Group plc
Annual Report & Accounts 2025
1.43
3: Financial Report2: Sustainability Report1: Strategic Report
Health and
Safety
Intertek value proposition
Our Health and Safety division focuses on the ATIC
solutions we offer to our clients to make sure we all
enjoy a healthier and safer life. This division was 10%
of our revenue and 7% of our operating profit in 2025
and includes our AgriWorld, Food, and Chemicals &
Pharma business lines.
Strategy
Our TQA value proposition provides our Health and
Safety-related customers with a systemic, end-to-
end ATIC offering at every stage of the supply chain.
In an industry with significant structural growth
drivers, our science-based approach supports clients
as the sustained demand for food safety testing
activities increases along with higher demand for
hygiene and safety audits in factories. Our long-
standing experience and expertise in the Chemicals
and Pharma industries enables clients to mitigate
risks associated with product quality and safety
and processes, supporting them with their product
development, regulatory authorisation, chemical
testing and production.
Percentage of Group revenue
10%
2024: 10%
Financial highlights 2025
2025
£m
2024
£m
Change at
actual rates
Change at
constant rates
Revenue 347.1 337.2 2.9% 5.5%
Like-for-like revenue 336.8 337.2 (0.1%) 2.4%
Adjusted operating profit 45.2 46.0 (1.7%) 2.3%
Adjusted operating margin 13.0% 13.6% (60bps) (40bps)
Move to our other divisions
Consumer Products 1.34
Corporate Assurance 1.40
Health and Safety 1.43
Industry and Infrastructure 1.47
World of Energy 1.51
‘You’ll be Amazed’ campaign
Showcasing the breadth of our
expertise and our leadership in TQA.
VISIT: INTERTEK.COM/AMAZED/HEALTH-SAFETY
2025 performance
In FY 25, our Health and Safety-related business
delivered LFL revenue growth of 2.4% at constant
currency to £336.8m and a decrease of 0.1% at actual
rates. Adjusted operating profit was £45.2m, up 2.3%
year-on-year at constant currency but down 1.7% at
actual rates. Adjusted operating margin was 13.0%,
40bps lower year-on-year at constant currency.
• AgriWorld provides inspection activities to ensure
that the global food supply chain operates fully
and safely. The business reported low-single
digit LFL revenue growth at constant currency as
we continue to see more demand for inspection
activities driven by sustained growth in the global
food industry.
• Our Food business registered double-digit LFL
revenue growth at constant currency as we
continue to benefit from increased demand for
food safety testing activities as well as hygiene
and safety audits in factories.
• Chemicals & Pharma reported negative low-single
digit LFL revenue performance at constant
currency due to a demanding comparative base
in the previous year and a temporary reduction in
R&D from our clients. The business continues to
benefit from the increased demand for regulatory
assurance and chemical testing and higher R&D
investment in the pharmaceutical industry.
2026 growth outlook
We expect our Health and Safety division to deliver
low-single digit LFL revenue growth.
Mid- to long-term growth outlook
Our Health and Safety division will benefit from
the demand for healthier and more sustainable
food to support a growing, global population,
increased regulation, and new R&D investments
in the pharmaceuticals industry. Our mid to long-
term guidance for our Health and Safety division
is mid to high-single digit LFL revenue growth at
constant currency.
Operating review
Intertek Group plc
Annual Report & Accounts 2025
1.44
3: Financial Report2: Sustainability Report1: Strategic Report
AgriWorld
Providing Assurance, Testing, Inspection
and Certification services across the
entire agricultural supply chain.
Our role: We offer an extensive array
of services including inspection services,
monitoring the quality and quantity of cargo
from source to destination; and high-quality
analysis for the Agri-biotech and breeding
industries and assurance services supporting
sustainable farming practices. Our global
experts offer seamless support, and provide
traceability throughout the entire supply chain.
Food
Providing testing, inspection, auditing,
certification and advisory services to
food companies.
Our role: We help major global brands to
launch new food products, support food
health initiatives, ensure safety and quality
across the supply chain, help reduce food-
borne diseases, and enable developing
nations to increase their global food exports.
Chemicals & Pharma
Enabling clients’ product development,
regulatory authorisation and production.
Our role: Our analytical and assurance
solutions accelerate product development
and mitigate risks associated with product
quality and safety, processes, and supply
chains for the pharmaceutical, chemical,
polymer, packaging, medical device, and
cosmetic sectors.
Business lines
Operating review
Health and Safety Continued
Intertek HoneyTrace
Safeguarding integrity
from hive to jar
Intertek HoneyTrace is an
innovative blockchain-based
traceability solution that protects
the integrity of every stage in
the honey supply chain.
By tracking each batch with precision and
minimising opportunities for adulteration,
HoneyTrace empowers brands to meet
regulatory requirements, safeguard consumers,
and build trust through unparalleled traceability
and accountability.
VISIT: INTERTEK.COM
Intertek AgriTech
Advancing DNA
testing across the
food value chain
Intertek AgriTech has expanded
its cutting-edge DNA-based
testing technology based on
genetic information extracted
from plant tissues and products
derived from plants.
Our technologies deliver cost-effective,
end-to-end testing across the entire agricultural
and food value chain. By combining innovative
DNA techniques with trusted quality assurance
solutions, Intertek AgriTech enables agricultural
and food businesses to assure the safety,
authenticity, and quality of crops and products
– strengthening confidence and sustainability
in global food systems.
VISIT: INTERTEK.COM
Innovation
Innovation
Intertek Group plc
Annual Report & Accounts 2025
1.45
3: Financial Report2: Sustainability Report1: Strategic Report
Polymer Science
solutions
Accelerating
sustainable polymer
innovations
In October 2025, we launched
Polymer Science solutions,
a global suite of services
designed to help businesses
bring safe, high quality, and
sustainable polymer innovations
to market with greater speed
and confidence.
Polymers are vital to modern life, driving
progress in packaging, healthcare, transport,
and renewable energy. As demand grows,
the industry faces rising regulatory demands,
increasing costs, sustainability challenges,
resource pressures and complex supply chains.
Leveraging four decades of expertise and a
worldwide network of engineers, chemists,
and regulatory specialists, we offer lab-scale
compounding, advisory, testing, and compliance
support across virgin and recycled materials.
From automotive and packaging to healthcare
and renewable energy, our solutions empower
manufacturers to innovate while meeting
evolving regulatory demands.
VISIT: INTERTEK.COM
Pharmaceutical Services
Expanding our inhaled
medicine capabilities
Intertek’s GMP Pharmaceutical
Services has expanded its clinical
trial material manufacturing
capacity with the acquisition
of a 29,000 square foot facility
in Melbourn, UK.
The new site allows us to run multiple
manufacturing campaigns across solid
and liquid inhaled and nasal formulations,
including next-generation dry-powder
biopharmaceuticals. Using dedicated laboratory
spaces, we have enhanced our ability to
support analytical testing, particle engineering,
device characterisation, and performance
testing – strengthening our ability to meet
the evolving needs of the fast-growing
biopharmaceutical sector.
VISIT: INTERTEK.COM
Operating review
Health and Safety Continued
Innovation
Innovation
Intertek Group plc
Annual Report & Accounts 2025
1.46
3: Financial Report2: Sustainability Report1: Strategic Report
Suplilab
Expanding our ATIC
services in Central
America
In November 2025, Intertek
acquired Suplilab, a market
leading provider of food safety
and medical device testing
services in San José, Costa Rica.
With significant technical expertise in
microbiology, water, and chemistry testing,
Suplilab has a strong track record of rapid growth
in these high-margin spaces. This acquisition will
enable Intertek to establish a leading position in
Costa Rica’s food and medical devices sectors,
while offering us immediate access to a large
customer base and the fast-growing ATIC
market in Central America.
VISIT: INTERTEK.COM
Envirolab
Strengthening
environmental testing
in Australia
Intertek has acquired Envirolab,
an industry-leading provider
of environmental testing and
analysis in Australia.
With expertise across soil, water, air, materials,
PFAS (man-made chemicals, often known as
‘forever chemicals’), and emerging contaminants,
Envirolab employs over 200 professionals across
five laboratories in Australia and New Zealand.
This acquisition offers Intertek significant
opportunities for growth in the region, unlocking
valuable synergies with our Assurance, Mining,
Energy, and Infrastructure businesses, and
reinforcing our commitment to innovation,
sustainability, and science-based environmental
decision-making.
VISIT: INTERTEK.COM
Operating review
Health and Safety Continued
Mergers & Acquisitions
Mergers & Acquisitions
Intertek Group plc
Annual Report & Accounts 2025
1.47
3: Financial Report2: Sustainability Report1: Strategic Report
Industry and
Infrastructure
Intertek value proposition
Our Industry and Infrastructure division focuses
on the ATIC solutions our clients need to develop
and build better, safer and greener infrastructure.
This division was 25% of our revenue and 15% of
our operating profit in 2025 and includes Industry
Services, Minerals and Building & Construction.
Strategy
Our TQA value proposition helps our customers to
mitigate the risks associated with technical failure or
delay, ensuring that their projects proceed on time
and meet the highest quality standards as demand
for more environmentally friendly buildings and
infrastructure grows. By helping to improve safety
conditions and reduce commercial risk, our broad
range of assurance, testing, inspection, certification
and engineering services allows us to assist clients
in protecting both the quantity and quality of their
mined and drilled products.
2025 performance
Our Industry and Infrastructure-related business
reported FY25 revenue growth of 5.3% at constant
currency to £858.1m, and up 1.7% at actual rates.
Adjusted operating profit of £95.4m was up 24.1%
at constant currency and up 18.2% year-on-year at
actual rates. Adjusted operating margin was 11.1%
up year-on-year by 170bps at constant currency.
Percentage of Group revenue
25%
2024: 25%
Financial highlights 2025
2025
£m
2024
£m
Change at
actual rates
Change at
constant rates
Revenue 858.1 843.6 1.7% 5.3%
Like-for-like revenue 853.1 843.6 1.1% 4.7%
Adjusted operating profit 95.4 80.7 18.2% 24.1%
Adjusted operating margin 11.1% 9.6% 150bps 170bps
Move to our other divisions
Consumer Products 1.34
Corporate Assurance 1.40
Health and Safety 1.43
Industry and Infrastructure 1.47
World of Energy 1.51
‘You’ll be Amazed’ campaign
Showcasing the breadth of our
expertise and our leadership in TQA.
VISIT: INTERTEK.COM/AMAZED/INDUSTRY-
INFRASTRUCTURE
• Industry Services, which includes Moody our
industry-leading engineering-based inspections
in energy and infrastructure production
assets, delivered mid-single digit revenue
growth at constant currency benefitting from
increased capex investment in traditional Oil
and Gas exploration and production as well as
in renewables.
• The continuing high demand for testing and
inspection activities drove double- digit LFL
revenue growth at constant currency in our
Minerals business.
• We continue to benefit from growing demand for
more environmentally friendly buildings and the
increased number of infrastructure projects in our
Building & Construction business in North America,
which delivered a low-single digit LFL revenue
growth performance at constant currency.
2026 growth outlook
We expect our Industry and Infrastructure division
to deliver mid-single digit LFL revenue growth at
constant currency.
Mid- to long-term growth outlook
Our Industry and Infrastructure division will benefit
from increased investment from energy companies
to meet growing demand and consumption of energy
from the growing global population, the scaling up
of renewables, increased R&D investments that
OEMs are making in EV/hybrid vehicles and from the
development of greener fuels. We expect mid to high-
single digit LFL revenue growth in the medium-term
at constant currency.
Operating review
Intertek Group plc
Annual Report & Accounts 2025
1.48
3: Financial Report2: Sustainability Report1: Strategic Report
Industry Services
Ensuring the safe and optimised use of
customers’ assets and minimising quality
risks in their supply chains.
Our role: Our Industry Services business line
uses its in-depth knowledge of industries
such as renewable energy, oil and gas, and
petrochemicals to provide customers with
a diverse and technologically advanced
range of TQA solutions. The services we
offer include technical inspection, non-
destructive and materials testing, and
asset performance management.
Minerals
Providing a wide range of services to the
mining and minerals exploration industry.
Our role: Located in key mining locations
across the globe, and operating an extensive
network of mineral laboratories, Intertek
Minerals offers expert inspection, analytical
testing and advisory services to the Minerals,
Exploration, Ore and Mining industries. We cover
each step of the supply chain from exploration,
production, sampling and inspection, to
commercial trade settlement analysis.
Building & Construction
Providing testing, inspection,
certification and engineering services
to the construction industry.
Our role: We offer a full suite of product-
related testing and certification capabilities, plus
project-related assurance, testing, inspection,
and consulting services that are unparalleled in
the building and construction market.
Business lines
Operating review
Industry and Infrastructure Continued
Advanced
Unmanned Robotics
Enabling faster, safer
inspections in hazardous
environments
Intertek has partnered with
DroneQ Robotics to deliver global
advanced unmanned robotics
services (‘AURS’) for ports,
industry, and offshore energy.
Combining robotics, AI, and data science, this
enables inspections, surveys, 3D imaging, and
non-destructive testing in risky or inaccessible
conditions. From subsea corrosion mapping to
underwater weld inspections, AURS provides
faster, safer, and more accurate data capture
that allows our clients to optimise performance,
reduce potential downtime, and ensure the
integrity of their critical assets worldwide.
VISIT: INTERTEK.COM
Intertek Wisetail
Health, Safety and
Welfare Certification
Launched in collaboration with
Intertek Wisetail, the Building
& Construction Health, Safety
and Welfare (‘HSW’) Certification
is a dedicated platform for the
architectural sector.
Approved by the American Institute of
Architects (‘AIA’), the user-friendly online hub
allows architects to complete mandatory
continuing education courses focused on critical
HSW topics. This initiative deepens Intertek’s
engagement with the profession, reinforcing
our role as a trusted Quality Assurance partner
while supporting architects in delivering safe,
sustainable designs.
VISIT: INTERTEK.COM
CUI Inspection
Assuring system
integrity, longevity
and product delivery
Intertek’s advanced Corrosion
Under Insulation (‘CUI’) inspection
service assures insulated piping
system integrity and product
delivery by detecting anomalies
and potential corrosion issues as
small as 250 microns.
Using real-time radiographic techniques,
inspectors can screen hundreds of metres of
insulated piping within hours, enabling faster
decisions and reduced downtime. With instant
results, high-resolution imaging, and no
need to remove insulation or coatings, this
portable solution delivers safety, speed, and
cost-effectiveness while ensuring that assets
remain accessible and compliant.
VISIT: INTERTEK.COM
InnovationInnovation
Innovation
Intertek Group plc
Annual Report & Accounts 2025
1.49
3: Financial Report2: Sustainability Report1: Strategic Report
Professional Testing
Laboratory (‘PTL’)
Market leader in
flooring products
testing
In November, Intertek acquired
PTL based in Dalton, Georgia US.
The acquisition complements Intertek’s global
ATIC strengths, and expands the Group’s Total
Quality Assurance footprint in North America,
unlocking synergies with major retailers and
new client opportunities. With a global flooring
market valued at $376bn and forecast to grow
at 6.8% annually, the acquisition also provides
us with an opportunity to expand PTL’s testing
services internationally, leveraging Intertek’s
scale and global footprint to access other key
flooring markets worldwide.
VISIT: INTERTEK.COM
Metallurgical
Testing Expansion
Supporting the full
mining value chain
Building on the advanced
technical strengths of our Base
Met Labs, we have expanded our
metallurgical testing capabilities
with significant investments
in our Perth Minerals Centre
of Excellence and the Group’s
newly accredited laboratory in
Tarkwa, Ghana.
From early exploration through to production
and process optimisation, these state-of-the-art
facilities can support clients across the entire
mining value chain, reinforcing Intertek’s position
as a trusted partner for high quality, data driven
metallurgical services and unlocking attractive
growth opportunities worldwide.
VISIT: INTERTEK.COM
New Sample
Preparation facility
Strengthening our
minerals capabilities
We have further expanded our
minerals capabilities with the
establishment of a new Sample
Preparation facility in Kota
Kinabalu, Malaysia.
As the first phase of our investment into
the region, the strategically located Pusat
Perindustrian Sepanggar site delivers efficient,
reliable geochemical data services for exploration,
production and trading. By reducing turnaround
times and improving operational efficiency,
the facility improves cross-country operations
and supports Malaysia’s Minerals Industry
Transformation Plan. Through investments
such as this, we are strengthening our presence
across Southeast Asia’s growing minerals sector
and continuing to build the capabilities and
relationships we need for the long term.
VISIT: INTERTEK.COM
Operating review
Industry and Infrastructure Continued
Centre of Excellence Mergers & Acquisitions
Centre of Excellence
Intertek Group plc
Annual Report & Accounts 2025
1.50
3: Financial Report2: Sustainability Report1: Strategic Report
TESIS Expanding into
Brazil’s fast-growing
Building & Construction
market
We have acquired a
leading building products
testing company based
in São Paulo, Brazil.
With expertise across faucets, valves, mortars,
paints, and sanitation, TESIS enhances Intertek’s
Building & Construction Total Quality Assurance
offering and expands our footprint further into
Latin America. The acquisition unlocks strong
synergies across our North American operations
while meeting the rising demand for quality,
safety, and sustainability in Brazil’s housing
and infrastructure sectors.
VISIT: INTERTEK.COM
Mergers & Acquisitions
Operating review
Industry and Infrastructure Continued
New Minerals Lab in
Mexico City Intertek
Establishes First Trade
Focused Lab in Mexico
We have extended our minerals
footprint with the establishment
of a new Mexico City Laboratory.
As Mexico’s first trade-focused analytical
testing facility, it delivers integrated inspection,
sampling, analysis and certification services
to support the mineral trade with greater
confidence and efficiency. By strengthening
local analytical capacity and reducing turnaround
times, the lab improves operational agility for
customers across a wide range of commodities,
while building our long-term capability and
reinforcing Intertek Minerals’ presence across
the Americas’ growing minerals sector.
VISIT: INTERTEK.COM
Intertek Data Centre
Solutions Assurance for
a zero-downtime world
At Intertek, we understand that
data centers are the backbone of
the digital economy.
To help our partners navigate this rapidly
evolving sector, we provide a full Data
Centers Solutions service. Our experts provide
end-to-end assurance across design, build
and commissioning, de-risking blueprints,
validating materials and systems, and verifying
operational readiness before go-live. Through
our trusted ATIC approach, we help ensure
safety, compliance and long-term reliability,
empowering customers to build resilient,
sustainable, and high-performing data centres.
VISIT: INTERTEK.COM
Intertek LSI Laboratory
Expansion Completed
with Sustainability
Improvements
Intertek LSI in Rotterdam,
Netherlands, has expanded
its laboratory with major
sustainability upgrades
designed to significantly
reduce CO
2
emissions.
These improvements include a new gas scrubber
and a heat pump system that recovers excess
heat from furnaces to help stabilise laboratory
temperatures, improving overall energy
efficiency. Alongside these upgrades, we have
increased capacity to support faster delivery
while maintaining high quality standards,
and providing a safer, more spacious working
environment for colleagues.
VISIT: INTERTEK.COM
Centre of Excellence Innovation
Centre of Excellence
Intertek Group plc
Annual Report & Accounts 2025
1.51
3: Financial Report2: Sustainability Report1: Strategic Report
World of
Energy
Percentage of Group revenue
21%
2024: 22%
Financial highlights 2025
2025
£m
2024
£m
Change at
actual rates
Change at
constant rates
Revenue 729.0 757.3 (3.7%) (1.3%)
Like-for-like revenue 729.0 757. 3 (3.7%) (1.3%)
Adjusted operating profit 63.4 77.5 (18.2%) (15.0%)
Adjusted operating margin 8.7% 10.2% (150bps) (140bps)
Intertek value proposition
Our World of Energy division focuses on the ATIC
solutions we offer to our clients to develop better
and greener fuels as well as renewables. This
division was 21% of our revenue and 10% of our
operating profit in 2025 and includes Caleb Brett,
Transportation Technologies (‘TT’) and Clean Energy
Associates (‘CEA’).
Strategy
Our TQA Value Proposition provides world leading
expertise to enable our clients to benefit from the
significant opportunities in the World of Energy.
We do this by providing specialist cargo inspection,
analytical assessment, calibration and related
research and technical services to the world’s
petroleum and biofuels industries.
We provide rapid testing and validation services
to the transportation industry, leveraging our
Transportation Technologies subject matter
expertise that is recognised by leading manufacturers
worldwide. We evaluate everything from automobiles
and energy storage to airplanes, and deliver top tier
testing for emerging markets, such as autonomous
and electric/hybrid vehicles.
Clean Energy Associates (CEA) is a market-leading
provider of Quality Assurance, supply-chain
traceability and technical services to the fast-growing
solar energy sector. Its leading assurance service
offering includes in-line monitoring that allows
clients to oversee the management and traceability
of their supply chains, offering a comprehensive,
end-to-end service to support customers on their
decarbonisation and energy sustainability journeys.
Move to our other divisions
Consumer Products 1.34
Corporate Assurance 1.40
Health and Safety 1.43
Industry and Infrastructure 1.47
World of Energy 1.51
‘You’ll be Amazed’ campaign
Showcasing the breadth of our
expertise and our leadership in TQA.
VISIT: INTERTEK.COM/AMAZED/WORLD-OF-ENERGY
2025 performance
FY 25 saw our World of Energy-related business
report revenue of £729.0m, below last year on a
LFL basis by 1.3% at constant currency and 3.7%
lower at actual rates. Adjusted operating profit
was £63.4m, down 15.0% year-on-year at constant
currency and down 18.2% at actual rates. Adjusted
operating margin of 8.7% is down 140bps year-
on-year at constant currency due to the negative
growth in revenue and portfolio mix effect.
• Caleb Brett, the global leader in the Crude Oil and
Refined products global trading markets, delivered
a low-single digit LFL revenue performance at
constant currency.
• Transportation Technologies reported negative
high single-digit LFL revenue in the period due to
a baseline effect and to a temporary reduction of
investments by some clients in new projects as
they focus on reducing their cost base in a more
challenging trading environment.
• Our CEA business continued to benefit from the
increased investments in solar panels, the fastest
growing form of renewable energy, but delivered
negative high-single digit LFL revenue performance
at constant currency due to a demanding
comparative base in the previous year.
2026 growth outlook
We expect our World of Energy division to deliver low-
single digit LFL revenue growth at constant currency.
Mid- to long-term growth outlook
Our World of Energy division will benefit from
increased investment by energy companies to
meet growing demand and consumption of energy
from the growing global population, the scaling up
of renewables, increased R&D investments that
OEMs are making in EV/hybrid vehicles and from the
development of greener fuels. Our mid to long-term
LFL guidance at constant currency for the World of
Energy division is low to mid-single digit.
Operating review
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Caleb Brett
Specialised cargo inspection and
analytical assessment services to
the oil and gas, chemical and other
commodities markets.
Our role: We offer global 24/7/365 services
covering cargo and inventory inspection
services, analytical assessment, calibration
and related research and technical services to
the world’s petroleum and biofuels industries.
Transportation Technologies
Providing diverse, rapid testing
and validation services to the
transportation industry.
Our role: Our Transportation Technologies
expertise is recognised by leading
manufacturers worldwide. We evaluate
everything from automobiles and energy
storage to airplanes, and deliver top-tier
testing for emerging markets, such as
autonomous and electric/ hybrid vehicles.
Intertek CEA
Intertek CEA provides quality assurance,
supply chain and technical services to the
fast-growing solar energy and energy
storage sectors.
Our role: Intertek CEA helps maximise the
quality, safety and performance of clients’
operational assets, manages global solar
PV and energy storage supply chains, and
provides a complete quality assurance
solution through data, analysis and oversight.
Business lines
Operating review
World of Energy Continued
Innovating Port
Logistics with Cargo
Drone Transport
Intertek Caleb Brett partnered
with ADPO and Helicus to
launch a pioneering cargo drone
transport service at the Port of
Antwerp, establishing the first
cross-river drone cargo route
connecting the ADPO terminal
with the Intertek laboratory
across the Scheldt River.
This dramatically reduces the transit time for
untested chemical samples from more than 35
minutes by road to under eight minutes by air,
advancing efficiency, safety, and sustainability
in sample logistics.
VISIT: INTERTEK.COM
Cutting-edge
fuel testing
Driving performance
and compliance
We launched our highly
specialised CEC-TDG-F-113
fuel testing service at
Intertek’s state-of-the-art
Milton Keynes facility.
This rarely available service helps fuel and
additive manufacturers ensure that their
products maintain injector cleanliness, optimise
engine performance, and meet critical emissions
standards. By combining advanced testing
technologies with regulatory assurance, the
service supports industry leaders in delivering
high-quality, compliant products that enhance
efficiency and sustainability across the fuel and
engine sectors.
VISIT: INTERTEK.COM
Innovation
Innovation
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Caleb Brett
Global Laboratory
Expansion to Better
Serve Customers
In 2025, Intertek Caleb Brett
expanded its global laboratory
footprint to meet growing
customer demand and improve
regional accessibility.
New and expanded laboratories were opened
in Edmonton (Canada), Naples (Italy), Athens
(Greece), Adelaide (Australia), and Bordeaux
(France). Equipped with advanced technology,
the facilities provide 24/7 testing of petroleum
and energy products, including diesel, gasoline,
crude oil, and fatty acid methyl esters (‘FAME’),
ensuring compliance with recognised ASTM and
ISO standards. These investments strengthen
local expertise, reduce sample transit times, and
ensure consistent delivery of Intertek’s high
standards of quality, accuracy, and reliability
across key global energy and fuels markets.
VISIT: INTERTEK.COM
Intertek CEA
The new standard for
clean energy assurance
Clean Energy Associates has
become Intertek CEA, delivering
seamless end-to-end quality
assurance solutions across the
global clean energy sector.
With expertise spanning product testing,
certification, supply chain traceability, and
advisory services, Intertek CEA helps developers,
owners, and financiers mitigate risk and optimise
performance. Having supported projects in
over 85 countries, Intertek CEA empowers
businesses to navigate complex markets,
accelerate decarbonisation, and ensure the
safety, quality, and sustainability of solar
power and energy storage.
VISIT: INTERTEK.COM
Advancing Large-Scale
Hydrogen Storage
with Exolum
In 2025, Intertek Caleb Brett
partnered with Exolum on a
world-first hydrogen storage
project at Immingham in the UK,
safely adapting existing energy
infrastructure for the transport
and storage of hydrogen.
Intertek Caleb Brett provided rigorous testing
and technical assurance to confirm the stability,
safety, and performance of Liquid Organic
Hydrogen Carriers throughout the process.
This collaboration showcased how robust
quality, safety, and compliance frameworks can
unlock innovation, reduce risk, and accelerate
cost-effective pathways toward a net-zero
energy system.
VISIT: INTERTEK.COM
Centre of Excellence
Centre of Excellence
Innovation
Operating review
World of Energy Continued
3: Financial Report2: Sustainability Report1: Strategic Report
1.54
Intertek Group plc
Annual Report & Accounts 2025
Intertek has always had a leading
approach to risk management
Since our listing in 2002, we have reported to
our shareholders in each Annual Report on the
sustainability of our business and operations.
For most of that period, our focus has been on our
financial sustainability. We have looked at the impact
of our risk environment and our risk mitigation actions
through the lens of our financial performance.
In 2017, we began our end-to-end risk management
approach. Using our framework of risk committees,
we started to look at our changing risk landscape
dynamically throughout the year. This allowed us
to drive ownership of risks deeper into our operations
and to put the right mitigation actions in place at all
levels of our business.
In 2019, we carried out our first single materiality
assessment to review and reflect how climate and
other sustainability risks and opportunities could
impact our financial performance and position.
Our first TCFD statement in 2022 contained our
assessment of the financial risks and opportunities
specifically of decarbonisation (or a failure to
decarbonise) on our business and operations.
The evolution of our risk management approach
2002
Going concern
statement
2014
Long-term viability
statement
2019
Single materiality
assessments
begin
2024
Double materiality
assessments
begin
2006
Reporting of
principal risks and
uncertainties
2017
Our integrated
risk management
framework
2022
Compliant
with TCFD
recommendations
2025
Preparing
to report in
compliance
with applicable
regulations
Principal risks and uncertainties
Assessing
and managing
our risks
This section sets out a
description of the principal risks
and uncertainties that could
have a material adverse effect
on the Group’s strategy,
performance, results, financial
condition and reputation.
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Annual Report & Accounts 2025
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Principal risks and uncertainties Continued
Assessing our end-to-end sustainability impacts, risks and opportunities (‘IROs’)
The visual below provides a summary of how we have assessed
our end-to-end sustainability IROs on a double materiality basis.
Assessing our IROs on a double materiality basis
Assessing our climate-related
risks and opportunities
Assessing our principal risks
and uncertainties
Assessing the sustainability
of our business
Financial materiality
Environmental and social (Impact) materiality
Intertek’s financial risks and opportunities generated by the
economic, social and natural environment
Positive and negative impacts, real or potential, on the planet and
society that are linked to Intertek’s activities
Environmental, social and
governance matters that create
or erode enterprise value
Intertek’s impacts on the
environment and people
Planet and society Planet and societyIntertek Intertek
Stakeholders:
Investors
Stakeholders:
Customers, employees, investors, society, suppliers
Our TCFD compliance statement
Our principal risks
Long-term viability statement
READ MORE ON PAGES 2.06–2.13 IN REPORT 2
READ MORE ON PAGES 1.62–1.70
READ MORE ON PAGE 1.56
READ MORE ON PAGES 1.58–1.61
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Principal risks and uncertainties Continued
In line with our ever better approach, we are now
taking the next step in the evolution of our risk
management framework. By conducting a double
materiality assessment, we are moving from looking
at risk and opportunity in the context of our own
footprint (our business, our operations, our people
and our governance) to looking at our entire
value chain and our ecosystem (society and the
environment) and the role we play within it.
Risk framework
The Board has overall responsibility for the
establishment and oversight of the Group’s risk
management framework. This work is complemented
by the Group Risk Committee, which manages,
assesses and promotes the continuous improvement
of the Group’s risk management, controls and
assurance systems.
This risk governance framework is described in more
detail in the Directors’ report on pages 2.68 and 2.78
in Report 2.
The Group Audit Director and the Group General
Counsel, who report to the Chief Financial Officer
and Chief Executive Officer respectively, have
accountability for reporting on the key risks that the
Group faces, the controls and assurance processes
in place and any mitigating actions or controls. Both
roles report to the Audit Committee, attend its
meetings and meet with individual members each
year, as required.
Risks are formally identified and recorded in risk
registers, owned by each of the Group’s divisional,
regional and functional risk committees. Risk
registers are updated throughout the year by these
risk committees and are used to plan the Group’s
internal audit and risk strategy.
In addition to the risk registers, relevant operational
and functional leaders for each site are required to
complete an annual self-certification at the beginning
of each year. This process requires our leaders to
confirm that the business unit for which they are
responsible has been compliant with the relevant core
mandatory controls (‘CMCs’) during the previous year,
except where expressly noted, and that they have the
competency and capacity to comply with the CMCs
in the year ahead. This exercise helps to ensure that
the right management processes and controls are in
place and are operationally effective. The compliance
certification covers all of the Group’s CMCs which
cover Compliance, Sales, Operations, Marketing,
Communications, our use of intermediaries, IT,
Finance, Sustainability and People management.
The output of the self-certification is referenced in
audits on CMC compliance throughout the year.
Principal risks
The Group is affected by a number of risk factors,
some of which, including macroeconomic and
industry-specific cyclical risks, are largely outside the
Group’s control. Some risks are particular to Intertek’s
operations. The principal risks of which the Group is
aware are detailed on the following pages, including a
commentary on how the Group mitigates these risks.
These risks and uncertainties do not appear in any
particular order of potential materiality or probability
of occurrence.
There may be other risks that are currently unknown
or regarded as immaterial which could turn out to be
material. Any of these risks could have the potential
to impact the performance of the Group and its
assets, liquidity, capital resources and reputation.
Changes to principal risks
Our principal risks continue to evolve in response
to our changing risk environment. Our most recent
risk exercise identified no material changes to our
principal risks in 2025.
Long-term viability statement
In accordance with provision 31 of the 2024 UK
Corporate Governance Code, the Directors have
assessed the viability of the Group by carrying out
a robust assessment of the potential impact of
the principal risks and uncertainties on the Group’s
current position, including those that would threaten
the Group’s business model, future performance,
solvency or liquidity. This is documented on the
following pages. The Directors have determined that
a five-year period is an appropriate period over which
to provide the viability statement of the Group, as the
Group’s strategic review covers a five-year period.
Furthermore, the Directors believe the five-year
period appropriately reflects the average business
cycles of the business lines in which the Group
operates, particularly in relation to capital
expenditure investment horizons. In modelling the
viability scenario, we have made the assumption that
we will be able to refinance external debt and renew
committed facilities as they become due.
In addition to the bottom-up strategic review
process where the prospects of each business line
are reviewed, an assessment has been made of
the potential operational and financial impacts on
the Group of the principal risks and uncertainties
outlined in the following pages. The Directors have
also assessed certain combinations of these principal
risks and uncertainties in a number of severe, but
plausible, scenarios, as well as the effectiveness of
any mitigating actions as set out in the table on pages
1.57–1.61. In preparing the financial statements,
the Directors have considered the impact of climate
change and have assessed that climate change will
not have a meaningful impact on the viability of the
Group over the five-year period to 31 December 2030.
For more details on the consideration of climate
change, please see page 3.07 in Report 3.
The Group has a broad customer base across
its multiple business lines and in its different
geographic regions and is supported by a robust
balance sheet and strong operational cash flows.
The Board considers that the diverse nature of
business lines and geographies in which the Group
operates significantly mitigates the impact that
any of the modelled scenarios might have on the
Group’s viability.
Based on this assessment, the Directors confirm
that they have a reasonable expectation that the
Company will be able to continue in operation and
meet its liabilities as they fall due over the period
to 31 December 2030.
The statement on going concern is in the Directors’
report on page 2.75 in Report 2 and in the Financial
Report on page 3.07.
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Scenario Scenario Scenario Scenario
Principal risks and uncertainties Continued
Viability scenario analysis
Geopolitical
or legislative
environment change
Description
Failure to identify, understand and respond
to regulatory or geopolitical changes
results in loss of revenue, profitability,
market share, and/or adversely changes
the competitive landscape.
Associated principal risks
• Industry and competitive landscape
• Customer service
• Geopolitical
• People retention
• Reputation
• Macroeconomic
Customer
service issue
Description
Failure to respond/adapt to a customer
service issue leads to a loss of key customers
and detrimentally impacts reputation.
Associated principal risks
• Industry and competitive landscape
• Customer service
• Business ethics
• People retention
• Reputation
• Macroeconomic
Ethical and/or
quality breach
Description
An ethical and/or quality breach leads to
litigation (including significant fines and
debarment from certain territories activities),
reputational damage, loss of accreditation
and erosion of customer confidence.
Associated principal risks
• Business ethics
• People retention
• Financial
• Reputation
• Health, safety and wellbeing
• Macroeconomic
IT systems
breach
Description
A serious data security/IT systems breach
results in a significant financial penalty and
a loss of reputation among customers.
Associated principal risks
• Customer service
• People retention
• IT systems and data security
• Reputation
• Macroeconomic
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Annual Report & Accounts 2025
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Principal risks and uncertainties Continued
1 2 3
Reputation
Customer service
People retention
Reputation is key to the Group maintaining and growing
its business. Reputation risk can occur in a number of
ways: directly as the result of the actions of the Group
or a Group company itself; indirectly due to the actions
of an employee or employees; or through the actions of
other parties, such as joint venture partners, suppliers,
customers or other industry participants.
Possible impact
• Failure to meet financial performance expectations.
• Exposure to material legal claims, associated costs and wasted
management time.
• Destruction of shareholder value.
• Loss of existing or new business.
• Loss of key staff.
Mitigation
• Quality management systems; adherence to these is regularly audited
and reviewed by external parties, including accreditation bodies.
• Risk management framework and associated controls and
assurance processes, including contractual review and liability
caps where appropriate.
• Code of Ethics, which is communicated to all staff, who undergo
regular training.
• Zero-tolerance approach with regard to any inappropriate behaviour by
any individual employed by the Group or acting on the Group’s behalf.
• Whistleblowing programme, monitored by the Group Risk Committee,
where staff are encouraged to report, without risk, any fraudulent or
other activity likely to adversely affect the reputation of the Group.
• Relationship management and communication with external stakeholders.
2025 update
This risk remains stable compared with 2024. The Group continues to
develop risk mitigation activities such as the enhancement of its policies,
and development of CMCs.
A failure to focus on customer needs, to provide customer
innovation or to deliver our services in accordance with
our customers’ expectations and our Customer Promise.
Possible impact
• Customer dissatisfaction and customer loss.
• Gradual erosion of market share and reputation if competitors
are perceived to have better, more responsive or more consistent
service offerings.
Mitigation
• Net Promoter Score (‘NPS’) customer satisfaction, customer sales trends
and turnaround time tracking.
• Global and Local Key Account Management (‘GKAM’/’LKAM’) initiatives
in place.
• Customer feedback meetings.
• Customer claims/complaints reporting.
• Tracking and process for regional and divisional claims, complaints and
quality issues.
2025 update
This risk remains stable compared with 2024.
The Group operates in specialised sectors and needs to
attract and retain employees with relevant experience,
knowledge and capability in order to take advantage of
all growth opportunities.
Possible impact
• Poor management succession.
• Lack of continuity.
• Failure to optimise growth.
• Impact on quality, reputation and customer confidence.
• Loss of talent to competitors and lost market share.
Mitigation
• HR strategy, policies and systems covering recruitment and onboarding.
• Training, development and reward programme to retain and
motivate employees.
• Succession planning to ensure effective continuation of leadership
and expertise.
• Employee wellbeing and support programmes.
2025 update
This risk remains stable compared with 2024. We continue to develop our
risk mitigation in this area with enhanced HR strategies and policies.
Key
Operational
Legal and regulatory
Financial
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Annual Report & Accounts 2025
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Principal risks and uncertainties Continued
4 5 6
Macroeconomic Health, safety and wellbeing Industry and competitive landscape
Macroeconomic factors such as a global/market downturn,
inflation, supply chain and logistics restrictions, materials
shortages, and contraction/changing requirements in
certain sectors.
Possible impact
• Impact on revenue.
• Falling market share.
• Shrinking customer base.
• Impact on share price.
Mitigation
• Continued focus on developing business in new markets and for
new customers.
• Focus on innovations in our service offerings.
• Monitor trends and customer pipelines.
• Conduct regular strategic and business line reviews, including budget
forecasting.
• Monitor the impacts of external risk factors and maintain access to
data and analysis from our external advisers.
2025 update
This risk remains stable compared with 2024. Sanctions regimes have not
significantly changed. The UK, EU, US and Australia have expanded the list
of sanctioned entities in Q4 of 2025.
Any health and safety incident arising from our activities
could result in injury to Intertek’s employees, sub-
contractors, customers and/or any other stakeholders
affected. Issues impacting the wellbeing of our people
resulting from pandemics and other similar events could
have significant impact.
Possible impact
• Individual or multiple injuries to employees and others.
• Litigation or legal/regulatory enforcement action (including prosecution)
leading to reputational damage.
• Loss of accreditation.
• Erosion of employee, sub-contractor, customer and other
stakeholder confidence.
• Wellbeing – individual or multiple instances of stress-related issues
and/or illnesses, absenteeism, and related impacts on morale and
employee engagement.
• Loss of talent to competitors and lost market share.
Mitigation
• Quality, Health and Safety management and associated controls, including
safety training, appropriate personal protective equipment, health and
safety policies (including due diligence on sub-contractors), meetings
and communication.
• Avoiding fatalities, accidents and hazardous situations is paramount.
It is expected that Intertek employees will operate to the highest
standards of health and safety at all times and there are controls in
place to reduce incidents.
• Business continuity planning.
• iHazard incident reporting and incident management.
• Employee wellbeing programme.
2025 update
This risk remains stable compared with 2024.
A failure to identify, manage and take advantage of
emerging and future risks. Examples include: missing the
opportunities provided by new markets and customers;
a failure to innovate in terms of service offering and
delivery; the challenge of radically new and different
business models; the failure to foresee the impact of, or
adapt the business to changes in new laws and regulations;
failure to identify and take advantage of the impact of
changes to our clients’ operations and supply chains of
factors such as AI, Cyber threats and climate change.
Possible impact
• Failure to maximise revenue opportunities.
• Failure to take advantage of new opportunities.
• Lack of ability to respond flexibly.
• Erosion of market share.
• Impact on share price.
Mitigation
• GKAM and LKAM initiatives in place.
• Diversification of customer base.
• Focus on new services and acquisitions.
• Tracking of new laws and regulations.
• Regular strategic and business line reviews.
• Development of ATIC-selling initiatives.
• NPS customer research to understand customer satisfaction.
• Continuing to drive innovation at the core.
2025 update
This risk remains stable compared with 2024.
Key
Operational
Legal and regulatory
Financial
9
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Annual Report & Accounts 2025
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Principal risks and uncertainties Continued
87
IT systems and data security Contracting
Systems integrity: major IT systems integrity issue, or data
security breach, either due to internal or external factors such
as deliberate interference, or to power shortages/cuts etc.
Systems functionality: a failure to define the right IT
strategies, maintain existing IT systems or implement new
IT systems, with the required functionality and which are
fit for purpose, in each case to support the Group’s growth,
innovation and competitive customer offering.
Data security: a failure to adequately protect the Group’s
confidential information, customer confidential information
or the personal data of the Group’s employees, customers or
other stakeholders.
Possible impact
• Loss of revenue due to downtime.
• Potential loss of sensitive data with associated legal implications,
including regulatory sanctions and potential fines.
• Potential costs of IT systems’ replacement and repair.
• Loss of customer confidence.
• Damage to reputation.
• Loss of revenue/profitability if we fail to adopt an IT investment strategy
which supports the Group’s growth, innovation and customer offering.
Mitigation
• Information systems policy and governance structure.
• Regular system maintenance.
• Backup systems in place.
• Disaster recovery plans that are constantly tested and improved to
minimise the impact if a failure does occur.
• Global information security policies in place (IT, data protection,
cyber security, and AI use).
• Adherence to IT finance systems controls (part of CMCs) and IT
general controls.
• Internal and external audit testing.
• Processes to ensure compliance with GDPR.
2025 update
This risk remains stable compared with 2024.
Agreeing unfavourable terms with customers and/
or suppliers as a result of not following agreed
contract review processes, and/or failing to negotiate
appropriate terms.
Possible impact
• Margin-decretive work.
• Onerous liabilities and exposures.
• Non-optimised pricing.
• Financial exposures due to claims and litigation.
Mitigation
• Any deviations from our standard contract terms are subject to legal
review and approval, and all contracts must be approved in line with our
Authorities Grid (which sets out approval limits based on contract values
and other relevant factors).
• We continue to operate our claims notification procedure, including claims
management and insurer liaison where needed.
• Both our contracting and claims processes are supported by training
programmes for relevant staff, and the use of relevant systems
and databases.
2025 update
This risk remains stable compared with 2024.
Geopolitical
A failure to identify and respond appropriately to political
events, decisions and conditions across the globe, and
their repercussions, could impact demand for the Group’s
services or the Group’s ability to grow, innovate and/or
provide a competitive customer offering in any existing or
new industry sector or market. Such events, decisions and
conditions may also have consequences for our people and
those working for us, whose safety and wellbeing is our
paramount concern.
Possible impact
• Loss of revenue, profitability and/or market share.
• Increase to costs of operations, reduction in profitability.
• Reduction in the attractiveness of investment in specific businesses,
sectors or markets and/or adverse change in the competitive landscape.
• Physical and psychological harm and or lack of security caused to our
employees, those working on our behalf and their families.
Mitigation
• Monitoring of political developments.
• Agile and rapid risk mitigation response to evolving situations focusing
on employee safety and security issues.
• Analysis of impact of political changes on operational standard operating
procedures and Group policies.
• Membership of relevant associations, e.g. TIC Council, with related
advocacy and liaison activities to keep informed through multiple
communication channels.
2025 update
This risk remains broadly stable compared with 2024.
Key
Operational
Legal and regulatory
Financial
10 11
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Annual Report & Accounts 2025
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Principal risks and uncertainties Continued
Business Ethics Financial
Non-compliance with Intertek’s Code of Ethics
(‘the Code’) and/or related laws such as anti-bribery,
anti-money laundering, and anti-competition legislation.
Non-compliance could be either accidental or deliberate,
and committed either by our people or sub-contractors
who must also abide by the Code.
Possible impact
• Litigation, including significant fines and debarment from certain
territories/activities.
• Reputational damage.
• Loss of accreditation.
• Erosion of customer confidence.
• Impact on share price.
Mitigation
• Annual Code of Ethics training and sign-off requirement.
• Whistleblowing programme, monitored by the Group Risk Committee,
where staff are encouraged to report, without risk, any fraudulent or
other activity likely to adversely affect the reputation of the Group.
• Enhanced processes for engagement with suppliers and third parties.
• Zero-tolerance approach with regard to any inappropriate behaviour by
any individual employed by the Group or acting on the Group’s behalf.
• Internal compliance and audit systems to facilitate compliance. Expert
advice is taken in areas where appropriate.
• The Group continues to dedicate resources to ensure compliance with
relevant legislation and internal policy.
2025 update
This risk remains stable compared with 2024. Ongoing annual confirmations
ensure that staff verify compliance with the Code.
Details of non-compliance issues reported through the whistleblowing
hotline and other routes can be found on page 2.46 in Report 2.
Risk of theft, fraud or financial misstatement by employees
and those acting on behalf of Intertek or third parties. On
acquisitions or investments, the financial risk or exposure
arising from due diligence, integration or performance
delivery failures.
Possible impact
• Financial losses with a direct impact on the bottom line.
• Large-scale losses can affect financial results.
• Potential legal proceedings leading to costs and/or management time.
• Corresponding loss of value and reputation could result in funding being
withdrawn or provided at higher interest rates.
• Possible adverse publicity.
Mitigation
• The Group has financial, management and systems controls in place to
ensure that the Group’s assets are protected from major financial risks.
• Adherence to Authorities Grid (which sets approval limits for
financial transactions).
• Stringent controls on working capital and cash collection.
• Legal, financial and other due diligence on M&A and other investments.
• Monitoring adherence to our CMCs, and tracking of remediations by
our compliance and finance controls teams and using our framework
of risk committees.
• Detailed system of financial reporting ensures monthly financial results
are thoroughly reviewed. The Group also operates a rigorous programme
of internal audits, management reviews.
• Independent external auditors review the Group’s half-year results and
audit the Group’s annual financial statements.
2025 update
This risk remains stable compared with 2024.
We continue to review and update the CMCs on an annual basis and use
them for year-end compliance certification.
Key
Operational
Legal and regulatory
Financial
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Intertek Group plc
Annual Report & Accounts 2025
TCFD statement
Our TCFD journey
As a sustainable business
and a leading provider of
sustainability solutions to
more than 400,000 companies,
Intertek has an important role
to play in taking action on
climate change and supporting
the transition to a low-carbon
economy – both for our clients
and in our own value chain.
2017
First Group-wide GHG
emission reduction
target set
2020
Voluntary disclosure
against TCFD
recommendations
2022
Country-specific targets
and action plans to
reduce emissions
CO
2
reduction targets for
all employees included in
yearly compensation
Compliant with TCFD
recommendations
Systemic monthly
performance
management of
emission reductions
and action plans
2024
Deepened understanding
of climate-related risks
and opportunities across
the organisation
Continued monthly
performance
management of
emission reductions
and action plans
Our TCFD journey
2018
Systemic CO
2
emission
collection at all sites/
operations
2021
Commitment to net zero
by 2050
2023
SBTi validation
2025
Continue to deepen the
understanding and use
our risk management
data consistently across
the Group including
output from the Double
Materiality Assessment
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TCFD statement Continued
Putting climate change and
decarbonisation in context
Our ambitious targets and the adoption of the
Task Force for Climate-related Financial Disclosures
(TCFD) framework have steered our progress over a
number of years and established a platform to ensure
stakeholders have clear insight into how climate risks
and opportunities are integrated into our processes.
Climate change policies, disclosure requirements, and
public, consumer and investor pressure have led to a
‘race to net zero’ by governments and corporations
– with the aim being decarbonisation of the global
economy in line with Paris Agreement goals to limit
global warming.
Decarbonisation to a point of net zero carbon
emissions will involve economic, political and societal
changes. The key to achieving it lies in the energy
transition – a shift from reliance on fossil fuels to
renewables and green energy sources, with the
significant changes in energy infrastructure that
involves. It will require a reduction in the carbon
footprint of global activities: transport and travel;
facilities and construction; supplies consumed; and
goods and services produced. The likelihood – based
on the current rate of progress – is that achieving
net zero within the Paris Agreement timeframe will
require the scale development and use of new carbon
capture and storage technologies, together with
breakthrough innovations to accelerate the reduction
of carbon emissions linked to manufacturing,
transportation and consumption.
Conversely, if decarbonisation goals are not met, the
effects of climate change will increase and extreme
weather events will be more likely. Governments and
corporations will need to consider mitigating the
risks of this outcome by ensuring that their energy,
manufacturing and supply networks are resilient
and secure.
Our TCFD compliance statement
The TCFD requires the disclosure of information
aligned to its core elements – governance, strategy,
risk management, and metrics and targets. The
TCFD aims to improve the disclosure of climate-
related risks and opportunities and provide
stakeholders with the necessary information to
undertake robust and consistent analyses of the
potential financial impacts of climate change.
We recognise the value that the recommendations
bring and continue to align and enhance our
climate-related disclosures.
We set out below our climate-related financial
disclosures, which are consistent with all TCFD
recommendations and recommended disclosures
1
.
Our TCFD disclosures are set out in five sections:
Section 1: Governance
our governance of climate-related risks and opportunities
Section 2: Strategy
how we consider climate change in our strategy
Section 3: Risk Management
our climate-related risk management approach
Section 4: Metrics and targets
our climate-related metrics and targets
Section 5: Methodology and approach
our climate change methodology and approach
We have integrated climate-related disclosures throughout our Annual Report.
These are included through cross-references to other sections containing further relevant information.
1. TCFD: ‘Recommendations of the Task Force on Climate-related Financial Disclosures’ and any relating annex guidance.
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TCFD statement Continued
1 a) Our Board’s oversight of climate-related risks and opportunities
Our Board of Directors has ultimate oversight of and responsibility for climate-related risks and opportunities.
The Board regularly reviews, at a minimum on an annual basis:
• Management’s assessment of climate-related opportunities and risks as part of our integrated risk, control
and compliance approach and when considering the Group Risk footprint;
• in reviewing the Group’s principal risks and in the risk modelling that feeds into the long-term viability statement;
• our performance against our sustainability strategy, our science-based targets and our climate-related
action plans; and
• any additional information on climate-related risks and opportunities for Business Lines as part of strategic
deep dive presentations.
Sustainability related matters were a recurring agenda item for the Board during the year. In addition, the Board
receives specific updates on our TCFD approach and progress during the year. The Board is able to draw on the
climate-related expertise of our Non-Executive Directors. Tamara Ingram is chair of the ESG committee for
Marks and Spencer Group plc and Steve Mogford’s experience across a breadth of sectors and his commitment
to sustainability have further enhance the Board’s climate-related expertise.
The Audit Committee has responsibility for ensuring the integrity of our TCFD disclosures as part of the Annual
Report and Accounts process. During 2025, the Remuneration Committee continued to oversee the inclusion
of a climate-related target in executive remuneration.
1 b) Management’s role in identifying, assessing and managing climate-related risks
and opportunities
We believe that assessing and managing climate-related risks and opportunities is an integral part of our overall
integrated risk management approach. Our framework of regional, divisional and functional risk committees
considers climate-related risks and opportunities and identifies and implements appropriate action plans.
This creates an awareness and ownership of climate-related risks and opportunities within our operational,
HR, compliance, finance and insurance leadership.
Reporting to the Executive Vice President – Global Sustainability, Assurance, AgriWorld and Food, the
Sustainability function coordinates and supports sustainability activities for the Group and is responsible
for execution of the Group’s climate and sustainability strategy.
Our approach means that we can apply the management expertise we have from providing TCFD and other
climate-related ESG Assurance solutions to our clients in the assessment and management of our own risks
and opportunities.
Section 1: Governance
TCFD recommended disclosures Further information
a) Describe the Board’s oversight of climate-related
risks and opportunities
• Our Governance structure
(page 2.58 in Report 2)
b) Describe management’s role in assessing and
managing climate-related risks and opportunities
• Internal control and risk management
(page 2.68 in Report 2)
Board
Sets Group strategy (including climate and sustainability), sets climate-related risk appetite,
approves climate-related disclosures and targets.
CEO and Group Executive Committee
Responsible for formulating sustainability strategy (including climate) for review and approval by
the Board. Responsible for operationalising and delivering that strategy, including decision-making
related to the Group’s climate-related risks, opportunities and targets.
Sustainability function
Responsible for communication and execution of the Group’s climate and sustainability strategy.
Audit Committee
Oversees the integrity of the Group’s external
reporting, including the framework in place for
TCFD reporting.
Net-Zero Steering Committee
Responsible for setting annual carbon budgets,
monthly performance management
of emission reductions and action plans
Remuneration Committee
Responsible for climate-related
targets in executive remuneration.
Beyond Net-Zero
Steering Committee
Responsible for influencing and guiding
decisions in preparing for and complying with
sustainability reporting requirements.
Executive Vice President –
Global Sustainability, Assurance, AgriWorld and Food*
Primary responsibility for our sustainability activities.
Roles and responsibilities
Climate-related matters are integrated into our overall governance structure, with roles and responsibilities
defined as outlined below.
* Reports to the Board on our climate-related risks and opportunities from both an internal and external perspective, as part of an annual in-depth
Intertek Total Sustainability review
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TCFD statement Continued
Section 2: Strategy
TCFD recommended disclosures Further information
a) Describe the climate-related risks and opportunities
the organisation has identified over the short,
medium, and long term
• Principal risks and uncertainties (pages 1.54-1.61)
b) Describe the impact of climate-related risks and
opportunities on the organisation’s businesses,
strategy and financial planning
• Strategic Report: Our business model
(pages 1.20-1.23)
• Sustainability Report (Report 2)
• Financial Report (Report 3)
c) Describe the resilience of the organisation’s strategy,
taking into consideration different climate-related
scenarios, including a 2°C or lower scenario
• Strategic Report: Our business model
• Sustainability Report (Report 2)
• Financial Report (Report 3)
At the high level, our ambition is to become a net zero emissions business by 2050 while mitigating the physical
impact of climate change on our operations and supporting our clients with sustainability solutions.
Innovative sustainability services have been at the core of our business and strategy for over 100 years.
Today’s ‘race to net zero’ by governments and corporations is beneficial to Intertek given our investments
in sustainability. These include our operational sustainability solutions; our carbon emissions certification,
CarbonClear™; our ESG disclosures verification; and our corporate sustainability certification, TSA. Ongoing
dependency on traditional oil and gas, and the significant investments required to scale up renewable energy,
will mean our Industry Services businesses should benefit from traditional energy investment and the parallel
developments in the renewables space – while our differentiated World of Energy value proposition and our
total energy expertise position us strongly to take advantage of the global energy transition required to get
to net zero.
Climate change is a major global challenge which will impact how business operates in the future. The world
will face difficulties in meeting Paris Agreement targets and addressing climate change unless: all companies,
public and private, commit to reduce carbon emissions to net zero; significantly increased investments are
made in renewables; and there is breakthrough innovation to accelerate carbon emission reductions and
facilitate carbon capture and storage. This negative outcome should lead to increased demand for our services
as it would lead to an increased focus on and investment in carbon capture and other technologies that will
reduce emissions.
2 a) Our climate-related risks and opportunities
Based on our supply and demand model and decarbonisation scenarios (details of which are set out in
section 5), our view of Intertek’s climate-related risks and opportunities is as follows.
Climate-related opportunities
Opportunity area Description of opportunities
Energy
transition
The key question for our energy-related businesses is what the risks and opportunities of
a transition to lower carbon/renewable energy will look like, and over what timeframe.
The world will be dependent on traditional oil and gas for longer than people think: there
has been under-investment in oil and gas exploration since 2015; there is structural
under-investment in alternative energy sources; and renewables will take time to scale.
All of those factors create risks for governments and economies in moving away too
quickly from traditional energy sources.
This will require our clients to make incremental investments in traditional oil and gas
infrastructure and E&P. Our Industry Services businesses should therefore benefit
over the next 20 to 25 years both from traditional energy investment and the parallel
developments in the renewables space.
Our Caleb Brett business should benefit from the increasing global demand for oil and gas
in the short term, and in the medium to long term continue to benefit from an increase
in the production and consumption of oil-related products as well as the development/
growth of greener fuels – biofuels and synthetic. Our customers will need to make
significant investments in traditional oil and gas if they are to continue to meet the
growing global energy demand.
The carbon capture and carbon removal technologies which will be required to achieve
net zero targets are currently at an early stage of development and it is likely that
increased investments will be required to accelerate their production and availability: this
should benefit our engineering-based inspection businesses within Industry Services.
The energy transition that certain of our traditional oil and gas customers face as they
move to being total energy providers underlines the importance of our differentiated
World of Energy value proposition. Intertek’s range of energy expertise is able to support
our customers across the full World of Energy spectrum: from traditional oil and gas,
petroleum refining and distribution, petrochemicals and power generation to nuclear
power, solar, biofuels, tidal, wave and wind power. This gives Intertek a high-level,
cross-sectional view of energy industry topics and trends that we believe will position
us strongly to take advantage of current and future business development linked to the
energy transition.
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TCFD statement Continued
Opportunity area Description of opportunities
Carbon
footprint
transition
For our Consumer Products businesses, the risks and opportunities of decarbonisation
will be linked to our customers’ transition to lower-carbon logistics, manufacturing/
production and supply chain networks.
We expect consumer spending on products to continue to increase and the number
of SKUs produced to also increase. An increasing consumer and regulatory focus on
sustainability will lead to changes in demand for products with lower carbon footprints.
Equally, manufacturers’ own sustainability goals will lead them to seek raw materials with
lower carbon footprints and to develop lower carbon footprint products.
We believe that corporations will face difficulties in achieving their net zero targets given
the financial, organisational and practical complexities of transitioning to low-carbon
footprint operations. We therefore expect the demand for existing products to stay high
for longer. Given the difficulties in getting to net zero without R&D and investments in
logistics and supply chains, our Consumer Products businesses will benefit from higher
corporate investments in R&D to design low-carbon products at the start of the value
chain, and from investments in supply chain relocations closer to home markets to reduce
carbon footprints and increase resilience.
Policy Climate-related laws and regulations will increase over time.
In the short term, governments are likely to limit policies which require mandatory
behavioural changes to the industry sectors which are the most critical to
decarbonisation: energy, infrastructure and transportation. It is likely that corporates in
other industry sectors will be encouraged to decarbonise by increasing disclosure and
transparency requirements.
The regulatory approach over the medium to long term will change depending on
companies’/countries’ success in meeting Paris Agreement targets, and regulation will
become less voluntary and more mandatory over time if those targets are likely to be
missed based on existing behaviours.
We expect to benefit from increased regulation to drive investment and product
development by our customers in the energy, infrastructure and transportation sectors.
We expect our Business Assurance businesses to benefit from an increase in supplier
audit and management solutions as corporations seek to address their supply chain
carbon emissions.
ESG disclosure requirements are likely to increase in response both to new regulations
and disclosure standards and to increasing investor and stakeholder expectations. We
expect this to lead to increased demand for our ESG disclosure/verification services.
Climate-related risks
Risk area Description of risk
Physical
impacts
We consider that there are three types of possible physical impacts:
1. Direct physical impacts, where the increased frequency and/or severity of extreme
weather events causes an increased incidence of disruption to our own operations/
supply chain/transportation networks;
2. Customer physical impacts, where the extreme weather events cause disruption to our
customers’ operations and therefore changes to customer demand – or the geographic
location of customer demand – for our services; and
3. Economic physical impacts, where temperature increase and extreme weather events
reduce economic activity, leading to a fall in demand for our services in line with a fall in
consumer demand/customer production.
Based on our natural catastrophe experience and modelling, and because of the capital-
light nature of our operations and our ability to redirect work within our own network, we
believe that the impacts of extreme weather events to Intertek are likely to be local and
not material at the Group level.
2 b) The impact of climate-related risks and opportunities on our businesses, strategy and
financial planning
Intertek has been a global thought and innovation leader in sustainability services for decades, and
sustainability services are core to our global business. We help customers across all aspects of sustainability,
covering all major industries, with end-to-end sustainability solutions.
Climate-related opportunities are one part of our overall sustainability strategy. At the high level, we believe
that the actions which companies and corporations will need to take to transition to a low-carbon economy
will be an opportunity for us and will accelerate the demand for our ATIC solutions, including:
• our climate-related operational sustainability services (such as energy efficiency, carbon footprint or zero
waste to landfill certifications);
• our corporate sustainability solutions (where we help corporations to establish and validate the
effectiveness of their own sustainability programmes); and
• our Intertek ESG Solutions (where we independently verify our customers’ sustainability reporting
and disclosures).
We continue to develop innovative ATIC service offerings to support our customers’ low-carbon transition aims
and to enable them to comply with the increasing regulatory requirements relating to sustainability and ESG.
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Percentage of portfolio exposed (%)
% of portfolio (assets & revenues) exposed to physical impact risks
Heat Precipitation Drought Fire
River flood (defended)
Sea level rise
Extratropical cyclone
Tropical cyclone
48% of portfolio exposed
to at least 80 heatwave
days per year by 2050,
compared to 38% today
50% exposed to at least
5 days of heavy rainfall
over 30mm by 2050
compared to 42% today
Slowly increasing portion
of locations exposed to
at least 4 months of
drought per year
10% of the portfolio
exposed to fire weather
conditions for at least 80
days in a year
10% in river flood zones
by 2050. 1% of flooding
improbability in a year
4% of the portfolio
exposed to extreme risk
of flooding from storm
surge events and sea
level rise by 2050
Small and largely unchanged portion of the
total portfolio exposed to severe windstorms
generating damaging gusts (either from
tropical cyclones i.e. hurricanes or
extratropical cyclones i.e. winter storms)
Climate Scenario: RCP4.5 (2–3ºC)
2025 2030
2050 2100
38
54
42
52
2 22 2
4 4
10
13
9
16
7
18
47
48
45
50
2 22 2
4 4
10
12
10 10
12
10
Percentage of portfolio exposed (%)
% of portfolio (assets & revenues) exposed to physical impact risks
Heat Precipitation Drought Fire
River flood (defended)
Sea level rise
Extratropical cyclone
Tropical cyclone
56% of the portfolio
exposed to at least 80
heatwave days per year
by 2050, compared to
38% today
52% of the portfolio
exposed to at least 5
days of heavy rainfall
over 30mm by 2050
compared to 42% today
Increasing portion of
locations exposed to at
least 4 months of
drought per year
Almost consistent
portion of the portfolio
exposed to fire weather
conditions for at least 80
days in a year
12% in river flood zones
by 2050. 1% probability
of flooding in a year
4% of the portfolio
exposed to extreme risk
of flooding from storm
surge events and sea
level rise by 2050
Small and largely unchanged portion of the
total portfolio exposed to severe windstorms
generating damaging gusts (either from
tropical cyclones i.e. hurricanes or
extratropical cyclones i.e. winter storms)
Climate Scenario: RCP8.5 (2–3ºC)
2025 2030
2050 2100
38
70
42
57
2 22 2
4
5
10
13
9
18
7
43
49
56
46
52
2 22 2
4 4
13
12
11 11
10
25
TCFD statement Continued
Figure 1: Physical risk exposure under an RCP4.5 scenario:
Figure 2: Physical risk exposure under an RCP8.5 scenario:
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TCFD statement Continued
Our World of Energy businesses continue to scale up investments in strategic growth areas driven by climate-
related factors, such as:
• An increase in total energy demand driven by GDP and population growth.
• The need to address structural under-investment in traditional oil and gas while renewables lack scale.
• Technology and infrastructure investments needed to build scale renewable infrastructure.
• The significant investments and innovations required to meet net zero pathways, including developments in
hydrogen, synthetic fuels, carbon capture and carbon storage.
Our strategy includes M&A investments such as our acquisition of Clean Energy Associates, which has enabled
us to expand our sustainability service offering in the fast-growing quality assurance market for solar energy
and energy storage. Strengthening our environmental testing footprint through the acquisition of Envirolab in
Australia, serves to meet the demand from clients to meet their increased regulatory requirements, corporate
sustainability commitments and heightened public awareness. It also includes organic innovations such as
Intertek Hydrogen, Intertek CarbonClear™ and CarbonZero, and Intertek Green R&D.
Our climate-related risks and opportunities assessment also feeds directly into our wider strategy, portfolio
and financial planning, including our planning on:
• climate-change mitigation activities and our net zero action plans; and
• the location of our facilities.
We believe the impact of climate-related risks and opportunities is as follows:
Climate-related
opportunities
Timeframe Scenario
Financial impactShort Medium Long RCP4.5 RCP8.5
Transition impacts
Energy transition ◊◊ ◊◊◊ * See note 1 below
Carbon footprint transition ◊ ◊◊ ◊◊◊ *
Policy impacts ◊ ◊◊ ◊◊◊ *
Climate-related risks
Physical impacts ◊ ◊◊ * See note 2 below
Key: ◊ – ◊◊◊ = low – high impact
* Scenario sensitivity
Note 1: Our pre-Covid (2014 – 2019) organic revenue CAGR was c.3%. Sustainability/ESG services were a driver of that revenue growth. We expect
the Group revenue growth from Sustainability/ESG services to accelerate.
Note 2: In order to assess our physical impact risk, we have continued to work with Willis Towers Watson (‘WTW’) to carry out a portfolio exposure
assessment based on scenario modelling supported by WTW’s Climate Diagnostic technology platform. For this purpose, our portfolio includes
941 sites (2024: 933 sites) and associated assets and revenues. The result is an assessment of the percentage of our portfolio that is exposed to
a material level of climate-related risk over four time periods (today; 2030; 2050; 2100) and under two scenarios (RCP4.5 and RCP8.5).
The assessment shows that our broad geographic footprint and proven high-quality cash generative earnings
model (covered in more detail in 2 c) below) is an advantage for long-term climate resilience. Nevertheless,
it does indicate an increased physical impact exposure to our portfolio, varying by type of climate-related
extreme weather event, under both the RCP4.5 and RCP8.5 scenarios:
• a low to medium increase by 2050 in exposure to chronic (extended, non-localised) weather events – heat,
precipitation, drought, sea level rise; and
• a low increase by 2050 in exposure to acute (localised, one-off) weather events – river floods, fire, tropical
and non-tropical storms.
Assessing the impact of chronic weather events
It is difficult to assess the physical impact of chronic weather events as these are likely to be regional or global
in nature, but they can be largely or fully addressed with systemic risk mitigation actions at the Intertek site/
operational level:
Physical risk
(chronic weather
events) Impact on business Mitigations
Precipitation • Property damage and
business disruption
• Insurance cover
• Add identified climate-related risk into
our business continuity planning for
sites with predicted exposure
• Physical/structural protections for sites
with predicted exposure
Heat • Productivity changes as severe heat
affects people and/or equipment
• Cost increases linked to an increased
requirement for air conditioning/cooling
• Add identified climate-related risk into
our business continuity planning for
sites with predicted exposure
• Increase energy efficiency/use
of solar/renewable energy
Drought • Operational impact from water scarcity
• Changes to demand for our services
linked to changing consumption
patterns, population migration
or conflict
• Add identified climate-related risk into
our business continuity planning for
sites with predicted exposure
• Focus on reducing water usage/
efficiency
Fire weather • Property damage and business
disruption
• Insurance cover
• Add identified climate-related risk into
our business continuity planning for
sites with predicted exposure
• Physical/structural protections for sites
with predicted exposure
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TCFD statement Continued
Assessing the impact of acute weather events
The likely impact of an acute weather event is a loss of revenue due to a shutdown of our facilities. It is difficult
to provide a precise estimate of the financial impact, which depends on factors including the severity of the
event, the geography affected, our ability to redistribute work, and the duration of the shutdown.
Our assessment reveals a minimal increase in expected portfolio exposure to acute weather events, and we
therefore expect the incidence and financial impact of such acute events to be similar to today. Based on
recent experience, in FY17 hurricanes Harvey and Irma impacted the operations of our customers in southern
regions of the USA during a three-month period, in turn impacting our business. These two operational
disruptions reduced our revenue performance by £5m at constant currency over the period August to
October 2017, negatively impacting our divisions.
Following our annual assessment during 2025, fire weather, describing an extreme threat to life/property from
existing or potential wildfires due to weather and fuel conditions, has been added as a potential physical risk
and the risk of sea level rises has been removed.
No additional one off events have occurred during the year and over the five-year period to date, our
operations have been impacted by about ten extreme weather events.
2 c) Our organisational resilience to the risks of climate change and decarbonisation scenarios
We believe our operations and strategy have a high degree of resilience to the risks of climate change under
both an RCP 4.5 and RCP 8.5 scenario:
• Our extensive network – over 1,000 labs in over 100 countries – means that we are well positioned to take
advantage of any climate-related changes in supply chains (either changes to suppliers, to the raw materials
being supplied or to the geographic location of supply chains).
• Our products inspection and assurance businesses are flexible as they use field-based inspectors and
auditors and we can deploy personnel/sub-contractors as required.
• Our customer-base of over 400,000 customers is diverse, with no material dependencies, which also de-risks
the effect of potential geographic changes in our points of service delivery.
• Our capital-light earnings model de-risks us from climate-related changes to our customers’ supply chains,
and the physical impacts of climate change, as we have a low cost of market entry and exit.
• We are able to redirect work within our own network in order to mitigate the impact of climate-related
disruptions.
• We do not anticipate a material impact of climate-related policies directly on our business. As a
professional services provider, we do not operate in a sector which is likely to be a key focus for mandatory
decarbonisation behavioural changes. Our broad geographic footprint de-risks us from the impact of national
regulations. Our capital-light model mitigates our exposure to climate-related policies.
Section 3: Risk management
TCFD recommended disclosures Further information
a) Describe the organisation’s processes for identifying
and assessing climate-related risks.
• Principal risks and uncertainties (pages 1.54–1.56)
• Double materiality (pages 2.06–2.09 in Report 2)
b) Describe the organisation’s processes for managing
climate-related risks.
• Principal risks and uncertainties (pages 1.54–1.56)
• Double materiality (pages 2.06–2.09 in Report 2)
c) Describe how processes for identifying, assessing,
and managing climate-related risks are integrated into
the organisation’s overall risk management.
• Principal risks and uncertainties (pages 1.54–1.61)
• Double materiality (pages 2.06–2.09 in Report 2)
3 a) Our process for identifying and assessing climate-related risks
Our processes for identifying and assessing climate-related risks take place within our risk committees, and
separately using the supply-and-demand model, which we have built for our World of Energy businesses and
was refreshed during 2025. We continued our work with WTW to model the exposure of our portfolio to the
physical impacts of climate change.
In 2025, we continued to review the exposure of our portfolio to physical climate change impacts using
the live model we have built with WTW and with ongoing review as part of our integrated risk management
process. Our assessment remains that the exposure of our portfolio to acute weather events is expected to
increase only very marginally in the period to 2050, with any financial impact falling well below the threshold
for materiality.
3 b) How we manage climate-related risks
Climate-related risks, and our related mitigation action plans, are reviewed at least quarterly by the Board and
are also considered by our framework of regional, divisional and functional risk committees and our Group Risk
Committee. The risk of physical impacts of climate change on our sites are also considered by a cross-functional
group including members of our Finance, Insurance, Risk and Sustainability teams. The portfolio exposure
modelling we have done with WTW allows us to assess – on a site-by-site basis – the changing likelihood and
potential impact of specific climate events (such as drought, precipitation, flooding and fire) under both the
RCP 4.5 and RCP 8.5 scenarios in the short, medium and long term. We use the output of this model in our
opportunity and risk mitigation planning, and in local site business continuity planning.
3 c) Integration into our overall risk management
Our climate-related opportunities are reviewed as part of our overall budget, innovation, M&A, customer insight
and other processes. At the strategic level, the supply and demand model we have developed to look at how
the needs of our customers across our different businesses are likely to be affected by decarbonisation allows
us to assess how that is likely to affect their need for our end-to-end Total Quality Assurance services across
all points of their logistics, manufacturing/production and supply chain networks.
Intertek Group plc
Annual Report & Accounts 2025
1.70
3: Financial Report2: Sustainability Report1: Strategic Report
TCFD statement Continued
Section 5: Our climate change methodology and approach
The demand for our services depends on the supply of, and demand for, our clients’ products and services
and their need for our Total Quality Assurance services at specific risk points in their logistics, manufacturing
and supply chains.
To assess the impact of global decarbonisation on Intertek and our potential climate-related risks and
opportunities we have built a bottom-up supply and demand model for our World of Energy (Caleb Brett and
Moody) businesses which considers how the supply and demand of our clients’ products and services, and
therefore their need for Intertek’s services, is likely to change in line with two decarbonisation scenarios
that are aligned to the Intergovernmental Panel on Climate Change (‘IPCC’) Representative Concentration
Pathways (‘RCPs’):
• Intermediate (RCP 4.5): Characterised by slowly declining emissions, this pathway assumes climate
policies will be invoked to limit emissions, resulting in likely global temperature rise of 2–3°C by 2100.
• High (RCP 8.5): Characterised by rising emissions, this pathway adheres to the current trajectory and
assumes no additional efforts are made to constrain emissions, leading to likely global temperature rise
of >4°C by 2100.
We have also used these two scenarios to evaluate Intertek’s climate-related physical risks.
We have considered impacts over the short term (0-2 years), medium term (2 years – 2030); and long term
(2030 – 2050).
In assessing materiality, we have considered both financial impacts on us and other considerations such as the
importance of key climate-related topics to our clients and other stakeholders. For financial impacts, we have
applied a materiality threshold of £28.5m, aligned with the materiality threshold in our financial statements.
We have considered the materiality of risks on a ‘net risk’ basis, i.e. taking into account relevant risk mitigations
and opportunities that may be linked to those risks.
Based on our view of global decarbonisation and the nature of our businesses and services, we have divided
the impacts of climate-related risks and opportunities on Intertek’s operations, activities and earnings model
into three categories:
• Transition impacts: the impact of transitioning to low-carbon economies and societies. We further divide
these into: energy transition impacts (the impact of transitioning to renewable and green energy sources);
and carbon footprint transition impacts (the impact of reducing the carbon footprint of global activities
including logistics, manufacturing/production and supply chains);
• Policy impacts: the impact of climate-related laws or regulations, or policies intended to drive a
decarbonisation agenda; and
• Physical impacts: the impact of extreme weather events on our and/or our customers’ facilities
and operations.
Section 4: Metrics and targets
TCFD recommended disclosures Further information
a) Disclose the metrics used by the organisation to
assess climate-related risks and opportunities in line
with its strategy and risk management process.
• Environment section (pages 2.34-2.39 in Report 2)
b) Disclose scope 1, scope 2, and, if appropriate, scope 3
GHG emissions, and the related risks.
• Environment section (pages 2.34-2.39 in Report 2)
c) Describe the targets used by the organisation to
manage climate-related risks and opportunities and
performance against targets.
• Environment section (pages 2.34-2.39 in Report 2)
• Responsible Business section (page 2.46 in
Report 2)
We publicly report on our scope 1, scope 2 and relevant scope 3 GHG emissions and the carbon intensity of
operational emissions by revenue. Environmental performance is disclosed in Report 2. Our measurement
and reporting is aligned to the GHG Protocol Corporate Accounting and Reporting Standard (2015) and the
recommendations of the TCFD. As required, we report under the Companies Act 2006 (Strategic Report and
Directors’ Reports) Regulations and we apply the 2019 UK Government Environmental Reporting Guidelines,
including the Streamlined Energy and Carbon Reporting Guidance (‘SECR’). Further details of our Environmental
performance can be found in Report 2, pages 2.36-2.37 and Intertek’s reporting boundaries and methodology
can be found in our Basis of Reporting ESG Data Document at www.intertek.com/about/our-responsibility/
sustainability-reports--policies/.
We have made several climate-related public commitments, on our own and with other organisations. We have
joined the global movement of ‘Business Ambition for 1.5˚C’ and the UN Race to Zero campaign. In 2023, the
SBTi, which defines and promotes global best practice in science-based target setting, validated our near-term
targets, as set out in the following statement:
“Intertek Group plc commits to reduce absolute scope 1 and 2 GHG emissions 50% by 2030 from a 2019 base
year. Intertek Group plc also commits to reduce absolute scope 3 GHG emissions from business travel and
employee commuting 50% within the same timeframe. Intertek Group plc further commits that 70% of its
suppliers by spend covering purchased goods and services, capital goods and upstream transportation and
distribution will have science-based targets by 2027.”
We have rolled out country- and site-level specific targets which are reported monthly in our environmental
dashboards. Our rigorous GHG emissions performance management programme empowers our regional teams
to identify emissions sources, track progress against targets and KPIs, and implement concrete and measurable
climate-related action plans.
Our annual incentive plan continues to have an ESG element (with a 10% weighting) based on performance
against a GHG emissions reduction target.
3: Financial Report2: Sustainability Report1: Strategic Report
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Intertek Group plc
Annual Report & Accounts 2025
Group non-financial and sustainability information statement
The table shown here is
intended to help our stakeholders
understand our position on key
non-financial matters and climate-
related financial disclosures, in line
with the reporting requirements
contained in sections 414CA and
414CB of the Companies Act 2006.
Our reporting on these topics and
key performance indicators is
contained within this Strategic
Report and also in the
Sustainability Report, Report 2.
Reporting requirement Description, implementation, due diligence, outcomes and additional information
Environment Environment
REPORT 2, PAGES 2.34–2.39, AND 2.46
Employees Nomination Committee Report
REPORT 2, PAGES 2.69–2.73
Risk management
REPORT 2, PAGE 2.68
People and Culture
REPORT 2, PAGES 2.16–2.23 AND 2.64–2.65
Social matters Communities
REPORT 2, PAGES 2.40–2.43
Human rights Responsible Business
REPORT 2, PAGES 2.44–2.47
Anti-corruption and anti-bribery Principal risks and uncertainties
REPORT 1, PAGES 1.54–1.61
Responsible Business
REPORT 2, PAGES 2.44–2.47
Compliance, whistleblowing and fraud
REPORT 2, PAGES 2.46 AND 2.78
Description of principal risks and
impact of business activity
Principal risks and uncertainties
REPORT 1, PAGES 1.54–1.61
TCFD statement
REPORT 1, PAGES 1.62–1.70
Section 172 statement
REPORT 2, PAGE 2.59
Description of the business model Our business model
REPORT 1, PAGES 1.20–1.23
Key performance indicators Financial KPIs
REPORT 1, PAGES 1.24–1.25
Non-financial KPIs
REPORT 1, PAGES 1.26–1.27
Climate-related financial disclosures TCFD statement
REPORT 1, PAGES 1.62–1.70
The Strategic Report was approved by the Board on 2 March 2026.
On behalf of the Board
André Lacroix
Chief Executive Officer
Intertek Group plc
Annual Report & Accounts 2025
1.72
3: Financial Report2: Sustainability Report1: Strategic Report
Notes
Printed by a CarbonNeutral® Company certified to
ISO 14001 environmental management system.
Printed on material from well-managed, FSC®
certified forests and other controlled sources.
100% of the inks used are HP Indigo ElectroInk
which complies with RoHS legislation and meets
the chemical requirements of the Nordic Ecolabel
(Nordic Swan) for printing companies, 95% of
press chemicals are recycled for further use and,
on average 99% of any waste associated with this
production will be recycled and the remaining 1%
used to generate energy.
The paper is Carbon Balanced with World Land
Trust, an international conservation charity, who
offset carbon emissions through the purchase
and preservation of high conservation value
land. Through protecting standing forests under
threat of clearance, carbon is locked-in that would
otherwise be released.
VISIT: INTERTEK.COM/INVESTORS
Intertek Group plc
33 Cavendish Square,
London, W1G 0PS
United Kingdom
Tel +44 20 7396 3400
info@intertek.com
intertek.com
Annual Report & Accounts 2025
Sustainability Report
Contents
2.01 Chief Executive Officer’s letter
2.06 Our approach
2.06 Double materiality
2.14 Total Sustainability
Assurance standards
2.15 Our Sustainability Excellence strategy
2.16 Sustainability performance
2.16 People and Culture
2.24 Working with Customers
2.34 Environment
2.40 Communities
2.44 Responsible Business
2.50 Directors’ report
2.50 Chair’s introduction
2.52 Governance at a glance
2.53 UK Corporate Governance Code
2.54 Board of Directors
2.57 Group Executive Committee
2.58 Our approach to governance
2.61 Board activity in focus
2.69 Committee reports
2.69 Nomination Committee
Report
2.74 Audit Committee Report
2.80 Remuneration Committee
Report
2.108 Other Disclosures
2.111 Statement of Directors’
Responsibilities
We are pleased to share with you our
Annual Report & Accounts in a unique,
three-report format:
These separate, but connected reports, with their
interconnected themes and narratives, allow us to
present what we achieved in 2025 in a systemic,
end-to-end architecture. They have been designed
to make it easier for our stakeholders to fully
understand our business, how we bring quality,
safety and sustainability to life, what we offer our
clients and society, and the opportunities we have
ahead of us.
Report 1: Strategic Report
Where we discuss our growth
opportunities and strategic performance.
Report 2: Sustainability Report
Where we discuss our environmental,
social and governance progress.
Report 3: Financial Report
Where we record our financial activities,
performance and position.
VISIT: INTERTEK.COM/ABOUT/OUR-RESPONSIBILITY
We stand out in the industry with our unique Assurance,
Testing, Inspection and Certification ‘ATIC’ offering,
underpinned by the Science-based Customer Excellence
that gives our clients the peace of mind they need to
power ahead safely with their growth agendas.
Intertek is the global
ICON for Total Quality
Assurance with a
track record of
driving sustainable
growth for all.
Around the world, our talented people apply
their expertise to make the world better, safer
and more sustainable for billions of consumers
every day. Our science-based approach ensures
we consistently strengthen our clients’
businesses and enable them to operate
and win in their own markets.
At the heart of everything we do is our unique
and high-performance 10X culture. For more
than 130 years, it has shaped how we work
together, ensuring we uphold the highest
standards and retain the trust of our clients
every day.
This is why we have long been and remain to this
day the global icon for Total Quality Assurance.
READ ABOUT OUR UNIQUE STRENGTHS ON PAGES 1.04-1.09
IN REPORT 1
You’ll be amazed
where you find Intertek
Our ‘You’ll Be Amazed’ campaign
showcases the breadth of our
solutions and how our talented people
make our clients’ businesses stronger,
safer and more sustainable.
VISIT: INTERTEK.COM/AMAZED
3: Financial Report1: Strategic Report 2: Sustainability Report
Chief Executive Officer’s letter
Icons of
Sustainability
Excellence
In 2025 we delivered another
year of strong progress on our
Sustainability Excellence agenda.
My thanks go to all Intertek
colleagues for their commitment
to helping create a better
world for current and future
generations. It’s truly inspiring.”
André Lacroix
Chief Executive Officer
As the icon for Total Quality
Assurance, Intertek plays
a critical role in the quality,
safety and sustainability of
products, services and processes
worldwide. Our global reach and
the deep expertise of our people
across every industry empower
us to make a meaningful and
positive contribution to the
world around us.
Sustainability sits at the heart of Intertek and is
firmly embedded within our Purpose, Vision, Values,
and Strategy.
By working to meet the expectations of all
stakeholders and create sustainable value for
all, we continue to be a powerful force for good.
Together, we are focused on unleashing the full
potential of our high-performance 10X culture and
our extraordinary people.
Sustainability Excellence is vital to Intertek, reflecting
our dedication to delivering positive environmental
and societal impact. This commitment drives enduring
value for customers, colleagues, shareholders and the
communities in which we operate.
Our key areas of focus include reducing carbon
emissions, advancing employee safety and
wellbeing, fostering engagement and development,
championing diversity and inclusion, and
strengthening our support for local communities.
Over the years, we have made significant progress
through focused initiatives, demonstrating our
steadfast commitment to sustainability and our
ability to innovate and adapt in response to global
challenges. Through our science-based, customer-
centric and industry-specific sustainability solutions,
we continue to support our clients on each of their
own individual sustainability journeys.
SCAN TO VIEW OUR RESULTS FILM
You’ll be amazed where
you find Intertek
READ MORE IN OUR STRATEGIC REPORT ON PAGE 1.17
IN REPORT 1
Our ‘You’ll Be
Amazed’ campaign
showcases the
breadth of our
expertise and our
leadership in Total
Quality Assurance.
3: Financial Report1: Strategic Report 2: Sustainability Report
2.01
Intertek Group plc
Annual Report & Accounts 2025
Sustainability highlights
• Levels of Hazard Observations increased
for the fifth consecutive year, reflecting
greater levels of activity across our sites
as well as greater awareness and reporting
of health and safety overall.
• Since 2015, we have used the Net
Promoter Score (‘NPS’) process to listen
to our customers, enabling us to improve
our customer service over the years
consistently. In 2025, we conducted
an average of 6,059 NPS interviews
per month.
• We are driving environmental performance
across our operations through science-
based reduction targets to 2030, validated
by the SBTi. Through energy efficiency
initiatives, process optimisation and the
increased use of low-carbon technologies,
we reduced our market-based emissions
and met our scope 1 and 2 target early,
delivering a 54.7% reduction against our
2019 base year. We also met our scope 3
target, achieving a 53.4% reduction against
the same 2019 baseline.
• In 2025, we strengthened our double
materiality assessment (‘DMA’) by building
on the preliminary work undertaken
in 2024.
• We recognise the importance of employee
engagement in driving sustainable
performance for all stakeholders. We
measure employee engagement against
our Intertek ATIC Engagement Index and
in 2025 we increased our score for the
third consecutive year to a new high of
93 (2024: 91).
• Our voluntary permanent employee
turnover improved to a six-year low rate
of 10.1% in 2025 (2024: 11.2%).
Chief Executive Officer’s letter Continued
Sustainability Excellence
in all our operations
We apply the concept of Sustainability Excellence
across all our operations worldwide, holding
ourselves to the same high standards to which
we hold our customers.
For Intertek’s Sustainability Excellence programme,
we focus on the ten highly demanding standards
which are part of our Total Sustainability Assurance
(‘TSA’) programme. These standards are truly
end-to-end and systemic, and encompass all
aspects of what we know to be a truly sustainable
organisation, covering every aspect from quality and
safety through to communications and disclosures.
The ten TSA standards were created to align with
the United Nations Sustainable Development Goals.
READ MORE ABOUT THE TEN STANDARDS ON PAGE 2.14
Our responsibility in action
We support the ongoing development of regulatory
frameworks that promote consistent, high-quality
non-financial disclosures and greater transparency
about organisations’ impacts and dependencies
on people and the planet. As a leading global ATIC
(Assurance, Testing, Inspection and Certification)
provider, Intertek recognises the importance of
transparent sustainability reporting in building
trust with all stakeholders.
In 2025, we continued to strengthen our sustainability
governance and disclosure in response to evolving
regulatory expectations. We progressed our readiness
for standards expected to affect the Group, including
the International Financial Reporting Standards
(‘IFRS’) Sustainability Disclosure Standards issued
by the International Sustainability Standards Board
(‘ISSB’) and the EU Corporate Sustainability Reporting
Directive (‘CSRD’).
In 2025 we achieved a significant milestone by
completing a comprehensive double materiality
assessment (‘DMA’) in preparation for upcoming
regulatory requirements. This assessment represents
a major step forward in how we identify and
prioritise the sustainability topics most relevant to
our business, our stakeholders, and our long-term
value creation.
Double materiality considers both financial and
impact materiality, requiring companies to assess not
only how sustainability issues may affect enterprise
value, but also how their activities impact people,
society and the environment. Our DMA followed a
structured, technology-enabled methodology and
provides a robust, transparent foundation that aligns
with best practice and evolving regulatory standards.
READ MORE ABOUT OUR DMA ON PAGE 2.06
Our DMA will be reviewed regularly to ensure we
continue to capture emerging risks, opportunities
and areas of stakeholder concern. This process
strengthens our ability to respond to evolving
expectations and ensures that our sustainability
priorities remain aligned with our strategic objectives
and broader responsibilities to society.
Reducing the environmental
impact of our operations
Our strong commitment to addressing our
carbon emissions resulted in another significant
improvement in 2025. Through energy efficiency
initiatives, process optimisation and the increased
use of low-carbon technologies, we reduced our
operational market-based emissions by 13.4% against
2024 and 54.3% against our base year 2019.
READ MORE ON OUR OPERATIONAL MARKET-BASED
EMISSIONS ON PAGE 1.26 IN REPORT 1
By continuously monitoring our environmental
performance at country- and site-level, we identified
further key areas where we could implement
more energy-efficient technologies and improve
operational processes.
We have continued to invest in onsite solar
photovoltaic (‘PV’) systems at our offices and
laboratories, increasing the proportion of renewable
energy used to power our operations. Following
installations in France, Ghana, the UK and the US,
we now have PV systems in 13 countries.
The transition to low-emissions vehicles remained
another key focus area. For example, at our laboratory
in Geleen, Netherlands, we upgraded our fleet of
company vans to more sustainable electric and hybrid
alternatives. This site had already implemented
several other impactful initiatives over the last
few years, including switching to renewable power
and upgrading its heating, ventilation and air
conditioning equipment.
Around the world, our colleagues spent time
volunteering in their local communities, from cleanups
and conservation of natural spaces to educating
the next generation on the importance of caring for
our planet.
We have been a constituent of the FTSE4Good index
for nine consecutive years, reaffirming our status as
a force for good committed to bringing quality, safety
and sustainability to life with precision, pace and
passion. We retained our ‘AAA’ rating in the MSCI ESG
Ratings assessment and our ‘Prime’ status under ISS
ESG requirements.
We improved our Sustainalytics ESG rating to
15.5 and increased our CDP score from B to A-,
demonstrating our progression from ‘well-managed’
performance to recognised climate leadership.
READ MORE ON PAGE 2.04
Intertek Group plc
Annual Report & Accounts 2025
2.02
3: Financial Report1: Strategic Report 2: Sustainability Report
Chief Executive Officer’s letter Continued
Energising our people to power
Sustainability Excellence
During the year, we continued to strengthen
Champions, our global engagement programme
delivered in partnership with Gallup, completing two
more cycles that achieved record participation, in the
process fostering stronger relationships and fresh
ideas among colleagues around the world.
Through our global diversity, equity and inclusion
programme MOSAIC, we also worked hard to further
embed a fairer, more inclusive and connected culture
across Intertek, supported by a range of innovative
workshops, employee engagement activities and
unconscious bias learning modules.
Our 10X Leadership programme also expanded
further this year, with an additional 74 leaders
participating in 2025. These sessions provide an
opportunity for colleagues to reflect on their own,
individual leadership style and explore how a more
humanistic approach can help to unlock their full
potential and foster a high-performance culture
among their teams.
At the same time, we took the decision to further
elevate safety governance to the Group level,
appointing a new Vice President, Group Head of
Quality and Safety Assurance, and saw hazard
observations levels across our global operations rise
for the fifth consecutive year. This reflects increased
activity levels as well as heightened awareness and
more proactive reporting.
I was also encouraged to see that our employees
remain deeply engaged, with our Intertek ATIC
Engagement Index score increasing for the third
consecutive year, while our voluntary permanent
employee turnover improved to a six-year low rate of
10.1% in 2025 (2024: 11.2%). Together, this progress
provides clear evidence of an organisation which is
highly resilient and determined to succeed by seizing
the historic growth opportunities that lie ahead.
READ MORE ON PAGE 2.16
Engagement
programme turns
insights into
meaningful action
In 2025, we completed another
two cycles of our Champions
engagement programme – a
crucial initiative for enabling open
and constructive dialogue within
our teams – and saw employee
participation reach a record high.
Champions is led by our people managers
and organised in partnership with Gallup,
the leading expert in the science of
employee engagement.
READ MORE ON PAGE 2.19
In action
Intertek Group plc
Annual Report & Accounts 2025
2.03
3: Financial Report1: Strategic Report 2: Sustainability Report
ESG credentials
We actively participate in a range of global ESG ratings, indices and frameworks to
benchmark our approach against best practice and emerging sustainability challenges.
Chief Executive Officer’s letter Continued
Intertek received a rating of
‘AAA’ in the MSCI ESG Ratings
assessment.
3
We were included in the
FTSE4Good Index for the
ninth year running.
Intertek is rated 'Prime',
fulfilling ISS ESG's demanding
requirements regarding
sustainability performance
in our sector.
1
Intertek’s latest ESG rating
from Sustainalytics is 15.5,
indicating a low risk of
experiencing material financial
impacts from ESG factors.
2
Intertek participates annually
in CDP’s Climate Change
Programme. For 2025, CDP
recognised our progress with
an 'A-' score.
1. issgovernance.com/esg/ratings
2. sustainalytics.com/legal-disclaimers
3. msci.com/notice-and-disclaimer
Our commitment
to our communities
As part of many communities across the world,
our businesses and people regularly support and
engage with local organisations and initiatives that
improve the environment and support social and
economic development.
Many of our employees volunteer their time to support
essential local and charitable causes that reflect
the value and diversity of the communities in which
we operate.
During 2025 we were active in many ways in many
places to help make communities across the planet
happier, healthier and more successful.
For example, in China, we expanded our long-standing
educational support programme in Chongming, Shanghai,
introducing digital learning hubs and STEM scholarships
for disadvantaged students. This extension will enable
hundreds more young people to access high-quality
science and technology education, equipping them
with the skills they need for the future.
In Egypt, colleagues from our Caleb Brett business
in Alexandria partnered with local schools to improve
learning environments and educational resources
for disadvantaged children. As part of the project, they
donated a range of essential supplies, stationery and
classroom items.
In Ghana, we launched a dedicated youth empowerment
programme in the Tarkwa region to strengthen local
communities and build resilience. The initiative included
our local team attending career fairs, sponsoring prizes for
schools participating in the prestigious NCCE Interschool
Quiz and providing financial support for top-performing
students in the Basic Education Certificate Examination,
thereby creating opportunities for the Ghanian leaders of
tomorrow to achieve their full potential.
These initiatives reflect our commitment to creating
lasting social value and empowering local communities
everywhere to thrive.
VISIT: INTERTEK.COM/RESOURCES/CASE-STUDIES/
SUSTAINABILITY/COMMUNITIES
Our sustainability solutions are
making the world better, safer
and more sustainable
Organisations face increasing challenges across
their value chains. At the same time, consumer
expectations of corporate responsibility
continue to grow, driving increased demand
for risk-based solutions focused on operational
and corporate sustainability.
Sustainability services have been the core of our
global business for over 100 years. Our clients trust
us to ensure the quality, safety and sustainability of
their businesses across their operations and entire
value chain to protect their brands and to help them
gain competitive advantage. Today, we’re better
placed than ever to help organisations demonstrate
their commitment to sustainability, manage risk and
build resilience, and act responsibly.
Our unique industry-leading range of Total
Sustainability Assurance (‘TSA’) services is at the
heart of these, comprising three core elements:
Intertek Operational Sustainability Solutions,
Intertek ESG Assurance, and Intertek Corporate
Sustainability Certification.
READ MORE ON PAGE 1.19 IN REPORT 1
The deep science-based expertise of our amazing
sustainability teams is at the heart of our TSA
approach, covering everything from consulting
to gap assessments, regulatory reporting
and corporate certification, all focused on
driving real-world improvements across clients’
operations and value chains.
In 2025, we deepened and expanded our range
of sustainability solutions, helping our customers
to take meaningful steps towards a lower-carbon,
more responsible future.
C
2024: C
15.5 Low
2024: 18.3 Low
3.9
2024: 4.0
AAA
2024: AAA
A-
2024: B
Intertek Group plc
Annual Report & Accounts 2025
2.04
3: Financial Report1: Strategic Report 2: Sustainability Report
Chief Executive Officer’s letter Continued
In India, we expanded our solar and energy storage
assurance services, introducing advanced traceability
systems and performance testing for photovoltaic
modules while ensuring compliance with international
standards such as IEC and UL. These services have
helped Indian manufacturers improve the reliability
of their products and reduce life cycle emissions,
thereby supporting India’s clean energy ambitions and
giving investors greater confidence in the country’s
sustainable infrastructure projects.
In Ecuador, we provided critical technical support
to the Ecuadorian Government’s innovative tyre
retreading project, significantly reducing waste and
lowering greenhouse gas emissions associated with
new tyre production. By working closely with local
tyre manufacturers, our specialist teams provided
auditing and compliance support that helped
them achieve alignment with global sustainability
frameworks, strengthening consumer trust and
leading to the increased adoption of re-treaded tyres.
In Europe, we launched EUDRtrace, a cutting-
edge, blockchain-based platform designed to
help companies achieve compliance with the EU
Deforestation Regulation (‘EUDR’) by providing end-
to-end transparency for specific commodities like
cocoa, coffee and palm oil. By enabling businesses to
demonstrate that their supply chains are deforestation-
free, EUDRtrace enables our clients to reduce their
brand risk, protect their access to the European
market and build more sustainable businesses.
In the UK, we reduced our own environmental
footprint by upgrading our Greater Manchester
laboratory into a Centre of Excellence for energy
efficiency. The refurbishment introduced LED lighting,
smart HVAC systems and waste reduction measures,
cutting operational carbon emissions while enhancing
our ability to deliver cutting-edge sustainability
testing for clients.
READ MORE ABOUT OUR WORK WITH CUSTOMERS
ON PAGE 2.24
Looking ahead: the icon
for sustainability in 2026
and beyond
As we look to the future, I know Intertek’s
unwavering commitment to Sustainability Excellence
will continue to guide us as we navigate the evolving
landscape of 2026 and beyond. Our dedication to
quality, safety and sustainability remains at the heart
of everything we do, empowering us to continue
making a positive impact on the world.
Through our iconic Total Quality Assurance
proposition and unique ATIC offering, we will harness
the power of our innovative solutions and global
expertise to create a brighter, more sustainable
future. By fostering a high performance culture of
excellence and collaboration, we will not only meet
but exceed the expectations of our clients and
communities, ensuring that we remain the partner
of choice on their sustainability journeys.
As part of our ongoing commitment, we will build on
our success in implementing our DMA to align with
upcoming regulations. This alignment will further
enhance our approach and progress, reinforcing our
position as a leader in sustainability.
All of us at Intertek look forward to seizing the
opportunities ahead with determination and
enthusiasm, knowing that the actions we take today
will shape the future we leave behind. United by a
shared vision and an unwavering commitment to
Sustainability Excellence, we will continue to set the
benchmark for sustainability leadership and build a
truly sustainable world for generations to come.
André Lacroix
Chief Executive Officer
Our sustainability policies
To ensure strong performance and best
practice management of sustainability
issues across our business, we review and,
as necessary, update our sustainability-
related policies on an annual basis.
VISIT: INTERTEK.COM/ABOUT/OUR-RESPONSIBILITY/
SUSTAINABILITY-REPORTS--POLICIES
Sustainability Disclosure Index
The 2025 Intertek Sustainability
Disclosure Index is complementary to our
published reports and sets out how our
latest disclosures map to our own Total
Sustainability Assurance standards, the
Global Reporting Initiative (‘GRI’) and
applicable Sustainability Accounting
Standards Board (‘SASB’) requirements.
VISIT: INTERTEK.COM/OUR-RESPONSIBILITY
Intertek Group plc
Annual Report & Accounts 2025
2.05
3: Financial Report1: Strategic Report 2: Sustainability Report
At Intertek, we recognise the
importance of identifying,
prioritising and validating
the key environmental, social
and governance ('ESG') topics
relevant to our business and
our stakeholders.
Our approach
Double materiality
Our material sustainability topics
Building on the work carried out last year, we have
continued to develop our voluntary double materiality
assessment to better understand the sustainability
topics that are most relevant to our business, our
stakeholders and our long-term value creation.
In 2025, our assessment gave us a more complete view
of how sustainability issues affect our business and
how we, in turn, affect people and the environment.
Importantly, it reassured us that the focus areas we had
identified last year remain relevant, while highlighting
opportunities to refine and strengthen our approach.
Our DMA guides our sustainability disclosures, support
our decision making and risk management, and will
continue to be reviewed and refined as our work
evolves, helping us stay focused on the areas that
matter most.
Our assessment process
The Group’s materiality assessment followed a
structured process designed to identify, assess and
prioritise sustainability topics in a consistent and
transparent manner. We partnered with Datamaran
to apply a technology-enabled methodology
supported by AI and natural language processing.
This enabled us to systematically analyse a broad
range of public information, ensuring our assessment
remained evidence-based and aligned with
emerging stakeholder expectations and regulatory
developments. As a result, the assessment is
robust, transparent and aligned with best practice
in voluntary sustainability reporting.
The assessment was conducted through six
interrelated steps, moving from the identification
of a broad universe of sustainability topics to the
integration of material outcomes into strategic
reporting and decision making.
Double
materiality
assessment
Impact
materiality
(inside-out)
Planet
and society
Financial
materiality
(outside-in)
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Intertek Group plc
Annual Report & Accounts 2025
Our approach Continued
The process began with the
development of a comprehensive
longlist of sustainability topics.
This was informed by a defined
set of sustainability themes
drawing on emerging regulations,
peer practices, stakeholder
expectations, global sustainability
trends, and leading international
reporting frameworks, including
the Global Reporting Initiative
Standards (‘GRI’), Sustainability
Accounting Standards Board
(‘SASB’), Task Force on Climate-
related Financial Disclosures
(‘TCFD’), and the European
Sustainability Reporting
Standards (‘ESRS’).
The longlist was tailored to our
organisational context, reflecting
our industry, operational
footprint, geographical exposure
and strategic objectives. Peer
benchmarking and stakeholder
mapping were incorporated to
ensure the topics assessed were
both globally relevant and specific
to the key risks, opportunities and
value drivers of our business.
Each topic on the longlist
was evaluated through
two dimensions:
• Impact materiality – the
actual and potential impacts
of our activities on people,
communities and the
environment.
• Financial materiality – the
extent to which sustainability-
related risks and opportunities
could affect enterprise value,
financial performance, and
business resilience.
Topics were mapped based on
their significance across both
dimensions, ensuring alignment
with our principal risks and long-
term strategic priorities. This
dual lens captured both external
stakeholder concerns and internal
business relevance.
The longlist of topics was filtered
and prioritised to produce the final
list of material topics by applying
clearly defined thresholds.
A topic was deemed material if it
met or exceeded the threshold
in either materiality dimension.
This ensured inclusion of topics
with significant societal or
environmental impact, as well as
those presenting clear financial
risks or opportunities, even where
impacts differed in prominence.
Topic-level thresholds supported
a consistent, balanced and
transparent prioritisation process.
Each topic’s underlying impacts,
risks and opportunities (‘IROs’)
were assessed individually using
criteria aligned with ESRS 1
guidance:
• Impacts (impact materiality)
were evaluated based on scale,
scope, irremediability, likelihood
and time horizon.
• Risks and opportunities
(financial materiality) were
assessed considering likelihood,
magnitude of effect, time
horizon and potential
financial implications.
Scoring was conducted by internal
subject matter experts across
environmental, social, operational,
risk and compliance functions,
ensuring informed, objective and
consistent assessments.
An IRO was considered material
if it met or exceeded the
relevant threshold.
A sustainability topic was included
in the final materiality shortlist if
any associated IRO was material
in either dimension, ensuring no
significant issue was overlooked
and maintaining full alignment
with ESRS requirements.
The assessment outcomes were
reviewed and validated by the
Group Executive Committee
to confirm alignment with
our sustainability strategy,
business objectives and risk
management framework.
The final set of material topics
will inform the development
of forward-looking strategies
that address stakeholder
expectations and support
long-term business resilience.
Our DMA will be reviewed
and updated regularly to
reflect evolving sustainability
issues, stakeholder priorities
and changes in our business
environment.
Development of a
longlist of topics
Double
materiality
assessment
Prioritisation and
generation of
material topics
Material impacts,
risks and
opportunities
Review and
validation
Integration into
strategy and
reporting
Our step-by-step process to assess material impacts, risks and opportunities combines
stakeholder mapping, internal analysis and governance review to prioritise sustainability
issues, inform strategy and strengthen decision making, disclosures and resilience.
Intertek Group plc
Annual Report & Accounts 2025
2.07
3: Financial Report2: Sustainability Report1: Strategic Report
Relevant UN SDGs
Sustainable
Development Goals
Our approach Continued
Our identification and
assessment of IROs has
also been informed by the
United Nations Sustainable
Development Goals (‘UN SDGs’),
which provide a globally
recognised framework for
addressing environmental,
social and economic
sustainability challenges.
The UN SDGs have been used as a reference point to
understand how our operations, workforce practices and
business relationships may create, contribute to, or be
associated with sustainability outcomes.
The IROs identified in this report reflect our recognition that
responsible employment practices and strong governance
are essential to long-term business resilience, workforce
engagement and sustainable value creation.
By linking our IROs to the relevant UN SDGs, we aim to
provide transparency on the sustainability topics most
material to our business, support informed decision making,
and demonstrate how we manage risks and opportunities
while contributing to broader societal objectives.
Increasing our energy self-sufficiency
improves profitability and energy security.
We are assessing our operations for energy
and process efficiencies and are investing
in solar energy systems, where appropriate,
to enable energy diversification. We are
also working with clients to deliver their
renewable energy products and services.
Affordable and
Clean Energy
Reducing inequalities is fundamental
to our values and culture. We promote
inclusion, equal opportunity and respectful
treatment, removing barriers and engaging
our colleagues so everyone can participate,
contribute and succeed regardless of
background or circumstance globally.
Reduce
Inequalities
Climate change is one of the greatest
threats facing society, but emissions
continue to rise. Reducing our own
greenhouse gas (‘GHG’) emissions is
a priority for us, as well as working
with our customers to ensure they are
resilient to the impacts that a changing
climate might bring.
Climate
Action
We promote transparency, accountability
and compliance, prevent misconduct and
respect human rights, building trust with
stakeholders through effective governance,
controls and reporting frameworks.
Peace, Justice
and Strong
Institutions
To ensure healthy lives and promote
wellbeing for all at all ages, we have
developed programmes that support the
good health and wellbeing of the people
within our business as well as delivering
these programmes for our customers
and communities.
Good Health
and Wellbeing
Our daily operations provide employment
for 45,000 people across 100 countries.
We provide training and development
opportunities in safe, secure working
environments, graduate and apprentice
opportunities, and programmes for young
people experiencing difficulties securing
employment, offering equal opportunities
to all and valuing diversity among
our employees.
Decent Work
and Economic
Growth
Improving gender balance is a priority
for us. We continue to focus on gender
diversity by attracting, developing
and retaining more talented women
across the business. We have policies,
procedures and initiatives in place to
support gender diversity.
Gender
Equality
Investing in innovation and infrastructure
supports our services. We deliver
sustainability solutions, ensure cyber
security and data protection, and maintain
high-quality standards, enhancing customer
satisfaction while strengthening operational
resilience, reliability and performance across
all business and client activities globally.
Industry,
Innovation
and Infrastructure
We promote responsible and ethical labour
practices, and sustainable purchasing,
applying our Supplier Code of Conduct
principles to uphold standards, manage
risks and improve social and environmental
performance across our supply chain.
Responsible
Consumption
and Production
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Intertek Group plc
Annual Report & Accounts 2025
Our approach Continued
ESRS E1 Climate Change
Impact, risk or opportunity key
Positive impact
Negative impact
Risk
Opportunity
ESRS topic: Climate
Understanding and mitigating business impacts on climate change by reducing scope 1, 2 and 3 GHG emissions. This includes our approach to mitigating and adapting to potential physical and transition risks, as well as the
identification of potential climate-related opportunities in the transition to a lower-carbon economy.
ESRS sub-topic IRO description IRO UN SDGs Further information
Climate change adaptation
• Intertek is exposed to certain physical risks, including acute and chronic climate events due to extreme
weather and rising temperatures, which can cause damage to our facilities, increase operating costs and
disrupt operations, impacting financial performance.
READ OUR TCFD STATEMENT ON
PAGE 1.62 IN REPORT 1
Climate change mitigation
• Transitional risks may arise if companies fail to scale up investments in climate-driven strategic growth
areas, potentially decreasing demand for our sustainability services and ATIC (Assurance, Testing,
Inspection and Certification) solutions and related market opportunities, potentially impacting revenue.
READ OUR TCFD STATEMENT ON
PAGE 1.62 IN REPORT 1
• Accelerating decarbonisation efforts and sustainability agendas creates demand for our sustainability
services and ATIC solutions as companies develop low-carbon products, innovations and technologies
to reduce emissions and drive sustainable growth.
• Failure to reduce direct GHG emissions from our own operations (scope 1) as well as the indirect GHG
emissions from purchased electricity, heat and steam (scope 2) can accelerate extreme weather events
and rising sea levels, disproportionately harming the livelihoods and wellbeing of vulnerable communities
and fragile ecosystems.
Energy
• Failure to improve energy efficiency and transition to renewable sources may increase operating costs,
emissions and regulatory risks.
READ ABOUT OUR WORLD OF
ENERGY ATIC SERVICES ON PAGE
1.51 IN REPORT 1
• Investing in energy efficiency and renewable energy can enhance competitiveness by lowering energy
expenses, reducing emissions and positioning the business to capitalise on the growing market for
low-carbon products and services.
ENVIRONMENTAL AND CLIMATE
CHANGE POLICY
• Surging demand for renewable power and electric vehicles presents opportunities to invest in sustainable
energy solutions, boosting revenues and reducing environmental impact.
READ MORE IN THE
ENVIRONMENT SECTION ON
PAGES 2.34-2.39
• Increased use of renewable energy sources, such as solar, wind and tidal power, can reduce GHG, improve
air quality and support the development of a more sustainable energy infrastructure, benefitting the
environment and local communities.
• Implementing energy efficiency projects and transitioning to renewable energy sources can reduce
GHG emissions and improve air quality, benefitting people, communities and natural resources.
Intertek Group plc
Annual Report & Accounts 2025
2.09
3: Financial Report2: Sustainability Report1: Strategic Report
Our approach Continued
ESRS S1 Own Workforce
ESRS topic: Working conditions
Ensuring safe and responsible labour practices in our own operations, employee wellbeing and health promotion, and freedom of association topics.
ESRS sub-topic IRO description IRO UN SDGs Further information
Health and safety
• Failure to implement health and safety measures could result in worker injuries, lost productivity, legal
liabilities and reputational damage.
READ ABOUT OUR PRINCIPAL
RISKS AND UNCERTAINTIES
RELATING TO THIS TOPIC ON
PAGE 1.59 IN REPORT 1
• Actively promoting a culture of openness on wellbeing and mental health contributes to building
a stronger and more resilient workforce, improving employee engagement and satisfaction, and
benefitting employees, their families and the wider community.
GROUP HEALTH, SAFETY AND
WELLBEING POLICY
• Inadequate occupational health and safety management can lead to work-related injuries, illnesses,
fatalities and environmental contamination, negatively impacting employees, their families and the
broader community.
READ MORE ABOUT HEALTH,
SAFETY AND WELLBEING ON
PAGES 2.16-2.18
Adequate wages
• Failure to provide fair and equitable compensation could lead to reputational damage, high employee
turnover, lower employee morale, engagement and productivity, making it difficult to attract and
retain talent.
READ OUR REWARD AND
RECOGNITION SECTION ON
PAGE 2.20
• Inadequate wages can create financial stress and reduce job performance, impacting employees and
their dependants' health, wellbeing and their ability to meet their basic needs.
Secure employment
• Job security provides employees with a sense of emotional and financial stability, which can reduce
stress and anxiety, allow them to focus on their work andpersonaldevelopment, increase their levels
of motivation, loyalty andoverall better wellbeing. Employees with a sense of security are more likely
to have higher job satisfaction and increased engagement.
READ OUR TALENT MANAGEMENT
SECTION ON PAGE 2.20
Freedom of association,
the existence of works
councils and the information,
consultation and participation
rights of workers
• Failure to respect the rights of our employees to form and join trade unions and take part in collective
bargaining and social dialogue, where applicable, poses risks of lower productivity, higher turnover,
compliance and legal issues, operational disruptions, reputational damage, and recruitment challenges.
READ ABOUT OUR RESPONSIBLE
BUSINESS PRACTICES ON
PAGE 2.44
LABOUR AND HUMAN
RIGHTS POLICY
Impact, risk or opportunity key
Positive impact
Negative impact
Risk
Opportunity
Intertek Group plc
Annual Report & Accounts 2025
2.10
3: Financial Report2: Sustainability Report1: Strategic Report
Our approach Continued
ESRS S1 Own Workforce
ESRS topic: Equal treatment and opportunities for all, and other work-related rights
Building a diverse and inclusive environment where everyone has opportunities to grow and succeed, and fostering non-discriminatory workplace practices.
ESRS sub-topic IRO description IRO UN SDGs Further information
Diversity
• Failure to maintain a diverse and inclusive culture could limit new ideas, innovative thinking, problem
solving, creativity, collaboration, engagement, trust, psychological safety,potentially reduce talent
attraction and expose the organisation to reputational risks.
READ ABOUT DIVERSITY,
EQUITY AND INCLUSION ON
PAGES 2.21-2.23
• Through proactively promoting diversity, equity and inclusion, Intertek can attract and retain talent,
foster a culture of trust, increase innovation, support ever better decision making, collaborate across
borders, open up new customer markets,encourage greater productivity and contribute to further
growth of the organisation.
INCLUSION AND
DIVERSITY POLICY
• Intertek makes a positive impact on employees’ wellbeing and sense of belonging by promoting an
inclusive and diverse workplace, where all employees and other workers feel valued and respected.
Gender equality and equal
pay for work of equal value
• Limited gender representation in leadership may constrain the breadth of perspectives in strategic
decision making. This can reduce the relevance and impact of company policies, hinder innovation and
affect our ability to attract and retain diverse talent – posing a long-term risk to organisational resilience
and sustainable growth.
GENDER PAY GAP REPORT
• By addressing gender equity, Intertek contributes to a more inclusive and equitable society, where diverse
perspectives drive innovation, strengthen communities and create sustainable economic growth for all.
• A more gender-balanced leadership team fosters diversity and inclusion, which in turn drives innovation,
enhances employee engagement, and leads to more effective and representative decision making. This
diversity of thought contributes to more robust ideas and policies, positioning the company for improved
performance and long-term value creation for all.
Forced labour
• Violations of human rights, such as forced labour, child labour and discrimination, within our operations
or our supply chain could result in legal liabilities, operational disruptions and reputational damage.
READ ABOUT OUR RESPONSIBLE
BUSINESS PRACTICES ON PAGE
2.44
LABOUR AND HUMAN
RIGHTS POLICY
Impact, risk or opportunity key
Positive impact
Negative impact
Risk
Opportunity
Intertek Group plc
Annual Report & Accounts 2025
2.11
3: Financial Report2: Sustainability Report1: Strategic Report
Our approach Continued
ESRS G1 Business Conduct
ESRS topic: Business conduct
Ensuring integrity, transparency, compliance with laws and responsible behaviour across our operations and value chain.
ESRS sub-topic IRO description IRO UN SDGs Further information
Corruption and bribery
• Failure to comply with business conduct rules and regulations such as corruption and bribery, money
laundering, and competition could lead to litigation (including significant fines and debarment from
certain territories/activities), reputational damage, loss of accreditation and erosion of trust, impacting
financial performance.
CODE OF ETHICS
Corporate culture
• Through our ‘Doing Business the Right Way’ programme we aim to embed a strong ethical culture which
can attract and retain talent, enhance brand reputation, stakeholder relationships and operational
efficiency, positioning the business for sustainable growth and value creation.
READ ABOUT OUR RESPONSIBLE
BUSINESS PRACTICES ON PAGES
2.44-2.47
• The Intertek Code of Ethics training aims to educate all employees about human and labour rights,
bribery, corruption, discrimination, misconduct and employee relations, helping all stakeholders such
as employees, customers and local communities.
Management of relationships
with suppliers including
payment practices
• Supplier difficulties, labour rights violations and environmental damage in the supply chain can
lead to operational disruptions, legal liabilities and reputational harm, impacting financial value and
stakeholder trust.
SUSTAINABLE PROCUREMENT
POLICY
• Strengthening supplier relationships, promoting fair labour practices and advancing environmental
sustainability in the supply chain can enhance operational resilience, brand reputation and long-term
financial performance.
• Intertek promotes responsible procurement and emissions reduction across the supply chain,
benefitting local communities and the environment.
Impact, risk or opportunity key
Positive impact
Negative impact
Risk
Opportunity
Intertek Group plc
Annual Report & Accounts 2025
2.12
3: Financial Report2: Sustainability Report1: Strategic Report
Company-specific topics
Our approach Continued
Material topics not addressed by specific ESRS standards
Topic IRO description IRO UN SDGs Further information
Quality and customer
satisfaction
• Failure to focus on customer needs, to provide customer innovation or to deliver our services in
accordance with our customers’ expectations and our Customer Promise, can lead to customer
dissatisfaction and customer loss, and a gradual erosion of market share and reputation.
READ ABOUT OUR PRINCIPAL
RISKS AND UNCERTAINTIES
RELATING TO THIS TOPIC ON
PAGE 1.58 IN REPORT 1
Sustainability services
• The integration of our sustainability portfolio into our core ATIC offerings enhances our value
proposition by providing customers with comprehensive, future-ready solutions that address
regulatory compliance, sustainability and ESG performance. This strategic alignment reinforces
Intertek’s market differentiation, strengthens long-term customer partnerships, and positions us
to capture sustained, purpose-led growth in a rapidly evolving global landscape.
READ ABOUT OUR
TSA PROGRAMME ON PAGE 2.14
Cyber security, IT and
data protection
• Cyber security breaches or unauthorised access to confidential data, including customer or employee
data and sensitive business information, could disrupt operations, increase employee turnover,
compromise sensitive data, and result in legal, reputational and financial consequences, adversely
affecting business performance and stakeholder trust.
READ ABOUT OUR PRINCIPAL
RISKS AND UNCERTAINTIES
RELATING TO THIS TOPIC ON
PAGE 1.60 IN REPORT 1
• Robust cyber security enables secure remote access and cross-border collaboration, helping us tap
into global talent, scale digital operations and deliver services efficiently. This strengthens business
continuity, global competitiveness and customer trust. Strong capabilities also position us as a credible,
secure partner and employer, supporting new digital services for our customers, driving revenue growth
and long-term value creation.
READ ABOUT OUR CYBER
SECURITY SERVICES:
INTERTEK.COM/IOT/
CYBERSECURITY
• Reliable cyber security at Intertek facilitates a flexible remote work environment, supporting employee
wellbeing, work-life balance and productivity.
• Inadequate cyber resilience within Intertek can lead to unauthorised access, misuse or exposure of
personal and sensitive data belonging to customers or employees. This may result in direct harm to
individuals, including identity theft, financial loss, emotional distress and reduced access to essential
digital services.
Impact, risk or opportunity key
Positive impact
Negative impact
Risk
Opportunity
Intertek Group plc
Annual Report & Accounts 2025
2.13
3: Financial Report2: Sustainability Report1: Strategic Report
Our approach Continued
Enterprise
Security
Quality &
Safety
People &
Culture
CommunitiesEnvironment GovernanceCompliance FinancialRisk
Management
Communications
& Disclosures
The TSA programme is based
on ten corporate sustainability
standards that we believe
define a truly sustainable
organisation today.
Total Sustainability
Assurance ('TSA')
standards
End-to-end systemic sustainability approach
We believe that these TSA standards are the most
comprehensive sustainability standards currently
available, forming the foundation of our approach,
and challenging us to view our processes and
procedures through this end-to-end lens.
Our ten TSA corporate sustainability standards
demonstrate actionable, comparable, consistent and
reliable disclosures, and provide assurance beyond
ESG disclosures. They recognise that truly sustainable
solutions must address the important operational
aspects of every company, to cover environment,
products, processes, facilities, assets, systems,
corporate policies and stakeholder engagement.
To embed the requirements of all ten standards and
review our progress, we carried out a self-assessment
for each standard followed by a gap assessment
audit of our corporate head office and a selection of
operational sites that are representative of the mix
of business lines and activities within our operations.
The audit team comprised subject matter experts
from our Business Assurance business line, which
benchmarked our sustainability programmes against
the requirements of each standard.
Performance is benchmarked against requirements
and based on maturity. On completion of the
benchmarking step the audit team reported
their findings and the extent to which corporate
sustainability processes are in place, effective and
meeting the intent of the standard.
The outcomes have further fed into our ever better
approach and provided valuable insights which will
enable us to align our sustainability initiatives and
priorities further.
PAGES
2.16-2.47
PAGE 2.46 PAGE 2.34 PAGE 2.40 READ MORE
IN REPORT 3
PAGE 2.44 PAGE 2.44 PAGE 2.16 PAGE 2.50 PAGES
2.16-2.47
FOR FULL DETAILS ON THE TSA STANDARDS
VISIT INTERTEK.COM/SUSTAINABILITY
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2.14
Intertek Group plc
Annual Report & Accounts 2025
Sustainability
Excellence in
every area of
our operations
Our Purpose is bringing quality,
safety and sustainability to life,
and our Sustainability Excellence
strategy is fundamental to
our business.
We ensure we create positive impacts through
the work we do for our clients and we make
progress on our own sustainability agenda
by engaging our colleagues in our ever better
journey. We do this through implementing
detailed site-by-site action plans, accurate
sustainability performance measurement
and strong governance. We hold ourselves to
account in line with our own TSA standards,
international best practice, the expectations
of our stakeholders and future regulations.
Our Sustainability Excellence strategy
People and Culture
Our people strategy is all about
energising our colleagues to take
the company to new heights
2025 ATIC Engagement Index score
93
Working with Customers
We empower our customers
to make sustainability a
competitive advantage
Innovative sustainability services have been core
to our global business for more than
100 years
Environment
Our goal is to decarbonise
our business by 2050
Operational emissions reduction
2024–2025
13.4%
Communities
We create positive impacts in the
communities where we operate
Community projects in 2025
270
Responsible Business
We are uncompromising on
quality and compliance
Eligible employees who completed our compliance
training in 2025
99.6%
READ MORE ON
PAGE 2.24
READ MORE ON
PAGE 2.40
READ MORE ON
PAGE 2.34
READ MORE ON
PAGE 2.44
READ MORE ON
PAGE 2.16
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Intertek Group plc
Annual Report & Accounts 2025
Link to principal risks in Report 1:
1
2
3
4
5
6
7
8
9
10
11
Material issues
• Fair and inclusive workplace
• Occupational health and safety
• Social inclusion
• Employee acquisition, talent
• Employee engagement and satisfaction
Progress in 2025
We made strong progress in 2025, both
developing our existing people-focused
programmes and launching new initiatives
designed to make the workplace ever
better for everyone at Intertek.
Our people are an amazing force
for good in the world, helping
us to deliver our mission-critical
science-based Quality Assurance
solutions for our clients.
With 45,000+ employees in over 1,000 laboratories
and offices in more than 100 countries, our global
network of colleagues enables both international and
local businesses to overcome complex quality, safety
and sustainability challenges. Combining industry
leading technical and science-based expertise
with precision, pace and passion, our people are
at the heart of how we bring quality, safety and
sustainability to life every day.
Our people strategy focuses on energising our
colleagues to take Intertek to greater heights and
our 10X culture empowers our people to reach their
full potential in a pioneering, high-performance
environment. Our 10X culture is characterised
as being caring, trusted, ever better, thriving
and ingenious.
Operating with integrity underpins everything
we do, and we create a safe, caring and equitable
environment where our colleagues are engaged and
trusted to deliver the very best for their customers.
Our operations are backed by key policies covering
labour and human rights, inclusion and diversity,
and health, safety and wellbeing, ensuring the right
conditions for our people to feel safe, valued and able
to access exciting personal growth opportunities.
We strive for a workforce that is resilient, stable and
deeply engaged in our goals and objectives.
READ OUR PEOPLE AND CULTURE CASE STUDIES AT INTERTEK.
COM/ABOUT/OUR-RESPONSIBILITY
Ensuring the health, safety and
wellbeing of our employees
The health, safety and wellbeing of our employees
and contractors is the utmost priority at Intertek.
We aim to encourage a culture of proactive employee
safety and wellbeing (‘ES&W’) awareness, industry
best practice and continuous improvement to
increase ES&W performance globally.
In 2025, we elevated the focus on employee safety
by creating a new role within the Group Executive
Committee – Vice President, Group Head of Quality
and Safety Assurance. The purpose of this role is
to provide the Group with the assurance that all of
our global operations are run in accordance with our
approved expectations of quality and safety.
Our Group Health, Safety and Wellbeing Policy
provides the basis for a common and aligned ES&W
standard for all Intertek sites and subsidiaries.
This policy was refreshed in 2025 and will continue
to be reviewed annually.
Our commitment to ES&W also extends to our wider
network, with joint venture partners and contractors
strongly encouraged to adopt and implement our
Group policy. The compliance of our suppliers and
their own supply chains is ensured through our
Supplier Code of Conduct.
We firmly believe that to drive continued progress,
the performance indicators we track must focus on
the diligent implementation of robust processes and
actions that build and embed a culture of proactive
ES&W awareness. Dedicated ES&W reporting is
provided each month for our country and business
line teams. Key safety metrics are also included in our
5x5 performance measures for every site, ensuring
our site and business leaders continually monitor
and manage these.
2025 ATIC Engagement Index score
93
Voluntary permanent employee turnover
10.1%
Explore our other focus areas
Working with Customers 2.24
Environment 2.34
Communities 2.40
Responsible Business 2.44
Sustainability performance
People and Culture
Our people strategy is all
about energising our
colleagues to take the
company to new heights
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Intertek Group plc
Annual Report & Accounts 2025
Sustainability performance
People and Culture Continued
10X
10X is the mindset that
defines our culture: striving
to be ten times better, every
day and everywhere.
Enhancing safety
culture through cross-
business collaboration
Our Building & Construction
(‘B&C’) business line has
enhanced its safety culture
through an innovative
partnership with Wisetail,
an Intertek Company, which
provides pioneering learning
and development solutions.
Using Wisetail’s cutting-edge technology, B&C
launched an interactive safety training library on
Lucie, our global learning management system.
LEARN MORE ONLINE
We continue to build an open and trust-based
environment that reports and learns from safety
risks and incidents. During 2025, levels of Hazard
Observations increased for the fifth consecutive year,
reflecting greater levels of activity across our sites as
well as greater awareness and reporting overall.
For each location, we have a dedicated fire
warden, first aider and ES&W representative.
These representatives are empowered not only to
investigate incidents and implement preventative
and corrective actions, but also to disseminate safety
information through training and targeting continuous
improvement. With our ES&W communication network,
we not only have an agreed contact person in each
country and location but also a means of cascading
key ES&W information and programmes globally.
All of our businesses have robust ES&W training
programmes during the induction and onboarding
process for new employees, as well as emergency
responses procedures, intervention and reporting
of Hazard Observations, Near Misses and safety
incidents. We provide appropriate personal
protective equipment and continually expand on
existing programmes and controls to improve the
health, safety and wellbeing of our colleagues.
iHazard, our safety awareness campaign and global
reporting tool, is promoted to all employees to
encourage all our people to proactively identify
and report any hazards, Near Misses or incidents.
Our target remains for our Total Recordable Incident
Rate (‘TRIR’) to equal or be less than 0.5. This target
is part of the next phase of our ES&W cultural journey
and supports our continued aim to achieve zero Lost
Time Incidents.
2025 2024 Change
Hazard Observations 32,624 30,307 8%
Near Misses 3,376 2,572 31%
First Aid 693 630 10%
Lost Time Incidents 108 111 (3%)
Medical Treatment Incidents 100 78 28%
Fatalities 0 0 –
TRIR 0.45 0.42 3bps
In action
Intertek Group plc
Annual Report & Accounts 2025
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Sustainability performance
People and Culture Continued
Workplace mental health
The mental health and wellbeing of our employees,
clients and third parties connected with our business
is of paramount importance, and we are committed
to continuously improving our approach in this area.
We promote a culture of openness around mental
health and wellbeing, which is driven by our Group
Executive Committee through our Group Executive
Vice President, Human Resources and rolled out
across the business by our regional Human Resources
Directors and their teams of experienced Human
Resources (‘HR’) professionals. Our local HR networks
tailor our support programmes to cater to the unique
needs in their regions.
To support this approach, we have an employee
assistance programme (‘EAP’) in every country we
operate in. These EAP programmes offer a broad
range of support services, such as counselling and
mental health and wellbeing support.
We also have additional resources on our employee
intranet, and our global wellbeing programme
Kindness, which offers a series of bitesize e-learning
modules providing helpful guidance and tips on a
range of topics to support mental wellbeing, such
as building resilience and mindfulness. Kindness is
available to our colleagues through Lucie, our global
learning management system.
In 2025, we developed the next iteration of our
Kindness initiative to provide training on mental
health. The first phase of this programme’s rollout
required all UK-based managers to complete training
on key mental health issues and how to support any
of their people experiencing these.
To ensure that we are offering the right support to
our global colleagues, we track and review progress
against the goals of our Group Health, Safety and
Wellbeing Policy each year, making improvements
to our approach as necessary.
Attracting talent
We recruit prospective employees in a variety of
ways, depending on location and role, in compliance
with local regulations for fair recruitment practices
and equal opportunities.
We employ various sourcing methods to attract
talented people to join our business. Our HR and
resourcing teams around the world post vacancies on
the career pages of our Intertek websites, on social
media channels and relevant recruitment websites,
as well as leveraging employee referrals. We also
collaborate with recruitment agencies, professional
bodies and associations, schools, colleges and
universities to ensure we can reach and engage with
top talent. We are committed to recruiting people
who are local to our operations wherever possible.
To offer career progression within the Group, we
also seek wherever possible to fill vacancies from
within the business first, creating meaningful
growth opportunities for our people.
LEARN MORE: INTERTEK.COM/CAREERS
Engaging our employees
We recognise the importance of employee
engagement in delivering sustainable performance
for all stakeholders, and aim to hire, inspire, engage
and retain the best people to power our Amazing ATIC
Advantage (‘AAA’) differentiated growth strategy.
We recognise that our people leaders throughout
the business play an integral part in engaging and
energising our colleagues. We have put in place a
number of interactive tools to help all our colleagues
and our people leaders. This includes 10X Journey,
a process which covers every employee and goes
beyond traditional performance management to
address aspirations and growth planning. We also
have 10X Talent Planning to ensure that each
employee has a carefully planned growth path with
us, and Champions, our partnership with Gallup to
survey and make plans to increase engagement for
every team at Intertek.
To measure our employee engagement, we follow
the Intertek ATIC Engagement Index, which is based
on the key drivers of sustainable value creation within
our differentiated ATIC business model, and which
measures engagement on a monthly basis in every
operation with the following metrics: Net Promoter
Score (‘NPS’), customer retention, quality, voluntary
permanent employee turnover and TRIR.
In 2025, our ATIC Engagement Index score
increased for the third consecutive year to a new
high of 93 (2024: 91), reflecting high engagement
levels across the Group. We will continue to target
an ATIC Engagement Index score of 90 or more
moving forward.
During the year, our voluntary permanent employee
turnover improved to a six-year low rate of 10.1%
(2024: 11.2%). We will continue to aim for a rate
below 15%.
Mental health
training launched to
support workplace
wellbeing
As we developed the next
stage of our successful
Kindness global wellbeing
programme, we focused on
providing mental health training
to our UK line managers.
With people in the UK increasingly seeking
out mental health support, this carefully
curated initiative saw the launch of five
interactive e-learning modules focused on
stress, pressure and mental health in the
workplace. The modules were designed to
help our colleagues identify concerns early
and support each other effectively, as well as
giving them greater confidence to champion
mental health awareness among their teams.
While the new training was initially targeted
at our people managers in the UK, it was
also made available to all colleagues through
Lucie, our global learning management
system, alongside the pre-existing series
of Kindness training modules.
The expansion of Kindness reflects our
strong commitment to workplace wellbeing
and tailoring support to where it is most
needed to encourage all our colleagues to
play their role in building an increasingly
compassionate, resilient company culture.
In 2025, the new Kindness e-learning
modules were completed by 94.2% of
our UK-based line managers.
In action
Intertek Group plc
Annual Report & Accounts 2025
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Engagement
programme turns
insights into
meaningful action
In 2025, we completed another
two cycles of our Champions
engagement programme –
a crucial initiative for enabling
open and constructive dialogue
within our teams – and saw
employee participation reach
a record high.
Champions is led by our people managers
and organised in partnership with Gallup,
the leading expert in the science of
employee engagement. The programme
gives all colleagues the opportunity to
anonymously rate statements precisely
crafted to measure employee engagement.
Our managers then share the results with
their teams and work together to agree
actions for improved engagement, including
follow-up meetings to track progress.
The positive impact of Champions on
our colleagues around the world is clear.
The team action planning sessions are not
only helping to create stronger working
relationships between managers and their
teams, but also generating new ideas,
from local initiatives supporting employee
wellbeing to new development opportunities.
In action
Sustainability performance
People and Culture Continued
3: Financial Report2: Sustainability Report1: Strategic Report
2.19
Intertek Group plc
Annual Report & Accounts 2025
Sustainability performance
People and Culture Continued
Talent management
We are committed to offering attractive career
development opportunities and believe in personal
growth for every employee. We know that when
each of us is growing and developing, we move
faster along our good to great journey.
Our 10X Talent Planning process ensures our
people’s performance and future progression are
actively reviewed and discussed. Our 10X Journey
performance review process also ensures that
personal growth plans are set for all employees in
collaboration with their managers. This approach
to talent management is a key part of our culture,
ensuring we recognise and develop colleagues that
are not only delivering our Total Quality Assurance
(‘TQA’) value proposition but also representing our
Values and 10X Energies.
Every new joiner at Intertek goes through our 10X
Onboarding experience on Lucie, our global learning
management system. This mandatory training
immediately immerses them into our culture, strategy
and ways of working from the very start of their
Intertek journey. Their induction e-learning also
covers a series of modules on ‘Doing Business the
Right Way’, our internal risk, control, compliance and
quality programme.
The Board as a whole is responsible for ensuring
that appropriate human resources are in place to
achieve our AAA strategy and deliver sustainable
performance. Global talent and succession planning
for the Group Executive Committee are both
discussed regularly.
In employment-related decisions, we comply with all
applicable anti-discrimination requirements in the
relevant jurisdictions. In line with our commitment
to supporting the wellbeing of our employees, we
have zero tolerance for unlawful discrimination
and harassment.
We are an equal opportunities employer and offer
career progression to all. We seek to offer a variety
of ways to support the needs of our people, ranging
from hybrid working to flexible working patterns,
where practicable. In the UK, for example, we
offer flexible working hours, working-from-home
arrangements and part-time working options on
a case-by-case basis. Requests for reasonable
adjustments to support employee wellbeing and
personal situations are managed during recruitment,
onboarding, career development, performance
reviews and return-to-work processes.
To promote a healthy work-life balance, we monitor
working hours, including overtime management, and
look for ways to avoid or reduce excessive working
hours. We also encourage our employees to take
their paid annual leave entitlements.
Reward and recognition
Reward plays a key role in attracting, motivating and
retaining talent. We also recognise the important link
between fair pay and employee wellbeing.
Intertek is compliant with minimum wage and
mandatory social contributions requirements in all
jurisdictions where we operate. In the UK, we are a
certified Real Living Wage Employer. Remuneration
at all levels at Intertek is aligned with the principles
of our Remuneration Policy, as disclosed on pages
2.80–2.107.
We depend on local management to define and
maintain competitive compensation practices that
appeal to both existing and future talent.
All employees are remunerated in accordance with
local policies and guidelines. The remuneration
comprises elements which are fixed, and in some
cases, variable. The fixed elements are base salary
and benefits including pensions, where applicable.
The variable elements include incentives, both short-
and long-term.
Across the world, our management bonus scheme and
long-term incentives for eligible employees all follow
the same metrics, creating alignment on our strategic
goals throughout the organisation.
Recognition plays an important part at Intertek,
and we take every opportunity to recognise great
performance across the business through our internal
channels. This includes global recognition delivered by
our Group Executive Committee throughout the year,
as well as numerous local, regional and business line
recognition programmes.
Skills development
As a leading provider of quality, safety and
sustainability assurance services, Intertek relies
on a skilled workforce.
Over the years we have made great progress with
our leadership development agenda as well as in
enhancing the tools and applications available to
enable people to grow and succeed in their careers.
We ensure that all employees receive adequate
coaching, development and training to be fully
competent to carry out their roles. This is supported
by our many Group-wide programmes including talent
planning processes; my 10X Journey, which provides
structure for individual growth planning; our 10X
Energies that help define winning behaviours; and
our Lucie training to help address key development
and training needs, with a rich library of both global
and local content available in multiple languages.
The individual learning journey of each employee is
supported with diverse development opportunities
that are continually refined based on business needs,
employee feedback, best practices, trends and new
technologies. In 2025, we launched ‘Doing Business
the Right Way’ Month. This included five training
modules featuring members of our Group Executive
Committee, bringing to life our commitment to acting
with integrity across everything we do.
There are many training opportunities available for
our people, with both in-house and external learning
opportunities. We recognise that the wide range of
technical specialisms within our business, as well as
the different industries we support, require different
types of technical training, education and support.
Our local HR and business line teams therefore tailor
their skills development offerings to ensure that our
people have the right opportunities to learn and grow.
We offer and support:
• apprenticeships;
• internship programmes;
• college degrees;
• professional qualifications;
• formal and informal workshops and seminars;
• exciting cross-functional roles;
• leadership training programmes; and
• 10X Coaching opportunities with internally
certified coaches.
Our Purpose
Bringing quality, safety and
sustainability to life.
Our Vision
To be the world’s most trusted
partner for Quality Assurance.
Our Values
We are a global family that values diversity.
We always do the right thing. With precision,
pace and passion.
We trust each other and have fun
winning together.
We own and shape our future.
We create sustainable growth. For all.
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Sustainability performance
People and Culture Continued
10X Coaching
programme
Since its launch in 2020, our 10X
Coaching programme has been
helping our leaders to unlock
their full potential.
This in-house programme pairs certified 10X
Coaches – leaders from across the business
– with colleagues who have completed the
10X Leadership programme and requested
to work with a coach.
LEARN MORE ONLINE
10X Leadership
programme
We continued our 10X
Leadership programme in 2025,
holding another event for a
further 74 leaders from across
the business.
Led by André Lacroix, our Chief Executive
Officer, the course invites Intertek leaders to
stop and reflect on their leadership approach,
and to explore how a humanistic approach to
leadership can foster purpose, engagement
and high performance across their teams.
LEARN MORE ONLINE
In action
In action
Diversity, equity and inclusion
Intertek’s history goes back over 130 years, evolving
from the combined growth of several innovative
companies from around the globe. Diversity has
always been at the heart of who we are and will
continue to provide the power behind our success
in the future. With team members from over 100
countries – all with different backgrounds, cultures
and beliefs – our diverse workforce makes us the
leading company we are today.
Our Inclusion and Diversity Policy facilitates a culture
of inclusiveness where people can perform at their
best, and where their views, opinions and talents are
respected, harnessed and not discriminated against.
To further support our commitment to diversity,
equity and inclusion throughout the Group, all
employees are expected to complete our annual
Code of Ethics training, covering key policies and
practices related to ensuring a fair, respectful and
inclusive environment.
During the year, we also delivered training and
workshops across the globe through MOSAIC, our
diversity, equity and inclusion programme, and
engaged employees to complete our unconscious
bias e-learning module.
To achieve the optimum mix of skills, backgrounds and
experience, workforce diversity needs to go beyond
discussing the percentage of women to also include
other diversity indicators.
As a business we want to ensure that we have the
right capabilities to deliver our strategy. Our diverse
workforce helps us to understand, communicate
and trade with our vast client base through their
understanding of local issues and cultures. They
add value in ensuring our services are tailored
to our customers’ needs, which underpins sales
growth, customer retention and satisfaction.
We demonstrate that we are an inclusive and diverse
global family by applying all employment policies and
practices in a way that is informed, fair and objective.
This covers all policies relating to recruitment,
promotion, reward, working conditions, flexible
working and performance management.
Celebrating the cultures which enrich our business
Around the world, the rich and
diverse cultures which make up our
teams encourage a greater variety
of perspectives and help us to drive
innovation across the business.
Through MOSAIC, our global diversity,
equity and inclusion programme, we
take the opportunity to celebrate these
different cultures.
In South Africa, for example, where our diverse
local communities reflect a diverse national
population, our teams across the country
celebrate Heritage Day. Held each September,
Heritage Day encourages South Africans
to celebrate their diverse cultural heritage,
traditions and beliefs.
The Intertek South Africa team is made up
of colleagues from many cultures, including
indigenous backgrounds such as Isizulu,
IsiXhosa, SiSwati, Ndebele and SeSotho, and
groups with origins in other parts of the world.
To champion inclusivity and recognise the
unique contributions of each of our colleagues,
we hosted several team building activities on
Heritage Day in 2025.
At sites where it was safe to do so, colleagues
were invited to wear traditional outfits to work
and talk about clothing from their cultures,
including who wears what, attire for specific
occasions or the significance of certain colours.
Some teams spent time painting the Protea,
South Africa’s national flower, while others
strengthened team bonds over traditional
barbecue cuisine. It was a day of sharing,
connection and recognition of the power
of diversity.
As a company with teams in more than 1,000
locations in over 100 countries, our people are
a rich mosaic of talented experts, leveraging
their diverse backgrounds, experiences and
perspectives to build an ever better world.
In action
Intertek Group plc
Annual Report & Accounts 2025
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3: Financial Report2: Sustainability Report1: Strategic Report
Sustainability performance
People and Culture Continued
Gender diversity
We are determined to develop and
retain more women in senior roles.
Our goals
Improving gender balance is critical for us.
We continue to focus on gender diversity by
attracting, developing and retaining more
talented women, particularly at senior levels.
We increased the number of women in senior
leadership positions to 27.7% (2024: 26.3%),
having set a goal of 30% by 2025. As we work
towards a greater gender balance at this level,
we will continue to aim for 30%.
Metrics and performance
36%
of our global TQA Experts are women.
We ensure that men and women are paid
equally for doing equivalent roles and we
are committed to a number of measures to
ensure we provide an energising workplace,
free of any gender bias, where employees
can flourish based on their talent and effort.
To strengthen this, we ensure that our
shortlists of external hire candidates have
a balance of gender diversity. We remain
committed to equality and provide flexible
working where possible.
Intertek TQA Experts by level
Male Female
Group Executive
Committee 13 4
Senior leader
1
175 68
Whole organisation 29,061 16,364
1. Direct reports to the Group Executive Committee.
Intertek TQA Experts by region
Male Female
Americas 8,161 3,487
Asia 12,695 9,113
EMEA (incl Central) 8,205 3,764
Providing support
for key women’s
health issues
As part of our commitment
to employee wellbeing and
gender equity, Intertek
France has introduced several
countrywide initiatives providing
resources that aim to educate
and offer enhanced support
for women’s health.
Support starts at our offices and
laboratories and extends to online
applications and resources.
LEARN MORE ONLINE
In action
Our overall workforce is 36% female and 64%
male representation. Detail on the gender
diversity of our Board, as well as ethnic diversity
disclosures for the Board and senior management,
can be found in the Nomination Committee Report
on page 2.73.
Building a more
supportive and
inclusive workplace
In mainland China, we run a
range of initiatives to recognise,
support and empower women
across the business.
During 2025, these initiatives expanded with
the launch of several new programmes aimed
at delivering more opportunities for personal
and professional growth.
LEARN MORE ONLINE
In action
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Under 29 years old:
22.7%
Between 30 and 39 years old: 33.7%
Between 40 and 49 years old: 24.9%
Between 50 and 59 years old: 12.8%
60 years old and over:
5.9%
Sustainability performance
People and Culture Continued
Talent across all generations
We value all of our colleagues,
regardless of age, and have
practices in place to develop
and retain workers of all ages.
Our goals
We will continue to develop proactive
approaches to recruitment to ensure we have
a diverse and balanced employee age profile.
Metrics and performance
56.4%
of our global TQA Experts are under the
age of 40.
The technical expertise needed in many
parts of our complex business is acquired
over several years. This is reflected in the
overall average age of 40.
We will continue to promote and endorse fair,
consistent and thoughtful working practices
that are in accordance with our Values.
At Intertek, we are proud to be an equal
opportunities employer.
We consider all qualified applicants for
employment regardless of gender, ethnicity,
religion, orientation, age, disability and other
protected characteristics.
Creating a culture of
disability inclusion
During 2025, our Bangladesh
team started several initiatives
to spark career opportunities
and make the workplace
more inclusive for people
with disabilities.
This included the launch of an internship
programme and other initiatives to build a
culture of awareness around how colleagues
and companies can better support people with
disabilities, both in and outside the workplace.
LEARN MORE ONLINE
In action
Percentage of employees by age range
Cultural diversity
(arising from country
of origin)
Cultural diversity supports
our global business and is
key to our success.
Our goals
We are committed to cultural diversity and
will ensure that Intertek’s colleagues are
representative of the countries where we
do business.
Metrics and performance
42
different nationalities across our senior
leadership.
We recognise that comprehensive diversity
monitoring is foundational to our diversity
and inclusion strategy, which lies at the
heart of our culture. We continue to monitor
protected characteristics and to promote
further transparency, particularly at senior
level, and we have plans to update our
diversity monitoring.
In addition to cultural diversity arising from
country of origin, we have enhanced our
reporting on ethnicity.
READ MORE ABOUT THE DIVERSITY OF OUR BOARD AND
SENIOR MANAGEMENT ON PAGES 2.52 AND 2.73
Disability inclusion
Adopting a universal
design mindset.
Our goals
To adopt a disability-inclusive mindset as
well as deliver on our commitment to the
Valuable 500, the global organisation of
over 500 companies and partners working
together to end disability exclusion.
This is centred on incorporating disability
inclusion criteria into the full spectrum of
products and services we offer our clients,
as well as for our colleagues.
Performance
We have actively sought opportunities to
collaborate, learn, improve and implement
positive change in our own organisation to
support disability inclusion.
Having assessed the guidance on self-
identification published by the Valuable 500,
we have implemented these learnings into
our approach.
Intertek Group plc
Annual Report & Accounts 2025
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We empower our customers
to make sustainability a
competitive advantage
Innovative sustainability
services have been core to our
global business for more than
100 years. Our clients trust
us to ensure quality, safety
and sustainability in their
businesses, across their entire
value chain, to protect their
brands and to help them gain
competitive advantage.
Through our leading-edge innovations and integrated
ATIC solutions, we are uniquely placed to help our
customers understand, achieve and validate their
existing and emerging sustainability goals.
Capturing the right data to optimise operations
Identifying and managing risks that can impact
our service quality is key to ensuring customer
satisfaction. Our 5x5 metrics tool and processes
enable the collection and review of performance
metrics across the areas of sales, customers,
people, finance and operational excellence that are
fundamental to disciplined performance management.
The 5x5 metrics provide every Intertek site and team
leader with 360º insight into their business to guide
their decision making and ultimately lead to superior
business performance.
Customer focus
Intertek has a strong focus on customers, at all levels
of the organisation, and our customer relationship
management is integrated into our approach through
a key account management structure and dedicated
sales teams.
Our Marketing & Sales Operations team works closely
with business lines and country leadership to drive
continued improvements across marketing, sales and
digital tools to ensure that every aspect of customer
engagement aligns with our Customer Promise.
Listening to our customers
Since 2015, we have used the NPS process to
listen to our customers. As part of this process, we
track our NPS score each month to closely monitor
customer satisfaction levels. These insights give us a
deep understanding of what our customers need and
want, fuelling our innovations and keeping us laser-
focused on delivering an ever better service.
Accelerating positive sustainability impact
We recognise the importance of sharing our own
sustainability journey with our customers, partners,
local communities and other stakeholders.
We actively engage with requests to support
sustainability and carbon performance assessments
from customers and other businesses, as well as
completing assessments such as EcoVadis and the CDP
Climate Change questionnaire at a Group level each
year. This gives us the opportunity not just to meet the
demands of our investors and customers, but also to
uncover risks and opportunities, track and benchmark
our progress, and make meaningful improvements.
We aim to collaborate as a trusted supply chain partner
to deliver improvements in the areas most material
over the long term, and accelerate sustainability
impacts. We are here to help our stakeholders
understand sustainability, why it matters and
how to effectively integrate it within business.
Channels of customer interactions
We engage with our customers in a variety of ways,
including in-person meetings; emails and phone calls,
including dedicated lines; web enquiries and online
form submission; workshops and seminars; and social
media communications.
Supporting our customers with their
sustainability agendas
As a TQA provider, we are in a strong position, given our
global scale and expertise, to support the sustainability
goals of our customers with our industry-leading Total
Sustainability Assurance solutions.
READ OUR WORKING WITH CUSTOMERS CASE STUDIES AT
INTERTEK.COM/ABOUT/OUR-RESPONSIBILITY
Customer Promise
Intertek Total Quality Assurance expertise,
delivered consistently with precision, pace
and passion, enabling our customers to
power ahead safely.
Working with Customers
Progress in 2025
We continued to provide science-led services
and leading-edge innovations to give our
customers the solutions they need to
overcome their own risks and challenges in
quality, safety and sustainability, enabling
them to power ahead with confidence.
Explore our other focus areas
People and Culture 2.16
Environment 2.34
Communities 2.40
Responsible Business 2.44
Link to principal risks in Report 1:
1
2
3
4
5
6
7
8
9
10
11
Material issues
• Fair and inclusive workplace
• Occupational health and safety
• Social inclusion
• Employee acquisition, talent
• Employee engagement and satisfaction
Average NPS interviews per month
during2025
6,059
Sustainability performance
3: Financial Report2: Sustainability Report1: Strategic Report
2.24
Intertek Group plc
Annual Report & Accounts 2025
Sustainability performance
Working with Customers Continued
Consumer Products
Delivering cyber
assurance for a time-
critical digital service
Toshiba, a global technology
leader, partnered with Intertek
to independently assess the
cyber security of a complex
digital service under development
for one of its key clients.
With a tight seven-month delivery schedule,
Toshiba required targeted security testing
and remediation support at short notice.
Intertek worked closely with Toshiba to
align testing phases with development
milestones, ensuring critical risks were
identified and addressed without impacting
delivery timelines.
Intertek’s consultants provided
detailed technical reports, guidance and
assurance to support Toshiba’s internal
teams and external client stakeholders.
This collaboration enabled Toshiba to
demonstrate the confidentiality, integrity
and availability of its service – and go live
on time.
Intertek’s flexibility, technical expertise and
responsiveness were key to the project’s
success and have reinforced our position as
a trusted cyber security partner to Toshiba.
LEARN MORE ABOUT OUR AI AND CYBER SECURITY
RESILIENCE SERVICES
In action
2.25
Intertek Group plc
Annual Report & Accounts 2025
3: Financial Report2: Sustainability Report1: Strategic Report
Sustainability performance
Working with Customers Continued
Certifying PV products
for quality and
compliance
Intertek has helped a leading
Chinese manufacturer of high-
performance photovoltaic (‘PV’)
products to demonstrate quality
and compliance with various
market standards.
As a long-term and trusted provider of TQA
services to JA Solar, we tested and certified
its new PV modules.
LEARN MORE ONLINE
Keeping pets safe
during air travel
As commercial air travel
continues to increase in
popularity, it is not just people
taking to the skies. In the United
States alone, more than two
million pets travel on commercial
flights each year, and owners
expect the highest standards
of safety.
Petmate, an American manufacturer of pet
products, enlisted our support to verify its
heavy-duty kennels for air travel.
LEARN MORE ONLINE
In action In action
Verifying recycled
content in plastic bags
As the global business
landscape shifts to focus more
on sustainability, South Africa
has taken a proactive approach
to plastic waste management by
enforcing stringent regulations
that require the use of recycled
content in plastic carrier and
flat bags.
To support this initiative, Intertek has been
appointed for the verification of post-consumer
recycled content in these plastic bags.
LEARN MORE ONLINE
Transforming data into
actionable insights
In a global society that is
increasingly focused on
sustainability, companies
are expected to set targets
to improve performance,
transparently report on
progress and use that data
to drive meaningful action.
British fashion brand New Look has been working
with Intertek to reach net zero greenhouse gas
emissions across the value chain by 2040.
LEARN MORE ONLINE
In action
In action
Consumer Products
Intertek Group plc
Annual Report & Accounts 2025
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Corporate Assurance
Embedding operational
sustainability for
corporate growth
SAMBAZON Açaí Bowls, the
restaurant group created by
SAMBAZON, a global leader in açaí,
has partnered with Wisetail, an
Intertek Company, to support the
growth of its restaurant business
while continuing to advance
sustainable development in the
Amazon Rainforest.
Since it was founded in 2000, SAMBAZON has
only used ethically sourced açaí, hand-harvested
by local farmers, ensuring that its products are
certified organic and Fair Trade. By creating
jobs and safeguarding natural resources, the
company aims to support the communities and
wildlife whose livelihoods depend on the health
of the Amazon.
Through its partnership with Wisetail, SAMBAZON
Açaí Bowls has accelerated this mission by
embedding sustainable practices across its daily
operations. Wisetail’s Employee Enablement
Platform has allowed SAMBAZON Açaí Bowls to
train and connect its teams with ease, replacing
paper-heavy processes and minimising the need
for extensive travel. These efficiencies have not
only streamlined the company’s operations but
also reduced its environmental footprint.
Ultimately, by helping SAMBAZON Açaí Bowls to
strengthen its operational sustainability, Wisetail
has enabled the company to scale smarter, faster
and more responsibly, ensuring that it can continue
to make a positive impact on people and the planet.
LEARN MORE ABOUT WISETAIL’S EMPLOYEE
ENABLEMENT PLATFORM
In action
Sustainability performance
Working with Customers Continued
2.27
Intertek Group plc
Annual Report & Accounts 2025
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Sustainability performance
Working with Customers Continued
Certifying innovative
circular economy
initiatives
Geared for GREEN, a
sustainability circular economy
solutions provider, is reimagining
how materials flow through
the post-consumer life cycle by
diverting waste that would end
up in landfills into products which
reintroduce these materials into
the economy.
Through its Recycling Traceability Verification
Program, Intertek Assuris certifies this process,
assuring retailers and consumers of its
sustainable impact.
LEARN MORE ONLINE
In action
Advancing
decarbonisation and
climate change action
PT Indo Tambangraya Megah Tbk
is an Indonesian energy company,
active in the coal mining and
renewables industries.
Looking to advance its decarbonisation
efforts and further develop its climate
change strategy, the company enlisted
the support of Intertek Assuris.
LEARN MORE ONLINE
In action
Building trust in
responsible AI
As organisations increasingly
deploy artificial intelligence
across critical business
processes, they face growing
pressure to demonstrate
compliance and reliability, and
retain trust among stakeholders.
In 2025, Intertek responded to this challenge
by expanding its assurance portfolio to
include ISO 42001, the first international
standard for establishing, implementing
and maintaining an Artificial Intelligence
Management System.
LEARN MORE ONLINE
In action
Corporate Assurance
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Sustainability performance
Working with Customers Continued
Health and Safety
Enhancing supply
chain transparency
for honey
Honey is one of the most frequently
adulterated food products
worldwide, often mixed with lower
quality ingredients and additives
along the supply chain. Ensuring the
quality and authenticity of honey is
therefore a growing challenge for
the global food industry.
To equip the industry with tools to combat
fraudulent honey and bee products and meet
regulatory requirements, Intertek launched
HoneyTrace, a blockchain-based traceability and
authenticity platform. HoneyTrace provides end-
to-end transparency of honey throughout the
complex supply chain – from hive to jar – giving
the industry the insight and proof it needs to
meet evolving regulations, while supporting
sustainability claims and building consumer trust.
Norevo, a global supplier of natural raw materials
and specialty ingredients, has become an early
adopter and successful pilot user of Intertek’s
HoneyTrace platform. The company supplies
honey and other bee products that support
both functional use and clean-label product
positioning to a diverse range of customers
worldwide. This first step helps Norevo explore
how digital traceability can improve transparency
and compliance across its supply chain.
By collaborating with companies like Norevo,
which actively support HoneyTrace’s testing and
rollout, we learn more about global honey supply
chains and advance efforts for real transparency.
LEARN MORE ABOUT HONEYTRACE
In action
2.29
Intertek Group plc
Annual Report & Accounts 2025
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Driving more
sustainable
gold production
Around the world, there is
a strong drive towards the
sustainable production of
commodities, and every day
Intertek works with companies
looking to advance on their
commitments in this area.
One such company is Australian gold producer
Pantoro Gold Limited.
LEARN MORE ONLINE
Ensuring subsea
cable safety and
long-term reliability
As the world transitions to
renewable energy, it is essential
to ensure that each new project
is connected to the electricity
grid through safe, secure and
reliable transmission lines.
In 2025, Intertek Metoc delivered
comprehensive risk assessments for five
offshore wind export cables in the North
Sea and the Baltic.
LEARN MORE ONLINE
In action
In action
Sustainability performance
Working with Customers Continued
Industry and Infrastructure
Driving sustainable
laboratory practices
in pharmaceutical
development
Sustainable operations in
pharmaceutical analytical
laboratories are crucial for
reducing waste and improving
cost efficiency. One impactful
shift involves replacing single-
use filters with multi-use filters
in dissolution studies for solid-
dosage drug products.
To assess the feasibility of reusing filters in
dissolution testing for these products, we
conducted a study with one of our clients.
LEARN MORE ONLINE
In action
Futureproofing the
agriculture industry
As the global population
continues to rise, it is critical
to ensure that agricultural
production can meet growing
demand. At the same time, the
increasing scarcity of natural
resources and the depletion
and degradation of soil poses
challenges to farmers around
the world.
At Intertek, our Precision Agriculture services
help to ensure food and economic security
for all.
LEARN MORE ONLINE
In action
Health and Safety
Intertek Group plc
Annual Report & Accounts 2025
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Sustainability performance
Working with Customers Continued
Industry and Infrastructure
Supporting the
restoration of
Florida’s Everglades
The Everglades, an internationally
recognised ecosystem spanning
approximately 1.5 million acres in
South Florida, contains the largest
subtropical wetland in the United
States (‘US’).
The ecosystem contains a variety of diverse
habitats like sawgrass marshes, mangrove
forests and cypress swamps, which are home
to numerous federally listed threatened and
endangered species like the Florida panther
and American crocodile. The Everglades not
only supports critical biodiversity, it also
provides essential ecological services such as
drinking water and protection from hurricanes,
as well as bolstering outdoor recreation and
eco-tourism opportunities, making it essential
to Florida’s economic sustainability.
Since the late 1800s, however, efforts to drain
the Everglades for agricultural and residential
development have reduced it to around one-
third of its size, disrupting natural hydrology
and threatening ecosystem functions. In
response, the US Congress authorised the
Comprehensive Everglades Restoration Plan
(‘CERP’) in 2000, the largest ecosystem
restoration effort in the world, focused on
restoring natural water flows and addressing
the region’s water needs.
Implementation of the CERP is a collaborative
effort between the US Army Corps of Engineers
and the South Florida Water Management
District (‘SFWMD’). The SFWMD is the oldest
and largest of Florida's five water management
districts, serving over nine million residents
across 16 counties – from Orlando to the Florida
Keys – encompassing 31% of the state's total
land area.
For over 25 years, Intertek-PSI has
supported CERP efforts by providing various
environmental solutions to the SFWMD under
an environmental risk assessment contract.
Between 2023 and 2025, Intertek-PSI was
awarded a series of substantial environmental
assessment and remediation contracts for the
C-23/C-24 South Reservoir Project, a critical
part of the Indian River Lagoon-South initiative,
which is a key component of the CERP.
The C-23/C-24 South Reservoir Project
encompasses approximately 3,500 acres and is
designed to capture and store nearly 19 billion
gallons of excess water during wet seasons
and slowly release it during dry seasons. This
managed approach will regulate and maintain
freshwater flows to ensure that the delicate
balance of fresh and salt water in Florida’s St.
Lucie River estuary and the larger Indian River
Lagoon – considered the most biologically
diverse and most threatened estuarine system
in the continental US – is restored.
The SFWMD’s continued trust on this project
highlights Intertek-PSI's leadership in
environmental assessment and remediation
services throughout Florida, as well as our
strong Group-wide commitment to supporting
critical infrastructure projects that benefit both
communities and the environment.
LEARN MORE ABOUT OUR ENVIRONMENTAL
CONSULTING SOLUTIONS
In action
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Sustainability performance
Working with Customers Continued
Breaking boundaries
in hydrogen storage
Intertek Caleb Brett partnered
with Exolum, a leading energy
logistics company, on a world-
first project to demonstrate how
existing fuel tanks and pipelines
can be safely used to transport
and store hydrogen.
The approach presents a viable and cost-
effective option for companies to transition
to cleaner energy.
LEARN MORE ONLINE
Advancing circularity
with PV module
recycling programme
In 2025, Intertek CEA launched
the solar industry’s first
independent PV Module
Recycling Verification
programme, setting a new
benchmark for transparency
and accountability.
The programme enables companies to
demonstrate credible environmental, social and
governance performance through third-party
verification of material recovery, waste diversion
and carbon savings.
LEARN MORE ONLINE
In action In action
World of Energy
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Sustainability performance
Working with Customers Continued
World of Energy
Powering
sustainability and
compliance in the
battery industry
The EU Battery Regulation
became mandatory in
August 2025, aiming to
improve the sustainability,
safety and circularity
of batteries in the
European Union.
Over the next few years, the
regulation will introduce stringent
requirements for recycling, carbon
footprint, heavy metal restrictions
and supply chain due diligence on
all types of batteries.
For manufacturers like Micropower,
this new and complex legislation
requires careful interpretation and
strategic implementation. With
the help of Intertek, Micropower
is proactively addressing the EU
Battery Regulation, ensuring
compliance and emphasising its
commitment to sustainability.
From its headquarters in Växjö,
Sweden, Micropower develops and
manufactures lithium-ion battery
systems, charging solutions and
power converters for Automated
Guided Vehicles, construction
equipment and material handling
equipment. As a major player in
heavy industry’s transition from fossil
fuels to clean energy solutions, the
company strives to be at the forefront
of both compliance and sustainability.
With many EU Battery Regulation
obligations still to be fully
introduced and emerging guidance
from legislators, it is often unclear
what will apply when specific
requirements take effect. To cut
through the uncertainty, both
internally and for its customers
and suppliers navigating their
own sustainability commitments,
Micropower has partnered with
Intertek's battery advisory team
in Kista, Sweden. Drawing on deep
expertise in battery technology,
compliance and the EU Battery
Regulation itself, Intertek acts as
both sounding board and knowledge
hub on everything from how to
interpret concepts and requirements
in the legal texts to processes,
labelling and carbon footprint.
This ongoing partnership has already
strengthened Micropower's ability to
meet the EU Battery Regulation and
deliver on its battery sustainability
commitments.
LEARN MORE ABOUT OUR EU BATTERY
REGULATION SERVICES
In action
2.33
Intertek Group plc
Annual Report & Accounts 2025
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Our goal is to decarbonise
our business by 2050
At Intertek, we understand our
organisation’s impacts on the
environment and continuously
look for opportunities to
mitigate them with regard
to climate change, use of
resources, ecosystems and
waste management.
We recognise the critical role that the private
sector plays in tackling the climate crisis, providing
innovative solutions, reducing greenhouse gas ('GHG')
emissions and setting ambitious targets, thereby
helping to drive the transition to a low-carbon economy.
Governance
Intertek’s environmental governance flows from the
Board to every site.
To advocate for accelerated climate action, our Net
Zero Steering Committee (with members including
our Group CEO, Group CFO, Executive Vice President –
Sustainability, Group Company Secretary, Head of ESG
and Non-financial Reporting, and Group Head of Risk)
works with our countries on our detailed climate-related
investments and action plans, monitors site-level
activities across a range of metrics and tracks progress
against our GHG emissions reduction targets.
Our Environmental and Climate Change Policy outlines
the commitments we adhere to.
READ OUR ENVIRONMENTAL AND CLIMATE CHANGE POLICY
AT INTERTEK.COM/ABOUT/OUR-RESPONSIBILITY
Our operations apply a precautionary approach and
comply with all applicable environmental regulations
and permits.
Environmental management systems support
our operations to meet environmental protection
standards, comply with legislation and improve
reporting and transparency. We have implemented
ISO 14001 and/or ISO 45001 across 124 of our sites.
READ MORE ABOUT CLIMATE-RELATED GOVERNANCE
ON PAGE 1.64 IN REPORT 1
What is our impact?
Our global reach spans thousands of employees,
clients and suppliers. This scale represents both
commercial opportunity as well as a responsibility
to our people, the communities in which we operate
and the wider environment.
As a multinational company, we recognise that,
although our own operations may not be as energy-
intensive or resource-depleting as other industries,
good management of the relevant and material topics
is critical to protect the environment.
Our activities around the world are diversified
across both laboratories and offices. Carbon
emissions are our biggest environmental impact,
and through continual monitoring and assessment
of our operations, we are now able to apply more
targeted actions to reduce our carbon footprint,
with particular focus on energy efficiencies
and operational excellence.
The energy we use in our laboratories and
offices continues to be the largest contributor
to our carbon footprint, making it a priority in
our environmental agenda.
To make real change happen, we believe that
all our people need to have ownership of their
carbon footprint and be empowered and inspired
to take ambitious actions to reduce it – putting our
Sustainability Excellence approach into action.
READ OUR ENVIRONMENT CASE STUDIES AT
INTERTEK.COM/ABOUT/OUR-RESPONSIBILITY
Environment
Progress in 2025
We continued to embed our Sustainability
Excellence approach across the business to
empower our colleagues to take ownership
of reducing their own carbon footprint.
During the year, we enhanced our
environmental performance by reducing GHG
emissions through energy efficiency initiatives,
process optimisation and the increased use of
low-carbon technologies.
Explore our other focus areas
People and Culture 2.16
Working with Customers 2.24
Communities 2.40
Responsible Business 2.44
Link to principal risks in Report 1:
1
2
3
4
5
6
7
8
9
10
11
Material issues
• GHG emissions and reductions
• Transition to renewable energy
• Climate change risks and management
• Energy use, conservation and reductions
Operational emissions reduction
2024-2025
13.4%
Operational emissions reduction
2019-2025
54.3%
Sustainability performance
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Intertek Group plc
Annual Report & Accounts 2025
Sustainability performance
Environment Continued
Our Climate Transition Plan
At Intertek, we recognise the urgent need to address
climate change and are committed to aligning our
operations with a low-carbon economy. Our Climate
Transition Plan is a critical component of our long-
term strategy to reduce GHG emissions, enhance
resilience to climate-related risks, and ensure that we
contribute positively to global sustainability goals.
Our plan has been designed to guide our
transformation over the years, focusing on both
reducing our environmental impact and adapting to
the evolving regulatory, market and physical risks
posed by climate change. In 2025, we continued to
make progress in key areas, laying the foundation
for further advancements in the years ahead.
Key pillars of our Climate Transition Plan
Carbon emissions reduction targets
We are committed to reaching net zero emissions by
2050, with an interim target to reduce absolute scope
1, scope 2 and scope 3 (business travel and employee
commuting) GHG emissions by 50% before 2030.
This will be achieved through a combination of
energy efficiency initiatives, increased use of
renewable energy generation and procurement,
and the transition to lower-carbon transportation.
Climate-related risks and opportunities
As part of our climate transition, we are actively
assessing the physical risks posed by climate
change, including extreme weather events and
supply chain disruptions.
In alignment with the Task Force on Climate-related
Financial Disclosures ('TCFD') recommendations,
our TCFD compliance statement aims to provide
stakeholders with the necessary information to
undertake robust and consistent analyses of the
potential financial impacts of climate change.
MORE INFORMATION ON OUR TCFD STATEMENT CAN
BE FOUND ON PAGE 1.62 IN REPORT 1
Sustainable supply chain
Our goal is to ensure that by 2027, 70% of our
key supply chain partners will have set their own
science-based climate targets.
We are working with our suppliers to encourage
sustainable practices throughout our value
chain. This includes collaborating with partners
to ensure environmental responsibility and
sustainable practices.
Transparency and reporting
We understand that accountability is essential to
ensuring meaningful progress. We are committed
to reporting on the progress of our environmental
impacts, with annual updates in this report.
Our progress will continue to be measured and reported
using recognised frameworks such as the GHG Protocol,
and in line with evolving global standards.
Employee engagement
Achieving our climate goals requires the engagement
of every part of the organisation. We will launch
internal training programmes to raise awareness of
climate issues among employees and to integrate
sustainability into decision making at all levels.
As we continue to refine and implement our Climate
Transition Plan, we are confident that the actions
we are taking today will not only help mitigate
climate change but will also drive long-term value
for our business and stakeholders. Our commitment
to climate action is integral to our Sustainability
Excellence strategy, and we will continue to prioritise
sustainability in every aspect of our operations
moving forward.
READ OUR SUSTAINABLE PROCUREMENT POLICY AT
INTERTEK.COM/ABOUT/OUR-RESPONSIBILITY
Our GHG emissions reduction journey
2019
Baseline for GHG emissions
reduction targets.
2021
Joined Business Ambition
for 1.5°C campaign.
2022
ESG element included in
annual incentive framework.
2023
Science Based Targets initiative
(‘SBTi’)-validated near-term
targets.
"Intertek Group plc commits
to reduce absolute scope 1
and 2 GHG emissions 50%
by 2030 from a 2019 base
year. Intertek Group plc also
commits to reduce absolute
scope 3 GHG emissions from
business travel and employee
commuting 50% within the same
timeframe. Intertek Group plc
further commits that 70% of
its suppliers by spend covering
purchased goods and services,
capital goods and upstream
transportation and distribution,
will have science-based targets
by 2 027."
2027
Target: 70% of suppliers by spend
to set science-based targets.
2030
Target: Reduce absolute scope
1, 2 and 3 (business travel and
employee commuting) emissions
50% vs 2019 baseline.
2050
Net zero ambition and
commitment. Prioritise
direct emissions reductions
and neutralise any
remaining emissions.
Key milestones: Achieved On track
Intertek Group plc
Annual Report & Accounts 2025
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Sustainability performance
Environment Continued
Environmental performance
During 2025, we enhanced our environmental
performance by reducing GHG emissions through
energy efficiency initiatives, process optimisation
and the increased use of low-carbon technologies.
While total energy consumption increased to
support operational requirements, the proportion
of electricity sourced from renewable energy
continued to rise.
Our established GHG emissions performance
management programme provides a structured
framework for setting environmental objectives,
monitoring performance against defined targets
and implementing corrective actions where required,
supporting continuous improvement and, in some
cases, performance exceeding targets.
We reduced our operational market-based emissions
by 13.4% against 2024 and 54.3% against our base
year (2019: 291,519tCO
2
e).
Total operational market-based emissions
1
were
133,262tCO
2
e (2024: 153,807tCO
2
e).
38.8
tCO
2
e
1
emitted per £m of revenue
2,3
Operational emission reductions 2024-2025
13.4%
1. Operational market-based emissions as defined on page 1.26 in
Report 1.
2. Revenue for FY 2025 as shown on page 1.24 in Report 1.
3. 2024: 45.3tCO
2
e emitted per £m of revenue.
Operational emission reductions 2019-2025
54.3%
Full compliance with applicable environmental
legislation was maintained, supported by
strengthened monitoring, risk management and
increased employee engagement through targeted
training and awareness programmes.
Intertek’s reporting complies with the methodologies
outlined by the GHG Protocol ‘Corporate Accounting
and Reporting Standard’, ISO 140064-1 and the UK
Government’s ‘Environmental Reporting Guidelines’.
A focus on continuous improvement
Building on our commitment to continuous
improvement, during the year we strengthened our
approach to environmental data management and
performance monitoring across operations.
Systems introduced previously to enhance
reporting and transparency will continue to mature,
supporting more consistent data analysis and
informed decision making.
Our structured approach has enabled us to remain
responsive to emerging environmental requirements
and stakeholder expectations, while reinforcing
accountability across the organisation.
Looking ahead, our focus will be on further
improving resource efficiency by implementing
additional energy-saving initiatives, accelerating
the adoption of cleaner technologies and optimising
operational processes.
These actions will support measurable progress
towards our long-term sustainability objectives
and ensure we remain resilient in a changing
environmental and regulatory landscape.
Climate-related focus areas
Scope
1
Low-carbon fleet: We are expanding
our electric and hybrid vehicle fleet to
reduce emissions. While regional charging
infrastructure remains a challenge,
targeted investments in vehicles and
supporting infrastructure are helping us
advance the shift to cleaner transport.
Direct emissions from sources which
Intertek owns or controls:
• Switch to lower-carbon vehicle fleet
• Identify and implement fleet efficiencies
• Optimisation of buildings
(heating/cooling)
Scope
2
Low-carbon energy generation: We
continue to explore opportunities and invest
in renewable energy technologies to advance
cleaner energy across our operations.
Energy purchased from renewable sources:
At least one site in 28 (2024: 22) countries
is now powered by renewable electricity
backed by Energy Attribute Certificates.
This approach reduces our environmental
impact while reinforcing our commitment
to sustainable business practices.
Indirect emissions from purchased
electricity, heat and steam:
• Low-carbon energy generation
• Procurement from renewable sources
• Energy-efficient buildings
• Energy-efficient equipment
Scope
3
Employee-efficient transportation
initiatives: We continue to expand electric
vehicle charging infrastructure across our
regions to support the transition to low-
carbon mobility. In addition, our shuttle
bus services operate in several countries,
providing employees with more sustainable
commuting options.
Value chain emissions:
• Optimise business travel
• Employee engagement on efficient
ways of commuting
• Supplier sustainability engagement
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Annual Report & Accounts 2025
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Sustainability performance
Environment Continued
Building our
portfolio of onsite
solar PV installations
A new solar PV installation at
our Intertek Minerals laboratory
in Tarkwa, Ghana, means that we
are producing and consuming our
own electricity in 13 countries as
of the end of 2025.
Comprising 570 panels, the grid-connected
PV system allows the generated electricity
to feed directly into the laboratory’s internal
power network.
LEARN MORE ONLINE
In action
GHG emissions in tonnes of carbon dioxide equivalent (tCO
2
e)
Emissions by source
1
2025 2024
Base year
2019
Scope 1 Emissions from sources which Intertek
owns or controls directly
Global 62,982 57,986 64,709
of which UK 2,116 2,318
Scope 2 Emissions from purchased electricity, heat
and steam for our use (location-based)
Global 112,206 115,571 128,693
of which UK 1,995 2,254
Emissions from purchased electricity, heat
and steam for our use (market-based)
Global 26,999 48,634 133,860
of which UK 350 314
Scope 3 Business travel Global 16,895 19,946 25,849
of which UK 749 1,046
Employee commuting Global 26,386 27, 241 67,101
of which UK 1,359 1,079
Fuel- and energy-related activities
not included in scope 1 or scope 2
Global 6,701 5,408 7,669
of which UK 209 199
Absolute tCO
2
e (market-based) Global 139,963 159,215 299,188
1. Our annual environmental reporting cycle ran from 1 October 2024 to 30 September 2025.
Global energy use in megawatt-hours (MWh)
Energy use by source 2025 2024
Standard electricity, heat and steam 58,333 113,469
Renewable electricity 204,475 151,700
Mobile combustion 148,680 137, 6 79
Stationary combustion 121,219 113,714
Total energy use
1
532,707 516,562
Percentage of total energy use from renewable sources 38.4% 29.4%
1. UK portion of total energy use was 4% (2024: 4%).
FOR MORE INFORMATION, READ OUR BASIS OF REPORTING ESG DATA DOCUMENT AT INTERTEK.COM/ABOUT/OUR-RESPONSIBILITY
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Annual Report & Accounts 2025
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Sustainability performance
Environment Continued
Motoring our
Brazilian fleet
with biofuels
Around the world, our efforts
to transition to low-emissions
vehicles have resulted in some
highly impactful projects.
In Brazil, we have replaced the fuel used
for our corporate fleet of 145 vehicles to
renewable biofuels. Around 90% of fuel
consumption now comes from ethanol
derived from ethically farmed sugarcane,
which – as well as producing fewer emissions
– supports the country’s agricultural sector
and drives social and economic growth.
Having started in mid-2024, the initiative
has been implemented across all our sites
in Brazil, leading to a reduction of around
600 tonnes of carbon dioxide equivalent
year-on-year. To ensure continuity and data
traceability moving forward, we have also
implemented procedures to monitor and
control the fuel supply.
Initiatives like this play an essential part
in our goal of reducing scope 1 emissions
across the business, as outlined in our global
Climate Transition Plan. Outside Brazil, we
have incorporated low-emissions vehicles
into our operations in Germany, Mexico, the
Netherlands, the UK and the USA.
In action
Intertek Group plc
Annual Report & Accounts 2025
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Sustainability performance
Environment Continued
Reducing emissions
from minerals
testing services
A critical part of our minerals
testing process is the drying of
samples before analysis. At our
state-of-the-art Intertek Minerals
Global Centre of Excellence in
Perth, Western Australia, this job
is carried out in 19 gas powered
ovens, which we upgraded in 2025
to reduce costs and emissions.
To improve temperature control, we installed
thermocouples in the ovens, allowing us to
maintain an optimal testing environment and
reduce the amount of gas used.
LEARN MORE ONLINE
Cleaning beaches and
building connections
In October, our HR and Facilities
team in Bangladesh visited the
Bay of Bengal for its annual
retreat, an opportunity to
regroup, strengthen connections
and align on priorities.
As part of a commitment to responsible travel,
our colleagues started the trip by leading a
beach clean along Cox’s Bazar, the world’s
longest natural sea beach.
LEARN MORE ONLINE
In action
In action
Driving towards
a cleaner future
Our Geleen laboratory in
the Netherlands has been the
site of several environmental
impact initiatives over the last
few years, from switching to
renewable power to upgrading
its heating, ventilation and air
conditioning equipment.
In 2025, this trend continued with the transition
of the laboratory’s fleet of company vans to
more sustainable electric and hybrid alternatives.
LEARN MORE ONLINE
In action
Inspiring children to care
for people and planet
For the third year running, Intertek
Vietnam hosted our annual
sustainability event, calling this
latest edition ‘We Care, Earth
Cares 2025: Seeds of Change’.
Anchored in the belief that ‘every great
change begins with a single seed’, the
initiative welcomed over 100 children.
LEARN MORE ONLINE
Getting local
waterways into
shipshape
In the UK, canals are not
only an important part of the
nation’s heritage but also provide
significant social, environmental
and economic benefits.
To support the protection and enhancement
of these important waterways, colleagues
from our UK-based IT teams helped to restore
a stretch of canal between Buckingham
and Cosgrove.
LEARN MORE ONLINE
In action
In action
Intertek Group plc
Annual Report & Accounts 2025
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3: Financial Report2: Sustainability Report1: Strategic Report
We create positive impacts
in the communities where
we operate
As a global business with more
than 1,000 laboratories and
offices in over 100 countries,
Intertek is proud to be part of
many thriving communities
around the world.
We understand that this comes with a huge
opportunity and responsibility to make a positive
and lasting impact on these communities. This
responsibility is grounded in our Values: 'We create
sustainable growth. For all.'
Every year we organise and participate in a range
of impactful initiatives, from providing employment
opportunities and funding training and education
programmes, to volunteering our time, making
donations and supporting the work of charities.
Having worked and built relationships to understand
the diverse needs of each of our local communities,
our countries and business lines define their own
agendas to create a positive and lasting impact.
These agendas are tied to the Group’s priorities
and aligned to the United Nations Sustainable
Development Goals. Our Beyond Net Zero Steering
Committee oversees community investments at a
global level.
In this section we share a small selection of standout
initiatives from the many community activities
that our colleagues took part in around the world
during 2025.
READ OUR COMMUNITIES CASE STUDIES AT
INTERTEK.COM/ABOUT/OUR-RESPONSIBILITY
Creating a safer, more
inclusive learning
environment
Teams from Intertek’s various
business lines in Ghana
came together to complete a
transformative renovation and
resourcing project at a school
for visually impaired children.
Our colleagues worked to enhance both the
safety of the school environment and the
learning experience.
LEARN MORE ONLINE
In action
Communities
Progress in 2025
Our global teams continued to deliver impactful
initiatives to support their local communities.
These ranged from educational programmes
and charitable donations to disaster relief
support, community cleanups and more.
Explore our other focus areas
People and Culture 2.16
Working with Customers 2.24
Environment 2.34
Responsible Business 2.44
Link to principal risks in Report 1:
1
2
3
4
5
6
7
8
9
10
11
Material issues
• Climate change risks and management
• Social inclusion (community engagement,
learning and development)
Community projects our employees
participated in focused on education,
giving back to local communities and
preserving our environment
270
Hours volunteered to support
community projects
29,417
Sustainability performance
3: Financial Report2: Sustainability Report1: Strategic Report
2.40
Intertek Group plc
Annual Report & Accounts 2025
Sustainability performance
Communities Continued
Supporting education
and opportunity for
rural communities
Compared to the country’s
urban population, young
people in rural China often
face additional challenges
when it comes to education.
Issues include limited resources, longer
commutes and less opportunities for
progression, particularly among disadvantaged
groups, which can hinder economic development
in these communities and prevent potential
talent from entering the national job market.
In response to these challenges, our colleagues
have arranged several impactful initiatives
across China to support enhanced education
and highlight career paths in our industry.
At events organised on World Book Day and
Children's Day in March and June respectively,
our colleagues in 12 offices across the
northeastern cities of Shanghai, Hangzhou,
Wuxi, Ningbo, Tianjin and Qingdao donated
more than 1,800 books. These books are being
sent to Feimayi, a recycling and environmental
protection platform, which will send them
to remote areas of provinces such as Gansu,
Sichuan, Xinjiang and Shanxi. The books will
then be used to set up school libraries, ensuring
that educational resources are more readily
available for local children.
In southern China, our colleagues at Intertek
Guangzhou collaborated with the Ningbo
Oneness Charity Foundation to host an
immersive career exploration programme in
June. The programme welcomed a large group
of students from underprivileged mountainous
regions to learn more about Quality Assurance
and Intertek’s work. This included a laboratory
tour, where our colleagues gave technical
demonstrations and highlighted potential career
opportunities, sparking enthusiastic discussions
about future paths. We are continuing to build
on this initiative by holding similar activities at
high schools and universities where we already
have supporting relationships.
At Intertek, we are making the world a better,
safer and more sustainable place for current
and future generations, and inclusive initiatives
like these ensure that more people have the
opportunity to benefit.
In action
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Intertek Group plc
Annual Report & Accounts 2025
Mentoring local
young people
for success
In Sweden, the team at our
office in Kista closed 2025 by
launching a study support and
mentorship programme for local
young people.
The initiative, one of several our Swedish team
is running to support the United Nations’ Quality
Education goal, is taking place in collaboration
with the City of Stockholm’s House of Future.
LEARN MORE ONLINE
Giving vulnerable
children a sense
of home
In 2025, Intertek South Africa
marked a decade of supporting
a cause that is close to the hearts
of many people across the
country and around the world.
For Nelson Mandela International Day, Intertek
Caleb Brett employees across Durban worked
together to make a difference at a children’s
home in the coastal suburb of Bluff.
LEARN MORE ONLINE
Readying university
students for
employment
In September, Intertek
Bangladesh hosted a university
engagement session with
final year students and faculty
members from the Department
of Textile Engineering at
Southeast University in Dhaka.
During the session, our team led guided visits
to our Intertek Dhaka laboratory and hosted
interactive discussions.
LEARN MORE ONLINE
Sustainability performance
Communities Continued
In action
Fighting period poverty
through education and
awareness
Globally, millions are affected by
period poverty – a lack of access
to menstrual products, sanitation
facilities and appropriate education
for managing menstruation.
In Ghana, where period poverty is a serious
concern, our local Minerals team organised
a powerful initiative for World Menstrual
Hygiene Day.
LEARN MORE ONLINE
Inspiring indigenous
children at school
career day
In countries like Suriname,
where the indigenous population
represents a small minority, it is
important to champion initiatives
which give people insights into
opportunities extending beyond
their communities.
As part of our commitment to education, our
Intertek Suriname N.V. team visited a school
in the indigenous village of Powakka for a
career day.
LEARN MORE ONLINE
In action
In actionIn action In action
Intertek Group plc
Annual Report & Accounts 2025
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3: Financial Report2: Sustainability Report1: Strategic Report
Sustainability performance
Communities Continued
Getting active
for good causes
Community support is one
of the cornerstones of
our sustainability agenda
at Intertek, driven by our
passionate global teams.
Around the world, our colleagues engage
directly in a diverse range of initiatives each
year, offering their knowledge, time and
energy. For some initiatives though, a little
extra energy is required.
LEARN MORE ONLINE
In action
Embracing the
spirit of giving
Around the world,
religious occasions are often
characterised by generosity
and the coming together
of communities.
In the UAE and Morocco, our colleagues marked
Ramadan and Eid Al Fitr respectively with
generous donations and volunteering initiatives.
LEARN MORE ONLINE
In action
Marking milestones
with meaningful
community impact
During August and September,
Intertek Thailand marked 40
years of operation with a 40-day
step challenge incentivised by
a charitable donation to the
country’s Prostheses Foundation
in the name of Her Royal
Highness Princess Srinagarindra
Boromarajonani.
The challenge, blending health awareness
and community care, saw more than 350
employees from across our business lines
contribute to a collective goal of 40 million
steps in 40 days.
LEARN MORE ONLINE
Providing year-long
support to employee-
nominated charities
At our office in Brentwood, UK,
the team has been running a
‘Charity of the Year’ initiative
which aims to support employee-
nominated causes in the local
community since mid-2024.
The first chosen charity was
Hopefield Animal Sanctuary,
which provides a safe and loving
home for abused, abandoned
and neglected animals.
During the year of support, our Brentwood
office organised several fundraisers, including
animal-themed bake sales, games days and
festive events.
LEARN MORE ONLINE
In action
In action
Donating to Texan
flood relief efforts
After flash floods devastated
parts of Central Texas, US, in
July, communities came together
to collect emergency supplies
for victims and volunteers.
At our Intertek San Antonio Automotive
Research laboratory, colleagues collected
and donated eight boxes of emergency
and hygiene of supplies.
LEARN MORE ONLINE
In action
Intertek Group plc
Annual Report & Accounts 2025
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3: Financial Report2: Sustainability Report1: Strategic Report
We are uncompromising on
quality and compliance
To deliver long-term sustainable
success, we strive for the
highest standards of corporate
governance, conduct and integrity.
Through our entrepreneurial
culture and Values, we strive to
make the world better, safer and
more sustainable.
Our responsible business practices – protecting
human rights, ‘Doing Business the Right Way’,
ensuring data privacy and good information
governance, and operating sustainable procurement
practices – underpin our focus areas and the
commitments we have made.
READ OUR RESPONSIBLE BUSINESS CASE STUDIES AT
INTERTEK.COM/ABOUT/OUR-RESPONSIBILITY
Human rights
Respecting human rights is core to everything
we do and is supported through our Labour and
Human Rights Policy, Code of Ethics and Sustainable
Procurement Policy. Intertek’s policies and codes fully
respect the International Bill of Human Rights, the
International Labour Organization’s (‘ILO’) Declaration
on Fundamental Principles and Rights at Work, and
the UNICEF Children’s Rights and Business Principles.
We are committed to ensuring that our employees
are subject to fair working practices and are treated
with respect. We continually review our approach in
this area to reflect any legal developments, emerging
issues and changing societal expectations.
READ OUR LABOUR AND HUMAN RIGHTS POLICY AT
INTERTEK.COM/ABOUT/OUR-RESPONSIBILITY
Some of the ways in which we work to promote
human rights within our business include:
• Working conditions: We comply with all applicable
labour and human rights laws and industry
standards on working hours, paid annual vacation,
rest periods and statutory minimum wages.
• Indigenous rights: We respect the rights of
Indigenous peoples. Our goal is to support our
leaders, our people and our communities to develop
respectful relationships and create meaningful
opportunities for dialogue with Indigenous people,
where appropriate.
• Forced labour: We do not tolerate any form
of forced labour, child labour, slavery, human
trafficking, physical punishment or other abuse
within our business or our supply chain.
• Our Modern Slavery Act Statement outlines
the steps we are taking internally, in our supply
chain and through partnerships and advocacy
to avert modern slavery and human trafficking.
The statement is available on our website.
• Child labour: We do not employ people below the
age of 15 or below the local minimum employment/
mandatory school age – whichever is higher and
relevant to the particular country. Where we
provide apprenticeships for young people, we
put special protections in place and ensure they
are not exposed to hazardous work.
• Collective bargaining: We respect the rights of
our employees to form and join trade unions and
take part in collective bargaining where this is
as per local law. We also take care that employee
representatives do not suffer discrimination and
that they have open access to members in the
workplace. We strictly adhere to tariff structures
and arrangements negotiated with trade unions,
and we also inform and consult employees on
relevant business activities. For example, we
respect statutory minimum notice periods and give
reasonable notice of any significant operational
changes in line with local practices and labour
markets. Our affiliates’ communication and
consultation processes are tailored to local needs.
Responsible Business
Progress in 2025
We continued to develop our best practice
compliance programme to ensure that Intertek
operates with the highest standards of
compliance and ethical business practices,
including through our supply chain partners.
Explore our other focus areas
People and Culture 2.16
Environment 2.34
Communities 2.40
Link to principal risks in Report 1:
1
2
3
4
5
6
7
8
9
10
11
Material issues
• Business ethics
• Cyber security and information security
• Data privacy management
• Supply chain management
• Corporate reputation
• Investor relations
Eligible employees who completed our
compliance training in 2025
99.6%
Sustainability performance
Working with Customers 2.24
3: Financial Report2: Sustainability Report1: Strategic Report
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Intertek Group plc
Annual Report & Accounts 2025
‘Doing Business the Right Way’
We continue to develop a best practice compliance
programme to ensure Intertek operates with the
highest standards of compliance and ethical business
practices, including through our supply chain partners.
We are committed to maintaining the total confidence
of our stakeholders. One of the Group’s primary
business objectives is to help our customers meet
quality standards for virtually any market in the world
and protect them against risk by ensuring compliance
with local, national and international laws.
The accuracy and validity of the reports and
certificates that we provide are, therefore,
important factors which contribute to our success
and integral to this work is our ‘Doing Business the
Right Way’ approach, which is embedded into our
company culture.
Our compliance programme is designed to:
• give our people the processes, tools and
training they need to ensure a safe and
inclusive environment;
• support the delivery of our services and the
performance of our contracts with integrity and
in line with our commitment to Total Quality;
• obtain the commitment of every colleague to the
highest standards of professional conduct; and
• deliver sustainable growth by managing our risks
and doing the right thing for the longer term.
Public policy
We interact with trade associations and
governmental authorities to provide input into
industry and regulatory improvements in product
safety, quality and risk assurance. In our interactions
with governments, governmental authorities and
regulators we ensure that we comply fully with all
laws and regulations.
Ethics, integrity and professional conduct
Our commitment to the highest standards of integrity
and professional ethics is embedded in the Group’s
culture through the principles set out in our Code
of Ethics (‘CoE’). The CoE sets a clear expectation
that people working for our business must act at all
times with integrity and in an open, honest, ethical
and socially responsible manner.
The CoE also covers anti-bribery, anti-competitive
practices, and labour and human rights.
The Board, as a whole, oversees the implementation
of human rights commitments and supports human
rights as defined in the CoE.
We have a culture in which all issues relevant to our
professional conduct and the CoE can be raised and
discussed openly without recrimination. We operate
a strict zero-tolerance policy regarding any breach
of our CoE and any behaviour that fails to meet our
expected standards.
To support the implementation of our CoE in our
day-to-day business activities, all people working
for, or on behalf of, Intertek are required to sign a
declaration of compliance with the CoE. This confirms
their acceptance of the high standards expected of
them in all business dealings.
Intertek employees and people acting on Intertek’s
behalf are responsible for applying the CoE in
their own job role, their part of the business and
their location.
Every year, to support continued understanding
in this area, all eligible employees are required to
complete our CoE training course. This training
covers such subjects as integrity issues, including
human rights, bribery, corruption, discrimination and
harassment, and employee relations, as well as other
important subjects relating to ‘Doing Business the
Right Way’, such as data security and operational
controls. The CoE also contains clear guidance on
the grievance mechanisms and whistleblowing
procedures that we have in place to report known
or suspected wrongdoing or non-compliance. Once
completed, all employees are required to sign a
document confirming their understanding that
any breaches of the CoE will result in disciplinary
action that may include summary dismissal of the
employee concerned.
Sustainability performance
Responsible Business Continued
‘Doing Business the
Right Way’ Month
To achieve our vision of being the
world’s most trusted partner for
Quality Assurance, it is essential
that we establish and maintain
strong relationships with our
customers, employees, suppliers,
accreditation bodies, communities
and shareholders.
Our ‘Doing Business the Right Way’ approach
is critical to achieving this vision, and in March
2025 we launched ‘Doing Business the Right
Way’ Month. This global initiative involved
five weeks of highly engaging video training
modules, as well as townhall meetings hosted
by senior leaders to reinforce key concepts with
their regional and business line teams.
The training modules, each followed by a
quiz, were delivered by members of our Group
Executive Committee and released weekly on
our corporate intranet, and Lucie, our internal
learning management system. Each module
shared knowledge on a range of key topics
essential for working at Intertek: Operations,
People, Finance & Corporate Development,
Compliance and Risk & IT, and Brand &
Reputation and Sustainability.
The average employee completion rate across
all training modules was 96%, ensuring a
strengthened approach to ‘Doing Business
the Right Way’ throughout the Company.
The modules remain available on Lucie for
colleagues to refresh their understanding and
are now part of our onboarding programme
for all new joiners. Because at Intertek, ‘Doing
Business the Right Way’ is the only way.
In action
Intertek Group plc
Annual Report & Accounts 2025
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3: Financial Report2: Sustainability Report1: Strategic Report
Whistleblowing hotline
To empower our people and stakeholders to voice
any concerns about breaches of the CoE or any of
our other policies (including our Labour and Human
Rights Policy), we have a well-publicised hotline
which can be used by all employees, contractors and
others representing Intertek, or by third parties such
as our customers or people who are affected by
our operations.
This whistleblowing hotline is run by an independent,
external provider. It is multi-language and is
accessible by phone and by email 24 hours a day.
Those who are aware of any non-compliances with
our policies and procedures are encouraged to report
that conduct, non-compliance, or integrity or ethical
concern using the hotline. Information posters are
present in all of our sites.
Once a report is made to the hotline, it is triaged
through the system and will be followed up by the
relevant function, depending upon the nature of
the allegation of non-compliance made.
Our Group Compliance function, which is independent
of our operational businesses and reports directly
to our Group General Counsel, investigates, as
appropriate, all reports received relating to integrity
issues and other compliance matters. Provided there
is no conflict of interest, all reports of integrity and
compliance matters are also notified to our Group
ethics and risk committees, which comprise the CEO,
CFO, Executive Vice President, Human Resources
and Group General Counsel. This reporting line
promotes effective oversight of the resolution of
individual issues, and also of any systemic or process
improvements that can be made to address them.
Investigations conclude with a report which will
have a finding of substantiated, unsubstantiated
or partially substantiated. All reports are sent
to the Group General Counsel and corrective or
preventative actions are developed as necessary.
Details of substantiated breaches of our financial
Core Mandatory Controls are shared with our Head
of Internal Audit to factor into the future scoping
and focus of internal audit exercises.
During 2025, there were 137 reports of non-compliance
with the CoE made to our hotline. Of those reports,
40 were substantiated or partially substantiated and
required remedial action. Of those substantiated claims:
• there were no substantiated grievances relating
to human rights, labour practices or societal
impact breaches;
• there were no environmental incidents;
• there were no anti-trust incidents;
• there were no violations of the rights of Indigenous
people; and
• there were no cases of discrimination.
Four confirmed incidents were identified through
our hotline where employees were disciplined or
dismissed due to non-compliance with our anti-
corruption policy.
Sustainable procurement
At Intertek, we recognise that our procurement
decisions can have far-reaching impacts on the
environment, society and the economy. We are
therefore dedicated to sustainable procurement
practices that support social responsibility and
ethical standards, minimise environmental impact,
promote responsible sourcing and foster trust with
our stakeholders.
To ensure that all our employees, as well as suppliers,
contractors and service providers, are fully aligned
to our ethical and sustainable supply chain approach,
we keep our Sustainable Procurement Policy and
Supplier Code of Conduct under ongoing review.
The latest versions of both policies were published
in August 2025.
READ THESE POLICIES AT
INTERTEK.COM/ABOUT/OUR-RESPONSIBILITY
Our sourcing approach
We work with thousands of suppliers around the
world, and they all have an important part to play in
contributing to our sustainability goals. As outlined in
our Supplier Code of Conduct, we expect all suppliers
to meet the same internationally recognised human
rights, environmental and quality standards that we
expect of our own businesses. These include meeting
local legislative requirements but also all applicable
international requirements for workers’ welfare and
conditions of employment, such as those set by the
ILO and the Ethical Trading Initiative.
Large global suppliers offer stability in terms of
financial resilience, delivery capacity and pricing
structures, potentially coupled with better pricing
and improved margins. However, our supply chain is
quite diverse and geographically dispersed, and our
procurement teams need to find regional and local
suppliers. Through structured sourcing processes,
we select the best option for us while continuing to
support local suppliers who meet our business and
sustainability requirements. Selecting regional and
local suppliers, where appropriate, demonstrates our
commitment to supporting the communities in which
we operate.
Evaluation of suppliers
Our corporate procedures govern our purchasing and
evaluation of vendors and sub-contractors supplying
Intertek with goods and services.
Approval and evaluation may be based on quality,
health and safety, environmental performance and
delivery factors. Performance is also measured,
recorded and benchmarked against established
objectives as part of our disciplined performance
management principles.
In our procurement choices we are working to achieve
our SBTi-validated near-term target of ensuring
that 70% of our key supply chain partners have set
their own science-based climate targets by 2027.
To support this objective, we initiated a programme
Sustainability performance
Responsible Business Continued
to assure the sustainability credentials of our key
supply chain partners in mid-2025. Through a
self-assessment process, we are gaining increasing
insight into the performance of our supply chain,
including science-based climate targets and wider
commitments to ESG. We will report on the outcomes
of this initiative in due course.
Enterprise security
At Intertek, we are committed to continuous
innovation and excellence in service delivery,
strengthening relationships with customers,
colleagues and partners through the protection
of data entrusted to us. Safeguarding the
confidentiality, integrity and availability of customer,
employee and corporate information is central to
our commitment to responsible and sustainable
business practices.
To achieve this, we have adopted the US National
Institute of Standards and Technology Information
Security Framework, an internationally recognised
risk-based model that guides our approach to
managing and mitigating cyber risk across our
global operations.
Intertek has an established enterprise-wide risk
management framework, which is the main point
of reference for Group-wide risk management.
Information security is embedded across the
business. The framework underpins our enterprise
security policies, standards and controls, which
define how we govern, identify, protect, detect,
respond and recover from potential threats. These
policies are accessible to all employees and relevant
third parties and apply to anyone with access to
Intertek’s networks, systems, applications, services
or infrastructure. This includes our Corporate
Information Security Policy, which is fully supported
by detailed topic-specific policies and procedures.
Intertek Group plc
Annual Report & Accounts 2025
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3: Financial Report2: Sustainability Report1: Strategic Report
Our
risk-based
security
framework
Identify Protect
Data
protection
Detect
Recover Respond
Govern
Information security governance
Information security risk is integrated into our global
enterprise risk management programme. We operate
a three lines of defence model for information
security, providing appropriate segregation of duties
and clear roles and responsibilities across the Group.
Information security is overseen by the Board.
The Board is updated monthly by our Cyber Security
Risk Committee, which is chaired by our Group CEO.
Other members of this committee include our Group
CFO, who manages our Information Technology
(‘IT’) department; our Group General Counsel; and
colleagues from our global IT leadership team.
Progress on our security programmes is regularly
reported to the Cyber Security Risk Committee, as
well as other relevant governance and oversight
committees, by our dedicated President, Information
Security, who leads a global team of regional and
country-based experts.
Our risk-based information
security model:
Govern
We oversee and monitor our information
security risk management strategy, ensuring that
policies, governance structures and oversight
mechanisms remain effective and aligned with
our corporate objectives.
Identify
We maintain a comprehensive understanding of risks
to our systems, people and data through vulnerability
analysis and internal auditing and testing, allowing
us to prioritise mitigation efforts in line with overall
business priorities and risk appetite.
Protect
We deploy layered safeguards to ensure the security
and continuity of critical services, including robust
access controls, regular staff training and awareness,
and strong data protection measures. These measures
help reduce the likelihood and impact of information
security incidents.
Sustainability performance
Responsible Business Continued
Detect
We continuously monitor our systems to identify
suspicious activity or potential security events and
verify the effectiveness of protective controls to
enable timely detection and response. Employees are
actively advised to report any suspected incidents
or suspicious activities to the Global Cyber Security
teams and have easily accessible ways to do so,
including a central email address, intranet forms and
phishing reporting tools.
Respond
We apply structured incident response processes
before, during and after any security event
to minimise impact, communicate effectively
with stakeholders and incorporate learnings to
strengthen our preparedness.
Creating a culture
of cyber security
awareness
As technology evolves and
cyber threats become more
sophisticated, it is important
that companies are educating
their employees on safer
cyber security practices.
To ensure that colleagues around the
world are constantly developing their cyber
security awareness, we run several training
and knowledge-sharing initiatives.
LEARN MORE ONLINE
In action
Recover
We maintain resilience and recovery plans to restore
affected systems and services promptly, ensuring
continuity of operations and minimising disruption.
Data protection
We recognise the right to privacy as a fundamental
aspect of trust. Intertek enforces robust data
protection practices aligned with applicable laws and
regulations across the markets in which we operate.
Our corporate data protection framework is mapped
to the General Data Protection Regulation (‘GDPR’)
and reflects our commitment to managing personal
data responsibly and ethically. Where required, we
tailor our practices to meet local legal requirements
or enhance privacy protections consistent with our
global standards.
Intertek Group plc
Annual Report & Accounts 2025
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Independent
Limited Assurance
Report to Intertek
Group plc
Limited assurance conclusion
Based on the work we have performed and the
evidence we have obtained, nothing has come to
our attention that causes us to believe that the
Subject Matter Information has not been prepared,
in all material respects, in accordance with the
Reporting Criteria.
Subject Matter Information
The scope of our work was limited to assurance over
selected ESG performance data (“the Subject Matter
Information”) contained within the Sustainability
Report section (“the Report”) of Intertek’s Annual
Report and Accounts for the year ended 31 December
2025, listed below:
Global GHG emissions
• Scope 1 direct GHG emissions (tonnes CO
2
e)
• Scope 2 indirect GHG emissions, market-based
(tonnes CO
2
e)
• Scope 2 indirect GHG emissions, location-based
(tonnes CO
2
e)
• Scope 3 business travel GHG emissions
(tonnes CO
2
e)
• Scope 3 employee commuting GHG emissions
(tonnes CO
2
e)
• Scope 3 fuel- and energy-related activities not
included in scope 1 or scope 2 GHG emissions
(tonnes CO
2
e)
• GHG emissions intensity ratio (tonnes CO
2
e/£m
of revenue)
Environmental
• Total energy use (MWh)
Social
• Voluntary permanent employee turnover (%)
• Net Promoter Score (average NPS interviews
per month)
• Total Recordable Incident Rate ('TRIR')
(per200,000hoursworked)
• Completion of compliance training by eligible
employees (%)
Our assurance does not extend to any other
information that may be included in the Report
for the current year or for previous periods unless
otherwise indicated.
Reporting Criteria
The Reporting Criteria used for the measurement or
evaluation of the Subject Matter Information and to
form our judgements are Intertek’s methodology as
set out in the Basis of Reporting ESG Data document
(“the Reporting Criteria”).
FOR MORE INFORMATION, READ THE BASIS OF REPORTING
ESG DATA DOCUMENT: INTERTEK.COM/ABOUT/OUR-
RESPONSIBILITY/SUSTAINABILITY-REPORTS--POLICIES
Inherent limitations
The absence of a significant body of established
practice on which to draw in measuring or evaluating
the Subject Matter Information allows the use of
different, but acceptable, measurement or evaluation
techniques, which can affect comparability
between entities and over time. In particular,
we draw attention to the methodological and
assumption-based limitations disclosed by Intertek
in the Reporting Criteria.
GHG emissions quantification is subject to scientific
uncertainty, which arises from incomplete scientific
knowledge regarding the measurement of GHGs,
as well as estimation (or measurement) uncertainty
inherent in the processes used to quantify emissions
within the bounds of existing scientific knowledge.
In addition, due to the timing of the release of
published emissions conversion factors, it is also
not always possible to apply the most up-to-date
factors when calculating emissions.
For Scope 3 GHG emissions, there are further
significant limitations relating to the availability
and quality of emissions data obtained from third
parties. As a result, proxy data may be used in
estimating Scope 3 GHG emissions. Over time,
improved third-party data may become available, and
the principles and methodologies used to measure
and report Scope 3 GHG emissions may evolve in line
with market practice and regulatory developments.
Grant Thornton UK LLP
(“Grant Thornton” or “we”) were
engaged by Intertek Group plc
(“Intertek”) to provide limited
assurance over selected ESG
performance data.
Independent Assurance Report
3: Financial Report2: Sustainability Report1: Strategic Report
2.48
Intertek Group plc
Annual Report & Accounts 2025
Independent Assurance Report Continued
Directors’ responsibilities
The Directors of Intertek are responsible for:
• the design, implementation and maintenance of
internal control relevant to the preparation and
presentation of Subject Matter Information that
is free from material misstatement, whether due
to fraud or error;
• selecting and/or establishing suitable
Reporting Criteria;
• measuring or evaluating and presenting the
Subject Matter Information in accordance with
the Reporting Criteria; and
• the preparation of the Report and the Reporting
Criteria and their contents.
Our responsibilities
We are responsible for:
• planning and performing the engagement to
obtain limited assurance about whether the
Subject Matter Information has been prepared
in accordance with the Reporting Criteria;
• forming an independent limited assurance
conclusion, based on the work we have performed
and the evidence we have obtained; and
• reporting our limited assurance conclusion to Intertek.
A limited assurance engagement is substantially less
in scope than a reasonable assurance engagement
in relation to both the risk assessment procedures,
including an understanding of internal control, and the
procedures performed in response to the assessed
risks which vary in nature from, and are less in extent
than for, a reasonable assurance engagement.
Consequently, the level of assurance obtained in
a limited assurance engagement is substantially
lower than the assurance that would have been
obtained had a reasonable assurance engagement
been performed. Accordingly, we do not report a
reasonable assurance conclusion.
Work performed
Considering the circumstances of the engagement
our work included, but was not restricted to:
• assessing the suitability of the Reporting Criteria
as the basis of preparation for the Subject
Matter Information;
• assessing the risk of material misstatement of the
Subject Matter Information, whether due to fraud
or error, and responding to the assessed risk as
necessary in the circumstances;
• conducting interviews with relevant Intertek
management and examining selected documents
to obtain an understanding of the processes,
systems and controls in use for measuring or
evaluating, recording, managing, collating and
reporting the Subject Matter Information;
• performing selected limited substantive testing
including agreeing a selection of the Subject Matter
Information to corresponding supporting information;
Our independence, professional standards
and quality management
We have complied with the independence and
other ethical requirements of the Code of Ethics for
Professional Accountants issued by the International
Ethics Standards Board for Accountants which
includes independence and other requirements
founded on fundamental principles of integrity,
objectivity, professional competence and due care,
confidentiality and professional behaviour.
We apply International Standard on Quality
Management (ISQM) (UK) 1, “Quality Management
for Firms that Perform Audits or Reviews of Financial
Statements, or Other Assurance or Related Services
Engagements” and accordingly we maintain a
comprehensive system of quality management
including documented policies and procedures
regarding compliance with ethical requirements,
professional standards and applicable legal and
regulatory requirements.
Assurance standards and level of assurance
We performed a limited assurance engagement
in accordance with International Standard on
Assurance Engagements 3000 (Revised) “Assurance
Engagements other than Audits and Reviews
of Historical Financial Information” (“ISAE 3000
(Revised)”), and in respect of the greenhouse
gas emissions information included within the
Subject Matter Information, in accordance with
International Standard on Assurance Engagements
3410 – “Assurance Engagements on Greenhouse
Gas Statements” (“ISAE 3410”), issued by the
International Auditing and Assurance Standards
Board (IAASB). These standards require that we
plan and perform this engagement to obtain limited
assurance about whether the Subject Matter
Information is free from material misstatement.
• considering the appropriateness of a selection of
selected carbon conversion factor calculations,
other unit conversion factor calculations and other
calculations used by Intertek to prepare the Subject
Matter Information including by reference to widely
recognised and established conversion factors;
• evaluating the overall presentation of the Subject
Matter Information; and
• reading the Report and narrative accompanying
the Subject Matter Information in the Report
with regard to the Reporting Criteria, and for
consistency with our findings.
Intended use of this report
This limited assurance report, including our conclusion,
is made solely to Intertek in accordance with the
terms of the agreement between us. Our work has
been undertaken so that we might state to Intertek
those matters we are required to state to them in an
independent limited assurance report and for no other
purpose. We have not considered the interest of any
other party in the Subject Matter Information.
Grant Thornton UK LLP
Chartered Accountants
London
2 March 2026
The maintenance and integrity of Intertek’s
website is the responsibility of the Directors;
the work carried out by us does not involve
consideration of these matters and,
accordingly, we accept no responsibility for
any changes that may have occurred to the
reported Subject Matter Information, the
Report or the Reporting Criteria presented
on Intertek’s website since the date of our
limited assurance report.
Intertek Group plc
Annual Report & Accounts 2025
2.49
3: Financial Report2: Sustainability Report1: Strategic Report
Directors' report
Contents
2.50 Chair’s introduction
2.52 Governance at a glance
2.53 UK Corporate Governance Code
2.54 Board of Directors
2.57 Group Executive Committee
2.58 Our approach to governance
2.61 Board activity in focus
2.69 Committee reports
2.69 Nomination Committee Report
2.74 Audit Committee Report
2.80 Remuneration Committee Report
2.108 Other Disclosures
2.111 Statement of Directors’ Responsibilities
The Directors present their report and the audited
consolidated financial statements for the year ended
31 December 2025 in Report 2 and Report 3.
Chair's introduction
Capitalising on our
core strengths,
our AAA strategy is
raising the bar every
day, delivering value
for all stakeholders
As I hand over the Chair, I do
so with great confidence in
Intertek’s future."
Andrew Martin
Chair
Dear shareholder
This year marks my fifth and final year as Chair of
Intertek, having been appointed in the wake of the
Covid pandemic. It has been a privilege to lead the
Board through a period of significant transformation
and growth. Over the past three years, we have
successfully executed our Amazing ATIC Advantage
(‘AAA’) differentiated growth strategy, designed to
further strengthen performance by capitalising on
our core strengths and responding to the increasing
demand for our services.
By focusing relentlessly on service and quality, and by
further professionalising the organisation, André and
the team have driven sustained improvements in both
operational and financial performance, leveraging
operational gearing to deliver superior results. Since
announcing the AAA strategy in 2023, revenue has
grown by 18.4%, delivered 240bps margin accretion
and earnings per share has grown by 33.4% (all at
constant currency). We have generated £2.3bn in
cumulative operating cash flow, returning £635m
to shareholders through dividends and £350m
through our inaugural share buyback programme.
3: Financial Report2: Sustainability Report1: Strategic Report
Intertek Group plc
Annual Report & Accounts 2025
2.50
Chair's introduction Continued
Board promise
We recognise our responsibility to all
stakeholders and will strive to ask the
questions that matter and make the
rightdecisions.
We will be forward looking and use our
diverse perspectives and insights to promote
Intertek’s Purpose of bringing quality, safety
and sustainability to life.
We will inspire our people to take client
relationships and our performance to
greaterheights and to create sustainable
growth for all.
Innovation and strategic developments
Despite a challenging market backdrop, 2025
has been another year of strategic progress,
marked by significant investments in innovation
and capability expansion. We established our AI
laboratory in London, recognising the transformative
opportunities AI presents for our industry. We
launched a comprehensive suite of new solutions,
including the EUDRtrace platform to help companies
comply with the EU Deforestation Regulation,
and AI² – the world’s first end-to-end AI assurance
programme, addressing governance, transparency,
security and safety in AI solutions.
We also introduced SupplyTek, an end-to-end global
market access solution to help companies navigate
supply chain uncertainties. In the UK, we expanded
our Cambridge pharmaceuticals services laboratory
and completed the development of a Softlines and
Hardlines Testing Centre of Excellence, opened a Caleb
Brett laboratory in Bordeaux, and established a new
regional headquarters in Riyadh. We are also pioneering
the use of unmanned robots and drones to inspect
industrial assets and infrastructure in hazardous
environments, as well as to transport samples – further
evidence of our commitment to innovation and safety.
Acquisitions
Our acquisition strategy remains focused on high
growth sectors aligned with global trends in quality
assurance, sustainability and regulatory compliance.
We've made ten acquisitions in the last five years,
with the largest acquisition made under my tenure
that of SAI Global Assurance in 2021. This year we
acquired Envirolab in Australia, an environmental
testing provider which established Intertek as a
market leader in its field with strong commercial
synergies, expanded our Assurance, Testing,
Inspection and Certification ('ATIC') footprint in
Central America by adding Costa Rica business
Suplilab and strengthened our products testing
business by buying US-based Professional Testing
Laboratory. We also acquired TESIS in Brazil, our third
acquisition in the country in the past three years,
expanding our Building & Construction business in
this important market.
MORE DETAILS ON OUR STRATEGIC ACQUISITIONS CAN BE
FOUND IN THE STRATEGIC REPORT ON PAGE 1.18 IN REPORT 1
Culture and Purpose
Our Purpose sits at the heart of our strategy, guiding
actions at every level of the Group. The Board
recognises the importance of culture, setting the
tone from the top and embedding it across the Group.
We are committed to fostering an inclusive culture
where everyone can succeed, recognising that a
motivated and engaged workforce is fundamental
to delivering our differentiated growth strategy.
Diversity of thought, experience and background
makes us more dynamic, fosters innovation and
boosts performance. Acting with integrity in line
with our Values is central to how we do business.
Board composition and governance
Recent changes have strengthened the Board,
bringing valuable expertise and enhanced diversity,
skills and knowledge. We welcomed Hilde Merete
Aasheim, Robin Freestone and Steve Mogford; their
strategic capabilities and industry insight will be
invaluable. As part of their comprehensive induction,
they visited Intertek operations in the US and China.
I would also like to thank Lynda Clarizio, who stepped
down from the Board in March 2025, for her valued
contribution over the past four years.
We remain committed to diversity in all respects,
meeting the Parker Review recommendations with
three of our Board members from a minority ethnic
background. At the end of 2025, four of our 13 Board
members were women. We are very aware of the
requirements within the UK Listing Rules for one
of the four senior Board positions to be held by a
woman, and for at least 40% of the Board members
to be women. The next four Board members that
are due to retire are men. By proactively recruiting in
advance of their departures, these requirements have
remained a priority, and we anticipate being compliant
by the 2027 Annual General Meeting ('AGM').
This year we have responded to changes in the UK
Corporate Governance Code, enhancing reporting on
Board leadership and company purpose, composition,
succession and evaluation. We reviewed and
updated our Board Diversity Policy, revised the Audit
Committee’s Terms of Reference, and adopted the
Intertek Performance Adjustment Policy covering
malus and clawback provisions.
At the 2026 AGM, we will be proposing a new
Remuneration Policy to align incentives with the
AAA differentiated growth strategy. More details
are available in the Remuneration Report on pages
2.80 to 2.95.
As Chair, I have ensured that the Board, its
Committees and each Director are evaluated
annually. This year’s internal Board performance
review identified areas for further enhancement,
which will be addressed in 2026 to further
strengthen Board effectiveness.
MORE DETAILS CAN BE FOUND ON PAGE 2.60
Engagement with stakeholders
Listening actively to our investors, employees,
customers, suppliers and the communities we serve is
central to our approach. This year, the Board travelled
to Hong Kong and visited Shenzhen and Guangzhou,
gaining valuable insight into our important Chinese
operations and the growth opportunities ahead.
We met with customers and colleagues to hear and
discuss their perspectives.
MORE DETAILS ON OUR ENGAGEMENT WITH SHAREHOLDERS
CAN BE FOUND ON PAGE 2.67
Looking ahead
The Board will continue to support and challenge
the executive team to deliver sustainable value for
shareholders and wider society, maintaining high
governance and ethical standards.
As I hand over the Chair, I do so with great
confidence in Intertek’s future. We have a clear
strategy, exceptional people and operate in an
industry with positive dynamics. Our AAA strategy
is raising the bar every day, delivering superior value
for all stakeholders. I have greatly enjoyed my time
on the Board and as Chair, and I wish André, the Group
Executive Committee and the Board every success.
I will continue to follow Intertek’s progress with close
interest in the years ahead.
Yours sincerely,
Andrew Martin
Chair
Intertek Group plc
Annual Report & Accounts 2025
2.51
3: Financial Report2: Sustainability Report1: Strategic Report
Male 9
Female 4
Gender
Executive
Directors 2
Independent
Non-Executive
Directors 11
Independence
White 10
Asian 3
Ethnicity
Male 12
Female 4
Gender
White 10
Asian 4
Asian British 1
Other ethnic group 1
Ethnicity
Americas 4
Asia 4
EMEA 8
Leadership
location
0–3 years 6
3–6 years 2
6–9 years 3
9+ years 2
Board tenure
1. The data shown as at the date of the report.
2. Senior management comprises the Group Executive Committee excluding the Executive Directors (who have been included in the Board
data) and the Group Company Secretary.
Governance highlights
Returns to shareholders
Dividend
165.0p ordinary dividend per share
for the financial year ended
31 December 2025 including
interim and final dividend.
Share buyback
£350m share buyback completed
during 2025.
Progressed Board succession
Proactively recruited in advance
of planned changes to the
Board, welcoming three new
Non-Executive Directors.
Acquisition
Focused on investing in growth
through targeted acquisition
activity that will benefit
customers and shareholders.
Board composition
1
Senior management composition
1,2
Board skills
People/Culture
Digital/Technology
Brands and retailers
Finance
Risk management/Assurance
Sustainability
International experience
UK Listed PLC experience
Previous/Current CEO
Previous Non-Executive Director experience
Our skills matrix has been updated to show the
additional skills brought to the Board with the
appointment of Steve Mogford, Hilde Merete Aasheim
and Robin Freestone, as well as the impact of the
departure of Lynda Clarizio during the year.
FULL BIOGRAPHIES FOR THE BOARD ARE AVAILABLE
ON OUR WEBSITE
Governance at a glance
Intertek Group plc
Annual Report & Accounts 2025
2.52
3: Financial Report2: Sustainability Report1: Strategic Report
The Board believes
in good corporate
governance through
effective oversight,
including how the
Company assures
stakeholders on
performance delivery and
reports on its progress.
THE UK CORPORATE GOVERNANCE CODE IS AVAILABLE AT
WWW.FRC.ORG.UK
THE INFORMATION REQUIRED TO BE DISCLOSED IN
ACCORDANCE WITH DTR 7.2.6 CAN BE FOUND ON
PAGES 2.109-2.111
The Board remains dedicated to clear and honest
reporting and confirms that during 2025, the
Company has consistently applied all the principles
and has complied with most of the provisions
of the UK Corporate Governance Code 2024
(the 'Code'), and provision 29 of the 2018 UK
Corporate Governance Code.
Andrew Martin was appointed to the Board in
May 2016 and was appointed as Chair of the Board
in January 2021. Hence, he has now served as a
Director of the Company for over nine years, five
of which he has served as Chair. Provision 19 of the
Code provides for a limited extension of tenure in
certain circumstances, subject to clear explanation
to shareholders.
During the last three years, six new Directors have
joined the Board and, over the next year, several
experienced Directors will step down from the
Board with their terms coming to an end. Taking
into account these Board changes and the need to
ensure effective succession planning for a new Chair,
the Nomination Committee concluded that Andrew
Martin’s reappointment as Chair at the 2025 AGM,
albeit for a limited period of one year, was in the best
interests of the Company.
This proposal was discussed with several of
the Company’s larger shareholders, each of
which were understanding of the Nomination
Committee’s rationale.
A resolution was proposed and approved by
shareholders for the reappointment of Andrew Martin
at the 2025 AGM.
Provision 39 stipulates that the pension contribution
rates for Executive Directors should be aligned with
that of the workforce. As disclosed in our 2024
Annual Report & Accounts, the pension contribution
for the CEO has been in compliance since 1 June 2025.
For all new Executive Directors appointed to the
Board since 2018 the pension contribution rate has
been aligned with that of the workforce.
Provision 29 preparation
An important theme for the Board has been the
Group’s preparatory analysis and measures in relation
to ensuring compliance with Provision 29 of the Code
which comes into force from 2026. Preparation has
included evaluation of the current integrated risk and
controls framework, and more detail can be found on
page 2.68.
UK Corporate Governance Code
1. Board Leadership & Company Purpose Pages
A Effective Board 2.54-2.56, 2.59-2.60
B Purpose, Values, Strategy and Culture 1.16 Report 1, 2.50-2.51
C Governance framework 2.58-2.68
D Stakeholder engagement 2.59, 2.63-2.67
E Workforce policies and practices 2.16-2.23, 2.44-2.46
2. Division of Responsibilities
F Role of the Chair 2.50-2.51, 2.58, 2.60
G Division of Responsibilities 2.58, 2.54-2.56
H Role of the Non-Executive Director 2.54-2.56, 2.72
I Board policies and processes 2.58-2.59, 2.61-2.68
3. Composition, Succession and Evaluation
J Appointments to the Board 2.71, 2.73
K Board skills, experience and knowledge 2.52, 2.54-2.56
L Annual Board evaluation 2.60
4. Audit, Risk and Internal Controls
M Independence, and Effectiveness of Internal and External Auditors 2.75-2.78
N Fair, Balanced, and Understandable Assessment 2.75
O Internal financial controls
Risk management
1.54-1.61 Report 1,
2.68, 2.78
5. Remuneration
P Linking remuneration with purpose and strategy 2.81-2.95
Q Remuneration Policy 2.81-2.95
R Performance outcomes in 2025 2.81-2.85, 2.96
Intertek Group plc
Annual Report & Accounts 2025
2.53
3: Financial Report2: Sustainability Report1: Strategic Report
Andrew Martin
N
Chair
Appointed to the Board: May 2016
Appointed Chair in January 2021
Independent: Upon appointment
Skills and experience:
Andrew is a qualified accountant and an
Associate of the Chartered Institute of
Taxation with wide-ranging experience
and an extensive financial background
within large international organisations.
Contribution to the Board:
His experience as a Chair and as a Non-
Executive Director assists in promoting
the long-term sustainable success
of the Company for stakeholders and
generating value for shareholders.
Significant external appointments:
None
André Lacroix
Chief Executive Officer
Appointed to the Board: May 2015
Independent: No
Skills and experience:
André has an excellent track record of
delivering long-term growth strategies
and shareholder value globally across
diverse territories.
Contribution to the Board:
He has consistently succeeded in driving
growth and performance in his career
and has the requisite qualities to carry
on leading Intertek in its continued drive
for long-term sustainable value creation.
Significant external appointments:
None
Colm Deasy
Chief Financial Officer
Appointed to the Board: March 2023
Independent: No
Skills and experience:
Colm brings extensive knowledge and
understanding of the complexities
of the Intertek Group to his role on
the Board.
Contribution to the Board:
His varied financial and international
management experience – progressing
from Treasurer to Regional MD and
President of multiple divisions – equips
him with the tools to support Intertek’s
growth, M&A strategy and global
integration efforts, ensuring disciplined
execution across diverse markets.
Significant external appointments:
None
Graham Allan
R N
Senior Independent Director
Appointed to the Board:
October 2017
Independent: Yes
Skills and experience:
Graham brings strong general
management experience, as well
as extensive knowledge of Asian
and other international markets, in
consumer and retail businesses.
Contribution to the Board:
With leadership roles at Dairy Farm and
Yum! Restaurants across Asia, plus deep
board roles in retail and foodservice,
Graham offers valuable insight into
consumer-driven markets – a strategic
complement to Intertek’s service
expansion in consumer goods testing
and assurance.
Significant external appointments:
Senior Independent Non-Executive
Director of InterContinental Hotels Group
plc, Non-Executive Director of Associated
British Foods plc, Americana Restaurants
International plc and a Director of Ikano
Retail Pte Ltd (privately owned). Chairman
of Bata International (privately owned)
and Chair, Nando’s Group Holdings Ltd.
Jean-Michel Valette
A
Non-Executive Director
Appointed to the Board: July 2017
Independent: Yes
Skills and experience:
Jean-Michel brings strong US and global
management experience, especially in
consumer and luxury goods companies,
which broadens the international and
customer knowledge on the Board. Jean-
Michel’s wealth of knowledge of the
US markets, especially from a customer
perspective, is an asset to the Board.
Contribution to the Board:
With decades of leadership in US
consumer goods and strong governance
expertise, including audit and valuation
oversight, Jean-Michel brings valuable
insight to support Intertek’s North
American growth and ensure financial
rigour as the business scales.
Significant external appointments:
Chairman of Huneeus Vintners and
Chairman of DripDrop Hydration Inc.
(both private US companies).
Chair and Executive Directors Committee Chairs
Full biographies for members
of the Board are available on
our website
VISIT: INTERTEK.COM
Committees:
Audit
A
Nomination
N
Remuneration
R
Committee Chair
Board of Directors
Scheduled meetings eligible
to attend: 5
Meetings attended: 4
Andrew Martin was unable to attend one
meeting due to medical reasons. Graham
Allan acted as Chair for this meeting.
Scheduled meetings eligible
to attend: 5
Meetings attended: 5
Scheduled meetings eligible
to attend: 5
Meetings attended: 5
Scheduled meetings eligible
to attend: 5
Meetings attended: 5
Scheduled meetings eligible
to attend: 5
Meetings attended: 5
Intertek Group plc
Annual Report & Accounts 2025
2.54
3: Financial Report2: Sustainability Report1: Strategic Report
Board of Directors Continued
Hilde Merete Aasheim
*
A
Non-Executive Director
Appointed to the Board: April 2025
Independent: Yes
Robin Freestone
R
Non-Executive Director
Appointed to the Board: April 2025
Independent: Yes
Gurnek Bains
N R
Non-Executive Director
Appointed to the Board: July 2017
Independent: Yes
Skills and experience:
Gurnek’s extensive experience, working
with senior leaders across a wide range
of industries internationally and his
thought leadership on culture and
leadership development provides an
important voice in the discussions at
Board level, particularly with the Group
People Strategy being of such great
importance to the long-term sustainable
success of the Company.
Contribution to the Board:
Founder of leading global business
psychology consultancy YSC and
expert in culture change and talent
development, Gurnek brings essential
capabilities to drive Intertek’s people
strategy, leadership development and
the human capital dimension of our
AAA growth blueprint.
Significant external appointments:
Managing Partner of Global Future
Partnership LLP and CEO of Nous
Think Tank.
Tamara Ingram OBE
N R
Non-Executive Director
Appointed to the Board:
December 2020
Independent: Yes
Skills and experience:
Tamara has had an extensive career
in advertising, marketing and digital
communication, and has a deep
understanding of consumer brands and
digital strategy. She brings a strong track
record of outstanding leadership in global
marketing services and her experience of
branding together with her stakeholder
management abilities bring additional
skills and expertise to the Board.
Contribution to the Board:
A seasoned marketing and digital
communications leader from WPP/
Wunderman Thompson with consumer
brand expertise, Tamara supports
Intertek’s ambition to elevate its market
positioning, digital engagement and
brand visibility in key industry verticals.
Significant external appointments:
Non-Executive Director of Marsh &
McLennan Companies, Inc., Non-
Executive Director of Marks and Spencer
Group plc, and Non-Executive Director
of Reckitt Benckiser Group plc.
Jez Maiden
A
Non-Executive Director
Appointed to the Board: May 2022
Independent: Yes
Skills and experience:
Jez is an experienced international
public company CFO with a strong track
record, who has worked in a diverse
range of industries and sectors, primarily
manufacturing, service and finance.
In addition, Jez has a strong background
as a Non-Executive Director.
Contribution to the Board:
As a former CFO of Croda and National
Express, and with current audit-focused
board roles, Jez brings financial discipline,
cost control and risk oversight critical
to Intertek’s resilience and operational
excellence as it grows its global
service portfolio.
Significant external appointments:
Senior Independent Director of Travis
Perkins plc and Non-Executive Director
of Smith & Nephew plc.
Skills and experience:
A former CEO of Norsk Hydro ASA with
deep experience in metals, mining,
chemicals and sustainable businesses,
Hilde brings strong leadership in sectors
pivotal to Intertek’s technical assurance
and sustainability ambitions.
Contribution to the Board:
Her expertise in integration planning
aligns with Intertek’s goal to drive
strategic acquisitions and embed ESG
standards across its service offerings.
Significant external appointments:
Independent Non-Executive Director at
ECOnnect Energy AS and a member of
the Board of Outokumpu Oyj.
Skills and experience:
With a robust finance career as
CFO at Pearson and senior roles at
ICI, Amersham and Henkel, Robin
excels in financial transformation
and governance.
Contribution to the Board:
His background supports Intertek’s
strategy of disciplined financial
stewardship and enhances oversight
as the Company scales and
diversifies globally.
Significant external appointments:
Lead Director of Capri Holdings Limited
Non-Executive Directors
Full biographies for members
of the Board are available on
our website
VISIT: INTERTEK.COM
Committees:
Audit
A
Nomination
N
Remuneration
R
Committee Chair
* Photo: Nicolas Toureenc/Hydro
Scheduled meetings eligible
to attend: 4
Meetings attended: 4
Scheduled meetings eligible
to attend: 5
Meetings attended: 5
Scheduled meetings eligible
to attend: 4
Meetings attended: 4
Scheduled meetings eligible
to attend: 5
Meetings attended: 5
Scheduled meetings eligible
to attend: 5
Meetings attended: 5
Intertek Group plc
Annual Report & Accounts 2025
2.55
3: Financial Report2: Sustainability Report1: Strategic Report
Board of Directors Continued
Kawal Preet
R
Non-Executive Director
Appointed to the Board:
December 2022
Independent: Yes
Skills and experience:
Kawal is an accomplished senior
executive with extensive experience
of cross-functional leadership
responsibilities in the fast-paced and
dynamic express transportation and
airline industry and supply chains.
Contribution to the Board:
Her experience in the Asia Pacific region
especially China, Hong Kong, India &
Middle East markets provides a strong
addition to the skills on the Intertek
Board. With her new global role she
also brings the North America market
perspective to the Board.
Significant external appointments:
Executive Vice President, Planning,
Engineering, and Transformation
for FedEx.
Apurvi Sheth
A
Non-Executive Director
Appointed to the Board:
September 2023
Independent: Yes
Skills and experience:
Apurvi has extensive executive
experience spanning over three
decades across numerous well-known
international consumer brands in the
food and beverage industry.
Contribution to the Board:
With a strong leadership background
in consumer brands across Asia Pacific
and emerging markets (Diageo, PepsiCo,
Coca Cola, Nestlé), Apurvi brings insight
into high growth regions that align with
Intertek’s ambition to expand in fast-
developing economies.
Significant external appointments:
Strategic Advisor to various companies
in Southeast Asia and India, across a
wide range of sectors including food and
beverage, retail and technology. Non-
Executive Director of SSP Group plc.
Steve Mogford
A
Non-Executive Director
Appointed to the Board:
January 2025
Independent: Yes
Skills and experience:
Steve brings extensive public markets
experience and a deep understanding
of long-term contracting, projects
and regulation, which enhances the
Board's expertise in these areas. His
significant experience in the utilities
and aerospace industries, coupled with
a firm commitment to sustainability, is
a valuable asset.
Contribution to the Board:
Having led United Utilities and held
senior roles at BAE Systems and
Finmeccanica, Steve offers deep
operational and regulatory insight in
utilities, aerospace and supply chains.
His sustainability focus supports
Intertek’s ambition to expand in
regulated industries and strengthen
the resilience of its service delivery.
Significant external appointments:
Senior Independent Director of QinetiQ
Group plc and a Non-Executive Director
of Costain Group plc.
Non-Executive Directors Continued Company Secretary
Ida Woodger
Group Company Secretary
Appointed: March 2023
Skills and experience:
Prior to this appointment Ida held the
position of Head of Sustainability for
three years, having previously been the
Group’s Deputy Company Secretary
since 2015.
Ida is an Associate of the Chartered
Governance Institute UK and Ireland.
Contribution to the Board:
Ida provides advice and support to the
Board, its Committees and the Chair, and
is responsible for corporate governance
across the Group.
Significant external appointments:
None
Full biographies for members
of the Board are available on
our website
VISIT: INTERTEK.COM
Other Directors on the
Board during the year
Lynda Clarizio ceased to be
a Non-Executive Director on
31 March 2025. She attended
one scheduled meeting which
she was eligible to attend.
Committees:
Audit
A
Nomination
N
Remuneration
R
Committee Chair
Scheduled meetings eligible
to attend: 5
Meetings attended: 4
Steve Mogford was unable to attend one
meeting due to a prior conflict.
Scheduled meetings eligible
to attend: 5
Meetings attended: 5
Scheduled meetings eligible
to attend: 5
Meetings attended: 5
Scheduled meetings eligible
to attend: 5
Meetings attended: 5
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André Lacroix
Chief Executive Officer
John Fowler
Senior Vice President Minerals
and E&P
Ross McCluskey
Executive Vice President,
Europe, Middle East and
Africa and GTS
Todd Andrews
Group General Counsel and
Head of Risk and Compliance
Tony George
Executive Vice President,
Human Resources
Sandeep Das
CEO Greater China and President
Global Softlines and Hardlines
Ajay Kapoor
Regional Managing Director
South Asia
Ali Knapp
Vice President People Assurance
Carlos Velasco
President Latin America and
Global Building and Construction
Colm Deasy
Chief Financial Officer
Ian Galloway
Executive Vice President,
World of Energy
Saranpal Rai
President Electrical,
Connected World, Transportation
Technologies and CEA
Marie Giannini
Vice President, Group
Corporate Communications
and Head of Sustainability
Mark Thomas
Executive Vice President,
Global Sustainability, Assurance,
AgriWorld and Food
Ayush Dhital
Regional Managing Director
Asia Pacific
Bertrand Mallet
Chief Commercial Officer
Katherine Ramsden
Vice President, Group Head of
Quality and Safety Assurance
Biographies for members
of the Group Executive
Committee are available
on our website:
VISIT: INTERTEK.COM
Group Executive Committee
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Governance structure
Intertek operates a strong
system of governance
throughout the Group which
is essential to achieving our
purpose and delivering our
AAA strategy. Our governance
framework and a clear division
of responsibilities enables the
Board to operate effectively,
fulfil its responsibilities and
provide valuable oversight.
Our Board of Directors
Establishes and monitors the ongoing effectiveness of the Company’s Purpose, Customer Promise, Vision and Values, and
strategy for delivering long-term sustainable value for stakeholders. Responsibility for monitoring the culture of the Company and
providing challenge to management. Board responsibilities are clearly defined, set out in writing and are regularly reviewed.
Board Committees
The Board delegates certain matters to its three principal Committees
Supporting committees
The Group Executive Committee establishes and oversees the committees needed at Group and business line level to effectively implement
the strategy and achieve its delivery. The responsibilities of each committee are delineated through clear and approved Terms of Reference.
Monitoring of delegated matters is governed by our CMCs, an annually reviewed and refreshed framework that allows the delivery of strategic
aims and financial performance whilst enabling risk to be assessed and managed. On executive matters, the CEO and CFO are responsible for
providing updates at each Board meeting.
Group Executive Committee
The Board delegates specific responsibilities, subject to certain financial limits governed by the Core Mandatory Controls (‘CMCs’), to
management. The Group Executive Committee is responsible for supporting the CEO in the delivery of our AAA differentiated growth
strategy, providing input into strategic and operational decisions aligned to business priorities, and supporting the delivery of actions.
Chair
Audit Committee
Oversees the Group’s financial
reporting, ensures the effectiveness
and independence of the External and
Internal Audit functions, and reviews
the Group’s financial internal controls
and risk management systems.
Senior Independent
Director
Remuneration Committee
Establishes the Group’s Remuneration
Policy and ensures that it supports
the strategy promoting the long-term
sustainable success of the Group and
that there is a clear link between
performance, remuneration and
alignment with our Purpose, Vision,
Values and strategy.
Chief Executive
Officer
Nomination Committee
Ensures the Board and its Committees
have the correct balance of skills,
experience and knowledge, and that
adequate and orderly succession
plans are in place.
Non-Executive
Directors
Governance
framework
Group Risk
Committee
Net Zero Steering Committee Beyond Net Zero Committee
Cyber Risk Committee
Ethics and Compliance
Committee
Disclosure Committee
Group Investment
Committee
FOR FULL DETAILS ON THE ROLES AND RESPONSIBILITIES OF BOARD
MEMBERS SEE INTERTEK.COM/ABOUT/COMPLIANCE-GOVERNANCE
MORE DETAILS ON OUR SUSTAINABILITY GOVERNANCE FRAMEWORK
CAN BE FOUND IN OUR STRATEGIC REPORT ON PAGE 1.64 IN REPORT 1
Our approach to governance
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Our approach to governance Continued
Intertek’s story has
always been about
innovation
In 1885 we began testing and certifying grain
cargoes before they were put to sea, and in 1888
we pioneered the idea of independent testing
laboratories. Then in 1896, the greatest inventor
of them all became part of our story. When Thomas
Edison released the wonders of electricity and the
light bulb he wanted to ensure that his products were
checked, tested and safe. He established the Lamp
Testing Bureau, later becoming Electrical Testing
Laboratories, and now known as Intertek Electrical.
Today, our superior customer service is based on our
Science-based Customer Excellence approach which
we have built up over many years.
This is based on three essential components: our
science-based technical expertise, our continuous
improvement and our innovation.
The foundations and aspirations of our business
remain true to those established by our visionary
founders, and their innovation and energy continue
to be our inspiration. Our passion and entrepreneurial
culture will ensure that we deliver for our customers
in quality, safety and sustainability – today and in
the future.
Engagement with shareholders
and other stakeholders
The Board and its Committees understand the
strategic significance of stakeholders in our business.
The Directors take into account the interests of
colleagues and the need to foster relationships
with other key stakeholders in making decisions. We
acknowledge that our decisions might not necessarily
result in a positive outcome for all our stakeholders
and so the Board has to balance conflicting interests
in arriving at its decisions.
While the Board engages directly with stakeholders
on some issues, the size and complexity of the Group
and our stakeholder groups means that engagement
often happens below Board level. However, the Board
considers information from across the organisation
to help it understand how our operations affect our
stakeholders’ interests and views.
Directors’ conflicts of interest
The Board operates a policy to identify and
manage any conflicts of interest to assist Directors in
complying with their duty to avoid actual or potential
conflicts. The Conflicts of Interest Register is
maintained by the Group Company Secretary and the
Board undertakes an annual review of each Director’s
interests, if any, including outside the Company.
Any conflicts of interest are reviewed when a new
Director is appointed, or should a new potential
conflict arise. A formal process is also in place for
managing such conflicts to ensure no conflicted
Director is involved in any decision related to
their conflict and, during the year, this process
operated effectively.
Whenever any Director considers that they are, or
may be, interested in any contract or arrangement to
which the Company is, or may be, a party, the Director
gives due notice to the Board in accordance with the
Companies Act 2006 and the Articles of Association.
Effective leadership
Our Board has differing skills, a wide range of
diverse experience and extensive knowledge built
up over time through professional careers, which
enables the Board to fully understand the strategic
business drivers of Intertek, but also the risks and
exposures associated with the multiple sectors
and regions in which the Company operates.
The composition of the Board is subject to
periodic review by the Nomination Committee
to ensure it remains sufficiently balanced and
diverse to effectively oversee and determine the
Group’s strategy.
To ensure sufficient time for discussion, the Board
utilises its principal Committees to effectively
manage its time. Each Board meeting follows a
carefully structured agenda agreed in advance
by the Chair, CEO and Group Company Secretary;
this ensures that proper oversight of key areas
of responsibility are scheduled regularly, and that
adequate time is available for the Board to fully
consider strategic matters.
Where Directors have concerns about the
operation of the Board or the management of the
Company that cannot be resolved, the minutes will
reflect this. No such concerns were raised during
the year.
To discharge their responsibilities effectively, the
Chair and CEO maintain regular dialogue outside
the boardroom, to ensure an effective flow of
information. The Non-Executive Directors have
formal as well as informal contact with senior
leadership. Contact with the wider business is
encouraged to develop a deeper understanding
of the Group’s operations and this engagement
is welcomed.
Section 172 statement
In their discussions and decisions during the
year, the Board of Directors have acted in the
way that they consider, in good faith, would
be most likely to promote the success of the
Group for the benefit of its members as a
whole (having regard to stakeholders and the
matters set out in sub-sections 172(1) (a)–(f)
of the 2006 Act).
Details of how the Board have engaged with
colleagues during the year, and how they
have had regard to their interests and the
need to foster business relationships with
other stakeholder groups, is set out on the
following pages together with the Board’s
principal decisions.
Workforce policies and practices
The Executive Directors have been delegated
responsibility for ensuring that policies and
behaviours set at Board level are effectively
communicated and implemented across the Group.
Policies are published on the intranet and to ensure
policies are embedded in our business practices, we
operate a mandatory training programme which aims
to reinforce key compliance messages in areas such
as anti-bribery, fraud, and modern slavery.
FOR MORE DETAILS ON ‘DOING BUSINESS THE RIGHT WAY’,
SEE PAGE 2.45
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Board performance review
In accordance with the Code, the effectiveness of
the Board and its Committees is rigorously reviewed
annually and an independent externally facilitated
Board review is conducted every three years.
For 2025 the internal evaluation process for the
Board and its Committees was led by Andrew Martin,
with the support of the Group Company Secretary,
and entailed:
• the completion of detailed questionnaires by each
Board member;
• discussions on the outcomes and recommendations
with the Chair and each Board member; and
• discussion of the results of the evaluations at the
Board and Committee meetings, identifying and
agreeing areas for improvement.
The Group Company Secretary collated the individual
responses, including analysis of themes and proposed
actions. A detailed report, setting out the findings
of the evaluation for the Board and each Committee,
were provided to each Chair for consideration. The
Group Company Secretary and the Chair met to
discuss the findings, with the resulting report being
tabled to each Committee and the Board meeting in
February 2026.
The internal reviews of the Board and the
Committees showed strong scores in the categories
that were evaluated.
Feedback from the review was also incorporated into
the annual agenda for the Board and the Committees.
Outcome and key areas of focus for 2026:
Overall, there was a high level of satisfaction
with the effectiveness of the Board and its
Committees, with no high priority or urgent
matters needing to be addressed.
Actions agreed for 2026:
• Continue to invest time visiting operations
and meet local teams.
• Continue to meet customers while travelling
and spend time on future trends.
• Expand our risk monitoring for both financial
and non-financial risks.
Our approach to governance Continued
Chair and Directors’ performance review
The Non-Executive Directors, led by the Senior
Independent Non-Executive Director, conducted
a performance review of Andrew Martin, who was
the Chair of the Board during 2025. The review
considered his leadership, corporate and commercial
skills and general experience.
Andrew Martin, the Chair, also met with each
Director to discuss their individual contributions
and performance, together with any training and
development needs.
Conclusion
The review concluded that the Board, each
Committee and each Director continue to perform
effectively and contribute to the long-term
sustainable success of Intertek.
The feedback from the Board performance review is
considered when determining the key skills required
for new Directors on the Board for the future.
Learning and development
Ongoing and continuous development is crucial to
our Directors remaining highly engaged, effective
and well informed. Throughout their period of office,
all Directors are kept up-to-date with information
about Intertek’s business, markets, sustainability
matters and other changes affecting the Group and
the industry in which we operate, including changes
to the legal and governance environment and the
obligations on themselves as Directors.
The Company also encourages Directors to attend
briefings and seminars offered by professional and
commercial bodies in order to keep abreast of current
legal and regulatory requirements, especially within
their specialist fields such as audit or remuneration.
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The following pages give an insight into
how we, as a Board, use our meetings
as a mechanism for discharging our
responsibilities, including how the
consideration of stakeholders is
embedded into our workings as a Board
and the range of matters we considered
and discussed throughout the year.
Strategy and
performance
The Board clearly understands the responsibility
to deliver long-term sustainable success and
returns for shareholders, underpinned by the
highest standard of corporate governance,
conduct and integrity. We collectively review,
discuss and annually agree the Group’s strategy.
People
and Culture
At a time of rapid change, heightened
stakeholder expectations and increasing
regulatory pressures, the right culture is
essential. The Board monitors culture in
a number of ways.
Workforce
engagement
The Board utilises a number of different
methods of engagement, both directly and
indirectly, with employees to foster and promote
a two-way dialogue and to provide a critical
means of monitoring culture.
Internal controls and
risk management
Intertek operates an end-to-end integrated
approach to risk, control and compliance which
embeds risk management throughout our
business. The Board maintains, monitors and
reviews the effective risk management and
internal control framework.
Sustainability
Sustainability is anchored in our Purpose,
Vision and Values. The Board, as part of
its overall stewardship of the Company,
oversees the Group's sustainability and
corporate responsibility.
Customer
engagement
The desirability of the Company maintaining
a reputation for high standards of business
conduct, the accuracy and validity of reports and
certificates that we provide, and maintaining
the trust and confidence of our customers, their
customers and others impacted by our work, are
important factors which contribute to our success.
Investor and
shareholder
engagement
The Board is committed to maintaining an active
and open dialogue with investors and sees this
as an important part of the governance process.
MORE DETAILS ON PAGE 2.62 MORE DETAILS ON PAGE 2.64-2.65
MORE DETAILS ON PAGE 2.67
MORE DETAILS ON PAGE 2.63
MORE DETAILS ON PAGE 2.68 MORE DETAILS ON PAGE 2.66
MORE DETAILS ON PAGE 2.66
Due to the global nature and size of the business,
together with the complexity and diverse make-
up of the various sectors and regions in which we
operate, the Board decided to choose an alternative
method to those suggested in Provision 5 to the
Code. Instead, we utilise a multi-faceted approach to
workforce engagement to make certain that what
is in place ensures that we, as a Board, receive 360˚
multi-source feedback to assist us in evaluating the
different views and perspectives from our employees
across the Group.
We keep our engagement mechanisms under review
and continue to believe that this methodology
remains effective as it enables us, the Board, to
fully understand the views of the workforce when
taking such considerations into account as part of
our decision making process.
Board activity in focus
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Strategy and performance
Board activity in focus Continued
We, as a Board, clearly understand our
responsibility to deliver long-term sustainable
success and returns for our shareholders,
underpinned by the highest standard of
corporate governance, conduct and integrity.
We collectively review, discuss and annually
agree the Group’s strategy.
The Intertek Amazing ATIC Advantage (‘AAA’)
differentiated growth strategy was launched to
accelerate our growth by seizing the high demand
for our ATIC solutions.
Strategic planning discussions are supported
by our Purpose to bring quality, safety and
sustainability to life, and to make the world a
better, safer and more sustainable place whilst
looking at the long-term structural drivers and the
emerging trends shaping the future of the world,
to ensure that the business continues to evolve
to meet the changing needs of all stakeholders.
OUR AAA STRATEGY AND GOALS ARE OUTLINED ON
PAGE 1.16 IN REPORT 1
The Board monitors and reviews the performance
of the business throughout the year to ensure
that the strategic objectives are being met. This is
an ongoing process with deep dive sessions with
each business line and an annual review of regional
performance by the Board. The process involves a
thorough review of the progress being made on the
implementation of the strategy and the five-year
business plan.
The changes to the economic environment, the
long-term structural drivers and emerging trends
shaping the world are discussed, as well as the
resulting impact on Intertek, together with the
strategic initiatives for the year.
May
Global business line deep dive – received
presentations from global leaders on
their business and areas of responsibility
and expertise.
July/August
Global Business deep dive and regional
focus – received presentations
from the leadership teams across
the business on their areas of
responsibility and expertise.
October
Reviewed, discussed and agreed the
Group’s strategic plan and objectives
including a 360˚ review of the Intertek
value proposition, strategy, updates
on the competitive environment and
regulatory changes.
December
Regional deep dive and performance review
linked to overseas visit to China.
External speakers also present periodically to provide
an overview on global or regional matters.
During the year the Board also received and discussed
the CEO's report at each meeting which focused on:
• the Group’s overall performance and operations;
• progress against our strategic priorities;
• the competitive and regulatory environment that
Intertek operates in;
• engagement with, and the views of, our
stakeholders including our investors and our
colleagues; and
• key business operations including matters which
are important to the Group’s reputation, as well
as colleague, customer, supplier and community
considerations.
The Board also discussed, reviewed and, as
appropriate, approved:
• the financial statements at the full and half year
including any external guidance;
• feedback from investor meetings, including those
post publication of each set of financial results;
• the current financial and trading performance for
the period against budget and consensus, and the
full year outlook for each division and the Group as
a whole;
• the going concern and viability statements;
• reports, on a monthly basis, outlining share register
movement, our share price performance relative
to the market and industry, investor relations
activities and engagement with shareholders;
• any significant litigation, including our response
and the stakeholder and reputational impact of
these; and
• the business, the market, strategic rationale,
management team, culture and business plan in
respect of proposed acquisitions.
The Board required no significant changes to the
Group’s strategy during 2025, which continues to
assist in the achievement of our Purpose and is
aligned with our Values.
In action
Principal decisions
• The Board approved the acquisitions of
Tecnologia e Qualidade de Sistemas em
Engenharia Ltda (‘TESIS’), Envirolab, Suplilab
and Professional Testing Laboratory.
• The Board recommended a final dividend of
107.7p per share, making the full year dividend
165.0p per ordinary share.
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The Board utilises a number of different methods
of engagement, both directly and indirectly, with
employees to foster and promote a two-way
dialogue and to provide a critical means of
monitoring culture.
MORE DETAILS ON HOW THE BOARD MONITORS CULTURE
CAN BE FOUND ON PAGES 2.64 AND 2.65
There are frequent opportunities for the employee
voice to be relayed to the Board through company
management, the Champions programme in
partnership with Gallup, site visits, company events
and reporting of workforce concerns raised via
the confidential compliance hotline operated
by Convercent.
During the year the Board received updates on
and discussed feedback from townhalls conducted
globally with André Lacroix leading 20 across the
world during 2025. Senior leadership delivered
a series of regional and business line-specific
presentations to the Board to provide them with
insights into local-level developments. To engage
with and hear as many participants from overseas as
possible without the need for physical travel, we have
been leveraging technology for remote participation
in these Board meetings.
Recognising the value of site visits to complement
presentations to the Board, our Non-Executive
Directors are always encouraged to continue to
undertake additional visits to our laboratories both
in person and via video links.
In June 2025, Jez Maiden visited Dallas to spend time
with our Electrical business in Plano and on site with
the Building & Construction team. During the visit,
our onsite team provided Jez with an overview of the
work carried out by the Electrical business, especially
their support to the HVAC industry.
The Intertek PSI visit was Jez Maiden’s first to a
Building & Construction site since joining the Board
of Intertek. The team were able to demonstrate
the scale of the special projects, meeting at the
I-35 project site, rather than the office. Colleagues
shared more information on the history of PSI and the
post-acquisition experience of integrating with the
existing Intertek Building & Construction operations.
Following the visit, Jez remarked on the passion and
energy of long-serving managers within Intertek as
they continue to grow their own operations.
In late October, Apurvi Sheth was welcomed by
our team in India to visit our Gurgaon offices and
laboratories. During her visit, Apurvi toured our
Softlines and adjoining Hardlines laboratory, as well
as our recently expanded Food lab. She witnessed
first-hand the breadth and depth of India’s testing
capabilities, and expressed her excitement at the high
level of expertise and passion across our operations.
The visit included business overview sessions with
the leadership team and a conversation about
creating more Centres of Excellence in India and
globally. Apurvi engaged deeply with discussions
around Intertek India’s strong market position
in most businesses and the country’s dynamic
growth journey.
The visit was a moment of pride and inspiration for
India colleagues, reinforcing our shared vision to lead
with quality and grow with purpose.
Board activity in focus Continued
In action
In October 2025, for our annual overseas visit,
the Board travelled to Hong Kong and mainland
China. The visit included our laboratories in Hong
Kong and Guangzhou enabling the Board to gain
first-hand insight into the breadth of products
and services tested and inspected for customers
at each facility, as well as to engage directly with
employees and local management.
Through a combination of facility tours and
structured presentations, the Board deepened
its understanding of local operating conditions,
including the macroeconomic environment,
social and political context, key challenges and
opportunities, the competitive landscape, and
the performance of relevant business lines.
Direct interaction with our workforce and
leadership teams formed a central part of the
programme, supporting the Board’s oversight
of workforce matters and helping ensure that
employee perspectives are considered in Board
decision making.
We consider that engagement by the local
management with their own workforce, as well
as the engagement by the Board through these
methods, provides an effective platform for
clear and open communication with our global
employee base.
Outcome
The Board strongly believes that its mechanisms
for engaging with our employees are appropriate
for our decentralised structure and are an
effective means of bilateral engagement with
our colleagues.
Workforce engagement
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People and Culture
Our talented people are
central to our differentiated
value proposition
Board activity in focus Continued
Ever Better
We lead the industry with our Science-
based Customer Excellence Advantage
and are committed to providing access to
the intelligence and data our colleagues
and customers need to create ever better
solutions. If there is a better way to do it, we
will find it. That’s how we’re taking Intertek
to greater heights: through our people,
processes and our data advantage that gives
us the deep insight to look for new ideas that
drive growth for all stakeholders.
How the Board monitors culture
The Board receives regular updates on
the performance of the Group including
customer feedback.
Ingenious
We constantly innovate to simplify complex
challenges and, through their pioneering
spirit and scientific expertise, our teams
develop ingenious innovations that exceed
our customers’ expectations, help bring
products and services to market quickly
and safely, and scale them up. Our precision
in execution offers clients unparalleled
end-to-end solutions and the Amazing
ATIC Advantage.
How the Board monitors culture
The Board annually reviews and endorses
the Group Innovation strategy and receives
updates on the pipeline of projects
throughout the year.
The way in which our people
combine passion and innovation
with customer commitment
to create a single unbeatable
asset sets us apart and is a vital
element of our entrepreneurial,
customer centric culture.
In setting, reviewing and ensuring the
implementation of our AAA strategy, the Board
ensures that the objectives of our Purpose
are met while taking into account risks and
opportunities facing the Group and its long-term
sustainability. These activities are underpinned
by the Group’s Values and culture.
We believe that our ever better, ingenious, caring,
trusted and thriving culture is the foundation of
our success.
At a time of rapid change, heightened stakeholder
expectations and increasing regulatory pressures,
the right culture is essential.
During the year, the Board has monitored culture
in a number of ways.
In action In action
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Caring
Caring is at the heart of our Purpose and
ensuring the safety and wellbeing of our
people is a top priority. We engage with
them every day, cultivating an inclusive
workplace where they can thrive and perform
at their best. Our diverse team of experts
form a vibrant mosaic, bringing the power
of different thinking and ideas to life. We
are committed to achieving net zero and
excelling in sustainability, using our thought
leadership in this crucial area to guide our
customers on their own journeys.
How the Board monitors culture
The Board receives updates on health, safety
and employee wellbeing programmes.
We measure incident reporting, accidents
and the overall Total Recordable Incident
Rate to ensure that the right practices are
being followed.
The Board receives regular updates
on the performance against our non-
financial targets.
Board activity in focus Continued
Trusted
True to our Values, we always behave with
respect, integrity and responsibility, and
for us, ‘Doing Business the Right Way’ is
the only way. We operate as one team,
speaking with one voice, and acting with
precision, pace and passion. Our decisions are
grounded in facts, empirical data and ethical
considerations, and we never let our clients
or each other down. This approach means
Intertek provides solutions that create trust
to enhance our customers’ brands, fostering
loyalty among consumers and confidence
among stakeholders.
How the Board monitors culture
The Board receives an update annually
from the Executive Vice President, Human
Resources on employee training programmes,
and an update from the Group General
Counsel on the completion of annual training
on the Intertek Code of Ethics.
The Group General Counsel also provides
updates at every Board meeting on
material legal claims as well as a summary
of compliance with the Code of Ethics.
The Board is able to determine whether
there are any trends which need further
analysis or investigation.
Thriving
Intertek is a high-performance organisation
with ambitious goals and we are focused on
being 10X better than the competition. Our
people are engaged, valued and empowered
to make the right decisions, and we thrive
by winning big together. We attract, inspire,
develop and retain the best talent, ensuring
we always have the right people in the right
place to deliver our Science-based Customer
Excellence Advantage.
How the Board monitors culture
The Board reviews voluntary permanent
employee turnover and the Intertek ATIC
Engagement Index, as set out on page 1.27
in Report 1. The Board also received updates
on levels of participation in the Champions
survey during the year.
Non-Executive Directors are encouraged to
visit regional businesses to experience our
10X culture.
In action
In actionIn action
Intertek Group plc
Annual Report & Accounts 2025
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2.65
Sustainability sits at the heart of Intertek and is
firmly embedded within our Purpose, Vision, Values
and strategy. The Board, as part of its overall
stewardship of the Company, oversees the Group’s
sustainability and corporate responsibility strategy,
together with any material environmental and
social issues.
The execution of this strategy is delegated to
the Group Executive Committee and our two
sustainability-focused Steering Committees.
READ MORE ABOUT THE BOARD’S OVERSIGHT OF
CLIMATE-RELATED MATTERS AND OUR SUSTAINABILITY
GOVERNANCE FRAMEWORK IN OUR TCFD STATEMENT IN
REPORT 1, PAGE 1.64
Sustainability-related matters were a recurring
agenda item for the Board during the year, with
the first item on every agenda a ‘Sustainability
Moment’ to demonstrate its importance to the
future long-term sustainable success of Intertek.
Our Sustainability Moments draw from the
dedication to delivering positive environmental and
societal impact by our colleagues across the Group.
Understanding the impact of our business on our
key stakeholders, their long-term interests and
the environment in which we operate is central
to the Board’s decision making. This is reflected
in Intertek’s Code of Ethics, recognising the fact
that engagement and collaboration with our
stakeholders is essential if we are to fulfil our
Purpose, deliver our strategy and create long-term,
sustainable value in a manner that reflects our high
standards of business conduct. Understanding
what matters most to all our stakeholders allows
us to make balanced judgements.
Intertek has a strong focus on customers at
all levels of the organisation. While the Board
undertakes a level of direct engagement with
customers as part of its annual overseas meeting,
engagement responsibilities are embedded
throughout the organisation.
Our customer relationship management is
integrated into our approach through a key account
management structure and dedicated sales teams
who work constantly to anticipate where our
customers are taking their businesses.
Board activity in focus Continued
In action In action
In addition, the Board reviews at least annually:
• the performance against our sustainability
strategy, our non-financial targets and action
plans; and
• any additional information relevant to each
business line as part of strategic deep
dive presentations.
Outcome
Intertek has made significant progress through
focused initiatives, demonstrating our steadfast
commitment to sustainability and our ability
to innovate and adapt in response to global
challenges.
READ MORE ABOUT THE PROGRESS AGAINST OUR
SUSTAINABILITY EXCELLENCE STRATEGY ON
PAGES 2.15–2.49
The output from this engagement is relayed to
the Board, through the CEO, members of the
Group Executive Committee and members of
senior management.
Information enabling the Board to assess and
understand the views and priorities of our
customers comes from a number of different
sources, including:
• presentations on the pipeline of projects as
part of the Group Innovation strategy;
• presentations from the business line leaders
with views from customers that are of
specific relevance to their business or area
of responsibility; and
• detailed review of the results of the latest
customer satisfaction surveys.
Outcome
Understanding the views, priorities and biggest
challenges of our customers has enabled us to
continue our investments in developing industry-
leading ATIC innovations and solutions such as
SupplyTek and AI
2
.
READ MORE ABOUT OUR WINNING INNOVATIONS IN THE
OPERATING REVIEW ON PAGES 1.34-1.53 IN REPORT 1
Sustainability Customer engagement
Sustainability Moments
From empowering our people and
providing our science-based ATIC services
to businesses across every industry, to
supporting our local communities and
taking action to protect the environment,
we are committed to making a positive
and lasting impact.
SEE OUR SUSTAINABILITY MOMENTS AT INTERTEK.COM/
RESOURCES/CASE-STUDIES/SUSTAINABILITY
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Board activity in focus Continued
The Board maintains an active and open dialogue
with investors and sees this as an important part
of the governance process. Reporting to the Board
takes place at every meeting with feedback from
meetings held between executive management,
or the Investor Relations department and
institutional shareholders.
Investor relations programme
Aimed at helping existing and potential investors
understand the Group’s business model, strategy,
financial performance and outlook. The programme
is wide-ranging and includes events and roadshows
throughout the year to update investors and sell-
side analysts on the developments of the Group.
Roadshows
Following the full year and half year results
announcements, the Executive Directors and
Investor Relations team held meetings with the
principal shareholders.
Conferences
Executive Directors and the Investor Relations
team attend industry conferences throughout the
year, providing the opportunity to meet a large
number of investors.
Resources
A wealth of information is available to investors
in our Annual Report & Accounts, half year
announcements, and trading updates and
Regulatory News Service announcements.
These materials are available on our website
and are supplemented by videos, webcasts and
presentations including material from the Capital
Markets Event held in 2023.
Investor and shareholder engagement
In action
January
• Oddo-BHF Forum 2025, Lyon
• Zurich and Geneva Roadshow
• Dublin Roadshow
• US Roadshow (Chicago, Denver)
February – March
• US Roadshow (New York, Florida, Atlanta)
• Full year results 2024
• Annual Results Roadshow
• Berenberg UK Corporate Conference 2025
• Jefferies EU Mid-Cap Conference, London
• Paris Roadshow
• Milan Roadshow
• Barclays BLT and BoFA BLT Conferences
April – May
• North American Roadshow (Toronto,
Montreal, New York)
• Trading Statement
• AGM
• Meetings in London
June
• North American Roadshow (San Francisco,
Los Angeles, Vancouver)
• European Roadshow (Frankfurt, Brussels,
Amsterdam)
• Goldman Sachs BLT Conference
July – August
• Half Year Results 2025
• Half Year Results Roadshow
• US Roadshow (New York, Boston)
September
• BNP Paribas Exane BLT Conference, London
• UBS Business, Leisure and Transport
Conference, London
• Bernstein Industrials Conference
• Redburn UK Conference
October
• European Roadshow (Geneva, Zurich,
Copenhagen, Helsinki, Paris)
• IR meetings in London
• Edinburgh Roadshow
• North American Roadshow (New York,
Montreal, Toronto)
November
• US Roadshow (Chicago, Denver,
Los Angeles)
• Meetings in London
• Citi Conference
• Trading Statement
December
• Berenberg European Conference, London
• Morgan Stanley BLT Conference, London
• Stockholm Roadshow
Feedback forum
The Executive Directors and Investor Relations team
receive regular feedback from sell-side analysts and
investors during the year both directly and through
the Group’s corporate advisers. The Group Company
Secretary also receives feedback on governance
matters directly from investors and shareholder
bodies and feeds these back to the Board on a
regular basis.
Board shareholder engagement
During 2025, the Chair held two meetings
with shareholders in addition to the extensive
engagement on the Remuneration Policy led by
Graham Allan, Chair of the Remuneration Committee.
More details of the process and the outcomes on
this consultation can be found in the Remuneration
Committee Report on pages 2.81–2.85.
The feedback received, and presented to the Board
was positive, and shareholders continue to be very
supportive of Intertek’s strategy, the management
and the Board.
Annual General Meeting (‘AGM’)
The Board welcomes the opportunity to meet with
both private and institutional investors at the AGM,
providing an opportunity for all shareholders to
engage and ask questions of the full Board. All Board
members attended the 2025 AGM.
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Board activity in focus Continued
Internal controls and risk management
In action
Identifying and mitigating risks
At Intertek, we view our risk environment as
consisting of emerging risks (risks that are potential
or future-looking) and systemic risks (risks which
are concrete and actually present or inherent in our
operations). Emerging risks are assessed by perceived
likelihood and impact and addressed using mitigation
action plans on a ‘three lines of defence’ model.
Systemic risks are addressed using our internal
controls, policies and procedures, and also using the
three lines of defence model, as appropriate.
Our risk identification and mitigation approach is
integrated and dynamic as our risk committees
continually review their emerging risks and, to the
extent those risks start to become systemic (or ‘real’
rather than ‘potential’ risks), identify new controls,
policies or procedures so that we can put new
systemic mitigations in place.
Risk assurance
We have an integrated approach to getting assurance
that our risks are being appropriately and effectively
identified and mitigated. We use an assurance map,
which takes each of our emerging and systemic risks
and maps an assurance framework, using the three
lines of defence, onto them by identifying the roles or
functions which are responsible for the management,
control and oversight of those risks.
Objective assurance is provided, in the third line, by
our Internal Audit function (which audits our financial
controls and risks), by our Compliance function (which
audits our non-financial, operational controls and
risks), and by our Cyber Security team (which audits
our IT controls and risks).
Risk governance and oversight
The Board ultimately reviews the Group’s risks,
controls and compliance and mitigation actions. The
Audit Committee is responsible for reviewing the
adequacy and effectiveness of the financial controls.
If this governance and oversight identify new risks
or the need for new controls, policies or procedures,
these changes are implemented and communicated
within the risk committee framework. This ensures
that governance and oversight drive continuous
improvements in risk identification and mitigation
actions plans.
The Board undertakes a robust assessment of the
principle and emerging risks annually. At each Board
meeting during 2025, the Group General Counsel
presented an integrated risk, control and compliance
report including a review of:
• the Group’s emerging risks, the status of the
quarterly emerging risk mitigation action plans and
the new quarterly emerging risk mitigation plans;
• the specific systemic risks including quarterly
hotline and whistleblowing reports, key claims and
authorised unlimited liability contracts; and
• the Group’s systemic risk environment, the
status of the quarterly systemic risk mitigation
action plans and the new quarterly systemic risk
mitigation plans.
Intertek has implemented an end-to-end integrated
approach to risk, control and compliance which
embeds risk management throughout our business;
allowing us to dynamically adapt our controls,
policies and assurance activities as our risk
environment changes; and creates responsibility
and oversight of our risk identification and risk
mitigation actions to ensure they are effective,
relevant and robust.
The framework
Risk management is embedded throughout our
organisation using a framework of divisional,
regional and functional risk committees. These
committees meet, at least, quarterly to identify,
monitor and assess the risks within their area of
responsibility using tools including risk mitigation
action plans. It is the responsibility of each
committee to assess whether its risk environment
is changing, whether it has the right mitigation
action plans and whether new or different plans
are required in response to new or changing risks.
The risk committees report to our Group Risk
Committee which in turn provides a report on
risk and mitigation actions at each meeting of
the Board.
FOR MORE DETAILS ON THE EVOLUTION OF OUR RISK
MANAGEMENT APPROACH AND OUR PRINCIPAL RISKS AND
UNCERTAINTIES SEE PAGES 1.54–1.61 IN REPORT 1
Corporate Governance Reform:
Provision 29 Preparations
An important theme for the Board this year
has been the Group’s preparatory analysis and
measures in relation to ensuring compliance with
Provision 29 of UK Corporate Governance 2024
which comes into force from 2026.
Preparation has included evaluation of the current
integrated risk and controls framework. The Board
reviewed updates throughout the year:
1. Management Taskforce set up comprising the
CFO, Group General Counsel, Head of Internal
Audit, Group Company Secretary, and the
Director, Group Financial Controls, with regular
progress updates provided to the Board.
2. Gap analysis: a comprehensive review of the
business’ existing risk and control frameworks
to evaluate where current practices can be
effectively leveraged and where targeted
enhancements are necessary to meet the
new governance requirements.
3. Group Risk Committee: extended focus on
risk management and led the business-wide
approach to compliance with corporate
governance changes.
Outcome
An area of focus has been the strengthening
of our security capabilities with investments in
a dedicated Cyber Security function led by the
President of Information Security Officer whose
role is focused on protecting and defending our
businesses against cyber attacks. The function
reports into the CFO and plays a key role in the
work of the Cyber Risk Committee.
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" The Committee focused
on the appointment and
induction of our new
Non-Executive Directors
and succession planning."
Committee overview
Membership and meeting attendance
During the year, we held four formal meetings.
The Group Company Secretary attends all formal
meetings of the Committee and the Committee
invited the CEO and the Executive Vice President,
Human Resources to attend meetings when the
subject matter deems their presence appropriate.
THE FULL TERMS OF REFERENCE OF THE COMMITTEE, WHICH
ARE REVIEWED ANNUALLY, CAN BE FOUND ON OUR WEBSITE:
INTERTEK.COM/ABOUT/COMPLIANCE-GOVERNANCE
Committee members Member since
Meetings
attended
1
Andrew Martin (Chair) January 2021 4/4
Graham Allan October 2017 4/4
Gurnek Bains July 2017 4/4
Tamara Ingram
2
June 2022 3/4
1. Number of meetings attended out of the number of meetings
eligible to attend in the year.
2. Tamara Ingram gave apologies for one meeting due to
personal reasons.
Role and key responsibilities
• Review the structure, size and composition of
the Board and its Committees.
• Identify, review and nominate a diverse pipeline
of candidates to fill Board vacancies
3
.
• Evaluate the balance of skills, independence,
knowledge, experience and diversity on the
Board and its Committees.
• Review the results of the Board performance
review that relates to the composition of the
Board and its Committees.
• Review the time commitment required from
Non-Executive Directors.
• Review senior management succession
plans regularly.
3. Neither the Chair nor the CEO participates in the recruitment
of their own successor.
2026 priorities
• To conclude the Chair succession process.
• Continue to review the Board's skills matrix to
ensure the skills, knowledge, experience and
capabilities of the Board support the delivery
of the AAA strategy and any gaps in skills
or competencies can be addressed in future
director appointments.
• Manage the orderly succession process for
current Board members.
2025 highlights
• We continued to review the composition of the
Board to ensure we have the right skills and
expertise to help support the business to seize
the opportunities in our industry as our clients
increase their focus on Risk-based Quality
Assurance to operate with higher standards
on quality, safety and sustainability in each
part of their value chain.
• We concluded our search for Non-Executive
Directors, instructed during 2024, with the
appointments of Steve Mogford in January 2025,
and Hilde Merete Aasheim and Robin Freestone
in April 2025.
• We thanked Lynda Clarizio for her valued
contribution over her tenure when she stepped
down from the Board in March 2025.
• We continued to review the composition of the
Committees and recommended the appointment
of Robin Freestone to the Remuneration
Committee and Hilde Merete Aasheim and Steve
Mogford's appointments to the Audit Committee.
• We ensured the delivery of an extensive
induction programme for our newly appointed
Board colleagues.
• This year, the review of the Committee's
performance was conducted as part of the
internal Board performance review. We discussed
the results and concluded that the Committee
operated effectively during the year.
• We commenced the Chair succession process,
which is led by the Senior Independent Director.
Andrew Martin
Chair of the Nomination Committee
Nomination Committee Report
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Nomination Committee Report Continued
Board induction
All newly appointed Directors are provided with
a structured and tailored induction programme,
taking into account their experience, capabilities
and knowledge. Steve Mogford joined the Board in
January with a rich history in operational leadership.
He undertook a tailored induction programme
designed to align his existing experiences with
Intertek's strategic objectives.
Robin Freestone brings to Intertek strong financial
leadership and a deep understanding of navigating
large-scale strategic shifts, particularly those
focused on digital transformation. His induction,
following his appointment in April, was tailored to
provide insights of Intertek's unique operational
landscape and strategic ambitions.
Hilde Merete Aasheim brings with her a wealth
of experience from the energy, metal, mining and
chemical sectors. Whilst Hilde is an experienced
executive in her field, her induction programme was
tailored to focus on being a non-executive director
of a UK-listed company.
Steve, Robin and Hilde all completed an in-depth
induction to Intertek's largest markets, the US and
China. They visited Cortland, Deer Park, San Antonio
and York laboratories in the US during April/May
2025. Our new Non-Executive Directors received an
introduction to this market through a combination of
facility tours and structured presentations, allowing
them to get an in-depth view on each business line's
strategy operated at these facilities and progress
against strategic priorities.
The visits were also a chance to meet local
management teams and our talented colleagues.
Meetings with other Directors
and senior leaders
Meetings are arranged with the Chair,
the CEO, the CFO, individual Non-
Executive Directors, the Group Company
Secretary and members of the wider
Group Executive Committee. This is to
provide an understanding of Intertek's
Vision, Values, culture, strategy, recent
developments, financials, and key
challenges and opportunities.
Documentation
New Directors receive access to copies of
relevant company documents early on in
the programme including the most recent
Annual Report & Accounts, the Company’s
Articles of Association, key policies, and
the last 12 months of Board minutes and
papers. The Directors can decide when
to access these resources as they get to
know the business.
Meetings and training with
external advisers
Meetings are arranged with external
advisers appropriate to the individual's
role, such as remuneration consultants
and auditors.
Site and market visits
As well as the annual overseas Board visit,
Directors are encouraged to visit our sites
at convenient times. The programme aims
to provide great insight into the business,
operations and people.
Visits to mainland China took place in early April
and July, and included our facilities in Shanghai and
Shenzhen, focusing on our Hardlines and Softlines
business. The same format of facility tours and
structured presentations were used to provide
an overview of our operations in this region.
Following their respective appointments to the
Audit and Remuneration Committees in May
2025, each of the newly appointed Directors
received additional inductions specific to their
additional responsibilities.
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Nomination Committee Report Continued
Chair and Non-Executive Director appointment process
Skills and
composition
review
The Committee reviews the structure and composition of the
Board, in turn considering the balance of skills, experience,
industry and geographic experience and knowledge, diversity,
independence, and cognitive and personal strengths of the
current Board. When considering these factors, the Committee
is mindful of attributes that will assist in the delivery of the
Group strategy.
Creating
the brief
The Committee, following the skills and composition review,
compiles a brief for the role which outlines favourable
characteristics and attributes that they desire the appointed
individual to hold. This brief is then shared with the chosen
consultant who will utilise the brief to compile a list of
suitable candidates.
Long list and
short list review
The appointed consultant presents an initial longlist of
candidates. This list is then shortlisted using the brief
as a guide to determine suitability.
Due diligence
Once the candidates are shortlisted, initial interviews are held
and the short list reduced further. The final candidates are
invited to separate meetings with the Committee members
and the CEO.
Recommendations
Once a preferred candidate is chosen, the Committee makes
a recommendation to the Board to appoint the individual.
Composition and
succession planning
The Board, acting through the Nomination
Committee, is committed to ensuring that it has
the right balance of skills, experience, knowledge
and diversity, to lead Intertek and deliver our AAA
strategy to make the world a better, safer and
more sustainable place.
As part of our succession planning for the next 12
months, we concluded the search for additional
new Non-Executive Directors following searches
initiated in 2024. In addition to the specific skills,
knowledge and experience deemed necessary,
the role specification contained criteria such as
competency and personal qualities that would be
required for the position.
The Committee paid close attention to ensure
that the candidates selected exhibited the right
behaviours to fit the culture, Values and ethics
of the Group and that they would also be able
to allocate sufficient time to the Company to
discharge their responsibilities.
As previously reported, we engaged Egon Zehnder
and Spencer Stuart, both external search agencies
with no other connection to the Company or its
individual Directors, to assist with the selection
process. Egon Zehnder were engaged to focus
on the UK market whilst Spencer Stuart focused
on the international market to reflect the global
nature of the Group.
For the searches, an initial list of potential
candidates was produced and shortlisted.
The Committee members and the Chair met
separately with shortlisted candidates, following
which they agreed to recommend to the Board
the appointment of Steve Mogford, Hilde
Merete Aasheim and Robin Freestone who
joined the Board on 1 January 2025 and 1 April
2025 respectively.
In identifying suitable candidates to recommend
for appointment to the Board, the Committee
considers all candidates on merit, against objective
criteria, and with due regard for the benefits
of diversity on the Board to achieve the most
effective Board possible.
During the year, we continued to monitor the
composition of the Board and its principal
Committees. Our discussions then considered
different time horizons within our succession
planning, including contingency planning for
sudden and unforeseen departures, the orderly
replacement of current Board members and senior
management. A longer-term view looked at the
relationship between the delivery of the Group
strategy and objectives and the skills needed on
the Board now and in the future.
Chair succession
As set out in the 2024 Annual Report & Accounts,
Andrew Martin was approaching the maximum
tenure that the Code deems appropriate for a
director to be considered to be independent. During
2024, the Nomination Committee commenced a
succession planning process to enable a smooth
transition over a reasonable timeframe, taking
account of both Andrew Martin’s tenure and
the overall composition of the Board. Major
shareholders were consulted and a resolution
was proposed and passed at the 2025 AGM
for the re-appointment of Andrew Martin for
an additional year to aid this process.
During 2025, we announced a number of changes
to Intertek’s Board membership and, based on
subsequent discussions among Board members,
a decision was taken not to seek further external
candidates at this time.
The process to identify Andrew Martin’s successor
is being led by the Nomination Committee. During
Board and Nomination Committee meetings, where
Chair succession has been discussed, the Senior
Independent Director has chaired the relevant
parts of these meetings.
The Committee in Action
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Nomination Committee Report Continued
The Committee in Action
Time commitments
The Board recognises the importance of all
Non-Executive Directors having the necessary
time to commit to the business of Intertek and,
upon appointment, their letters of appointment
stipulate the expected time commitment whilst
acknowledging that this may vary depending upon
the demands of the business and other events.
All Directors make themselves freely available as
required, even at short notice, in order to meet the
needs of the business.
Prior to joining the Board, Steve Mogford, Hilde
Merete Aasheim and Robin Freestone disclosed their
current commitments and the Board was satisfied
that they could provide sufficient time to discharge
their duties as Non-Executive Directors of Intertek.
Directors seek approval from the Board before
accepting any additional external appointments.
When assessing additional directorships, the Board
considers the number and nature of external
directorships already held by the individual and the
expected time commitment for those roles. When
considering new external appointments or changes
to existing roles, in particular Jez Maiden’s role as
Interim Chair of Travis Perkins plc (which has now
ended) and Graham Allan's role as Interim Chair of
InterContinental Hotels Group PLC (which ended
in February 2026), the Committee were satisfied
that they would continue to have sufficient time to
commit to their role with Intertek.
Independence and
reappointments
The independence of all Non-Executive Directors
is reviewed by the Committee annually, with
reference to their independence of character and
judgement in line with Provision 10 of the Code, and
whether any circumstances or relationships exist
which could affect their judgement. The Board is
of the view that the Non-Executive Directors each
remain independent.
The Committee also considers the time commitment
required and whether each reappointment would be
in the best interests of the Company. Consideration
is given to each Director’s contribution to the
Board and its Committees, together with the
overall balance of knowledge, skills, experience
and diversity.
The Committee concluded that each Non-Executive
Director continues to demonstrate commitment
to their role as a member of the Board and its
Committees, discharges their duties effectively and
makes a valuable contribution to the leadership of
the Intertek for the benefit of all stakeholders.
On appointment, the Board assessed and agreed
that Andrew Martin was independent in accordance
with the provisions of the Code and continued to
monitor this throughout the year during the limited
extension of his tenure to the 2026 AGM.
In recommending Directors for re-election at the
AGM, the Committee remains satisfied that, in line
with the Code, all Directors are able to allocate
sufficient time to the Company to enable them
to discharge their responsibilities as Directors
effectively and that any current external
appointments do not detract from the extent or
quality of time which any Director is able to devote
to the Company.
BIOGRAPHIES FOR ALL DIRECTORS ARE AVAILABLE ON
OUR WEBSITE
The Committee recommended to the Board that all
serving Directors be put forward for reappointment
at the 2026 AGM with the exception of Andrew
Martin and Gurnek Bains, who will step down at its
conclusion.
When considering the reappointment of Jean-Michel
Valette, the Committee made a recommendation
to the Board that, notwithstanding his tenure of
nearly nine years, he remains independent bearing
in mind the other circumstances listed in Provision
10 of the Code. Jean-Michel's deep knowledge
of the US markets, including from a customer
perspective, is a considerable asset to the Board.
In addition, his leadership as Audit Committee Chair
will be vital in a year of transition for the Company’s
external auditor.
His reappointment will be for a limited time only,
until the conclusion of the 2027 AGM, in order to
facilitate a smooth transition to the new external
auditor. The Committee and Board will consider
regularly whether Jean-Michel remains independent.
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Nomination Committee Report Continued
Board and Group Executive Committee diversity
1
Number of Board
members
As at 31 December
Percentage of the
Board
Number of senior
positions on the
Board, CEO, CFO, SID
and Chair
Number in Group
Executive
Committee
As at 31 October
Percentage of Group
Executive
Committee ('GEC')
Number of
direct reports
to the GEC
As at 31 December
2
Percentage of direct
reports to the GEC
Gender 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024
Male 9 7 69% 64% 4 4 13 13 76% 72% 175 169 72% 74%
Female 4 4 31% 36% – – 4 5 24% 28% 68 60 28% 26%
Ethnicity
2
White British or other White 10 8 77% 73% 4 4 10 12 59% 67% 96 80 39% 35%
Mixed/Multiple Ethnic Groups – – – – – – – – – – 7 5 3% 2%
Asian/Asian British 3 3 23% 27% – – 5 5 29% 28% 24 25 10% 11%
Black/African/Caribbean/Black British – – – – – – – – – – 2 2 1% 1%
Other ethnic group, including Arab – – – – – – 2 1 12% 5% 8 5 3% 2%
Prefer not to say – – – – – – – – – – 2 1 1% 1%
Do not know – – – – – – – – – – 104 111 43% 48%
1. Data is collected as at 31 December and 31 October each year as indicated to aid reporting in line with the FTSE Women Leaders and Parker Review.
2. The definition of ethnicity follows the guidance provided by the Parker Review for UK companies. However, our diversity extends globally, reflecting a much broader range of ethnic backgrounds through our international presence. Data relating to the ethnicity of
the direct reports to the Group Executive Committee was collected through a self-ID questionnaire. Where the questionnaire was not completed the data was marked as 'Do not know'.
The Committee in Action
Diversity, equity and inclusion
We believe that diversity at Board level sets the
tone for diversity throughout the business. We
promote diversity in the broadest sense, not
just gender or ethnicity but also culture, skills,
background, regional and industry experience, and
other qualities to truly reflect the diverse nature
of our business.
MORE DETAIL ON HOW WE HAVE PROGRESSED OUR
DIVERSITY, EQUITY AND INCLUSION AGENDA CAN BE
FOUND IN THE PEOPLE AND CULTURE SECTION ON
PAGES 2.16–2.23
The Nomination Committee continuously reviews
the diversity of the Board and Group Executive
Committee both in terms of the requirements under
the UK Listing Rules and Intertek's Inclusion &
Diversity Policy. Management carried out a review
of the policy during the year, which was endorsed by
the Board.
The Committee is pleased that as at 31 December
2025, the Board met and exceeded the targets in
respect of ethnicity, with three members of the
Board having an ethnic minority background.
Following the departure of Lynda Clarizio during the
year, the Board did not meet the target as set out
in the Listing rules in respect of gender. At the year
end, the Board comprised 31% female Directors. The
Committee is also aware that the UK Listing Rules
require female representation in at least one of the
four senior positions, which are currently held by
male Directors.
As part of the Board succession planning and natural
evolution of the Board as current members retire
over the next 12 to 18 months, the Committee
continues to monitor the overall inclusion and
diversity of Intertek’s leadership at Board and senior
management level, to ensure the broadest range of
leaders are considered for new appointments.
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" The Committee focused on
the integrity of reporting,
robustness of internal
controls and the external
auditor tender."
Committee overview
Membership and attendance
During 2025, the composition of the Committee
met the requirements of the Code. The Board is
satisfied that the Committee members bring a
wide range of financial experience across various
industries and all members have competence
relevant to the sectors in which Intertek operates,
with recent and relevant financial experience.
We met four times during the year and convened
on a further two occasions to oversee the audit
tender process. The Group Company Secretary, the
audit partner and members of his team attended
all meetings held during the year. At the invitation
of the Committee, the Chair, CEO, CFO, Group Audit
Director and the Director, Group Financial Controls
also attended meetings, as well as other members
of senior management as necessary.
Committee members Member since
Meetings
attended
1
Jean-Michel Valette
(Chair)
July 2017 4/4
Lynda Clarizio July 2021 until
March 2025
1/1
Jez Maiden May 2022 4/4
Hilde Merete Aasheim May 2025 2/2
Apurvi Sheth May 2024 4/4
Steve Mogford May 2025 2/2
1. Number of meetings attended out of the number of scheduled
meetings eligible to attend in the year.
Role and key responsibilities
• Review the integrity of the Group’s financial
reporting prior to Board approval.
• Oversee the effectiveness of internal controls
and risk management systems, and monitor
management to address control weaknesses.
• Managing relationship with auditor, including
recommending their appointment, remuneration
and assessing independence and effectiveness.
• Review the scope and findings of the external
audit, and consider management’s response to
audit recommendations.
• Monitor the policy on non-audit services, ensuring
objectivity and independence are maintained.
• Evaluate arrangements for fair and independent
investigation of financial reporting concerns and
whistleblowing reports.
2026 priorities
• Maintaining compliance with the ACEA:
Minimum Standard.
• Ensuring that the outgoing auditor
undertakes a robust, effective and fair audit
in its final year end.
• Monitoring and supporting the transition to
the new auditor to enable a smooth handover
and immediate audit momentum.
• The continual strengthening of internal
controls over financial reporting.
• Supporting the Board in the Group's
monitoring of material controls ensuring
compliance with Provision 29 of the Code.
THE FULL TERMS OF REFERENCE OF THE COMMITTEE,
WHICH ARE REVIEWED ANNUALLY, CAN BE FOUND ON
OUR WEBSITE: INTERTEK.COM/ABOUT/COMPLIANCE-
GOVERNANCE
2025 highlights
• PricewaterhouseCoopers LLP (‘PwC’) has been
operating as the Group’s external auditors
since 2016. The Committee undertook a
thorough audit tender during 2025 and made
the recommendation to the Board, subject
to shareholder approval, to appoint Deloitte
LLP ('Deloitte') as auditor for the year ending
31 December 2026.
• We assessed and have complied with the Audit
Committees and the External Audit: Minimum
Standard ('ACEA: Minimum Standard').
• We reviewed the process to ensure the
2025 Annual Report & Accounts are fair,
balanced and understandable, and provide the
necessary information for our shareholders and
stakeholders to assess the Group’s position,
performance, business model and strategy.
• We consider that the Company has complied
with the Statutory Audit Services for Large
Companies Market Investigation (Mandatory
Use of Competitive Tender Processes and
Audit Committee Responsibilities) Order 2014
published by the CMA on 26 September 2014
('CMA Order 2014'), including with respect to the
Audit Committee’s responsibilities for agreeing
the audit scope and fees and authorising non-
audit services.
• We welcomed Hilde Merete Aasheim and Steve
Mogford to the Committee from 23 May 2025,
and thanked Lynda Clarizio who stepped down
from the Committee in March 2025.
• We completed a comprehensive
performance review of the Committee’s
roles and responsibilities through a detailed
questionnaire and confirmed the Committee
operated effectively, supported by quality
materials and diverse expertise.
Jean-Michel Valette
Chair of the Audit Committee
Audit Committee Report
Intertek Group plc
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Audit Committee Report Continued
Financial reporting
A principal responsibility of the Committee is to
monitor the integrity of the financial statements
of the Group, having regard to the matters
communicated to us by the external auditor, and
to measure the performance of the Group against
the financial goals of our strategy. This is key for
our shareholders and other stakeholders in order
for them to understand the financial position of
the business.
In order to fulfil this responsibility, we reviewed the
full year and half year results, as well as any formal
announcements relating to the Group’s financial
performance, prior to release, and recommended
their approval to the Board.
Going concern and viability statement
We received a detailed report from management
with the approach taken to the going concern
statement and viability statement which included
the projected funding requirements, the facilities
available to the Group, the sensitivity models
used including an illustrative severe yet plausible
downside scenario of a reduction of 30% to the
base profit forecasts and potential mitigations and
the corresponding impact to cash flow forecasts
in both 2026 and 2027, and the review of principal
risks and uncertainties.
The Committee reviewed the paper and challenged
the assumptions with management and after
making diligent enquiries, the Directors have
a reasonable expectation, based upon current
financial projections and bank facilities available,
that the Group has adequate resources to continue
in operation and to meet its liabilities as they fall
due over the period.
This conclusion is based on a review and an
assessment of the levels of facilities expected
to be available to the Group, based on levels of
cash held, Group Treasury funding projections and
the Group’s financial projections for a period to
31 December 2027.
The undrawn headroom on the Group’s committed
borrowing facilities at 31 December 2025 was
£345.5m (2024: £655.7m). The maturity of
our borrowing facilities is disclosed in note 14
of the financial statements in Report 3, with
repayment of two senior notes totalling US$75m
and one senior note of EUR€120m required by
31 December 2026.
Following the recommendation of the Committee,
the Board continues to consider it appropriate to
adopt the going concern basis in preparing the
Group’s financial statements (as disclosed in note 1
of the financial statements on page 3.08 in Report 3)
and has approved the long-term viability statement
as set out on page 1.56 in Report 1.
Fair, balanced and understandable
In February 2026, the Committee reviewed the
2025 Annual Report & Accounts and concluded
that, taken as a whole, it was fair, balanced and
understandable and provided the information
necessary for shareholders to assess the Group’s
position, performance, business model and strategy,
and the potential impact on forward-looking
assumptions supporting going concern and viability
assessments. In its assessment, it considered that
the following had been carried out and this formed
the basis of its recommendation to the Board:
• Pre-year-end discussions held with the
external auditor in advance of the year-end
reporting process.
• Pre-year-end input provided by the senior
management team and from corporate functions.
• A verification process dealing with the factual
content of the reports to ensure accuracy and
consistency.
• Comprehensive review by the senior management
team to ensure overall consistency and balance.
• Review conducted by external advisers and the
external auditor on best practice regarding the
content and structure of the Annual Report
& Accounts.
External audit
Appointment of auditor
The appointment, review and relationship with
the external audit firm and the annual review
of the effectiveness of the external audit is a
responsibility that is delegated to the Committee.
The Committee monitors and reviews the
independence and objectivity of the external
auditor and reviews the effectiveness of the
external audit process. The Committee also
considers and makes recommendations to the
Board, to be put to shareholders for approval at the
AGM, in relation to the appointment, reappointment
and removal of the Group’s external auditor. It
ensures that at least once every ten years the
audit services contract is put out to tender to
enable us to compare the quality and effectiveness
of the services provided by the incumbent auditor
with those of other audit firms.
PwC have been the Group’s auditors since May
2016. Graham Parsons continued to serve as
the PwC audit partner responsible for the Group
audit, a role he assumed in May 2021. The Group
undertook a transparent and independent audit
tender process during 2025 and has recommended
to the Board that the appointment of Deloitte as
auditor for the year ending 31 December 2026 be
put to shareholders for approval at the upcoming
AGM. More information on the external audit
tender can be found on page 2.77.
The independence of the external auditor
is criticalfor the integrity of the audit. The
Committee sought confirmation from the auditor
that they are fully independent from the Group’s
management, are free from conflicts of interest
and have assessed the nature and level of
non-audit fees paid to PwC.
During the period, PwC identified prohibited
non-audit services (under paragraph 5.40 of the
FRC Ethical Standard) that were provided via two
PwC network firms to three immaterial subsidiaries
outside of the scope of the audit of the Group’s
The Committee in Action The Committee in Action
consolidated financial statements. Due the nature
and scope of the services, PwC confirmed that
this had not affected their professional judgement
regarding their Group audit for the year ended
31 December 2025. Upon review, the Audit
Committee concurred with this assessment and
concludedthat PwC remained independent of
the Group.
During the year, the Forvis Mazars LLP integrated
partnership (‘Forvis Mazars') were reappointed to
audit approximately 6.8% of the Group’s in-scope
components, measured as a proportion of revenue.
2025 audit plan
During the year the Committee evaluated PwC’s
Group audit scope for 2025. The year-end audit
plan was based on agreed objectives, with the
audit focused on areas identified as representing
significant risk and requiring judgement. In order to
manage costs and ensure that the Group maintained
audit relationships outside the ‘Big 4’, Forvis Mazars
continued to undertake some of the Group audit
work under the direction of PwC. Forvis Mazars
was principally responsible for the statutory audit
of certain non-material Group subsidiaries, but also
undertook specific audit procedures for certain
component entities that were within PwC’s Group
audit scope for 2025. Forvis Mazars reported
independently to PwC on this work and the work
was directed, supervised and reviewed by PwC.
UK Group audit exemption
For the year ended 31 December 2025, a number
of the Group’s UK subsidiaries are entitled to
exemptions from audit under section 479A of the
Companies Act 2006. We have identified which
subsidiaries intend to utilise the audit exemption
in the table on pages 3.55–3.56 in Report 3.
Intertek Group plc is the ultimate parent undertaking
of these companies and has unanimously agreed
to the granting of a guarantee in accordance with
section 479C of the Companies Act 2006.
Intertek Group plc
Annual Report & Accounts 2025
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Audit Committee Report Continued
The Committee in Action
External audit Continued
External auditor effectiveness and quality
The Committee conducts an annual review to
assess the independence and objectivity of the
external auditor and the effectiveness of the audit
as part of the year-end process. This process is
conducted in three parts as outlined below:
1. PwC presents to the Committee its approach to
safeguarding and maintaining the quality and
independence of their audit of the Group and
their auditors, including addressing any risks they
face in maintaining audit quality across their
network. This is an extensive report covering
all aspects of the audit from the scope of work,
reporting the outcomes of findings, the key audit
matters, fraud and investigations, intercompany
transactions, treasury, key risks, going concern
and the IT environment. Each aspect is reviewed
and debated with the auditors. The Committee
was satisfied that the audit was extensive,
sufficiently challenging and robust.
2. The views of management and the Directors on
PwC’s service, level of challenge and application
of professional judgement are obtained via a
questionnaire, and subsequent follow-up as
necessary. The feedback is then presented to
the Committee.
3. The key findings and recommendations from
both processes, together with any form of
appropriate external evaluation such as feedback
from shareholders and the FRC Audit Quality
Inspection Report then form the basis of the
assessment of PwC’s effectiveness, together
with the Committee’s experience of dealing with
PwC during the year.
The responses to the annual appraisal
questionnaire were collated and incorporated
into the planning process for the following areas:
Planning, Fieldwork and Reporting.
Following this review, the Committee considered
in detail the feedback received from a selection of
Intertek personnel, including Committee members,
Group functions, regional finance teams and country
finance managers. The feedback scores from the
survey indicated a small decrease in the Planning
category, no change in the Reporting category and a
small decrease in the Fieldwork category compared
to the previous year. The overall perception of
PwC’s effectiveness remains positive, with 95% of
respondents either agreeing or mostly agreeing with
the statements outlined in the questionnaire, broadly
consistent with the prior year (2024: 96%).
Overall, a robust collaborative approach persists,
ensuring continuous communication and engagement
throughout the year, with continued opportunities
to further integrate IT and other workstreams.
The audit findings and the areas to improve were
discussed at the May 2025 Committee meeting and
PwC effectively addressed questions and challenges
provided by Committee members.
The Committee concluded, at the meeting held in
May 2025, that PwC remained independent and
that, overall, PwC had completed a robust and fit-
for-purpose audit process across the Group with a
satisfactory level of resources.
The effectiveness of the 2025 audit of the Group will
be reviewed by the Committee in May 2026.
Audit and non-audit fees
The Terms of Reference of the Committee
include ensuring the continued independence and
objectivity of the Group’s external auditors. This is
achieved through:
• the annual approval of the policy for the
engagement of external auditors for audit
and non-audit services;
• setting limits for non-audit spend for the
external auditors;
• an annual review of the Group auditor’s
performance in conducting the external
audit (presented at the May 2025 Audit
Committee meeting);
• a five-year maximum tenure period for the external
audit partner; and
• where appropriate, audit tendering and rotation.
The Group has set out a policy on the provision of non-
audit work by the external auditor consistent with
the 2024 Ethical Standard issued by the FRC, and it is
designed to ensure that the provision of such services
do not create a threat or compromise the external
auditor’s independence and objectivity. The policy
outlines in detail the services that the external auditor
cannot provide including tax services and services
that involve playing any part in the management or
decision making of the audited entity amongst others.
It identifies certain types of engagement that the
external auditor shall, subject to the audit fee cap,
be permitted to undertake, including with respect
to audit-related services such as reporting required
by law or regulation to be provided by an auditor,
reviewing interim financial information, reporting on
regulatory returns, reporting to a regulator on client
assets and reporting on government grants. With
respect to non-audit services, the policy outlines the
services that can be provided by the external auditor
as required by law or regulation and are exempt from
the non-audit fee cap.
In the event that an engagement for non-audit
services arises, the policy is designed to ensure that
the external auditor is only appointed where it is
considered to be the most suitable supplier of the
service and the necessary prior approvals have been
given in accordance with the policy.
The Committee annually reviews and re-approves
the framework of permitted non-audit services
as set out in the policy, taking into account any
changes in legislation and best practice. The
Committee reviewed the policy in 2025 and no
major changes were made. PwC also provided
an update on the spend for non-audit services
twice in the year and Deloitte will continue to do
this going forward if appointed. For 2025, the
Committee pre-approved a total non-audit spend
of £234,000 (2024: £234,000).
As per the policy, all non-audit services must be
approved by the CFO, and in the event that the
pre-approved limit is exceeded, the Committee
Chair and the CFO have to approve an increase
to the pre-approved limit. In 2025 this process
operated effectively.
A summary of the fees paid for non-audit services
is set out below. The majority of the non-audit fees
related to a review by PwC of the Interim Results
announcement, which is deemed a non-audit
service. This was considered appropriate as PwC
also audits the full year results.
2025
£m
2024
£m
Total non-audit fees 0.2 0.2
– audit-related services 0.2 0.2
– tax services – –
– other non-audit services – –
Audit fee 5.8 5.9
% of audit fee
3% 3%
Further information is contained in note 4 to the
financial statements on page 3.12 in Report 3.
Intertek Group plc
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Audit Committee Report Continued
External audit tender
The Group’s preceding competitive external
audit tender was carried out in 2015. The ACEA:
Minimum Standard, and the CMA Order 2014,
require that a tender take place at least every ten
years. During the year, the Committee undertook a
formal audit tender process for the 31 December
2026 year-end audit. A recommendation will be
put to shareholders for approval at the 2026 AGM
to appoint Deloitte for the financial year ending
31 December 2026.
Shareholder engagement
We value ongoing and transparent communication
with our shareholders, which plays a vital role in
informing the Board’s decision making. Ahead of
the tender process, we invited all shareholders to
engage with us through the 2024 Annual Report
& Accounts and the Notice of AGM, however, no
feedback was received.
Preparation
In preparation for the tender, the Committee
undertook several key actions. It reviewed best
practice guidelines on external audit tenders and
held high-level discussions about the attributes
and skills required from the external auditor and
the lead audit partner. The Committee determined
which firms should receive formal notice of the audit
tender, taking into account independence and quality
considerations. It also considered whether the tender
should be conducted under a shared audit structure
and, if so, whether to continue with Forvis Mazars or
include this element in the tender process.
Thorough independence checks were carried
out across the Group to identify any existing
relationships. The Committee confirmed the timeline
and appointed a management working group ('core
team') to oversee the process comprising the CFO,
Group Company Secretary, and the Director, Group
Financial Controls. Throughout the process, the
Committee had due regard to the FRC guidance on
audit tenders, independence criteria and the ACEA:
Minimum Standard required of Audit Committees.
The Committee in Action
Selection process
In determining a long list for the audit tender, the
core team conducted an analysis across Tier 1 and
Tier 2 firms, considering: FRC audit quality ratings;
independence and ability to exit non-audit services
within the cooling-in period; and the geographical
reach and industry experience of the firms. Based on
the results, Tier 2 firms were not invited to tender
due to an absence of adequate geographical reach
and skills across the geographies to manage an audit
of Intertek’s complexity and industry range. Four
Tier 1 firms qualified from the long list and the Audit
Committee invited each of them to submit a Request
for Proposal ('RFP').
Management meetings were then held in a fair and
informed process, with each firm offered equal
opportunity to attend each of the meetings to gather
information in addition to access to a data room.
Written responses to the RFP were assessed by
the core team against the criteria set out below
and firms were evaluated on the adherence to RFP
rules, the quality of the submission and clarity of
the commercial proposal.
Cultural Fit – Assessment of the lead partner,
leadership team and firm's experience, stakeholder
engagement, and commitment to delivering value
beyond the audit, including improvements to
Intertek’s global control environment.
Audit Approach – Evaluation of whether the proposed
approach reflected Intertek’s business, structure,
risks and key accounting judgements, and ensured
consistency in local statutory audits. Consideration of
the firm’s knowledge of Intertek’s business, industry,
regulatory requirements and associated risks.
Audit Quality – Review of the proposed team’s
and wider firm's experience, specialist and regional
support, continuity plans, quality controls, track
record, and collaborative approach to resolving issues.
Communication – Assessment of clarity, relevance
and effectiveness of communication with Intertek
and the Audit Committee.
Transition – Examination of the transition plan,
including milestones, resources, Intertek support and
the approach to building global team knowledge.
Fee Structure – Review of the proposed cost
breakdown, ensuring alignment with Intertek’s
requirements and consideration of technology
and productivity initiatives.
Regulatory Change – Assessment of the firm’s
understanding of upcoming changes, such as the
new UK Corporate Governance Code 2024 and
non-financial reporting requirements, and their
impact on audit approach and collaboration.
Following the evaluation of the written responses, a
short list comprising Deloitte and PwC was proposed.
The Committee agreed with the proposal and asked
for them to be formally invited to present their
proposals in person to the Committee and core team
with a particular focus on:
1. Evaluation of audit approach, including transition
year and then year 2 onwards
2. Evaluation of senior team
3. Evaluation of people assurance
4. Evaluation of technology
5. Evaluation of value proposition
Approach to fees
The Committee’s focus was on securing a firm that
would provide a robust and independent audit,
and did not consider fees other than in ensuring
that they were competitive prior to making its final
recommendations to the Board.
Outcome of statutory audit tender process
Following a competitive tender process, the
Sub-Committee reviewed written submissions and
presentations from the two shortlisted firms in July
2025, with participation from senior finance and
governance managers. Both firms demonstrated
the capability to deliver a high-quality audit. After a
rigorous evaluation against agreed criteria, the Sub-
Committee concluded that Deloitte offered a stronger
proposition, providing an opportunity to enhance
our control environment through a differentiated
approach. The Committee recommended Deloitte’s
appointment for a term of up to ten years,
confirming that the recommendation was free from
influence by third parties, and no contractual terms
of the kind mentioned in Article 16(6) of the Audit
Regulation had been imposed on the Company. The
Board provided approval in September, subject to
shareholder approval at the 2026 AGM. Deloitte
has confirmed its willingness to act as auditor.
Resolutions for the appointment and remuneration
determination by the Audit Committee will be
proposed at the AGM. The Committee thanks all
participating firms for their professionalism and
quality submissions.
Audit tender timeline
Dec-24
Proposed tender process presented
to the Audit Committee and core
team established
Feb-25
Long list of audit firms and
selection criteria agreed by
the Audit Committee
Mar-25
Shareholders invited to engage
on the tender process
Apr-25
RFP issued to long list
Data room made available to long list
May-25
Audit firms met with key
Intertek management
Jul-25
RFP document submission deadline
Short list established by core team
and communicated to bidders
Shortlisted firms presented to core
team and Audit Committee
Aug-25
Recommendation to the Board and
decision communicated to bidders
by the Audit Committee
Sep-25
Transition of non-permitted services
May-26
New auditor proposed at the
2026 AGM
Jul-26
New auditor commences work on
H1 2026 results
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Internal audit
The Group has an Internal Audit function, whose
activities are overseen by the Committee, which
provides assurance over compliance with the
Group’s framework of financial Core Mandatory
Controls ('CMCs').
The Committee monitors and reviews the
effectiveness and resources of the Internal Audit
function throughout the year. To this end, the
Committee approves the Internal Audit programme
and charter for the year.
The Committee reviews the internal audit reports
and monitors management’s responsiveness to the
findings and recommendations of the Group Audit
Director, as well as approving the appointment
and removal of the Group Audit Director as
appropriate. When reviewing the summary findings,
management responses, progress against audit
recommended improvement plans and average
compliance scores, the Committee was satisfied
that the Internal Audit function continued to work
effectively and focus its activities in the areas with
the greatest need.
Internal audit effectiveness
The Committee assesses and reviews the
independence and effectiveness of the Internal
Audit function using a variety of inputs.
An independent review of effectiveness was
undertaken by Grant Thornton in 2023, with the
next independent review planned in 2026. The
review concluded that the Internal Audit function
is valued and their role in defining expectations and
improving compliance with the financial CMCs is
widely acknowledged. They further concluded that
the function exhibits good practices, in particular in
the continuous improvement agenda of the team.
During the year, the Internal Audit function was
assessed using feedback received through a
questionnaire to senior stakeholders across the
Group, including the Committee, Group Executives
and functions.
Responses were consistently favourable, and
the external auditor also provided informal and
supportive feedback.
The Committee satisfied itself that the quality,
experience and expertise of the function is
appropriate for the business.
Internal control and risk management systems
The Board ultimately reviews the Group’s risks,
controls and compliance, and mitigation actions. The
Committee is responsible for reviewing the adequacy
and effectiveness of that risk framework. We have an
integrated approach to obtaining assurance that our
risks are being appropriately and effectively identified
and addressed.
SEE PAGE 2.68 FOR FURTHER INFORMATION ON HOW INTERTEK
HAS IMPLEMENTED AN END-TO-END INTEGRATED APPROACH
TO RISK, CONTROL AND COMPLIANCE
‘Doing Business the Right Way’ is at the heart of
what we do and continues to be a key enabler of
our AAA strategy. The Intertek CMCs are an integral
part of ‘Doing Business the Right Way’, and provide
the mechanism by which we define, monitor and
achieve consistently high standards in our control
environment throughout the whole organisation.
At the end of the year, the Committee undertook
a review of the effectiveness of the CMCs and
Assurance Map to ensure that they continued to
be fit for purpose. Where non-compliances with
the current CMCs were identified in the 2025
internal audit review process, remediation plans
have been put in place. For 2026, the effectiveness
of the process was reviewed and there were
additional controls introduced based on risks and
issues highlighted by the Group’s internal audit
and compliance assurance programmes, and based
on other risk indicator data and outputs including
the reporting, review and corrective actions of the
whistleblowing hotline reports.
In order to provide assurance that the Intertek
controls and policy framework is being adhered to, a
self-assessment exercise is undertaken across the
Group’s global operations. This exercise is reviewed
The Committee in Action
and refreshed each year to align with the updated
control framework and to support the continued
development of the Group’s control environment.
Relevant operational and functional leaders for each
site are required to complete a year-end compliance
certification, in the form of an online questionnaire,
to confirm that the right management processes
and controls are in place and are operationally
effective. The compliance certification covers all
CMC areas: Compliance, Sales, Operations, Marketing,
Communications, our use of intermediaries, IT,
Finance, Sustainability and People management.
Where corrective actions are needed, the leaders
are required to provide an outline and a confirmed
timeline. The results are used as an input for the
internal audit and compliance assurance work
for 2026.
Self-assessment responses are consolidated for
review at a divisional, regional and functional level,
with further review and sign-off of the consolidated
self-assessments in the corresponding divisional,
regional and functional risk committees, before
a final consolidated CEO and CFO review. A final
summary assessment is provided to the Committee.
The self-assessment exercise has been expanded
during the year to ensure global coverage and to
reflect Intertek’s operational and financial structure,
and in order to enhance the alignment of the self-
assessment to the assurance process.
We annually review and approve the statements to be
included in the Annual Report & Accounts to ensure
they remain relevant to the Group's strategy and
operations as well as complying with any regulatory
requirements. A detailed verification programme also
provides assurance to the Committee and the Board
when checking that all the statements made in the
Annual Report & Accounts are accurate. Intertek’s
Manual of Accounting Policies and Procedures is
issued to all finance staff, giving instructions and
guidance on all aspects of accounting and reporting
that apply to the Group.
The Committee can confirm that it reviewed the
Group’s internal controls and risk management
systems and concluded that there was an effective
control environment in place across the Group
during 2025, and up to the date on which these
financial statements were approved. No significant
failings or weaknesses were identified.
Whistleblowing and fraud
We reviewed the adequacy and security of the
Group’s arrangements for its employees and
contractors to raise concerns, in confidence, about
possible wrongdoing in financial reporting or other
matters ensuring that these arrangements allow
proportionate and independent investigation of
such matters and appropriate follow-up action.
The whistleblowing hotline is well-publicised and
can be used by all employees, contractors and
others representing Intertek, or by third parties
such as our customers or people who are affected
by our operations. This whistleblowing hotline
is run by an independent, external provider. It is
multi-language and is accessible by phone and by
email 24 hours a day. Further information on the
whistleblowing hotline can be found on page 2.46.
In addition, we review the Group’s systems and
procedures for detecting fraud and the prevention
of bribery and receive regular reports on non-
compliance and keep under review the adequacy and
effectiveness of the Group Compliance function.
Audit Committee Report Continued
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Audit Committee Report Continued
Significant issues considered
by the Committee
In preparation for each year end, the Committee
reviews the significant accounting policies, estimates
and judgements to be applied in the financial
statements and discusses their application with
management. An explanation of the application of
the Group’s significant accounting policies is set
out in note 1 to the financial statements on pages
3.07–3.09 in Report 3. The external auditor also
considers the appropriateness of these assessments
as part of the external audit. The Committee’s views,
comments and their insights are used to inform the
processes and approach taken by management in all
areas of significant risk, thus facilitating a Group-wide
consistent and prudent approach.
In accordance with the Code, the external auditor
prepares a report for the Committee on both the
half year and full year results, which summarises
the approach to key risks in the external audit and
highlights any issues arising out of their work on those
risks, or any other work undertaken on the audit.
Following reviews and discussions throughout
the year of all the relevant papers presented and
after considered discussion with management
and the external auditors, the Committee had
an understanding of the business rationale for
transactions and how they were being recorded and
disclosed in the financial statements, and therefore
agreed that the estimates and areas of judgement
exercised by management were appropriate.
During the year, the Committee reviewed and
considered the following estimates and areas of
judgement to be exercised in the application of
the accounting policies:
Claims
From time to time, the Group is
involved in various claims and lawsuits
incidental to the ordinary course of
business. The Committee considered
the claims provision which reflects
the estimates of amounts payable
in connection with identified claims
from customers, former employees
and others. The Committee noted
that once claims have been notified,
the finance teams liaise with the
business to determine whether a
provision is required, based on IAS 37
Provisions, Contingent Liabilities and
Contingent Assets.
The level of provision is subsequently
reviewed on a regular basis with the
Group General Counsel, taking into
account the advice of external legal
counsel. The Committee, following
assurance from management and a
review of the position by the external
auditors, considered and agreed that
the claims provision, and associated
disclosures, were appropriate given the
size and status of claims reported.
Taxation
The determination of profits subject
to tax is calculated according to
complex laws and regulations, the
interpretation and application of which
can be uncertain. In addition, deferred
tax assets and liabilities require
judgement in determining the amounts
to be recognised, with consideration
given to the timing and level of future
taxable income. The main areas of
judgement in the Group tax calculation
are the expected central tax provisions
for the full year, including provisions
related to transfer pricing risk, and
the recognition of the UK deferred
tax asset.
Twice a year, the Committee receives
a report from management providing
an evaluation of existing risks and
tax provisions which is reviewed by
the Committee. The Committee also
considered reports presented by the
external auditors before determining
that the levels of tax provisioning
were appropriate.
Impairment of goodwill
and other acquired
intangible assets
The Group is required to make
judgements to estimate the fair value
of assets and liabilities acquired; in
particular, the amounts attributed
to intangible assets such as titles,
brands, acquired customer lists and
associated customer relationships.
These judgements impact the amount
of goodwill recognised on acquisitions.
As outlined in note 9 in Report 3, the
Group has £1,422.3m of goodwill
which has arisen on acquisitions. An
impairment assessment is required
at least annually in respect of
this amount.
The Committee noted the update
as at the year end and, taking into
account the acquisitions made during
the year, and after seeking views
from the external auditors, agreed
the disclosure in note 9 on pages
3.20–3.22 in Report 3.
Consideration of climate
change
Mandatory Task Force on Climate-
related Financial Disclosures reporting
has driven significant momentum
regarding climate change-related
disclosures. The Group has set out
its consideration of climate change in
respect of an impact on the financial
reporting judgements and estimates
arising from our assessment of climate
change on the Group as a whole.
The Committee reviewed the approach
taken to consider the impact of climate
change and the disclosures on pages
1.62
–1.70 in Report 1, and taking
into account the feedback from the
external auditors agreed the approach
taken and the related disclosures.
Revenue recognition
IFRS 15 Revenue from Contracts
with Customers requires an entity
to recognise revenue in a way
that shows the transfer of goods/
services promised to customers is an
amount that reflects the expected
consideration in return for transferring
control of those goods or services to
the customer.
The Committee reviewed the work
completed regarding revenue and,
taking into account the views of the
external auditors, agreed that the
treatment was appropriate.
Acquisitions and fair
value accounting
The Committee was advised of the
approach taken to the acquisitions
made in 2025 where the related
fair values were recognised on a
provisional basis. Such provisional
amounts are subsequently finalised
within the 12-month measurement
period, as permitted by IFRS 3
Business Combinations. Details of the
acquisitions in 2025 are set out in note
10 on page 3.23 in Report 3.
The Committee, following assurance
from management and review of the
position by the external auditors,
was satisfied that the treatment
was appropriate.
Accounts receivable and
accrued income
The Group takes a balanced approach
to provisioning of accounts receivable
and accrued income balances in line
with IFRS 9 Financial Instruments.
The Committee noted the update
as at the year end and, considering
the views of the external auditors,
agreed that the Group’s provision
was appropriate.
Pensions
The Group operates a number of post-
employment plans. In most locations,
these are defined contribution
arrangements. However, there is a
material defined benefit scheme in
the UK.
Having considered advice from
external actuaries and assumptions
used by companies with comparator
plans, the Committee agreed that
the assumptions used to calculate
the income statement and balance
sheet assets and liabilities for post-
employment plans were appropriate
(see note 16 on pages 3.35–3.38 in
Report3).
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" Our new Policy will drive
and reward delivery of the
AAA growth strategy for
our shareholders.”
Graham Allan
Chair of the Remuneration Committee
Committee overview
Membership and meeting attendance
Throughout 2025 and at all times, the composition
of the Committee was compliant with the Code.
The Committee met regularly during the year
and invited the Chair, CEO and the EVP Human
Resources to attend meetings when it deemed
appropriate, except when their own remuneration
was discussed. The Group Company Secretary
acted as Secretary to the Committee. In addition
to the four scheduled meetings ,the Committee
met on three additional occasions to discuss
the feedback from shareholders as part of the
extensive consultation on the Remuneration
Policy and to facilitate a tender process for new
remuneration consultants.
THE FULL TERMS OF REFERENCE OF THE COMMITTEE, WHICH
ARE REVIEWED ANNUALLY, CAN BE FOUND ON OUR WEBSITE:
INTERTEK.COM/ABOUT/COMPLIANCE-GOVERNANCE
Committee members Member since
Meetings
attended
1
Graham Allan (Chair) October 2017
Chair May 2024
4/4
Gurnek Bains January 2018 4/4
Robin Freestone May 2025 3/3
Tamara Ingram July 2021 4/4
Kawal Preet May 2024 4/4
1. Number of meetings attended out of the number of meetings
eligible to attend in the year.
Role and key responsibilities
• Determines the Company’s policy on
remuneration for the Executive Directors and
senior executive management.
• Determines the remuneration for the above
and the Chair, including any compensation on
termination of office.
• Reviews the remuneration arrangements for
the wider employee population and considers
issues relating to remuneration that may have
a significant impact on the Group.
• Provides advice to, and consults with, the CEO on
major policy issues affecting the remuneration of
other executives.
• Responsible for establishing the selection criteria,
selecting, appointing and setting the Terms of
Reference for any remuneration consultants who
advise the Committee.
• Reviews the Remuneration Policy in light of
regulatory and best practice developments and
shareholder expectations.
2026 priorities
• Ensure the Remuneration Policy continues to
drive long term delivery of the AAA strategy
for growth.
• Keep remuneration in line with global
best practice and benchmarks to ensure
attraction of top talent to executive
and non-executive roles.
• Incentivise behaviours which create value for
all stakeholders.
• Review targets to ensure fairness and balance
of reward for performance.
2025 highlights
• Consulted with major shareholders and
shareholder bodies on proposed changes
to the Remuneration Policy.
• Monitored developments in corporate
governance and market trends, including the
challenges presented by increasing geopolitical
tension, levels of inflation and the impact across
our wider workforce.
• Carried out a tender process for new
remuneration consultants.
• Benchmarked and assessed the remuneration
packages of the Executive Directors and Senior
Management
1
.
• Determined bonus outcomes for 2025 and the
vesting outcome of the 2023–25 LTIP awards.
• Set base salaries and established bonus
arrangements for 2026 for the Executive
Directors and Senior Management
1
.
• Approved 2025–27 LTIP awards to Executive
Directors, Senior Management
1
and other
senior executives.
• Reviewed its Terms of Reference and the
effectiveness of the Committee.
1. Senior Management as defined by the UK Corporate Governance
Code 2024.
Remuneration Committee Report
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Remuneration Committee Report Continued
Summary of proposed Policy
Salary Market competitive No change to Policy
Pension CEO and CFO both aligned to the wider UK
workforce (5% of salary)
No change to Policy
Annual
incentive
Maximum 200% of salary
50% deferred into shares
Based on key metrics for the year: Revenue,
Adjusted Operating Profit and ESG for 2026
No change to Policy
Removal of ROIC from
annual incentive
Simplification
LTIP • One award structure (no ‘Core’ + ‘Enhanced’)
• Maximum award 500% of salary
• 60% EPS / 20% ROIC / 20% FCF
• Highly stretching targets (EPS range 6–13% p.a.)
• 3-year vest + 2-year holding
Changes to reflect
shareholder input
(see page 2.83)
Shareholding
guidelines
500% of salary (CEO and CFO)
Post-cessation: Guideline applies in full for
two years
Fully aligned to Investment Association guidance
Increase in shareholding
guideline for CFO (from
300%)
Remuneration Committee
Chair's letter
Dear shareholder,
I am pleased to present this report, which explains the
implementation of our current Policy during the year,
and includes our proposal for a new Remuneration
Policy for which we will be seeking shareholder
approval at the forthcoming AGM.
2026 Remuneration Policy – reflecting
feedback from our shareholders
Last year, we proposed some changes to our
Remuneration Policy aimed at incentivising delivery
of the company’s ambitious AAA differentiated
growth strategy. At that time, we undertook an
extensive shareholder consultation exercise on the
proposal, reaching out to over 60% of the register,
during which we received broadly positive support for
the key principles and valuable feedback which helped
to shape the final proposals.
Some shareholders, as well as the main proxy advisory
bodies, were ultimately unable to support the final
proposal. Based on our ongoing dialogue, the principal
factors for not supporting the proposal centered on:
(i) the undue complexity of using two separate
long-term incentive arrangements (‘Core’ and
‘Enhanced’); and
(ii) the headline level of additional quantum.
As a result, we took the decision prior to the 2025
AGM to withdraw the resolution to approve the
new Policy.
The background which underpinned last year’s
proposal has not changed. Intertek has performed
well over the last ten years, executing our 5x5
differentiated growth strategy and delivering strong
Total Shareholder Returns ahead of our peers. Our
AAA strategy is raising the bar for the organisation
as we strive to be the best every day and deliver
superior value for all stakeholders; customers,
employees, communities and, of course, our
shareholders. Having redefined our industry from the
traditional Testing, Inspection and Certification ('TIC')
services into Risk-based Quality Assurance offering
industry-leading ATIC (Assurance) solutions, we plan
to capitalise on this unique advantage to accelerate
growth and strengthen performance for all.
We remain convinced that successful delivery of the
AAA strategy is the fundamental ‘game changer’ to
allow Intertek to unleash its full potential, capitalising
on our strong ATIC business model to accelerate
value creation for our shareholders. We believe that
management should be directly incentivised, via
stretching long-term performance targets, to deliver
this strategy for the benefit of all our stakeholders.
And, where they deliver genuinely exceptional
levels of long-term outperformance, they should be
appropriately rewarded for doing so.
At the same time as we seek to secure our
management team to execute these exciting
strategic opportunities, the Committee remains
acutely aware of the highly competitive talent
markets for experienced executives with a proven
track record. Intertek is a global business competing
in a global talent market. Approximately 30% of our
business and a number of our executive team are
based in the US. It is not our intention to match levels
of remuneration seen in the US market, but it is a
core responsibility of the Remuneration Committee
to maintain remuneration packages which are
sufficiently competitive in global talent markets
to secure the calibre of executive we need, and to
ensure they are fairly rewarded for the delivery of
exceptional performance.
We therefore intend to seek shareholder approval for
a revised Remuneration Policy, as set out on pages
2.86–2.93, at the 2026 AGM. We will retain the core
principle from last year’s proposal – higher LTIP award
for higher performance based on stretch performance
targets. We have refined the proposal to better
reflect the shareholder feedback received:
(i) simplification into one LTIP structure (rather than
‘Core’ and ‘Enhanced’);
(ii) reduced maximum award sizes (500%, down from
600%); and
(iii) increase in stretch of EPS targets.
The principles of our proposal if approved, would
apply to all LTIP participants across the organisation.
A brief summary of the key terms of our full Policy
framework are shown below and key changes to
the Policy set out on page 2.87.
Intertek Group plc
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3%
4%
5%
6%
7%
8%
9%
10%
11%
12%
13%
14%
2025
1
LQ Median UQ 2026
2
Intertek
10-year
average
Consensus
FTSE 100 LTIP EPS ranges
Remuneration Committee Report
Remuneration Committee Chair's letter Continued
The updated LTIP proposal reflects the fundamental
principles which underpinned the original proposal
last year, and which were generally welcomed by
our shareholders:
• Increases to quantum delivered via the LTIP.
Being long-term, performance-linked and share-
based reward, delivering the necessary increase in
package quantum via the LTIP maximises alignment
with shareholders, and with the delivery of our AAA
growth strategy. Unlike others in the UK market, we
are not seeking to introduce any non-performance-
related elements (e.g. RSUs or ‘hybrid’).
• Balanced set of key metrics. The reward
framework will retain its current mix of metrics so
management are not incentivised to deliver higher
levels of earnings growth to the detriment of other
key financial metrics, particularly ROIC and cash
generation, that are fundamental to Intertek’s
continuing success.
• Highly stretching performance targets.
Maximum LTIP vesting will require delivery of
exceptionally demanding long-term targets
designed to incentivise accelerated performance.
The reward structure only results in materially
higher levels of reward if higher levels of
performance are achieved. The material increase
in the stretch of proposed targets is discussed in
more detail on the right.
• Broader performance, discretion and
adjustments. Any award vestings will be carefully
considered in the context of the overall shareholder
experience. Irrespective of the formulaic outcomes,
the Remuneration Committee will consider whether
any discretion should be applied to the vesting
result to ensure that payouts are in keeping with
shareholder returns. The discretionary framework
to be used for this purpose is set out on page
2.95. The Committee will also review in-flight LTIP
targets in the event of 'material' M&A to ensure
they retain the originally proposed level of stretch.
The impact of any share buyback will be excluded
from the EPS calculation.
LTIP – commitment to genuinely stretching long-term targets
At the core of our proposition is renewed stretch in the LTIP targets. The EPS performance range will
increase from 4–10% p.a. currently to 6–13% p.a. for the 2026 awards, representing a material uplift in
stretch, supported by the following reference points:
A final observation is to relate the stretch of
targets, and what their delivery would mean for
our shareholders, back to the proposed uplift
in quantum of awards. From our current market
capitalisation (c.£7bn), delivering the maximum EPS
growth (13% p.a.) would result in the creation of over
£3bn of incremental shareholder value (assuming
a fixed P/E multiple, for simplicity). In this scenario,
the incremental value received by the executive
directors from maximum vesting of the 200% of
salary uplift in award size would be just 0.1% of
that incremental value.
• Significantly in excess of current market
expectations. Based on analyst consensus
as at the date of this report, Intertek’s three-
year projected EPS growth rate is c.7.9% p.a.
Achieving this level would result in vesting just
above the threshold target.
• Vesting requires out-performance of
Intertek’s historic growth rates. Since the
start of 2015, the average EPS growth rate for
all completed three-year performance periods
is 7.1% p.a. This is broadly aligned to the lower
end of the proposed target range, effectively
requiring outperformance of that historic
average before any vesting starts to accrue.
• Upper quartile target range compared
to the FTSE 100. Both ends of the target
range (6% and 13% p.a.) are directly aligned
to upper quartile practice for EPS ranges in
FTSE 100 LTIPs.
• Growth from an already strong base point.
Given our strong recent performance (EPS at a
record high in 2025), the 2026 award will have
a challenging ‘base point’ from which to deliver
the targeted levels of growth. In other words, our
targeted growth reflects our continued ambition
to further improve already strong performance
as we execute the AAA strategy.
• Demanding cash and ROIC targets. In the
last ten years, the company has step-changed
its cash generation while delivering strong ROIC,
which will create a demanding base for the LTIP
cash and ROIC targets moving forward. The
ROIC range continues to represent a material
out-performance of our cost of capital, to drive
shareholder value.
Increasing the stretch of LTIP EPS targets
1. Current LTIP EPS range
2. Proposed LTIP EPS range
Intertek Group plc
Annual Report & Accounts 2025
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Remuneration Committee Report
Remuneration Committee Chair's letter Continued
2025 proposal Shareholder feedback to address Revised proposal
LTIP structure The LTIP award was divided into ‘Core’
and ‘Enhanced’ elements
Concern around the complexity of the
proposed LTIP design, in particular
dividing the award into two elements
rather than retaining a simple LTIP
Simplified the design into just one
structure – the LTIP
Maximum LTIP award 600% of salary (Core + Enhanced) Some shareholders felt this was higher
than they could comfortably support
Reduced maximum LTIP
opportunity of 500% of salary
Threshold EPS target Threshold vesting would require EPS
growth of 4% p.a.
Some suggested that the threshold
EPS growth target should be reviewed
given that it has been in place for a
number of years
Materially increased the threshold
EPS growth target to 6% p.a.
" On behalf of the Committee,
I would like to extend
my gratitude to all those
who participated in our
consultation, for sharing
their time and valuable input
during this process. The
Remuneration Committee
is firmly supportive of the
revised proposal, confident
that it both supports our
objectives to deliver the AAA
strategy whilst also directly
addressing the concerns raised
with the previous proposal by
some shareholders."
Graham Allan
Chair of the Remuneration Committee
Extensive shareholder engagement on the new Policy
Following 2025 AGM
Ahead of the 2026 AGM
As explained in last year’s report, in advance of the 2025 AGM we undertook an extensive, multi-phased engagement
exercise, ultimately covering our largest 40 shareholders and the main proxy voting agencies.
Following our decision to withdraw the Policy proposal at the 2025 AGM, we continued the dialogue with our investor
base to ensure we could best reflect their input in a revised proposal.
Having adjusted our proposal to reflect the feedback
received, we re-engaged on the revised Policy proposal
between November 2025 and February 2026. This involved
broadening our outreach to the largest 50 shareholders
representing over 75% of the register, as well as the main
voting agencies.
We received positive feedback from the majority of those
who engaged, with many acknowledging and welcoming
the changes we had made to reflect shareholder input.
Some shareholders queried whether the proposed increase
in quantum was sufficient to reflect the magnitude of the
increased target stretch and our need to effectively compete
in increasingly competitive global talent markets.
Some shareholders were keen to ensure that the new policy
would be future proofed in the event there was any change
in management during the policy term.
The Committee welcomed these challenges but was
comfortable with the proposed increase to 500% of salary.
Based on the comments and feedback received, no further
changes to the proposal were required.
Despite strong shareholder support for the key principles, we recognised that some shareholders retained concerns
around several aspects of last year’s proposal. We listened to these concerns and addressed each of them in the
revised proposal, as follows:
Intertek Group plc
Annual Report & Accounts 2025
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£0m £1m £2m £3m £4m £5m £6m £7m £8m £9m £10m £11m
CEO packages of FTSE 100 companies
Total maximum remuneration
Median UQ
Intertek – current
Intertek – proposed
£0m £1m £2m £3m £4m £5m £6m £7m £8m £9m £10m £11m
CEO packages of FTSE 100 companies (adjusted group)
Total maximum remuneration
LQ Median
Intertek – current
Intertek – proposed
£0m £1m £2m £3m £4m £5m £6m £7m £8m £9m £10m £11m
CEO packages of FTSE 100 companies (Global Business)
Total maximum remuneration
LQ Median
Intertek – current
Intertek – proposed
Remuneration Committee Report
Remuneration Committee Chair's letter Continued
Competitive market positioning
As described in this letter, our proposition is based on a simple concept: Driving and fairly rewarding a step change in strategic delivery and performance via an increase in LTIP award quantum combined with significantly
more stretching targets. This is therefore not a ‘benchmarking-driven’ proposal. At the same time, the Committee is cognisant that the package must remain market competitive to allow Intertek to successfully compete in
increasingly competitive markets for experienced executive talent. We also recognise that shareholders wish to understand how quantum is reasonable against the market.
The Committee considers market data from a range of different perspectives, recognising that no one particular reference point can be sufficient by itself. In the interests of transparency, the market positioning of the
CEO’s total target compensation against some of the key reference points we looked at is summarised below. The Committee believes that this market data firmly supports the proposed Policy changes, in addition to the
increase in target stretch which remains core to the proposal.
As a FTSE 100 company, it is important to understand how our package compares against that index. However, this is a very simplistic and crude comparison which, given the range of types of company in the FTSE 100,
does not sufficiently reflect the characteristics of our business. We therefore supplement this with two additional reference points which aim to better reflect Intertek’s global footprint:
1) FTSE 100
The chart illustrates positioning against all constituents of the FTSE
100, the equity market in which Intertek is listed. The current package
is positioned just below the median and the proposed package would
fall between median and upper quartile. The Committee is comfortable
with this positioning in the context of the above-market stretch of our
proposed LTIP targets (see page 2.82, illustrating the upper quartile
positioning of the proposed EPS targets).
2) FTSE 100 (adjusted to better reflect Intertek’s business)
We also considered a sub-set of the FTSE 100 which made a number
of adjustments. First, companies in the financial services sector were
excluded. We then exclude the very largest companies of materially
larger financial size (those in the top 10 of the FTSE by market
capitalisation, with the bottom 10 also excluded for symmetry). Finally,
in recognition of Intertek’s highly global business model, with 93% of
revenues from outside the UK, this group also excluded companies with
lower global exposure (more than 20% of their revenue from the UK).
This shows that the proposed changes will move Intertek’s from around
the lower quartile to around median.
The companies in this group are: Airtel Africa, Anglo American, Antofagasta, Ashtead, Bunzl,
Burberry, Coca Cola HBC, CCEP, Compass, ConvaTec, Diageo, Diploma, Endeavour Mining,
Experian, Fresnillo, Glencore, Haleon, Halma, IMI, Imperial Brands, Informa, Intercontinental
Hotels, Melrose, Metlen Energy & Metals, Pearson, Reckitt, RELX, Rentokil Initial, Smith &
Nephew, Smiths Group, Spirax Sarco, Vodafone, Weir Group.
The companies in this group are: ALS , ATOS, Bunzl, Bureau Veritas, Eurofins, Experian,
FTI Consulting, Heidrick and Struggles, Informa, Jacobs Solutions, Korn Ferry, LSEG, Pearson,
Sage, SGS, UL Solutions, WPP, WSP Global.
3) Global Business Services companies
The Committee also considered practices in a smaller group of global
companies which included our international peers in the Testing,
Inspection and Certification (TIC) sector, other UK and internationally
listed global ‘B2B’ companies and people-oriented professional
services companies with a global reach, drawn from a range of sectors
and of broadly similar size and complexity. This analysis also confirmed
that the proposed changes will move Intertek’s positioning from the
lower quartile to around median.
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Annual Report & Accounts 2025
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Remuneration Committee Report
Remuneration Committee Chair's letter Continued
Performance and incentive outcomes for 2025
As set out earlier in the Annual Report & Accounts,
Intertek has delivered ahead of the AAA strategy
targets in the 2023–25 period: 6.0%
1
average
revenue growth, 240bps
1
margin accretion,
12.0%
1
average EPS growth, £2.3bn cumulative
operating cash flow and 17.0% average dividend
per share growth.
For the full year 2025, Intertek has delivered
strong performance during the year, with key
highlights including:
• Revenue growth of 4.3%
1
• Adjusted operating profit up 9.3%
1
• Strong adjusted margin of 18.1%, a year-on-year
progression of 90bps
1
• Cash conversion of 110% delivering strong
adjusted operating cash flow
• Strong ROIC of 21.3% and continuous progress on
organic ROIC to 23.0%
• Full year dividend of 165.0p, +5.4% year-on-year
The annual incentive framework for 2025 was
based on a 70% matrix of revenue and adjusted
operating profit growth, with 15% on both ROIC and
ESG (Carbon Emissions). Stretching performance
targets were set for each component and, based on
the strong performance during the year, this would
have resulted in a formulaic outcome of 63.47% of
maximum. Taking into account the proportion of the
reduction in carbon emissions that was driven by
additional investment in renewables, the Committee,
on recommendation from Management, scored the
metric at threshold, which reduced the 2025 bonus
outcome to 52.22%. Full details of performance
against the targets are provided on page 2.99.
Half of this award will be deferred into Intertek
shares for three years.
1. at constant currency.
The 2023 LTIP award was based on three equally
weighted metrics measured using stretching
targets over a three-year performance period to
31 December 2025; EPS, FCF and ROIC, aligned with
the Group’s strategy for sustainable growth. Strong
performance was delivered across all three metrics
resulting in a formulaic vesting outcome of 100% of
maximum vesting. Full details are provided on page
2.100. Vested shares are subject to the two-year
holding period.
When determining the final outcomes for both the
annual incentive and the LTIP, the Remuneration
Committee exercised independent judgement,
taking into account a number of internal and external
considerations to determine whether the results were
appropriate. The Remuneration Committee agreed
that both incentive outcomes appropriately reflected
the strong performance and the wider stakeholder
experience over the respective performance periods.
No discretion was therefore applied to the formulaic
outturns described above.
Implementation of our
Remuneration Policy in 2026
Base salary
The Remuneration Committee has awarded the CEO
and CFO salary increases of 1.5% with effect from
1 April 2026. These increases are in line with the
wider UK workforce increase of 1.5%.
Annual incentive
The maximum annual incentive opportunity for
the Executive Directors will remain unchanged at
200% of salary under the new Policy. For 2026, the
Remuneration Committee reviewed the performance
metrics framework and has agreed some minor
modifications to ensure we remain optimally aligned
to strategic delivery. Firstly, we will remove ROIC
(15% weighting in 2025) from the annual incentive.
This aligns more closely with market practice and
avoids ‘double counting’ with the LTIP (where ROIC
will continue to be a key component of long-term
performance assessment). We will also reduce the
weighting of the ESG component from 15% to 10% of
the total. Finally, these changes allow us to increase
the weighting of the Operating Profit and Revenue
elements to a combined 90% (from 70% previously),
better reflecting our strategic focus on driving growth
and profitability. To further simplify our structure
and align more closely with typical market practice,
we will also now measure these two components
independently (with a 45% weighting for each) rather
than retaining the ‘matrix’ structure used previously.
The Committee is confident that these changes will
better position the business, where a consistent
framework is cascaded widely, to drive performance
for our shareholders. As ever, each metric will be
subject to stretching performance targets which will
be disclosed in next year’s report. Half of any bonus
earned will be deferred for a period of three years.
LTIP
Subject to the approval of our new Remuneration
Policy, LTIP awards of 500% of salary will be made to
the Executive Directors. The majority of the award,
60%, will be based on EPS performance, with 20% on
both ROIC and FCF. As discussed in detail above, core
to the proposition is that these awards will be subject
to highly stretching performance targets, including
the new target range of 6%-13% p.a. for the EPS
component. Full detail on the targets for the 2026
award is set out on page 2.94. Vested shares will be
subject to a two year post-vesting holding period.
Wider workforce alignment
Our 45,425 employees across the Group bring their
technical expertise and energy to work every day
to deliver for our clients with precision, pace and
passion. We continue to focus on ensuring we have
engaged and energised teams to drive strategic
execution and performance.
Intertek is compliant with minimum wage and
mandatory social contributions requirements in all
jurisdictions where we operate. Given the geographic
spread of the Group’s operations, employee reward is
managed at local level to enable local management to
deliver the right customer and employee experience.
Our objective for all levels in all locations is to deliver
a market competitive compensation package to fairly
reward our people.
With regards to salary budgets, we continue to
be mindful of the challenges our employees are
facing with the ongoing inflation and cost-of-living
pressures across the world. In making salary budget
decisions, the Group balanced the challenges our
employees are facing with the wider approach to cost
discipline. Across the UK, which represents below 5%
of our total employee population, the salary increase
for 2026 has been agreed at 1.5%.
Throughout the Group, our annual incentives are
based on the same metrics to ensure total alignment
and transparency. The LTIP award population extend
beyond the Executive Directors and the Group
Executive Committee to comprise a number of other
individuals who are integral to the delivery of the AAA
strategy as determined by the Committee with input
from the CEO.
I would like to thank my fellow Remuneration
Committee members for their insights and valued
contributions during the past year.
Conclusion
I hope that you find this report clear and helpful in
understanding both how we have developed our
new Remuneration Policy and made our decisions
in respect of 2025 outcomes. The Remuneration
Committee is confident that the proposed
remuneration structure will best support the critical
period of strategic execution ahead, and has been
carefully designed to ensure the input of a wide
range of our shareholders is reflected.
I look forward to your support on all remuneration
related resolutions at our forthcoming AGM.
Yours sincerely,
Graham Allan
Chair of the Remuneration Committee
Intertek Group plc
Annual Report & Accounts 2025
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Remuneration Committee Report Continued
Directors’ Remuneration Policy
This Directors' Remuneration Policy (the 'Policy') will
be put to shareholders for approval at the AGM to
be held on 20 May 2026. The Policy is intended to
apply, subject to shareholder approval, for three years
following approval.
Summary of decision making process
As set out in the Remuneration Committee Chair's
letter, the Committee followed a thorough process in
determining the Remuneration Policy, which included
discussions on the content of the Policy at four
Remuneration Committee meetings and an extensive
consultation process with major shareholders and the
proxy advisory bodies.
Details of the consultation process are described on
page 2.83.
In addition to the specific feedback received from
our consultation with major shareholders, we also
considered input from the management team and
our independent advisers, as well as latest market
practice and corporate governance developments.
To manage any potential conflicts of interest arising,
the Committee ensured that no individual was
involved in discussions on their own remuneration
arrangements and all changes proposed aligned to
the business’ strategy and Values.
Remuneration principles
We continue to focus on ensuring that our
Remuneration Policy is appropriate for the nature,
size and complexity of the Group, encourages our
employees in the development of their careers, is
aligned with the Company’s strategy and is in the
best interests of the Company and its stakeholders.
It is designed to incentivise delivery of the
unprecedented returns the AAA strategy is
targeting whilst remaining committed to the key
financial metrics that have been fundamental to the
Company’s historic success.
Our remuneration strategy is to:
• align and recognise individual contributions to
support us in achieving our AAA differentiated
growth strategy;
• attract, engage, motivate and retain the best
available people by positioning total pay and
benefits competitively in the relevant market and in
line with the ability of the business to pay;
• reward people equitably for the size of their
responsibilities and performance; and
• motivate high performers to increase shareholder
value and share in the Group’s success.
As a global service business, our success is critically
dependent on the performance and retention of
key people around the world. Employment costs
represent the major element of Group operating
costs. As a global Group, our pay arrangements take
into account both local and international markets and
we operate a global Remuneration Policy framework
to achieve our reward strategy. Our benchmark
peer groups for the majority of employees consist
of international industrial or business service
organisations and similar-sized businesses. For our
more senior executives, we base our remuneration
comparisons on a blend of factors, including
sector, job complexity, location, responsibilities and
performance, whilst recognising the Company is
listed in the UK.
We believe that a significant proportion of
remuneration for senior executives should be related
to performance, with part of that remuneration
being deferred in the form of shares and subject to
continued employment and longer-term performance.
We also believe that share-based remuneration
should form a significant element of senior
executives’ compensation, so that there is a strong
link to the sustained future success of the Group.
The Committee reviews the balance between base
salary and performance-related remuneration against
key objectives and targets to ensure performance is
appropriately rewarded. This also ensures outcomes
are a fair reflection of the underlying performance
of the Group and appropriate in the context of the
overall shareholder experience.
Remuneration Policy main changes
The Remuneration Policy was last approved by
shareholders at the AGM on 24 May 2024.
The Committee has reviewed its policy and proposes
the following changes:
LTIP – Increase the maximum LTIP opportunity to
500% of base salary, designed to incentivise delivery
of the AAA differentiated growth strategy and to
unlock the significant value growth opportunity
for shareholders.
Shareholding guidelines – Increase in shareholding
guideline for the CFO from 300% to 500% of
base salary.
Benefits – The current Policy contains a cap on the
value of executive director benefits which is not in
line with current market norms. Accordingly, the cap
will be removed in the new Policy. The Company will
continue to look to optimise value when seeking
benefits providers and we do not expect the change
to lead to a material incrase in benefits for the current
executive directors.
Intertek Group plc
Annual Report & Accounts 2025
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Remuneration Committee Report
Directors’ Remuneration Policy Continued
Remuneration Policy for Directors
There are five main elements of the remuneration package for Executive Directors: base salary, benefits, pension, performance-related annual incentives and long-term incentives under the Long Term Incentive Plan.
The following table sets out the Remuneration Policy for Directors, how they link to strategy and discourage excessive risk-taking, and their operation and performance measures. The Group aims to balance the need to attract,
retain and motivate Executive Directors and other senior executives of an appropriate calibre with the need to be cost effective, whilst at the same time rewarding exceptional performance. The Policy is designed to balance
these factors, taking account of prevailing best practice, investor expectations and the level of remuneration and pay made generally to employees of the Group.
Element of pay Purpose and link to strategy Operation Maximum opportunity Performance measures
Base salary To attract and retain
high-performing Executive
Directors to lead the
Group.
The Committee normally reviews salaries annually, taking account of
factors including, but not limited to, the scale of responsibilities, the
individual’s experience and performance.
Whilst the Committee takes benchmarking information into account,
its decisions are based primarily on the performance of the individual
concerned against the above factors to ensure that there is no
unjustified upward ratchet in base salary.
There is no prescribed maximum salary or annual increase.
In awarding any salary increases, the Committee is guided by the
general increase for the employee population but, on occasions,
may need to recognise other factors including, but not limited to,
development in role, change in responsibility and/or variance to market
levels of remuneration.
Individual performance
is taken into account
when salary levels are
reviewed.
Benefits To provide competitive
benefits to ensure the
wellbeing of employees.
Benefits include, but are not limited to, annual medicals, life assurance
cover of up to six times base salary, allowances in lieu of a company car
or other benefits, private medical insurance (for the individual and their
dependants) and other benefits typically provided to senior executives.
Executive Directors can participate in any all-employee share plans
operated by the Company on the same basis as all other employees.
There is no prescribed maximum value for benefits (excluding the all-
employee plans) as these will vary from year-to-year depending upon
the costs of different benefits providers.
The maximum opportunity under any all-employee share plan is in line
with all other employees and is as determined by the prevailing HMRC
rules.
n/a
Pension To provide competitive
retirement benefits.
Executive Directors can elect to join the Company’s defined
contribution pension scheme, receive pension contributions into
their personal pension plan or receive a cash sum in lieu of pension
contributions.
The maximum annual pension contribution/cash supplement is
currently 5% of base salary. The level of contribution for Executive
Directors are in line with those of the wider UK workforce.
n/a
Intertek Group plc
Annual Report & Accounts 2025
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Directors’ Remuneration Policy Continued
Short-term variable remuneration
Element of pay Purpose and link to strategy Operation Maximum opportunity Performance measures
Annual Incentive
Plan (‘AIP’)
Rewards achievement of
the short-term financial
and strategic targets of
the Company.
Awards are based on Group annual performance targets,
with performance targets normally set annually by the
Board.
Incentive out-turns are normally assessed by the
Committee at year end, taking into account performance
against the targets and the underlying performance of
the business.
Normally, 50% of any incentive is paid in cash and 50%
deferred into shares which will vest after a period of
three years subject to continued employment.
Malus and clawback provisions apply in line with the
Group's Performance Adjustment Policy.
The maximum opportunity in respect
of a financial year is 200% of salary for
each Executive Director.
The annual incentive will be measured against a range of
key Group performance indicators, including both financial
and non-financial measures, normally with a minimum
weighting of 80% of financial measures.
The Committee agrees targets annually for threshold,
target and maximum payouts, ensuring targets are
achievable but stretching. No more than 50% of maximum
is payable for target performance. 25% of maximum is
payable at threshold. Payouts between threshold and
target, and target and maximum, are normally determined
on a straight-line basis.
The measures are reviewed by the Committee each
year and will be explained in the Annual Report on
Remuneration. The performance measures for 2026 are
set out on page 2.94.
The Committee retains full discretion to adjust the
performance measures/targets/weightings on an annual
basis for future years to reflect the prevailing strategic
objectives of the business.
The Committee also has discretion to adjust the
bonus outcomes (cash bonus and deferred bonus) if it
determines this is needed to achieve an appropriate
outcome having considered the broader performance of
the Company and/or the individual.
Intertek Group plc
Annual Report & Accounts 2025
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Remuneration Committee Report
Directors’ Remuneration Policy Continued
Long-term variable remuneration
Element of pay Purpose and link to strategy Operation Maximum opportunity Performance measures
Long Term Incentive
Plan (‘LTIP’)
To retain and reward
Executive Directors for
the delivery of long-term
performance.
Awards are specifically
designed to unlock AAA
value growth to:
• support the continuity
of the leadership of the
business; and
• provide long-term
alignment of executives’
interests with
shareholders by linking
rewards to Intertek’s
performance.
Grant of conditional shares vest after three years,
subject to Company performance and continued
employment.
Awards may be made in other forms (e.g. nil-cost options)
if considered appropriate.
The shares will normally be subject to a two-year holding
period after vesting.
Performance targets are normally set annually for each
three-year performance cycle by the Board.
Vesting is normally assessed by the Committee after
the end of the performance period, taking into account
performance against the targets and the underlying
performance of the business. The Committee has the
ability to adjust incentive payments if it believes that
out-turns are not appropriate in the context of overall
performance and shareholder and wider stakeholder
experience. The detailed discretionary framework to be
used for this process is set out on page 2.95.
Malus and clawback provisions apply in line with the
Group's Performance Adjustment Policy.
Up to 500% of base salary in respect of
any financial year.
Awards are usually subject to an appropriate balance of
earnings, cash and capital efficiency metrics which align
with the Group's strategy for sustainable growth.
For 2026 the LTIP awards are based on:
• Earnings Per Share (‘EPS’) with a weighting of 60%;
• Adjusted Free Cash Flow with a weighting of 20%; and
• Return on Invested Capital (‘ROIC’) with a weighting of
20%.
The Committee retains the discretion to alter the
performance metrics and/or weightings for future LTIP
awards but, were the Committee to do so, it would
normally consult in advance with the Company’s largest
institutional shareholders.
No more than 25% of an award will vest for achieving a
threshold performance target, increasing (usually on a
pro-rata basis) to full vesting for the achievement of the
applicable stretch performance target.
Shareholding guidelines
Purpose and link to strategy Operation Maximum opportunity Performance measures
Share ownership
guidelines
To increase alignment
between executives and
shareholders.
Executive Directors are expected to retain any vested
shares (net of tax) under the Group’s share plans until the
guideline is met.
The guideline should normally be met within five years of
the guideline being set.
Further details of the share ownership guidelines and the
post-cessation shareholding guidelines are set out in the
Directors’ Remuneration report.
500% of salary. n/a
Post-cessation
of employment
shareholding
To ensure continued
alignment of sustainable
performance between
executives and
shareholders.
Holding and vesting periods for all share awards will be
adhered to post-employment.
Executive Directors are required, for two
years post-employment, to hold shares
equivalent to the lower of:
(i) their share ownership guidelines; or
(ii) their actual shareholding.
n/a
Intertek Group plc
Annual Report & Accounts 2025
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Remuneration Committee Report
Directors’ Remuneration Policy Continued
Non-Executive Directors' fees
Purpose and link to strategy Operation Maximum opportunity Performance measures
To attract and retain high-
calibre Non-Executive
Directors through the
provision of market-
competitive fees.
A proportion of the fees (at least 50%) are paid in cash, with the
remainder used to purchase shares.
Fees are primarily determined based on the responsibility and time
committed to the Group’s affairs and appropriate market comparisons.
The Chair receives an all-inclusive fee. Non-Executive Directors
receive a base fee and further fees for additional Board or Committee
responsibilities. Additional fees may be paid in the exceptional event
that Non-Executive Directors are required to commit substantial
additional time above that normally expected for the role.
With the exception of benefits in kind arising from the performance of
duties (and any tax due on those benefits which is reimbursed by the
Company), no other benefits are provided.
As for the Executive Directors, there is no prescribed
maximum annual increase.
The Remuneration Committee is guided by the
general increase for the employee population but
on occasions may need to recognise other factors
including, but not limited to, change in responsibility
and/or variance to market levels of remuneration.
n/a
Selection of performance metrics
The annual incentive plan is based on performance
against a mix of financial and non-financial measures.
The mix of financial measures is aligned to the
Group’s key performance indicators (‘KPIs’) and is
reviewed each year by the Remuneration Committee
to ensure that they remain appropriate to reflect
the priorities for the business in the year ahead.
The targets are set for each KPI to encourage
continuous improvement and challenge the delivery
of stretch performance. When setting the targets,
the Committee takes into account a range of factors,
including the business plan, prior-year performance,
market conditions and consensus forecasts.
The 2026 LTIP awards are designed to incentivise
senior executives to deliver the AAA differentiated
growth strategy and to unlock the significant value
growth opportunity that will benefit shareholders.
However, the Committee is also conscious that
management should not be incentivised to deliver
higher levels of earnings growth to the detriment
of other key financial metrics that are fundamental
to the Company’s historic success. Accordingly, the
LTIP framework retains a balance of three measures:
earnings per share growth, return on invested capital
and adjusted free cash flow. Earnings per share
ensures that there is a clear focus on margin accretive
revenue growth; adjusted free cash flow ensures
focus on strong cash management; and return on
invested capital ensures a focus on disciplined capital
management. The Committee reviews the choice of
performance measures prior to each LTIP grant with
a sliding scale of challenging performance targets
being set for each LTIP measure. The Committee also
reviews the appropriateness of the performance
targets prior to each LTIP grant and reserves the
discretion to set different targets for future awards.
Terms of incentive awards
Deferred Share awards and LTIP awards may include
the right to receive (in cash or shares) the value of
the dividends that would have been paid on the
shares that vest up to the time of vesting (or for LTIP
awards, up to the end of the relevant holding period).
The Committee will operate the annual incentive
plan and LTIP according to the respective rules of the
plans. The Committee will retain flexibility in a number
of areas regarding the operation and administration
of these plans, including (but not limited to) the
following:
• how to deal with a change of control or
restructuring of the Group, or a demerger
or similar event (including how to assess
performance conditions and whether to time
pro-rate awards); and
• how and whether any award may be adjusted
in certain circumstances (including in the event
of a variation of share capital, demerger, special
dividend, or similar event).
The Committee also retains discretion within the
Remuneration Policy to adjust targets and/or set
different measures and weightings if required for
the targets or conditions to achieve their original
purpose. Revised targets/measures will be, in the
opinion of the Committee, no less difficult to satisfy
than the original conditions. The Committee may
accelerate the vesting and/or the release of awards
if an Executive Director moves jurisdictions following
grant and there would be greater tax or regulatory
burdens on the award in the new jurisdiction.
Malus and clawback
Malus and clawback will operate and applies to
all aspects of compensation for Executives and
wider staff, in line with the Intertek Performance
Adjustment policy, in respect of the Long Term
Incentive Plan; the Intertek Deferred Share Plan;
and Annual Incentive Plan. Clawback can be applied
at any time during the clawback period, which is six
years from the date of the award unless extended
by the Remuneration Committee prior to the expiry
of the initial clawback period. The Committee has
the discretion to reduce annual incentive payments
if it believes that short-term performance has been
achieved at the expense of the Group’s long-term
future or vice versa. The Committee also retains
the discretion to reduce or reclaim payments if the
performance achievements are subsequently found
to have been significantly misstated.
The reasons for malus and clawback to be applied
cover various circumstances including where there
is reasonable evidence of misbehaviour or material
error, conduct considered gross misconduct or other
actions justifying summary dismissal, breach of any
restrictive covenants by participants, conduct which
resulted in (a) significant loss(es) to the Company,
failure to meet appropriate standards of fitness and
propriety, a material failure of management in the
Company, a discovery of a an error, inaccurate or
misleading information or an incorrect assumption
resulting in an over payment or award to the
participant, material misstatement in the audited
consolidated accounts or the behaviour of a Director
has a significant detrimental impact on the reputation
of the Group.
Intertek Group plc
Annual Report & Accounts 2025
2.90
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Remuneration Committee Report
Directors’ Remuneration Policy Continued
Approach to recruitment and promotions
The remuneration package for a new Executive
Director – base salary, benefits, pension, annual
incentive and long-term incentive awards – would be
set in accordance with the terms of the Company’s
prevailing approved Remuneration Policy at the time
of appointment. The Committee may set the base
salary at a value to reflect the calibre, experience
and earnings potential of a candidate, subject
to the Committee’s judgement that the level of
remuneration is in the Company’s best interests.
The maximum level of variable pay (annual incentive
and long-term incentive awards, or any combination
thereof) which may be awarded to a new Executive
Director at or shortly following recruitment shall
be limited to 700% of salary. These limits exclude
buy-out awards and are in line with the Remuneration
Policy for Directors set out previously.
The Committee may offer additional cash and/
or share-based elements to take account of
remuneration relinquished when leaving the former
employer when it considers these buy-outs to be in
the best interests of the Company (and therefore
shareholders).
Any such awards would reflect the nature, time
horizons and performance requirements attaching
to the remuneration it is intended to replace. Where
appropriate, the Committee retains the flexibility
to utilise Listing Rule UKLR 9.3.2 R for the purpose
of making an award to buy-out remuneration
relinquished when leaving the former employer. For
external and internal appointments, the Committee
may agree that the Company will meet certain
relocation expenses and continuing allowances as
appropriate. Additionally, in the case of any Executive
Director being recruited from overseas, or being
recruited by the Company to relocate overseas to
perform their duties.
For an internal Executive Director appointment,
any variable pay element awarded in respect of
the prior role may be allowed to pay out according
to its terms, adjusted as relevant to take into
account the appointment. In addition, any other
ongoing remuneration obligations existing prior
to appointment may continue. If a new Chair or
Non-Executive Director is appointed, remuneration
arrangements will be in line with those detailed in the
Remuneration Policy for Non-Executive Directors set
out in the Remuneration Policy for Directors.
Legacy arrangements
The approved Directors’ Remuneration Policy
provides authority to the Company to honour any
commitments entered into with current or former
Directors such as the vesting of outstanding share
awards (including exercising any discretions available
to it in connection with such commitments) that
were agreed:
(i) before the policy set out above, or any previous
policy, came into effect;
(ii) at a time when a previous policy approved by
shareholders was in place provided that the
payment is in line with the terms of that policy;
and
(iii) at a time when the relevant individual was not a
Director of the Company and the payment was
not in consideration for the individual becoming a
Director of the Company.
Service contracts for Executive Directors
The service agreements of the Executive Directors
are not fixed term and are terminable by either
the Company or the Director on 12 months’ notice
and make provision, at the Board’s discretion, for
early termination by way of payment of salary and
pension contributions in lieu of 12 months’ notice.
In calculating the amount payable to a Director on
termination of employment, the Board would take
into account the commercial interests of the Company
and apply usual common law and contractual
principles. Any payments in lieu of notice may be
paid in a lump sum or may be paid in instalments and
reduce if the Director finds alternative employment.
The service contracts are available for inspection
at the Company’s registered office. The Committee
reviews the contractual terms for new Executive
Directors to ensure these reflect best practice.
In summary, the contractual provisions are:
Provision Detailed terms
Notice period 12 months
Common law
and contractual
principles
Common law and contractual
principles apply
Remuneration
entitlements
An incentive may be payable
(pro rata where relevant) and
outstanding share awards
may vest (see below)
Change of control No Executive Director’s
contract contains provisions
or additional payments
in respect of change of
control. The treatment of
annual incentive awards and
outstanding Share Awards
will be treated in line with
the relevant plan rules
There is no automatic entitlement to an annual
incentive award in the year of cessation of
employment. The Committee may, however,
determine that for certain leavers an annual
incentive award may be payable subject to
performance and with respect to the period of
the financial year served. The Committee retains
discretion for this payment to be made in cash.
Any share-based entitlements granted to an
Executive Director under the Company’s share plans
will be determined based on the relevant plan rules.
The default treatment under the LTIP is that
any outstanding awards lapse on cessation of
employment. However, in certain prescribed
circumstances, such as death, ill-health, injury,
disability or other circumstances at the discretion of
the Committee, ‘good leaver’ status may be applied.
For good leavers, Deferred Share awards will vest in
full on the original vesting date (as permitted under
the plan rules), unless the Remuneration Committee
determines that awards should vest at an earlier date.
LTIP awards will normally vest on the original vesting
date, subject to any holding period, and subject to the
satisfaction of the relevant performance conditions
at that time and reduced pro rata to reflect the
proportion of the performance period actually served.
They will normally, where appropriate, be subject
to a holding period. However, the Committee has
discretion to determine that awards vest at an earlier
date and/or to disapply time pro-rating, although
it is envisaged that this would only be applied in
exceptional circumstances (for example, death).
In determining whether an Executive Director should
be treated as a good leaver or not, the Committee will
take into account the reasons for their departure.
The Committee reserves the right to make any
other payments (including appropriate legal fees) in
connection with an Executive Director’s cessation
of office or employment where the payments are
made in good faith on discharge of an existing legal
obligation (or by way of damages for breach of their
obligation) or by way of settlement of any claim
arising in contravention with the cessation of an
Executive Director’s office or employment.
Intertek Group plc
Annual Report & Accounts 2025
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0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
11,000
12,000
13,000
Maximum 2MaximumOn-targetMinimum Maximum 2MaximumOn-targetMinimum
£’000
A Lacroix, Chief Executive Officer C Deasy, Chief Financial Officer
19%
70%
11%
11,771
24%
61%
15%
9,019
21%
53%
26%
5,167
100%
1,315
19%
71%
10%
5,514
24%
62%
14%
4,215
22%
54%
24%
2,396
100%
577
LTIP award
Annual incentive
Basic salary, benefits and pension
Remuneration Committee Report
Directors’ Remuneration Policy Continued
Remuneration scenarios for Executive Directors
The chart below illustrates how the Executive Directors’ remuneration packages vary at different levels of performance
under the Policy which will apply in 2026 for both the Chief Executive Officer and Chief Financial Officer.
Value of remuneration packages at different levels of performance
Points relating to the above table:
1. Salary levels are based on those applying on 1 April 2026.
2. The value of taxable benefits is based on the cost of supplying those benefits (as disclosed) for the year ended 31 December 2025.
3. The value of pension receivable in 2026 is 5% of base salary.
4. The on-target level of annual incentive is taken to be 50% of the maximum opportunity.
5. The on-target level of the LTIP is taken to be 50% of the face value of Awards at grant.
6. Share price movement and dividend accrual have not been incorporated into the first three scenarios. Share price growth of 50% has been assumed on the LTIP in the Maximum 2 scenario.
Intertek Group plc
Annual Report & Accounts 2025
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Remuneration Committee Report
Directors’ Remuneration Policy Continued
Non-Executive Director remuneration
The remuneration of the Non-Executive Directors is
determined by the Board annually within the limits set
out in the Articles of Association. Fees for the Chair are
determined by the Remuneration Committee and fees
for the Non-Executive Directors are determined by the
Board (excluding the Non-Executive Directors). When
setting the fee levels, consideration is given to market
practice for companies of similar size and complexity.
The Chairman receives an all-inclusive fee.
Non-Executive Directors receive a basic fee
and additional fees may be payable for chairing
a Committee, membership of a Committee or
performing the role of Senior Independent Director.
Included in the fees shown in the table below, and
pursuant to the policy of aligning Directors' interests
with those of shareholders, £10,000 of the fees paid
to the Non-Executive Directors and £35,000 of the
fees paid to the Chair are used each year to purchase
shares in the Company.
The Non-Executive Directors’ fees are non-
pensionable and Non-Executive Directors are not
eligible to participate in any incentive plans.
The Chairman and Non-Executive Directors will
be reimbursed by the Company for all reasonable
expenses incurred in performing their duties. This
may include costs associated with travel where
required and any tax liabilities payable.
All Non-Executive Director have specific terms of
engagement, the dates of which are set out below.
All appointments are for an initial three-year
term, and thereafter are subject to review by the
Nomination Committee, unless terminated by either
party on one month's notice.
Appointment date, renewal date Fees
Andrew Martin 26 May 2016 (and 1 January 2021 as Chair)
(renewed 26 May 2022 and 22 May 2025)
£420,000 p.a.
Graham Allan 1 October 2017 (renewed 1 October 2020 and
1 October 2023)
£75,000 p.a.
Plus £20,000 p.a. (Chair of Remuneration Committee)
Plus £19,000 p.a. (Senior Independent Director)
Plus £5,000 p.a. (Member of Nomination Committee)
Hilde Merte Aasheim 1 April 2025 £75,000 p.a.
Plus £10,000 p.a. (Member of Audit Committee)
Gurnek Bains 1 July 2017 (renewed 1 July 2020 and 1 July 2023) £75,000 p.a.
Plus £10,000 p.a. (Member of Remuneration Committee)
Plus £5,000 p.a. (Member of Nomination Committee)
Robin Freestone 1 April 2025 £75,000 p.a.
Plus £10,000 p.a. (Member of Remuneration Committee)
Tamara Ingram 18 December 2020
(renewed 18 December 2023)
£75,000 p.a.
Plus £10,000 p.a. (Member of Remuneration Committee)
Plus £5,000 p.a. (Member of Nomination Committee)
Jez Maiden 26 May 2022
(renewed 26 May 2025)
£75,000 p.a.
Plus £10,000 p.a. (Member of Audit Committee)
Steve Mogford 1 January 2025 £75,000 p.a.
Plus £10,000 p.a. (Member of Audit Committee)
Kawal Preet 31 December 2022
(renewed 31 December 2025)
£75,000 p.a.
Plus £10,000 p.a. (Member of Remuneration Committee)
Apurvi Sheth 1 September 2023 £75,000 p.a.
Plus £10,000 p.a. (Member of Audit Committee)
Jean-Michel Valette 1 July 2017
(renewed 1 July 2020 and 1 July 2023)
£75,000 p.a.
Plus £20,000 p.a. (Chair of Audit Committee)
Each letter of appointment states that if the
Company were to terminate the appointment, the
Director would not be entitled to any compensation
for loss of office.
Following the most recent review, fees were last
adjusted in 2025. Fees to be paid to Non-Executive
Directors with effect from 1 April 2026 are as set out
in the table below.
Consideration of employment conditions
elsewhere within the Group
When setting the Remuneration Policy for Executive
Directors, the Remuneration Committee takes
into account the pay and employment conditions
elsewhere within the Group. When considering
the remuneration arrangements for the Executive
Directors for the year ahead, the Committee is
informed of salary increases across the wider Group.
The Committee also approves the overall reward
strategy in operation across the Group.
The remuneration strategy set out at the beginning
of the Directors’ Remuneration Policy report
reflects the strategy in place across the Group for
all employees. Although this remuneration strategy
applies across the Group, given the size of the Group
and the geographic spread of its operations, the way
in which the Remuneration Policy is implemented
may vary. For example, annual incentive deferral
applies at the more senior levels within the Group
and participation in the LTIP is at the Remuneration
Committee’s discretion and is typically limited to
senior executives.
Given the geographic spread of the Group’s
operations, the Remuneration Committee does
not consider it appropriate to consult employees
on the Remuneration Policy in operation for
Executive Directors.
Intertek Group plc
Annual Report & Accounts 2025
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Remuneration Committee Report Continued
Directors’ Remuneration Policy – implementation in 2026
Elements Implementation in 2026
Base salary
Base salary for 2026:
André Lacroix: £1,100,595
Colm Deasy: £519,680
The Committee has awarded the CEO and the CFO a 1.5% salary increase, which is in line with the wider UK workforce yearly increase of 1.5%.
Benefits
Includes, for example, annual medicals, life assurance cover of up to six times base salary, allowances in lieu of a company car or other benefits, private medical insurance and other benefits typically provided to
senior executives. Executive Directors can participate in any all-employee share plans operated by the Company on the same basis as all other employees.
Pension
Pension contributions for the Executives are 5% which is in line with the wider UK workforce.
Annual Incentive
Plan (‘AIP’)
• Maximum opportunity for the CEO and CFO: 200% of base salary.
• 50% of any incentive is paid in cash and 50% is deferred into shares vesting after three years.
• Malus and clawback provisions apply in line with Intertek's Group Performance Adjustment Policy.
• Performance metrics – 45% Operating Profit, 45% Revenue and 10% ESG, based on Carbon Emissions. Targets are not disclosed prospectively due to commercial sensitivity, however, detailed disclosure of the
performance targets and actual out-turns will be provided in the following year.
• Annual incentive will continue to be subject to a quality of earnings review at the end of the year to ensure that payouts are appropriate based on the underlying performance of the Group and to ensure that
any awards are commensurate with the Group’s culture and Values.
Long Term Incentive
Plan (‘LTIP’)
As set out in the table below, the ROIC targets are set taking into account the stretch within the business plan and current ROIC performance. The change in the target range relative to prior years reflects
the level of invested capital at work within the business, which has increased in recent years through the Group’s strategy of making bolt-on acquisitions which complement the Group’s business (including the
2025 acquisitions of Envirolab Group, Suplilab, PTL and TESIS). The Committee believes that the proposed target range for ROIC (and the wider financial metrics in the LTIP) are appropriately stretching relative
to the business plan and external forecasts of performance.
• Awards maximum opportunity of 500% of base salary.
• Two-year holding period after vesting.
• Malus and clawback provisions apply.
• Performance metrics for awards being granted in 2026:
Measures Definition
Threshold
(25%)
Maximum
(100%) Commentary
Earnings Per Share
(‘EPS’) (60%)
Annualised fully diluted, adjusted EPS growth.
Measured on a constant currency basis.
Per the definition used for the Group’s KPIs on page 1.24 in Report 1.
6.0% p.a. 13.0% p.a. Compound annual growth rate targets.
Adjusted Free
Cash Flow ('FCF')
(20%)
FCF generated from operations less net capital expenditure, net interest
paid and income tax paid. Adjusted for separately disclosed items.
Measured on a constant currency basis.
Per the definition used on page 1.24 in Report 1.
£1,341m £1,421m Cumulative targets measured over three years.
Targets set taking into account stretch within business plan and expected
capital expenditure over the coming three years.
Return on
Invested Capital
(‘ROIC’) (20%)
Adjusted operating profits less adjusted tax divided by invested capital
(net assets excluding tax balances, net financial debt and net pension
assets/liabilities).
Measured on a constant currency basis.
Per the definition used for the Group’s KPIs on page 1.24 in Report 1.
19.2% 23.2% Average of adjusted operating profits divided by cumulative invested
capital in each of the three performance years.
Target set taking into account stretch within business plan, current ROIC
performance, and reflective of the Group’s strategy of making small bolt-on
acquisitions which complement the Group’s business.
Intertek Group plc
Annual Report & Accounts 2025
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Remuneration Committee Report Continued
Illustrative framework for considering if discretion should be applied
What is formulaic result?
Starting point – no adjustment in normal circumstances
What is the single figure outcome?
Attracts the most external attention – Committee to consider:
– Has single-figure increased/decreased year-on-year?
– Does this change mirror the trend in performance?
How does the vesting outcome compare
with the shareholder experience?
Committee will want to consider TSR performance in both:
– Relative terms
– Absolute terms
How does the vesting outcome compare
with overall business performance?
How has the company performed more widely? This includes performance against
KPIs which are not in the incentive scorecards
Are there any one-off/exceptional events
that should be factored in?
Are there any other events (e.g. reputational, risk related, etc.) that have
occurred that the Committee considers should be factored in?
Are the annual incentive/long-term
incentive outcomes consistent?
Further reference point, rather than a key driver for decision making
Input from other Committees?
Are there any other factors which the Committee should take into account when
making the assessment of performance?
Consider shareholder response to results
The Committee may also want to reflect on how the market is likely to respond
to the preliminary results
What would represent a fair vesting outcome?
In the context of overall business performance and the shareholder experience,
the Committee needs to determine an appropriate fair outcome.
This is ultimately a matter of judgement.
Internal documentation
Demonstrate that a robust process is suitably captured
Remuneration Committee papers/pre-reading material
Link to other relevant Committee/Board papers
Minutes of the meeting
External reporting – Directors' Remuneration Report
Process the Committee followed
Whether discretion has been applied or not
Level of adjustment
Reason for adjustment
If discretion has been applied
Intertek Group plc
Annual Report & Accounts 2025
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Remuneration Committee Report Continued
Annual Report on Remuneration
Executive Director remuneration
We are responsible for determining the Company’s
policy on the remuneration of the Chair, the Executive
Directors and senior executive management. We also
determine their remuneration packages, including any
compensation on termination of office, and ensure
alignment with our culture and with policies for the
workforce as a whole.
In the year, we addressed this by reviewing and
agreeing the remuneration of the Executive Directors
as well as the Group Executive Committee. We
received advice from our independent advisors.
Wider workforce remuneration
and engagement
We also review the remuneration and related policies
of the wider workforce to ensure that incentives and
rewards align to our Purpose, Values and culture. As
part of this review, we receive information on salary
increases, on the design of the bonus and targets and
on the Long Term Incentive Plan and performance
criteria. This is used to inform decisions when setting
the policy for Executive Director remuneration and for
counsel to, the CEO on major policy issues affecting
the remuneration of other executives.
The remuneration framework and the incentive
structure that we have in place cascades down
through the wider workforce and ensures alignment
with executive remuneration and the Intertek AAA
differentiated growth strategy. We also took into
account the UK wider workforce salary increase
when determining the 2026 salary increase for
the Executive Directors.
We ensure that we have effective engagement with
the wider workforce on the Group’s remuneration and
related policies through various escalation processes
and communication forums including townhalls,
WhatsIn, emails and leadership briefings. The regular
townhalls that take place across the Group provide
an opportunity for our people to raise questions on
remuneration, with feedback directly fed to senior
management and then upwards.
During the year, we reviewed the salary levels for
senior management and the determination of the
annual incentive payments and long-term incentive
outcome for 2025. We considered a report on the
general market trends that could impact the Group.
Remuneration Policy and report
It is important that we keep the Remuneration Policy
under review in light of regulatory and best practice
developments, Listing Rules and Governance Code
changes as well as shareholder expectations.
We annually undertake a review of the Directors’
Remuneration report to ensure compliance with
Remuneration Reporting Regulations. We also
discussed the 2025 proxy voting agencies' reports
and their recommendations issued prior to the
2025 AGM.
We received updates on market trends in
remuneration and regular updates on corporate
governance and policy changes.
Incentives
A key task for us each year is to review the outcomes
for the incentive schemes and agree on payment
levels taking into account actual performance and
any extraordinary events which may have impacted
on performance. We will consider if there is a need
to apply malus or clawback and, should there be, we
would agree the quantum.
We undertook, with external advice, a thorough
review of the 2025 annual incentive targets,
performance measures and the EPS, adjusted
free cash flow and ROIC results to determine the
percentage of incentive awards that would vest in
2025, which was 100%.
We also agreed the performance conditions that
should apply to the LTIP awards granted in the year
to vest based on the performance to the end of 2027.
We reviewed the quantum of awards given and were
satisfied that they reflected the Remuneration Policy
and were appropriate.
Committee review
We undertake an annual review of how effectively we
are working as a committee and take steps to develop
any areas identified for improvement.
The Committee review was conducted as part of the
external Board performance review for 2025. The
results were discussed and demonstrated that the
Committee operated effectively during the year.
Advisors
To ensure that the Group’s remuneration practices
drive and support achievement of strategies and
are market competitive, the Committee obtains
independent expert advice.
Until October 2025, the Committee received advice
from Deloitte LLP ('Deloitte'), who were appointed
in 2015. In addition to the services provided to
the Committee, Deloitte provided a range of tax,
financial and other advisory services during the year.
Deloitte have no connection with any Directors of the
Company. The fees paid to Deloitte in the year were
£99,935 exclusive of VAT. The charges for services
are calculated on the basis of time spent and the
seniority of the personnel performing the work at
their respective rates.
In November 2025, after a thorough and competitive
tender process, Alvarez & Marsal ('A&M') were
appointed by the Committee as the independent
remuneration adviser and continued in this capacity
through the remainder of the year. A&M confirmed
that they hold no other relationships with Intertek.
The fees paid to A&M in the year were £12,500,
exclusive of VAT, charged on a time and materials
basis. remuneration adviser and continued in this
capacity through the remainder of the year.
Both Deloitte and A&M are members of the
Remuneration Consultants Group and adhere to the
voluntary Code of Conduct in relation to executive
remuneration consulting in the UK.
External appointments
The Company recognises that, during their
employment with the Company, Executive Directors
may be invited to become Non-Executive Directors
of other companies and that such duties can broaden
their experience and knowledge. Executive Directors
may, with the written consent of the Company,
accept such appointments outside the Company,
and the policy is that any fees may be retained by
the Director. No Executive Director currently has an
external appointment.
Statement of shareholder voting
At the AGM held on 24 May 2024, a resolution
was proposed to shareholders to approve the
Remuneration Policy. This resolution received the
following votes from shareholders:
Votes %
In favour 119,886,675 92.54
Against 9,660,205 7.4 6
Total 129,546,880 80.27
1
Withheld 223,539
1. Percentage of total issued share capital voted.
At the AGM held on 22 May 2025, a resolution was
proposed to shareholders to approve the Directors’
Remuneration report for the year ended 31 December
2024. This resolution received the following votes
from shareholders:
Votes %
In favour 126,311,665 94.91
Against 6,772,559 5.09
Total 133,084 224 83.30
1
Withheld 270,477
1. Percentage of total issued share capital voted.
Intertek Group plc
Annual Report & Accounts 2025
2.96
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Remuneration Committee Report Continued
The sections that have been audited are indicated as such on pages 2.97-2.105. The independent auditors’ report can be found on pages 3.57-3.63 in Report 3.
Directors’ remuneration earned in 2025 (audited)
The table below and on the following page summarise Directors’ remuneration received for 2025 and the prior year for comparison. Taken in the context of internal and external comparators, the Committee considered the
Executive Directors' remuneration to be appropriate.
Executive Directors
Base salary or
fees
£’000
Benefits
1
£’000
Annual incentive
2
£’000
Long–term
incentives
£’000
Pension
5
£’000
Total
£’000
Total fixed
£’000
Total variable
£’000
André Lacroix 2025
1,078 157 1,133 3,755
3
76 6,199 1,311 4,888
2024 1,051 138 2,025 3,270
4
127 6,611 1,316 5,295
Colm Deasy 2025 509 31 535 1,049
3
23 2,147 563 1,584
2024 481 25 956 – 22 1,484 528 956
1. Benefits include allowances in lieu of company car, annual medicals, life assurance, private medical insurance, BIK arising from the performance of duties, and the use of a car and driver for the CEO (gross £56,523, net £31,087).
2. This relates to the payment of the annual incentive and Deferred Share Award for the financial year end. Further details of this payment are set out on the following pages.
3. This relates to the 2023 LTIP award due to vest in March/June 2026. The value shown is based on the share price of £47.9762 which was the average mid-market share price in the fourth quarter of 2025. Further details on performance are set out on page 2.100. There was no discretion
exercised in respect of the awards.
4. This relates to the 2022 LTIP award which vested in 2025 where the performance outcome gave rise to 100% vesting. This figure has been updated to show the actual value of the vested LTIP award based on the share price of £49.94, whilst the 2024 Annual Report included figures based on
the share price for the final quarter of 2024 (£47.69). There was no discretion exercised in respect of the awards.
5. None of the Executive Directors had a prospective entitlement to a defined benefit pension.
Intertek Group plc
Annual Report & Accounts 2025
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Remuneration Committee Report Continued
Non-Executive Directors
Base salary
or fees
1
£’000
Benefits
2
£’000
Total
£’000
Andrew Martin 2025 402 18 420
2024
350 11 361
Hilde Merete Aasheim
4
2025 55 2 57
2024 n/a n/a n/a
Graham Allan 2025 113 – 113
2024 92 – 92
Gurnek Bains 2025 87 – 87
2024 77 – 77
Lynda Clarizio
5
2025 15 2 17
2024 72 13 85
Robin Freestone
4
2025 55 – 55
2024 n/a n/a n/a
Tamara Ingram 2025 87 – 87
2024 77 – 77
Jez Maiden 2025 82 8 90
2024 72 9 81
Steve Mogford³ 2025 78 4 82
2024 n/a n/a n/a
Kawal Preet 2025 82 4 86
2024 68 7 75
Apurvi Sheth 2025 82 6 88
2024 68 8 76
Jean-Michel Valette 2025 92 7 99
2024 82 13 95
1. Pursuant to the policy of aligning Directors’ interests with those of shareholders, the fees shown as being paid to the Non-Executive Directors include £10,000 used to purchase shares and the fee paid to the Chair includes £35,000 used to purchase shares.
2. Certain expenses relating to ensuring that the Directors were in a position to undertake the performance of their duties such as travel to and from Company meetings, related accommodation and completion of UK tax returns for overseas Directors have been classified as taxable. In such cases,
the Company will ensure that the Director is not out of pocket by settling the related tax via the PSA. In line with current regulations, these taxable benefits have been disclosed and are shown in the Benefits column and the figures shown are the cost of the taxable benefit. With respect to the
Non-Executive Directors no other benefits are provided.
3. The fees shown for Steve Mogford relate to the period from 1 January 2025 when he was appointed to the Board.
4. The fees shown for Hilde Merete Aasheim and Robin Freestone relate to the period from 1 April 2025 when they were appointed to the Board.
5. The fees shown for Lynda Clarizio relate to the period 1 January 2025 to 31 March 2025 when she stepped down from the Board.
Intertek Group plc
Annual Report & Accounts 2025
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Remuneration Committee Report Continued
Annual incentive (audited)
The annual incentive for 2025 was:
• 70% based on a matrix of revenue and adjusted operating profit growth;
• 15% based on Return on Invested Capital (‘ROIC’); and
• 15% based on a Carbon Emissions target.
Overview of the matrix (70% of the award)
Adjusted operating profit performance (£m)
Below threshold Threshold Target Maximum
Revenue performance (£m) Maximum 0% 40% 65% 100%
Target 0% 30% 50% 75%
Threshold 0% 25% 35% 60%
Below threshold 0% 0% 0% 0%
Straight-line payouts occur between each of the points above threshold noted above.
The Company’s performance resulted in a Group annual incentive payout of 52.22% of maximum opportunity. Performance of individual components is shown below.
2025 Company performance against annual incentive targets (at 2024 constant currency)
Financial measures
%
Weighting
2025
Threshold
2025
Target
2
2025
Maximum
2025
Actual Achieved
3
Weighted
achievement
Total external revenue
1
£3,454.8m £3,579.8m £3,704.9m £3,530.4m
Adjusted operating profit
1
£604.2m £633.1m £662.1m £637. 5m
Revenue/profit matrix 70% 47.8 1% 33.47%
Return on Invested Capital
4,6
15% 22.4% 22.6% 22.8% 23.0% 100.00% 15.00%
Carbon Emissions
5,6,7
15% 148,317 145,409 142,501 133,261 25.00%
8
3.75%
Total 100% 52.22%
1. Calculated on constant 2024 exchange rates and adjusted to exclude certain non-budgeted non-recurring items and Separately Disclosed Items.
2. Target is equivalent to 50% payout.
3. Percentage achieved against maximum targets.
4. Return on Invested Capital as per definition used for the Group's KPIs on page 1.24 in Report 1.
5. Operational market-based emissions in tonnes of carbon dioxide equivalent (tCO
2
e) as defined on page 1.26 in Report 1.
6. Performance at threshold levels generates 25% outcome for both ROIC and Carbon Emissions.
7. Grant Thornton UK LLP have issued an assurance statement in respect of Carbon Emissions disclosure that can be found on pages 2.48–2.49.
8. As set out in the Remuneration Committee Chair's letter, the Group exceeded the targets set on carbon emissions. Taking into account the proportion of the reduction in carbon emissions that was driven by additional investment in renewables,
the Committee, on recommendation from Management, scored the metric at threshold, which reduced the 2025 bonus outcome to 52.22%.
Intertek Group plc
Annual Report & Accounts 2025
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Remuneration Committee Report Continued
For 2025, the annual incentive outturn in cash and shares is as follows:
Executive Director
Payable in cash
£’000
Deferred
Share Award
1
£’000
Percentage
of maximum
%
André Lacroix 566.2 566.2 52.22
Colm Deasy 26 7.4 267.4 52.22
1. These awards vest three years after the date of grant, subject to continued employment or good leaver status. The deferred award is based on 50% of the annual incentive outturn.
Vesting of LTIP Share Awards (audited)
The LTIP Share Awards granted in 2023 are subject to performance for the three-year period ended 31 December 2025.
The performance conditions attached to this award and actual performance against these conditions are as follows:
Metric Performance condition
Threshold
target
1
Stretch
target
1
Actual
performance Vesting level
Earnings Per Share (1/3) Annualised fully diluted, adjusted EPS growth. Measured on a constant currency basis. 4.0% 10.0% 12.5% 100.00%
Adjusted Free Cash Flow (1/3) Free cash flow generated from operations less net capital expenditure, net interest
paid and income tax paid. Adjusted for separately disclosed items. Measured on a
constant currency basis. £1,109m £1,189m £1,270m 100.00%
Return on Invested Capital (1/3) Adjusted operating profits less adjusted tax, divided by invested capital (net assets
excluding tax balances, net financial debt and net pension liabilities). Measured on a
constant currency basis. 15.3% 19.3% 23.4% 100.00%
Total vesting 100.00%
1. 25% of the LTIP share awards will vest at the threshold target and 100% will pay out at the stretch target.
2. All LTIP shares that vest are subject to a further two-year holding period.
The LTIP Share Awards granted in 2023 to the Executive Directors were as follows:
Executive Director
Number of shares
at grant
Number of shares
based on accrued
dividends
Total number of
shares
Number of shares
to lapse
Number of shares
to vest
Value of vested
shares
£’000
1
André Lacroix 72,127 6,138 78,265 – 78,265 3,755
Colm Deasy 20,159 1,710 21,869 – 21,869 1,049
Total 92,286 7,848 100,134 – 100,134 4,804
1. The value of shares vested is calculated using the average mid-market share price in the fourth quarter of 2025 which was £47.9762.
The Committee considered the LTIP out-turns in the context of the underlying financial performance of the Group and determined it was appropriate not to exercise its discretion. There was no share appreciation on the shares
which vested below their award price.
3: Financial Report2: Sustainability Report1: Strategic Report
Intertek Group plc
Annual Report & Accounts 2025
2.100
Remuneration Committee Report Continued
LTIP Share Awards granted during the year (audited)
The following LTIP Share Awards were granted to the Executive Directors during 2025:
Executive Director Type of award Date of award
Basis of award
granted
Award price
£
Number of shares
over which award
was granted
Face value of
award
£’000
% of face value
that would vest
at threshold
performance
Vesting
determined by
performance
over
André Lacroix LTIP Share Award 13 March 2025 300% of salary 51.098 62,169 3,177 25%
Three years to
31 December
2027
Colm Deasy LTIP Share Award 13 March 2025 200% of salary 51.098 19,570 1,000 25%
LTIP Share Award 3 June 2025 100% of salary 47.756 10,721 512 25%
The LTIP Share Awards granted in 2025 are conditional share awards subject to performance for the three-year period ending 31 December 2027 and a two-year post-vesting holding period. Shares were granted at the average
of the mid-market quotation price for the five days up to and including the day immediately before grant.
The performance conditions attached to this award and the targets are as follows:
Metric Performance condition Threshold target Maximum target
Earnings Per Share (1/3) Annualised fully diluted, adjusted EPS growth. Measured on a constant currency basis and per the EPS definition used for the
Group’s KPIs in the 2024 Annual Report & Accounts. 4% 10%
Adjusted Free Cash Flow (1/3) Free cash flow generated from operations less net capital expenditure, net interest paid and income tax paid. Adjusted for
separately disclosed items. Measured on a constant currency basis. This approach is consistent with the definition in the 2024
Annual Report & Accounts. £1,297m £1,377m
Return on Invested Capital (1/3) Adjusted operating profits less adjusted tax, divided by invested capital (net assets excluding tax balances, net financial debt
and net pension liabilities). Measured on a constant currency basis 20.3% 24.3%
Deferred Share Awards granted during the year (audited)
Executive Director Type of award Date of award
Basis of award
granted
Award price
£
Number of shares
over which award
was granted
Face value of
award
£’000 Vesting date
1
André Lacroix Deferred Share
Award 13 March 2025
Deferral of 2024
bonus 51.098 19,813 1,012 13 March 2028
Colm Deasy Deferred Share
Award 13 March 2025
Deferral of 2024
bonus 51.098 9,355 478 13 March 2028
1. Vesting date subject to continued employment or good leaver status.
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Annual Report & Accounts 2025
2.101
Remuneration Committee Report Continued
Share Plan Awards (audited)
The table below shows the Directors’ interests in the Intertek Share Plans:
Type of Award
31 December 2024
Number of shares
Granted in 2025
Number of shares
Award price
1
£
Dividend accrued
in 2025
2
Vested in 2025
Number of shares
Lapsed in 2025
Number of shares
31 December 2025
Number of shares Date of vesting
André Lacroix
2022
LTIP Share
2,3
60,794 – 48.762 – (60,794) – – Mar 2025
Dividend
4,693 – – – (4,693) – –
Deferred Share
3
17,225 – 48.762 – ( 17, 225 ) – – Mar 2025
Dividend
1,326 – – – (1,326) – –
2023
LTIP Share
2,4
72,127 – 41.922 – – – 72,127 Mar 2026
Dividend
3,710 – – 2,428 – – 6,138
Deferred Share
4
4,947 – 41.922 – – – 4,947 Mar 2026
Dividend
252 – – 166 – – 418
2024
LTIP Share
2,6
61,922 – 49.808 – – – 61,922 Mar 2027
Dividend
1,616 – – 2,084 – – 3,700
Deferred Share
6
14,229 – 49.808 – – – 14,229 Mar 2027
Dividend
371 – – 478 – – 849
2025
LTIP Share
2,8
– 62,169 51.098 – – – 62,169 Mar 2028
Dividend
– – – 2,092 – – 2,092
Deferred Share
8
– 19,813 51.098 – – – 19,813 Mar 2028
Dividend
– – – 666 – – 666
Total 243,212 81,982 7,914 (84,038) – 249,070
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Annual Report & Accounts 2025
2.102
Remuneration Committee Report Continued
Type of Award
31 December 2024
Number of shares
Granted in 2025
Number of shares
Award price
1
£
Dividend accrued
in 2025
Vested in 2025
Number of shares
Lapsed in 2025
Number of shares
31 December 2025
Number of shares Date of vesting
Colm Deasy
(appointed as a Director 17 March 2023)
2023
LTIP Share
2,4
4,651 – 41.922 – – – 4,651 Mar 2026
Dividend
238 – – 155 – – 393
Deferred Share
4
1,581 – 41.922 – – – 1,581 Mar 2026
Dividend
79 – – 52 – – 131
LTIP Share
2,5
15,508 – 42.234 – – – 15,508 Jun 2026
Dividend
796 – – 521 – – 1,317
2024
LTIP Share
2,6
17,0 65 – 49.808 – – – 17, 0 65 Mar 2027
Dividend
445 – – 573 – – 1,018
Deferred Share
6
4,961 – 49.808 – – – 4,961 Mar 2027
Dividend
128 – – 166 – – 294
LTIP Share
2,7
3,121 – 48.048 – – – 3,121 Jun 2027
Dividend
81 – – 104 – – 185
2025
LTIP Share
2,8
– 19,570 51.098 – – – 19,570 Mar 2028
Dividend
– – – 658 – – 658
Deferred Share
8
– 9,355 51.098 – – – 9,355 Mar 2028
Dividend
– – – 314 – – 314
LTIP Share
2,9
– 10,721 47.756 – – – 10,721 Jun 2028
Dividend
– – – 124 – – 124
Total 48,654 39,646 2,667 – – 90,967
1. All awards made are based are based on a share price obtained by averaging the closing share prices for the five dealing days before the date of grant, dividends shares are accrued on the date the dividend is paid and determined using the closing market price of the shares on that date. The
dividend accruals relate to Share Awards made in lieu of not receiving cash dividends during the vesting period. Shares vest subject to continued employment or good leaver status having been awarded.
2. One-third of the LTIP Share Awards are subject to EPS, one-third on Return on Invested Capital and one-third on Adjusted Free Cash Flow. The LTIP shares will be subject to an additional two-year holding period post-vesting.
3. Awards vested on 11 March 2025, on which date the closing market price of shares was £49.60, having been granted on 11 March 2022, on which date the closing market price was £48.56. Awards were made at a share price of £48.762 being the share price obtained by averaging the closing
share prices for the five dealing days before the date of grant.
4. Awards will vest on 13 March 2026, subject to continued employment or good leaver status, having been granted on 13 March 2023 on which date the closing market price was £40.26. Awards were made at a share price of £41.922 being the share price obtained by averaging the closing share
prices for the five dealing days before the date of grant.
5. Awards will vest on 6 June 2026, subject to continued employment or good leaver status, having been granted on 6 June 2023 on which date the closing market price was £43.69. Awards were made at a share price of £42.234 being the share price obtained by averaging the closing share prices
for the five dealing days before the date of grant.
6. Awards will vest on 13 March 2027, subject to continued employment or good leaver status, having been granted on 13 March 2024 on which date the closing market price was £50.16. Awards were made at a share price of £49.808 being the share price obtained by averaging the closing share
prices for the five dealing days before the date of grant.
7. Awards will vest on 5 June 2027, subject to continued employment or good leaver status, having been granted on 5 June 2024 on which date the closing market price was £49.34. Awards were made at a share price of £48.048 being the share price obtained by averaging the closing share prices
for the five dealing days before the date of grant.
8. Awards will vest on 13 March 2028, subject to continued employment or good leaver status, having been granted on 13 March 2025 on which date the closing market price was £48.80. Awards were made at a share price of £51.098 being the share price obtained by averaging the closing share
prices for the five dealing days before the date of grant.
9. Awards will vest on 3 June 2028, subject to continued employment or good leaver status, having been granted on 3 June 2025 on which date the closing market price was £47.52. Awards were made at a share price of £47.756 being the share price obtained by averaging the closing share prices
for the five dealing days before the date of grant.
3: Financial Report2: Sustainability Report1: Strategic Report
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Annual Report & Accounts 2025
2.103
Remuneration Committee Report Continued
Malus and clawback (audited)
The Committee did not use the malus or clawback provisions in the year under review.
Directors’ interests in ordinary shares (audited)
The interests of the Directors in the shares of the Company as at the year end, or date of ceasing to be a Director, are set out below. Save as stated in this report, during the course of the year, no Director or any member of his
or her immediate family have any other interest in the ordinary share capital of the Company or any of its subsidiaries. None of the Non-Executive Directors have share options or share awards.
Beneficially
owned at
31 December
2024
Beneficially
owned at
31 December
2025 or on
ceasing to be a
Director
1
Outstanding
LTIP Share
Awards
2
Outstanding
Deferred
Shares
3
Shareholding as
a % of salary
4
Shareholding
Guideline met
André Lacroix
5
526,129 570,669 208,148 40,922 2,435 Yes
Colm Deasy
6
6,343 6,552 74,331 16,636 59 No
Andrew Martin 8,980 9,356 – – n/a n/a
Hilde Merete Aasheim 0 0 – – n/a n/a
Graham Allan 2,837 2,958 – – n/a n/a
Gurnek Bains 830 951 – – n/a n/a
Lynda Clarizio
7
478 481 – – n/a n/a
Robin Freestone 0 6,601 – – n/a n/a
Tamara Ingram 469 586 – – n/a n/a
Jez Maiden 504 611 – – n/a n/a
Steve Mogford 0 121 – – n/a n/a
Kawal Preet 254 371 – – n/a n/a
Apurvi Sheth 118 239 – – n/a n/a
Jean-Michel Valette 10,847 10,962 – – n/a n/a
1. No changes in the above Directors’ interests have taken place between 31 December 2025 and 3 March 2026.
2. Subject to performance conditions.
3. Subject to continued employment or good leaver status.
4. Calculated as the number of shares beneficially owned at 31 December 2025 based on a share price of £46.26 as at 31 December 2025, being the last trading day, and applied to the annual salary for 2025.
5. Appointed 16 May 2015 with the guideline to hold 200% of base salary in shares by 16 May 2020. With effect from the AGM held on 26 May 2021, this was increased to 500% of base salary, which has been exceeded.
6. Appointed 17 March 2023 with a guideline to hold 300% of base salary.
7. As at 31 March 2025, the date she stepped down from the Board.
Post-employment share ownership requirements
In line with best practice on the post-cessation of employment shareholding guidelines, Executive Directors are required to retain shares equivalent to the lower of their in-employment shareholding requirement or shareholding
at the date of leaving, for two years after ceasing employment with Intertek. These will be held in the Company nominee account with the date that the holding restriction falls away annotated on the account.
3: Financial Report2: Sustainability Report1: Strategic Report
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Annual Report & Accounts 2025
2.104
Remuneration Committee Report Continued
Payments to past Directors (audited)
Jonathan Timmis ceased to be a Director on 17 March 2023. In line with the previously disclosed arrangements
agreed with Jonathan Timmis, he had pro-rated deferred shares vest in the year of 7,462 at a share price of
£49.94 of which 3,508 shares were retained to cover tax, leaving 3,954 shares which were transferred to
the nominee account. In addition he had 7,729 LTIP shares vest of which 3,633 were retained to cover tax
and 4,096 were transferred to the nominee account as they are subject to a further two-year post-vest
holding period. The vesting price of these shares was £49.94. All share awards are subject to malus and
clawback provisions.
Lynda Clarizio stepped down from the Board on 31 March 2025. She received no compensation for loss of
office but received a Directors' fee applicable for the period to 31 March 2025 when she was a Director of
the Company.
Payments for loss of office (audited)
There were no payments for loss of office.
Percentage change in remuneration levels
The table below shows the average movement in salary and annual incentive for UK employees between the
2020/2021, the 2021/2022, the 2022/2023, the 2023/2024 and the 2024/2025 financial year ends. The UK
total employee population has been chosen as a comparator, as the parent company (Intertek Group plc) does
not have any employees apart from the Directors.
Salary % Annual Incentive % Benefits %
2020/
2021
2021/
2022
2022/
2023
2023/
2024
2024/
2025
2020/
2021
2021/
2022
2022/
2023
2023/
2024
2024/
2025
2020/
2021
2021/
2022
2022/
2023
2023/
2024
2024/
2025
CEO (André Lacroix
1
) 1.4 1.5 2.0 2.7 2.6 n/a (75.3) 241.4 42.9 (44.0) (2.3) 8.2 (0.8) 15.0 13.8
CFO (from 17 March 2023) (Colm Deasy
2
)
n/a n/a n/a n/a 5.8 n/a n/a n/a n/a (44.0) n/a n/a n/a n/a 24.0
Average based on Intertek’s UK employees
3
n/a 4.1 3.4 0.4 5.9 n/a n/a 15.8 (39.6) 201.4 n/a n/a n/a n/a n/a
Chair of the Board (from 1 Jan 2021) (Andrew Martin) 280.4 – – – 14.9 n/a n/a n/a n/a n/a – n/a (10.0) 22.2 63.6
Hilde Merete Aasheim (from 1 April 2025) n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Graham Allan – – – 3.4 22.8 n/a n/a n/a n/a n/a – – – – –
Gurnek Bains – – – – 13.0 n/a n/a n/a n/a n/a – – – – –
Lynda Clarizio (from 1 March 2021 until 31 March 2025) – 23.1 – – n/a n/a n/a n/a n/a n/a – 350.0 – 160.0 n/a
Robin Freestone (from 1 April 2025) n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Tamara Ingram 32.5 11.8 2.8 – 13.0 n/a n/a n/a n/a n/a – – – – –
Jez Maiden (from 26 May 2022) n/a n/a n/a – 13.9 n/a n/a n/a n/a n/a n/a n/a n/a 350.0 (11.1)
Steve Mogford (from 1 January 2025) n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Kawal Preet (from 31 December 2022) n/a n/a n/a 9.7 20.6 n/a n/a n/a n/a n/a n/a n/a n/a 40.0 (42.9)
Apurvi Sheth (from 1 September 2023) n/a n/a n/a n/a 20.6 n/a n/a n/a n/a n/a n/a n/a n/a n/a (25.0)
Jean-Michel Valette 13.9 – – – 12.2 n/a n/a n/a n/a n/a (25.0) 180.0 – 225.0 (46.2)
1. The percentage change for incentive and benefits for André Lacroix are based on actual amounts earned from 2020, 2021, 2022, 2023, 2024 and 2025. The overnight increase in April 2025 was 2.4%.
2. Colm Deasy was appointed on 17 March 2023 as a Director.
3. The Intertek UK employee group has been selected as the most appropriate comparator group, due to the diverse nature of the Group’s global employee population.
Non-Executive Director fees are set in advance for all Non-Executive Directors and any changes in salary percentages reflect that one comparator year was not a full year, or the Non-Executive Director changed Committee roles and there was an adjustment to their fees to reflect this, or a general
increase in fees which would be reflected in the table on page 2.93. Any changes in the Benefits % column would reflect the benefits in kind occurred in the performance of their duties (e.g. expenses for accommodation, travel or meals) – whether there is a claim depends on where the meetings are
held in relation to where the Director's place of work is considered to be or where n/a is shown this indicates that the Director was not in role for the full period and the preceding period.
3: Financial Report2: Sustainability Report1: Strategic Report
Intertek Group plc
Annual Report & Accounts 2025
2.105
0
50
100
150
200
250
300
Intertek Group
FTSE 100
2015 2016 2018 2019 2022 2023 2024 2025202120202017
£
Remuneration Committee Report Continued
CEO pay ratio
The following table sets out the CEO’s pay ratio, comparing the CEO’s total remuneration against that of UK
employees. The table below shows the required information from 2020 through to 2025.
Method
25th
percentile
pay ratio
Median pay
ratio
75th
percentile
pay ratio
2025 CEO Option B 199:1 144:1 106:1
2024 CEO
1
Option B 219:1 172:1 116:1
2023 CEO Option B 195:1 139:1 98:1
2022 CEO Option B 112:1 89:1 57:1
2021 CEO Option B 117:1 90:1 56:1
2020 CEO Option B 94:1 72:1 50:1
1. These ratios have been updated to reflect actual LTI vesting value in the single pay figure.
The regulations also require the total pay and benefits and the salary component of total pay to be set out as
follows:
Base
salary
£
Total pay
and
benefits
£
CEO remuneration 1,077,977 6,198,860
UK employee 25th percentile 29,098 31,122
UK employee median 37, 23 4 42,994
UK employee 75th percentile 52,804 58,587
In terms of reporting options, the Company chose option B, using the most recent gender pay gap information
to determine the relevant employees at the 25th, 50th and 75th percentile to compare to CEO pay, as that
data was already available and is used for other reporting purposes. It refers to gender pay data as of 1 April
2025 and uses the single total figure methodology for the identified individuals. The pay and benefits for the
employees at the quartiles are their total actual annual pay and benefits as of 31 December 2025.
With regards to representativeness of the ratios, Intertek is a very diverse employer and has employees in many
UK locations. Our employees have many different qualifications and are working in and serving almost all major
industries. As a consequence, it is unlikely that there is any one single individual whose pay and benefits are
representative of Intertek UK as a whole. Intertek has therefore also looked at the total pay of the individuals
immediately above and below the 25th, 50th and 75th percentile. Looking at the spread of resulting ratios,
it was decided that the ‘best equivalent’ would be the arithmetic mean of the total pay of three individuals
around each reporting point:
• For the three employees around the 25th percentile: Ratios ranged from 198:1 to 200:1, with an arithmetic
mean of 199:1.
• For the three employees around the 50th percentile: Ratios ranged from 131:1 to 157:1, with an arithmetic
mean of 145:1.
• For the three employees around the 75th percentile: Ratios ranged from 104:1 to 109:1, with an arithmetic
mean of 106:1.
When calculating total pay and rewards, no pay components were omitted. The Company used the calculation
methodology as set out in the relevant regulations (The Companies (Miscellaneous Reporting) Regulations
2018). For part-time employees, their relevant pay and benefit components have been adjusted to the
equivalent full-time figure for the relevant business. Full-time equivalent hours can vary across locations and
legal entities.
The pay ratio reflects how remuneration arrangements differ as responsibility increases for more senior roles in
the organisation, including reflecting that an increased proportion is based on performance-related variable pay
and short-term-based incentives for more senior executives. The Committee is therefore comfortable that the
pay ratio reflects the pay and progression policies at Intertek.
Relative importance of the spend on pay
The table below shows the movement in spend on staff costs between the 2024 and 2025 financial years,
compared to dividends.
2025
£m
2024
£m
%
change
Staff costs
1
1,480.3 1,492.5 (0.8)%
Dividends 252.2 206.1 22.4%
1. Staff costs are shown at actual rates. At constant currency, staff costs increased by 2.1%, reflecting a 2.9% foreign exchange impact.
Performance graph
Consistent with prior years, the graph alongside shows the TSR in respect of the Company over the last
ten financial years, compared with the TSR for the full FTSE 100 Index. The FTSE 100 is selected as the
comparator group as it is a good representation of peer group companies and Intertek is a constituent of the
FTSE 100. TSR, reflecting the change in the value of a share and dividends paid, can be represented by the
value of a notional £100 invested at the beginning of a period and its change over that period.
3: Financial Report2: Sustainability Report1: Strategic Report
Intertek Group plc
Annual Report & Accounts 2025
2.106
Remuneration Committee Report Continued
CEO total remuneration
The total remuneration figures for the CEO during each of the past ten financial years are shown in the table below. Consistent with the calculation methodology for the single figure for total remuneration, the total
remuneration figure includes the total annual incentive and Deferred Share Award based on that year’s performance and LTIP share awards based on the three-year performance period ending in the relevant year. The annual
incentive payout and LTIP award vesting level as a percentage of the maximum opportunity are also shown for each of these years.
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Total remuneration £’000 5,452
1
11,417
1
6,223 4,986 2,470 3,048 3,080 5,675 6,611
2
6,199
Annual incentive (%) 70.2 100.0 75.5 52.3 0.0 85.0 20.6 68.9 95.6 52.2
LTIP award vesting (%) – 90.9 98.3 89.4 41.5 0.0 66.7 100.0 100.0 100.0
1. As reported in previous years, at the time of joining, the Company had bought out André’s existing share awards with his previous employer in two tranches of 91,575 and 91,574 shares vesting in 2016 and 2017, each at an award price of £28. The tranche that vested in 2017 vested at a share
price of £42.95, which represents an increase in our Company share price over the two years of over 53%. These awards were one-off awards and not part of his ongoing remuneration.
2. This figure has been updated to show the actual value of the vested LTIP award based on the share price of £49.94, whilst the 2024 Annual Report included figures based on the share price for the final quarter of 2024 (£47.69). There was no discretion exercised in respect of the awards.
The graph below shows the total remuneration of the Intertek CEO over the ten-year period from 2016 to 2025.
2016 2017 2018 20202019 2021 2022 2023 2024 2025
0
2,000
4,000
6,000
8,000
10,000
12,000
£’000
Mirror Award
LTIP (share price increase)
1
LTIP (award share price)
2
Annual Bonus
Pension
Benefits
Salary
1. LTIP (share price increase) shows the proportion of the LTIP value received which resulted from increase in the share price over the vesting period.
2. LTIP (award share price) shows the proportion of the LTIP value received which resulted from the share price on award date.
Approval of the Directors’ Remuneration report
The Directors’ Remuneration report, including both the Directors’ Remuneration Policy and the Annual Report on Remuneration, was approved by the Board on 2 March 2026.
Graham Allan
Chair of the Remuneration Committee
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Intertek Group plc
Annual Report & Accounts 2025
2.107
In accordance with the requirements of the
Companies Act 2006 (‘Act’) and the Disclosure
Guidance and Transparency Rules (‘DTR’) of the
Financial Conduct Authority (‘FCA’), the following
section describes the matters that are required for
inclusion in the Directors’ report and which have been
approved by the Board. Further details of matters
required to be included in the Directors’ report are
incorporated by reference into this report and set
out below.
Annual Report & Accounts and compliance
with UK Listing Rule (‘UKLR’) 6.6.1 R
The Annual Report & Accounts is in a three-report
format: Strategic Report – Report 1; Sustainability
Report/Directors' report – Report 2; and Financial
Report – Report 3. The Board has prepared a
Strategic Report in Report 1 which provides an
overview of the development and performance of
the Company’s business together with any research
and development activities during the year ended
31 December 2025 and its position at the end of that
year. The Strategic Report additionally outlines any
important events since the end of the financial year
and likely future developments in the business of the
Company and Group.
For the purposes of compliance with DTR 4.1.5 R (2)
and DTR 4.1.8 R, the required content of the
management report can be found in the Strategic
Report and this Directors’ report in Report 2, including
the sections of the Annual Report & Accounts, being
Reports 1, 2 and 3, incorporated by reference.
For the purposes of UKLR 6.6.4 R, the information required to be disclosed by UKLR 6.6.1 R can be found in the table below.
Topic Location and page
1. Amount of interest capitalised Not applicable
2. Any information required by UKLR 6.2.23 R (Publication of
unaudited financial information)
Not applicable
3. Details of long-term incentive schemes Directors’ Remuneration Committee Report (pages 2.80–2.107)
4. Waiver of emoluments by a Director Not applicable
5. Waiver of future emoluments by a Director Not applicable
6. Non pre-emptive issues of equity for cash Not applicable
7. Information required by Topic 6 above for any unlisted major
subsidiary undertaking of the Company
Not applicable
8. Company participation in a placing by a listed subsidiary Not applicable
9. Any contracts of significance Other Disclosures (page 2.109)
10. Any contracts for the provision of services by a controlling shareholder Not applicable
11. Shareholder waivers of dividends Other Disclosures (page 2.109)
12. Shareholder waivers of future dividends Other Disclosures (page 2.109)
13. Agreements with controlling shareholders Not applicable
Other Disclosures
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Intertek Group plc
Annual Report & Accounts 2025
2.108
Other Disclosures Continued
Directors
The names of the members of the Board, as at the
date of this report, and their biographical details are
set out on pages 2.54–2.56.
Articles of Association
The Company’s Articles of Association contain
provisions relating to the retirement, election and
re-election of Directors but, in accordance with best
practice, all Directors who wish to continue to serve
will stand for election and re-election at the Annual
General Meeting (‘AGM’).
The Articles of Association set out the internal
regulation of the Company and cover such matters
as the rights of shareholders, the appointment or
removal of Directors and the conduct of the Board
and general meetings. Copies are available upon
request from the Group Company Secretary and
are available at the Company’s AGM. Further powers
are granted by members in general meetings and
those currently in place are set out in detail on the
next page.
Directors’ indemnities
The Board believes that it is in the best interests of
the Group to attract and retain the services of the
most able and experienced Directors by offering
competitive terms of engagement, including the
granting of indemnities on terms consistent with
the applicable statutory provisions. In accordance
with the Articles of Association, the Company has
executed deed polls of indemnity for the benefit
of the Directors of the Company.
These provisions, which are deemed to be qualifying
third-party indemnity provisions (as defined by
section 234 of the Act), were in force during the
financial year ended 31 December 2025 for the
benefit of the Directors and, at the date of this
report, remain in force in relation to certain losses
and liabilities which they may incur (or have incurred)
in connection with their duties, powers or office.
Directors’ interests
Other than the Directors’ service agreements or
letters of appointment, none of the Directors of the
Company had a personal interest in any business
transactions of the Company or its subsidiaries.
The terms of the Directors’ service agreements or
letters of appointment and the Directors’ interests in
shares and share awards of the Company, in respect
of which transactions are notifiable to the Company
and the FCA under Article 19 of the UK Market
Abuse Regulation, are disclosed in the Directors’
Remuneration report.
Directors’ powers
The Directors are responsible for the strategic
management of the Company and their powers to
do so are determined by the provisions of the Act
and the Company’s Articles of Association.
Dividend
The Directors are recommending a final dividend of
107.7p per ordinary share (2024: 102.6p) making a
full year dividend of 165.0p per ordinary share (2024:
156.5p) which will, if approved at the AGM, be paid on
24 June 2026 to shareholders on the register at the
close of business on 29 May 2026.
Share capital
The issued share capital of the Company and the
details of the movements in the Company’s share
capital during the year, including shares purchased as
part of the share buyback programme, are shown in
note 15 in Report 3.
The holders of ordinary shares are entitled to receive
dividends when declared, receive the Company’s
Annual Report & Accounts, attend and speak at
general meetings of the Company, appoint proxies
and exercise voting rights. A waiver of dividend
exists in respect of the 435,591 shares held by the
Intertek Group Employee Share Ownership Trust
(‘Trust’) as of 31 December 2025 and with respect
to future dividends. Details of the shares purchased
by the Trust during the year are outlined in note 15
in Report 3. There are no restrictions on the transfer
of ordinary shares in the Company.
The rights attached to shares in the Company are
provided by the Articles of Association, which may be
amended or replaced by means of a special resolution
of the Company in a general meeting. The Directors’
powers are conferred on them by UK legislation and
by the Company’s Articles of Association.
No ordinary shares carry any special rights with
regard to the control of the Company and there are no
restrictions on voting rights except that a shareholder
has no right to vote in respect of a share unless all
sums due in respect of that share are fully paid. There
are no arrangements known to the Company by which
financial rights carried by any shares in the Company
are held by a person other than the holder of the
shares, nor are there any arrangements between
holders of securities that may result in restrictions on
the transfer of securities or on voting rights known
to the Company. All issued shares are fully paid.
Shares are admitted to trading on the London
Stock Exchange and may be traded through the
CREST system.
Allotment of shares
At the AGM held in 2025, the shareholders generally
and unconditionally authorised the Directors to allot
relevant securities up to approximately two-thirds
of the nominal amount of issued share capital.
It is the Directors’ intention to seek renewal of
this authority in line with guidance issued by the
Investment Association. The resolution will be set
out in the Notice of AGM.
At the AGM held in 2025, the Directors were also
empowered by the shareholders to allot equity
securities, up to 5% of the Company’s issued share
capital, for cash under section 570 of the Act. It
is intended that this authority be renewed at the
forthcoming AGM.
It is the Board’s intention to also propose the renewal
of the additional special resolution to allow the
Company to allot equity securities up to a further
5% of the Company’s issued share capital. This is
applicable when the Board determines a transaction
to be an acquisition or other capital investment and is
announced contemporaneously with the allotment or
has taken place in the preceding six-month period and
is disclosed in the announcement of the allotment.
Purchase of own shares
Shareholders also approved the authority for the
Company to buy back up to 10% of its own ordinary
shares by market purchase until the conclusion of the
AGM to be held this year. During 2025, the Directors
exercised this authority having considered the gearing
levels, the general financial position of the Company,
and on being satisfied that the purchase would increase
the earnings per share of the ordinary share capital in
issue, and that the purchase was in the interests of
the shareholders. Further details about the buyback
undertaken can be found in note 15 in Report 3. The
Directors will seek to renew this authority for up to
10% of the Company’s issued share capital at the
forthcoming AGM. This power will only be exercised
if the Directors are satisfied that any purchase will
increase the earnings per share of the ordinary share
capital in issue after the purchase, and accordingly,
that the purchase is in the interests of shareholders.
The Directors will also give careful consideration to
gearing levels of the Company and its general financial
position. Any shares purchased in this way may be held
in treasury which, the Directors believe, will provide the
Company with flexibility in the management of its share
capital. Where treasury shares are used to satisfy Share
Awards, they will be classed as new issue shares for the
purpose of the 10% limit on the number of shares that
may be issued over a ten-year period under the relevant
share plan rules. The Company currently holds no shares
in treasury.
Significant agreements
The Company is not a party to significant agreements
which take effect, alter or terminate upon a change of
control following a takeover bid apart from a number of
credit facilities with banks together with certain senior
notes issued by the Company. The total amount owing
under such credit facilities and senior note agreements
as of 31 December 2025 is shown in note 14 to the
financial statements on page 3.28 in Report 3. These
agreements contain clauses such that, in the event
of a change of control, the Company can offer to or
must repay all such borrowings together with accrued
interest, fees and other sums owing as required by the
individual agreements.
3: Financial Report2: Sustainability Report1: Strategic Report
Intertek Group plc
Annual Report & Accounts 2025
2.109
Other Disclosures Continued
The rules of the Company’s incentive plans contain
clauses relating to a change of control resulting
from a takeover and, in such an event, awards would
vest subject to the satisfaction of any associated
performance criteria. The Company is not aware
of any other agreements with change of control
provisions that are considered to be significant in
terms of their potential impact to the business.
There are no significant agreements or contracts in
place with any Group Company and a Director of the
Company or a major shareholder.
Our people
Information about the Group’s employees,
employment of disabled persons policies and
employment practices is contained within this report
on pages 2.16–2.23. Information on the employee
share schemes is in the Directors’ Remuneration
report and note 17, on pages 3.38–3.39 in Report 3.
The steps by the Company taken to inform, engage
and consult with employees is outlined on pages
2.16 – 2.23 and page 2.63.
Stakeholders
Information on the steps taken by the Company to
inform, engage and consult with our stakeholders is
outlined on pages 2.24–2.33, 2.40–2.43, 2.46, 2.66
and 2.67.
Energy use and greenhouse gas
(‘GHG’) emissions
Information about the Group’s energy use, GHG
emissions and methodologies used for their
calculation are given in this report on pages
2.34–2.39.
Task Force on Climate-related
Financial Disclosures ('TCFD')
The climate-related financial disclosures consistent
with TCFD recommendations are on pages 1.62-1.70
in Report 1.
Financial instruments
Details about the Group’s use of financial instruments
are outlined in note 14 in Report 3.
Material interests in shares
Up to 2 March 2026, being the latest practicable
date before the publication of this report, the
below disclosures of major holdings of voting rights
have been made (and have not been amended
or withdrawn) to the Company pursuant to the
requirements of DTR 5. Changes notified to the
Company after the year end have been disclosed in
line with DTR 5 via a Regulatory Information Service.
Material interests in shares at date of notification
Shareholder
Direct voting
rights
Indirect voting
rights
Percentage of
voting rights
attached to
shares
Voting rights
through financial
instruments
Percentage of
voting rights
through financial
instruments
Total voting
rights
Percentage of
total voting
rights
BlackRock, Inc. – 12,341,128 8.01% 3,194,181 2.06% 15,535,309 10.07%
PineStone Asset Management Inc. 8, 15 7, 859 – 5.05% – – 8,157, 859 5.05%
Massachusetts Financial Services Company – 8,068,287 4.99% – – 8,068,287 4.99%
Fiera Capital Corporation
– 8,010,553 4.96% – – 8,010,553 4.96%
These holdings are published on a Regulatory Information Service and on the Company’s website.
Political donations
At the AGM in 2025, shareholders passed an
ordinary resolution, on a precautionary basis, to
authorise the Company to make donations to UK
political organisations and to incur UK political
expenditure (as such items are defined in the Act)
not exceeding £90,000.
During the year the Group did not make any such
political donations (2024: £nil). It is the Company’s
policy not to, directly or through any subsidiary, make
what are commonly regarded as donations to any
political party.
At the forthcoming AGM of the Company,
shareholders’ approval will again be sought to
authorise the Group to make political donations
and/or incur political expenditure (as such terms are
defined in section 362 to 379 of the Act). Further
information is contained in the Notice of AGM.
Branches
The Company, through various subsidiaries, has
established branches in a number of different
countries in which the business operates. The list
of related undertakings is available in note 23 in
Report 3.
Annual General Meeting
The Notice of AGM, which is to be held on 20 May
2026, will be available for download from the
Company’s website at intertek.com/investors. The
Notice details the business to be conducted at the
meeting and includes information concerning the
deadlines for submitting proxy forms and in relation
to voting rights.
Independent auditors
Following the external audit tender process as set
out on page 2.77, and upon the recommendation of
the Audit Committee, a resolution to appoint Deloitte
LLP as auditors, and to determine their remuneration,
will be proposed at the forthcoming AGM. Subject
to the appointment of Deloitte LLP at the AGM, the
current auditor, PricewaterhouseCoopers LLP, will
step down from office.
Statement of disclosure of information
to auditors
The Directors who held office at the date of approval
of this Directors’ report confirm that, so far as they
are aware, there is no relevant audit information of
which the Company’s auditors are unaware and each
Director has taken all reasonable steps that he or she
ought to have taken as a Director of the Company
to make themselves aware of any relevant audit
information and to establish and ensure that the
Company’s auditors are aware of that information.
3: Financial Report2: Sustainability Report1: Strategic Report
Intertek Group plc
Annual Report & Accounts 2025
2.110
Statement of Directors' Responsibilities
in respect of the financial statements
The Directors are responsible for preparing the
Annual Report & Accounts, including the financial
statements, in accordance with applicable law
and regulation.
Company law requires the Directors to prepare
financial statements for each financial year. Under
that law the Directors have prepared the Group
financial statements in accordance with UK-adopted
international accounting standards and the Company
financial statements in accordance with United
Kingdom Generally Accepted Accounting Practice
(United Kingdom Accounting Standards, comprising
FRS 101 'Reduced Disclosure Framework', and
applicable law).
Under company law, Directors must not approve the
financial statements unless they are satisfied that
they give a true and fair view of the state of affairs
of the Group and Company and of the profit or loss of
the Group for that period. In preparing the financial
statements, the Directors are required to:
• select suitable accounting policies and then apply
them consistently;
• state whether applicable UK-adopted international
accounting standards have been followed for the
Group financial statements and United Kingdom
Accounting Standards, comprising FRS 101,
have been followed for the Company financial
statements, subject to any material departures
disclosed and explained in the financial statements;
• make judgements and accounting estimates that
are reasonable and prudent; and
• prepare the financial statements on the going
concern basis unless it is inappropriate to
presume that the Group and Company will
continue in business.
The Directors are responsible for safeguarding the
assets of the Group and Company and hence for
taking reasonable steps for the prevention and
detection of fraud and other irregularities.
The Directors are also responsible for keeping
adequate accounting records that are sufficient
to show and explain the Group’s and Company’s
transactions and disclose with reasonable accuracy
at any time the financial position of the Group
and Company and enable them to ensure that the
financial statements and the Directors’ Remuneration
report comply with the Companies Act 2006.
The Directors are responsible for the maintenance
and integrity of the Company’s website. Legislation
in the United Kingdom governing the preparation and
dissemination of financial statements may differ from
legislation in other jurisdictions.
Directors’ confirmations
The Directors consider that the Annual Report &
Accounts, taken as a whole, is fair, balanced and
understandable and provides the information
necessary for shareholders to assess the Group’s
and Company’s position and performance, business
model and strategy.
Each of the Directors, whose names and functions are
listed in the Directors’ report, confirm that, to the best
of their knowledge:
• the Group financial statements, which have
been prepared in accordance with UK-adopted
international accounting standards, give a true and
fair view of the assets, liabilities, financial position
and profit of the Group;
• the Company financial statements, which have
been prepared in accordance with United Kingdom
Accounting Standards, comprising FRS 101, give
a true and fair view of the assets, liabilities and
financial position of the Company; and
• the Strategic Report includes a fair review of the
development and performance of the business and
the position of the Group and Company, together
with a description of the principal risks and
uncertainties that it faces.
In the case of each Director in office at the date the
Directors’ report is approved:
• so far as the Director is aware, there is no relevant
audit information of which the Group’s and
Company’s auditors are unaware; and
• they have taken all the steps that they ought
to have taken as a Director in order to make
themselves aware of any relevant audit information
and to establish that the Group’s and Company’s
auditors are aware of that information.
André Lacroix
Chief Executive Officer
2 March 2026
Registered Office:
33 Cavendish Square, London W1G 0PS
Registered Number: 04267576
3: Financial Report2: Sustainability Report1: Strategic Report
Intertek Group plc
Annual Report & Accounts 2025
2.111
Notes
3: Financial Report2: Sustainability Report1: Strategic Report
Intertek Group plc
Annual Report & Accounts 2025
2.112
CBP00019082504183028
Printed by a CarbonNeutral® Company certified to
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otherwise be released.
Intertek Group plc
33 Cavendish Square,
London, W1G 0PS
United Kingdom
Tel +44 20 7396 3400
info@intertek.com
intertek.com
VISIT: INTERTEK.COM/INVESTORS
Annual Report & Accounts 2025
Financial Report
3: Financial Report2: Sustainability Report1: Strategic Report
Contents
3.01 Consolidated income statement
3.02 Consolidated statement
ofcomprehensive income
3.03 Consolidated statement offinancialposition
3.04 Consolidated statement
ofchangesinequity
3.06 Consolidated statement ofcashflows
3.07 Notes to the financial statements
3.51 Intertek Group plc – Company balancesheet
3.52 Intertek Group plc – Company statement of
changes inequity
3.53 Notes to the Company financialstatements
3.57 Independent Auditors’ Report to the
members of Intertek Group plc
3.64 Glossary – Alternative
performance measures
3.67 Shareholder and corporate information
We are pleased to share with you our
Annual Report & Accounts in a unique,
three-report format:
These separate, but connected reports, with their
interconnected themes and narratives, allow us to
present what we achieved in 2025 in a systemic,
end-to-end architecture. They have been designed
to make it easier for our stakeholders to fully
understand our business, how we bring quality,
safety and sustainability to life, what we offer our
clients and society, and the opportunities we have
ahead of us.
Report 1: Strategic Report
Where we discuss our growth
opportunities and strategic performance.
Report 2: Sustainability Report
Where we discuss our environmental,
social and governance progress.
Report 3: Financial Report
Where we record our financial activities,
performance and position.
VISIT: INTERTEK.COM/INVESTORS
We stand out in the industry with our unique Assurance,
Testing, Inspection and Certification ‘ATIC’ offering,
underpinned by the Science-based Customer Excellence
that gives our clients the peace of mind they need to
power ahead safely with their growth agendas.
Intertek is the global
ICON for Total Quality
Assurance with a
track record of
driving sustainable
growth for all.
Around the world, our talented people apply
their expertise to make the world better, safer
and more sustainable for billions of consumers
every day. Our science-based approach ensures
we consistently strengthen our clients’
businesses and enable them to operate
and win in their own markets.
At the heart of everything we do is our unique
and high-performance 10X culture. For more
than 130 years, it has shaped how we work
together, ensuring we uphold the highest
standards and retain the trust of our clients
every day.
This is why we have long been and remain to this
day the global icon for Total Quality Assurance.
READ ABOUT OUR UNIQUE STRENGTHS ON PAGES 1.04-1.09
IN REPORT 1
You’ll be amazed
where you find Intertek
Our ‘You’ll Be Amazed’ campaign
showcases the breadth of our
solutions and how our talented people
make our clients’ businesses stronger,
safer and more sustainable.
VISIT: INTERTEK.COM/AMAZED
Intertek Group plc
Annual Report & Accounts 2025
3.01
3: Financial Report2: Sustainability Report1: Strategic Report
Consolidated income statement
Separately Separately
AdjustedDisclosedTotal AdjustedDisclosedTotal
results*Items*2025 results*Items*2024
For the year ended 31 December
Notes
£m£m£m£m£m£m
Revenue
2
3, 431 .6
–
3, 4 31 . 6
3, 393. 2
–
3, 393. 2
Operating costs
4
(2 ,8 12. 0)
(7 7 .3)
(2,8 89.3)
(2,803 .1)
(5 4.4)
( 2 , 8 5 7. 5 )
Group operating profit/(loss)
2
619 . 6
(77 .3)
542.3
59 0. 1
(54 .4)
535 .7
Finance income
14
3.7
–
3.7
2. 5
–
2.5
Finance expense
14
(5 4. 3)
1 .7
(52.6)
(4 4. 8)
(3 .4)
(4 8 . 2)
Net financing costs
(50.6)
1 .7
(4 8. 9)
(4 2 .3)
(3 .4)
(45 .7)
Profit/(loss) before income tax
569. 0
(75 . 6)
493.4
5 4 7. 8
(5 7. 8)
49 0 . 0
Income tax (expense)/credit
6
(1 46 . 2)
16.0
(130. 2)
(135. 2)
1 2.4
(122.8)
Profit/(loss) for the year
2
422 .8
(59 .6)
363. 2
41 2 . 6
(45 .4)
3 6 7. 2
Attributable to:
Equity holders of the Company
4 03.1
(59 .6)
343. 5
390.8
(45 . 4)
3 45. 4
Non-controlling interest
20
19.7
–
19.7
21.8
–
21.8
Profit/(loss) for the year
422 .8
(59 .6)
363. 2
41 2 . 6
(45 .4)
3 6 7. 2
Earnings per share**
Basic
7
218 .1p
2 14. 4p
Diluted
7
216. 0p
21 2 .7p
* See note 3.
** Earnings per share on the adjusted results is disclosed in note 7.
Intertek Group plc
Annual Report & Accounts 2025
3.02
3: Financial Report2: Sustainability Report1: Strategic Report
Consolidated statement of comprehensive income
2025 2024
For the year ended 31 December
Notes
£m£m
Profit for the year
2
363. 2
3 6 7. 2
Other comprehensive income/(expense)
Remeasurements on defined benefit pension schemes
16
4 .6
3.7
Tax on comprehensive income items
6
1 .6
6.0
Items that will never be reclassified to profit or loss
6.2
9.7
Foreign exchange translation differences of foreign operations
(90 .8)
(64 .8)
Net exchange gain on hedges of net investments in foreign operations
2 7. 5
1.7
Tax on items that are or may be reclassified subsequently to profit or loss
6
2.4
–
Items that are or may be reclassified subsequently to profit or loss
(60 .9)
(6 3 . 1)
Total other comprehensive income/(expense) for the year
(54 .7)
(53.4)
Total comprehensive income for the year
308. 5
313.8
Total comprehensive income for the year attributable to:
Equity holders of the Company
289.1
291 .4
Non-controlling interest
20
19 .4
22.4
Total comprehensive income for the year
308. 5
313.8
Intertek Group plc
Annual Report & Accounts 2025
3.03
3: Financial Report2: Sustainability Report1: Strategic Report
Consolidated statement of financial position
2025 2024
As at 31 December
Notes
£m£m
Assets
Property, plant and equipment
8
76 0. 9
692. 8
Goodwill
9
1,42 2.3
1,365.9
Other intangible assets
9
329. 4
30 4.2
Trade and other receivables
11
20.0
15 .4
Defined benefit pension asset
16
31 . 2
2 7. 2
Deferred tax assets
6
34.8
34.5
Total non-current assets
2,5 98.6
2,4 4 0.0
Inventories*
20.1
19 .0
Trade and other receivables*
11
769 .7
754. 9
Cash and cash equivalents
14
329. 2
3 43. 0
Current tax receivable
43.9
4 2.4
Total current assets
1,162 .9
1, 159 . 3
Total assets
3,761 . 5
3,5 99.3
Liabilities
Interest-bearing loans and borrowings
14
(163. 6)
(101 . 3)
Current taxes payable
(49 .7)
(6 7. 2)
Lease liabilities
14
(70. 3)
(7 0 . 1)
Trade and other payables*
12
(759 .1)
( 7 5 7. 6 )
Provisions*
13
(31 .6)
(53.9)
Total current liabilities
(1 , 0 74 . 3)
(1 , 0 5 0 . 1)
Interest-bearing loans and borrowings
14
(1,16 2. 4)
(74 1 . 5)
Lease liabilities
14
(251 .9)
(229.5)
Deferred tax liabilities
6
(96. 5)
(69.9)
Defined benefit pension liabilities
16
(3. 9)
(5. 2)
Trade and other payables*
12
(35. 5)
(49 . 8)
Provisions*
13
(9. 5)
(8.4)
Total non-current liabilities
(1 , 559 .7)
(1 , 10 4 . 3)
Total liabilities
(2,6 34.0)
(2,154 .4)
Net assets
1,127 .5
1, 444 . 9
2025 2024
As at 31 December
Notes
£m£m
Equity
Share capital
15
1.5
1.6
Share premium
2 5 7. 8
2 5 7. 8
Other reserves
(2 54.2)
(19 1. 2)
Retained earnings
1 , 0 7 7. 8
1 , 333.7
Total equity attributable to equity holders of the Company
1,0 82.9
1,4 01 .9
Non-controlling interest
20
4 4.6
43. 0
Total equity
1,127 .5
1,4 4 4.9
* Working capital of negative £45.7m (2024: negative £9 5.9m) comprises the asterisked items in the above statement of financial position less
the IFRS 16 lease receivable of £0 .2m (2024: £0. 1m).
The financial statements on pages 3.01 – 3.50 were approved by the Board on 2 March 2026 and were signed
on its behalf by:
André Lacroix
Chief Executive Officer
Colm Deasy
Chief Financial Officer
Intertek Group plc
Annual Report & Accounts 2025
3.04
3: Financial Report2: Sustainability Report1: Strategic Report
Consolidated statement of changes in equity
Attributable to equity holders of the Company
Other reserves
Total
before non-Non-
Share Share Translation Retained controlling controlling Total
capital premium reserve Other earnings interest interest equity
For the year ended 31 December
Notes
£m£m£m£m£m£m£m£m
At 1 January 2024
1.6
2 5 7. 8
(133. 8)
6.3
1 ,191 .5
1,323. 4
3 6 .7
1,360.1
Total comprehensive income for the year
Profit
–
–
–
–
3 45. 4
3 45. 4
21.8
3 6 7. 2
Other comprehensive income/(expense)
–
–
(63 .7)
–
9 .7
(5 4.0)
0.6
(53.4)
Total comprehensive income for the year
–
–
(63 .7)
–
3 55. 1
291 .4
22 .4
313. 8
Transactions with owners of the Company recognised directly in equity
Contributions by and distributions to the owners of the Company
Dividends paid
15,20
–
–
–
–
(2 0 6 . 1)
(2 0 6 . 1)
(16 . 1)
(222. 2)
Changes in non-controlling interest
20
–
–
–
–
–
–
–
–
Purchase of own shares
15
–
–
–
–
(24 .7)
(24. 7)
–
(24 .7)
Tax paid on share buyback
15
–
–
–
–
–
–
–
–
Tax paid on Share Awards vested*
17
–
–
–
–
( 7. 4)
( 7. 4)
–
( 7. 4)
Equity-settled transactions
6, 17
–
–
–
–
24 .4
24 . 4
–
24 . 4
Income tax on equity-settled transactions
6
–
–
–
–
0.9
0.9
–
0.9
Total contributions by and distributions to the owners of the Company
–
–
–
–
(2 12.9)
(212.9)
(16. 1)
(229 .0)
At 31 December 2024
1.6
2 5 7. 8
(1 9 7. 5 )
6.3
1 , 333 .7
1 ,4 01.9
43 . 0
1,4 4 4.9
* The tax paid on Share Awards vested is related to settlement of the tax obligation on behalf of employees by the Group via the sale of a portion of the equity-settled shares.
Intertek Group plc
Annual Report & Accounts 2025
3.05
3: Financial Report2: Sustainability Report1: Strategic Report
Consolidated statement of changes in equity Continued
Attributable to equity holders of the Company
Other reserves
Total
before non-Non-
Share Share Translation Retained controlling controlling Total
capital premium reserve Other earnings interest interest equity
For the year ended 31 December
Notes
£m£m£m£m£m£m£m£m
At 1 January 2025
1.6
2 5 7. 8
(197.5)
6.3
1 ,333.7
1,401.9
43.0
1,444.9
Total comprehensive income for the year
Profit
–
–
–
–
343. 5
343. 5
19.7
363. 2
Other comprehensive income/(expense)
–
–
(63. 0)
–
8.6
(54 . 4)
(0 . 3)
(54 .7)
Total comprehensive income for the year
–
–
(63. 0)
–
352 .1
289.1
19 .4
308 .5
Transactions with owners of the Company recognised directly in equity
Contributions by and distributions to the owners of the Company
Dividends paid
15,20
–
–
–
–
(252 .2)
(252 . 2)
(1 6. 1)
(2 68 . 3)
Changes in non-controlling interest
20
–
–
–
–
–
–
(1 .7)
(1.7)
Purchase of own shares
15
(0.1)
–
–
–
(3 6 7. 8)
(3 6 7. 9)
–
(3 6 7. 9)
Tax paid on share buyback
15
–
–
–
–
(1 . 8)
(1 . 8)
–
(1 .8)
Tax paid on Share Awards vested*
17
–
–
–
–
(10.1)
(1 0.1)
–
(10.1)
Equity-settled transactions
6,17
–
–
–
–
24 .3
24.3
–
24.3
Income tax on equity-settled transactions
6
–
–
–
–
(0. 4)
(0.4)
–
(0 .4)
Total contributions by and distributions to the owners of the Company
(0.1)
–
–
–
(608. 0)
(608. 1)
(1 7. 8)
(625. 9)
At 31 December 2025
1.5
2 5 7. 8
(260 .5)
6.3
1 , 0 7 7. 8
1,082 .9
44.6
1,127.5
* The tax paid on Share Awards vested is related to settlement of the tax obligation on behalf of employees by the Group via the sale of a portion of the equity-settled shares.
Intertek Group plc
Annual Report & Accounts 2025
3.06
3: Financial Report2: Sustainability Report1: Strategic Report
Consolidated statement of cash flows
2025 2024
For the year ended 31 December
Notes
£m£m
Cash flows from operating activities
Profit for the year
2
363. 2
3 6 7. 2
Adjustments for:
Depreciation charge
8
150.8
14 4 .4
Amortisation of software
9
16. 2
17. 3
Amortisation of acquisition intangibles
9
35 .9
32. 3
Impairment of goodwill and other assets
8,9
5.3
6.9
Equity-settled transactions
17
24.3
24 .4
Net financing costs
14
48.9
45 . 7
Income tax expense
6
130. 2
122.8
Profit on disposal of property, plant, equipment and software
(5.7)
(3.9)
Operating cash flows before changes in working capital
769.1
7 5 7. 1
andoperating provisions
Change in inventories
(3.5)
(2 .2)
Change in trade and other receivables
(43. 4)
(45 . 6)
Change in trade and other payables
0.9
69. 8
Change in provisions
14 .0
(3.3)
Cash generated from operations
7 3 7. 1
7 75. 8
Interest and other finance expense paid
(6 6 . 1)
(52.2)
Income taxes paid
(13 4 . 5)
(126.5)
Net cash flows generated from operating activities*
53 6 .5
5 9 7. 1
Cash flows from investing activities
Proceeds from sale of property, plant, equipment and software*
9.8
5.0
Interest received*
3.6
2.7
Acquisition of subsidiaries, net of cash acquired
10
(1 55. 9)
(14 . 9)
Consideration paid in respect of prior year acquisitions
(4 . 7)
–
Acquisition of property, plant, equipment and software*
(14 4 .5)
(1 35.0)
Net cash flows used in investing activities
(2 91 .7)
(14 2 . 2)
2025 2024
For the year ended 31 December
Notes
£m£m
Cash flows from financing activities
Purchase of own shares
15
( 3 6 7. 9)
(24. 7)
Tax paid on shares
15,17
(11 .9)
( 7. 4)
Drawdown of borrowings
6 05.6
24 .7
Repayment of borrowings
(92 .3)
(98 .4)
Repayment of lease liabilities*
(7 8. 4)
(74 . 4)
Purchase of non-controlling interest
(28.1)
–
Dividends paid to non-controlling interest
20
(16 .1)
(16 . 1)
Equity dividends paid
15
(252. 2)
(2 0 6 . 1)
Net cash flow used in financing activities
(241 . 3)
(4 0 2.4)
Net increase in cash and cash equivalents
14
3. 5
52. 5
Cash and cash equivalents at 1 January
14
336. 5
29 8.6
Exchange adjustments
14
(15. 4)
(14 . 6)
Cash and cash equivalents at 31 December
14
324 .6
336.5
The notes on pages 3.07 – 3.50 are an integral part of these consolidated financial statements.
Cash outflow relating to Separately Disclosed Items was £25.2m for year ended 31 December 2025
(2024: £13. 4m).
* Free cash flow of £327 .0m (2024: £395 .4m) comprises the asterisked items in the above consolidated statement of cash flows.
Intertek Group plc
Annual Report & Accounts 2025
3.07
3: Financial Report2: Sustainability Report1: Strategic Report
Notes to the financial statements
1 Material accounting policies
Basis of preparation
Accounting policies applicable to more than one section of the financial statements are shown below. Where
accounting policies relate to a specific note in the financial statements, they are set out within that note, to
provide readers of the financial statements with a more useful layout to the financial information presented.
Statement of compliance
Intertek Group plc is a public company incorporated in England & Wales and domiciled in the UK, limited
by shares.
The Group financial statements as at and for the year ended 31 December 2025 consolidate those of
the Company and its subsidiaries (together referred to as the ‘Group’) and include the Group’s interests
in associates. Intertek Group plc transitioned to UK-adopted international accounting standards in its
consolidated financial statements on 1 January 2021. There was no impact or change in accounting policies
from the transition. The Group financial statements have been prepared by the Directors in accordance
with these accounting standards in conformity with the requirements of the Companies Act 2006. The
Company financial statements present information about the Company as a separate entity and not about
its Group. The Company has elected to prepare its Company financial statements in accordance with UK GAAP,
comprising FRS 101 and applicable law; these are presented on pages 3.51 – 3.56.
Significant new accounting policies and standards
There are no significant new accounting standards or amendments to accounting standards that are effective
for annual periods beginning on or after 1 January 2025 that have a material effect on the results of the Group.
Changes in accounting policies
The accounting policies set out in these financial statements have been applied consistently to all years
presented, apart from those disclosed below. There are no new accounting standards that are effective for
annual periods beginning on or after 1 January 2025 that have a material effect on the consolidated financial
statements of the Group. With the exception of IFRS 18, the adoption of standards that are issued but not yet
effective are expected to have a material effect on the consolidated financial statements of the Group.
IFRS 18 was issued in April 2024 and is effective for periods beginning on or after 1 January 2027. Early
application is permitted and comparatives will require restatement. The standard will replace IAS 1 Presentation
of Financial Statements. IFRS 18 will not change how items are recognised and measured, rather, it will require
changes to the reporting of financial performance. Specifically, classifying income and expenses into three
new defined categories – operating, investing and financing – and two new subtotals ‘operating profit and loss’
and ‘profit or loss before financing and income tax’, as well as introducing disclosures of management-defined
performance measures (‘MPMs’) and enhancing general requirements on aggregation and disaggregation.
The impact of the standard on the Group is currently being assessed and it is not yet practicable to quantify
the effect of IFRS 18 on these consolidated financial statements. IFRS 18 will be applicable for the Group’s
Annual Report & Accounts for the year ending 31 December 2027 .
Measurement convention
The financial statements are prepared on the historical cost basis except as discussed in the relevant
accounting policies.
Functional and presentation currency
These consolidated financial statements are presented in sterling, which is the Company’s functional currency.
All information presented in sterling has been rounded to the nearest £0.1m.
Going concern
The Group has a broad customer base across its multiple business lines and in its different geographic regions,
and is supported by a robust balance sheet and strong operational cash flows.
The Board has reviewed the Group’s financial forecasts up to 31 December 2027 to assess both liquidity
requirements and debt covenants.
In addition, the Group’s financial forecasts for 2026 and 2027, and the related liquidity position and forecast
compliance with debt covenants, have been sensitised for a severe yet plausible decline in economic conditions
(including an illustrative sensitivity scenario of a reduction of 30% to the base profit forecasts and the
corresponding impact to cash flow forecasts in each of these years). In addition, reverse stress testing has
also been applied to the model which represents a significant decline in cash flows compared with the 30%
downside sensitivity. Such a scenario is considered to be remote. The Board remains satisfied with the Group’s
funding and liquidity position, with the Group forecast to remain within its committed facilities and compliant
with debt covenants even following the 30% downside sensitivity. Mitigating actions (e.g. dividend cash
payments, non-essential overheads and non-committed capital expenditure) are within management control
and could be initiated, if deemed required, within the downside scenario.
The undrawn headroom on the Group’s committed borrowing facilities at 31 December 2025 was £345.5m
(2024: £655.7m). The maturity of our borrowing facilities is disclosed in note 14 of the financial statements,
with repayment of two senior notes totaling US$225m and EUR€145m required by 31 December 2027. Our
models forecast these to be repaid using existing facilities. Full details of the Group’s borrowing facilities and
maturity profile are outlined in note 14.
On the basis of its forecasts to 31 December 2027, both base case and the severe but plausible downside,
and available facilities, the Board has concluded that there are no material uncertainties over going concern,
including no anticipated breach of covenants, and therefore the going concern basis of preparation continues
to be appropriate.
Consideration of climate change
In preparing the financial statements, we have considered the impact of climate change (refer to Report 1, page
1.66 for further information). There is no material impact on the financial reporting judgements and estimates
arising from our considerations, which is consistent with the assertion that risks associated with climate
change are not expected to have a material impact on the viability of the Group in the short, medium and long
term. Specifically we note the following:
• The Group continues to invest in onsite renewable energy generation at our locations.
• We have specifically considered the impact of climate change on the carrying value of fixed assets
(see note 8).
Intertek Group plc
Annual Report & Accounts 2025
3.08
Notes to the financial statements Continued
3: Financial Report2: Sustainability Report1: Strategic Report
1 Material accounting policies Continued
Government grants
Government grants are recognised in the income statement so as to match them with the related expenses
that they are intended to compensate. Where grants are received in advance of the related expenses, they are
initially recognised in the balance sheet and released to match the related expenditure. Non-monetary grants
are recognised at fair value. The related cash flow is classified in accordance with the nature of the activity.
Basis of consolidation
Subsidiaries
Subsidiaries are those entities controlled by the Group. Control exists when the Group has power to direct the
relevant activities, exposure to variable returns from the investee and the ability to use its power over the
investee to affect the amount of investor returns. The financial statements of subsidiaries are included in the
consolidated financial statements from the date that control commences until the date that control ceases.
For purchases of non-controlling interest in subsidiaries, the difference between the cost of the additional
interest in the subsidiary and the non-controlling interest’s share of the assets and liabilities reflected
in the consolidated statement of financial position at the date of acquisition is reflected directly in
shareholders’ equity.
Transactions eliminated on consolidation
Intra-group balances and transactions, and any unrealised gains and losses or income and expenses arising
from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealised
losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of
impairment.
Foreign currency
Foreign currency transactions
Transactions in foreign currencies are translated to the respective functional currencies of Group entities at
the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities (for example,
cash, trade receivables, trade payables) denominated in foreign currencies at the reporting date are translated
at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are
generally recognised in the income statement. Non-monetary assets and liabilities that are measured in terms
of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction.
For the policy on hedging of foreign currency transactions, see note 14.
Foreign operations
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on
acquisition, are translated to sterling at foreign exchange rates ruling at the reporting date.
The income and expenses of foreign operations are translated into sterling at cumulative average rates
of exchange during the year. Exchange differences arising from the translation of foreign operations are
taken directly to equity in the translation reserve. They are released to the income statement upon disposal.
For the policy on net investment hedging, see note 14.
The most significant currencies for the Group were translated at the following exchange rates:
Assets and liabilities Income and expenses
Actual rates Cumulative average rates
31 December 31 December
Value of £1 2025
2024
2025
2024
US dollar
1.35
1.26
1.32
1.28
Euro
1.15
1.21
1.17
1.18
Chinese renminbi
9.47
9.18
9.50
9.21
Hong Kong dollar
10.50
9.76
10.32
9.99
Australian dollar
2.02
2.02
2.05
1.94
Key estimations and uncertainties
The preparation of financial statements in conformity with IFRSs (‘International Financial Reporting Standards’)
requires management to make judgements and estimates that affect the application of accounting policies
and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these
estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the year in which the estimates are revised and in any future years affected.
Discussed below are key assumptions concerning the future, and other key sources of estimation at the
reporting date, that could have a significant risk of causing a material adjustment to the carrying amount
of assets and liabilities within the next financial year.
Impairment of goodwill
Following recognition of goodwill as a result of acquisitions, the Group determines, as a minimum on an annual
basis and including current year acquisitions, whether goodwill is impaired, which requires an estimation of
the future cash flows of the cash generating units to which the goodwill is allocated, as well as assumptions
on growth rates and discount rates – see note 9. There is no significant risk of material impairment within the
next financial year.
Employee post-retirement benefit obligations
For material defined benefit plans, the actuarial valuation includes assumptions such as discount rates,
return on assets, salary progression and mortality rates. Further details and sensitivity analysis are included
in note 16.
There are no critical accounting judgements.
Intertek Group plc
Annual Report & Accounts 2025
3.09
Notes to the financial statements Continued
3: Financial Report2: Sustainability Report1: Strategic Report
1 Material accounting policies Continued
Other accounting policies
Accounting policies relating to a specific note in the financial statements are set out within that note
as follows:
Note
Revenue
2
Separately Disclosed Items
3
Taxation
6
Property, plant and equipment
8
Goodwill and other intangible assets
9
Trade and other receivables
11
Trade and other payables
12
Provisions
13
Borrowings and financial instruments
14
Capital and reserves
15
Employee benefits
16
Share schemes
17
Non-controlling interest
20
2 Operating segments and presentation of results
Accounting policy
Revenue
Revenue represents the total amount receivable for services rendered when there is transfer of control
to the customer, excluding sales-related taxes and intra-group transactions.
Revenue from services rendered on short-term projects is generally recognised in the income statement when
the relevant service is completed, usually when the report of findings or test/inspection certificate is issued.
Short-term projects are considered to be those of less than two months’ duration.
In line with IFRS 15, rebates and customer discounts are considered to be variable consideration and have
been deducted from recognised revenue.
Revenue is recognised using the five steps for revenue recognition. The majority of contracts are for
less than one year. The Group records transactions as revenue on the basis of value of work done, with the
corresponding amount being included in trade receivables if the customer has been invoiced, or in contract
assets if billing has yet to be completed. Performance obligations vary across business lines and regions, and
on a contract-by-contract basis. There may be more than one performance obligation per contract, for example
Alchemy Training Solutions contracts have multiple elements which are split between recognising revenue at
a point in time for services such as right-of-use software licences, and over time for other services delivered
under the same contract.
Long-term projects consist of two main types:
• time incurred, which is billed at agreed rates on a periodic basis, such as monthly; or
• staged payment invoicing, requiring an assessment of percentage of completion, based on services provided
and revenue accrued accordingly.
Expenses are recharged to clients where permitted by the contract. Payments received in advance from
customers are recognised in contract liabilities to the extent that performance obligations have not
been satisfied.
The Group does not expect to have any material contracts where the period between the transfer of promised
goods or services to the customer and payment by the customer exceeds one year. As a consequence, the
Group does not adjust any of the transaction prices for the time value of money.
The Group has applied practical expedients in: i) recognising assets from the costs incurred to obtain or fulfil
a contract; and ii) disclosing unsatisfied performance obligations in contracts as contracts have an expected
duration of less than a year. The economic factors affecting revenue for both short- and long-term contracts
are consistent within each.
Operating segments
The Group is organised into business lines, which are the Group’s operating segments and are reported to the
CEO, the chief operating decision maker.
These operating segments are aggregated into five segments, which are the Group’s reportable segments,
based on the similar nature of products and services and the mid- to long-term structural growth drivers.
When aggregating operating segments into the five reportable segments we have applied judgement over the
similarities of the services provided, the wider economic impacts of the markets served within the segments,
the customer base and the mid- to long-term structural growth drivers.
The costs of the corporate head office and other costs which are not controlled by the five segments are
allocated appropriately.
Inter-segment pricing is determined on an arm’s length basis. There is no significant seasonality in the
Group’s operations. Segment results include items directly attributable to a segment as well as those that
can be allocated on a reasonable basis.
The performance of the segments is assessed based on adjusted operating profit which is stated before
Separately Disclosed Items. The operating segment revenue disclosures provided under IFRS 8 are consistent
with the disaggregated revenue disclosure and recognition and measurement requirements of IFRS 15.
A reconciliation to operating profit by segment and Group profit for the year is included overleaf .
Intertek Group plc
Annual Report & Accounts 2025
3.10
Notes to the financial statements Continued
3: Financial Report2: Sustainability Report1: Strategic Report
Industry and Infrastructure – Our Industry and Infrastructure segment focuses on the ATIC solutions
our clients need to develop and build better, safer and greener infrastructure. This segment includes Industry
Services, Minerals and Building & Construction. The nature of the products and services offered across the
segment are similar, with services including technical inspections, asset integrity management and sample
testing. These service lines interact through the customer type they service – ATIC services to Industry or
Infrastructure-related products and the inputs into these industries.
Our Industry Services business line uses its in-depth knowledge of industries such as renewable energy, oil
and gas, and petrochemicals to provide customers with a diverse range of Total Quality Assurance solutions.
The services we offer include technical inspection, non-destructive and materials testing and asset
performance management.
Our Minerals business offers expert inspection, analytical testing and advisory services to the minerals,
exploration, ore and mining industries. We cover each step of the supply chain from exploration, production,
sampling and inspection, to commercial trade settlement analysis.
Our Building & Construction business provides testing, inspection, certification and engineering services
to the building and construction industries, offering product-related testing and certification capabilities,
project-related assurance, testing, inspection and consulting services.
World of Energy – Our World of Energy segment focuses on the ATIC solutions we offer to our clients to
develop better and greener fuels as well as renewables. This segment includes Caleb Brett, Transportation
Technologies (‘TT’) and Clean Energy Associates (‘CEA’).
This segment consists of three global business lines with similar global growth drivers which are intrinsically
linked to the wider economic factors, regulation over traditional hydrocarbons and sustainability of energy
supply which impact the energy market. These business lines provide specialist cargo inspection, analytical
assessment, calibration and related research and technical services to the world’s petroleum and biofuels
industries.
Our Caleb Brett business provides cargo and inventory inspection, analytical assessment, calibration and
related research and technical services to the world’s petroleum and biofuels industries.
TT’s global network of laboratories provides diverse, rapid testing and validation services to the transportation
market, evaluating to industry standards and international regulations, and delivers testing for new and
emerging markets such as autonomous and connected vehicles, electric/hybrid vehicles, charging components,
automotive telematics and aftermarket components.
CEA is a provider of quality assurance, supply chain traceability and technical services to the solar energy,
energy storage and green hydrogen sectors.
2 Operating segments and presentation of results Continued
The principal activities of the reportable segments, and the customers they serve, are as follows:
Consumer products – Our Consumer Products segment focuses on the ATIC solutions we offer to our clients
to develop and sell better, safer and more sustainable products to their own clients. This segment includes the
following business lines: Softlines, Hardlines, Electricals & Connected World and Government & Trade Services.
As a trusted partner to the world’s leading retailers, manufacturers and distributors, the segment supports a
wide range of industries including textiles, footwear, toys, hardlines, home appliances, consumer electronics,
information and communication technology, automotive, aerospace, lighting, building products, industrial and
renewable energy products, and healthcare.
Across these industries we provide a wide range of Assurance, Testing, Inspection and Certification (‘ATIC’)
services including laboratory safety, quality and performance testing, and third-party certification. Our
Government & Trade Services business provides inspection services to governments and regulatory bodies
to support trade activities that help the flow of consumer products across borders, predominantly in the
Middle East, Africa and South America.
Corporate Assurance – Our Corporate Assurance segment focuses on the industry-agnostic assurance
solutions we offer to our clients to make their value chains more sustainable and more resilient end-to-end.
This segment includes Business Assurance and Assuris.
Intertek Business Assurance provides a full range of business process audit and support services, including
accredited third-party management systems auditing and certification, second-party supplier auditing and
supply chain solutions, sustainability data verification, process performance analysis and training. Assuris’
global network of scientists, engineers and regulatory specialists provide clients with support to navigate
complex scientific, regulatory, environmental, health, safety and quality challenges throughout their value
chain.
Health and Safety – Our Health and Safety segment focuses on the ATIC solutions we offer to our clients
to make sure we all enjoy a healthier and safer life. This segment includes AgriWorld, Food and Chemicals &
Pharma business lines. The division provides differing services which reflect the breadth of our ATIC offering,
but the services provided are similar in nature and include analytical assessment, inspection and technical
services that are delivered to the customers through issuing certificates or reports.
Our AgriWorld business provides assurance, testing, inspection and certification services across the entire
agricultural supply chain.
Our Food business provides food safety testing, hygiene and safety audits, inspection, certification and
advisory services to food companies.
Our Chemicals & Pharma business enables clients to mitigate risks associated with quality and safety,
processes and supply chains, supporting them with their product development, regulatory authorisation,
chemical testing and production.
Intertek Group plc
Annual Report & Accounts 2025
3.11
Notes to the financial statements Continued
3: Financial Report2: Sustainability Report1: Strategic Report
Geographic segments
Although the Group is managed through a divisional structure, which operates on a global basis, under the
requirements of IFRS 8 the Group must disclose any specific countries that are important to the Group’s
performance. The Group considers the following to be the material countries in which it operates: the United
States, China (including Hong Kong), the United Kingdom and Australia.
In presenting information on the basis of geographic segments, segment revenue is based on the location of
the entity recognising that revenue. Segment assets are based on the geographical location of the assets.
Revenue from external
customers Non-current assets
2025 2024 2025 2024
£m £m £m £m
United States
995.2
1,025.7
1,024.0
1,093.4
China (including Hong Kong)
619.1
605.7
77.8
80.3
United Kingdom
236.2
227. 9
247.6
251.5
Australia
178.1
171.4
629.7
473.0
Other countries and unallocated
1,403.0
1,362.5
533.5
464.7
Total
3,431.6
3,393.2
2,512.6
2,362.9
Major customers
No revenue from any individual customer exceeded 10% of total Group revenue in 2025 or 2024.
3 Separately Disclosed Items
Accounting policy
Adjusted results
In order to present the performance of the Group in a clear, consistent and comparable format, certain items are
disclosed separately on the face of the income statement. Separately Disclosed Items (‘SDI’) are items which
by their nature or size, in the opinion of the Directors, should be excluded from the adjusted results to provide
readers with a clear and consistent view of the business performance of the Group and its operating segments
on a year-on-year basis. A full glossary and definitions of adjusted performance metrics used by the Group is
included on page 3.64-3.66.
When applicable, these items include: amortisation of acquisition intangibles; impairment of goodwill
and other assets; the profit or loss on disposals of businesses or other significant non-current assets;
the costs of acquiring and integrating acquisitions; the cost of any fundamental restructuring; the costs
of any significant strategic projects; significant claims and settlements; and unrealised market or fair value
gains or losses on financial assets or liabilities, including contingent consideration.
Adjusted operating profit, which is a non-GAAP measure, excludes the amortisation of acquired intangible
assets, primarily customer relationships, as we do not believe that the amortisation charge in the income
statement provides useful information about the cash costs of running our business as these assets will be
supported and maintained by ongoing marketing and promotional expenditure, which is already reflected
in operating costs. Amortisation of software, however, is included in adjusted operating profit as it is similar
in nature to other capital expenditure.
2 Operating segments and presentation of results Continued
The results of these segments for the year ended 31 December are shown below:
Revenue
from Depreciation
contracts and Adjusted Separately
with Employee software operating Disclosed Operating
customers costs amortisation profit Items profit
Year ended 31 December 2025 £m £m £m £m £m £m
Consumer Products
983.4
( 377.6)
(51.3)
299.3
(6.0)
293.3
Corporate Assurance
514.0
(193.9)
(12.3)
116.3
(23.7)
92.6
Health and Safety
347.1
(150.9)
(22.3)
45.2
(13.3)
31.9
Industry and Infrastructure
858.1
(413.5)
(33.0)
95.4
(13.9)
81.5
World of Energy
729.0
(344.4)
(48.1)
63.4
(20.4)
43.0
Total
3,431.6
(1,480.3)
(167.0)
619.6
(77.3)
542.3
Group operating profit
619.6
(77.3)
542.3
Net financing costs
(50.6)
1.7
(48.9)
Profit before income tax
569.0
(75.6)
493.4
Income tax (expense)/credit
(146.2)
16.0
(130.2)
Profit for the year
422.8
(59.6)
363.2
Revenue
from Depreciation
contracts and Adjusted Separately
with Employee software operating Disclosed Operating
customers costs amortisation profit Items profit
Year ended 31 December 2024 £m £m £m £m £m £m
Consumer Products
958.8
( 387. 1)
(49.9)
268.7
(11.7)
257.0
Corporate Assurance
496.3
(192.2)
(12.0)
117.2
(20.7)
96.5
Health and Safety
337. 2
( 147.4)
(19.4)
46.0
(6.3)
39.7
Industry and Infrastructure
843.6
(416.9)
(31.4)
80.7
(12.8)
6 7.9
World of Energy
757.3
(348.8)
(49.0)
7 7. 5
(2.9)
74.6
Total
3,393.2
(1,492.4)
(161.7)
590.1
(54.4)
535.7
Group operating profit
590.1
(54.4)
535.7
Net financing costs
(42.3)
(3.4)
(45.7)
Profit before income tax
547. 8
(57. 8)
490.0
Income tax (expense)/credit
(135.2)
12.4
(122.8)
Profit for the year
412.6
(45.4)
367. 2
Intertek Group plc
Annual Report & Accounts 2025
3.12
Notes to the financial statements Continued
3: Financial Report2: Sustainability Report1: Strategic Report
4 Expenses and auditors’ remuneration
An analysis of operating costs by nature is outlined below:
2025 2024
£m £m
Employee costs
1,480.3
1,492.4
Depreciation and software amortisation (notes 8 and 9)
167.0
161.7
Other expenses
1,242.0
1,203.4
Total
2,889.3
2, 857. 5
Certain expenses/(gains) are outlined in the table below, including fees paid to the auditors of the Group.
Forvis Mazars LLP acts as external auditors of certain material and non-material entities within the Group.
The total remuneration for the audit of these entities, included in the table below, was £0.6m (2024: £0.6m).
2025 2024
£m £m
Included in profit for the year are the following expenses/(gains):
Property rentals
6.2
6.6
Lease and hire charges – fixtures, fittings and equipment
17.1
16.6
Government grants related to employee costs
(3.6)
(4.8)
Profit on disposal of property, plant, equipment and software
(5.7)
(3.9)
Auditors’ remuneration:
Audit of these financial statements
1.6
1.6
Amounts receivable by the auditors and their associates in respect of:
Audit of financial statements of subsidiaries pursuant to legislation
4.2
4.3
Total audit fees payable pursuant to legislation
5.8
5.9
Audit-related services
0.2
0.2
Total
6.0
6.1
3 Separately Disclosed Items Continued
The costs associated with our cost reduction programme are excluded from adjusted operating profit where
they represent changes associated with operational streamlining and technology upgrades and are costs
that are not expected to reoccur. The restructuring programme, which began in 2022, is expected to last
up to five years.
The treatment as SDI is consistent with the disclosure of costs for similar restructuring and strategic
programmes previously undertaken.
The impairment of goodwill and other assets that by their nature or size are not expected to recur, the profit
and loss on disposals of businesses or other significant assets, and the costs associated with successful, active
or aborted acquisitions are excluded from adjusted operating profit to provide useful information regarding the
year-on-year performance of the Group’s operations.
As adjusted results include the benefits of the items detailed above, but exclude significant costs related to
those items, they should not be regarded as a complete picture of the Group’s financial performance, which is
presented on the face of the income statement under total results. The exclusion of these items may result
in adjusted operating profit being materially higher or lower than total operating profit. In particular, where
significant impairments, restructuring charges and legal costs are excluded in any year, adjusted operating
profit will be higher than total operating profit.
Separately Disclosed Items
The Separately Disclosed Items are described in the table below:
2025 2024
£m £m
Operating costs:
Amortisation of acquisition intangibles
(a)
(35.9)
(32.3)
Acquisition and integration costs
(b)
(4.3)
(2.5)
Restructuring costs
(c)
(37.1)
(15.8)
Significant claims and settlements
(d)
–
(3.8)
Total operating costs
(77.3)
(54.4)
Net financing costs
(e)
1.7
(3.4)
Total before income tax
(75.6)
( 57.8 )
Income tax credit on Separately Disclosed Items
(f)
16.0
12.4
Total
(59.6)
(45.4)
(a) Of the amortisation of acquisition intangibles in the current period, £0.2m relates to the customer relationships acquired with the purchase of
TESIS – Technologia e Qualidade de Sistemas em Engenharia Ltda (‘TESIS’) and £1.3m relates to the customer relationships and trade names
acquired with the purchase of Envirolab in 2025.
(b) Acquisition and integration costs comprise £3.8m (2024: £1.3m) for transaction and integration costs in respect of successful, active and
aborted acquisitions in the current year, and £0.5m in respect of prior years’ acquisitions (2024: £1.2m).
(c) During 2022, the Group initiated the first year of a cost reduction programme. In 2025, costs of £37.1m (2024: £15.8m) included consolidating
sites and offices, streamlining headcount and related asset write-offs.
(d) Significant claims and settlements relate to commercial claims that are separately disclosable due to their size and nature. The associated
claims have now settled.
(e) Net financing costs of £1.7m (2024: £(3.4)m) relate to the unwinding of discount and changes in fair value of contingent consideration related
to acquisitions.
(f) Income tax credit on SDIs of £16.0m (2024: £12.4m) mainly relating to deferred tax impact of the movement in amortisation of intangibles.
Intertek Group plc
Annual Report & Accounts 2025
3.13
Notes to the financial statements Continued
3: Financial Report2: Sustainability Report1: Strategic Report
6 Taxation
Accounting policy
Income tax for the year comprises current and deferred tax. Income tax is recognised in the same primary
statement as the accounting transaction to which it relates.
Current tax
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or
substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years.
Tax provisions are recognised for uncertain tax positions where a risk of an additional tax liability has
been identified and it is probable that the Group will be required to settle that tax liability. Measurement is
dependent on management’s expectation of the outcome of decisions by tax authorities in the various tax
jurisdictions in which the Group operates. This is assessed on a case-by-case basis using in-house tax experts,
professional firms and previous experience. Where the outcome of discussions with tax authorities is different
from the amount initially recorded, this difference will impact the tax expense in the period in which the
determination is made.
Deferred tax
Deferred tax is provided using the balance sheet liability method, providing for temporary differences
between the carrying amount of assets and liabilities for financial reporting purposes and the amounts
used for taxation purposes, except for:
• recognition of consolidated goodwill;
• the initial recognition of assets or liabilities in a transaction that is not a business combination and
that affects neither accounting nor taxable profit;
• where a transaction does not give rise to equal taxable and deductible temporary differences; and
• differences relating to investments in subsidiaries, branches, associates and interest in joint ventures,
the reversal of which is under the control of the Group and where it is probable that the difference will
not reverse in the foreseeable future.
The amount of deferred tax provided is based on the expected manner of realisation or settlement of the
carrying amount of assets and liabilities, using tax rates that have been enacted or substantively enacted at
the balance sheet date, for the periods when the asset is realised or the liability is settled. Deferred tax assets
and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets and they
relate to income taxes levied by the same tax authority on the same taxable entity, or on different taxable
entities which intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities
will be realised simultaneously.
Deferred tax assets are recognised to the extent that there are taxable temporary differences relating to
the same taxation authority, the same taxable company or different taxable companies part of the same
tax group, which are expected to reverse in the same period, or to the extent that it is probable that future
taxable profits will be available against which the temporary difference can be utilised. The carrying amount
of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer
probable that sufficient taxable profits will be available to allow all or part of the deferred tax asset to be
utilised. In calculating future taxable profits, the future forecasts considered were consistent with those
used for the purposes of the Group’s going concern and viability assessments.
5 Employees
Total employee costs are shown below:
2025 2024
Employee costs £m £m
Wages and salaries
1,242.3
1,262.0
Equity-settled transactions
24.3
24.4
Social security costs
148.6
143.5
Pension costs (note16)
65.1
62.5
Total employee costs
1,480.3
1,492.4
Details of pension arrangements and equity-settled transactions are set out in notes 16 and 17 respectively.
Average number of employees by division
2025
2024
Consumer Products
13,996
13,821
Corporate Assurance
4,338
4,165
Health and Safety
5,618
5,531
Industry and Infrastructure
10,348
10,273
World of Energy
8,652
8,717
Central
2,068
2,062
Total average number for the year ended 31 December
45,020
44,569
Total actual number at 31 December
45,425
45,000
The total remuneration of the Directors is shown below:
2025 2024
Directors’ emoluments £m £m
Directors’ remuneration
4.7
5.9
Amounts charged under the long-term incentive scheme
4.8
3.1
Total Directors’ emoluments
9.5
9.0
Intertek Group plc
Annual Report & Accounts 2025
3.14
Notes to the financial statements Continued
3: Financial Report2: Sustainability Report1: Strategic Report
Reconciliation of effective tax rate
The following table provides a reconciliation of the UK statutory corporation tax rate to the effective tax rate
of the Group on profit before taxation.
2025 2024
£m £m
Profit before taxation
493.4
490.0
Notional tax charge at UK standard rate 25.0% (2024: 25.0%)
123.4
122.5
Differences in overseas tax rates
(3.1)
( 7.0)
Withholding tax on intercompany dividends
8.2
7.4
Non-deductible expenses
9.3
10.4
Tax exempt income
(7. 1)
(6.8)
Change in tax rate impact
(0.1)
(0.1)
Movement in unrecognised deferred tax
(0.1)
2.0
Adjustments in respect of prior years
(0.3)
(5.1)
Other
–
(0.5)
Total tax in income statement
130.2
122.8
Pillar Two legislation is applicable to the Intertek Group. The Group has performed a calculation of the additional
tax exposure arising for FY 2025. This assessment is based on country-by-country reporting principles and
financial information as contained in the FY 2025 consolidated financial statements. The tax liability in relation
to the jurisdictions that are not expected to fall within one of the transitional safe harbour exemptions is
estimated to be £0.3m (2024: £0.6m) and is included in the current tax of £130.2m.
6 Taxation Continued
The Group does not currently expect the climate-related risks discussed on pages 1.62-1.70 to have an impact
on the availability to recover the deferred tax assets identified below .
Tax expense
The Group operates across many different tax jurisdictions. Income and profits are earned and taxed in the
individual countries in which they occur.
The statutory tax charge, including the impact of SDIs, of £130.2m (2024: £122.8m), equates to an effective
rate of 26.4% (2024: 25.1%) and the cash tax on adjusted results is 23.6% (2024: 23.1%). The income
tax expense for the adjusted profit before tax for the 12 months ended 31 December 2025 is £146.2m
(2024: £135.2m). The Group’s adjusted effective tax rate for the 12 months ended 31 December 2025
is 25.7% (2024: 24.7%).
Net differences between the consolidated effective tax rate of 26.4% and the statutory UK rate of 25.0%
include but are not limited to: the mix of profits; the effect of tax rates in foreign jurisdictions; non-deductible
expenses; the effect of movement in unrecognised deferred tax assets; movements in the provision for
uncertain tax positions; withholding tax on intra-group dividends; tax-exempt income; and under/over
provisions in previous periods.
The Group receives tax incentives in certain jurisdictions, resulting in a lower tax charge to the income
statement. These tax incentives mainly relate to China’s High and New Technology Enterprise and
Technology Advanced Service Enterprise incentives. Without these incentives the adjusted effective
tax rate would be 28.1% (2024: 26.8%). The tax on SDIs primarily relates to intangibles, financing costs,
restructuring and integration.
Tax charge
The total income tax charge, comprising the current tax charge and the movement in deferred tax, recognised
in the income statement is analysed as follows:
2025 2024
£m £m
Current tax charge for the period
124.4
132.9
Adjustments relating to prior year liabilities
(1.6)
(5.1)
Current tax
122.8
127. 8
Deferred tax movement related to current year
6.1
(5.0)
Deferred tax movement related to prior year
1.3
–
Deferred tax movement
7.4
(5.0)
Total tax in income statement
130.2
122.8
Tax on adjusted result
146.2
135.2
Tax on Separately Disclosed Items
(16.0)
(12.4)
Total tax in income statement
130.2
122.8
Intertek Group plc
Annual Report & Accounts 2025
3.15
Notes to the financial statements Continued
3: Financial Report2: Sustainability Report1: Strategic Report
Deferred tax
Recognised deferred tax assets and liabilities
Deferred tax assets and liabilities are attributable to the following:
Assets Assets Liabilities Liabilities Net Net
2025 2024 2025 2024 2025 2024
£m £m £m £m £m £m
Intangible assets
0.2
0.7
(90.5)
(78.1)
(90.3)
( 7 7.4)
Property, plant
and equipment
77.8
73.5
(96.9)
(89.1)
(19.1)
(15.6)
Pensions
0.8
1.0
( 7.6)
(6.5)
(6.8)
(5.5)
Equity-settled transactions
8.6
8.1
–
–
8.6
8.1
Provisions and other
temporary differences
49.9
56.6
(14.8)
(11.0)
35.1
45.6
Tax value of losses
10.8
9.4
–
–
10.8
9.4
Total
148.1
149.3
(209.8)
(184.7)
(61.7)
(35.4)
As shown on balance sheet:
Deferred tax assets*
34.8
34.5
Deferred tax liabilities*
(96.5)
(69.9)
Total
(61.7)
(35.4)
* The deferred tax analysed by category is shown before considering whether balances are required to be offset against other deferred tax
balances. The balance sheet shows the net deferred tax position taking account of offsetting within companies or jurisdictions required by
accounting standards. The difference between the two asset and liability totals is £113.2m, but the net liability of £61.7m is the same in both
cases. Included within Property, fixtures, fittings and equipment is a deferred tax asset of £75.9m (2024: £70.6m) and a deferred tax liability
of £70.2m (2024: £65.0m) in respect of leasing transactions.
Deferred tax assets totalling £10.2m have been recognised primarily in respect of Brazil and Germany, that have taxable losses either in the
current or prior period. The utilisation of these assets is dependent on future taxable profits. In evaluating whether it is possible that taxable
profits will be earned in future accounting periods, all available evidence was considered, including approved budgets and forecasts. Following
this evaluation, it is considered more likely than not that there will be sufficient future taxable profits to realise these deferred tax assets.
Deferred tax assets are provided in respect of losses which can be carried forward indefinitely, excluding £0.9m losses which are due to expire
within five years and £0.9m losses which are due to expire after five years. Of the £148.0m of deferred tax assets displayed above, £10.8m
are expected to be recovered within 12 months.
6 Taxation Continued
Income tax recognised in other comprehensive income (‘OCI’)
As noted in the accounting policy, tax is recognised in the same place as the relevant accounting charge.
The income tax recognised on items recorded in other comprehensive income is shown below:
Tax (charge)/ Tax (charge)/
Before tax credit Net of tax Before tax credit Net of tax
2025 2025 2025 2024 2024 2024
£m £m £m £m £m £m
Foreign exchange
translation differences
of foreign operations
(90.8)
2.5
(88.3)
(64.8)
2.5
(62.3)
Net exchange gain/(loss) on
hedges of net investments
in foreign operations
27. 5
2.3
29.8
1.7
4.6
6.3
(Loss)/Gain on fair value of
cash flow hedges
–
–
–
–
–
–
Remeasurements on defined
benefit pension schemes
4.6
(0.8)
3.8
3.7
(1.1)
2.6
Tax on other items that will
never be reclassified to
profit or loss
–
–
–
–
–
–
Total other
comprehensive
(expense)/income
for the year
(58.7)
4.0
(54.7)
(59.4)
6.0
(53.4)
Income tax recognised directly in equity
As noted in the accounting policy, tax is recognised in the same place as the relevant accounting charge.
The income tax on items recognised in equity is shown below:
Tax (charge)/ Tax (charge)/
Before tax credit Net of tax Before tax credit Net of tax
2025 2025 2025 2024 2024 2024
£m £m £m £m £m £m
Equity-settled
transactions
24.3
(0.4)
23.9
24.4
0.9
25.3
Intertek Group plc
Annual Report & Accounts 2025
3.16
Notes to the financial statements Continued
3: Financial Report2: Sustainability Report1: Strategic Report
Unrecognised deferred tax assets
Deferred tax assets have not been recognised in respect of the items shown below. The numbers shown are
both the gross temporary differences, and the potential deferred tax asset:
2025 2024
£m £m
Intangibles
26.7
26.6
Pensions
1.5
1.5
Provisions and other temporary differences
0.8
4.0
Tax losses
199.8
147.0
Foreign tax credits
1.5
1.2
Property, fixtures, fittings and equipment
–
(0.1)
Total
230.3
180.2
Deferred tax assets have not been recognised in respect of these items because it is not probable that
future taxable profits will be available in relevant jurisdictions against which the Group can utilise the
benefits from them.
Of the unrecognised tax losses above, £152.6m (tax value £10.5m) (2024: £97.9m) of these relate to US state
tax losses due to insufficient taxable profits expected in the relevant states.
There is a temporary difference of £408.4m (2024: £401.4m) which relates to unremitted overseas earnings.
No deferred tax is provided on this amount as the distribution of these retained earnings is under the control
of the Group and there is no intention to repatriate from the associated subsidiaries in the foreseeable future.
6 Taxation Continued
Movements in deferred tax temporary differences during the year
The movement in the year in deferred tax assets and liabilities is shown below:
Recognised Recognised
1 January Exchange in income in equity 31 December
2025 adjustments Acquisitions statement and OCI 2025
£m £m £m £m £m £m
Intangible assets
(77. 4)
1.2
(22.3)
6.1
2.1
(90.3)
Property, fixtures, fittings
and equipment
(15.6)
1.0
(0.3)
(4.1)
(0.1)
(19.1)
Pensions
(5.5)
–
–
(0.5)
(0.8)
(6.8)
Equity-settled transactions
8.1
–
–
0.9
(0.4)
8.6
Provisions and other
temporary differences
45.6
(1.8)
1.7
(10.4)
–
35.1
Tax value of losses
9.4
(0.2)
–
0.6
1.0
10.8
Total
(35.4)
0.2
(20.9)
(7. 4)
1.8
(61.7)
Recognised Recognised
1 January Exchange in income in equity 31 December
2024 adjustments Acquisitions statement and OCI 2024
£m £m £m £m £m £m
Intangible assets
(80.2)
(0.3)
(1.5)
3.1
1.5
( 77.4)
Property, fixtures, fittings
and equipment
(13.5)
(0.4)
–
(1.6)
(0.1)
(15.6)
Pensions
(4.1)
–
–
(0.3)
(1.1)
(5.5)
Equity-settled transactions
5.8
–
–
1.4
0.9
8.1
Provisions and other
temporary differences
42.8
(1.7)
–
4.8
(0.3)
45.6
Tax value of losses
10.3
(1.1)
1.6
(2.4)
1.0
9.4
Total
(38.9)
(3.5)
0.1
5.0
1.9
(35.4)
Intertek Group plc
Annual Report & Accounts 2025
3.17
Notes to the financial statements Continued
3: Financial Report2: Sustainability Report1: Strategic Report
6 Taxation Continued
Expiry of unrecognised deferred tax assets – tax losses and tax credits
The only unrecognised deferred tax assets that have a specified expiry period are tax losses and foreign tax
credits. All tax credits expire within ten years and the expiry period of tax losses are set out below.
2025 2024
£m £m
Tax losses expiring:
Within 10 years
39.0
29.0
More than 10 years
71.2
69.2
Available indefinitely
89.6
48.8
Total
199.8
147.0
In addition to the above, no specified time expiry is anticipated in respect of the other unrecognised deferred
tax assets.
7 Earnings per ordinary share
The calculation of earnings per ordinary share is based on profit attributable to ordinary shareholders of the
Company and the weighted average number of ordinary shares in issue during the year. Diluted earnings per
share is calculated by adjusting the weighted average number of ordinary shares in issue on the assumption of
conversion of all potentially dilutive ordinary shares. Potential ordinary shares shall be treated as dilutive when,
and only when, their conversion to ordinary shares would decrease earnings per share or increase loss per share
from continuing operations.
In addition to the earnings per share required by IAS 33 Earnings Per Share, an adjusted earnings per share has
also been calculated and is based on earnings excluding the effect of amortisation of acquisition intangibles,
goodwill impairment and other Separately Disclosed Items. It has been calculated to allow shareholders a better
understanding of the trading performance of the Group. Details of the adjusted earnings per share are set
out below:
2025 2024
£m £m
Profit attributable to ordinary shareholders
343.5
345.4
Separately Disclosed Items after tax (note3)
59.6
45.4
Adjusted earnings
403.1
390.8
Number of shares (millions)
Basic weighted average number of ordinary shares
157.5
161.1
Potentially dilutive share awards
1.5
1.3
Diluted weighted average number of shares
159.0
162.4
Basic earnings per share
218.1p
214.4p
Impact of potentially dilutive share awards
(2.1)p
(1.7)p
Diluted earnings per share
216.0p
212.7p
Adjusted basic earnings per share
255.9p
242.6p
Impact of potentially dilutive share awards
(2.4)p
(2.0)p
Adjusted diluted earnings per share
253.5p
240.6p
Intertek Group plc
Annual Report & Accounts 2025
3.18
Notes to the financial statements Continued
3: Financial Report2: Sustainability Report1: Strategic Report
8 Property, plant and equipment
Accounting policy
Property, plant and equipment
Owned assets
Items of property, plant and equipment are measured at cost less accumulated depreciation and accumulated
impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset.
Leased assets
All leases where the Group is the lessee (with the exception of short-term and low-value leases) are recognised
in the statement of financial position. A lease liability is recognised based on the present value of the future
lease payments, and a corresponding right-of-use asset is recognised. The right-of-use asset is depreciated
over the shorter of the lease term or the useful life of the asset. Lease payments are apportioned between
finance charges and a reduction of the lease liability.
Low-value items, usually below £4,000, and short-term leases with a term of 12 months or less are not
required to be recognised on the balance sheet and payments made in relation to these leases are recognised
on a straight-line basis in the income statement. The Group leases various properties, principally offices and
testing laboratories, which have varying terms and renewal rights that are typical to the territory in which
they are located. Non-property includes all other leases, such as cars and printers. Normally the lease term is
the contractual start to end date, except when a break or extension option is reasonably certain to be taken,
which is considered on a lease-by-lease basis.
Depreciation
Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives
of items of property, plant and equipment. Leased assets are depreciated over the shorter of the expected
lease term and their useful lives. Freehold land is not depreciated.
The estimated useful lives are as follows:
Freehold buildings
50 years
Leasehold buildings
Term of lease
Fixtures, fittings, plant and equipment
3 to 10 years
Depreciation methods, residual values and the useful lives of assets are reassessed at each reporting date.
Impairment
Non-financial assets
The carrying amounts of the Group’s non-financial assets, other than inventories and deferred tax assets,
are reviewed at each reporting date to determine whether there is any indication of impairment. If any such
indication exists, then the asset’s recoverable amount is estimated to determine the level of any impairment.
Property, plant and equipment
The property, plant and equipment employed by the business is analysed below:
Fixtures,
fittings,
Land and plant and
buildings equipment Total
£m £m £m
Cost
At 1 January 2024
634.4
1,274.3
1,908.7
Exchange adjustments
(9.8)
(27.1)
(36.9)
Additions
77.2
124.8
202.0
Disposals
(45.8)
(67.7 )
(113.5)
Businesses acquired (note10)
1.8
1.3
3.1
At 31 December 2024
657. 8
1,305.6
1,963.4
Accumulated depreciation
At 1 January 2024
331.8
9 07. 3
1,239.1
Exchange adjustments
(3.5)
( 17.9 )
(21.4)
Charge for the year
64.3
80.1
144.4
Impairments
–
5.2
5.2
Disposals
(33.0)
(63.7)
(96.7)
At 31 December 2024
359.6
911.0
1,270.6
Net book value at 31 December 2024
298.2
394.6
692.8
Intertek Group plc
Annual Report & Accounts 2025
3.19
Notes to the financial statements Continued
3: Financial Report2: Sustainability Report1: Strategic Report
8 Property, plant and equipment Continued
Fixtures,
fittings,
Land and plant and
buildings equipment Total
£m £m £m
Cost
At 1 January 2025
657.8
1,305.6
1,963.4
Exchange adjustments
(23.2)
(38.2)
(61.4)
Additions
80.7
148.8
229.5
Disposals
(40.9)
(67.0)
(107.9)
Businesses acquired (note10)
14.2
5.4
19.6
At 31 December 2025
688.6
1,354.6
2,043.2
Accumulated depreciation
At 1 January 2025
359.6
911.0
1,270.6
Exchange adjustments
(15.4)
(29.4)
(44.8)
Charge for the year
67.6
83.2
150.8
Impairments
–
5.3
5.3
Disposals
(37. 2)
(62.4)
(99.6)
At 31 December 2025
374.6
907.7
1,282.3
Net book value at 31 December 2025
314.0
446.9
760.9
Fixtures, fittings, plant and equipment include assets in the course of construction of £65.4m at 31 December
2025 (2024: £55.8m), mainly comprising laboratories under construction. These assets will not be depreciated
until they are available for use.
The net book value of land and buildings comprised:
2025 2024
£m £m
Freehold
47.8
49.6
Leasehold
266.2
248.6
Total
314.0
298.2
Contracts for capital expenditure which are not provided in the financial statements amounted to £22.1m
(2024: £19.1m).
We have specifically reviewed our portfolio of freehold properties (total 2025 net book value of £47.8m
(2024: £49.6m)) to consider whether there are indications of material impairment arising from the potential
physical risks arising from climate change. We have not impaired any assets this year as a result of this exercise.
As a result of the Group’s cost reduction programme initiated in 2022, there were individual fixtures, fittings,
plant and equipment assets no longer in use or where expected returns are lower than net book value, which
resulted in an impairment of £5.3m (2024: £6.9m), with the cost recognised in SDI as a restructuring cost
(see note 3).
The net book value of the right-of-use asset for leases comprised:
Land and
buildings Other Total
£m £m £m
At 1 January 2024
251.3
35.3
286.6
Cost movement in year
23.4
(1.0)
22.4
Depreciation movement in year
(27.5)
(1.0)
(28.5)
Net book value at 31 December 2024
247. 2
33.3
280.5
Land and
buildings Other Total
£m £m £m
At 1 January 2025
247.2
33.3
280.5
Cost movement in year
38.0
6.5
44.5
Depreciation movement in year
(19.7)
(2.6)
(22.3)
Net book value at 31 December 2025
265.5
37.2
302.7
For lease liabilities, interest expenses on lease liabilities and cash outflows for leases, refer to note 14;
for expense relating to short-term leases and leases of low-value assets, refer to note 4.
Other leases include motor vehicles, office equipment and fixtures and fittings.
Intertek Group plc
Annual Report & Accounts 2025
3.20
Notes to the financial statements Continued
3: Financial Report2: Sustainability Report1: Strategic Report
Impairment
Goodwill is not subject to amortisation and is tested annually for impairment and when circumstances indicate
that the carrying value may be impaired. Goodwill is also tested for impairment in the year of any acquisition.
Other intangible assets are subject to amortisation and are reviewed for impairment whenever events or
changes in circumstances indicate that the amount carried in the statement of financial position may be less
than its recoverable amount.
Any impairment is recognised in the income statement within operating costs. Impairment is determined
for goodwill by assessing the recoverable amount of each asset or group of assets, i.e. CGU, to which the
goodwill relates. A CGU represents an asset grouping at the lowest level for which there are separately
identifiable cash flows.
The recoverable amount of an asset or a CGU is the greater of its fair value less costs to sell and value in use.
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax
discount rate that reflects current market assessments of the time value of money and the risks specific to the
asset. The estimation process is complex due to the inherent risks and uncertainties and if different estimates
were used this could materially change the projected value of the cash flows. An impairment loss in respect of
goodwill is not reversed.
9 Goodwill and other intangible assets
Accounting policy
Goodwill
Goodwill arises on the acquisition of businesses. Goodwill represents the difference between the cost
of acquisition and the Group’s interest in the fair value of the identifiable assets and liabilities acquired.
Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash generating
units (‘CGUs’) and is not amortised but is tested annually for impairment.
Business combinations are accounted for using the acquisition method at the acquisition date, which is the
date on which control is obtained.
The Group measures goodwill as the fair value of the consideration transferred less the net recognised
amount (generally fair value) of the identifiable assets acquired and liabilities assumed, all measured as of
the acquisition date.
Costs related to the acquisition, other than those associated with the issue of debt or equity securities,
are expensed as incurred. Costs relating to acquisitions are shown in note 3.
Any contingent consideration payable is recognised at fair value at the acquisition date with subsequent
changes recognised in profit or loss.
If at the reporting date the fair values of the acquiree’s identifiable assets, liabilities and contingent liabilities
can only be established provisionally, then these values are used. Adjustments to the fair values can be made
within 12 months of the acquisition date and are taken as adjustments to goodwill.
Other intangible assets
When the Group makes an acquisition, management reviews the business and assets acquired to determine
whether any intangible assets should be recognised separately from goodwill. If, based on management’s
judgement, such an asset is identified, then it is valued by discounting the probable future cash flows
expected to be generated by the asset, over the estimated life of the asset. Where there is uncertainty
over the amount of economic benefit and the useful life, this is factored into the calculation.
Intangible assets arising on acquisitions and computer software are stated at cost less accumulated
amortisation and accumulated impairment losses. Identifiable intangibles are those which can be sold
separately or which arise from legal rights regardless of whether those rights are separable, and which
have finite useful lives.
Amortisation is charged to the income statement on a straight-line basis over the estimated useful lives.
The estimated useful lives are as follows:
Computer software
Up to 7 years
Customer relationships
Up to 20 years
Technology and know-how
Up to 15 years
Trade names
Up to 18 years
Licences
Contractual life
Covenants not to compete
Contractual life
Intertek Group plc
Annual Report & Accounts 2025
3.21
Notes to the financial statements Continued
3: Financial Report2: Sustainability Report1: Strategic Report
Other intangible assets
Technology/
Know-how Other Total other
Customer and trade acquisition Computer intangible
Goodwill relationships names intangibles software assets
£m £m £m £m £m £m
Cost
At 1 January 2025
1,905.9
534.2
113.5
30.0
300.9
978.6
Exchange adjustments
(62.9)
(17.5)
(4.3)
(1.0)
(16.2)
(39.0)
Additions
–
–
–
–
15.4
15.4
Transfers
–
–
–
–
–
–
Disposal
–
–
–
–
(1.2)
(1.2)
Businesses acquired (note10)
100.4
61.4
12.7
–
0.1
74.2
At 31 December 2025
1,943.4
578.1
121.9
29.0
299.0
1,028.0
Accumulated amortisation
At 1 January 2025
540.0
399.9
60.1
29.0
185.4
674.4
Exchange adjustments
(18.9)
(13.5)
(2.8)
(1.0)
(9.4)
(26.7)
Charge for the year
–
26.2
9.3
0.4
16.2
52.1
Disposal
–
–
–
–
(1.2)
(1.2)
Impairment
–
–
–
–
–
–
At 31 December 2025
521.1
412.6
66.6
28.4
191.0
698.6
Net book value at
31 December 2025
1,422.3
165.5
55.3
0.6
108.0
329.4
Other intangible assets
Computer software additions of £15.4m (2024: £21.7m) relates to separately acquired computer software
of £2.7m (2024: £10.7m) and internally developed intangible assets of £12.7m (2024: £11.0m).
The other acquisition intangibles net book value of £0.6m (2024: £1.0m) consists of guaranteed income,
order backlog, licences and non-compete covenants.
The average remaining amortisation period for customer relationships is ten years (2024: nine years).
Computer software net book value of £108.0m (2024: £115.5m) includes software in construction of
£40.1m (2024: £44.4m). Research and development expenditure of £42.3m (2024: £42.6m) was recognised
as an expense in the year .
9 Goodwill and other intangible assets Continued
Intangibles
The intangibles employed by the business are analysed below:
Other intangible assets
Technology/
Know-how Other Total other
Customer and trade acquisition Computer intangible
Goodwill relationships names intangibles software assets
£m £m £m £m £m £m
Cost
At 1 January 2024
1,922.9
533.4
115.3
30.2
284.7
963.6
Exchange adjustments
(30.3)
(6.1)
(2.6)
(0.2)
0.8
(8.1)
Additions
–
–
–
–
21.7
21.7
Transfers
(2.1)
–
–
–
–
–
Disposal
–
–
–
–
(6.3)
(6.3)
Businesses acquired (note10)
15.4
6.9
0.8
–
–
7.7
At 31 December 2024
1,905.9
534.2
113.5
30.0
300.9
978.6
Accumulated amortisation
At 1 January 2024
537.1
381.3
49.2
28.8
173.4
632.7
Exchange adjustments
2.9
(1.8)
(0.7)
(0.1)
(0.7)
(3.3)
Charge for the year
–
20.4
11.6
0.3
17. 3
49.6
Disposal
–
–
–
–
(6.3)
(6.3)
Impairment
–
–
–
–
1.7
1.7
At 31 December 2024
540.0
399.9
60.1
29.0
185.4
674.4
Net book value at
31 December 2024
1,365.9
134.3
53.4
1.0
115.5
304.2
Intertek Group plc
Annual Report & Accounts 2025
3.22
Notes to the financial statements Continued
3: Financial Report2: Sustainability Report1: Strategic Report
Impairment review
In order to determine whether impairments are required, the Group estimates the recoverable amount
of each CGU. The calculation is based on projecting future cash flows over a four-year period and using
a terminal value to incorporate expectations of growth thereafter. The long-term growth rate is used in
the perpetuity calculations. A discount factor is applied to obtain a value in use which is the recoverable
amount. Goodwill arising in year from acquisitions is assessed for impairment separately from the above
CGUs and on an acquisition-by-acquisition basis. There was no impairment of goodwill for the acquisitions
in the year from the date of acquisition to 31 December 2025. There would be no impact on the impairment
review through the inclusion of these acquisitions within the CGU review. No impairments were required on
goodwill arising in 2025 (2024: no impairments).
The calculation of the value in use includes assessment of long-term growth rates and discount rates.
Long-term growth rates predict growth beyond the Group’s planning cycle, and range from 2.3% to 2.9% (2024:
2.3% to 3.0%), in line with market long-term inflation rate projections of the geographical territories operated in
for each CGU. The discount rate for each CGU is based on the Group’s weighted average cost of capital adjusted
for the risks specific to the CGU. Pre-tax discount rates ranged from 10.8% to 11.9% (2024: 9.3% to 10.6%).
The underlying cash flows include consideration of the potential impact of inflation.
Key assumptions
The key assumptions include the rate of revenue and profit growth within each of the territories and
business lines in which the Group operates. These are based on the Group’s latest approved budget and
five-year strategic plan at the time of the assessment. The forecast for each CGU are compiled from each of
its constituent business units as part of the Group’s annual financial planning process. Finally, the discount
rate used to bring the cash flow back to a present value varies depending on the location of the operation and
the nature of the operations. The estimated future cash flows are discounted to their present value using a
discount rate that reflects current market assessments of the time value of money and the risks specific to
the asset.
Sensitivity analysis
None of the reasonable downside sensitivity scenarios on key assumptions would cause the carrying amount
of each CGU to exceed its recoverable amount. The sensitivities modelled by management include:
(i) Assuming revenues decline each year by 1% in 2026 to 2029 from the 2026 budgeted revenues, with
margins increasing with base assumptions.
(ii) Assuming zero growth in operating profit margins in 2026 to 2029 with revenues increasing per base
assumptions.
(iii) Assuming an increase in the discount rates used by 1%.
Management considers that the likelihood of any or all of the above scenarios occurring is low.
9 Goodwill and other intangible assets Continued
Goodwill
Goodwill arising from acquisitions in the current and prior year has been allocated to reportable segments
as follows:
2025 2024
£m £m
Consumer Products
–
–
Corporate Assurance
–
–
Health and Safety
78.7
–
Industry and Infrastructure
21.7
15.4
World of Energy
–
–
At 31 December
100.4
15.4
In performing our annual impairment testing, the recoverable amount of each CGU has been calculated based
on its value in use, estimated as the present value of projected future cash flows.
The goodwill held in the CGUs and aggregated groups of CGUs shown below is considered significant within the
total carrying amount of goodwill at 31 December 2025:
2025 pre-tax 2025 2024
discount rate £m £m
Consumer Products
1
10.9–10.9%
98.2
103.1
Corporate Assurance
2
11.0–11.1%
664.7
681.9
Health and Safety
3
10.8–11.0%
205.9
125.9
Industry and Infrastructure
4
11.0–11.9%
290.5
286.2
World of Energy
5
11.0–11.0%
163.0
168.8
At 31 December
6
1,422.3
1,365.9
1. Within Consumer Products, goodwill allocated to the Electrical & Connected World CGU was £83.4m (2024: £88.1m) and the pre-tax discount
rate was 10.9%.
2. Within Corporate Assurance, goodwill allocated to the Business Assurance CGU was £659.3m (2024: £676.7m), and the pre-tax discount
rate was 11.0%.
3. Within Health and Safety, goodwill allocated to the Food CGU is £41.7m (2024: £35.4m), and goodwill allocated to the Chemicals & Pharma CGU
is £149.7m (2024: £76.7m). Pre-tax discount rates were 11.0% and 10.8% respectively.
4. Within Industry and Infrastructure, goodwill allocated to the Minerals CGU is £47.1m (2024: £47.7m) and goodwill allocated to the Building
& Construction CGU is £233.3m (2024: £227.5m). Pre-tax discount rates were 11.9% and 11.0% respectively.
5. Within World of Energy, goodwill allocated to the Caleb Brett CGU is £55.9m (2024: £55.1m), goodwill allocated to the Transportation
Technologies CGU is £42.6m (2024: £44.7m) and goodwill allocated to the CEA CGU is £60.5m (2024: £65.1m). Pre-tax discount rates
were 11.0%, 11.0% and 11.0% respectively.
6. All goodwill is recorded in local currency. Additions during the year are converted at the exchange rate on the date of the transaction and
the goodwill at the end of the year is stated at closing exchange rates.
Intertek Group plc
Annual Report & Accounts 2025
3.23
Notes to the financial statements Continued
3: Financial Report2: Sustainability Report1: Strategic Report
Provisional
fair value
to Group on
Envirolab acquisition
Total £’m
Property, plant and equipment
17.2
Goodwill
73.2
Other intangible assets
67.0
Trade and other receivables
6.0
Trade and other payables
(22.0)
Deferred tax liabilities
(18.7)
Net assets acquired (net of cash acquired)
122.7
Provisional
fair value
to Group on
Other acquisitions acquisition
Total £’m
Property, plant and equipment
2.4
Goodwill
27.2
Other intangible assets
7.2
Trade and other receivables
1.3
Trade and other payables
(1.9)
Deferred tax liabilities
(1.9)
Net assets acquired (net of cash acquired)
34.3
Goodwill and intangible assets
The total goodwill arising on acquisition made during 2025 was £100.4m, of which £14.3m is expected to be
deductible for tax purposes. The goodwill arising represents the value of the assembled workforce and the
benefits the Group expects to gain from increasing its presence in the relevant sectors in which the acquired
businesses operate. The intangible assets of £74.2m primarily represent the value of customer relationships
and trade names. The final values will be calculated within 12 months following the date of acquisition.
The deferred tax liability thereon was £22.0m.
Consideration paid
The total cash consideration for the acquisitions in the year was £155.9m (2024: £14.9m), with further
deferred and contingent considerations payable of £1.1m as at 31 December 2025 (2024: £8.4m) that
comprises £1.1m purchase consideration and £nil revaluation of contingent consideration recognised during
the year, which is disclosed in note 13. Cash consideration includes cash acquired of £5.9m (2024: £0.3m).
The estimated purchase price net of cash was £157.0m (2024: £23.6m).
Contribution of acquisitions to revenue and profits
In total, acquisitions made during 2025 contributed revenues of £13.5m (2024: £5.7m) and a statutory net
profit after tax of £1.9m (2024: £2.0m) from the dates of acquisition to year end. The Group revenue and
statutory profit after tax for the year ended 31 December 2025 would have been £3,459.5m and £366.9m
respectively if the acquisitions were assumed to have been made on 1 January 2025.
10 Acquisitions
Acquisitions in 2025
Deal Completion Date
Acquired business
30 April 2025
Acquired Tecnologia e Qualidade de Sistemas em Engenharia Ltda (‘TESIS’), a
leading provider of building products testing and assurance services, based in
São Paulo, Brazil, for a purchase price of £9.3m.
TESIS’ capabilities are complementary to Intertek’s comprehensive product-
related testing and certification capabilities in North America, accelerating
demand for the Group’s ATIC solutions, powered by Intertek’s Science-based
Customer Excellence Advantage.
1 September 2025
Acquired Envirolab, an industry-leading provider of environmental testing and
analysis in Australia, for a purchase price of £122.7m.
Envirolab offers exposure to the fast growth of APAC environmental testing
market with strong commercial synergies with Intertek’s broad client base in
Australia and industry-leading sustainability offering.
3 November 2025
Acquired Suplilab, a market-leading provider of food safety and medical devices
testing services, based in San José, Costa Rica, for a purchase price of £7.5m.
Suplilab acquisition will enable Intertek to establish a leading position in
Costa Rica’s food and medical devices sectors, through its industry-leading
technical expertise in microbiology, water and chemistry testing, offering
immediate access to a large customer base and a fast-growing ATIC market
in Central America.
26 November 2025
Acquired Professional Testing Laboratory LLC (‘PTL’), a leading provider of
high-quality testing services for the flooring industry, based in the USA, for
a purchase price of £17.5m.
PTL’s leading flooring products testing business is complementary to Intertek’s
existing strengths in products testing ATIC solutions globally, driving synergies
across Intertek’s ATIC portfolio.
Provisional details of the net assets acquired and fair value adjustments are set out in the following tables.
These analyses are provisional and amendments may be made to these figures in the 12 months following
the date of acquisition.
Intertek Group plc
Annual Report & Accounts 2025
3.24
Notes to the financial statements Continued
3: Financial Report2: Sustainability Report1: Strategic Report
11 Trade and other receivables
Accounting policy
Trade receivables are recognised initially at the value of the invoice sent to the customer and subsequently
at the amounts considered recoverable (amortised cost). Estimates are used in determining the level of
receivables that will not, in the opinion of the Directors, be collected. The Group applies the simplified
approach permitted by IFRS 9, which requires the use of the lifetime expected loss provision for all receivables,
including contract assets. The provision calculations are based on historical credit losses and forward-looking
data, namely specific country risk classifications with higher default rates applied to older balances. This
approach is followed for all receivables unless there are specific circumstances, such as the bankruptcy of a
customer or emerging market risks, which would render the receivable irrecoverable and therefore require a
specific provision. A provision is made against trade receivables and contract assets until such time as the
Group believes the amount to be irrecoverable, after which the trade receivable or contract assets balance
is written off.
Trade and other receivables
Trade and other receivables are analysed below:
Current Current Non-current Non-current
2025 2024 2025 2024
£m £m £m £m
Trade receivables
510.8
521.9
7.4
7.5
Contract assets
128.9
112.3
–
–
Other receivables
56.8
60.3
12.6
7.9
Prepayments
73.2
60.4
–
–
Total trade and other receivables
769.7
754.9
20.0
15.4
Trade receivables and contract assets are shown net of allowance for impairment losses of £10.4m
(2024: £10.3m) and £2.8m (2024: £2.1m) respectively. Net impairment on trade receivables and
contract assets charged as part of operating costs was £4.9m (2024: £3.2m charge) and £2.0m (2024:
£0.6m charge) respectively.
10 Acquisitions Continued
Acquisition-related costs
Acquisition-related costs of £4.3m related to current year acquisitions are included in operating costs in
the consolidated income statement as an SDI (see note 3) and in operating cash flows in the consolidated
statement of cash flows.
Acquisitions in 2024
On 1 March 2024, the Group acquired Base Metallurgical Laboratories Ltd. and Base Met Labs US Ltd. (jointly
‘Base Met Labs’), a leading provider of metallurgical testing services for the Minerals sector based in North
America, for a purchase price of £23.9m. Purchase consideration net of cash acquired was £23.6m. The
purchase price includes cash consideration of £14.9m, further contingent consideration payable of £7.8m and
deferred consideration of £0.9m. The cash outflow in the period associated with this acquisition was £14.9m.
The net assets acquired and fair value adjustments are set out in the following tables:
2024
Fair value
to Group on
Base Met Labs acquisition
Total £m
Property, plant and equipment
3.1
Goodwill
15.4
Other intangible assets
7.7
Trade and other receivables
1.3
Trade and other payables
(1.8)
Deferred tax liabilities
(2.1)
Net assets acquired (net of cash acquired)
23.6
Key assumptions
The key assumptions in deriving the contingent consideration to be recognised include the weighted
probability of making a payout and the discount rate used to bring the cash flow back to present values.
The discount rates used for the calculation are aligned with the discount rates used for impairment purposes
as set out in note 9.
Sensitivity analysis
It is estimated that an increase of 1% in the discount rate used to calculate the contingent consideration would
have decreased the financial liability by £0.1m, and a 1% decrease in the discount rate would have increased
the financial liability by £0.1m. It has also been estimated that an increase of 10% in the probability used to
calculate the contingent consideration would have increased the financial liability by £1.2m, whilst a decrease
of 10% in the probability used would have decreased the financial liability by £1.3m.
Intertek Group plc
Annual Report & Accounts 2025
3.25
Notes to the financial statements Continued
3: Financial Report2: Sustainability Report1: Strategic Report
12 Trade and other payables
Accounting policy
Trade payables
Trade payables are recognised at the value of the invoice received from a supplier. The carrying value of trade
payables is considered approximate to fair value.
Trade and other payables
Trade and other payables are analysed below:
Current Current Non-current Non-current
2025 2024 2025 2024
£m £m £m £m
Trade payables
229.7
223.0
0.4
0.5
Other payables
79.5
79.0
19.7
20.2
Accruals
303.5
318.9
5.9
7.1
Contract liabilities
146.4
136.7
9.5
22.0
Total trade and other payables
759.1
757.6
35.5
49.8
The Group’s exposure to liquidity risk related to trade payables is disclosed in note 14. £133.9m of contract
liabilities at the end of 2024 was recognised in revenue in 2025 (2024: £128.1m).
Other payables include revenue taxes, interest payable and retirement liabilities.
Contract liabilities consist of consideration received in advance of the Group transferring the related good
or service to the client.
In one part of the Group an arrangement is available that allows payment terms to suppliers to be extended
by up to 65 days. At 31 December 2025, this arrangement was applicable to trade payables totalling £2.2m
(2024: £2.5m).
11 Trade and other receivables Continued
There is no material difference between the above amounts for trade and other receivables and their fair value,
due to their short-term duration. There is no concentration of credit risk with respect to trade receivables as
the Group has a large number of customers who are internationally dispersed. Non-current receivables are
discounted to the present value using an appropriate discount rate.
The ageing of trade receivables and contract assets at the reporting date was as follows:
2025 2024
£m £m
Under 3 months
549.8
543.4
Between 3 and 6 months
56.9
54.9
Between 6 and 12 months
22.0
21.4
Over 12 months
31.6
34.4
Gross trade receivables and contract assets
660.3
654.1
Allowance for impairment
(13.2)
(12.4)
Trade receivables and contract assets, net of allowance
6 47.1
641.7
Included in trade receivables under three months of £435.5m (2024: £437.7m) are trade receivables of £383.5m
(2024: £386.2m) that are not yet due for payment.
The movement in the allowance for impairment in respect of trade receivables and contract assets during
the year was as follows:
2025 2024
Impairment allowance for doubtful trade receivables and contract assets £m £m
At 1 January
12.4
12.8
Exchange differences
(0.9)
(1.3)
Acquisitions
0.1
0.1
Net impairment loss recognised
6.9
3.8
Receivables written off
(5.3)
(3.0)
At 31 December
13.2
12.4
Sensitivity analysis
Trade receivables and contract assets are assessed for impairment using a calculated credit loss assumption.
A 0.25% variance in the assumed credit risk factor would impact impairment by £2.6m. There were no material
individual impairments of trade receivables or contract assets.
Intertek Group plc
Annual Report & Accounts 2025
3.26
Notes to the financial statements Continued
3: Financial Report2: Sustainability Report1: Strategic Report
13 Provisions
Accounting policy
A provision is recognised in the balance sheet when the Group has a present legal or constructive obligation
that can be estimated reliably as a result of a past event, and it is probable that an outflow of economic
benefits will be required to settle the obligation.
Provisions
Contingent
consideration Claims Other Total
£m £m £m £m
At 1 January 2025
46.8
3.2
12.3
62.3
Exchange adjustments
(2.6)
(0.2)
–
(2.8)
Provided in the year:
–
5.4
38.0
43.4
in respect of current year acquisitions
1.2
–
–
1.2
in respect of prior year acquisitions
0.5
–
–
0.5
Released during the year
(1.8)
(0.1)
(0.1)
(2.0)
Utilised during the year
(31.2)
(3.9)
(26.4)
(61.5)
At 31 December 2025
12.9
4.4
23.8
41.1
Included in:
Current liabilities
3.5
4.4
23.7
31.6
Non-current liabilities
9.4
–
0.1
9.5
At 31 December 2025
12.9
4.4
23.8
41.1
The maximum contingent consideration, on a discounted basis, that could be paid in relation to acquisitions is
£89.2m. Further detail on the timing of the cash flow can be found in note 14. The contingent consideration
is a financial liability discounted to the present value of the redemption amount held at fair value through
profit and loss with the measurement basis disclosed in note 14.
The Group is involved in various claims and lawsuits incidental to the ordinary course of its business.
The outcome of such litigation and the timing of any potential liability cannot be readily foreseen, as it is
often subject to legal proceedings. Based on information currently available, the Directors consider that
the cost to the Group of an unfavourable outcome arising from such litigation is unlikely to have a materially
adverse effect on the financial position of the Group in the foreseeable future.
The provision for claims of £4.4m (2024: £3.2m) represents an estimate of the amounts payable in
connection with identified claims from customers, former employees and other plaintiffs and associated
legal costs. The timing of the cash outflow relating to the provisions is uncertain but is likely to be within
one year. Details of contingent liabilities in respect of claims are set out in note 22.
The other provision of £23.8m (2024: £12.3m) includes restructuring provisions. The timing of the cash
outflow is uncertain, but is likely to be within one year.
Intertek Group plc
Annual Report & Accounts 2025
3.27
Notes to the financial statements Continued
3: Financial Report2: Sustainability Report1: Strategic Report
14 Borrowings and financial instruments
Accounting policy
Net financing costs
Net financing costs comprise: interest expense on borrowings; interest expense on tax balances; facility
fees; interest receivable on funds invested; interest income and expense relating to pension assets and
liabilities and lease interest expense under IFRS 16; net foreign exchange gains or losses on financial assets
or liabilities; unrealised market or fair value gains or losses on financial assets or liabilities, including contingent
consideration; and gains and losses on hedging instruments that are recognised in the income statement.
Interest income and interest expense are recognised as they accrue using the effective interest rate method.
As permitted by IAS 7, interest paid is classified within operating cash flows and interest received is classified
within investing cash flows.
Trade and other receivables
Trade and other receivables are recognised initially at fair value and subsequently at amortised cost less
impairment losses (including bad debt provision).
Cash and cash equivalents and net debt
Cash and cash equivalents on the balance sheet comprise cash at bank and in hand and short-term deposits
with original maturities of less than 90 days which are subject to an insignificant risk of changes in value.
Current assets include deposits with maturities exceeding 90 days. In the consolidated statement of
cash flows, net cash and cash equivalents comprise cash and cash equivalents, as defined above, net of
bank overdrafts. Net financial debt comprises borrowings less cash and cash equivalents and total net debt
is net financial debt plus the IFRS 16 lease liability.
Non-derivative financial liabilities
Trade and other payables are recognised initially at fair value and subsequently at their amortised cost.
Interest-bearing borrowings are initially recognised at fair value less transaction costs. Subsequent to initial
recognition, interest-bearing borrowings are stated at amortised cost with any difference between cost and
redemption value being recognised in the income statement over the period of the borrowings on an effective
interest basis.
Put options held by non-controlling interests that arise on acquisition are recognised initially at the present
value of the redemption amount. They are subsequently measured at amortised cost using the effective
interest method. The discount is unwound through SDIs as a finance charge.
Derivative financial instruments
The Group uses derivative financial instruments, including cross currency interest rate swaps and foreign
currency forwards, to hedge economically its exposure to foreign exchange risks. In accordance with its
treasury policy, the Group does not hold or issue derivative financial instruments for speculative purposes.
Derivative financial instruments are recognised initially and subsequently at fair value; attributable
transaction costs are recognised in profit or loss when incurred. The gain or loss on remeasurement to
fair value at each period end is recognised immediately in the income statement except where derivatives
qualify for hedge accounting.
The fair value of cross currency interest rate swaps is estimated using the present value of the estimated
future cash flows based on observable yield curves.
The fair value of foreign currency forwards is estimated using present value of future cash flows based on
the foreign exchange rates at the balance sheet date.
Hedging
Hedge of monetary assets and liabilities
Where a derivative financial instrument is used economically to hedge the foreign exchange exposure
of a recognised monetary asset or liability, no hedge accounting is applied and any gain or loss on the
hedging instrument is recognised in the income statement in the same caption as the foreign exchange
on the related item.
Hedge of net investment in foreign operations
The Group is exposed to foreign exchange risk exposure arising from its net investment in foreign currency
operations and net assets. To the extent that the Group has debt, it is held in currencies that hedge the foreign
exchange risks from the Group’s net investments, or cross currency interest rate swaps are used to achieve the
same objective.
The portion of the gain or loss on an instrument designated as a hedge of a net investment in a foreign
operation that is determined to be an effective hedge is recognised directly in equity in the translation reserve.
The value in relation to the hedge instrument that is held within the cumulative foreign currency translation
reserve is recycled through the income statement when the hedged subsidiary is disposed of. If the instrument
is no longer deemed effective, then future movements in fair value are posted to the income statement.
Cash flow hedges
Cash flow hedges comprise derivative financial instruments designated in a hedging relationship to
manage interest rate risk and foreign exchange risk to which the cash flows of certain assets and liabilities
are exposed. The Group is exposed to the variability in cash flows arising from the foreign exchange risk
exposures. In accordance with the Group’s hedging strategy, the Group has cross currency interest rate
swaps designated as cash flow hedges.
The effective portion of changes in the fair value of a derivative that is designated and qualifies for hedge
accounting is recognised in other comprehensive income. The value in relation to the hedge instrument that
is held within the cumulative cash flow hedge reserve (disclosed within other reserves) is recycled through
the income statement when the hedged item impacts the income statement. If the instrument is no longer
deemed effective, then future movements in fair value are posted to the income statement.
Intertek Group plc
Annual Report & Accounts 2025
3.28
Notes to the financial statements Continued
3: Financial Report2: Sustainability Report1: Strategic Report
14 Borrowings and financial instruments Continued
Impairment
A financial asset is assessed for impairment at each reporting date by application of an expected loss model
in line with IFRS 9 requirements.
Net financing costs
Net financing costs are shown below:
2025 2024
Recognised in income statement £m £m
Finance income
Interest on bank balances
3.7
2.5
Total finance income
3.7
2.5
Finance expense
Interest on borrowings
(37.3)
(30.5)
Net pension interest income (note16)
1.6
1.0
Foreign exchange differences on revaluation of net monetary assets and liabilities
(2.6)
(2.4)
Leases – IFRS 16
(11.5)
(10.8)
Facility fees and other*
(2.8)
(5.5)
Total finance expense*
(52.6)
(48.2)
Net financing costs*
(48.9)
(45.7)
* Includes £1.7m gain (2024: £3.4m loss) relating to SDIs.
Analysis of net debt
2025 2024
£m £m
Cash and cash equivalents per the statement of financial position
329.2
343.0
Overdrafts
(4.6)
(6.5)
Cash per the statement of cash flows
324.6
336.5
The components of net debt are outlined below:
1 January Non-cash Exchange 31 December
2025 Cash flow movements adjustments 2025
£m £m £m £m £m
Cash
336.5
3.5
–
(15.4)
324.6
Borrowings:
Revolving credit facility US$850m 2030
(20.0)
(560.5)
–
(8.1)
(588.6)
Revolving credit facility £350m 2027
–
(45.0)
–
–
(45.0)
Senior notes US$120m 2025
(95.4)
92.3
–
3.1
–
Senior notes US$75m 2026
(59.6)
–
–
4.1
(55.5)
Senior notes US$150m 2027
(119.2)
–
–
8.2
(111.0)
Senior notes US$165m 2028
(131.2)
–
–
9.1
(122.1)
Senior notes US$165m 2029
(131.2)
–
–
9.0
(122.2)
Senior notes US$160m 2030
(127.1)
–
–
8.8
(118.3)
Senior notes EUR€120m 2026
(99.5)
–
–
(5.1)
(104.6)
Senior notes EUR€25m 2027
(20.7)
–
–
(1.1)
(21.8)
Senior notes EUR€40m 2028
(33.2)
–
–
(1.7)
(34.9)
Other*
0.8
(0.1)
2.0
(0.1)
2.6
Total borrowings
(836.3)
(513.3)
2.0
26.2
(1,321.4)
Total net financial debt
(499.8)
(509.8)
2.0
10.8
(996.8)
Lease liabilities
(299.6)
78.4
(109.5)
8.5
(322.2)
Total net debt
(799.4)
(431.4)
(107.5)
19.3
(1,319.0)
* Includes other uncommitted borrowings of £0.9m (2024: £0.7m) and facility fees of £3.5m (2024: £1.5m).
Intertek Group plc
Annual Report & Accounts 2025
3.29
Notes to the financial statements Continued
3: Financial Report2: Sustainability Report1: Strategic Report
Borrowings
Borrowings are split into current and non-current as outlined below:
Current Current Non-current Non-current
2025 2024 2025 2024
£m £m £m £m
Senior term loans and notes
160.1
95.4
1,163.9
741.7
Other borrowings
(1.1)
(0.6)
(1.5)
(0.2)
Total borrowings
159.0
94.8
1,162.4
741.5
2025 2024
Analysis of debt £m £m
Debt falling due:
In one year or less
159.0
94.8
Between one and two years
177.0
158.6
Between two and five years
984.7
455.1
Over five years
0.7
127. 8
Total borrowings
1,321.4
836.3
Description of borrowings
Total undrawn committed borrowing facilities as at 31 December 2025 were £345.5m (2024: £655.7m).
US$850m revolving credit facility
The Group has a US$850m multi-currency revolving credit facility, which is the Group’s principal facility
and was due to mature in 2027. In May 2025 the facility was refinanced for five years to 2030. Advances
under the facility bear interest at a rate equal to a risk-free rate, or their local currency equivalent, plus a
margin, depending on the Group’s financial leverage. Drawings under this facility at 31 December 2025
were £588.6m (2024: £20.0m).
GBP£350m revolving credit facility
In May 2025 the Group entered into a GBP£350m revolving credit facility for two years, due to mature in
May 2027. Advances under the facility bear interest at a rate equal to a risk-free rate, or their local currency
equivalent, plus a margin, depending on the Group’s financial leverage. Drawings under this facility at
31 December 2025 were £45.0m (2024: £nil).
14 Borrowings and financial instruments Continued
1 January Non-cash Exchange 31 December
2024 Cash flow movements adjustments 2024
£m £m £m £m £m
Cash
298.6
52.5
–
(14.6)
336.5
Borrowings:
Revolving credit facility US$850m 2027
–
(24.7)
–
4.7
(20.0)
Senior notes US$125m 2024
(97.7 )
98.4
–
(0.7)
–
Senior notes US$120m 2025
(93.8)
–
–
(1.6)
(95.4)
Senior notes US$75m 2026
(58.6)
–
–
(1.0)
(59.6)
Senior notes US$150m 2027
(117. 2)
–
–
(2.0)
(119.2)
Senior notes US$165m 2028
(129.0)
–
–
(2.2)
(131.2)
Senior notes US$165m 2029
(129.0)
–
–
(2.2)
(131.2)
Senior notes US$160m 2030
(125.0)
–
–
(2.1)
(127. 1)
Senior notes EUR€120m 2026
(104.1)
–
–
4.6
(99.5)
Senior notes EUR€25m 2027
(21.7)
–
–
1.0
(20.7)
Senior notes EUR€40m 2028
(34.7)
–
–
1.5
(33.2)
Other*
1.6
–
(0.9)
0.1
0.8
Total borrowings
(909.2)
73.7
(0.9)
0.1
(836.3)
Total net financial debt
(610.6)
126.2
(0.9)
(14.5)
(499.8)
Lease liabilities
(307.8)
74.4
(72.9)
6.7
(299.6)
Total net debt
(918.4)
200.6
(73.8)
(7. 8)
(799.4)
Intertek Group plc
Annual Report & Accounts 2025
3.30
Notes to the financial statements Continued
3: Financial Report2: Sustainability Report1: Strategic Report
Credit risk
Exposure to credit risk
Credit risks arise mainly from the possibility that customers may not be able to settle their obligations as
agreed. The Group monitors the creditworthiness of customers on an ongoing basis. The Group’s credit risk is
diversified due to the large number of entities, industries and regions that make up the Group’s customer base.
The carrying amount of financial assets represents the maximum credit exposure. At the reporting date this
was as follows:
2025 2024
£m £m
Trade receivables, net of allowance (note11)
518.2
529.4
Cash and cash equivalents
324.6
336.5
Total
842.8
865.9
The maximum exposure to credit risk for trade receivables at the reporting date by geographic region was
as follows:
2025 2024
£m £m
Asia Pacific
145.3
140.3
Americas
187. 1
206.8
Europe, Middle East and Africa
185.8
182.3
Total
518.2
529.4
Counterparty risk
Cash and cash equivalents and available borrowing facilities are at risk in the event that the counterparty is not
able to meet its obligations in regard to the cash held or facilities available to the Group. The Group also enters
into transactions with counterparties in relation to derivative financial instruments. If the counterparty was
not able to meet its obligations, the Group may be exposed to additional foreign currency or interest rate risk.
Counterparty credit risk inherent in all hedge relationships is monitored throughout the period of the hedge
but this risk is not expected to be significant.
The Group, wherever possible, enters into arrangements with counterparties who have a robust credit standing,
which the Group defines as a financial institution with a credit rating of at least investment grade. The Group
has existing relationships with a number of banks that meet this criterion, and seeks to use their services
wherever possible while avoiding excessive concentration of credit risk. Given the diverse geographic nature
of the Group’s activities, it is not always possible to use a relationship bank. Therefore the Group has set limits
on the level of deposits to be held at non-relationship banks to minimise the risk to the Group. It is also Group
policy to remit any excess funds from local entities back to Intertek Group Treasury in the UK. Given the controls
in place and based on a current assessment of our banking relationships, management does not expect any
counterparty to fail to meet its obligations.
14 Borrowings and financial instruments Continued
Private placement bonds
In October 2011 the Group issued US$140m of senior notes repaid on 18 January 2022 at a fixed annual
interest rate of 3.75% and US$105m repaid on 18 January 2024 at a fixed annual interest rate of 3.85%.
In February 2013 the Group issued US$80m of senior notes. These notes were issued in two tranches,
with US$40m repaid on 14 February 2023 at a fixed annual interest rate of 3.10% and US$40m repaid on
14 February 2025 at a fixed annual interest rate of 3.25%.
In July 2014 the Group issued US$110m of senior notes. These notes were issued in four tranches with
US$15m repaid on 31 July 2021 at a fixed annual interest rate of 3.37%, US$20m repaid on 2 July 2024
at a fixed annual interest rate of 3.86%, US$60m repayable on 31 October 2026 at a fixed annual interest
rate of 4.05% and US$15m repayable on 31 December 2026 at a fixed annual interest rate of 4.10%.
In December 2020 the Group issued US$200m of senior notes. These notes were issued in two tranches
with US$120m repaid on 2 December 2023 at a fixed annual interest rate of 1.97% and US$80m repaid
on 2 December 2025 at a fixed annual interest rate of 2.08%.
In December 2021 the Group issued US$640m of senior notes. These notes were issued in four tranches
with US$150m repayable on 13 January 2027 at a fixed annual interest rate of 2.24%, US$165m repayable
on 15 March 2028 at a fixed annual interest rate of 2.33%, US$165m repayable on 15 March 2029 at a
fixed annual interest rate of 2.47% and US$160m repayable on 15 March 2030 at a fixed annual interest
rate of 2.54%.
In December 2023 the Group issued EUR€185m of senior notes. These notes were issued in three tranches
with EUR€120m repayable on 21 December 2026 at a fixed annual interest rate of 3.94%, EUR€25m
repayable on 21 December 2027 at a fixed annual interest rate of 3.89% and EUR€40m repayable on
21 December 2028 at a fixed annual interest rate of 3.88%.
Lease liabilities
Undiscounted lease liabilities are split into current and non-current as outlined below:
2025 2024
£m £m
Analysis of lease liabilities falling due:
Current:
Repayable in less than 1 year
77. 9
78.5
Non-current:
Repayable in 1–2 years
60.3
57.6
Repayable in 2–5 years
110.3
103.1
Repayable in more than 5 years
150.8
137.5
Total lease liabilities
399.3
376.7
Financial risks
Details of the Group’s treasury controls, exposures and the policies and processes for managing capital and
credit, liquidity, interest rate and currency risk are set out below and in the Financial review in Report 1 on
pages 1.28-1.33.
Intertek Group plc
Annual Report & Accounts 2025
3.31
Notes to the financial statements Continued
3: Financial Report2: Sustainability Report1: Strategic Report
Carrying Contractual 6 months 6–12 More than
amount cash flows or less months 1–2 years 2–5 years 5 years
2024 £m £m £m £m £m £m £m
Non-derivative financial
liabilities/(assets)
Senior term loans and notes
837. 1
904.5
42.8
74.7
179.3
479.8
127.9
Other loans
(0.8)
0.7
–
–
–
0.1
0.6
Trade payables (note12)
223.5
223.5
204.7
18.3
0.3
0.2
–
Lease liabilities
299.6
376.7
41.4
37. 1
57.6
103.1
137. 5
Contingent consideration
(note13)
46.8
46.8
38.8
–
–
8.0
–
1,406.2
1,552.2
327.7
130.1
237. 2
591.2
266.0
Derivative financial
liabilities/(assets)
Foreign currency forwards
Outflow
2.3
635.0
635.0
–
–
–
–
Inflow
(2.8)
(635.5)
(635.5)
–
–
–
–
(0.5)
(0.5)
(0.5)
–
–
–
–
Cross currency interest
rate swaps
Outflow
(2.1)
134.7
33.3
65.0
36.4
–
–
Inflow
1.7
( 137. 0)
(35.6)
(65.6)
(35.8)
–
–
(0.4)
(2.3)
(2.3)
(0.6)
0.6
–
–
Total
1,405.3
1,549.4
324.9
129.5
237.8
591.2
266.0
Interest rate risk
The Group’s objective is to manage the risk to the business from movements in interest rates, and to provide
stability and predictability of the near-term (12-month horizon) interest expense. To achieve this, the Group
uses floating rate bank debt facilities, fixed US private placements and cross currency interest rate swaps.
Sensitivity
At 31 December 2025, it is estimated that the impact on variable rate net debt of a general increase of 3%
in interest rates would be a decrease in the Group’s profit before tax of approximately £14.6m (2024: £7.6m).
This analysis assumes all other variables remain constant.
14 Borrowings and financial instruments Continued
Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its obligations as and when they fall due.
The Group’s policy is to:
• ensure sufficient liquidity is available to Group companies in the amounts, currencies and locations required
to support the Group’s operations; and
• ensure the Group has adequate available sources of funding to protect against unforeseen internal and
external events.
To ensure this policy is met, the Group monitors cash balances daily, projects cash requirements on a rolling
basis and funds itself using debt instruments with a range of maturities.
The undiscounted contractual cash flows for the following financial liabilities/(assets) including interest
(for floating rate instruments, interest payments are based on the interest rate at 31 December) are:
Carrying Contractual 6 months 6–12 More than
amount cash flows or less months 1–2 years 2–5 years 5 years
2025 £m £m £m £m £m £m £m
Non-derivative financial
liabilities/(assets)
Senior term loans and notes
1,324.0
1 ,367. 2
10.0
170.2
188.5
998.5
–
Other loans
(2.6)
0.7
–
–
–
0.1
0.6
Trade payables (note12)
230.1
230.1
226.3
3.4
0.3
0.1
–
Lease liabilities
322.2
399.3
40.6
37. 3
60.3
110.3
150.8
Contingent consideration
(note13)
12.9
12.9
3.5
–
8.2
1.2
–
1,886.6
2,010.2
280.4
210.9
257.3
1,110.2
151.4
Derivative financial
liabilities/(assets)
Foreign currency forwards
Outflow
0.7
585.3
585.3
–
–
–
–
Inflow
(0.7)
(585.3)
(585.3)
–
–
–
–
–
–
–
–
–
–
–
Cross currency interest
rate swaps
Outflow
–
36.2
0.7
35.5
–
–
–
Inflow
(1.8)
(34.0)
(0.6)
(33.4)
–
–
–
(1.8)
2.2
0.1
2.1
–
–
–
Total
1,884.8
2,012.4
280.5
213.0
257. 3
1,110.2
151.4
Intertek Group plc
Annual Report & Accounts 2025
3.32
Notes to the financial statements Continued
3: Financial Report2: Sustainability Report1: Strategic Report
The weighted average exchange rates for the cross currency interest rates swaps were GBP/USD 1.2300 and
GBP/CNH 8.9790.
The timings of the cash flows on both the hedging instrument and the borrowings matched since the maturity
profile and coupon profile for bond and hedge matches. In 2025, £3.7m loss (2024: £1.9m gain) of the cash flow
hedge reserve was recycled through to the income statement to offset the impact of the hedged US$40m and
US$80m bond.
The Group holds a EUR€120m fixed interest rate EUR private placement bond maturing in December 2026.
The nominal amount of the loan as at 31 December 2025 was £104.6m (2024: £99.5m).
A EUR€40m portion of the bond is hedged using EUR€40m EUR/CNH fixed-to-fixed cross currency swaps
maturing in December 2026.
The cross currency interest rate swaps were bifurcated into two relationships: 1) A cash flow hedge of foreign
currency risk on EUR€40m borrowings; and 2) A net investment hedge of CNH 310.2m net assets of the Group.
The weighted average exchange rates for the cross currency interest rates swaps were GBP/EUR 1.19 and
GBP/CNH 9.26.
The timings of the cash flows on both the hedging instrument and the borrowings are expected to match
since the maturity profile and coupon profile for bond and hedge matches. In 2025, £1.5m gain (2024: £0.2m
loss) of the cash flow hedge reserve was recycled through to the income statement to offset the impact of the
hedged portion of the EUR€120m bond. The remaining balance of the cash flow hedge reserve is expected to
be recycled through to the income statement up to the expiry of the bond in December 2026.
In December 2025 a EUR€20m portion of the bond was hedged using EUR€20m EUR/GBP FX Forwards
maturing in 2026.
In 2025, £nil (2024: £nil) of the cash flow hedge reserve was recycled through to the income statement to
offset the impact of the hedged portion of the EUR€120m bond. The remaining balance of the cash flow
hedge reserve is expected to be recycled through to the income statement up to the expiry of the bond in
December 2026.
Hedge of net investment in foreign operations
The Group’s foreign currency denominated loans are designated as a hedge to protect the same amount
of net investment in the Group’s foreign currency operations and net assets, against adverse changes in
exchange rates.
The Group is exposed to foreign exchange risk exposure arising from its net investment in foreign currency
operations and net assets. The Group uses a combination of debt, cross currency interest rate swaps and
foreign exchange forwards to hedge foreign exchange risks. The Group’s foreign currency denominated loans
are designated as a hedge to protect the same amount of net investment in the Group’s foreign currency
operations and net assets, against adverse changes in exchange rates. The nominal amount of these loans
as at 31 December 2025 was £1,278.9m (2024: £688.5m).
The Group’s cross currency interest rate swaps are designated as hedge to protect the same amount of net
investment in the Group’s CNY net assets, against adverse changes in exchange rates. The nominal amount
of these cross currency interest rates as at 31 December 2025 was £32.8m (2024: £129.3m).
14 Borrowings and financial instruments Continued
Foreign currency risk
The Group’s objective in managing foreign currency risk is to safeguard the Group’s financial assets from
economic loss due to fluctuations in foreign currencies, and to protect margins on cross currency contracts
and operations. To achieve this, the Group’s policy is to hedge its foreign currency exposures where appropriate.
The net assets of foreign subsidiaries represent a significant portion of the Group’s shareholders’ funds,
and a substantial percentage of the Group’s revenue and operating costs are incurred in currencies other
than sterling. Due to the high proportion of international activity, the Group’s profit is exposed to exchange
rate fluctuations. Two types of risk arise as a result: (i) translation risk, that is, the risk of adverse currency
fluctuations in the translation of foreign currency operations and foreign assets and liabilities into sterling;
and (ii) transaction risk, that is, the risk that currency fluctuations will have a negative effect on the value
of the Group’s commercial cash flows in various currencies.
The foreign currency profiles of cash, trade receivables and payables subject to translation risk and transaction
risk, at the reporting date, were as follows:
Carrying Chinese Hong Kong Other
amount Sterling US dollar renminbi dollar currencies
2025 £m £m £m £m £m £m
Cash
324.6
12.8
74.7
37.9
1.6
197.6
Trade receivables (note11)
518.2
34.9
231.8
42.8
5.3
203.4
Trade payables (note12)
230.1
27.1
79.3
35.2
2.3
86.2
Carrying Chinese Hong Kong Other
amount Sterling US dollar renminbi dollar currencies
2024 £m £m £m £m £m £m
Cash
336.5
3.7
64.9
67.8
0.8
199.3
Trade receivables (note11)
529.4
36.7
238.4
37. 3
6.5
210.5
Trade payables (note12)
223.5
25.3
74.0
31.5
2.6
90.1
Recognised assets and liabilities
Changes in the fair value of foreign currency forwards that economically hedge monetary assets and liabilities
in foreign currencies, and for which no hedge accounting is applied, are recognised in the income statement.
Cash flow hedge
The Group held a US$40m fixed interest rate USD private placement bond which matured in February 2025
and a US$80m fixed interest rate USD private placement bond which matured in December 2025.
The bonds were hedged using US$40m USD/CNH fixed-to-fixed cross currency swaps which matured
in February 2025, and US$80m USD/CNH fixed-to-fixed cross currency swaps which matured in
December 2025.
The cross currency interest rate swaps were bifurcated into two relationships: 1) A cash flow hedge of foreign
currency risk on US$120m borrowings; and 2) A net investment hedge of CNH 876.4m net assets of the Group.
Intertek Group plc
Annual Report & Accounts 2025
3.33
Notes to the financial statements Continued
3: Financial Report2: Sustainability Report1: Strategic Report
Other comprehensive income
FX (gain)/
loss
Fair value recycled
Nominal gain/(loss) to the Hedges
31
amounts Carrying 1 January deferred income closed in
December
in local value 2024 to OCI statement
year
2024
2024 currency £m £m £m £m
£m
£m
Cash flow hedges –
foreign exchange and
interest rate risk
Cross currency interest rate
swaps – continuing
–
–
(0.1)
1.7
(1.7)
–
(0.1)
Hedges of net investment
in a foreign operation –
foreign exchange risk
Foreign currency forward –
discontinuing
–
–
1.2
–
–
–
1.2
Cross currency interest rate
swaps – continuing
–
–
1.7
0.4
–
–
2.1
Cross currency interest rate
swaps – discontinued
–
–
(19.0)
–
–
–
(19.0)
Foreign currency borrowings
– continuing
£837.1m
837.1
(92.1)
1.8
(0.5)
34.2
(56.6)
Foreign currency borrowings
– discontinued
–
–
(191.6)
–
–
(34.2)
(225.8)
837. 1
(299.9)
3.9
(2.2)
–
(298.2)
The foreign currency forwards previously designated in discontinued hedge relationships were disclosed
within other receivables in the statement of financial position. The cross currency interest rate swaps
designated in hedge relationships are disclosed within other payables in the statement of financial position.
Foreign currency denominated loans and their corresponding hedged items are matched and the Group
expects highly effective hedging relationships. The change in value of the hedged item is used as the basis
for recognising hedge ineffectiveness for the period. Net ineffectiveness on the net investment hedges
recognised in the income statement was £nil (2024: £0.5m).
Hedge ineffectiveness may occur if there are insufficient net assets in foreign currency to match hedging
instruments in the relevant currency.
The hedge ratio for each designation will be established by comparing the quantity of the hedging instrument
and the quantity of the hedged item to determine their relative weighting; for all of the Group’s existing hedge
relationships the hedge ratio has been determined as 1:1.
14 Borrowings and financial instruments Continued
In December 2025, £111.6m (2024: £nil), GBP/CNH foreign currency forwards were designated as a hedge to
protect the same amount of net investment in the Group’s CNY operations and net assets, against adverse
changes in exchange rates.
A foreign exchange gain of £27.6m (2024: £1.7m gain) was recognised in the translation reserve in equity,
reflecting the translation of the Group’s foreign currency denominated loans to sterling and the impact of
changes in fair value of the foreign currency forwards. The Group has the following hedging instruments:
Other comprehensive income
FX (gain)/
loss
Fair value recycled
Nominal gain/(loss) to the Hedges
31
amounts in Carrying 1 January deferred income closed in
December
local value 2025 to OCI statement
year
2025
2025 currency £m £m £m £m
£m
£m
Cash flow hedges –
foreign exchange and
interest rate risk
Cross currency interest rate
swaps – continuing
–
–
(0.1)
(2.3)
2.3
–
(0.1)
Hedges of net investment
in a foreign operation –
foreign exchange risk
Foreign currency forward –
discontinuing
–
–
1.2
–
–
–
1.2
Cross currency interest rate
swaps – continuing
–
–
2.1
1.3
–
(2.9)
0.5
Cross currency interest rate
swaps – discontinued
–
–
(19.0)
–
–
2.9
(16.1)
Foreign currency borrowings
– continuing
£1,278.9m 1,278.9
(56.6)
26.3
–
13.7
(16.6)
Foreign currency borrowings
– discontinued
–
–
(225.8)
–
–
(13.7)
(239.5)
1,278.9
(298.2)
25.3
2.3
–
(270.6)
Intertek Group plc
Annual Report & Accounts 2025
3.34
Notes to the financial statements Continued
3: Financial Report2: Sustainability Report1: Strategic Report
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability,
either directly (that is, as prices) or indirectly (that is, derived from prices).
Level 3: Inputs for the asset or liability that are not based on observable market data (that is,
unobservable inputs).
15 Capital and reserves
Accounting policy
Dividends
Interim dividends are recognised as a movement in equity when they are paid. Final dividends are reported
as a movement in equity in the year in which they are approved by the shareholders.
Own shares held by the Employee Share Ownership Trust (‘ESOT’)
Transactions of the Group-sponsored ESOT are included in the Group financial statements. In particular,
the Trust’s purchases of shares in the Company are debited directly in equity to retained earnings.
Share capital
2025 2025 2024
Group and Company number £m £m
Allotted, called up and fully paid:
Ordinary shares of 1p each at start of year
161,393,127
1.6
1.6
Share Awards
–
–
–
Share buyback
(7,461,333)
(0.1)
–
Ordinary shares of 1p each at end of year
153,931,794
1.5
1.6
Shares classified in shareholders’ funds
1.5
1.6
The holders of ordinary shares are entitled to receive dividends and are entitled to vote at general meetings
of the Company.
During the year, the Company issued nil (2024: nil) ordinary shares in respect of all share plans.
Purchase of own shares for trust
During the year ended 31 December 2025, the Company financed the purchase of 394,093 (2024: 518,500)
of its own shares with an aggregate nominal value of £3,941 (2024: £5,185) for £18.9m (2024: £24.7m) which
was charged to retained earnings in equity and was held by the ESOT. This trust is managed by an independent
offshore trustee. During the year, 367,969 shares were utilised to satisfy the vesting of share awards
(note 17). At 31 December 2025, the ESOT held 435,591 shares (2024: 409,467 shares) with an aggregate
nominal value of £4,356 (2024: £4,095). The associated cash outflow of £18.9m (2024: £24.7m) has been
presented as a financing cash flow.
Share buyback
During 2025 the Group undertook a share buyback programme to purchase up to £350m of its own shares.
The programme completed in November 2025, for a total consideration of £349.0m plus associated fees and
taxes of £1.8m, recognised through retained earnings at the balance sheet date. The Group repurchased a
total of 7,461,333 shares as part of the programme, all of which were subsequently cancelled.
14 Borrowings and financial instruments Continued
The carrying values of the hedging instruments; US$715.0m senior notes and EUR€185.0m senior notes are
included within borrowings within the statement of financial position.
Fair value gains and losses on the hedging instruments designated in the cash flow and net investment hedges
have been presented as ‘fair value on cash flow hedges’ and ‘net exchange on hedges of net investments in
foreign operations’ respectively within the statement of other comprehensive income.
Foreign exchange losses of £2.3m (2024: £1.7m gain) recycled from the cash flow hedge reserve are presented
in interest on borrowings within finance expenses in the income statement.
Sensitivity
It is estimated that an increase of 10% in the value of sterling against the US dollar and Chinese renminbi
(the main currencies impacting the Group) would have decreased the Group’s profit before tax for 2025
by approximately £28.8m (2024: £26.0m decrease). This analysis assumes all other variables remain constant.
It is estimated that an increase of 10% in the value of sterling against the currencies of the hedging
instruments would have increased OCI by approximately £123.4m (2024: £73.2m) which would be offset
by the retranslation of the Group’s investment in foreign operations in the same currencies. This analysis
assumes all other variables remain constant.
Fair values
The table below provides a comparison of book values and corresponding fair values of the following Group’s
financial instruments by class.
Book value Fair value Book value Fair value
2025 2025 2024 2024
£m £m £m £m
Financial assets
Cash and cash equivalents
324.6
324.6
336.5
336.5
Trade receivables (note11)
518.2
518.2
529.4
529.4
Foreign currency forwards*
0.7
0.7
2.8
2.8
Cross currency interest rate swaps
1.8
1.8
0.4
0.4
Total financial assets
845.3
845.3
869.1
869.1
Financial liabilities
Interest-bearing loans and borrowings
1,321.4
1,326.6
836.3
814.7
Trade payables (note12)
230.1
230.1
223.5
223.5
Foreign currency forwards*
0.7
0.7
2.3
2.3
Cross currency interest rate swaps*
–
–
–
–
Contingent consideration**
12.9
12.9
46.8
46.8
Total financial liabilities
1,565.1
1,570.3
1,108.9
1,087.3
* Cross currency interest rate swaps and foreign currency forwards are categorised as Level 2, under which the fair value is measured using
inputs other than quoted prices observable for the asset or liability, either directly or indirectly.
** Contingent consideration is categorised as Level 3 under which the fair value is measured using unobservable inputs – being the EBITDA
performance of the acquired companies .
Intertek Group plc
Annual Report & Accounts 2025
3.35
Notes to the financial statements Continued
3: Financial Report2: Sustainability Report1: Strategic Report
15 Capital and reserves Continued
2025 2024
2025 Pence per 2024 Pence per
Dividends £m share £m share
Amounts recognised as distributions to equity holders:
Final dividend for the year ended 31 December 2023
–
–
119.3
74.0
Interim dividend for the year ended 31 December 2024
–
–
86.8
53.9
Final dividend for the year ended 31 December 2024
163.1
102.6
–
–
Interim dividend for the year ended 31 December 2025
89.1
57.3
–
–
Dividends paid
252.2
159.9
206.1
127.9
After the reporting date, the Directors proposed a final dividend of 1 07 .7p per share in respect of the year
ended 31 December 2025, which is expected to amount to £171.2m. The dividend is subject to approval
by shareholders at the Annual General Meeting and therefore, in accordance with IAS 10 Events After the
Reporting Date, it has not been included as a liability in these financial statements. If approved, the final
dividend will be paid to shareholders on 24 June 2026.
Reserves
Translation reserve
The translation reserve comprises foreign currency differences arising from the translation of the financial
statements of foreign operations as well as the translation of liabilities that hedge the Group’s net investment
in foreign operations.
Other
This reserve includes a merger difference that arose in 2002 on the conversion of share warrants into share
capital, as well as the cash flow hedge reserve.
16 Employee benefits
Accounting policy
Pension schemes
Defined contribution plans
A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions
into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations
for contributions to defined contribution pension plans are recognised as an employee benefit expense in
the income statement as incurred.
Defined benefit plans
A defined benefit plan is a post-employment benefit plan other than a defined contribution plan.
The Group’s net obligation in respect of material defined benefit pension plans is calculated separately for
each plan by estimating the amount of future benefit that employees have earned in return for their service
in the current and prior years; that benefit is discounted to determine its present value. The fair value of any
plan assets is deducted.
In calculating the defined benefit surplus or deficit, the discount rate is the yield at the reporting date on
AA credit-rated bonds that have maturity dates approximating the terms of the Group’s obligations and
that are denominated in the same currency in which the benefits are expected to be paid. The calculation
is performed annually by a qualified actuary using the projected unit credit method.
The increase in the present value of the liabilities expected to arise from the employees’ services in the
accounting period is charged to the operating profit in the income statement. The expected return on the
schemes’ assets and the interest on the present value of the schemes’ liabilities, during the accounting period,
are shown as finance income and finance expense, respectively.
The Group operates a number of pension schemes throughout the world. In most locations, these are defined
contribution arrangements. However, there are significant defined benefit schemes in the United Kingdom
and Switzerland. The United Kingdom Scheme is funded, with assets held in separate trustee-administered
funds, and the Switzerland Scheme is an insured scheme. The scheme in the United Kingdom was closed to new
entrants in 2002. Other funded defined benefit schemes are not considered to be material and are therefore
accounted for as if they were defined contribution schemes.
In line with IAS 19 and IFRIC 14, if a scheme has a surplus this is recognised on the statement of financial
position if the economic benefit is available to the Group as a result of the surplus. Economic benefit is defined
as when an entity has an unconditional right to a refund from the scheme whilst the scheme is ongoing; or
assuming the gradual settlement of the scheme liabilities over time until all members have left the scheme/
died; or assuming the full settlement of the scheme’s liabilities in a single event. In the event of a surplus,
the relevant scheme rules will be reviewed in line with IFRIC 14 and a legal opinion obtained to identify if the
surplus can be recognised by the Group.
The Group recognises all actuarial remeasurements in each year in equity through the consolidated statement
of comprehensive income.
Total pension cost
The total pension cost included in operating profit for the Group was:
2025 2024
£m £m
Defined contribution schemes
(63.8)
(62.1)
Defined benefit schemes – current service cost and administration expenses
(1.3)
(0.4)
Pension cost included in operating profit (note 5)
(65.1)
(62.5)
The pension cost for the defined benefit schemes was assessed in accordance with the advice of qualified
actuaries. The last full triennial actuarial valuation of The Intertek Pension Scheme in the United Kingdom
(‘United Kingdom Scheme’) was carried out as at 31 March 2025, and for IAS 19 accounting purposes
has been updated to 31 December 2025. The Switzerland Scheme was valued for IAS 19 purposes
as at 31 December 2025. The average duration of the schemes’ liabilities is 11 years for the United
Kingdom Scheme and 16 years for the Switzerland Scheme.
Intertek Group plc
Annual Report & Accounts 2025
3.36
Notes to the financial statements Continued
3: Financial Report2: Sustainability Report1: Strategic Report
The fair value changes in the scheme assets are shown below:
2025 2024
£m £m
Fair value of scheme assets at 1 January
122.2
126.2
Interest income
5.9
5.3
Normal contributions by the employer
1.2
1.2
Special contributions by the employer
–
–
Contributions by scheme participants
0.5
0.5
Benefits paid
(5.5)
(4.5)
Effect of exchange rate changes on overseas schemes
1.0
(0.7)
Remeasurements
(0.8)
(5.5)
Scheme administration expenses
(0.3)
(0.4)
Settlements
–
–
Fair value of scheme assets at 31 December
124.2
122.1
Asset allocation
Investment statements were provided by the investment managers which showed that, as at 31 December
2025, the invested assets of the United Kingdom Scheme totalled £107.0m (2024: £107.7m), broken down
as follows:
United Kingdom Scheme
2025 2024
Asset class £m £m
Equities
–
–
Property
0.3
0.8
Liability-Driven Investment (‘LDI’)
–
–
Corporate debt instruments
103.6
94.1
Cash
3.1
12.8
Total
107. 0
107.7
In 2024, changes were made to the Scheme’s asset allocation by class to reduce future funding level volatility
and de-risk the Scheme’s strategy by investing in assets that in aggregate will broadly match movements
in liabilities.
The United Kingdom Scheme had bank account assets of £1.0m as at 31 December 2025 (2024: £1.1m).
Following changes to the Scheme’s investment strategy in 2024, the United Kingdom Scheme’s invested
assets portfolio solely comprised unquoted assets in 2025.
16 Employee benefits Continued
Defined benefit schemes
The cost of defined benefit schemes
The amounts recognised in the income statement were as follows:
2025 2024
£m £m
Current and past service cost
(1.0)
(0.4)
Scheme administration expenses
(0.3)
(0.4)
Net pension interest income
1.4
1.0
Total income/(charge)
0.1
0.2
The current service cost and scheme administration expenses are included in operating costs in the income
statement and pension interest cost and interest income are included in net financing costs.
Included in other comprehensive income:
2025 2024
£m £m
Remeasurements arising from:
Demographic assumptions
0.2
0.4
Financial assumptions
3.4
8.4
Experience adjustment
1.6
0.2
Asset valuation
(0.8)
(5.5)
Other
0.2
0.2
Total
4.6
3.7
Company contributions
In 2025 the Company assessed the triennial actuarial valuation for the United Kingdom Scheme and its impact
on the scheme funding plan in 2025 and future years. In 2026 the Group expects to make normal contributions
of £0.1m (2024: £0.5m). The next triennial valuation is due to take place as at 31 March 2028 and will include a
review of the Company’s future contribution requirements.
Pension asset/(liability) for defined benefit schemes
The amounts recognised in the statement of financial position for defined benefit schemes were as follows:
United
Kingdom Switzerland
Scheme Scheme Total
31 December 2025 £m £m £m
Fair value of scheme assets
107. 0
17.2
124.2
Present value of funded defined benefit obligations
(75.8)
(21.1)
(96.9)
Surplus/(deficit) in schemes
31.2
(3.9)
27.3
Intertek Group plc
Annual Report & Accounts 2025
3.37
Notes to the financial statements Continued
3: Financial Report2: Sustainability Report1: Strategic Report
The preceding table shows the number of years a male or female is expected to live, assuming they were aged
either 40 (and lives to 65) or 65 at 31 December. The mortality tables adopted in 2025 for the United Kingdom
Scheme are S4PA tables, based on the CMI 2024 mortality projection model with a 1.25% long-term annual
rate for future improvements. In 2024 the S3PA tables were used, based on the CMI 2021 mortality projection
model with a 1.25% long-term annual rate for future improvement. For the Switzerland Scheme, the mortality
table adopted in 2025 and 2024 is the BVG 2020, an industry standard in Switzerland which is based on
statistical evidence of major Switzerland pension funds.
Sensitivity analysis
The table below sets out the sensitivity on the United Kingdom Scheme pension assets and liabilities as at
31 December 2025 of the two main assumptions:
United Kingdom Scheme
Increase/
(decrease)
in surplus/
Liabilities deficit
Change in assumptions £m £m
No change
75.8
0.25% rise in discount rate
73.7
(2.1)
0.25% fall in discount rate
78.0
2.2
0.25% rise in inflation
77.0
1.2
0.25% fall in inflation
74.7
(1.1)
The United Kingdom Scheme is also subject to the mortality assumption. If the mortality tables used are rated
up/down one year, the value placed on the liabilities increases by £2.8m and decreases by £2.7m, respectively.
Funding arrangements
United Kingdom Scheme
The Trustee uses the projected unit credit method with a three-year control period. Currently the scheme
members pay contributions at the rate of 8.5% of salary. The employer pays contributions of 18.5% of salary
(2024: 18.5%). As a result of the surplus disclosed by the 2025 valuation, the employer has not made any
additional contributions in 2025 and the Trustee now funds the scheme expenses.
Funding risks
The main risks for the schemes are:
Investment return risk:
If the assets underperform the returns assumed in setting the funding targets
then additional contributions may be required at subsequent valuations.
Longevity risk:
If future improvements in longevity exceed the assumptions made for
scheme funding then additional contributions may be required.
16 Employee benefits Continued
The invested assets of the Switzerland Scheme comprise cash in savings and contribution accounts.
The Switzerland Scheme is fully insured.
Changes in the present value of the defined benefit obligations were as follows:
2025 2024
£m £m
Defined benefit obligations at 1 January
100.1
109.2
Current and past service cost
1.0
0.4
Interest cost
4.5
4.4
Contributions by scheme participants
0.5
0.5
Benefits paid
(5.5)
(4.5)
Effect of exchange rate changes on overseas schemes
1.5
(0.9)
Remeasurements
(5.2)
(9.0)
Defined benefit obligations at 31 December
96.9
100.1
Principal actuarial assumptions:
United Kingdom Scheme
Switzerland Scheme
2025 2024 2025 2024
% % % %
Discount rate
5.6
5.6
1.4
1.0
Inflation rate (based on CPI)
1.9
2.2
n/a
n/a
Rate of salary increases
–
–
1.4
1.6
Rate of pension increases:
CPI subject to a maximum of 5.0% p.a.
2.6
2.2
n/a
n/a
Increases subject to a maximum of 2.5% p.a.
2.0
1.8
n/a
n/a
The Switzerland Scheme is an insured plan.
Life expectancy assumptions at year end for:
United Kingdom Scheme
Switzerland Scheme
2025
2024
2025
2024
Male aged 40
49.0
48.1
49.7
49.6
Male aged 65
21.6
21.4
22.2
22.1
Female aged 40
51.1
50.4
51.3
51.2
Female aged 65
24.3
23.6
24.0
23.9
Intertek Group plc
Annual Report & Accounts 2025
3.38
Notes to the financial statements Continued
3: Financial Report2: Sustainability Report1: Strategic Report
2025
2024
Enhanced
Deferred
2025
LTIP
Deferred
Outstanding Share LTIP Share Share Share LTIP Share
awards Awards Awards
Awards***
Total awards
Awards
Awards
Total awards
At beginning
of year
837,254
1,015,392
–
1,852,646
691,514
934,576
1,626,090
Granted*
385,582
417,059
573,996
1,376,637
321,594
380,618
702,212
Vested**
(268,916)
(287,022)
–
(555,938)
(130,508)
(257,349)
(387,857)
Forfeited
(48,192)
(25,140)
(14,683)
(88,015)
(45,346)
(42,453)
(8
7,79
9 )
At end
of year
905,728
1,120,289
559,313
2,585,330
837, 25 4
1,015,392
1,852,646
* Includes 27,449 Deferred Share Awards (2024: 19,080) and 41,798 LTIP Share Awards (2024: 25,273) granted in respect of dividend accruals.
** Of the 555,938 awards vested in 2025, nil were satisfied by the issue of shares and 358,099 by the transfer of shares from the ESOT (see
note 15). The balance of 197,839 awards represented a tax liability of £9.9m (2024: £7.0m) which was settled in cash on behalf of employees
by the Group, of which £8.9m was settled by the Company.
*** These are new Awards for 2025, comparatives for 2024 are nil.
Deferred Share Plan
Awards may be granted under the Deferred Share Plan (‘DSP’) to employees of the Group (other than the
Executive Directors of the Company) selected by the Remuneration Committee over existing, issued ordinary
shares of the Company only. The DSP was adopted primarily to allow for the deferral of a proportion of selected
employees’ annual bonus into shares in the Company but may also be used for the grant of other awards (such
as incentive awards and buyout awards for key employees) in circumstances that the Remuneration Committee
deems appropriate. Awards will normally have a three-year vesting period. Awards may be made subject to
performance conditions and are subject to normal good and bad leaver provisions and malus and clawback.
2025
2024
Deferred Deferred
Share Total Share Total
Outstanding awards Awards awards Awards awards
At beginning of year
16,260
16,260
30,883
30,883
Granted*
7,918
7,91
8
4,747
4,747
Vested**
(13,994)
(13,994)
(19,370)
(19,370)
Forfeited
(5,652)
(5,652)
–
–
At end of year
4,532
4,532
16,260
16,260
* Includes 118 Deferred Share Awards (2024: 347) granted in respect of dividend accruals.
** Of the 13,994 awards vested in 2025, 9,870 were satisfied by the transfer of shares from the ESOT (see note 15). The balance of 4,124
awards represented a tax liability of £0.2m (2024: £0.4m) which was settled in cash on behalf of employees by the Group, of which £0.2m
was settled by the Company.
16 Employee benefits Continued
Role of third parties
The United Kingdom Scheme is managed by the Trustee on behalf of its members. The Trustee takes advice
from appropriate third parties including investment advisers, actuaries and lawyers as necessary.
Virgin Media case
In June 2023, the High Court handed down a decision in the case of Virgin Media Limited v NTL Pension
Trustees II Limited and others relating to the validity of certain historical pension changes due to the lack of
actuarial confirmation required by law. In July 2024, the Court of Appeal dismissed the appeal brought by Virgin
Media Limited against aspects of the June 2023 decision. The conclusions reached by the court in this case
may have implications for other UK defined benefit plans.
The Trustee and the Company have considered the implications of the case for the UK Scheme. Based on
the outcome of a legal review of the UK Scheme’s governing deeds and rules provided by the Trustee’s lawyers,
additional liabilities arising from the Virgin media case are not highly probable. Based on those findings, the
Company has not recognised any additional liabilities as at 31 December 2025. Furthermore, the scheme is
sufficiently funded to be able to absorb the impact, if any, without affecting the security of member benefits.
17 Share schemes
Accounting policy
Share-based payment transactions
The share-based compensation plans operated by the Group allow employees to acquire shares of the
Company. The fair value of the employee services, received in exchange for the grant of shares, is measured
at the grant date and is recognised as an expense with a corresponding increase in equity. The charge is
calculated using the Black-Scholes method and expensed to the income statement over the vesting period
of the relevant award. The charge for the Deferred Share Awards is adjusted to reflect expected and actual
levels of vesting for service conditions.
Share plans
2021 Long Term Incentive Plan
The Intertek 2021 Long Term Incentive Plan (‘2021 Plan’) was approved at the 2020 Annual General
Meeting as the Intertek 2011 Long Term Incentive Plan was approaching the end of its ten-year life cycle.
Deferred Share Awards and LTIP Share Awards have been granted under this plan. The awards made in
2025 were made under the 2021 Plan on 13 March 2025 and 3 June 2025. The Deferred Share Awards
under this plan will normally have a three year vesting period and may be subject to performance conditions.
The LTIP Share Awards vest three years after grant date, subject to fulfilment of the non-market based
performance conditions.
2025 Enhanced Long Term Incentive Plan
The Intertek 2025 Enhanced Long Term Incentive Plan was adopted by the Remuneration Committee on
21 May 2025. The awards made to employees of the Group (other than the Executive Directors of the
Company) in 2025 were made under the Plan on 3 June 2025. The awards under these plans vest three
years after grant date, subject to fulfilment of the non-market based performance conditions.
Intertek Group plc
Annual Report & Accounts 2025
3.39
Notes to the financial statements Continued
3: Financial Report2: Sustainability Report1: Strategic Report
18 Subsequent events
On 11 February 2026, subsequent to the reporting period, the Group entered into a new senior note agreement
for USD$80 million, with a maturity of five years.
19 Capital management
The Directors determine the appropriate capital structure of Intertek; specifically how much capital is raised
from shareholders (equity) and how much is borrowed from financial institutions (debt) in order to finance the
Group’s activities. These activities include ongoing operations as well as acquisitions as described in note 10.
The Group’s policy is to maintain a robust capital base (including cash and debt) to ensure the market and key
stakeholders retain confidence in the capital profile. Debt capital is monitored by Group Treasury assessing the
liquidity buffer on a short- and longer-term basis as discussed in note 14. Net financial debt has increased from
£499.8m at 31 December 2024 to £996.8m at 31 December 2025. The Group has a strong balance sheet with
net financial debt to EBITDA of 1.3x (2024: 0.7x).
During 2025, the Group has continued the working capital focus. Working capital has increased by £50.2m to
negative £45.7m. Working capital is defined on page 3.03.
The Group uses key performance indicators, including Return on Invested Capital (‘ROIC’) and adjusted diluted
earnings per share to monitor the capital position of the Group to ensure it is being utilised effectively. The rate
of ROIC, defined as adjusted operating profit less adjusted taxes divided by invested capital, measures how
effectively the Group generates profit from its invested capital. This is a key measure to assess the efficiency
of investment decisions and is also an important criterion in the decision making process. ROIC in 2025 was
21.3% (2024: 22.4%). Adjusted diluted earnings per share is a key measure of value creation for the Board and
for shareholders and in 2025 was 253.5p (2024: 240.6p).
The dividend policy also forms part of the Board’s capital management policy, and the Board ensures there is
appropriate earnings cover for the dividend proposed at both the interim and year end. Our current dividend
policy aims to deliver sustainable dividend growth over time, based on a target dividend payout ratio of c.65%.
Reflecting the Group’s strong cash generation in 2025, the recommended final dividend is 107.7p bringing the
full year dividend to 165.0p, which is a year-on-year increase of 5.4%, and reflects a dividend payout ratio of
circa 65%.
17 Share schemes Continued
Equity-settled transactions
During the year ended 31 December 2025, the Group recognised an expense of £24.3m (2024: £24.4m). The
weighted average fair values and the assumptions used in their calculations are set out below:
2025
Awards
Deferred
Share Share LTIP Share
Awards Awards Awards
Fair value at measurement date (pence)
4,753
4,866
4,288
Share price (pence)
4,753
4,866
4,803
Share price volatility
–
–
24.4%
Risk-free rate
–
–
4.0%
Time to maturity (years)
1–3
3
3
2024
Awards
Deferred
Share Share LTIP Share
Awards Awards Awards
Fair value at measurement date (pence)
4,866
4,994
4,271
Share price (pence)
4,866
4,994
5,010
Share price volatility
–
–
26.6%
Risk-free rate
–
–
3.9%
Time to maturity (years)
1–3
3
3
The weighted average exercise prices of all share awards in the year are £nil (2024: £nil).
All Share Awards are granted under a service condition. Such condition is not taken into account in the fair value
measurement at grant date. From 2020 the LTIP Share Awards were granted under performance-related non-
market conditions only.
Intertek Group plc
Annual Report & Accounts 2025
3.40
Notes to the financial statements Continued
3: Financial Report2: Sustainability Report1: Strategic Report
20 Non-controlling interest
Accounting policy
Acquisitions of non-controlling interests are accounted for as transactions with owners in their capacity
as owners and therefore no goodwill is recognised as a result of such transactions.
Non-controlling interest
An analysis of the movement in non-controlling interest is shown below:
2025 2024
£m £m
At 1 January
43.0
36.7
Exchange adjustments
(0.3)
0.6
Share of profit for the year
19.7
21.8
Adjustment arising from changes in non-controlling interest
(1.7)
–
Dividends paid to non-controlling interest
(16.1)
(16.1)
At 31 December
44.6
43.0
21 Related parties
Identity of related parties
The Group has a related party relationship with its key management. Balances and transactions between the
Company and its subsidiaries and between subsidiaries have been eliminated on consolidation and are not
discussed in this note.
Transactions with key management personnel
Key management personnel compensation, including the Group’s Directors, is shown in the table below:
2025 2024
£m £m
Short-term benefits
12.3
14.0
Post-employment benefits
0.5
0.6
Equity-settled transactions
14.0
13.5
Total
26.8
28.1
More detailed information concerning Directors’ remuneration, shareholdings, pension entitlements and
other long-term incentive plans is shown in the audited parts of the Annual Report on Remuneration in
Report 2 pages 2.96-2.107. Apart from the above, no member of key management had a personal interest
in any business transactions of the Group.
Listed within Company financial statement – Note I are subsidiaries controlled and consolidated by the Group,
where the Directors have taken the exemption from having an audit of its financial statements for the year
ended 31 December 2025. This exemption is taken in accordance with Section 479A of the Companies
Act 2006.
22 Contingent liabilities
2025 2024
£m £m
Guarantees, letters of credit and performance bonds
55.6
46.7
Litigation
The Group is involved in various claims and lawsuits incidental to the ordinary course of its business, including
claims for damages, negligence and commercial disputes regarding inspection and testing, and disputes
with employees and former employees. The Group is not currently party to any legal proceedings other than
ordinary litigation incidental to the conduct of business. These claims are not currently expected to result
in meaningful costs and liabilities to the Group. The Group maintains appropriate insurance cover to provide
protection from the small number of significant claims it is subject to from time to time.
Tax
The Group operates in more than 100 countries and with complex tax laws and regulations. At any point in
time it is normal for there to be a number of open years which may be subject to enquiry by local authorities.
In some jurisdictions the Group receives tax incentives (see note 6) which are subject to renewal and review
and reduce the amount of tax payable. Where the effect of the laws and regulations is unclear, estimates are
used in determining the liability for the tax to be paid. The Group considers the estimates, assumptions and
judgements to be reasonable but this can involve complex issues which may take a number of years to resolve.
Intertek Group plc
Annual Report & Accounts 2025
3.41
Notes to the financial statements Continued
3: Financial Report2: Sustainability Report1: Strategic Report
23 Principal Group companies
The principal subsidiaries whose results or financial position, in the opinion of the Directors, principally
affect the figures of the Group have been shown below. All the subsidiaries shown were consolidated with
Intertek Group plc as at 31 December 2025. Unless otherwise stated, these entities are wholly owned indirect
subsidiaries and the address of the registered office is Academy Place, 1–9 Brook Street, Brentwood, Essex,
CM14 5NQ, United Kingdom.
Country of Incorporation and
Company name
principal place of operation
Activity
Intertek Australia Holdings Pty Limited
(i)
Australia
Holding
Intertek Finance plc
England
Finance
Intertek Holdings Limited
(ii)
England
Holding
Intertek Technical Services, Inc.
(iii),(ix page 3.50)
USA
Trading
Intertek Testing Services Holdings Limited
(ii)
England
Holding
Intertek Testing Services Hong Kong Limited
(iv)
Hong Kong
Trading
Intertek Testing Services Limited Shanghai
(v)
China
Trading
Intertek Testing Services NA, Inc.
(vi)
USA
Trading
Intertek Testing Services Shenzhen Limited
(vii)
China
Trading
Intertek USA, Inc.
(viii)
USA
Trading
Intertek USD Finance Limited
England
Finance
Labtest Hong Kong Limited
(iv)
Hong Kong
Trading
RCG-Moody International Limited
England
Holding
Testing Holdings USA, Inc.
(iii)
USA
Holding
(i) Registered office address is: 544 Bickley Road, Maddington, WA 6109, Australia.
(ii) Directly owned by Intertek Group plc.
(iii) Registered office address is: c/o CSC, 251 Little Falls Drive, Wilmington, DE 19808, United States.
(iv) Registered office address is: 2/F Garment Centre, 576 Castle Peak Road, Kowloon, Hong Kong.
(v) Equity shareholding 85%, company controlled by the Group based on management’s assessment. Registered office address is: 2nd Floor,
West District, Free Trade Test Zone, Zhangyang Road, Shanghai, China.
(vi) Registered office address is: c/o CSC, 80 State Street, Albany, NY 12207, United States.
(vii) Registered office address is: 3-5/F of Bldg. 1, 1-5/F of Bldg. 3, No. 4012, Wuhe Ave. North, Bantian Street, Yuanzheng Science and
Technology Industrial Park, Shenzhen, Guangdong, China.
(viii) Registered office address is: c/o CSC, 450 Laurel Street, 8th Floor, Baton Rouge, LA 70801, United States.
Group companies
In accordance with section 409 of the Companies Act 2006, all related undertakings are set out in the
following list. Related undertakings comprise subsidiaries, partnerships, associates, joint ventures and joint
arrangements. The principal subsidiaries listed above have not been duplicated in the following list.
Where no address is listed, the address of the registered office is Academy Place, 1–9 Brook Street, Brentwood,
Essex, CM14 5NQ, United Kingdom. Unless otherwise stated, the share capital for all related undertakings
included in this note comprises ordinary or common stock shares which are indirectly held by Intertek Group
plc as at 31 December 2025. The percentage held by class of share is stated where this is less than 100%.
No subsidiary undertakings have been excluded from the consolidation.
Fully owned subsidiaries
0949491 B.C. Limited
1200-925 West Georgia Street, Vancouver, British Columbia, V6C 3L2, Canada
4th Strand, LLC
(i)
(xv)
c/o CSC, 2 Sun Court, Suite 400, Peachtree Corners, GA 30092, United States
Acucert Labs, LLP
(xv)
Wing-A, Ground Floor, Beta Building, Unit No. 3, I Think Techno Campus, Kanjurmarg, Mumbai, 400 042, India
Acumen Security, LLC
c/o CSC, 7 St. Paul Street, Suite 820, Baltimore, MD 21202, United States
Adelaide Inspection Services Pty Limited
544 Bickley Road, Maddington, WA 6109, Australia
Admon Labs Servicios Corporativos y Administrativos, S.A. de C.V.
Boulevard Adolfo Lopez Mateos #2259, Atlamaya, Alvaro Obregon, Ciudad de Mexico, C.P. 01760, Mexico
Advancing Food Safety Pty Limited.
(i)
544 Bickley Road, Maddington, WA 6109, Australia
Ageus Solutions Inc.
1223 Michael Street North, Suite 200, Ottawa, Ontario K1J 7T2, Canada
Alchemy Investment Holdings, Inc.
c/o CSC, 251 Little Falls Drive, Wilmington, DE 19808, United States
Alchemy Systems, L.P.
(xv)
c/o CSC, 211 E. 7th Street, Suite 620, Austin, TX 78701, United States
Alchemy Systems Training, Inc.
c/o CSC, 211 E. 7th Street, Suite 620, Austin, TX 78701, United States
Alchemy Systems Training Limited
Alchemy Training Technologies, Inc.
1 Germain Street, Suite 1500, Saint John, NB E2L 4V1, Canada
Alta Analytical Laboratory, Inc.
(i)
c/o CT Corporation System, 330 N. Brand Blvd., Suite 700, Glendale, CA 91203, United States
Anstat Pty Limited
544 Bickley Road, Maddington, WA 6109, Australia
Architectural Testing, Inc.
c/o CSC, 5235 N. Front Street, Harrisburg, PA 17110, United States
Architectural Testing Holdings, Inc.
c/o CSC, 251 Little Falls Drive, Wilmington, DE 19808, United States
Bellini & Sandrini Holding LTDA
Rua Carlos Tosin, 860, sala 1, Distrito Industrial, Estado de São Paulo, Brazil
Bigart Ecosystems, LLC
(xv)
c/o CSC, 26 West 6th Avenue, Helena, MT 59624, United States
Intertek Group plc
Annual Report & Accounts 2025
3.42
Notes to the financial statements Continued
3: Financial Report2: Sustainability Report1: Strategic Report
Excel Partnership, Inc.
c/o CSC, 251 Little Falls Drive, Wilmington, DE 19808, United States
Fivetix Professional Services Private Limited
F-Wing, I Floor, Tex Centre, 26-A Chandiwali Farm Road, Andheri (East) Mumbai, Mumbai City, MH 400072, India
Four Front Research (India) Pvt Limited
(ii)
Plot# 847, 5th Floor, Near Electricity Substation, Ayyappa Society Road, Madhapur, Hyderabad, Telangana,
500081, India
Frameworks Inc.
47 Father David Bauer Drive, Waterloo, Ontario N2L 0A2, Canada
Gamatek, S.A. de C.V.
Alanis Valdez #2308, Industrial, Monterrey, Nuevo Leon, Mexico
GCA Calidad y Analisis de Mexico, S.A. de C.V.
Jacarandas #19, San Clemente, Alvaro Obregon, Ciudad de Mexico, C.P. 01740, Mexico
Gellatly Hankey Marine Services (M) Sdn. Bhd.
Unit 30-01 Level 30, Tower A, Vertical Business Suite, Avenue 3, Bangsar South, No. 8, Jalan Kerinchi, 59200
Kuala Lumpur, Malaysia
Genalysis Laboratory Services Pty Limited
(vi)
544 Bickley Road, Maddington, WA 6109, Australia
Geotechnical Services Pty Limited
544 Bickley Road, Maddington, WA 6109, Australia
Global X-Ray & Testing Corporation
c/o CSC, 450 Laurel Street, 8th Floor, Baton Rouge, LA 70801, United States
Global X-Ray Holdings, Inc.
(ix)
c/o CSC, 450 Laurel Street, 8th Floor, Baton Rouge, LA 70801, United States
Guangzhou Intertek Quality Testing Technology Co., Ltd.
Room 301, No.8 Baoying East Road, Huangpu District, Guangzhou, China
H.P. White Laboratory Inc.
c/o CSC, 7 St. Paul Street, Suite 820, Baltimore, MD 21202, United States
Hawks Acquisition Holding, Inc.
c/o CSC, 251 Little Falls Drive, Wilmington, DE 19808, United States
Hi-Tech Holdings, Inc.
(i)
c/o CSC, 1201 Hays Street, Tallahassee, FL 32301, United States
Hi-Tech Testing Service, Inc.
c/o CSC, 211 E. 7th Street, Suite 620, Austin, TX 78701, United States
ILI Infodisk, Incorporated.
c/o 100 Charles Ewing Blvd., Suite 160, Ewing, NJ 08628, United States
ILI Limited
Inspection Services (US), LLC
(xv)
c/o CSC, 251 Little Falls Drive, Wilmington, DE 19808, United States
International Cargo Services, Inc.
(i)
c/o CT Corp, 8550 United Plaza Blvd, Baton Rouge, LA 70809, United States
International Inspection Services Limited
33/37 Athol Street, Douglas, IM1 1LB, Isle of Man
Caleb Brett Ecuador S.A.
Centro Commercial Mall del Sol, Av. Joaquín Orrantia González y Juan Tanca Marengo, Torre B, Piso 5,
Oficina 505, Guayaquil, Ecuador
Caleb Brett Zimbabwe (Private) Limited
Arundel Office Park, Building 4 Norfolk Road, Mount Pleasant, Harare, Zimbabwe
Catalyst Awareness, Inc.
47 Father David Bauer Drive, Waterloo, Ontario N2L 0A2, Canada
Center for the Evaluation of Clean Energy Technology, Inc.
c/o CSC, 80 State Street, Albany, NY 12207, United States
Check Safety First Limited
Checkpoint Solutions Ltd
Clean Energy Associates, LLC
(xv)
c/o CSC, 251 Little Falls Drive, Wilmington, DE 19808, United States
Clean Energy Associates Limited
302-308 Hennessy Road, Room 2003, Wanchai, Hong Kong
Clean Energy Associates (China) Limited
Room 159, Building 4th, No. 2118 Guanghua Road, Minhang District, Shanghai, China
Cristal Middle East for Safety Systems Company SAE
22 El-Imam Ali, Almazah, Heliopolis, Cairo Governorate, Egypt
Cristal North Africa CNA
Immeuble, SOGIT Faisant angle de la rue, lac victoria, et rue du des lacs de mazurie, les berges du lac, 1053 Tunis
Le bureau, B5 situé, au 2ème étage, Tunis, Tunisia
Electronic Warfare Associates-Canada, Ltd
1223 Michael Street North, Suite 200, Ottawa, ON K1J 7T2, Canada
Enertech Australia Pty. Limited
544 Bickley Road, Maddington, WA 6109, Australia
Entela-Taiwan, Inc
c/o CSC, 3410 Belle Chase Way, Suite 600, Lansing, MI 48911, United States
Envirolab Group Pty Ltd
544 Bickley Road, Maddington, WA 6109, Australia
Envirolab Services (NZ) Limited
Unit 4 Building D, 63 Apollo Drive, Rosedale, Auckland 0632, New Zealand
Envirolab Services (WA) Pty Ltd
544 Bickley Road, Maddington, WA 6109, Australia
Envirolab Services Pty Ltd
544 Bickley Road, Maddington, WA 6109, Australia
Esperanza Guernsey Holdings Limited
PO Box 472, St Julian’s Court, St Julian’s Avenue, St Peter Port, GY1 6AX, Guernsey
Esperanza International Services (Southern Africa) (Pty.) Limited
Charter House, 13 Brand Road, Glenwood, Durban, South Africa
23 Principal Group companies Continued
Intertek Group plc
Annual Report & Accounts 2025
3.43
Notes to the financial statements Continued
3: Financial Report2: Sustainability Report1: Strategic Report
Intertek Caleb Brett Venezuela C.A.
Av. Mohedano, Centro Gerencial Mohedano, piso 4, oficina 4-C, La Castellana, Municipio Chacao, Venezuela
Intertek Cameroun SARL
Cite Nanga, Off-Eding Street, Behind Colege Sonara Bota, PO Box 1301, Limbe SW Region, Cameroon
Intertek Canada Newco Limited
2561 Georges V, Montreal, Québec H1L 6S4, Canada
Intertek Capacitacion Chile Spa
Avenida Las Condes N° 11287 Torre A, oficina 301 A Las Condes, Santiago, Chile
Intertek Capital Resources Limited
Intertek Certification AB
Torshamnsgatan 43, Box 1103, Kista, S-164 22, Sweden
Intertek Certification AS
Leif Weldings vei 8, 3208 Sandefjord, Norway
Intertek Certification GmbH
Marie-Bernays-Ring 19a, 41199 Monchengladbach, Germany
Intertek Certification Japan Limited
Hulic Kamiyacho Building 4F, 4-3-13 Toranomon, Minato-ku, Tokyo, 105-0001, Japan
Intertek Certification Limited
Intertek Colombia S.A.
Calle 127A No. 53A-45, Oficina 1103, Bogotá, Colombia
Intertek Commodities Mozambique Lda
(xvi)
Rua 1233, NR 72 R/C, Distrito Urbano 1, Maputo, Mozambique
Intertek Consulting & Training (UK) Limited
(ii)
Northpoint Aberdeen Science & Energy Park, Exploration Drive, Bridge of Don, Aberdeen, AB23 8HZ,
United Kingdom
Intertek Consulting & Training (USA), Inc.
(i)
c/o CSC, 450 Laurel Street, 8th Floor, Baton Rouge, LA 70801, United States
Intertek Consulting & Training Egypt
(ii)
46 B Street #7, Maadi, Cairo, Egypt
Intertek Consumer Goods GmbH
Würzburger Strasse 152, 90766 Fürth, Germany
Intertek Curacao N.V.
Barendslaan #3, Rio Canario Willemstad, Curacao, Netherlands Antilles
Intertek de Guatemala SA
46 Calle 21-53 Zona 12, Expobodega 46, Edificio 10, Guatemala Ciudad, Guatemala
Intertek de Nicaragua S.A.
Zona Franca Astro KM 47, Carretera Tipitapa Masaya, Nave 20, Managua, Nicaragua
Intertek Denmark A/S
Dokhavnsvej 3, Postboks 67, 4400 Kalundborg, Denmark
Intertek Deutschland GmbH
Stangenstrasse 1, 70771 Leinfelden-Echterdingen, Germany
Intertek DIC A/S
Buen 12, 2, 6000 Kolding, Denmark
Intertek (Mauritius) Limited
2 Palmerston Road, Phoenix, Mauritius
Intertek (Schweiz) AG
TechCenter, Kaegenstrasse 18, 4153 Reinach, Switzerland
Intertek Algeria Ltd EURL
Zone urbaine Garidi 1, N°C7/C8, Bâtiment F1, 1er étage Local N°1, 16051, Kouba, Wilaya d’Alger, Algeria
Intertek Arabia A.C.
Office no. 213, Olaya Business Center, Al-Khobar, 31952, Saudi Arabia
Intertek Argentina Certificaciones S.A.
(iii)
Cerrito 1136 3rd floor CF, Ciudad Autónoma de Buenos Aires, C1010AAX, Argentina
Intertek Aruba N.V.
Lago Heights Straat 28A, San Nicolas, Aruba
Intertek Asset Integrity Management, Inc.
c/o CSC, 211 E. 7th Street, Suite 620, Austin, TX 78701, United States
Intertek ATI SRL
Calea Rahovei no. 266-268, corp 61, floor 1, Axes A-C, 18-22 (1/2), sector 5, Bucharest, Romania
Intertek Azeri Limited
2236 Mirza Davud Str., Xatai District, Baku, AZ 1026, Azerbaijan
Intertek BA EOOD
24A Akad. Metodi Popov Str., Floor 5, Sofia, 1113, Bulgaria
Intertek Bangladesh Limited
Phoenix Tower, Plot–407 (3rd Floor), Tejgaon I/A, Dhaka, Bangladesh
Intertek Belgium NV
Kruisschansweg 11, 2040 Antwerp, Belgium
Intertek Burkina Faso Ltd Sarl
Lot 113, Parcelle no. PE 1/2, Secteur no.11. Ouagadougou, 02 BP 5984, Burkina Faso
Intertek C&T Australia Holdings PTY Ltd
(i)
544 Bickley Road, Maddington, WA 6109, Australia
Intertek C&T Australia Pty Ltd
Level 3, 235 St Georges Terrace, Perth, WA 6000, Australia
Intertek Caleb Brett (Uruguay) S.A.
(xiv)
Juncal 1305, Oficina 301, Montevideo, 11000, Uruguay
Intertek Caleb Brett Chile S.A.
Avenida Las Condes N° 11287 Torre A, oficina 301 A Las Condes, Santiago, Chile
Intertek Caleb Brett El Salvador S.A. de C.V.
Recinto Industrial de RASA, zona industrial de Acajutla, Sonsonate, El Salvador
Intertek Caleb Brett Germany GmbH
Georgswerder Bogen 3, D-21109 Hamburg, Germany
Intertek Caleb Brett Panama, Inc.
Zona Procesadora para la Exportacion de Albrook, Building 6, Ancon Panama, Panama
23 Principal Group companies Continued
Intertek Group plc
Annual Report & Accounts 2025
3.44
Notes to the financial statements Continued
3: Financial Report2: Sustainability Report1: Strategic Report
Intertek Holdings Nederland B.V.
Leerlooierstraat 135, 3194AB Hoogvliet, Rotterdam, The Netherlands
Intertek Holdings Norge AS
Oljevegen 2, Tananger, 4056, Norway
Intertek Ibérica Spain, S.L.
Alameda Recalde, 27-5, 48009, Bilbao, Vizcaya, Spain
Intertek India Private Limited
E-20, Block B1, Mohan Co-operative Industrial Area, Mathura Road, New Delhi, 110044, India
Intertek Industrial Services GmbH
Marie-Bernays-Ring 19a, 41199 Monchengladbach, Germany
Intertek Industry and Certification Services (Thailand) Limited
539/2 Gypsum Metropolitan Tower, 11C Fl., Sri-Ayudhaya Road, Tanon – Phayathai Subdistrict, Khet
Ratchathewi, Bangkok, 10400, Thailand
Intertek Industry Ghana Ltd
House Number 1, North Industrial Area, Klan, Anoma Ntuu Link, Accra, PO BOX 533, Ghana
Intertek Industry Holdings (Pty) Ltd
53 Phillip Engelbrecht Drive, Woodhill Office Park Building 2, 1st Floor Unit 8B, Meyersdal, Gauteng, 1448,
South Africa
Intertek Industry Holdings Mozambique Limitada
Cidade de Maputo, Distrito Kampfumo, Baiiro Sommerchield, Avenida 1301 n˚97, Mozambique
Intertek Industry Services (S) Pte Ltd
2 International Business Park, #10-09/10, The Strategy, 609930, Singapore
Intertek Industry Services Brasil Ltda
Alameda Rio Negro, 161, room 702 – 7th floor, Alphaville Industrial and Business Center, Barueri, São Paulo,
06454-000-SP, Brazil
Intertek Industry Services Colombia Limited
Calle 127A No. 53A-45, Oficina 1103, Bogotá, Colombia
Intertek Industry Services de Argentina S.A.
Cerrito 1136, 2nd floor CF, Ciudad Autonoma de Buenos Aires, C1010AAX, Argentina
Intertek Industry Services Japan Limited
Hulic Kamiyacho Building 4F, 4-3-13 Toranomon, Minato-ku, Tokyo, 105-0001, Japan
Intertek Industry Services Romania Srl
266-268 Calea Rahovei Street, Building 61, 1st Floor, Sector 5, Bucharest, Romania
Intertek Industry WLL
Office # 24, Building 400, Road 3207, Mahooz, Block 332, Manama, Bahrain
Intertek Inspection Services Ltd
4500, 855-2nd Street S.W., Calgary, Alberta T2P 4K7, Canada
Intertek Inspection Services Scandinavia AS
Radhusgata 15, 3211, Sandefjord, Norway
Intertek Inspection Services UK Limited
Intertek International Gabon SARL
Quartier Montagne Sainte – Immeuble Dumez, 2éme étage, Libreville, B.P. 13312, Gabon
Intertek do Brasil Inspecoes Ltda
Edifício Almares, térreo, 1º e 2º andares, No.7 Rua Doutor Cochrane, Bairro Paquetá, Santos, São Paulo, CEP
11013-100, Brazil
Intertek Egypt for Testing Services
2nd Floor, Block 13001, Piece 15, Street 13, First Industrial Zone, (Beside Abou Ghali Motors), El Obour City,
Cairo, Egypt
Intertek Engineering Service Shanghai Limited
Room 301-6, No.14, Lane 1401, Jiangchang Road, Jing ’an District, Shanghai, China
Intertek Evaluate AB
Torshamnsgatan 43, Box 1103, Kista, S-164 22, Sweden
Intertek Finance No. 2 Ltd
(x)
Intertek Finland OY
Teknoublevardi 3-5, FI-01530 Vantaa, Finland
Intertek Food Services GmbH
Olof-Palme-Strasse 8, 28719 Bremen, Germany
Intertek France SAS
ZAC Ecopark 2, 27400, Heudebouville, France
Intertek Fujairah FZC
P.O. Box 1307, Fujairah, United Arab Emirates
Intertek Genalysis (Zambia) Limited
Plot No 25/26 Nkwazi House, Nkwazi and Cha Cha Cha Roads, PO Box 31014, Lusaka, Zambia
Intertek Genalysis Madagascar SA
Saint Denis Terrain II, Parcel 2 Ambatofotsy, Ampandrianomby, Madagascar
Intertek Genalysis South Africa Pty Ltd
544 Bickley Road, Maddington, WA 6109, Australia
Intertek Ghana Limited Company
Number 2 Plot 1, Airport Residential Area, Augustus Akiwumi Road, Accra, Ghana
Intertek Global (Iraq) Limited
Intertek Guinee Equatoriale, S.L.
B/Caracolas-Detras Hotel Tropicana, Malabo, BP 620, Equatorial Guinea
Intertek Global Limited
26 New Street, St Helier, JE2 3RA, Jersey
Intertek Health Sciences Inc.
(v)
2233 Argentia Road, Suite # 201, Mississauga, Ontario L5N 2X7, Canada
Intertek Holding Deutschland GmbH
Stangenstrasse 1, 70771 Leinfelden-Echterdingen, Germany
Intertek Holdings France SAS
ZAC Ecopark 2, 27400 Heudebouville, France
Intertek Holdings Italia SRL
(xvi)
Via Guido Miglioli 2/A, Cernusco sul Naviglio, 20063, Milano, Italy
23 Principal Group companies Continued
Intertek Group plc
Annual Report & Accounts 2025
3.45
Notes to the financial statements Continued
3: Financial Report2: Sustainability Report1: Strategic Report
Intertek Middle East And North Africa Regional Company LLC
(xvi)
8410, Str No. 263, 3792, Al Yasmeen Dist., Riyadh, 13326, Saudi Arabia
Intertek Minerals Limited
Osu Badu Street, Airport Residential Area, Accra, Greater Accra, CP8196, Ghana
Intertek Myanmar Limited
Classic Strand Cono, No.693/701, Room (4-A), (4th Floor), Merchant Road, Pabedan Township, Yangon, Myanmar
Intertek Nederland B.V.
Leerlooierstraat 135, 3194 AB Hoogvliet, Rotterdam, The Netherlands
Intertek Nominees Limited
Intertek OCA France SARL
Route Industrielle – Centre Routier, 76600, Gonfreville L’Orcher, France
Intertek Overseas Holdings Limited
Intertek Overseas Holdings, Eritrea Limited
(i)
3rd Floor, Warsay Avenue, P.O. Box 4588, Asmara, Eritrea
Intertek Pakistan (Private) Limited
Intertek House, Plot No.1-5/11-A, Sector-5, Korangi Industrial Area, Karachi, Pakistan
Intertek Poland sp.z.o.o.
Oszczepników 4, 02-633 Warszawa, Poland
Intertek Polychemlab B.V.
Koolwaterstofstraat 1, 6161 RA, Geleen, The Netherlands
Intertek Portugal, Unipessoal Lda
(xvi)
Rua Antero de Quental, 221-Sala 102, 4455-586, Perafita-Matosinhos, Portugal
Intertek Quality Services Ltd
(i)
Intertek Resource Solutions (Trinidad) Limited
#91-92 Union Road, Marabella, Trinidad, Trinidad and Tobago
Intertek Resource Solutions, Inc.
c/o CSC, 211 E. 7th Street, Suite 620, Austin, TX 78701, United States
Intertek Rus JSC
Golovin B. Per, 12-1-Pomeshch. 1/5 107045, Moscow, Russian Federation
Intertek S.R.O
Sokolovská 131/86, Karlín, Praha 8, 186 00, Czech Republic
Intertek Saudi Arabia Limited
Southern Olaya Center, Office No. 213, Makkah Al-Mukaramah Street, P.O. Box 2526, Al-Khobar, 31952,
Saudi Arabia
Intertek ScanBi Diagnostics AB
Box 166, Alnarp, SE-230 53, Sweden
Intertek Secretaries Limited
(i)
Intertek Semko AB
Torshamnsgatan 43, Box 1103, Kista, S-164 22, Sweden
Intertek Services (Pty) Ltd
1st Floor, Building D, Stoneridge Office Park, 8 Greenstone Place, Greenstone, Gauteng, Johannesburg, 1609,
South Africa
Intertek International Guinee S.A.R.L.
(i)
Conakry Republique de Guinee, Compte Bancaire: 52481.369.10 0 (SGBG), Conakry Guinea
Intertek International Inc.
c/o CSC, 100 Shockoe Slip, 2nd Floor, Richmond, VA 23219, United States
Intertek International Kazakhstan, LLC
Building 2A, Abay Street, Atyrau City, 060002, Kazakhstan
Intertek International Limited
Intertek International Ltd Egypt
69, Road 161, Intersection with Road 104, Ground Floor, Maadi, Cairo, Egypt
Intertek International Limited RDC SASU
4109, av Titres Fonciers, c/Barumbu, v/Kinshasa, The Democratic Republic of Congo
Intertek International Nederland BV
Leerlooierstraat 135, 3194AB Hoogvliet, Rotterdam, The Netherlands
Intertek International Niger SARL
BP 2769, 2nd Floor Lot 792 Block Q, Independance Boulevard, Rue GM-20, Niger
Intertek International Safety and Compliance LLC
(xvi)
Office No 4, Building 146, bn Sinaa Street No 950, District 24, Al Muntazah, Doha, Qatar
Intertek International Suriname N.V.
Prins Hendrikstraat 49, Paramaribo, Suriname
Intertek International Tanzania Limited
Minazini Street, Kilwa Road 5, Dar es Salaam, United Republic of Tanzania
Intertek Italia SpA
Via Guido Miglioli 2/A, Cernusco sul Naviglio, 20063, Milano, Italy
Intertek Japan K.K.
Hulic Kamiyacho Building 4F, 4-3-13 Toranomon, Minato-ku, Tokyo, 105-0001, Japan
Intertek Kalite Servisleri Limited Sirketi
Cevizli Mah. Tansel Cad. No: 12-18, Maltepe, Istanbul, Turkey
Intertek Korea Industry Service Ltd
Yeouido Dept Bldg #916, 36-2, Yeouido-Dong, Youngdeungpo-Gu, Seoul, 150-749, South Korea
Intertek Labtest S.A.R.L
7 Boulevard de La Résistance, Immeuble de la Comanav, 7éme étage, Casablanca, 20300, Morocco
Intertek Malta Limited
24A Level 2, Flagstone Wharf, Marsa MRS 1932, Malta
Intertek Management Services (Australia) Pty Ltd
544 Bickley Road, Maddington WA 6109, Australia
Intertek Med SARL AU
Zone Franche Logistique Tanger Med, Plateau Bureaux 4, Lot 130, Tanger, Morocco
Intertek Medical Notified Body AB
Torshamnsgatan 43, Box 1103, Kista, S-164 22, Sweden
Intertek Medical Notified Body UK Ltd
23 Principal Group companies Continued
Intertek Group plc
Annual Report & Accounts 2025
3.46
Notes to the financial statements Continued
3: Financial Report2: Sustainability Report1: Strategic Report
Intertek Testing Services Bolivia S.A.
Calle Chichapi # 2125, Santa Cruz, de la Sierra, Bolivia
Intertek Testing Services Caleb Brett Egypt Limited
Intertek Testing Services Chongqing Co., Limited
1F/6F Building 3 No.5, East Gangcheng Loop Road, Chongqing, China
Intertek Testing Services de Honduras, S.A.
Edificio la Pradera, locales 5 y 6. 1-2 Ave, 1 calle, Puerto Cortes, Barrio el Centro, Honduras
Intertek Testing Services De Mexico, S.A. De C.V.
(iii)
Poniente 134, No 660 Industrial Vallejo, Mexico DF CP, 02300, Mexico
Intertek Testing Services Environmental Laboratories Inc.
(i)
c/o CSC, 251 Little Falls Drive, Wilmington, DE 19808, United States
Intertek Testing Services NA Limited
2561 Georges V, Montreal, Québec H1L 6S4, Canada
Intertek Testing Services NA Sweden AB
(i)
c/o Intertek Semko AB, Box 1103, Kista, 16422, Sweden
Intertek Testing Services Namibia (Proprietary) Limited
15th Floor, Frans Indongo Gardens, Dr Frans Indongo Street, Windhoek, Namibia
Intertek Testing Services Pacific Limited
2/F, Garment Centre, 576 Castle Peak Road, Kowloon, Hong Kong
Intertek Testing Services Peru S.A.
Jr. Mariscal Jose de la Mar No. 200 Urb., Res. El Pino, San Luis, Lima, Peru
Intertek Testing Services Philippines, Inc.
Intertek Building, 2307 Chino Roces Avenue Extension, Metro Manila, Makati City, 1231, Philippines
Intertek Testing Services Taiwan Limited
8F No. 423 Ruiguang Rd, Neihu District, Taipei, 11492, Taiwan
Intertek Testing Services Tianjin Limited
1-6/F, Block B, No. 7 Guiyuan Road, Hi-Tech Pack, Tianjin, China
Intertek Testing Services Zhejiang Ltd
Building No.2, Juanhu Science and Technology Innovation Park, No. 500 East Shuiyueting Road, Haining City,
Zhejiang Province, China
Intertek Timor, S.A.
(i)
Hotel Timor, Colmera, Vera Cruz, Dili, Timor-Leste
Intertek Training Malaysia Sdn. Bhd.
6-L12-01, Level 12, Tower 2, Menara PGRM, No. 6 & 8 Jalan Pudu Ulu, Cheras, 56100 Kuala Lumpur, Malaysia
Intertek Trinidad Limited
#91-92 Union Road, Marabella, Trinidad and Tobago
Intertek UK Holdings Limited
Intertek Ukraine LLC
Premises No. 8, 55 Ivan Franko Street, Kyivskyi District, Odesa, Odesa Oblast, 65049, Ukraine
Intertek USA Finance LLC
c/o CSC, 112 North Curry Street, Carson City, NV 89703, United States
Intertek Vietnam Limited
3rd & 4th floor, Au Viet Building, No. 01 Le Duc Tho Str., Mai Dich Ward, Cau Giay District, Hanoi City, Vietnam
Intertek Servicios C.A.
(i)
Res. San Ignacio, Calle San Ignacio de Loyola con Avenue Francisco de Miranda, Local 3, Chacao, Caracas,
Venezuela
Intertek Statius N.V.
Man ‘O’ War #B3, Oranjestad, St. Eustatius, Netherlands Antilles
Intertek Surveying Services (USA), LLC
(xv)
c/o CSC, 211 E. 7th Street, Suite 620, Austin, TX 78701, United States
Intertek Surveying Services UK Limited
Exploration Drive, Aberdeen Science And Energy Park, Bridge Of Don, Aberdeenshire, AB23 8HZ, United Kingdom
Intertek Technical Inspections Canada Inc.
(iv)
2561 Georges V, Montreal, Québec H1L 6S4, Canada
Intertek Technical Services PTY Limited
544 Bickley Road, Maddington, WA 6109, Australia
Intertek Technical Testing and Analysis Private Limited Company
Bole Sub City Woreda 04, House Number 064/A/, Abune Yosef, Addis Ababa, 4260, Ethiopia
Intertek Testing & Certification Limited
Intertek Testing and Inspection Services UK Limited
Intertek Testing Management Ltd
Intertek Testing Services (Australia) Pty Limited
544 Bickley Road, Maddington, WA 6109, Australia
Intertek Testing Services (Cambodia) Company Limited
13AC, Street 337, Sangkat Boeung Kak I, Khan Tuol Kork, Phnom Penh, Cambodia
Intertek Testing Services (East Africa) (Pty) Limited
5th Floor Charter House, 13 Brand Road, Glenwood, Kwa-Zulu Natal, 4001, South Africa
Intertek Testing Services (Fiji) Pte Limited
c/o BDO, Level 10, FNPF Place, 343 Victoria Parade, Suva, Fiji
Intertek Testing Services (Guangzhou) Ltd
No.3-1, Road 1, Xinhaixin Street, Huangge, Nansha District, Guangzhou, Guangdong, China
Intertek Testing Services (ITS) Canada Ltd
105-9000 Bill Fox Way, Burnaby, British Columbia V5J 5J3, Canada
Intertek Testing Services (Japan) K. K.
Hulic Kamiyacho Building 4F, 4-3-13 Toranomon, Minato-ku, Tokyo, 105-0001, Japan
Intertek Testing Services (NZ) Limited
3 Kepa Road, Ruakaka, Northland, 0171, New Zealand
Intertek Testing Services (Singapore) Pte Ltd.
1 Tai Seng Avenue #05-13, Tai Seng Exchange, 536464, Singapore
Intertek Testing Services (Thailand) Limited
1285/5 Prachachuen Road, Wong-Sawang Sub-District, Bangsue District, Bangkok, 10800, Thailand
Intertek Testing Services Argentina S.A.
Cerrito 1136, piso 3ro, Frente. Ciudad Autonoma de Buenos Aires, C1010AAX, Argentina
23 Principal Group companies Continued
Intertek Group plc
Annual Report & Accounts 2025
3.47
Notes to the financial statements Continued
3: Financial Report2: Sustainability Report1: Strategic Report
Melbourn Scientific Limited
Melbourn Scientific, Saxon Way, Melbourn, Hertfordshire, Royston, SG8 6DN, United Kingdom
Metoc Limited
(iii)
Midwest Engineering Services, Inc.
(i)
c/o CSC, 33 East Main Street, Suite 610, Madison, WI 53703, United States
Moody (Shanghai) Consulting Co., Ltd
Room 403, No.5-6, Lane 1218, Wanrong Road, Jing ‘an District, Shanghai, China
Moody International (Holdings) Limited
(viii)
Moody International (India) Private Limited
E-20, Block B1, Mohan Co-operative Industrial Area, Mathura Road, New Delhi, 110044, India
Moody International Certification India Limited
E-20, Block B1, Mohan Co-operative Industrial Area, Mathura Road, New Delhi, 110044, India
Moody International Holdings LLC
(xv)
c/o CSC, 211 E. 7th Street, Suite 620, Austin, TX 78701, United States
MT Group LLC
c/o CSC, 251 Little Falls Drive, Wilmington, DE 19808, United States
MT Operating of New Jersey, LLC
(xv)
c/o CSC, 251 Little Falls Drive, Wilmington, DE 19808, United States
MT Operating of New York, LLC
(xv)
c/o CSC, 251 Little Falls Drive, Wilmington, DE 19808, United States
N T A Monitor Limited
NDT Services Limited
Northern Territory Environmental Laboratories Pty Ltd
(i)
544 Bickley Road, Maddington, WA 6109, Australia
NTA Monitor (M) Sdn Bhd
No. 18-B, Jalan Kancil off Jalan Pudu, 55100 Kuala Lumpur, Wilayah Persekutuan, Malaysia
Paulsen & Bayes-Davy Ltd
2/F, Garment Centre, 576 Castle Peak Road, Kowloon, Hong Kong
Petroleum Services of Union Lab Sdn. Bhd.
Suite C-7-10 (B), Level 9, Block C, UE3 Corporate Offices, Menara Uncang Emas, No 85 Jalan Loke Yew,
Taman Miharja, 55200 Kuala Lumpur, Malaysia
Pittsburgh Testing Laboratory Inc.
(i)
c/o CSC, 5235 N. Front Street, Harrisburg, PA 17110, United States
PlayerLync Holdings, Inc.
c/o CSC, 251 Little Falls Drive, Wilmington, DE 19808, United States
PlayerLync LLC
(xv)
c/o CSC, 1900 W. Littleton Boulevard, Littleton, CO 80120, United States
Profesionales Contables en Asesoría Empresarial y de Ingenieria S.A.S.
Calle 120, No. 45A – 32, Bogota, Colombia
Professional Service Industries (Canada) Inc.
(i)
181 Bay Street, 4400, Toronto, Ontario M5J 2T3, Canada
Intertek West Africa SARL
Immeuble Centre Pavillon, 4eme étage, Rue Paul Langevin, Marcory, Zone 4, Abidjan, Côte d’Ivoire
Intertek West Lab AS
Oljevegen 2, 4056 Tananger, Norway
Intertek Genalysis SI Limited
(i)
c/o Baoro & Associates, Top Floor, Y. Sato Building, Point Cruz, Honiara, Solomon Islands
ITS (PNG) Limited
Section 27 Allotment 27, Voco Point, Lae, Morobe Province, Papua New Guinea
ITS (Subic Bay), Inc.
Area 8 – 10, Lots 11/12 Boton Wharf, Argonaut Highway, Subic Bay, Freeport Zone, Olongapo City, Philippines
ITS Guinea SARLU
Resident Almamya 103, Community De Kaloum, Conakry, Guinea
ITS Labtest Bangladesh Limited
Phoenix Tower, Plot – 407 (3rd Floor), Tejgaon I/A, Dhaka, Bangladesh
ITS Testing Holdings Canada Limited
9000 Bill Fox Way, Suite 105, Burnaby, British Columbia, V5J 5J3, Canada
ITS Testing Services (UK) Limited
ITS Testing Services Co. LLC
Ras Tanura KSA, PO Box 216, 31941, Saudi Arabia
JLA Brasil Laboratório de Análises de Alimentos S.A.
Rua Carlos Tosin, 860, sala 1, Distrito Industrial, Estado de São Paulo, Brazil
KJ Tech Services GmbH
(xii)
Pallaswiesenstraße 168, 64293, Darmstadt, Germany
Laboratorio Fermi S.A. de C.V.
Jacarandes #15, San Clemente, Alvaro Obregon, Ciudad de Mexico, C.P. 01740, Mexico
Laboratorios ABC Química, Investigación y Análisis, S.A. de C.V.
(xiii)
Jacarandas #19, San Clemente, Alvaro Obregón, Ciudad de Mexico, C.P. 01740, Mexico
Laboratory Services International Rotterdam B.V.
Pittsburghstraat 9, 3047 BL, Rotterdam, The Netherlands
Labtest International Inc.
c/o CSC, 251 Little Falls Drive, Wilmington, DE 19808, United States
Lintec Testing Services Limited
Louisiana Grain Services, Inc.
(i)
c/o CT Corp, 8550 United Plaza Blvd, Baton Rouge, LA 70809, United States
Mace Land Company, Inc.
c/o Daryl J. Sidel 120 E. Baltimore Street, Suite 2100, Baltimore, MD 21202, United States
Management Systems International Limited
(i)
Materials Testing Lab, Inc.
c/o CSC, 80 State Street, Albany, NY 12207, United States
McPhar Geoservices (Philippines) Inc.
Building 7 & 8 Philcrest 1 Compound, Km23 West Service Road, Bo. Cupang, Muntinlupa City, Philippines
23 Principal Group companies Continued
Intertek Group plc
Annual Report & Accounts 2025
3.48
Notes to the financial statements Continued
3: Financial Report2: Sustainability Report1: Strategic Report
SAI Global Japan Co. Ltd.
Hulic Kamiyacho Building 4F, 4-3-13 Toranomon, Minato-ku, Tokyo, 105-0001, Japan
SAI Global Korea Co., Ltd
(Dangjeong-dong, Intertek Building) 3, Gongdan-ro 160 beon-gil, Gunpo-si, Gyeonggi-do, Seoul, South Korea
SAI Global Mexico, S. de R.L. de C.V
(xvi)
Poniente 134, No 660 Industrial Vallejo, Mexico DF CP, 02300, Mexico
SAI Global Pty Limited
544 Bickley Road, Maddington, WA 6109, Australia
SAI Global SARL
29 Rue du Pont, 92200 Neuilly-sur-Seine, France
SAI Global UK Holdings Limited
SAI Global US Holdings, Inc.
c/o CSC, 251 Little Falls Drive, Wilmington, DE 19808, United States
SAI North America Holdings LLC
(xv)
c/o CSC, 251 Little Falls Drive, Wilmington, DE 19808, United States
Schindler & Associates (L.C.)
(i)
(xv)
24900 Pitkin Road, Suite 200, The Woodlands, TX 77386, United States
Shanghai Orient Intertek Testing Services Company Limited
Room 304\401,No 1\4\5, Lane 2028, Changzhong Road, Jing’an District, Shanghai, China
Shanghai Tianxiao Investment Consultancy Company Limited
Room 502, No.5-6, 1218 WanRong Road, Shanghai 200070, China
SupliLab, S.A.
Ruta 204, 125 metros al sur de la Iglesia Católica de Zapote, Zapote, San José, Costa Rica
Technical Company for Testing and Conformity Services & Systems LLC
Gates No. 1/2/6, Building 73, Area 903, Karadah, Al Rusafa, Baghdad, Iraq
TESIS – Tecnologia e Qualidade de Sistemas em Engenharia Ltda
Rua Guaipá 486, Vila Leopoldina, São Paulo, São Paulo, 05089-000, Brazil
Testing Holdings Sweden AB
Torshamnsgatan 43, Box 1103, Kista, S-164 22, Sweden
Tradegood.com International Limited
(ii)
2/F, Garment Centre, 576 Castle Peak Road, Kowloon, Hong Kong
Van Sluys & Bayet NV
Kruisschansweg 11, 2040 Antwerp, Belgium
White Land Company, Inc.
c/o Daryl J. Sidel 120 E. Baltimore Street, Suite 2100, Baltimore, MD 21202, United States
Wilson Inspection X-Ray Services, Inc.
(i)
c/o Michael Eugene Wilson 6010 Edgewater Drive, Corpus Christi, TX 78412, United States
Youngever Holdings Ltd
Luna Tower, Waterfront Drive, Road Town, Tortola, VG 1110, British Virgin Islands
Professional Service Industries, Inc.
c/o CSC, 251 Little Falls Drive, Wilmington, DE 19808, United States
Professional Service Industries Holdings, Inc.
c/o CSC, 251 Little Falls Drive, Wilmington, DE 19808, United States
Professional Testing Laboratory, LLC
714 Glenwood Place, Dalton, GA 30721, United States
PSI Acquisitions, Inc.
c/o CSC, 251 Little Falls Drive, Wilmington, DE 19808, United States
PT. Moody Technical Services
Graha STR 3rd floor, Suite#302, Jl. Ampera Raya No. 11, Jakarta, 12550, Indonesia
PT. RCG Moody
Graha STR 3rd floor, Suite#302, Jl. Ampera Raya No. 11, Jakarta, 12550, Indonesia
PT. Intertek SAI Global Indonesia
Graha Iskandarsyah Lantai 4, Jalan Iskandarsyah Raya Nomor 66-C, Kebayoran Baru, Jakarta, 12160, Indonesia
QMI-SAI Canada Limited
2233 Argentia Road, Suite #201, Mississauga, Ontario L5N 2X7, Canada
RCG Moody International Uruguay S.A.
Cerrito 507, 4th Floor, Off. 46, 47, Montevideo 11000, Uruguay
SAI Global (Thailand) Ltd
(ii)
No 52/120, 3rd Floor, Grand Langsuam Condominium, Soi Langsuan, Phloenchit Road, Lumpini, Pathumwan,
Bangkok 10330, Thailand
SAI Global Assurance Pty Limited
544 Bickley Road, Maddington, WA 6109, Australia
SAI Global Assurance Services Ltd
SAI Global Assurance Services sp. z o.o.
Oszczepników 4, 02-633 Warszawa, Poland
SAI Global Australia (China) Pty Limited
(i)
544 Bickley Road, Maddington, WA 6109, Australia
SAI Global Australia Pty Limited
544 Bickley Road, Maddington, WA 6109, Australia
SAI Global Certification Services Pty Limited
(i)
544 Bickley Road, Maddington, WA 6109, Australia
SAI Global CIS UK Limited
SAI Global GmbH
(ii)
Friedrich-Ebert-Anlage 36, 60325 Frankfurt am Main, Germany
SAI Global GP
(xv)
c/o CSC, 251 Little Falls Drive, Wilmington, DE 19808, United States
SAI Global, Inc.
c/o CSC, 251 Little Falls Drive, Wilmington, DE 19808, United States
SAI Global Italia S.R.L.
Corso Tazzoli 235/3, CAP 10137, Turin, Italy
23 Principal Group companies Continued
Intertek Group plc
Annual Report & Accounts 2025
3.49
Notes to the financial statements Continued
3: Financial Report2: Sustainability Report1: Strategic Report
Intertek Global International LLC
(xv)
(xxii)
(49%)
Building 242, Office No.3, C-Ring Road, Doha, PO Box 47146, Qatar
Intertek GM Testing Service Zhuhai Co., Ltd (70%)
6F of Research and Development Building, Guangdong-Macau TCM Park Commercial Service Center,
2682 Huan Dao Bei Road, Hengqin New Area, Zhuhai, Guangdong China
Intertek Industry Services (PTY) LTD (69.9%)
Woodhill Office Park Building 2, First Floor Unit 8b, 53 Phillip Engelbrecht Drive, Meyersdal, Gauteng, 1448,
South Africa
Intertek Inspection (Malaysia) Sdn. Bhd.
(xi)
(xxii)
(40%)
D-28-3, Level 28, Menara Suezcap 1, No. 2 Jalan Kerinchi, Gerbang Kerinchi Lestari, 59200 Kuala Lumpur,
Malaysia
Intertek Kimsco Co., Ltd (50%)
9F, Hansan Building, 115, Seosomun-ro, Jung-gu, Seoul, 04515, South Korea
Intertek Lanka (Private) Limited (70%)
Intertek House, No: 282, Kaduwela Road, Battaramulla, Sri Lanka
Intertek Libya Technical Services and Consultations Company Spa (65%)
P.O Box 3788, Hay Alandalus, Gargaresh, Tripoli, Libya
Intertek Life Bridge (Shanghai) Testing Services Co., Ltd (80%)
4F, No.6 BLD, Lane 1218, Wanrong Road, Shanghai 200070, China
Intertek Ltd (99.9%)
Borco Administration Bldg, West Sunrise Highway, Freeport, Grand Bahama, The Bahamas
Intertek – QNP LLP
(xvii)
(51%)
Building 2A, Abay Street, Atyrau City, 060002, Kazakhstan
Intertek Robotic Laboratories Pty Limited (50%)
544 Bickley Road, Maddington, WA 6109, Australia
Intertek South Africa Holdings (Pty) Ltd (75%)
5th Floor, Charter House, 13 Brand Road, Glenwood, Kwazulu-Natal, South Africa
Intertek Test Hizmetleri Anonim Sirketi (85%)
Merkez Mahallesi, Sanayi Cad. No.23, Altindag Plaza, Yenibosna-34197, Istanbul, Turkey
Intertek Testing Services (Shanghai FTZ) Co., Ltd (85%)
7th Floor, Building No. 51, 1089 North Qinzhou Road, Xuhui District, Shanghai, China
Intertek Testing Services (South Africa) (Pty) Ltd
(xi)
(xxii)
(49.5%)
5th Floor, Charter House, 13 Brand Road, Glenwood, Durban, South Africa
Intertek Testing Services Korea Limited (50%)
1st Fl., Aju Digital Tower, 284-56, Seongsu-dong 2-ga, Seongdong-gu, Seoul 133-120, South Korea
Intertek Testing Services Nigeria Limited (65.9%)
73B Marine Road, Apapa GRA, Apapa, Lagos, 102272, Nigeria
Related undertakings where the effective interest is less than 100%
Alink Holdings Ltd.
(iii)
(60%)
1200-925 West Georgia Street, Vancouver, British Columbia V6C 3L2, Canada
Base Met Labs US Ltd (60%)
c/o CSC, 251 Little Falls Drive, Wilmington, DE 19808, United States
Base Metallurgical Laboratories Ltd.
(xviii)
(60%)
1200-925 West Georgia Street, Vancouver, British Columbia V6C 3L2, Canada
C4 Holdings Limited
(xix)
(60%)
1200-925 West Georgia Street, Vancouver, British Columbia V6C 3L2, Canada
Caleb Brett Abu Dhabi LLC
(xxi)
(xxii)
(49%)
CB UAE (Private) Ltd, c/o Al Nahiya Group, PO Box 3728, Abu Dhabi, United Arab Emirates
Controle Analítico Análises Técnicas Ltda. (80%)
281 Rua Leão XIII, Vila dos Remédios, Osasco, São Paulo, 06298-180, Brazil
CQC-SAI Management Technologies (Beijing) Co., Ltd (70%)
Level 21, Suite 2101-2103A, Beijing AVIC Building, No 10B, East 3rd Ring Road, Chaoyang District,
Beijing 100022, China
Euro Mechanical Instrument Services LLC
(xxii)
(49%)
PO Box 46153, Abu Dhabi, United Arab Emirates
International Inspection Services LLC
(xxi)
(70%)
PO Box 193, Al Hamriyah, Muscat, PC 131, Oman
Intertek (Qeshm Island) Limited (51%)
Unit 107, Goldis Building, Valiasr Boulevard, Qeshm Island, Islamic Republic of Iran
Intertek Angola LDA (99%)
282 Rua Amilcar Cabral no.147 2nd floor, Apartment Z, Luanda, Angola
Intertek Burkina Faso SAS
(xxii)
(49%)
Lot 113, Parcelle no. PE 1/2, Secteur no.11. Ouagagougou, 02 BP 5984, Burkina Faso
Intertek Caleb Brett Tzn Limited (75%)
Plot number 5, Minizani str.-Opposite Roman Catholic Church, Kilwa Road, Kurasini Temeke, Dar Es Salaam,
15109, United Republic of Tanzania
Intertek Certification International Sdn. Bhd.
(xxii)
(40%)
6-L12-01, Level 12, Tower 2, Menara PGRM, No. 6 & 8 Jalan Pudu Ulu, Cheras, 56100 Kuala Lumpur, Malaysia
Intertek ETL SEMKO KOREA Limited (90%)
5F, Intertek building, Gongdan-ro, 160 beon-gil 3, Gunpo-si, Gyeonggi-do, 15845, South Korea
Intertek Geronimo JV Limited (70%)
1, North Industrial Area, Klan Street, Accra, Ghana
23 Principal Group companies Continued
Intertek Group plc
Annual Report & Accounts 2025
3.50
Notes to the financial statements Continued
3: Financial Report2: Sustainability Report1: Strategic Report
SAI Global (Cyprus) Holdings Limited (60%)
1 Lampousas Street, 1095 Nicosia, Cyprus
SAI Global Eurasia LLC (60%)
59 pomeshch. 17-n kom., litera a, 7, nab. Reki Volkovki, 192102, St. Petersburg, Russian Federation
Société SAI Global Tunisia SARL (75%)
67, Avenue Alain Savary, Cite les Jardins 2 Bloc A, Tunis, Tunisia
Société Tunisienne Intertek Caleb Brett SARL (51%)
9 rue Hamadi Jaziri, Tunis, 1002, Tunisia
The Wine Warehouse (Chepstow) Management Company Limited (75%)
Associates
Intertek Minerals Mali SAS (49%)
Hamdallaye ACI 2000, Rue 390, Immeuble DABO, Porte 409, Bamako, Mali
Moody International Certification Ltd (40%)
53, Nautic, Triq l-Ortolan, San Gwann, SGN 1943, Malta
Moody Certification Maroc SARL (30%)
28, Rue de Provins, 2 eme etage, Casablanca, Morocco
Moody International SA (35%)
4 Rue Des Brasseurs, Zone 3 Abidjan, Côte d’Ivoire
Intertek Testing Services Sichuan Co., Ltd (90%)
No 1, Jiuxiang Blvd, Pharmacy Industry Park, Luzhou National High Technology District, Sichuan, China
Intertek Testing Services Wuxi Ltd (70%)
1/F, No.8 Fubei Road, Xishan Economic Development Zone, Wuxi, Jiangsu, 214101, China
ITS Caleb Brett Deniz Survey A S (50%)
Ulus Mah. Oz Topuz cad. no.32, Besiktas, Istanbul, 34340, Turkey
ITS Testing Services (M) Sdn Bhd (74%)
Unit 30-01, Level 30, Tower A, Vertical Business Suite, Avenue 3, Bangsar South, No.8, Jalan Kerinchi,
59200 Kuala Lumpur, Malaysia
ITS Testing Services Holdings (M) Sdn Bhd
(xxii)
(49%)
Unit 30-01 Level 30, Tower A, Vertical Business Suite, Avenue 3, Bangsar South, No. 8, Jalan Kerinchi,
59200 Kuala Lumpur, Malaysia
Langers Holdings Inc.
(xx)
(60%)
1200-925 West Georgia Street, Vancouver, British Columbia V6C 3L2, Canada
Moody International Angola Ltda
(i)
(xvi)
(78.6%)
Rua de Macau, Edifico ex Edil Apto 1, Res de Chao Esq. C.P 215, Cabinda, Angola
Moody International Bangladesh Limited (99.9%)
House 6, Road 17/A, Block E, Ground Floor, Banani, Dhaka, 1213, Bangladesh
Moody International Holdings Chile Ltda (99%)
Avenida Las Condes N° 11287 Torre A, oficina 301 A Las Condes, Santiago, Chile
Moody International Lanka (Private) Ltd
(i)
(99.9%)
No.5, St Albans Place, Colombo-4, Sri Lanka
Moody International Philippines, Inc.
(i)
(92.5%)
Intertek Building, 2310 Chino Roces Avenue Extension, Metro Manila, Makati City, 1231, Philippines
PT Citrabuana Indoloka (50%)
Jl. Raya Bogor KM. 28, RT/RW. 04/07, Kel. Pekayon, Kec. Pasar Rebo, Jakarta Timur, 13710, Indonesia
PT. Global Assurance Services
(ii)
(99.8%)
Graha Iskandarsyah Raya No.66-C, Jakarta, 12160, Indonesia
PT. Intertek Utama Services
(xxii)
(49%)
Jl. Raya Bogor KM. 28, RT/RW. 04/07, Kel. Pekayon, Kec. Pasar Rebo, Jakarta Timur, 13710, Indonesia
Qatar Calibration Services LLC
(xxii)
(49%)
Petrotec, PO Box 16069, 8th Floor, Toyota Tower, Doha, Qatar
RCG Moody International de Venezuela S.A.
(i)
(99%)
Res Morgana, p_4, #04, Av. Andres Bello, Fco de Miranda, Los Polos Grandes, Caracas, Venezuela
23 Principal Group companies Continued
(i) Dormant.
(ii) In liquidation/strike-off requested.
(iii) Ownership held in class A and B shares.
(iv) Ownership held in class A and E shares.
(v) Ownership held in class A, B, C, D and E shares.
(vi) Ownership held in class A, B, C, D, E and F shares.
(vii) Ownership held in ordinary and ordinary-A shares.
(viii) Ownership held in ordinary, ordinary-A, ordinary-B and deferred shares.
(ix) Ownership held in ordinary and preference shares.
(x) Ownership held in ordinary and redeemable shares.
(xi) Ownership held in ordinary and redeemable preference shares.
(xii) Ownership held in No.1, No.2.1 and No.2.2 shares.
(xiii) Ownership held in class I Series B shares and class II Series B shares.
(xiv) Ownership held in ordinary bearer shares.
(xv) Ownership held in membership units.
(xvi) Ownership held in quota capital shares.
(xvii) Ownership held in charter fund capital.
(xviii) Ownership held in class A, B, C and D shares.
(xix) Ownership held in class A, B and F shares.
(xx) Ownership held in class C, E and G shares.
(xxi) The Group obtains 99% of the economic benefit of the company.
(xxii) Intertek has de facto control of the company.
Intertek Group plc
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3.51
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Intertek Group plc – Company balance sheet
As at 31 December Notes
2025
£m
2024
£m
Fixed assets
Investments in subsidiary undertakings
(E) 450.5 369.9
Current assets
Debtors (F) 664.4 521.5
664.4 521.5
Cash at bank and in hand 0.6 1.2
665.0 522.7
Creditors due within one year
Overdrafts and loans – –
Other creditors (G) (33.0) (38.5)
(33.0) (38.5)
Net current assets 632.0 484.2
Total assets less current liabilities 1,082.5 854.1
Net assets 1,082.5 854.1
Capital and reserves
Called up share capital (H) 1.5 1.6
Share premium (H) 257. 8 25 7. 8
Profit and loss reserves (H) 823.2 594.7
Total shareholders’ funds 1,082.5 854.1
The profit for the financial year was £757 .9m (2024: £310.5m).
The financial statements on pages 3.51-3.56 were approved by the Board on 2 March 2026 and were signed on its behalf by:
André Lacroix
Chief Executive Officer
Colm Deasy
Chief Financial Officer
Company number: 04267576
Intertek Group plc
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Intertek Group plc – Company statement of changes in equity
Notes
Share capital
£m
Share
premium
£m
Profit and
loss reserves
£m
Total
equity
£m
At 1 January 2024 1.6 257. 8 497.3 756.7
Total comprehensive income for the year
Profit (H) – – 310.5 310.5
Total comprehensive income for the year – – 310.5 310.5
Transactions with owners of the Company recognised directly in equity
Contributions by and distributions to the owners of the Company
Dividends paid (D) – – (206.1) (206.1)
Purchase of own shares – – (24.7) (24.7)
Tax paid on Share Awards vested – – (6.7) (6.7)
Equity-settled transactions (E) – – 24.4 24.4
Total contributions by and distributions to the owners of the Company – – (213.1) (213.1)
At 31 December 2024 1.6 257. 8 594.7 854.1
At 1 January 2025 1.6 257. 8 594.7 854.1
Total comprehensive income for the year
Profit (H) – – 757.9 757.9
Other comprehensive income (H) – – 77.2 77. 2
Total comprehensive income for the year – – 835.1 835.1
Transactions with owners of the Company recognised directly in equity
Contributions by and distributions to the owners of the Company
Dividends paid (D) – – (252.2) (252.2)
Purchase of own shares (0.1) – ( 367.8) ( 367.9)
Tax paid on share buyback – – (1.8) (1.8)
Tax paid on Share Awards vested – – (9.1) (9.1)
Equity-settled transactions (E) – – 24.3 24.3
Total contributions by and distributions to the owners of the Company (0.1) – (606.6) (606.7)
At 31 December 2025 1.5 257.8 823.2 1,082.5
Intertek Group plc
Annual Report & Accounts 2025
3.53
3: Financial Report2: Sustainability Report1: Strategic Report
Notes to the Company financial statements
(A) Accounting policies – Company
The following accounting policies have been applied consistently in dealing with items which are considered
material in relation to the Company’s financial statements.
Basis of preparation
These financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced
Disclosure Framework (‘FRS 101’) in conformity with the requirements of the Companies Act 2006.
These financial statements have been prepared on a historical cost basis. The Company continues to adopt
thegoing concern basis of accounting in preparing these financial statements. Further detail on going concern
can be found in note 1 to the Group financial statements.
In preparing these financial statements, the Company applies the recognition, measurement and disclosure
requirements of UK-adopted International Accounting Standards (‘Adopted IFRSs’), but makes amendments
where necessary in order to comply with Companies Act 2006 and has set out below where advantage of
theFRS 101 disclosure exemptions has been taken.
These financial statements are presented in sterling, which is the functional currency of the Company.
Allinformation presented in sterling has been rounded to the nearest £0.1m.
In these financial statements, the Company has applied the exemptions available under FRS 101 in respect
ofthe following disclosures:
• a cash flow statement and related notes;
• comparative period reconciliations for share capital;
• disclosures in respect of transactions with wholly owned subsidiaries;
• disclosures in respect of capital management;
• the effects of new, but not yet effective, IFRSs;
• an additional balance sheet for the beginning of the earliest comparative period following the retrospective
change in accounting policy;
• disclosures in respect of the compensation of Key Management Personnel; and
• certain disclosures required by IFRS 13 Fair Value Measurement and the disclosures required by IFRS
7 Financial Instrument Disclosures on the basis that the consolidated financial statements include the
equivalent disclosures.
As the consolidated financial statements include the equivalent disclosures, the Company has also taken the
exemptions under FRS 101 available in respect of IFRS 2 Share-Based Payment in respect of Group-settled
share-based payments.
Under Section 408 of the Companies Act 2006 the Company is exempt from the requirement to present its
own profit and loss account.
The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods
presented in these financial statements.
Foreign currencies
Transactions in foreign currencies are recorded to the Company’s functional currency, sterling, using the rate
ofexchange ruling at the date of the transaction. Monetary assets and liabilities in foreign currencies are
translated into sterling at the rates of exchange prevailing at the balance sheet date. All foreign exchange
differences are taken to the profit and loss account.
Taxation
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the profit and
lossaccount except to the extent that it relates to items recognised directly in equity or other comprehensive
income, in which case it is recognised directly in equity or other comprehensive income.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates
enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of
previous years.
Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities
for financial reporting purposes and the amounts used for taxation purposes. The following temporary
differences are not provided for: the initial recognition of goodwill; the initial recognition of assets or liabilities
that affect neither accounting nor taxable profit other than in a business combination; and differences relating
to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The
amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying
amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be
available against which the temporary difference can be utilised.
Dividends on shares presented within shareholders’ funds
Dividend income is recognised in profit or loss on the date that the Company’s right to receive payment
is established. Dividends unpaid at the balance sheet date are only recognised as a liability at that date
to theextent that they are appropriately authorised and are no longer at the discretion of the Company.
Unpaiddividends that do not meet these criteria are disclosed in the notes to the financial statements.
Investments in subsidiaries
Investments in subsidiaries are stated at cost less any provisions for impairment.
Intercompany financial guarantees
When the Company enters into financial guarantee contracts to guarantee the indebtedness of other
companies in the Group, upon the adoption of IFRS 17 effective from 1 January 2023, the Company has
elected to recognise these under IFRS 9. On this basis, the Company recognises these guarantees at fair value
upon recognition, on a contract by contract basis. Subsequent remeasurement is performed at each reporting
period and recorded at the higher of the loss allowance under expected credit loss and the initial fair value less
any income recognised.
Share-based payments
Intertek Group plc runs a share ownership programme that allows Group employees to acquire shares in the
Company. Details of the share schemes are given in note 17 of the Group financial statements.
Intertek Group plc
Annual Report & Accounts 2025
3.54
3: Financial Report2: Sustainability Report1: Strategic Report
Notes to the Company financial statements Continued
(D) Dividends
The aggregate amount of dividends comprises:
2025
£m
2024
£m
Final dividend paid in respect of prior year but not recognised
as a liability in that year 163.1 119.3
Interim dividends paid in respect of the current year 89.1 86.8
Aggregate amount of dividends paid in the financial year 252.2 206.1
The aggregate amount of dividends proposed and recognised as liabilities as at 31 December 2025 is £nil
(2024: £nil). The aggregate amount of dividends proposed and not recognised as liabilities as at 31 December
2025 is £171.2m (2024: £166.5m).
(E) Investment in subsidiary undertakings
2025
£m
2024
£m
Cost and net book value
At 1 January 369.9 360.2
Additions due to share-based payments 24.3 24.4
Additions 77.2 –
Recharges of share-based payments to subsidiaries (20.9) (14.7 )
At 31 December 450.5 369.9
The Company has made Share Awards to the employees of its directly and indirectly owned subsidiaries, and as
such, the Company recognises an increase in the cost of investment in subsidiaries of £24.3m (2024: £24.4m).
Details of the principal operating subsidiaries are set out in note 23 to the Group financial statements.
The Company had two direct subsidiary undertakings at 31 December 2025: Intertek Testing Services Holdings
Limited and Intertek Holdings Limited, both of which are holding companies, are incorporated in the United
Kingdom and registered in England and Wales. All interests are in the ordinary share capital and all are wholly
owned. In the opinion of the Directors, the value of the investments in subsidiary undertakings is not less than
the amount at which the investments are stated in the balance sheet.
There is no impairment to the carrying value of these investments (2024: £nil).
(A) Accounting policies – Company Continued
Investments impairment review
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and
subsequently measured at cost less any accumulated impairment losses. Estimates are used in determining
thelevel of investment that will not, in the opinion of the Directors, be recoverable.
Recoverability of receivables
Amounts owed by Group undertakings are recognised initially at the value of the invoice or loan raised and
subsequently at the amounts considered recoverable (amortised cost). Estimates are used in determining
thelevel of receivables that will not, in the opinion of the Directors, be collected. The Company applies the
simplified approach permitted by IFRS 9, which requires the use of the lifetime expected loss provision for
allreceivables. The provision calculations are based on a review of all receivables to see if there are specific
circumstances which would render the receivable irrecoverable and therefore require a specific provision.
Significant new accounting policies and standards
No significant new accounting policies or standards were adopted in the year ending 31 December 2025.
(B) Profit and loss account
Amounts paid to the Company’s auditors and their associates in respect of services to the Company, other than
the audit of the Company’s financial statements, have not been disclosed as the information is required instead
to be disclosed on a consolidated basis. The Company does not have any employees (2024: £nil).
Details of the remuneration of the Directors are set out in the Remuneration report on pages 2.80–2.107.
(C) Use of judgements and estimates
In the application of the Company’s accounting policies, the Directors are required to make judgements,
estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent
from other sources.
The estimates and associated assumptions are based on historical experience and other factors that are
considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates
are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the
period of the revision and future periods if the revision affects both current and future periods.
The assumptions which have a significant risk of causing a material adjustment to the carrying amount
ofassets and liabilities are outlined below. There are no critical estimates which have a significant risk of
causinga material adjustment to the carrying amount of assets and liabilities in the next financial year.
Key estimations and uncertainties
There are no critical accounting judgements or estimates.
Intertek Group plc
Annual Report & Accounts 2025
3.55
3: Financial Report2: Sustainability Report1: Strategic Report
Notes to the Company financial statements Continued
During the year ended 31 December 2025, the Company purchased, through its Employee Benefit Trust,
390,000 (2024: 548,500) of its own shares with an aggregate nominal value of £3,900 (2024: £5,485) for
£18.9m(2024: £24.7m) which was charged to profit and loss reserves.
The Company also repurchased a total of 7,461,333 shares as part of a share buyback programme, for a total
of £349.0m charged to profit and loss reserves. The shares were subsequently cancelled.
(I) Related party transactions
Details of related party transactions are set out in note 21 of the Group financial statements.
Listed below are subsidiaries controlled and consolidated by the Group, where the Directors have taken
theexemption from having an audit of its financial statements for the year ended 31 December 2025.
Thisexemption is taken in accordance with Section 479A of the Companies Act 2006.
Company name Company registration
Intertek Nominees Limited 04958152
Moody International (Holdings) Limited 04843153
Intertek UK Holdings Limited 00373440
Intertek Holdings Limited 04604778
Intertek USD Finance Ltd 07598700
Intertek Finance No. 2 Ltd 08072121
Intertek Capital Resources Limited 03888392
Intertek Testing Services Holdings Limited 03227453
RCG-Moody International Limited 00312030
Intertek Overseas Holdings Limited 00506349
Intertek Testing Management Ltd 00948153
Lintec Testing Services Limited 03339548
Intertek Testing & Certification Limited 03272281
Metoc Limited 01489779
NDT Services Limited 01997290
Melbourn Scientific Limited 02358299
Intertek Testing and Inspection Services UK Limited 08351820
Intertek Certification Limited 02075885
Alchemy Systems Training Limited 07448398
Check Safety First Limited 04748066
(F) Debtors
2025
£m
2024
£m
Amounts owed by Group undertakings 664.4 521.5
Total debtors 664.4 521.5
The amounts owed by Group undertakings are unsecured, have no fixed date of repayment and are repayable
on demand. A mixture of the amounts due are interest bearing and interest free.
(G) Creditors due within one year
2025
£m
2024
£m
Trade and other creditors 6.1 5.4
Income tax payable (6.8) 2.9
Amounts owed to Group undertakings 33.7 30.2
Total creditors 33.0 38.5
The amounts owed to Group undertakings are unsecured, have no fixed date of repayment and are repayable
on demand. A mixture of the amounts due are interest bearing and interest free.
(H) Statement of changes in equity
Details of share capital are set out in note 15 and details of share-based payments are set out in note 17 to
the Group financial statements.
A profit and loss account for Intertek Group plc has not been presented as permitted by Section 408 of the
Companies Act 2006. The profit for the financial year, before dividends paid to shareholders of £252.2m (2024:
£206.1m), was £757.9m (2024: £310.5m) which was mainly in respect of dividend income in relation to2025.
During the year ended 31 December 2025, the Company received an in-specie dividend, related to the transfer
of an wholly owned subsidiary within the Group structure, which resulted in an increase in investment in
subsidiary undertakings of £77.2m.
The Company has sufficient distributable reserves to pay the 2025 final dividend and the anticipated 2026
interim dividend. When required, the Company can receive additional dividends from its subsidiaries to further
increase distributable reserves.
The Group settled in cash the tax element of the Share Awards vested in 2025 amounting to £11.9m
(2024:£7.4m) of which the Company settled £10.9m (2024: £6.7m).
Intertek Group plc
Annual Report & Accounts 2025
3.56
3: Financial Report2: Sustainability Report1: Strategic Report
Notes to the Company financial statements Continued
Company name Company registration
Checkpoint Solutions Ltd 09844787
SAI Global Assurance Services Ltd 03690660
SAI Global CIS UK Limited 07428352
ILI Limited 05605930
The Wine Warehouse (Chepstow) Management
Company Limited 05747149
Intertek Testing Services Caleb Brett Egypt Limited 00542087
Intertek Global (Iraq) Limited 09358012
Intertek Medical Notified Body UK Limited 13964915
Intertek Surveying Services UK Limited SC183300
(J) Contingent liabilities
The Company is a member of a group of UK companies that are part of a composite banking cross-guarantee
arrangement. This is a joint and several guarantee given by all members of the Intertek UK cash pool,
guaranteeing the total gross liability position of the pool which was £nil at 31 December 2025
(2024: £3.1m).
From time to time, in the normal course of business, the Company may give guarantees in respect of
certain liabilities of subsidiary undertakings. As at 31 December 2025, the value of these guarantees
is £nil (2024: £nil).
(K) Subsequent events
Details of post-balance sheet events relevant to the Company and the Group are given in note 18 of the Group
financial statements.
Intertek Group plc
Annual Report & Accounts 2025
3.57
3: Financial Report2: Sustainability Report1: Strategic Report
Independent Auditors’ Report to the members of Intertek Group plc
Report on the audit of the financial statements
Opinion
In our opinion:
• Intertek Group plc’s group financial statements and company financial statements (the “financial
statements”) give a true and fair view of the state of the group’s and of the company’s affairs as at
31 December 2025 and of the group’s profit and the group’s cash flows for the year then ended;
• the group financial statements have been properly prepared in accordance with UK-adopted international
accounting standards as applied in accordance with the provisions of the Companies Act 2006;
• the company financial statements have been properly prepared in accordance with United Kingdom
Generally Accepted Accounting Practice (United Kingdom Accounting Standards, including FRS 101
“Reduced Disclosure Framework”, and applicable law); and
• the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements, included within the Annual Report & Accounts (the “Annual Report”),
which comprise:
• the consolidated statement of financial position as at 31 December 2025;
• the company balance sheet as at 31 December 2025;
• the consolidated income statement for the year then ended;
• the consolidated statement of comprehensive income for the year then ended;
• the consolidated statement of cash flows for the year then ended;
• the consolidated statement of changes in equity for the year then ended;
• the company statement of changes in equity for the year then ended; and
• the notes to the financial statements, comprising material accounting policy information and other
explanatory information.
Our opinion is consistent with our reporting to the Audit Committee.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable
law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit
of the financial statements section of our report. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.
Independence
We identified that two PwC network firms had performed accounts preparation activities to support local
financial reporting for three controlled undertakings of the Group for the financial statements of those
undertakings for the year ended 31 December 2024. No fees were specifically charged for these activities.
These are prohibited non-audit services under paragraph 5.40 of the FRC Ethical Standard. As soon as these
historic activities were identified, we ensured that they were not continued.
The entities the non-audit services were provided to are immaterial subsidiaries and are not components for
the purposes of our audit of the Group’s consolidated financial statements. We confirm that, based on our
assessment of these breaches, the nature and scope of the services and the subsequent actions taken, the
provision of the services has not affected our professional judgement in connection with our audit of the
Group for the year ended 31 December 2025. Other than the matter referred to above, and to the best of our
knowledge and belief, we declare that no non-audit services prohibited by the FRC’s Ethical Standard, were
provided to the Group in 2025.
Other than those disclosed in the Audit Committee report within the Directors’ report, we have provided no
non-audit services to the company or its controlled undertakings in the period under audit.
Our audit approach
Overview
Audit scope
• We performed full scope audit procedures that covered 61 (2024: 56) components and specific audit
procedures on a further 4 (2024: 4) components, covering 25 (2024: 21) territories in total.
• Taken together, the entities over which audit work was performed accounted for 73% (2024: 73%) of the
group’s revenue and 74% (2024: 71%) of the group’s profit before tax.
Key audit matters
• Impairment of goodwill – valuation (group)
• Valuation of the UK defined benefit pension scheme liabilities (group)
• Impairment of investments in subsidiary undertakings (company)
Materiality
• Overall group materiality: £28,450,000 (2024: £27,300,000) based on approximately 5% of adjusted profit
before tax.
• Overall company materiality: £11,100,000 (2024: £8,900,000) based on approximately 1% of total assets.
• Performance materiality: £21,300,000 (2024: £20,400,000) (group) and £8,325,000 (2024: £6,600,000)
(company).
The scope of our audit
As part of designing our audit, we determined materiality and assessed the risks of material misstatement in
the financial statements.
Key audit matters
Key audit matters are those matters that, in the auditors’ professional judgement, were of most significance
in the audit of the financial statements of the current period and include the most significant assessed risks
of material misstatement (whether or not due to fraud) identified by the auditors, including those which had
the greatest effect on: the overall audit strategy; the allocation of resources in the audit; and directing the
efforts of the engagement team. These matters, and any comments we make on the results of our procedures
thereon, were addressed in the context of our audit of the financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these matters.
This is not a complete list of all risks identified by our audit.
The key audit matters below are consistent with last year.
Intertek Group plc
Annual Report & Accounts 2025
3.58
3: Financial Report2: Sustainability Report1: Strategic Report
Independent Auditors’ Report Continued
Key audit matter How our audit addressed the key audit matter
Valuation of the UK defined benefit pension
scheme liabilities (group)
Refer to the Audit Committee report in Report two,
page 2.79 and to note 16 in the financial statements.
The United Kingdom defined benefit pension
scheme is the only material pension scheme
recognised on the balance sheet at 31 December
2025. A net surplus of £31.2 million is recognised
on the balance sheet and the scheme has a
defined benefit obligation of £75.8m.
The valuation of pension liabilities involves
the exercise of judgement and technical
expertise in choosing appropriate actuarial
assumptions such as the discount rate, inflation
level, mortality rates and salary increases.
Management engaged external actuarial
experts to assist them in selecting appropriate
assumptions and to calculate the liabilities.
The methodologies and assumptions utilised
are judgemental and could significantly impact
the magnitude of the liabilities recognised.
We utilised our internal actuarial experts to evaluate
whether the assumptions and methodology used in
calculating the pension liabilities were reasonable, by:
• Assessing whether mortality rate assumptions
were reasonable based on the consideration of
the specifics of the United Kingdom plan, pension
plans of similar maturity to the group’s and
industry benchmarks;
• Evaluating the consistency of the discount and
inflation rate assumptions with our internally
developed benchmarks based on national data; and
• Reviewing the methodology and calculations
prepared by external actuaries to assess their
appropriateness and the consistency with the
assumptions used.
Based on our procedures, we concluded that the
key assumptions utilised lay within acceptable
ranges and that the methodology was appropriate.
We assessed the related disclosures included in
the group financial statements and concluded that
these were appropriate.
Impairment of investments in subsidiary
undertakings (company)
Refer to note E in the company financial statements.
The parent company recognised £450.5 million
of investments in subsidiary undertakings at
31 December 2025. There is a risk that the
performance of the subsidiary undertakings is not
sufficient to support the carrying value and the
assets may be impaired. Due to the quantum of the
carrying amount, this was an area of focus for the
audit of the Company.
Management has performed an assessment of
impairment indicators with none being identified.
We evaluated management’s assessment
of impairment indicators and considered the
consistency with other audit procedures performed.
We concluded management’s view that no
impairment indicators exist was reasonable.
Key audit matter How our audit addressed the key audit matter
Impairment of goodwill – valuation (group)
Refer to the Audit Committee report in Report two,
page 2.79 and to note 9 in the financial statements.
The group recognised £1,422.3 million of goodwill
on the balance sheet at 31 December 2025.
Management’s annual assessment of whether
goodwill is impaired is dependent on future cash
flows of the underlying Cash Generating Units
(“CGUs”) and there is a risk that, if these cash flows
are not sufficient to support the carrying value, the
assets may be impaired. Having considered the wider
industry environment and business performance of
each CGU, we consider that the CGUs for Business
Assurance, Building & Construction, Chemicals &
Pharma and Transportation Technologies represent
a heightened risk of impairment compared to
other CGUs, requiring greater audit effort.
Management’s impairment test is based on a value
in use model which involves estimating future cash
flows. The assessment is inherently sensitive to
changes in assumptions that could have a material
impact on the estimated value in use, in particular
given a significant proportion of the recoverable
value is derived from the terminal value.
We evaluated management’s cash flow
forecasts and understood the process by
which they were determined and approved.
This included confirming the forecasts were
consistent with the Board approved budget and
forecasts at the date of the impairment test and
checking the methodology and mathematical
accuracy of the underlying calculations.
We evaluated the inputs included in the value in use
calculations and challenged the key assumptions
for the heightened risk CGUs - Business Assurance,
Building & Construction, Chemicals & Pharma,
Transportation Technologies by obtaining
evidence including in respect of the following:
• the growth rates used in the cash flow forecasts
by comparing them with historical results, external
forecasts and our understanding of the business;
• using our internal valuation experts to evaluate
the discount rate by comparing the cost of capital
for the group with comparable organisations; and
• the long-term growth rates by comparing these
with publicly available market data on projected
growth rates.
We performed sensitivity analyses around these
assumptions. Having ascertained the extent
of change in those assumptions that either
individually or collectively would be required
for an impairment to arise, we considered the
likelihood of such a movement occurring to
evaluate the possibility of an impairment.
As a result of the decline in performance of
the Chemicals & Pharma CGU in 2025, we also
understood and evaluated management’s
plans to improve the CGU’s performance.
Our testing did not identify any impairments
and confirmed that it would require significant
downside changes in key assumptions before any
impairment would be triggered for all CGUs.
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Independent Auditors’ Report Continued
The impact of climate risk on our audit
As part of our audit we have made enquiries of management to understand the process they adopted to assess
the extent of the potential impact of climate risk on the financial statements and support the disclosures made
in relation to climate risk within the Strategic Report and Sustainability Report.
We assessed the completeness of management’s climate risk assessment by: reading external reporting made
by management including the Carbon Disclosure Project submissions and considering whether there were any
internal inconsistencies in their climate reporting; and challenging the consistency of management’s climate
impact assessment with internal board minutes, including whether the time horizons management have used
take account of the relevant aspects of climate change such as transition risks.
The Board has made commitments to get to net zero carbon emissions by 2050.
Management has assessed that there is no material impact on the financial reporting judgement and estimates
arising from their considerations, consistent with their assessment of no material impact of climate-related
policies directly on the business.
Using our knowledge of the business, we evaluated management’s risk assessment, its estimates as set out in
note 1 of the financial statements and resulting disclosures where significant.
We also considered the consistency of the disclosures in relation to climate change within the Strategic Report
and the Sustainability Report with the financial statements and our knowledge obtained from the audit.
Our procedures did not identify any material impact in the context of our audit of the financial statements as a
whole, or our key audit matters, for the year ended 31 December 2025.
How we tailored the audit scope
We tailored the scope of our audit to ensure that we performed enough work to be able to give an opinion
on the financial statements as a whole, taking into account the structure of the group and the company, the
accounting processes and controls, and the industry in which they operate.
Our scoping is based on the group’s consolidation structure. The group’s operations are spread across over
100 territories and within each territory there are generally multiple reporting units. The results are not
consolidated at a territory or regional level, so we determined that the most appropriate level at which to
scope our audit was the individual reporting unit.
When determining our scope, we considered the requirements of the auditing standards for group audits. Due
to the disaggregation of the group’s results across various territories, we identified three reporting units in the
USA and two reporting units in China as being significant due to their contribution to the group’s revenue.
To obtain sufficient coverage over the financial statements, we instructed local auditors to undertake full
scope audits that cover a further 55 reporting units and specified audit procedures over revenue, accounts
receivable, contract assets and contract liabilities for 2 more reporting units. In total, reporting units in 25
territories were subject to audit procedures. We also undertook targeted risk assessment procedures over
the remaining reporting units, other than those considered to be inconsequential.
Audit procedures were performed centrally in relation to various balances and activities accounted for and
managed by the Group finance team including goodwill, derivatives, share based payments, pension obligations,
borrowings, taxation, as well as the consolidation. Audit procedures for intangible assets (excluding computer
software) were performed centrally except for the audit work related to the purchase of Envirolab where we
instructed the local audit team in Australia to undertake specified audit procedures on the purchase price
allocation focused on the determination of fair value of intangible assets recognised on acquisition. For
the purpose of the group audit, we performed a full scope audit on the parent company, audit of financial
statement line item for one entity and audit procedures over certain balances for one other head office entity,
in addition to the procedures undertaken by local auditors.
Where work was performed by local auditors, we determined the level of involvement and oversight we needed
to have in the audit work at those reporting units to be able to conclude whether sufficient appropriate audit
evidence had been obtained as a basis for our opinion on the consolidated financial statements.
Our oversight procedures included the issuance of formal written instructions to component auditors setting
out the work to be performed by them and regular communication throughout the audit cycle. This included
regular conference calls, attendance at selected audit clearance meetings, and reviewing and assessing
matters reported to us. This was supplemented by the review of selected audit working papers supporting
the audit of certain reporting units. We also visited the Group’s operations and met with local audit teams in
the USA, China, Hong Kong, UAE and Mexico.
The above procedures accounted for 73% (2024: 73%) of the Group’s revenue and 74% (2024: 71%) of the
Group’s profit before tax, giving us the evidence we needed for our opinion on the Group financial statements
as a whole.
Given the parent company is an investment holding company, our audit focused on the investment in subsidiary
undertakings, amounts owed to and from other group companies, and capital and reserves.
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Independent Auditors’ Report Continued
Conclusions relating to going concern
Our evaluation of the directors’ assessment of the group’s and the company’s ability to continue to adopt the
going concern basis of accounting included:
• An assessment of management’s base case and severe yet plausible downside scenarios, challenging the
key assumptions and the ability of management to take mitigating actions, if required, in their severe yet
plausible downside scenario;
• Considering the group’s available financing, including related covenants, and maturity profile to assess
liquidity through the assessment period;
• Testing the mathematical integrity of the forecasts and the models and reconciled these to Board approved
budgets; and
• Performing our own independent sensitivity analysis to assess alternative downside scenarios.
Based on the work we have performed, we have not identified any material uncertainties relating to events or
conditions that, individually or collectively, may cast significant doubt on the group’s and the company’s ability
to continue as a going concern for a period of at least twelve months from when the financial statements are
authorised for issue.
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of
accounting in the preparation of the financial statements is appropriate.
However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to
the group’s and the company’s ability to continue as a going concern.
In relation to the directors’ reporting on how they have applied the UK Corporate Governance Code, we have
nothing material to add or draw attention to in relation to the directors’ statement in the financial statements
about whether the directors considered it appropriate to adopt the going concern basis of accounting.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the
relevant sections of this report.
Materiality
The scope of our audit was influenced by our application of materiality. We set certain quantitative thresholds
for materiality. These, together with qualitative considerations, helped us to determine the scope of our audit
and the nature, timing and extent of our audit procedures on the individual financial statement line items and
disclosures and in evaluating the effect of misstatements, both individually and in aggregate on the financial
statements as a whole.
Based on our professional judgement, we determined materiality for the financial statements as a whole
as follows:
Financial statements – group Financial statements – company
Overall materiality £28,450,000 (2024: £27,300,000). £11,100,000 (2024: £8,900,000).
How we determined it approximately 5% of adjusted profit
before tax (2024: approximately 5% of
adjusted profit before tax)
approximately 1% of total assets
(2024: approximately 1% of total
assets)
Rationale for benchmark
applied
We consider adjusted profit before tax
as the primary measure used by the
shareholders and other users of the
financial statements in assessing the
performance of the Group. This is a
generally accepted benchmark.
We determined our materiality
based on total assets, which is more
applicable than a performance-
related measure as the company is
an investment holding company for
the group.
For each component in the scope of our group audit, we allocated a materiality that is less than our overall
group materiality. The range of materiality allocated across components was £0.6 million to £25.6 million.
Certain components were audited to a local statutory audit materiality that was also less than our overall
group materiality.
We use performance materiality to reduce to an appropriately low level the probability that the aggregate
of uncorrected and undetected misstatements exceeds overall materiality. Specifically, we use performance
materiality in determining the scope of our audit and the nature and extent of our testing of account balances,
classes of transactions and disclosures, for example in determining sample sizes. Our performance materiality
was 75% (2024: 75%) of overall materiality, amounting to £21,300,000 (2024: £20,400,000) for the group
financial statements and £8,325,000 (2024: £6,600,000) for the company financial statements.
In determining the performance materiality, we considered a number of factors – the history of misstatements,
risk assessment and aggregation risk and the effectiveness of controls – and concluded that an amount at the
upper end of our normal range was appropriate.
We agreed with the Audit Committee that we would report to them misstatements identified during our audit
above £1,500,000 (group audit) (2024: £1,360,000) and £555,000 (company audit) (2024: £445,000) as well
as misstatements below those amounts that, in our view, warranted reporting for qualitative reasons.
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Independent Auditors’ Report Continued
Corporate governance statement
The Listing Rules require us to review the directors’ statements in relation to going concern, longer-term
viability and that part of the corporate governance statement relating to the company’s compliance with the
provisions of the UK Corporate Governance Code specified for our review. Our additional responsibilities with
respect to the corporate governance statement as other information are described in the Reporting on other
information section of this report.
Based on the work undertaken as part of our audit, we have concluded that each of the following elements
of the corporate governance statement, included within the Strategic Report and Sustainability Report is
materially consistent with the financial statements and our knowledge obtained during the audit, and we have
nothing material to add or draw attention to in relation to:
• The directors’ confirmation that they have carried out a robust assessment of the emerging and principal risks;
• The disclosures in the Annual Report that describe those principal risks, what procedures are in place to
identify emerging risks and an explanation of how these are being managed or mitigated;
• The directors’ statement in the financial statements about whether they considered it appropriate to adopt
the going concern basis of accounting in preparing them, and their identification of any material uncertainties
to the group’s and company’s ability to continue to do so over a period of at least twelve months from the
date of approval of the financial statements;
• The directors’ explanation as to their assessment of the group’s and company’s prospects, the period this
assessment covers and why the period is appropriate; and
• The directors’ statement as to whether they have a reasonable expectation that the company will be able to
continue in operation and meet its liabilities as they fall due over the period of its assessment, including any
related disclosures drawing attention to any necessary qualifications or assumptions.
Our review of the directors’ statement regarding the longer-term viability of the group and company was
substantially less in scope than an audit and only consisted of making inquiries and considering the directors’
process supporting their statement; checking that the statement is in alignment with the relevant provisions
of the UK Corporate Governance Code; and considering whether the statement is consistent with the financial
statements and our knowledge and understanding of the group and company and their environment obtained
in the course of the audit.
In addition, based on the work undertaken as part of our audit, we have concluded that each of the following
elements of the corporate governance statement is materially consistent with the financial statements and our
knowledge obtained during the audit:
• The directors’ statement that they consider the Annual Report, taken as a whole, is fair, balanced and
understandable, and provides the information necessary for the members to assess the group’s and
company’s position, performance, business model and strategy;
• The section of the Annual Report that describes the review of effectiveness of risk management and
internal control systems; and
• The section of the Annual Report describing the work of the Audit Committee.
We have nothing to report in respect of our responsibility to report when the directors’ statement relating to
the company’s compliance with the Code does not properly disclose a departure from a relevant provision of
the Code specified under the Listing Rules for review by the auditors.
Reporting on other information
The other information comprises all of the information in the Annual Report other than the financial
statements and our auditors’ report thereon. The directors are responsible for the other information.
Our opinion on the financial statements does not cover the other information and, accordingly, we do not
express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of
assurance thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we
identify an apparent material inconsistency or material misstatement, we are required to perform procedures
to conclude whether there is a material misstatement of the financial statements or a material misstatement
of the other information. If, based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to report that fact. We have nothing to report based
on these responsibilities.
With respect to the Strategic report and Directors’ report, we also considered whether the disclosures required
by the UK Companies Act 2006 have been included.
Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report
certain opinions and matters as described below.
Strategic report and Directors’ report
In our opinion, based on the work undertaken in the course of the audit, the information given in the Strategic
report and Directors’ report for the year ended 31 December 2025 is consistent with the financial statements
and has been prepared in accordance with applicable legal requirements.
In light of the knowledge and understanding of the group and company and their environment obtained in the
course of the audit, we did not identify any material misstatements in the Strategic report and Directors’ report.
Directors’ Remuneration
In our opinion, the part of the Remuneration Committee report to be audited has been properly prepared in
accordance with the Companies Act 2006.
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Independent Auditors’ Report Continued
• Enquiring of the group’s staff in tax and compliance functions to identify any instances of non-compliance
with laws and regulations;
• Obtaining and understanding the results of whistleblowing procedures;
• Enquiring of the group’s Head of Internal Audit and reviewing internal audit reports; and
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance
with applicable laws and regulations.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of
instances of non-compliance with laws and regulations that are not closely related to events and transactions
reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is
higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by,
for example, forgery or intentional misrepresentations, or through collusion.
Our audit testing might include testing complete populations of certain transactions and balances, possibly
using data auditing techniques. However, it typically involves selecting a limited number of items for testing,
rather than testing complete populations. We will often seek to target particular items for testing based on
their size or risk characteristics. In other cases, we will use audit sampling to enable us to draw a conclusion
about the population from which the sample is selected.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s
website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.
Use of this report
This report, including the opinions, has been prepared for and only for the company’s members as a body in
accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving
these opinions, accept or assume responsibility for any other purpose or to any other person to whom this
report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
Responsibilities for the financial statements and the audit
Responsibilities of the directors for the financial statements
As explained more fully in the Statement of Directors’ responsibilities, the directors are responsible for the
preparation of the financial statements in accordance with the applicable framework and for being satisfied
that they give a true and fair view. The directors are also responsible for such internal control as they determine
is necessary to enable the preparation of financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the group’s and the company’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to liquidate the group or the company or
to cease operations, or have no realistic alternative but to do so.
Auditors’ responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures
in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities,
including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is
detailed below.
Based on our understanding of the group and industry, we identified that the principal risks of non-compliance
with laws and regulations related to fraud, anti-bribery and corruption laws, and we considered the extent to
which non-compliance might have a material effect on the financial statements. We also considered those laws
and regulations that have a direct impact on the financial statements such as the Companies Act 2006 and
relevant tax legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation
of the financial statements (including the risk of override of controls), and determined that the principal
risks were related to fraudulent journal entries to manipulate the financial performance in order to achieve
management incentive scheme targets. The group engagement team shared this risk assessment with the
component auditors so that they could include appropriate audit procedures in response to such risks in their
work. Audit procedures performed by the group engagement team and/or component auditors included:
• Enquiring of management, those charged with governance and the group’s legal counsel around actual and
potential fraud and non-compliance with laws and regulations;
• Auditing the risk of management override of controls and the risk of fraud in revenue recognition, including
through examining journal entries and other adjustments for appropriateness, evaluating accounting
estimates, testing accrued income, and evaluating the business rationale of significant transactions
outside the normal course of business;
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Independent Auditors’ Report Continued
Other required reporting
Companies Act 2006 exception reporting
Under the Companies Act 2006 we are required to report to you if, in our opinion:
• we have not obtained all the information and explanations we require for our audit; or
• adequate accounting records have not been kept by the company, or returns adequate for our audit have not
been received from branches not visited by us; or
• certain disclosures of directors’ remuneration specified by law are not made; or
• the company financial statements and the part of the Remuneration Committee report to be audited are not
in agreement with the accounting records and returns.
We have no exceptions to report arising from this responsibility.
Appointment
We were first appointed by the company for the financial year ended 31 December 2016. Our uninterrupted
engagement covers 10 financial years.
Other matter
The company is required by the Financial Conduct Authority Disclosure Guidance and Transparency Rules to
include these financial statements in an annual financial report prepared under the structured digital format
required by DTR 4.1.15R – 4.1.18R and filed on the National Storage Mechanism of the Financial Conduct
Authority. This auditors’ report provides no assurance over whether the structured digital format annual
financial report has been prepared in accordance with those requirements.
Graham Parsons
(Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
London
2 March 2026
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Glossary – Alternative performance measures
Introduction
In the reporting of financial information, the Directors have adopted various Alternative Performance Measures
(‘APMs’). These measures are not defined by UK-adopted international accounting standards. As adjusted
results and measures include the benefits of certain Separately Disclosed Items (‘SDIs’) (as detailed in note 3),
but exclude significant costs related to those items, they should not be regarded as a complete picture of the
Group’s financial performance, which is presented on the face of the income statement under total results.
Theexclusion of these items may result in adjusted operating profit being materially higher or lower than
totaloperating profit. In particular, where significant impairments, restructuring charges and legal costs are
excluded in any year, adjusted operating profit will be higher than total operating profit.
Purpose
The Directors believe that APMs assist the user of the Annual Report & Accounts in providing useful
information around trends, performance and the position of the Group between reporting periods and across
operating divisions by adjusting for non-recurring factors assessing the total results of the Group, as well
asaiding users in understanding the Group’s performance. APMs are commonly used by management for
performance review, budget setting and forecasting across the Group.
Some of the metrics shown for the Group are translated at constant exchange rates. Constant rates compares
both 2025 and 2024 figures at the average and year-end exchange rates for 2025, in order to remove the
impact of currency translation from the Group’s growth figures.
Changes to APMs
There have been no significant changes to the definitions of existing APMs or the APMs used by the Group in
the year.
Reconciliations
Reconciliations between statutory and adjusted measures can be found in the Financial review on page 1.31 in
Report 1.
APM Closest equivalent statutory measure Adjustments to reconcile adjusted to statutory Definition and purpose
Like-for-like revenue (‘LFL’) No direct equivalent Acquisitions and business disposals. Including acquisitions following their 12-month anniversary of ownership
and removing the historical contribution of any business disposals/closures.
Excluding acquisitions and disposals demonstrates the Group’s
performancefor comparable operations year-on-year by removing any
inflation of revenue in the current year or prior year contributed from
new acquisitions or disposals.
Adjusted free cash flow Net cash flows from operating
activities
Includes cash flows from acquisition and sale of PPE, repayment of lease
liabilities and interest received.
Excludes the impact of cash flow SDIs.
Free cash flow includes net cash flows from operating activities and certain
cash flows from investing activities and the repayment of lease liabilities.
The following items are excluded: all other cash flows from financing
activities. Thismeasure reflects the cash available to shareholders.
This isakey performance metric for the incentive scheme.
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Glossary – Alternative performance measures Continued
APM Closest equivalent statutory measure Adjustments to reconcile adjusted to statutory Definition and purpose
Adjusted operating profit* Statutory operating profit* Separately Disclosed Items (see note 3) including: amortisation of
acquisition intangibles; impairment of goodwill and other assets; the
profit or loss on disposals of businesses or other significant non-current
assets; costs ofacquiring and integrating acquisitions; the cost of any
fundamental restructuring; material claims and settlements; significant
recycling of amounts from equity to the income statement; and unrealised
market orfairvalue gains or losses on financial assets or liabilities, including
contingent consideration.
Adjusted operating profit is a key measure of the Group’s performance and
is based on operating profit before the impact of SDIs. These items relate
toincome or costs that are excluded from adjusted operating profit due
to their nature or size to provide readers with a clear and consistent view
of the business performance of the Group and its operating divisions on
a year-on-year basis.
Adjusted operating margin Statutory operating margin As per adjusted operating profit. Adjusted operating profit divided by revenue, both before the impact of
SDIs.These items relate to income or costs that are excluded from adjusted
operating profit due to their nature or size to provide readers with a clear
and consistent view of the business performance of the Group and its
operating divisions on a year-on-year basis.
Adjusted diluted earnings
pershare
Statutory diluted earnings
pershare
SDIs after tax (see note 3) including: amortisation of acquisition intangibles;
impairment of goodwill and other assets; the profit or loss on disposals of
businesses or other significant non-current assets; costs of acquiring and
integrating acquisitions; the cost of any fundamental restructuring; material
claims and settlements; significant recycling of amounts from equity to the
income statement; and unrealised market or fair value gains or losses on
financial assets or liabilities, including contingent consideration.
This metric relates to profit after tax before SDIs divided by the weighted
average number of ordinary shares in issue during the financial year
adjusted for the effects of potentially dilutive shares. This is a key
performance metric for the incentive scheme.
Adjusted cash flow
fromoperations
Cash flow from operations Cash flows relating to Separately Disclosed Items, as identified in the cash
flow statement.
This excludes the impact of the cash flows relating to SDIs to reflect the
cash flows available during recurring operations.
Adjusted net financing costs Statutory net finance costs Changes in fair value of contingent consideration. Adjusted net financing costs exclude income or costs that, due to their
nature or size, provide the readers with a clear and consistent view of the
business performance of the Group on a year-on-year basis.
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Glossary – Alternative performance measures Continued
APM Closest equivalent statutory measure Adjustments to reconcile adjusted to statutory Definition and purpose
Adjusted profit after tax Statutory profit after tax As per adjusted profit and additionally any separately disclosed tax related
items are excluded.
Adjusted profit after tax is based on profit after tax before the impact of
SDIs. These items relate to income or costs that are excluded from adjusted
operating profit due to their nature or size to provide readers with a clear
and consistent view of the business performance of the Group and its
operating divisions on a year-on-year basis.
ROIC
(based on adjusted profit)
No direct equivalent Adjusted operating profit is the profit measure used in calculating ROIC. Adjusted profit after tax (as defined above) divided by invested capital.
This is a key performance metric for the incentive scheme.
Organic ROIC
(based on adjusted profit)
No direct equivalent Adjusted operating profit is the profit measure used in calculating organic
ROIC, excluding acquisitions following their 12-month anniversary of
ownership and removing the historical contribution of any business
disposals/closures.
Adjusted profit after tax (excluding acquisitions as defined above) divided
by invested capital (excluding invested capital in acquisitions). In years of
significant acquisition, organic ROIC is a key performance measure to reflect
underlying performance.
Net financial debt No direct equivalent Total net debt less lease liabilities. This measure shows the non-operational financial debt of the Group,
excluding lease liabilities.
Adjusted EBITDA Statutory EBITDA Earnings before interest, tax, depreciation and amortisation and excluding
SDIs (see note 3) including: amortisation of acquisition intangibles;
impairment of goodwill and other assets; the profit or loss on disposals of
businesses or other significant non-current assets; costs of acquiring and
integrating acquisitions; the cost of any fundamental restructuring; material
claims and settlements; significant recycling of amounts from equity to the
income statement; and unrealised market or fair value gains or losses on
financial assets or liabilities, including contingent consideration.
This metric removes the impact of both SDIs and interest, tax, depreciation
and amortisation to provide a clear and consistent view of the business
performance of the Group year-on-year at a level before the impact of
some non-cash items and financing costs.
* Operating profit is presented on the consolidated income statement. It is not defined per IFRS, however, is a generally accepted profit measure.
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Shareholder and corporate information
Shareholders’ enquiries
Any shareholders with enquiries relating to their shareholding should, in the first instance, contact our
Registrar, Equiniti (EQ), using the telephone number or the address below.
Electronic shareholders communications
Instead of receiving paper copies, shareholders can elect to receive communications by email each
timetheCompany distributes documents. This can be done by registering for email communications at
www.shareview.co.uk. In the event that you change your mind or require a paper version of any document
inthe future, please contact the Registrar.
Access to EQ Shareview allows shareholders to view details about their shareholdings, submit a proxy vote for
shareholders meetings and notify a change of address. In addition to this, shareholders can complete dividend
mandates online, which facilitates the payment of dividends directly into a nominated bank account.
ShareGift
If you have a small shareholding which is uneconomical to sell, you may want to consider donating it to
ShareGift, a share donation charity. Details of the scheme are available from:
www.sharegift.org
T: +44 (0) 20 7930 3737
Share price information
Information on the Company’s share price is available at www.intertek.com.
Financial calendar
Financial year end 31 December 2025
Full year results announced 3 March 2026
Annual General Meeting and Trading Update 20 May 2026
Ex-dividend date for final dividend 28 May 2026
Record date for final dividend 29 May 2026
Final dividend payable 24 June 2026
Half year results announced 31 July 2026
Ex-dividend date for interim dividend 10 September 2026
Record date for interim dividend 11 September 2026
Interim dividend payable 7 October 2026
Trading Update 24 November 2026
Investor relations
E: investor@intertek.com
T: +44 (0) 20 7396 3400
Registrars
EQ
Aspect House, Spencer Road, Lancing, West Sussex BN99 6DA
T: +44 (0) 371 384 2653*
* Lines are open 8.30 a.m. to 5.30 p.m. Monday to Friday, excluding bank holidays in England and Wales.
Please use the country code when calling from outside the UK.
Independent Auditors
PricewaterhouseCoopers LLP
1 Embankment Place, London WC2N 6RH
T: +44 (0) 20 7583 5000
Brokers
J.P. Morgan Cazenove
25 Bank Street, Canary Wharf, London E14 5JP
T: +44 (0) 20 7742 4000
Goldman Sachs International
Plumtree Court, 25 Shoe Lane, London EC4A 4AU
T: +44 (0) 20 7774 1000
UBS
5 Broadgate, London EC2M 2QS
T: +44 (0) 20 7567 8000
Registered office
Intertek Group plc
33 Cavendish Square, London W1G 0PS
T: +44 (0) 20 7396 3400
www.intertek.com
Registered number: 04267576
ISIN: GB0031638363
LEI: 2138003GAT25WW1RN369
London Stock Exchange Industrials/Professional Business Support Services
FTSE 100
Symbol: ITRK
Intertek Group plc
Annual Report & Accounts 2025
3.68
3: Financial Report2: Sustainability Report1: Strategic Report
Notes
Printed by a CarbonNeutral® Company certified to
ISO 14001 environmental management system.
Printed on material from well-managed, FSC®
certified forests and other controlled sources.
100% of the inks used are HP Indigo ElectroInk
which complies with RoHS legislation and meets
the chemical requirements of the Nordic Ecolabel
(Nordic Swan) for printing companies, 95% of
press chemicals are recycled for further use and,
on average 99% of any waste associated with this
production will be recycled and the remaining 1%
used to generate energy.
The paper is Carbon Balanced with World Land
Trust, an international conservation charity, who
offset carbon emissions through the purchase
and preservation of high conservation value
land. Through protecting standing forests under
threat of clearance, carbon is locked-in that would
otherwise be released.
Intertek Group plc
33 Cavendish Square,
London, W1G 0PS
United Kingdom
Tel +44 20 7396 3400
info@intertek.com
intertek.com
VISIT: INTERTEK.COM/INVESTORS