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Operating segments The Group is organised into business lines, which are the Group\u2019s 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\u2019s 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\u2019s length basis. There is no significant seasonality in the Group\u2019s 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 Industry and Infrastructure \u2013 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 \u2013 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 \u2013 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 (\u2018TT\u2019) and Clean Energy Associates (\u2018CEA\u2019). 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\u2019s 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\u2019s petroleum and biofuels industries. TT\u2019s 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. The principal activities of the reportable segments, and the customers they serve, are as follows: Consumer products \u2013 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\u2019s 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 (\u2018ATIC\u2019) 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 \u2013 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\u2019 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 \u2013 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. 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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 \u2018Group\u2019) and include the Group\u2019s 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 \u2013 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 \u2013 operating, investing and financing \u2013 and two new subtotals \u2018operating profit and loss\u2019
and \u2018profit or loss before financing and income tax\u2019, as well as introducing disclosures of management-defined
performance measures (\u2018MPMs\u2019) 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\u2019s
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\u2019s functional currency. All information presented in sterling has been rounded to the nearest \u00a30.1m. 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\u2019s financial forecasts up to 31 December 2027 to assess both liquidity requirements and debt covenants. In addition, the Group\u2019s 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\u2019s 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\u2019s committed borrowing facilities at 31 December 2025 was \u00a3345.5m (2024: \u00a3655.7m). 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\u20ac145m required by 31 December 2027. Our models forecast these to be repaid using existing facilities. Full details of the Group\u2019s 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: \u2022 The Group continues to invest in onsite renewable energy generation at our locations. \u2022 We have specifically considered the impact of climate change on the carrying value of fixed assets (see note 8).
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\u2019s share of the assets and liabilities reflected
in the consolidated statement of financial position at the date of acquisition is reflected directly in
shareholders\u2019 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 \u00a31 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 (\u2018International Financial Reporting Standards\u2019)
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 \u2013 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.
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
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\u2019 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:
\u2022 time incurred, which is billed at agreed rates on a periodic basis, such as monthly; or
\u2022 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.
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 (\u2018SDI\u2019) 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. 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\u2019s 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\u2019s 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.
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\u2019s 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:
\u2022 recognition of consolidated goodwill;
\u2022 the initial recognition of assets or liabilities in a transaction that is not a business combination and
that affects neither accounting nor taxable profit;
\u2022 where a transaction does not give rise to equal taxable and deductible temporary differences; and
\u2022 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\u2019s going concern and viability assessments.
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 \u00a3130.2m (2024: \u00a3122.8m), 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 \u00a3146.2m
(2024: \u00a3135.2m). The Group\u2019s 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\u2019s 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.
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 \u00a34,000, 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\u2019s 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\u2019s recoverable amount is estimated to determine the level of any impairment.
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.
Accounting policy
Goodwill
Goodwill arises on the acquisition of businesses. Goodwill represents the difference between the cost
of acquisition and the Group\u2019s 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 (\u2018CGUs\u2019) 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\u2019s 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\u2019s
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
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.
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.
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.
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\u2019s 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\u2019s 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.
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.
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 (\u2018ESOT\u2019) Transactions of the Group-sponsored ESOT are included in the Group financial statements. In particular, the Trust\u2019s purchases of shares in the Company are debited directly in equity to retained earnings.
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\u2019s 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\u2019s 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\u2019 services in the
accounting period is charged to the operating profit in the income statement. The expected return on the
schemes\u2019 assets and the interest on the present value of the schemes\u2019 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\u2019s 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.
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.
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-474": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-478": { "value": "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 \u2018Group\u2019) and include the Group\u2019s 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 \u2013 3.56. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-11": { "value": "Intertek Group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-471": { "value": "Intertek Group plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-12": { "value": "public company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-13": { "value": "England & Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-14": { "value": "UK", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-15": { "value": "Intertek Group plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-506": { "value": "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 \u2013 operating, investing and financing \u2013 and two new subtotals \u2018operating profit and loss\u2019 and \u2018profit or loss before financing and income tax\u2019, as well as introducing disclosures of management-defined performance measures (\u2018MPMs\u2019) 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\u2019s Annual Report & Accounts for the year ending 31 December 2027 ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-477": { "value": "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 \u2013 operating, investing and financing \u2013 and two new subtotals \u2018operating profit and loss\u2019 and \u2018profit or loss before financing and income tax\u2019, as well as introducing disclosures of management-defined performance measures (\u2018MPMs\u2019) 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\u2019s Annual Report & Accounts for the year ending 31 December 2027 . ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-524": { "value": "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 \u2013 operating, investing and financing \u2013 and two new subtotals \u2018operating profit and loss\u2019 and \u2018profit or loss before financing and income tax\u2019, as well as introducing disclosures of management-defined performance measures (\u2018MPMs\u2019) 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\u2019s Annual Report & Accounts for the year ending 31 December 2027 . ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-475": { "value": "
Functional and presentation currency
These consolidated financial statements are presented in sterling, which is the Company\u2019s functional currency.
All information presented in sterling has been rounded to the nearest \u00a30.1m.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-479": { "value": "
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\u2019s financial forecasts up to 31 December 2027 to assess both liquidity
requirements and debt covenants.
In addition, the Group\u2019s 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\u2019s
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\u2019s committed borrowing facilities at 31 December 2025 was \u00a3345.5m
(2024: \u00a3655.7m). 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\u20ac145m required by 31 December 2027. Our
models forecast these to be repaid using existing facilities. Full details of the Group\u2019s 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-476": { "value": "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: \u2022 The Group continues to invest in onsite renewable energy generation at our locations. \u2022 We have specifically considered the impact of climate change on the carrying value of fixed assets (see note 8). ", "dimensions": { "concept": "intertekgroupplc:DescriptionOfAccountingPolicyForConsiderationOfClimateChange", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-483": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-480": { "value": "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\u2019s share of the assets and liabilities reflected in the consolidated statement of financial position at the date of acquisition is reflected directly in shareholders\u2019 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-507": { "value": "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\u2019s share of the assets and liabilities reflected in the consolidated statement of financial position at the date of acquisition is reflected directly in shareholders\u2019 equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-481": { "value": "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 \u00a31 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
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-482": { "value": "Key estimations and uncertainties The preparation of financial statements in conformity with IFRSs (\u2018International Financial Reporting Standards\u2019) 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 \u2013 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-525": { "value": "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\u2019 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: \u2022 time incurred, which is billed at agreed rates on a periodic basis, such as monthly; or \u2022 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\u2019s 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\u2019s 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\u2019s length basis. There is no significant seasonality in the Group\u2019s 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 . Industry and Infrastructure \u2013 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 \u2013 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 \u2013 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 (\u2018TT\u2019) and Clean Energy Associates (\u2018CEA\u2019). 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\u2019s 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\u2019s petroleum and biofuels industries. TT\u2019s 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. The principal activities of the reportable segments, and the customers they serve, are as follows: Consumer products \u2013 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\u2019s 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 (\u2018ATIC\u2019) 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 \u2013 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\u2019 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 \u2013 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. 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\u2019s 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
\u00a3m \u00a3m \u00a3m \u00a3m
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. 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 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
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 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-508": { "value": "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\u2019 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: \u2022 time incurred, which is billed at agreed rates on a periodic basis, such as monthly; or \u2022 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\u2019s 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\u2019s 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\u2019s length basis. There is no significant seasonality in the Group\u2019s 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 . Industry and Infrastructure \u2013 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 \u2013 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 \u2013 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 (\u2018TT\u2019) and Clean Energy Associates (\u2018CEA\u2019). 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\u2019s 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\u2019s petroleum and biofuels industries. TT\u2019s 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. The principal activities of the reportable segments, and the customers they serve, are as follows: Consumer products \u2013 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\u2019s 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 (\u2018ATIC\u2019) 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 \u2013 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\u2019 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 \u2013 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. 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\u2019s 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
\u00a3m \u00a3m \u00a3m \u00a3m
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. 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 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
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 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-484": { "value": "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\u2019 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: \u2022 time incurred, which is billed at agreed rates on a periodic basis, such as monthly; or \u2022 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\u2019s 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\u2019s 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\u2019s length basis. There is no significant seasonality in the Group\u2019s 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 .
Industry and Infrastructure \u2013 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 \u2013 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 \u2013 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 (\u2018TT\u2019) and Clean Energy Associates (\u2018CEA\u2019).
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\u2019s 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\u2019s petroleum and biofuels industries.
TT\u2019s 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.
The principal activities of the reportable segments, and the customers they serve, are as follows:
Consumer products \u2013 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\u2019s 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 (\u2018ATIC\u2019)
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 \u2013 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\u2019
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 \u2013 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.
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\u2019s 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
\u00a3m \u00a3m \u00a3m \u00a3m
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.
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 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
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 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-566": { "value": "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\u2019 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: \u2022 time incurred, which is billed at agreed rates on a periodic basis, such as monthly; or \u2022 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-589": { "value": "In line with IFRS 15, rebates and customer discounts are considered to be variable consideration and have been deducted from recognised revenue. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-590": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-567": { "value": "Operating segments The Group is organised into business lines, which are the Group\u2019s 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\u2019s 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\u2019s length basis. There is no significant seasonality in the Group\u2019s 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 . Industry and Infrastructure \u2013 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 \u2013 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 \u2013 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 (\u2018TT\u2019) and Clean Energy Associates (\u2018CEA\u2019). 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\u2019s 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\u2019s petroleum and biofuels industries. TT\u2019s 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. The principal activities of the reportable segments, and the customers they serve, are as follows: Consumer products \u2013 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\u2019s 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 (\u2018ATIC\u2019) 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 \u2013 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\u2019 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 \u2013 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-543": { "value": "
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\u2019s
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
\u00a3m \u00a3m \u00a3m \u00a3m
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-542": { "value": "
Major customers
No revenue from any individual customer exceeded 10% of total Group revenue in 2025 or 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSegmentsMajorCustomersExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-485": { "value": "
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 (\u2018SDI\u2019) 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.
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\u2019s 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\u2019s 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
\u00a3m \u00a3m
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)
\u2013
(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, \u00a30.2m relates to the customer relationships acquired with the purchase of TESIS \u2013 Technologia e Qualidade de Sistemas em Engenharia Ltda (\u2018TESIS\u2019) and \u00a31.3m relates to the customer relationships and trade names acquired with the purchase of Envirolab in 2025. (b) Acquisition and integration costs comprise \u00a33.8m (2024: \u00a31.3m) for transaction and integration costs in respect of successful, active and aborted acquisitions in the current year, and \u00a30.5m in respect of prior years\u2019 acquisitions (2024: \u00a31.2m). (c) During 2022, the Group initiated the first year of a cost reduction programme. In 2025, costs of \u00a337.1m (2024: \u00a315.8m) 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 \u00a31.7m (2024: \u00a3(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 \u00a316.0m (2024: \u00a312.4m) mainly relating to deferred tax impact of the movement in amortisation of intangibles.", "dimensions": { "concept": "intertekgroupplc:DisclosureOfSeparatelyDisclosedItems", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-568": { "value": "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 (\u2018SDI\u2019) 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.
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\u2019s 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\u2019s 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.
", "dimensions": { "concept": "intertekgroupplc:DescriptionOfAccountingPolicyForAdjustedResults", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-486": { "value": "
4 Expenses and auditors\u2019 remuneration
An analysis of operating costs by nature is outlined below:
2025 2024
\u00a3m \u00a3m
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 \u00a30.6m (2024: \u00a30.6m).
2025 2024
\u00a3m \u00a3m
Included in profit for the year are the following expenses/(gains):
Property rentals
6.2
6.6
Lease and hire charges \u2013 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\u2019 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
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-556": { "value": "4 Expenses and auditors\u2019 remuneration An analysis of operating costs by nature is outlined below:
2025 2024
\u00a3m \u00a3m
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 \u00a30.6m (2024: \u00a30.6m).
2025 2024
\u00a3m \u00a3m
Included in profit for the year are the following expenses/(gains):
Property rentals
6.2
6.6
Lease and hire charges \u2013 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\u2019 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
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-544": { "value": "4 Expenses and auditors\u2019 remuneration An analysis of operating costs by nature is outlined below:
2025 2024
\u00a3m \u00a3m
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 \u00a30.6m (2024: \u00a30.6m).
2025 2024
\u00a3m \u00a3m
Included in profit for the year are the following expenses/(gains):
Property rentals
6.2
6.6
Lease and hire charges \u2013 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\u2019 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
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-509": { "value": "
2025 2024
\u00a3m \u00a3m
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-510": { "value": "
2025 2024
\u00a3m \u00a3m
Included in profit for the year are the following expenses/(gains):
Property rentals
6.2
6.6
Lease and hire charges \u2013 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\u2019 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
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-526": { "value": "
2025 2024
\u00a3m \u00a3m
Included in profit for the year are the following expenses/(gains):
Property rentals
6.2
6.6
Lease and hire charges \u2013 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\u2019 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
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-488": { "value": "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\u2019s 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: \u2022 recognition of consolidated goodwill; \u2022 the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit; \u2022 where a transaction does not give rise to equal taxable and deductible temporary differences; and \u2022 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\u2019s going concern and viability assessments.
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
\u00a3m \u00a3m
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
\u2013
(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 \u00a30.3m (2024: \u00a30.6m) and is included in the current tax of \u00a3130.2m.
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 \u00a3130.2m (2024: \u00a3122.8m), 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 \u00a3146.2m (2024: \u00a3135.2m). The Group\u2019s 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\u2019s 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
\u00a3m \u00a3m
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
\u2013
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
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
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
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
\u2013
\u2013
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
\u2013
\u2013
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 \u00a3113.2m, but the net liability of \u00a361.7m is the same in both
cases. Included within Property, fixtures, fittings and equipment is a deferred tax asset of \u00a375.9m (2024: \u00a370.6m) and a deferred tax liability
of \u00a370.2m (2024: \u00a365.0m) in respect of leasing transactions.
Deferred tax assets totalling \u00a310.2m 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 \u00a30.9m losses which are due to expire
within five years and \u00a30.9m losses which are due to expire after five years. Of the \u00a3148.0m of deferred tax assets displayed above, \u00a310.8m
are expected to be recovered within 12 months.
Income tax recognised in other comprehensive income (\u2018OCI\u2019)
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
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
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
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
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
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
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
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Equity-settled
transactions
24.3
(0.4)
23.9
24.4
0.9
25.3
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
\u00a3m \u00a3m
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
\u2013
(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, \u00a3152.6m (tax value \u00a310.5m) (2024: \u00a397.9m) of these relate to US state
tax losses due to insufficient taxable profits expected in the relevant states.
There is a temporary difference of \u00a3408.4m (2024: \u00a3401.4m) 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.
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
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
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)
\u2013
\u2013
(0.5)
(0.8)
(6.8)
Equity-settled transactions
8.1
\u2013
\u2013
0.9
(0.4)
8.6
Provisions and other
temporary differences
45.6
(1.8)
1.7
(10.4)
\u2013
35.1
Tax value of losses
9.4
(0.2)
\u2013
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
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Intangible assets
(80.2)
(0.3)
(1.5)
3.1
1.5
( 77.4)
Property, fixtures, fittings
and equipment
(13.5)
(0.4)
\u2013
(1.6)
(0.1)
(15.6)
Pensions
(4.1)
\u2013
\u2013
(0.3)
(1.1)
(5.5)
Equity-settled transactions
5.8
\u2013
\u2013
1.4
0.9
8.1
Provisions and other
temporary differences
42.8
(1.7)
\u2013
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)
Expiry of unrecognised deferred tax assets \u2013 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
\u00a3m \u00a3m
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-569": { "value": "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\u2019s 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: \u2022 recognition of consolidated goodwill; \u2022 the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit; \u2022 where a transaction does not give rise to equal taxable and deductible temporary differences; and \u2022 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\u2019s going concern and viability assessments. 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 \u00a3130.2m (2024: \u00a3122.8m), 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 \u00a3146.2m (2024: \u00a3135.2m). The Group\u2019s 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\u2019s 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-591": { "value": "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: \u2022 recognition of consolidated goodwill; \u2022 the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit; \u2022 where a transaction does not give rise to equal taxable and deductible temporary differences; and \u2022 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\u2019s going concern and viability assessments. 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 ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-487": { "value": "
5 Employees
Total employee costs are shown below:
2025 2024
Employee costs \u00a3m \u00a3m
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\ue01e16)
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\u2019 emoluments \u00a3m \u00a3m
Directors\u2019 remuneration
4.7
5.9
Amounts charged under the long-term incentive scheme
4.8
3.1
Total Directors\u2019 emoluments
9.5
9.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-527": { "value": "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
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
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
\u2013
\u2013
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
\u2013
\u2013
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 \u00a3113.2m, but the net liability of \u00a361.7m is the same in both cases. Included within Property, fixtures, fittings and equipment is a deferred tax asset of \u00a375.9m (2024: \u00a370.6m) and a deferred tax liability of \u00a370.2m (2024: \u00a365.0m) in respect of leasing transactions. Deferred tax assets totalling \u00a310.2m 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 \u00a30.9m losses which are due to expire within five years and \u00a30.9m losses which are due to expire after five years. Of the \u00a3148.0m of deferred tax assets displayed above, \u00a310.8m are expected to be recovered within 12 months. 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
\u00a3m \u00a3m
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
\u2013
(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, \u00a3152.6m (tax value \u00a310.5m) (2024: \u00a397.9m) of these relate to US state tax losses due to insufficient taxable profits expected in the relevant states. There is a temporary difference of \u00a3408.4m (2024: \u00a3401.4m) 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. 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
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
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)
\u2013
\u2013
(0.5)
(0.8)
(6.8)
Equity-settled transactions
8.1
\u2013
\u2013
0.9
(0.4)
8.6
Provisions and other
temporary differences
45.6
(1.8)
1.7
(10.4)
\u2013
35.1
Tax value of losses
9.4
(0.2)
\u2013
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
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Intangible assets
(80.2)
(0.3)
(1.5)
3.1
1.5
( 77.4)
Property, fixtures, fittings
and equipment
(13.5)
(0.4)
\u2013
(1.6)
(0.1)
(15.6)
Pensions
(4.1)
\u2013
\u2013
(0.3)
(1.1)
(5.5)
Equity-settled transactions
5.8
\u2013
\u2013
1.4
0.9
8.1
Provisions and other
temporary differences
42.8
(1.7)
\u2013
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)
Expiry of unrecognised deferred tax assets \u2013 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
\u00a3m \u00a3m
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.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-511": { "value": "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
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
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
\u2013
\u2013
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
\u2013
\u2013
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 \u00a3113.2m, but the net liability of \u00a361.7m is the same in both cases. Included within Property, fixtures, fittings and equipment is a deferred tax asset of \u00a375.9m (2024: \u00a370.6m) and a deferred tax liability of \u00a370.2m (2024: \u00a365.0m) in respect of leasing transactions. Deferred tax assets totalling \u00a310.2m 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 \u00a30.9m losses which are due to expire within five years and \u00a30.9m losses which are due to expire after five years. Of the \u00a3148.0m of deferred tax assets displayed above, \u00a310.8m are expected to be recovered within 12 months. 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
\u00a3m \u00a3m
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
\u2013
(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, \u00a3152.6m (tax value \u00a310.5m) (2024: \u00a397.9m) of these relate to US state tax losses due to insufficient taxable profits expected in the relevant states. There is a temporary difference of \u00a3408.4m (2024: \u00a3401.4m) 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. 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
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
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)
\u2013
\u2013
(0.5)
(0.8)
(6.8)
Equity-settled transactions
8.1
\u2013
\u2013
0.9
(0.4)
8.6
Provisions and other
temporary differences
45.6
(1.8)
1.7
(10.4)
\u2013
35.1
Tax value of losses
9.4
(0.2)
\u2013
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
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Intangible assets
(80.2)
(0.3)
(1.5)
3.1
1.5
( 77.4)
Property, fixtures, fittings
and equipment
(13.5)
(0.4)
\u2013
(1.6)
(0.1)
(15.6)
Pensions
(4.1)
\u2013
\u2013
(0.3)
(1.1)
(5.5)
Equity-settled transactions
5.8
\u2013
\u2013
1.4
0.9
8.1
Provisions and other
temporary differences
42.8
(1.7)
\u2013
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)
Expiry of unrecognised deferred tax assets \u2013 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
\u00a3m \u00a3m
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.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-489": { "value": "
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
\u00a3m \u00a3m
Profit attributable to ordinary shareholders
343.5
345.4
Separately Disclosed Items after tax (note\ue01e3)
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-570": { "value": "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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-490": { "value": "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 \u00a34,000, 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\u2019s 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\u2019s 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
\u00a3m \u00a3m \u00a3m
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\ue01e10)
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
\u2013
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
Fixtures,
fittings,
Land and plant and
buildings equipment Total
\u00a3m \u00a3m \u00a3m
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\ue01e10)
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
\u2013
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 \u00a365.4m at 31 December
2025 (2024: \u00a355.8m), 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
\u00a3m \u00a3m
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 \u00a322.1m
(2024: \u00a319.1m).
We have specifically reviewed our portfolio of freehold properties (total 2025 net book value of \u00a347.8m
(2024: \u00a349.6m)) 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\u2019s 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 \u00a35.3m (2024: \u00a36.9m), 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
\u00a3m \u00a3m \u00a3m
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
\u00a3m \u00a3m \u00a3m
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-571": { "value": "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 \u00a34,000, 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\u2019s 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\u2019s recoverable amount is estimated to determine the level of any impairment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-592": { "value": "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 \u00a34,000, 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-593": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-594": { "value": "Impairment Non-financial assets The carrying amounts of the Group\u2019s 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\u2019s recoverable amount is estimated to determine the level of any impairment. 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. 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-601": { "value": "Impairment Non-financial assets The carrying amounts of the Group\u2019s 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\u2019s recoverable amount is estimated to determine the level of any impairment. 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-528": { "value": "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\u2019s 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 (\u2018CGUs\u2019) 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\u2019s 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\u2019s 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
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. 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
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
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
\u2013
\u2013
\u2013
\u2013
21.7
21.7
Transfers
(2.1)
\u2013
\u2013
\u2013
\u2013
\u2013
Disposal
\u2013
\u2013
\u2013
\u2013
(6.3)
(6.3)
Businesses acquired (note\ue01e10)
15.4
6.9
0.8
\u2013
\u2013
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
\u2013
20.4
11.6
0.3
17. 3
49.6
Disposal
\u2013
\u2013
\u2013
\u2013
(6.3)
(6.3)
Impairment
\u2013
\u2013
\u2013
\u2013
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
Other intangible assets
Technology/
Know-how Other Total other
Customer and trade acquisition Computer intangible
Goodwill relationships names intangibles software assets
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
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
\u2013
\u2013
\u2013
\u2013
15.4
15.4
Transfers
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Disposal
\u2013
\u2013
\u2013
\u2013
(1.2)
(1.2)
Businesses acquired (note\ue01e10)
100.4
61.4
12.7
\u2013
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
\u2013
26.2
9.3
0.4
16.2
52.1
Disposal
\u2013
\u2013
\u2013
\u2013
(1.2)
(1.2)
Impairment
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
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 \u00a315.4m (2024: \u00a321.7m) relates to separately acquired computer software
of \u00a32.7m (2024: \u00a310.7m) and internally developed intangible assets of \u00a312.7m (2024: \u00a311.0m).
The other acquisition intangibles net book value of \u00a30.6m (2024: \u00a31.0m) 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 \u00a3108.0m (2024: \u00a3115.5m) includes software in construction of
\u00a340.1m (2024: \u00a344.4m). Research and development expenditure of \u00a342.3m (2024: \u00a342.6m) was recognised
as an expense in the year .
Goodwill Goodwill arising from acquisitions in the current and prior year has been allocated to reportable segments as follows:
2025 2024
\u00a3m \u00a3m
Consumer Products
\u2013
\u2013
Corporate Assurance
\u2013
\u2013
Health and Safety
78.7
\u2013
Industry and Infrastructure
21.7
15.4
World of Energy
\u2013
\u2013
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 \u00a3m \u00a3m
Consumer Products
1
10.9\u201310.9%
98.2
103.1
Corporate Assurance
2
11.0\u201311.1%
664.7
681.9
Health and Safety
3
10.8\u201311.0%
205.9
125.9
Industry and Infrastructure
4
11.0\u201311.9%
290.5
286.2
World of Energy
5
11.0\u201311.0%
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 \u00a383.4m (2024: \u00a388.1m) and the pre-tax discount rate was 10.9%. 2. Within Corporate Assurance, goodwill allocated to the Business Assurance CGU was \u00a3659.3m (2024: \u00a3676.7m), and the pre-tax discount rate was 11.0%. 3. Within Health and Safety, goodwill allocated to the Food CGU is \u00a341.7m (2024: \u00a335.4m), and goodwill allocated to the Chemicals & Pharma CGU is \u00a3149.7m (2024: \u00a376.7m). Pre-tax discount rates were 11.0% and 10.8% respectively. 4. Within Industry and Infrastructure, goodwill allocated to the Minerals CGU is \u00a347.1m (2024: \u00a347.7m) and goodwill allocated to the Building & Construction CGU is \u00a3233.3m (2024: \u00a3227.5m). Pre-tax discount rates were 11.9% and 11.0% respectively. 5. Within World of Energy, goodwill allocated to the Caleb Brett CGU is \u00a355.9m (2024: \u00a355.1m), goodwill allocated to the Transportation Technologies CGU is \u00a342.6m (2024: \u00a344.7m) and goodwill allocated to the CEA CGU is \u00a360.5m (2024: \u00a365.1m). 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. 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\u2019s 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\u2019s 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\u2019s 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\u2019s 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. Goodwill and intangible assets The total goodwill arising on acquisition made during 2025 was \u00a3100.4m, of which \u00a314.3m 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 \u00a374.2m 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 \u00a322.0m. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-491": { "value": "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\u2019s 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 (\u2018CGUs\u2019) 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\u2019s 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\u2019s 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
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.
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
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
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
\u2013
\u2013
\u2013
\u2013
21.7
21.7
Transfers
(2.1)
\u2013
\u2013
\u2013
\u2013
\u2013
Disposal
\u2013
\u2013
\u2013
\u2013
(6.3)
(6.3)
Businesses acquired (note\ue01e10)
15.4
6.9
0.8
\u2013
\u2013
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
\u2013
20.4
11.6
0.3
17. 3
49.6
Disposal
\u2013
\u2013
\u2013
\u2013
(6.3)
(6.3)
Impairment
\u2013
\u2013
\u2013
\u2013
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
Other intangible assets
Technology/
Know-how Other Total other
Customer and trade acquisition Computer intangible
Goodwill relationships names intangibles software assets
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
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
\u2013
\u2013
\u2013
\u2013
15.4
15.4
Transfers
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Disposal
\u2013
\u2013
\u2013
\u2013
(1.2)
(1.2)
Businesses acquired (note\ue01e10)
100.4
61.4
12.7
\u2013
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
\u2013
26.2
9.3
0.4
16.2
52.1
Disposal
\u2013
\u2013
\u2013
\u2013
(1.2)
(1.2)
Impairment
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
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 \u00a315.4m (2024: \u00a321.7m) relates to separately acquired computer software of \u00a32.7m (2024: \u00a310.7m) and internally developed intangible assets of \u00a312.7m (2024: \u00a311.0m). The other acquisition intangibles net book value of \u00a30.6m (2024: \u00a31.0m) 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 \u00a3108.0m (2024: \u00a3115.5m) includes software in construction of \u00a340.1m (2024: \u00a344.4m). Research and development expenditure of \u00a342.3m (2024: \u00a342.6m) was recognised as an expense in the year .
Goodwill
Goodwill arising from acquisitions in the current and prior year has been allocated to reportable segments
as follows:
2025 2024
\u00a3m \u00a3m
Consumer Products
\u2013
\u2013
Corporate Assurance
\u2013
\u2013
Health and Safety
78.7
\u2013
Industry and Infrastructure
21.7
15.4
World of Energy
\u2013
\u2013
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 \u00a3m \u00a3m
Consumer Products
1
10.9\u201310.9%
98.2
103.1
Corporate Assurance
2
11.0\u201311.1%
664.7
681.9
Health and Safety
3
10.8\u201311.0%
205.9
125.9
Industry and Infrastructure
4
11.0\u201311.9%
290.5
286.2
World of Energy
5
11.0\u201311.0%
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 \u00a383.4m (2024: \u00a388.1m) and the pre-tax discount
rate was 10.9%.
2. Within Corporate Assurance, goodwill allocated to the Business Assurance CGU was \u00a3659.3m (2024: \u00a3676.7m), and the pre-tax discount
rate was 11.0%.
3. Within Health and Safety, goodwill allocated to the Food CGU is \u00a341.7m (2024: \u00a335.4m), and goodwill allocated to the Chemicals & Pharma CGU
is \u00a3149.7m (2024: \u00a376.7m). Pre-tax discount rates were 11.0% and 10.8% respectively.
4. Within Industry and Infrastructure, goodwill allocated to the Minerals CGU is \u00a347.1m (2024: \u00a347.7m) and goodwill allocated to the Building
& Construction CGU is \u00a3233.3m (2024: \u00a3227.5m). Pre-tax discount rates were 11.9% and 11.0% respectively.
5. Within World of Energy, goodwill allocated to the Caleb Brett CGU is \u00a355.9m (2024: \u00a355.1m), goodwill allocated to the Transportation
Technologies CGU is \u00a342.6m (2024: \u00a344.7m) and goodwill allocated to the CEA CGU is \u00a360.5m (2024: \u00a365.1m). 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.
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\u2019s 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\u2019s 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\u2019s 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\u2019s 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-572": { "value": "Accounting policy Goodwill Goodwill arises on the acquisition of businesses. Goodwill represents the difference between the cost of acquisition and the Group\u2019s 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 (\u2018CGUs\u2019) 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\u2019s 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\u2019s 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
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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-512": { "value": "Accounting policy Goodwill Goodwill arises on the acquisition of businesses. Goodwill represents the difference between the cost of acquisition and the Group\u2019s 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 (\u2018CGUs\u2019) 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\u2019s 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\u2019s 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
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. 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
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
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
\u2013
\u2013
\u2013
\u2013
21.7
21.7
Transfers
(2.1)
\u2013
\u2013
\u2013
\u2013
\u2013
Disposal
\u2013
\u2013
\u2013
\u2013
(6.3)
(6.3)
Businesses acquired (note\ue01e10)
15.4
6.9
0.8
\u2013
\u2013
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
\u2013
20.4
11.6
0.3
17. 3
49.6
Disposal
\u2013
\u2013
\u2013
\u2013
(6.3)
(6.3)
Impairment
\u2013
\u2013
\u2013
\u2013
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
Other intangible assets
Technology/
Know-how Other Total other
Customer and trade acquisition Computer intangible
Goodwill relationships names intangibles software assets
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
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
\u2013
\u2013
\u2013
\u2013
15.4
15.4
Transfers
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Disposal
\u2013
\u2013
\u2013
\u2013
(1.2)
(1.2)
Businesses acquired (note\ue01e10)
100.4
61.4
12.7
\u2013
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
\u2013
26.2
9.3
0.4
16.2
52.1
Disposal
\u2013
\u2013
\u2013
\u2013
(1.2)
(1.2)
Impairment
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
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 \u00a315.4m (2024: \u00a321.7m) relates to separately acquired computer software of \u00a32.7m (2024: \u00a310.7m) and internally developed intangible assets of \u00a312.7m (2024: \u00a311.0m). The other acquisition intangibles net book value of \u00a30.6m (2024: \u00a31.0m) 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 \u00a3108.0m (2024: \u00a3115.5m) includes software in construction of \u00a340.1m (2024: \u00a344.4m). Research and development expenditure of \u00a342.3m (2024: \u00a342.6m) was recognised as an expense in the year Goodwill Goodwill arising from acquisitions in the current and prior year has been allocated to reportable segments as follows:
2025 2024
\u00a3m \u00a3m
Consumer Products
\u2013
\u2013
Corporate Assurance
\u2013
\u2013
Health and Safety
78.7
\u2013
Industry and Infrastructure
21.7
15.4
World of Energy
\u2013
\u2013
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 \u00a3m \u00a3m
Consumer Products
1
10.9\u201310.9%
98.2
103.1
Corporate Assurance
2
11.0\u201311.1%
664.7
681.9
Health and Safety
3
10.8\u201311.0%
205.9
125.9
Industry and Infrastructure
4
11.0\u201311.9%
290.5
286.2
World of Energy
5
11.0\u201311.0%
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 \u00a383.4m (2024: \u00a388.1m) and the pre-tax discount rate was 10.9%. 2. Within Corporate Assurance, goodwill allocated to the Business Assurance CGU was \u00a3659.3m (2024: \u00a3676.7m), and the pre-tax discount rate was 11.0%. 3. Within Health and Safety, goodwill allocated to the Food CGU is \u00a341.7m (2024: \u00a335.4m), and goodwill allocated to the Chemicals & Pharma CGU is \u00a3149.7m (2024: \u00a376.7m). Pre-tax discount rates were 11.0% and 10.8% respectively. 4. Within Industry and Infrastructure, goodwill allocated to the Minerals CGU is \u00a347.1m (2024: \u00a347.7m) and goodwill allocated to the Building & Construction CGU is \u00a3233.3m (2024: \u00a3227.5m). Pre-tax discount rates were 11.9% and 11.0% respectively. 5. Within World of Energy, goodwill allocated to the Caleb Brett CGU is \u00a355.9m (2024: \u00a355.1m), goodwill allocated to the Transportation Technologies CGU is \u00a342.6m (2024: \u00a344.7m) and goodwill allocated to the CEA CGU is \u00a360.5m (2024: \u00a365.1m). 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. 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\u2019s 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\u2019s 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\u2019s 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\u2019s 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.
Goodwill and intangible assets
The total goodwill arising on acquisition made during 2025 was \u00a3100.4m, of which \u00a314.3m 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 \u00a374.2m 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 \u00a322.0m.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-604": { "value": "Goodwill Goodwill arises on the acquisition of businesses. Goodwill represents the difference between the cost of acquisition and the Group\u2019s 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 (\u2018CGUs\u2019) 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\u2019s 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-602": { "value": "Goodwill Goodwill arises on the acquisition of businesses. Goodwill represents the difference between the cost of acquisition and the Group\u2019s 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 (\u2018CGUs\u2019) 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\u2019s 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-596": { "value": "Goodwill Goodwill arises on the acquisition of businesses. Goodwill represents the difference between the cost of acquisition and the Group\u2019s 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 (\u2018CGUs\u2019) 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\u2019s 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-595": { "value": "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\u2019s 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
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-545": { "value": "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\u2019s 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\u2019s 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-492": { "value": "
10 Acquisitions
Acquisitions in 2025
Deal Completion Date
Acquired business
30 April 2025
Acquired Tecnologia e Qualidade de Sistemas em Engenharia Ltda (\u2018TESIS\u2019), a
leading provider of building products testing and assurance services, based in
S\u00e3o Paulo, Brazil, for a purchase price of \u00a39.3m.
TESIS\u2019 capabilities are complementary to Intertek\u2019s comprehensive product-
related testing and certification capabilities in North America, accelerating
demand for the Group\u2019s ATIC solutions, powered by Intertek\u2019s 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 \u00a3122.7m.
Envirolab offers exposure to the fast growth of APAC environmental testing
market with strong commercial synergies with Intertek\u2019s 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 Jos\u00e9, Costa Rica, for a purchase price of \u00a37.5m.
Suplilab acquisition will enable Intertek to establish a leading position in
Costa Rica\u2019s 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 (\u2018PTL\u2019), a leading provider of
high-quality testing services for the flooring industry, based in the USA, for
a purchase price of \u00a317.5m.
PTL\u2019s leading flooring products testing business is complementary to Intertek\u2019s
existing strengths in products testing ATIC solutions globally, driving synergies
across Intertek\u2019s 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.
to Group on acquisition \u00a3\u2019m 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 \u00a3\u2019m
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 \u00a3100.4m, of which \u00a314.3m 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 \u00a374.2m 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 \u00a322.0m. Consideration paid The total cash consideration for the acquisitions in the year was \u00a3155.9m (2024: \u00a314.9m), with further deferred and contingent considerations payable of \u00a31.1m as at 31 December 2025 (2024: \u00a38.4m) that comprises \u00a31.1m purchase consideration and \u00a3nil revaluation of contingent consideration recognised during the year, which is disclosed in note 13. Cash consideration includes cash acquired of \u00a35.9m (2024: \u00a30.3m). The estimated purchase price net of cash was \u00a3157.0m (2024: \u00a323.6m). Contribution of acquisitions to revenue and profits In total, acquisitions made during 2025 contributed revenues of \u00a313.5m (2024: \u00a35.7m) and a statutory net profit after tax of \u00a31.9m (2024: \u00a32.0m) 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 \u00a33,459.5m and \u00a3366.9m respectively if the acquisitions were assumed to have been made on 1 January 2025.
Acquisition-related costs
Acquisition-related costs of \u00a34.3m 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
\u2018Base Met Labs\u2019), a leading provider of metallurgical testing services for the Minerals sector based in North
America, for a purchase price of \u00a323.9m. Purchase consideration net of cash acquired was \u00a323.6m. The
purchase price includes cash consideration of \u00a314.9m, further contingent consideration payable of \u00a37.8m and
deferred consideration of \u00a30.9m. The cash outflow in the period associated with this acquisition was \u00a314.9m.
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 \u00a3m
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 \u00a30.1m, and a 1% decrease in the discount rate would have increased
the financial liability by \u00a30.1m. 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 \u00a31.2m, whilst a decrease
of 10% in the probability used would have decreased the financial liability by \u00a31.3m.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-557": { "value": "10 Acquisitions Acquisitions in 2025
Deal Completion Date
Acquired business
30 April 2025
Acquired Tecnologia e Qualidade de Sistemas em Engenharia Ltda (\u2018TESIS\u2019), a
leading provider of building products testing and assurance services, based in
S\u00e3o Paulo, Brazil, for a purchase price of \u00a39.3m.
TESIS\u2019 capabilities are complementary to Intertek\u2019s comprehensive product-
related testing and certification capabilities in North America, accelerating
demand for the Group\u2019s ATIC solutions, powered by Intertek\u2019s 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 \u00a3122.7m.
Envirolab offers exposure to the fast growth of APAC environmental testing
market with strong commercial synergies with Intertek\u2019s 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 Jos\u00e9, Costa Rica, for a purchase price of \u00a37.5m.
Suplilab acquisition will enable Intertek to establish a leading position in
Costa Rica\u2019s 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 (\u2018PTL\u2019), a leading provider of
high-quality testing services for the flooring industry, based in the USA, for
a purchase price of \u00a317.5m.
PTL\u2019s leading flooring products testing business is complementary to Intertek\u2019s
existing strengths in products testing ATIC solutions globally, driving synergies
across Intertek\u2019s 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
Provisional
fair value
to Group on
Envirolab acquisition
Total \u00a3\u2019m
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 \u00a3\u2019m
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 \u00a3100.4m, of which \u00a314.3m 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 \u00a374.2m 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 \u00a322.0m. Consideration paid The total cash consideration for the acquisitions in the year was \u00a3155.9m (2024: \u00a314.9m), with further deferred and contingent considerations payable of \u00a31.1m as at 31 December 2025 (2024: \u00a38.4m) that comprises \u00a31.1m purchase consideration and \u00a3nil revaluation of contingent consideration recognised during the year, which is disclosed in note 13. Cash consideration includes cash acquired of \u00a35.9m (2024: \u00a30.3m). The estimated purchase price net of cash was \u00a3157.0m (2024: \u00a323.6m). Contribution of acquisitions to revenue and profits In total, acquisitions made during 2025 contributed revenues of \u00a313.5m (2024: \u00a35.7m) and a statutory net profit after tax of \u00a31.9m (2024: \u00a32.0m) 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 \u00a33,459.5m and \u00a3366.9m respectively if the acquisitions were assumed to have been made on 1 January 2025. Acquisition-related costs Acquisition-related costs of \u00a34.3m 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 \u2018Base Met Labs\u2019), a leading provider of metallurgical testing services for the Minerals sector based in North America, for a purchase price of \u00a323.9m. Purchase consideration net of cash acquired was \u00a323.6m. The purchase price includes cash consideration of \u00a314.9m, further contingent consideration payable of \u00a37.8m and deferred consideration of \u00a30.9m. The cash outflow in the period associated with this acquisition was \u00a314.9m. 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 \u00a3m
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 \u00a30.1m, and a 1% decrease in the discount rate would have increased the financial liability by \u00a30.1m. 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 \u00a31.2m, whilst a decrease of 10% in the probability used would have decreased the financial liability by \u00a31.3m. 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\u20139 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\u2019s 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\u20139 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 S\u00e3o Paulo, Brazil Bigart Ecosystems, LLC (xv) c/o CSC, 26 West 6th Avenue, Helena, MT 59624, United States
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. Joaqu\u00edn Orrantia Gonz\u00e1lez 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 situ\u00e9, au 2\u00e8me \u00e9tage, 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\u2019s Court, St Julian\u2019s Avenue, St Peter Port, GY1 6AX, Guernsey Esperanza International Services (Southern Africa) (Pty.) Limited Charter House, 13 Brand Road, Glenwood, Durban, South Africa 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, Qu\u00e9bec H1L 6S4, Canada Intertek Capacitacion Chile Spa Avenida Las Condes N\u00b0 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, Bogot\u00e1, 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 W\u00fcrzburger Strasse 152, 90766 F\u00fcrth, 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\u00b0C7/C8, B\u00e2timent F1, 1er \u00e9tage Local N\u00b01, 16051, Kouba, Wilaya d\u2019Alger, 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 Aut\u00f3noma 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\u2013407 (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\u00b0 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 Intertek Holdings Nederland B.V. Leerlooierstraat 135, 3194AB Hoogvliet, Rotterdam, The Netherlands Intertek Holdings Norge AS Oljevegen 2, Tananger, 4056, Norway Intertek Ib\u00e9rica 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 \u2013 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\u02da97, 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 \u2013 7th floor, Alphaville Industrial and Business Center, Barueri, S\u00e3o Paulo, 06454-000-SP, Brazil Intertek Industry Services Colombia Limited Calle 127A No. 53A-45, Oficina 1103, Bogot\u00e1, 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 \u2013 Immeuble Dumez, 2\u00e9me \u00e9tage, Libreville, B.P. 13312, Gabon Intertek do Brasil Inspecoes Ltda Edif\u00edcio Almares, t\u00e9rreo, 1\u00ba e 2\u00ba andares, No.7 Rua Doutor Cochrane, Bairro Paquet\u00e1, Santos, S\u00e3o 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 \u2019an 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 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 \u2013 Centre Routier, 76600, Gonfreville L\u2019Orcher, 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. Oszczepnik\u00f3w 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 Sokolovsk\u00e1 131/86, Karl\u00edn, 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 R\u00e9sistance, Immeuble de la Comanav, 7\u00e9me \u00e9tage, 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 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, Qu\u00e9bec 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 \u2018O\u2019 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, Qu\u00e9bec 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 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 \u2018an 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 Asesor\u00eda Empresarial y de Ingenieria S.A.S. Calle 120, No. 45A \u2013 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 \u00e9tage, Rue Paul Langevin, Marcory, Zone 4, Abidjan, C\u00f4te d\u2019Ivoire 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 \u2013 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 \u2013 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 Laborat\u00f3rio de An\u00e1lises de Alimentos S.A. Rua Carlos Tosin, 860, sala 1, Distrito Industrial, Estado de S\u00e3o Paulo, Brazil KJ Tech Services GmbH (xii) Pallaswiesenstra\u00dfe 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 Qu\u00edmica, Investigaci\u00f3n y An\u00e1lisis, S.A. de C.V. (xiii) Jacarandas #19, San Clemente, Alvaro Obreg\u00f3n, 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
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\u2019an 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 Cat\u00f3lica de Zapote, Zapote, San Jos\u00e9, 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 \u2013 Tecnologia e Qualidade de Sistemas em Engenharia Ltda
Rua Guaip\u00e1 486, Vila Leopoldina, S\u00e3o Paulo, S\u00e3o 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. Oszczepnik\u00f3w 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 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 \u2013 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 Anal\u00edtico An\u00e1lises T\u00e9cnicas Ltda. (80%) 281 Rua Le\u00e3o XIII, Vila dos Rem\u00e9dios, Osasco, S\u00e3o 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 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 Soci\u00e9t\u00e9 SAI Global Tunisia SARL (75%) 67, Avenue Alain Savary, Cite les Jardins 2 Bloc A, Tunis, Tunisia Soci\u00e9t\u00e9 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, C\u00f4te d\u2019Ivoire (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 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\u00b0 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 ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-546": { "value": "10 Acquisitions Acquisitions in 2025
Deal Completion Date
Acquired business
30 April 2025
Acquired Tecnologia e Qualidade de Sistemas em Engenharia Ltda (\u2018TESIS\u2019), a
leading provider of building products testing and assurance services, based in
S\u00e3o Paulo, Brazil, for a purchase price of \u00a39.3m.
TESIS\u2019 capabilities are complementary to Intertek\u2019s comprehensive product-
related testing and certification capabilities in North America, accelerating
demand for the Group\u2019s ATIC solutions, powered by Intertek\u2019s 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 \u00a3122.7m.
Envirolab offers exposure to the fast growth of APAC environmental testing
market with strong commercial synergies with Intertek\u2019s 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 Jos\u00e9, Costa Rica, for a purchase price of \u00a37.5m.
Suplilab acquisition will enable Intertek to establish a leading position in
Costa Rica\u2019s 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 (\u2018PTL\u2019), a leading provider of
high-quality testing services for the flooring industry, based in the USA, for
a purchase price of \u00a317.5m.
PTL\u2019s leading flooring products testing business is complementary to Intertek\u2019s
existing strengths in products testing ATIC solutions globally, driving synergies
across Intertek\u2019s 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.
Provisional
fair value
to Group on
Envirolab acquisition
Total \u00a3\u2019m
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 \u00a3\u2019m
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 \u00a3100.4m, of which \u00a314.3m 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 \u00a374.2m 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 \u00a322.0m. Consideration paid The total cash consideration for the acquisitions in the year was \u00a3155.9m (2024: \u00a314.9m), with further deferred and contingent considerations payable of \u00a31.1m as at 31 December 2025 (2024: \u00a38.4m) that comprises \u00a31.1m purchase consideration and \u00a3nil revaluation of contingent consideration recognised during the year, which is disclosed in note 13. Cash consideration includes cash acquired of \u00a35.9m (2024: \u00a30.3m). The estimated purchase price net of cash was \u00a3157.0m (2024: \u00a323.6m). Contribution of acquisitions to revenue and profits In total, acquisitions made during 2025 contributed revenues of \u00a313.5m (2024: \u00a35.7m) and a statutory net profit after tax of \u00a31.9m (2024: \u00a32.0m) 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 \u00a33,459.5m and \u00a3366.9m respectively if the acquisitions were assumed to have been made on 1 January 2025. Acquisition-related costs Acquisition-related costs of \u00a34.3m 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 \u2018Base Met Labs\u2019), a leading provider of metallurgical testing services for the Minerals sector based in North America, for a purchase price of \u00a323.9m. Purchase consideration net of cash acquired was \u00a323.6m. The purchase price includes cash consideration of \u00a314.9m, further contingent consideration payable of \u00a37.8m and deferred consideration of \u00a30.9m. The cash outflow in the period associated with this acquisition was \u00a314.9m. 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 \u00a3m
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 \u00a30.1m, and a 1% decrease in the discount rate would have increased the financial liability by \u00a30.1m. 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 \u00a31.2m, whilst a decrease of 10% in the probability used would have decreased the financial liability by \u00a31.3m. 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, C\u00f4te d\u2019Ivoire ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-558": { "value": "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
\u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
510.8
521.9
7.4
7.5
Contract assets
128.9
112.3
\u2013
\u2013
Other receivables
56.8
60.3
12.6
7.9
Prepayments
73.2
60.4
\u2013
\u2013
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 \u00a310.4m (2024: \u00a310.3m) and \u00a32.8m (2024: \u00a32.1m) respectively. Net impairment on trade receivables and contract assets charged as part of operating costs was \u00a34.9m (2024: \u00a33.2m charge) and \u00a32.0m (2024: \u00a30.6m charge) respectively. 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
\u00a3m \u00a3m
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 \u00a3435.5m (2024: \u00a3437.7m) are trade receivables of \u00a3383.5m (2024: \u00a3386.2m) 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 \u00a3m \u00a3m
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 \u00a32.6m. There were no material individual impairments of trade receivables or contract assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-493": { "value": "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
\u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
510.8
521.9
7.4
7.5
Contract assets
128.9
112.3
\u2013
\u2013
Other receivables
56.8
60.3
12.6
7.9
Prepayments
73.2
60.4
\u2013
\u2013
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 \u00a310.4m (2024: \u00a310.3m) and \u00a32.8m (2024: \u00a32.1m) respectively. Net impairment on trade receivables and contract assets charged as part of operating costs was \u00a34.9m (2024: \u00a33.2m charge) and \u00a32.0m (2024: \u00a30.6m charge) respectively.
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
\u00a3m \u00a3m
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 \u00a3435.5m (2024: \u00a3437.7m) are trade receivables of \u00a3383.5m
(2024: \u00a3386.2m) 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 \u00a3m \u00a3m
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 \u00a32.6m. There were no material
individual impairments of trade receivables or contract assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-573": { "value": "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 recognised initially at fair value and subsequently at amortised cost less impairment losses (including bad debt provision). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-513": { "value": "
Current Current Non-current Non-current
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
510.8
521.9
7.4
7.5
Contract assets
128.9
112.3
\u2013
\u2013
Other receivables
56.8
60.3
12.6
7.9
Prepayments
73.2
60.4
\u2013
\u2013
Total trade and other receivables
769.7
754.9
20.0
15.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-529": { "value": "
Current Current Non-current Non-current
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
510.8
521.9
7.4
7.5
Contract assets
128.9
112.3
\u2013
\u2013
Other receivables
56.8
60.3
12.6
7.9
Prepayments
73.2
60.4
\u2013
\u2013
Total trade and other receivables
769.7
754.9
20.0
15.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-547": { "value": "
Current Current Non-current Non-current
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
510.8
521.9
7.4
7.5
Contract assets
128.9
112.3
\u2013
\u2013
Other receivables
56.8
60.3
12.6
7.9
Prepayments
73.2
60.4
\u2013
\u2013
Total trade and other receivables
769.7
754.9
20.0
15.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-514": { "value": "
Trade receivables and contract assets are shown net of allowance for impairment losses of \u00a310.4m
(2024: \u00a310.3m) and \u00a32.8m (2024: \u00a32.1m) respectively. Net impairment on trade receivables and
contract assets charged as part of operating costs was \u00a34.9m (2024: \u00a33.2m charge) and \u00a32.0m (2024:
\u00a30.6m charge) respectively.
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
\u00a3m \u00a3m
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 \u00a3435.5m (2024: \u00a3437.7m) are trade receivables of \u00a3383.5m (2024: \u00a3386.2m) 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 \u00a3m \u00a3m
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 \u00a32.6m. There were no material individual impairments of trade receivables or contract assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-494": { "value": "
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
\u00a3m \u00a3m \u00a3m \u00a3m
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\u2019s exposure to liquidity risk related to trade payables is disclosed in note 14. \u00a3133.9m of contract
liabilities at the end of 2024 was recognised in revenue in 2025 (2024: \u00a3128.1m).
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 \u00a32.2m
(2024: \u00a32.5m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-562": { "value": "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
\u00a3m \u00a3m \u00a3m \u00a3m
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\u2019s exposure to liquidity risk related to trade payables is disclosed in note 14. \u00a3133.9m of contract liabilities at the end of 2024 was recognised in revenue in 2025 (2024: \u00a3128.1m). 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 \u00a32.2m (2024: \u00a32.5m).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-574": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-515": { "value": "
Current Current Non-current Non-current
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-530": { "value": "
Current Current Non-current Non-current
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-548": { "value": "
Current Current Non-current Non-current
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-531": { "value": "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
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2025
46.8
3.2
12.3
62.3
Exchange adjustments
(2.6)
(0.2)
\u2013
(2.8)
Provided in the year:
\u2013
5.4
38.0
43.4
in respect of current year acquisitions
1.2
\u2013
\u2013
1.2
in respect of prior year acquisitions
0.5
\u2013
\u2013
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
\u2013
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 \u00a389.2m. 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 \u00a34.4m (2024: \u00a33.2m) 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 \u00a323.8m (2024: \u00a312.3m) includes restructuring provisions. The timing of the cash outflow is uncertain, but is likely to be within one year. 22 Contingent liabilities
2025 2024
\u00a3m \u00a3m
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.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-495": { "value": "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
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2025
46.8
3.2
12.3
62.3
Exchange adjustments
(2.6)
(0.2)
\u2013
(2.8)
Provided in the year:
\u2013
5.4
38.0
43.4
in respect of current year acquisitions
1.2
\u2013
\u2013
1.2
in respect of prior year acquisitions
0.5
\u2013
\u2013
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
\u2013
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 \u00a389.2m. 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 \u00a34.4m (2024: \u00a33.2m) 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 \u00a323.8m (2024: \u00a312.3m) includes restructuring provisions. The timing of the cash outflow is uncertain, but is likely to be within one year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-575": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-605": { "value": "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\u2019s 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\u2019s 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. 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-496": { "value": "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\u2019s 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\u2019s 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. 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 \u00a3m \u00a3m
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\ue01e16)
1.6
1.0
Foreign exchange differences on revaluation of net monetary assets and liabilities
(2.6)
(2.4)
Leases \u2013 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 \u00a31.7m gain (2024: \u00a33.4m loss) relating to SDIs.
Analysis of net debt
2025 2024
\u00a3m \u00a3m
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
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash
336.5
3.5
\u2013
(15.4)
324.6
Borrowings:
Revolving credit facility US$850m 2030
(20.0)
(560.5)
\u2013
(8.1)
(588.6)
Revolving credit facility \u00a3350m 2027
\u2013
(45.0)
\u2013
\u2013
(45.0)
Senior notes US$120m 2025
(95.4)
92.3
\u2013
3.1
\u2013
Senior notes US$75m 2026
(59.6)
\u2013
\u2013
4.1
(55.5)
Senior notes US$150m 2027
(119.2)
\u2013
\u2013
8.2
(111.0)
Senior notes US$165m 2028
(131.2)
\u2013
\u2013
9.1
(122.1)
Senior notes US$165m 2029
(131.2)
\u2013
\u2013
9.0
(122.2)
Senior notes US$160m 2030
(127.1)
\u2013
\u2013
8.8
(118.3)
Senior notes EUR\u20ac120m 2026
(99.5)
\u2013
\u2013
(5.1)
(104.6)
Senior notes EUR\u20ac25m 2027
(20.7)
\u2013
\u2013
(1.1)
(21.8)
Senior notes EUR\u20ac40m 2028
(33.2)
\u2013
\u2013
(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 \u00a30.9m (2024: \u00a30.7m) and facility fees of \u00a33.5m (2024: \u00a31.5m).
Borrowings
Borrowings are split into current and non-current as outlined below:
Current Current Non-current Non-current
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
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 \u00a3m \u00a3m
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 \u00a3345.5m (2024: \u00a3655.7m).
US$850m revolving credit facility
The Group has a US$850m multi-currency revolving credit facility, which is the Group\u2019s 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\u2019s financial leverage. Drawings under this facility at 31 December 2025
were \u00a3588.6m (2024: \u00a320.0m).
GBP\u00a3350m revolving credit facility
In May 2025 the Group entered into a GBP\u00a3350m 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\u2019s financial leverage. Drawings under this facility at
31 December 2025 were \u00a345.0m (2024: \u00a3nil).
1 January Non-cash Exchange 31 December
2024 Cash flow movements adjustments 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash
298.6
52.5
\u2013
(14.6)
336.5
Borrowings:
Revolving credit facility US$850m 2027
\u2013
(24.7)
\u2013
4.7
(20.0)
Senior notes US$125m 2024
(97.7 )
98.4
\u2013
(0.7)
\u2013
Senior notes US$120m 2025
(93.8)
\u2013
\u2013
(1.6)
(95.4)
Senior notes US$75m 2026
(58.6)
\u2013
\u2013
(1.0)
(59.6)
Senior notes US$150m 2027
(117. 2)
\u2013
\u2013
(2.0)
(119.2)
Senior notes US$165m 2028
(129.0)
\u2013
\u2013
(2.2)
(131.2)
Senior notes US$165m 2029
(129.0)
\u2013
\u2013
(2.2)
(131.2)
Senior notes US$160m 2030
(125.0)
\u2013
\u2013
(2.1)
(127. 1)
Senior notes EUR\u20ac120m 2026
(104.1)
\u2013
\u2013
4.6
(99.5)
Senior notes EUR\u20ac25m 2027
(21.7)
\u2013
\u2013
1.0
(20.7)
Senior notes EUR\u20ac40m 2028
(34.7)
\u2013
\u2013
1.5
(33.2)
Other*
1.6
\u2013
(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)
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\u2019s credit risk is
diversified due to the large number of entities, industries and regions that make up the Group\u2019s customer base.
The carrying amount of financial assets represents the maximum credit exposure. At the reporting date this
was as follows:
2025 2024
\u00a3m \u00a3m
Trade receivables, net of allowance (note\ue01e11)
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
\u00a3m \u00a3m
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\u2019s 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.
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\u20ac185m of senior notes. These notes were issued in three tranches with EUR\u20ac120m repayable on 21 December 2026 at a fixed annual interest rate of 3.94%, EUR\u20ac25m repayable on 21 December 2027 at a fixed annual interest rate of 3.89% and EUR\u20ac40m 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
\u00a3m \u00a3m
Analysis of lease liabilities falling due:
Current:
Repayable in less than 1 year
77. 9
78.5
Non-current:
Repayable in 1\u20132 years
60.3
57.6
Repayable in 2\u20135 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\u2019s 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.
Carrying Contractual 6 months 6\u201312 More than
amount cash flows or less months 1\u20132 years 2\u20135 years 5 years
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
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
\u2013
\u2013
\u2013
0.1
0.6
Trade payables (note\ue01e12)
223.5
223.5
204.7
18.3
0.3
0.2
\u2013
Lease liabilities
299.6
376.7
41.4
37. 1
57.6
103.1
137. 5
Contingent consideration
(note\ue01e13)
46.8
46.8
38.8
\u2013
\u2013
8.0
\u2013
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
\u2013
\u2013
\u2013
\u2013
Inflow
(2.8)
(635.5)
(635.5)
\u2013
\u2013
\u2013
\u2013
(0.5)
(0.5)
(0.5)
\u2013
\u2013
\u2013
\u2013
Cross currency interest
rate swaps
Outflow
(2.1)
134.7
33.3
65.0
36.4
\u2013
\u2013
Inflow
1.7
( 137. 0)
(35.6)
(65.6)
(35.8)
\u2013
\u2013
(0.4)
(2.3)
(2.3)
(0.6)
0.6
\u2013
\u2013
Total
1,405.3
1,549.4
324.9
129.5
237.8
591.2
266.0
Interest rate risk The Group\u2019s 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\u2019s profit before tax of approximately \u00a314.6m (2024: \u00a37.6m). This analysis assumes all other variables remain constant.
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\u2019s policy is to:
\u2022 ensure sufficient liquidity is available to Group companies in the amounts, currencies and locations required
to support the Group\u2019s operations; and
\u2022 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\u201312 More than
amount cash flows or less months 1\u20132 years 2\u20135 years 5 years
2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative financial
liabilities/(assets)
Senior term loans and notes
1,324.0
1 ,367. 2
10.0
170.2
188.5
998.5
\u2013
Other loans
(2.6)
0.7
\u2013
\u2013
\u2013
0.1
0.6
Trade payables (note\ue01e12)
230.1
230.1
226.3
3.4
0.3
0.1
\u2013
Lease liabilities
322.2
399.3
40.6
37. 3
60.3
110.3
150.8
Contingent consideration
(note\ue01e13)
12.9
12.9
3.5
\u2013
8.2
1.2
\u2013
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
\u2013
\u2013
\u2013
\u2013
Inflow
(0.7)
(585.3)
(585.3)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Cross currency interest
rate swaps
Outflow
\u2013
36.2
0.7
35.5
\u2013
\u2013
\u2013
Inflow
(1.8)
(34.0)
(0.6)
(33.4)
\u2013
\u2013
\u2013
(1.8)
2.2
0.1
2.1
\u2013
\u2013
\u2013
Total
1,884.8
2,012.4
280.5
213.0
257. 3
1,110.2
151.4
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, \u00a33.7m loss (2024: \u00a31.9m 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\u20ac120m fixed interest rate EUR private placement bond maturing in December 2026.
The nominal amount of the loan as at 31 December 2025 was \u00a3104.6m (2024: \u00a399.5m).
A EUR\u20ac40m portion of the bond is hedged using EUR\u20ac40m 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\u20ac40m 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, \u00a31.5m gain (2024: \u00a30.2m
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\u20ac120m 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\u20ac20m portion of the bond was hedged using EUR\u20ac20m EUR/GBP FX Forwards
maturing in 2026.
In 2025, \u00a3nil (2024: \u00a3nil) of the cash flow hedge reserve was recycled through to the income statement to
offset the impact of the hedged portion of the EUR\u20ac120m 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\u2019s foreign currency denominated loans are designated as a hedge to protect the same amount
of net investment in the Group\u2019s 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\u2019s foreign currency denominated loans
are designated as a hedge to protect the same amount of net investment in the Group\u2019s foreign currency
operations and net assets, against adverse changes in exchange rates. The nominal amount of these loans
as at 31 December 2025 was \u00a31,278.9m (2024: \u00a3688.5m).
The Group\u2019s cross currency interest rate swaps are designated as hedge to protect the same amount of net
investment in the Group\u2019s CNY net assets, against adverse changes in exchange rates. The nominal amount
of these cross currency interest rates as at 31 December 2025 was \u00a332.8m (2024: \u00a3129.3m).
Foreign currency risk
The Group\u2019s objective in managing foreign currency risk is to safeguard the Group\u2019s 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\u2019s policy is to hedge its foreign currency exposures where appropriate.
The net assets of foreign subsidiaries represent a significant portion of the Group\u2019s shareholders\u2019 funds,
and a substantial percentage of the Group\u2019s revenue and operating costs are incurred in currencies other
than sterling. Due to the high proportion of international activity, the Group\u2019s 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\u2019s 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 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash
324.6
12.8
74.7
37.9
1.6
197.6
Trade receivables (note\ue01e11)
518.2
34.9
231.8
42.8
5.3
203.4
Trade payables (note\ue01e12)
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 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash
336.5
3.7
64.9
67.8
0.8
199.3
Trade receivables (note\ue01e11)
529.4
36.7
238.4
37. 3
6.5
210.5
Trade payables (note\ue01e12)
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.
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 \u00a3m \u00a3m \u00a3m \u00a3m
\u00a3m
\u00a3m
Cash flow hedges \u2013
foreign exchange and
interest rate risk
Cross currency interest rate
swaps \u2013 continuing
\u2013
\u2013
(0.1)
1.7
(1.7)
\u2013
(0.1)
Hedges of net investment
in a foreign operation \u2013
foreign exchange risk
Foreign currency forward \u2013
discontinuing
\u2013
\u2013
1.2
\u2013
\u2013
\u2013
1.2
Cross currency interest rate
swaps \u2013 continuing
\u2013
\u2013
1.7
0.4
\u2013
\u2013
2.1
Cross currency interest rate
swaps \u2013 discontinued
\u2013
\u2013
(19.0)
\u2013
\u2013
\u2013
(19.0)
Foreign currency borrowings
\u2013 continuing
\u00a3837.1m
837.1
(92.1)
1.8
(0.5)
34.2
(56.6)
Foreign currency borrowings
\u2013 discontinued
\u2013
\u2013
(191.6)
\u2013
\u2013
(34.2)
(225.8)
837. 1
(299.9)
3.9
(2.2)
\u2013
(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 \u00a3nil (2024: \u00a30.5m).
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\u2019s existing hedge
relationships the hedge ratio has been determined as 1:1.
In December 2025, \u00a3111.6m (2024: \u00a3nil), GBP/CNH foreign currency forwards were designated as a hedge to
protect the same amount of net investment in the Group\u2019s CNY operations and net assets, against adverse
changes in exchange rates.
A foreign exchange gain of \u00a327.6m (2024: \u00a31.7m gain) was recognised in the translation reserve in equity,
reflecting the translation of the Group\u2019s 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 \u00a3m \u00a3m \u00a3m \u00a3m
\u00a3m
\u00a3m
Cash flow hedges \u2013
foreign exchange and
interest rate risk
Cross currency interest rate
swaps \u2013 continuing
\u2013
\u2013
(0.1)
(2.3)
2.3
\u2013
(0.1)
Hedges of net investment
in a foreign operation \u2013
foreign exchange risk
Foreign currency forward \u2013
discontinuing
\u2013
\u2013
1.2
\u2013
\u2013
\u2013
1.2
Cross currency interest rate
swaps \u2013 continuing
\u2013
\u2013
2.1
1.3
\u2013
(2.9)
0.5
Cross currency interest rate
swaps \u2013 discontinued
\u2013
\u2013
(19.0)
\u2013
\u2013
2.9
(16.1)
Foreign currency borrowings
\u2013 continuing
\u00a31,278.9m 1,278.9
(56.6)
26.3
\u2013
13.7
(16.6)
Foreign currency borrowings
\u2013 discontinued
\u2013
\u2013
(225.8)
\u2013
\u2013
(13.7)
(239.5)
1,278.9
(298.2)
25.3
2.3
\u2013
(270.6)
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).
The carrying values of the hedging instruments; US$715.0m senior notes and EUR\u20ac185.0m 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 \u2018fair value on cash flow hedges\u2019 and \u2018net exchange on hedges of net investments in
foreign operations\u2019 respectively within the statement of other comprehensive income.
Foreign exchange losses of \u00a32.3m (2024: \u00a31.7m 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\u2019s profit before tax for 2025
by approximately \u00a328.8m (2024: \u00a326.0m 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 \u00a3123.4m (2024: \u00a373.2m) which would be offset
by the retranslation of the Group\u2019s 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\u2019s
financial instruments by class.
Book value Fair value Book value Fair value
2025 2025 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Cash and cash equivalents
324.6
324.6
336.5
336.5
Trade receivables (note\ue01e11)
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\ue01e12)
230.1
230.1
223.5
223.5
Foreign currency forwards*
0.7
0.7
2.3
2.3
Cross currency interest rate swaps*
\u2013
\u2013
\u2013
\u2013
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 \u2013 being the EBITDA
performance of the acquired companies .
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-516": { "value": "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\u2019s 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\u2019s 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. 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 \u00a3m \u00a3m
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\ue01e16)
1.6
1.0
Foreign exchange differences on revaluation of net monetary assets and liabilities
(2.6)
(2.4)
Leases \u2013 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 \u00a31.7m gain (2024: \u00a33.4m loss) relating to SDIs. Analysis of net debt
2025 2024
\u00a3m \u00a3m
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
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash
336.5
3.5
\u2013
(15.4)
324.6
Borrowings:
Revolving credit facility US$850m 2030
(20.0)
(560.5)
\u2013
(8.1)
(588.6)
Revolving credit facility \u00a3350m 2027
\u2013
(45.0)
\u2013
\u2013
(45.0)
Senior notes US$120m 2025
(95.4)
92.3
\u2013
3.1
\u2013
Senior notes US$75m 2026
(59.6)
\u2013
\u2013
4.1
(55.5)
Senior notes US$150m 2027
(119.2)
\u2013
\u2013
8.2
(111.0)
Senior notes US$165m 2028
(131.2)
\u2013
\u2013
9.1
(122.1)
Senior notes US$165m 2029
(131.2)
\u2013
\u2013
9.0
(122.2)
Senior notes US$160m 2030
(127.1)
\u2013
\u2013
8.8
(118.3)
Senior notes EUR\u20ac120m 2026
(99.5)
\u2013
\u2013
(5.1)
(104.6)
Senior notes EUR\u20ac25m 2027
(20.7)
\u2013
\u2013
(1.1)
(21.8)
Senior notes EUR\u20ac40m 2028
(33.2)
\u2013
\u2013
(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 \u00a30.9m (2024: \u00a30.7m) and facility fees of \u00a33.5m (2024: \u00a31.5m). Borrowings Borrowings are split into current and non-current as outlined below:
Current Current Non-current Non-current
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
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 \u00a3m \u00a3m
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 \u00a3345.5m (2024: \u00a3655.7m). US$850m revolving credit facility The Group has a US$850m multi-currency revolving credit facility, which is the Group\u2019s 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\u2019s financial leverage. Drawings under this facility at 31 December 2025 were \u00a3588.6m (2024: \u00a320.0m). GBP\u00a3350m revolving credit facility In May 2025 the Group entered into a GBP\u00a3350m 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\u2019s financial leverage. Drawings under this facility at 31 December 2025 were \u00a345.0m (2024: \u00a3nil).
1 January Non-cash Exchange 31 December
2024 Cash flow movements adjustments 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash
298.6
52.5
\u2013
(14.6)
336.5
Borrowings:
Revolving credit facility US$850m 2027
\u2013
(24.7)
\u2013
4.7
(20.0)
Senior notes US$125m 2024
(97.7 )
98.4
\u2013
(0.7)
\u2013
Senior notes US$120m 2025
(93.8)
\u2013
\u2013
(1.6)
(95.4)
Senior notes US$75m 2026
(58.6)
\u2013
\u2013
(1.0)
(59.6)
Senior notes US$150m 2027
(117. 2)
\u2013
\u2013
(2.0)
(119.2)
Senior notes US$165m 2028
(129.0)
\u2013
\u2013
(2.2)
(131.2)
Senior notes US$165m 2029
(129.0)
\u2013
\u2013
(2.2)
(131.2)
Senior notes US$160m 2030
(125.0)
\u2013
\u2013
(2.1)
(127. 1)
Senior notes EUR\u20ac120m 2026
(104.1)
\u2013
\u2013
4.6
(99.5)
Senior notes EUR\u20ac25m 2027
(21.7)
\u2013
\u2013
1.0
(20.7)
Senior notes EUR\u20ac40m 2028
(34.7)
\u2013
\u2013
1.5
(33.2)
Other*
1.6
\u2013
(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)
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\u2019s credit risk is diversified due to the large number of entities, industries and regions that make up the Group\u2019s customer base. The carrying amount of financial assets represents the maximum credit exposure. At the reporting date this was as follows:
2025 2024
\u00a3m \u00a3m
Trade receivables, net of allowance (note\ue01e11)
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
\u00a3m \u00a3m
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\u2019s 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. 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\u20ac185m of senior notes. These notes were issued in three tranches with EUR\u20ac120m repayable on 21 December 2026 at a fixed annual interest rate of 3.94%, EUR\u20ac25m repayable on 21 December 2027 at a fixed annual interest rate of 3.89% and EUR\u20ac40m 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
\u00a3m \u00a3m
Analysis of lease liabilities falling due:
Current:
Repayable in less than 1 year
77. 9
78.5
Non-current:
Repayable in 1\u20132 years
60.3
57.6
Repayable in 2\u20135 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\u2019s 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.
Carrying Contractual 6 months 6\u201312 More than
amount cash flows or less months 1\u20132 years 2\u20135 years 5 years
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
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
\u2013
\u2013
\u2013
0.1
0.6
Trade payables (note\ue01e12)
223.5
223.5
204.7
18.3
0.3
0.2
\u2013
Lease liabilities
299.6
376.7
41.4
37. 1
57.6
103.1
137. 5
Contingent consideration
(note\ue01e13)
46.8
46.8
38.8
\u2013
\u2013
8.0
\u2013
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
\u2013
\u2013
\u2013
\u2013
Inflow
(2.8)
(635.5)
(635.5)
\u2013
\u2013
\u2013
\u2013
(0.5)
(0.5)
(0.5)
\u2013
\u2013
\u2013
\u2013
Cross currency interest
rate swaps
Outflow
(2.1)
134.7
33.3
65.0
36.4
\u2013
\u2013
Inflow
1.7
( 137. 0)
(35.6)
(65.6)
(35.8)
\u2013
\u2013
(0.4)
(2.3)
(2.3)
(0.6)
0.6
\u2013
\u2013
Total
1,405.3
1,549.4
324.9
129.5
237.8
591.2
266.0
Interest rate risk The Group\u2019s 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\u2019s profit before tax of approximately \u00a314.6m (2024: \u00a37.6m). This analysis assumes all other variables remain constant. 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\u2019s policy is to: \u2022 ensure sufficient liquidity is available to Group companies in the amounts, currencies and locations required to support the Group\u2019s operations; and \u2022 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\u201312 More than
amount cash flows or less months 1\u20132 years 2\u20135 years 5 years
2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative financial
liabilities/(assets)
Senior term loans and notes
1,324.0
1 ,367. 2
10.0
170.2
188.5
998.5
\u2013
Other loans
(2.6)
0.7
\u2013
\u2013
\u2013
0.1
0.6
Trade payables (note\ue01e12)
230.1
230.1
226.3
3.4
0.3
0.1
\u2013
Lease liabilities
322.2
399.3
40.6
37. 3
60.3
110.3
150.8
Contingent consideration
(note\ue01e13)
12.9
12.9
3.5
\u2013
8.2
1.2
\u2013
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
\u2013
\u2013
\u2013
\u2013
Inflow
(0.7)
(585.3)
(585.3)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Cross currency interest
rate swaps
Outflow
\u2013
36.2
0.7
35.5
\u2013
\u2013
\u2013
Inflow
(1.8)
(34.0)
(0.6)
(33.4)
\u2013
\u2013
\u2013
(1.8)
2.2
0.1
2.1
\u2013
\u2013
\u2013
Total
1,884.8
2,012.4
280.5
213.0
257. 3
1,110.2
151.4
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, \u00a33.7m loss (2024: \u00a31.9m 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\u20ac120m fixed interest rate EUR private placement bond maturing in December 2026. The nominal amount of the loan as at 31 December 2025 was \u00a3104.6m (2024: \u00a399.5m). A EUR\u20ac40m portion of the bond is hedged using EUR\u20ac40m 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\u20ac40m 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, \u00a31.5m gain (2024: \u00a30.2m 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\u20ac120m 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\u20ac20m portion of the bond was hedged using EUR\u20ac20m EUR/GBP FX Forwards maturing in 2026. In 2025, \u00a3nil (2024: \u00a3nil) of the cash flow hedge reserve was recycled through to the income statement to offset the impact of the hedged portion of the EUR\u20ac120m 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\u2019s foreign currency denominated loans are designated as a hedge to protect the same amount of net investment in the Group\u2019s 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\u2019s foreign currency denominated loans are designated as a hedge to protect the same amount of net investment in the Group\u2019s foreign currency operations and net assets, against adverse changes in exchange rates. The nominal amount of these loans as at 31 December 2025 was \u00a31,278.9m (2024: \u00a3688.5m). The Group\u2019s cross currency interest rate swaps are designated as hedge to protect the same amount of net investment in the Group\u2019s CNY net assets, against adverse changes in exchange rates. The nominal amount of these cross currency interest rates as at 31 December 2025 was \u00a332.8m (2024: \u00a3129.3m). Foreign currency risk The Group\u2019s objective in managing foreign currency risk is to safeguard the Group\u2019s 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\u2019s policy is to hedge its foreign currency exposures where appropriate. The net assets of foreign subsidiaries represent a significant portion of the Group\u2019s shareholders\u2019 funds, and a substantial percentage of the Group\u2019s revenue and operating costs are incurred in currencies other than sterling. Due to the high proportion of international activity, the Group\u2019s 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\u2019s 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 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash
324.6
12.8
74.7
37.9
1.6
197.6
Trade receivables (note\ue01e11)
518.2
34.9
231.8
42.8
5.3
203.4
Trade payables (note\ue01e12)
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 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash
336.5
3.7
64.9
67.8
0.8
199.3
Trade receivables (note\ue01e11)
529.4
36.7
238.4
37. 3
6.5
210.5
Trade payables (note\ue01e12)
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.
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 \u00a3m \u00a3m \u00a3m \u00a3m
\u00a3m
\u00a3m
Cash flow hedges \u2013
foreign exchange and
interest rate risk
Cross currency interest rate
swaps \u2013 continuing
\u2013
\u2013
(0.1)
1.7
(1.7)
\u2013
(0.1)
Hedges of net investment
in a foreign operation \u2013
foreign exchange risk
Foreign currency forward \u2013
discontinuing
\u2013
\u2013
1.2
\u2013
\u2013
\u2013
1.2
Cross currency interest rate
swaps \u2013 continuing
\u2013
\u2013
1.7
0.4
\u2013
\u2013
2.1
Cross currency interest rate
swaps \u2013 discontinued
\u2013
\u2013
(19.0)
\u2013
\u2013
\u2013
(19.0)
Foreign currency borrowings
\u2013 continuing
\u00a3837.1m
837.1
(92.1)
1.8
(0.5)
34.2
(56.6)
Foreign currency borrowings
\u2013 discontinued
\u2013
\u2013
(191.6)
\u2013
\u2013
(34.2)
(225.8)
837. 1
(299.9)
3.9
(2.2)
\u2013
(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 \u00a3nil (2024: \u00a30.5m). 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\u2019s existing hedge relationships the hedge ratio has been determined as 1:1. In December 2025, \u00a3111.6m (2024: \u00a3nil), GBP/CNH foreign currency forwards were designated as a hedge to protect the same amount of net investment in the Group\u2019s CNY operations and net assets, against adverse changes in exchange rates. A foreign exchange gain of \u00a327.6m (2024: \u00a31.7m gain) was recognised in the translation reserve in equity, reflecting the translation of the Group\u2019s 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 \u00a3m \u00a3m \u00a3m \u00a3m
\u00a3m
\u00a3m
Cash flow hedges \u2013
foreign exchange and
interest rate risk
Cross currency interest rate
swaps \u2013 continuing
\u2013
\u2013
(0.1)
(2.3)
2.3
\u2013
(0.1)
Hedges of net investment
in a foreign operation \u2013
foreign exchange risk
Foreign currency forward \u2013
discontinuing
\u2013
\u2013
1.2
\u2013
\u2013
\u2013
1.2
Cross currency interest rate
swaps \u2013 continuing
\u2013
\u2013
2.1
1.3
\u2013
(2.9)
0.5
Cross currency interest rate
swaps \u2013 discontinued
\u2013
\u2013
(19.0)
\u2013
\u2013
2.9
(16.1)
Foreign currency borrowings
\u2013 continuing
\u00a31,278.9m 1,278.9
(56.6)
26.3
\u2013
13.7
(16.6)
Foreign currency borrowings
\u2013 discontinued
\u2013
\u2013
(225.8)
\u2013
\u2013
(13.7)
(239.5)
1,278.9
(298.2)
25.3
2.3
\u2013
(270.6)
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). The carrying values of the hedging instruments; US$715.0m senior notes and EUR\u20ac185.0m 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 \u2018fair value on cash flow hedges\u2019 and \u2018net exchange on hedges of net investments in foreign operations\u2019 respectively within the statement of other comprehensive income. Foreign exchange losses of \u00a32.3m (2024: \u00a31.7m 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\u2019s profit before tax for 2025 by approximately \u00a328.8m (2024: \u00a326.0m 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 \u00a3123.4m (2024: \u00a373.2m) which would be offset by the retranslation of the Group\u2019s 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\u2019s financial instruments by class.
Book value Fair value Book value Fair value
2025 2025 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Cash and cash equivalents
324.6
324.6
336.5
336.5
Trade receivables (note\ue01e11)
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\ue01e12)
230.1
230.1
223.5
223.5
Foreign currency forwards*
0.7
0.7
2.3
2.3
Cross currency interest rate swaps*
\u2013
\u2013
\u2013
\u2013
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 \u2013 being the EBITDA performance of the acquired companies . ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-599": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-579": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-603": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-576": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-577": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-597": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-578": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-598": { "value": "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\u2019s 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\u2019s 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-580": { "value": "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\u2019s 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\u2019s 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-581": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-532": { "value": "
Net financing costs
Net financing costs are shown below:
2025 2024
Recognised in income statement \u00a3m \u00a3m
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\ue01e16)
1.6
1.0
Foreign exchange differences on revaluation of net monetary assets and liabilities
(2.6)
(2.4)
Leases \u2013 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 \u00a31.7m gain (2024: \u00a33.4m loss) relating to SDIs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-600": { "value": "Net financing costs Net financing costs are shown below:
2025 2024
Recognised in income statement \u00a3m \u00a3m
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\ue01e16)
1.6
1.0
Foreign exchange differences on revaluation of net monetary assets and liabilities
(2.6)
(2.4)
Leases \u2013 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 \u00a31.7m gain (2024: \u00a33.4m loss) relating to SDIs. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-582": { "value": "Net financing costs Net financing costs are shown below:
2025 2024
Recognised in income statement \u00a3m \u00a3m
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\ue01e16)
1.6
1.0
Foreign exchange differences on revaluation of net monetary assets and liabilities
(2.6)
(2.4)
Leases \u2013 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 \u00a31.7m gain (2024: \u00a33.4m loss) relating to SDIs. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-563": { "value": "Net financing costs Net financing costs are shown below:
2025 2024
Recognised in income statement \u00a3m \u00a3m
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\ue01e16)
1.6
1.0
Foreign exchange differences on revaluation of net monetary assets and liabilities
(2.6)
(2.4)
Leases \u2013 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 \u00a31.7m gain (2024: \u00a33.4m loss) relating to SDIs. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-559": { "value": "Net financing costs Net financing costs are shown below:
2025 2024
Recognised in income statement \u00a3m \u00a3m
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\ue01e16)
1.6
1.0
Foreign exchange differences on revaluation of net monetary assets and liabilities
(2.6)
(2.4)
Leases \u2013 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 \u00a31.7m gain (2024: \u00a33.4m loss) relating to SDIs. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-549": { "value": "Net financing costs Net financing costs are shown below:
2025 2024
Recognised in income statement \u00a3m \u00a3m
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\ue01e16)
1.6
1.0
Foreign exchange differences on revaluation of net monetary assets and liabilities
(2.6)
(2.4)
Leases \u2013 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 \u00a31.7m gain (2024: \u00a33.4m loss) relating to SDIs. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-550": { "value": "Analysis of net debt
2025 2024
\u00a3m \u00a3m
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
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash
336.5
3.5
\u2013
(15.4)
324.6
Borrowings:
Revolving credit facility US$850m 2030
(20.0)
(560.5)
\u2013
(8.1)
(588.6)
Revolving credit facility \u00a3350m 2027
\u2013
(45.0)
\u2013
\u2013
(45.0)
Senior notes US$120m 2025
(95.4)
92.3
\u2013
3.1
\u2013
Senior notes US$75m 2026
(59.6)
\u2013
\u2013
4.1
(55.5)
Senior notes US$150m 2027
(119.2)
\u2013
\u2013
8.2
(111.0)
Senior notes US$165m 2028
(131.2)
\u2013
\u2013
9.1
(122.1)
Senior notes US$165m 2029
(131.2)
\u2013
\u2013
9.0
(122.2)
Senior notes US$160m 2030
(127.1)
\u2013
\u2013
8.8
(118.3)
Senior notes EUR\u20ac120m 2026
(99.5)
\u2013
\u2013
(5.1)
(104.6)
Senior notes EUR\u20ac25m 2027
(20.7)
\u2013
\u2013
(1.1)
(21.8)
Senior notes EUR\u20ac40m 2028
(33.2)
\u2013
\u2013
(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 \u00a30.9m (2024: \u00a30.7m) and facility fees of \u00a33.5m (2024: \u00a31.5m).
1 January Non-cash Exchange 31 December
2024 Cash flow movements adjustments 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash
298.6
52.5
\u2013
(14.6)
336.5
Borrowings:
Revolving credit facility US$850m 2027
\u2013
(24.7)
\u2013
4.7
(20.0)
Senior notes US$125m 2024
(97.7 )
98.4
\u2013
(0.7)
\u2013
Senior notes US$120m 2025
(93.8)
\u2013
\u2013
(1.6)
(95.4)
Senior notes US$75m 2026
(58.6)
\u2013
\u2013
(1.0)
(59.6)
Senior notes US$150m 2027
(117. 2)
\u2013
\u2013
(2.0)
(119.2)
Senior notes US$165m 2028
(129.0)
\u2013
\u2013
(2.2)
(131.2)
Senior notes US$165m 2029
(129.0)
\u2013
\u2013
(2.2)
(131.2)
Senior notes US$160m 2030
(125.0)
\u2013
\u2013
(2.1)
(127. 1)
Senior notes EUR\u20ac120m 2026
(104.1)
\u2013
\u2013
4.6
(99.5)
Senior notes EUR\u20ac25m 2027
(21.7)
\u2013
\u2013
1.0
(20.7)
Senior notes EUR\u20ac40m 2028
(34.7)
\u2013
\u2013
1.5
(33.2)
Other*
1.6
\u2013
(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)
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-533": { "value": "Analysis of net debt
2025 2024
\u00a3m \u00a3m
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
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash
336.5
3.5
\u2013
(15.4)
324.6
Borrowings:
Revolving credit facility US$850m 2030
(20.0)
(560.5)
\u2013
(8.1)
(588.6)
Revolving credit facility \u00a3350m 2027
\u2013
(45.0)
\u2013
\u2013
(45.0)
Senior notes US$120m 2025
(95.4)
92.3
\u2013
3.1
\u2013
Senior notes US$75m 2026
(59.6)
\u2013
\u2013
4.1
(55.5)
Senior notes US$150m 2027
(119.2)
\u2013
\u2013
8.2
(111.0)
Senior notes US$165m 2028
(131.2)
\u2013
\u2013
9.1
(122.1)
Senior notes US$165m 2029
(131.2)
\u2013
\u2013
9.0
(122.2)
Senior notes US$160m 2030
(127.1)
\u2013
\u2013
8.8
(118.3)
Senior notes EUR\u20ac120m 2026
(99.5)
\u2013
\u2013
(5.1)
(104.6)
Senior notes EUR\u20ac25m 2027
(20.7)
\u2013
\u2013
(1.1)
(21.8)
Senior notes EUR\u20ac40m 2028
(33.2)
\u2013
\u2013
(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 \u00a30.9m (2024: \u00a30.7m) and facility fees of \u00a33.5m (2024: \u00a31.5m).
1 January Non-cash Exchange 31 December
2024 Cash flow movements adjustments 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash
298.6
52.5
\u2013
(14.6)
336.5
Borrowings:
Revolving credit facility US$850m 2027
\u2013
(24.7)
\u2013
4.7
(20.0)
Senior notes US$125m 2024
(97.7 )
98.4
\u2013
(0.7)
\u2013
Senior notes US$120m 2025
(93.8)
\u2013
\u2013
(1.6)
(95.4)
Senior notes US$75m 2026
(58.6)
\u2013
\u2013
(1.0)
(59.6)
Senior notes US$150m 2027
(117. 2)
\u2013
\u2013
(2.0)
(119.2)
Senior notes US$165m 2028
(129.0)
\u2013
\u2013
(2.2)
(131.2)
Senior notes US$165m 2029
(129.0)
\u2013
\u2013
(2.2)
(131.2)
Senior notes US$160m 2030
(125.0)
\u2013
\u2013
(2.1)
(127. 1)
Senior notes EUR\u20ac120m 2026
(104.1)
\u2013
\u2013
4.6
(99.5)
Senior notes EUR\u20ac25m 2027
(21.7)
\u2013
\u2013
1.0
(20.7)
Senior notes EUR\u20ac40m 2028
(34.7)
\u2013
\u2013
1.5
(33.2)
Other*
1.6
\u2013
(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)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-534": { "value": "Borrowings Borrowings are split into current and non-current as outlined below:
Current Current Non-current Non-current
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
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 \u00a3m \u00a3m
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 \u00a3345.5m (2024: \u00a3655.7m). US$850m revolving credit facility The Group has a US$850m multi-currency revolving credit facility, which is the Group\u2019s 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\u2019s financial leverage. Drawings under this facility at 31 December 2025 were \u00a3588.6m (2024: \u00a320.0m). GBP\u00a3350m revolving credit facility In May 2025 the Group entered into a GBP\u00a3350m 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\u2019s financial leverage. Drawings under this facility at 31 December 2025 were \u00a345.0m (2024: \u00a3nil).
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\u20ac185m of senior notes. These notes were issued in three tranches
with EUR\u20ac120m repayable on 21 December 2026 at a fixed annual interest rate of 3.94%, EUR\u20ac25m
repayable on 21 December 2027 at a fixed annual interest rate of 3.89% and EUR\u20ac40m repayable on
21 December 2028 at a fixed annual interest rate of 3.88%.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-551": { "value": "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\u2019s credit risk is diversified due to the large number of entities, industries and regions that make up the Group\u2019s customer base. The carrying amount of financial assets represents the maximum credit exposure. At the reporting date this was as follows:
2025 2024
\u00a3m \u00a3m
Trade receivables, net of allowance (note\ue01e11)
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
\u00a3m \u00a3m
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\u2019s 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-535": { "value": "
Lease liabilities
Undiscounted lease liabilities are split into current and non-current as outlined below:
2025 2024
\u00a3m \u00a3m
Analysis of lease liabilities falling due:
Current:
Repayable in less than 1 year
77. 9
78.5
Non-current:
Repayable in 1\u20132 years
60.3
57.6
Repayable in 2\u20135 years
110.3
103.1
Repayable in more than 5 years
150.8
137.5
Total lease liabilities
399.3
376.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-536": { "value": "
Financial risks
Details of the Group\u2019s 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.
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\u2019s credit risk is diversified due to the large number of entities, industries and regions that make up the Group\u2019s customer base. The carrying amount of financial assets represents the maximum credit exposure. At the reporting date this was as follows:
2025 2024
\u00a3m \u00a3m
Trade receivables, net of allowance (note\ue01e11)
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
\u00a3m \u00a3m
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\u2019s 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. 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\u2019s policy is to: \u2022 ensure sufficient liquidity is available to Group companies in the amounts, currencies and locations required to support the Group\u2019s operations; and \u2022 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\u201312 More than
amount cash flows or less months 1\u20132 years 2\u20135 years 5 years
2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative financial
liabilities/(assets)
Senior term loans and notes
1,324.0
1 ,367. 2
10.0
170.2
188.5
998.5
\u2013
Other loans
(2.6)
0.7
\u2013
\u2013
\u2013
0.1
0.6
Trade payables (note\ue01e12)
230.1
230.1
226.3
3.4
0.3
0.1
\u2013
Lease liabilities
322.2
399.3
40.6
37. 3
60.3
110.3
150.8
Contingent consideration
(note\ue01e13)
12.9
12.9
3.5
\u2013
8.2
1.2
\u2013
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
\u2013
\u2013
\u2013
\u2013
Inflow
(0.7)
(585.3)
(585.3)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Cross currency interest
rate swaps
Outflow
\u2013
36.2
0.7
35.5
\u2013
\u2013
\u2013
Inflow
(1.8)
(34.0)
(0.6)
(33.4)
\u2013
\u2013
\u2013
(1.8)
2.2
0.1
2.1
\u2013
\u2013
\u2013
Total
1,884.8
2,012.4
280.5
213.0
257. 3
1,110.2
151.4
Carrying Contractual 6 months 6\u201312 More than
amount cash flows or less months 1\u20132 years 2\u20135 years 5 years
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
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
\u2013
\u2013
\u2013
0.1
0.6
Trade payables (note\ue01e12)
223.5
223.5
204.7
18.3
0.3
0.2
\u2013
Lease liabilities
299.6
376.7
41.4
37. 1
57.6
103.1
137. 5
Contingent consideration
(note\ue01e13)
46.8
46.8
38.8
\u2013
\u2013
8.0
\u2013
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
\u2013
\u2013
\u2013
\u2013
Inflow
(2.8)
(635.5)
(635.5)
\u2013
\u2013
\u2013
\u2013
(0.5)
(0.5)
(0.5)
\u2013
\u2013
\u2013
\u2013
Cross currency interest
rate swaps
Outflow
(2.1)
134.7
33.3
65.0
36.4
\u2013
\u2013
Inflow
1.7
( 137. 0)
(35.6)
(65.6)
(35.8)
\u2013
\u2013
(0.4)
(2.3)
(2.3)
(0.6)
0.6
\u2013
\u2013
Total
1,405.3
1,549.4
324.9
129.5
237.8
591.2
266.0
Interest rate risk The Group\u2019s 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\u2019s profit before tax of approximately \u00a314.6m (2024: \u00a37.6m). This analysis assumes all other variables remain constant. Foreign currency risk The Group\u2019s objective in managing foreign currency risk is to safeguard the Group\u2019s 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\u2019s policy is to hedge its foreign currency exposures where appropriate. The net assets of foreign subsidiaries represent a significant portion of the Group\u2019s shareholders\u2019 funds, and a substantial percentage of the Group\u2019s revenue and operating costs are incurred in currencies other than sterling. Due to the high proportion of international activity, the Group\u2019s 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\u2019s 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 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash
324.6
12.8
74.7
37.9
1.6
197.6
Trade receivables (note\ue01e11)
518.2
34.9
231.8
42.8
5.3
203.4
Trade payables (note\ue01e12)
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 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash
336.5
3.7
64.9
67.8
0.8
199.3
Trade receivables (note\ue01e11)
529.4
36.7
238.4
37. 3
6.5
210.5
Trade payables (note\ue01e12)
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. 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, \u00a33.7m loss (2024: \u00a31.9m 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\u20ac120m fixed interest rate EUR private placement bond maturing in December 2026. The nominal amount of the loan as at 31 December 2025 was \u00a3104.6m (2024: \u00a399.5m). A EUR\u20ac40m portion of the bond is hedged using EUR\u20ac40m 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\u20ac40m 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, \u00a31.5m gain (2024: \u00a30.2m 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\u20ac120m 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\u20ac20m portion of the bond was hedged using EUR\u20ac20m EUR/GBP FX Forwards maturing in 2026. In 2025, \u00a3nil (2024: \u00a3nil) of the cash flow hedge reserve was recycled through to the income statement to offset the impact of the hedged portion of the EUR\u20ac120m 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\u2019s foreign currency denominated loans are designated as a hedge to protect the same amount of net investment in the Group\u2019s 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\u2019s foreign currency denominated loans are designated as a hedge to protect the same amount of net investment in the Group\u2019s foreign currency operations and net assets, against adverse changes in exchange rates. The nominal amount of these loans as at 31 December 2025 was \u00a31,278.9m (2024: \u00a3688.5m). The Group\u2019s cross currency interest rate swaps are designated as hedge to protect the same amount of net investment in the Group\u2019s CNY net assets, against adverse changes in exchange rates. The nominal amount of these cross currency interest rates as at 31 December 2025 was \u00a332.8m (2024: \u00a3129.3m). In December 2025, \u00a3111.6m (2024: \u00a3nil), GBP/CNH foreign currency forwards were designated as a hedge to protect the same amount of net investment in the Group\u2019s CNY operations and net assets, against adverse changes in exchange rates. A foreign exchange gain of \u00a327.6m (2024: \u00a31.7m gain) was recognised in the translation reserve in equity, reflecting the translation of the Group\u2019s 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 \u00a3m \u00a3m \u00a3m \u00a3m
\u00a3m
\u00a3m
Cash flow hedges \u2013
foreign exchange and
interest rate risk
Cross currency interest rate
swaps \u2013 continuing
\u2013
\u2013
(0.1)
(2.3)
2.3
\u2013
(0.1)
Hedges of net investment
in a foreign operation \u2013
foreign exchange risk
Foreign currency forward \u2013
discontinuing
\u2013
\u2013
1.2
\u2013
\u2013
\u2013
1.2
Cross currency interest rate
swaps \u2013 continuing
\u2013
\u2013
2.1
1.3
\u2013
(2.9)
0.5
Cross currency interest rate
swaps \u2013 discontinued
\u2013
\u2013
(19.0)
\u2013
\u2013
2.9
(16.1)
Foreign currency borrowings
\u2013 continuing
\u00a31,278.9m 1,278.9
(56.6)
26.3
\u2013
13.7
(16.6)
Foreign currency borrowings
\u2013 discontinued
\u2013
\u2013
(225.8)
\u2013
\u2013
(13.7)
(239.5)
1,278.9
(298.2)
25.3
2.3
\u2013
(270.6)
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 \u00a3m \u00a3m \u00a3m \u00a3m
\u00a3m
\u00a3m
Cash flow hedges \u2013
foreign exchange and
interest rate risk
Cross currency interest rate
swaps \u2013 continuing
\u2013
\u2013
(0.1)
1.7
(1.7)
\u2013
(0.1)
Hedges of net investment
in a foreign operation \u2013
foreign exchange risk
Foreign currency forward \u2013
discontinuing
\u2013
\u2013
1.2
\u2013
\u2013
\u2013
1.2
Cross currency interest rate
swaps \u2013 continuing
\u2013
\u2013
1.7
0.4
\u2013
\u2013
2.1
Cross currency interest rate
swaps \u2013 discontinued
\u2013
\u2013
(19.0)
\u2013
\u2013
\u2013
(19.0)
Foreign currency borrowings
\u2013 continuing
\u00a3837.1m
837.1
(92.1)
1.8
(0.5)
34.2
(56.6)
Foreign currency borrowings
\u2013 discontinued
\u2013
\u2013
(191.6)
\u2013
\u2013
(34.2)
(225.8)
837. 1
(299.9)
3.9
(2.2)
\u2013
(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 \u00a3nil (2024: \u00a30.5m). 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\u2019s existing hedge relationships the hedge ratio has been determined as 1:1. The carrying values of the hedging instruments; US$715.0m senior notes and EUR\u20ac185.0m 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 \u2018fair value on cash flow hedges\u2019 and \u2018net exchange on hedges of net investments in foreign operations\u2019 respectively within the statement of other comprehensive income. Foreign exchange losses of \u00a32.3m (2024: \u00a31.7m 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\u2019s profit before tax for 2025 by approximately \u00a328.8m (2024: \u00a326.0m 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 \u00a3123.4m (2024: \u00a373.2m) which would be offset by the retranslation of the Group\u2019s 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\u2019s financial instruments by class.
Book value Fair value Book value Fair value
2025 2025 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Cash and cash equivalents
324.6
324.6
336.5
336.5
Trade receivables (note\ue01e11)
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\ue01e12)
230.1
230.1
223.5
223.5
Foreign currency forwards*
0.7
0.7
2.3
2.3
Cross currency interest rate swaps*
\u2013
\u2013
\u2013
\u2013
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 \u2013 being the EBITDA performance of the acquired companies . 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). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-553": { "value": "
Interest rate risk
The Group\u2019s 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\u2019s profit before tax of approximately \u00a314.6m (2024: \u00a37.6m).
This analysis assumes all other variables remain constant.
Foreign currency risk The Group\u2019s objective in managing foreign currency risk is to safeguard the Group\u2019s 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\u2019s policy is to hedge its foreign currency exposures where appropriate. The net assets of foreign subsidiaries represent a significant portion of the Group\u2019s shareholders\u2019 funds, and a substantial percentage of the Group\u2019s revenue and operating costs are incurred in currencies other than sterling. Due to the high proportion of international activity, the Group\u2019s 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\u2019s commercial cash flows in various currencies. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-583": { "value": "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\u2019s profit before tax of approximately \u00a314.6m (2024: \u00a37.6m). This analysis assumes all other variables remain constant. 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\u2019s profit before tax for 2025 by approximately \u00a328.8m (2024: \u00a326.0m 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 \u00a3123.4m (2024: \u00a373.2m) which would be offset by the retranslation of the Group\u2019s investment in foreign operations in the same currencies. This analysis assumes all other variables remain constant. ", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-552": { "value": "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\u2019s policy is to: \u2022 ensure sufficient liquidity is available to Group companies in the amounts, currencies and locations required to support the Group\u2019s operations; and \u2022 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\u201312 More than
amount cash flows or less months 1\u20132 years 2\u20135 years 5 years
2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative financial
liabilities/(assets)
Senior term loans and notes
1,324.0
1 ,367. 2
10.0
170.2
188.5
998.5
\u2013
Other loans
(2.6)
0.7
\u2013
\u2013
\u2013
0.1
0.6
Trade payables (note\ue01e12)
230.1
230.1
226.3
3.4
0.3
0.1
\u2013
Lease liabilities
322.2
399.3
40.6
37. 3
60.3
110.3
150.8
Contingent consideration
(note\ue01e13)
12.9
12.9
3.5
\u2013
8.2
1.2
\u2013
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
\u2013
\u2013
\u2013
\u2013
Inflow
(0.7)
(585.3)
(585.3)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Cross currency interest
rate swaps
Outflow
\u2013
36.2
0.7
35.5
\u2013
\u2013
\u2013
Inflow
(1.8)
(34.0)
(0.6)
(33.4)
\u2013
\u2013
\u2013
(1.8)
2.2
0.1
2.1
\u2013
\u2013
\u2013
Total
1,884.8
2,012.4
280.5
213.0
257. 3
1,110.2
151.4
Carrying Contractual 6 months 6\u201312 More than
amount cash flows or less months 1\u20132 years 2\u20135 years 5 years
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
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
\u2013
\u2013
\u2013
0.1
0.6
Trade payables (note\ue01e12)
223.5
223.5
204.7
18.3
0.3
0.2
\u2013
Lease liabilities
299.6
376.7
41.4
37. 1
57.6
103.1
137. 5
Contingent consideration
(note\ue01e13)
46.8
46.8
38.8
\u2013
\u2013
8.0
\u2013
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
\u2013
\u2013
\u2013
\u2013
Inflow
(2.8)
(635.5)
(635.5)
\u2013
\u2013
\u2013
\u2013
(0.5)
(0.5)
(0.5)
\u2013
\u2013
\u2013
\u2013
Cross currency interest
rate swaps
Outflow
(2.1)
134.7
33.3
65.0
36.4
\u2013
\u2013
Inflow
1.7
( 137. 0)
(35.6)
(65.6)
(35.8)
\u2013
\u2013
(0.4)
(2.3)
(2.3)
(0.6)
0.6
\u2013
\u2013
Total
1,405.3
1,549.4
324.9
129.5
237.8
591.2
266.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-560": { "value": "
Carrying Contractual 6 months 6\u201312 More than
amount cash flows or less months 1\u20132 years 2\u20135 years 5 years
2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative financial
liabilities/(assets)
Senior term loans and notes
1,324.0
1 ,367. 2
10.0
170.2
188.5
998.5
\u2013
Other loans
(2.6)
0.7
\u2013
\u2013
\u2013
0.1
0.6
Trade payables (note\ue01e12)
230.1
230.1
226.3
3.4
0.3
0.1
\u2013
Lease liabilities
322.2
399.3
40.6
37. 3
60.3
110.3
150.8
Contingent consideration
(note\ue01e13)
12.9
12.9
3.5
\u2013
8.2
1.2
\u2013
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
\u2013
\u2013
\u2013
\u2013
Inflow
(0.7)
(585.3)
(585.3)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Cross currency interest
rate swaps
Outflow
\u2013
36.2
0.7
35.5
\u2013
\u2013
\u2013
Inflow
(1.8)
(34.0)
(0.6)
(33.4)
\u2013
\u2013
\u2013
(1.8)
2.2
0.1
2.1
\u2013
\u2013
\u2013
Total
1,884.8
2,012.4
280.5
213.0
257. 3
1,110.2
151.4
Carrying Contractual 6 months 6\u201312 More than
amount cash flows or less months 1\u20132 years 2\u20135 years 5 years
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
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
\u2013
\u2013
\u2013
0.1
0.6
Trade payables (note\ue01e12)
223.5
223.5
204.7
18.3
0.3
0.2
\u2013
Lease liabilities
299.6
376.7
41.4
37. 1
57.6
103.1
137. 5
Contingent consideration
(note\ue01e13)
46.8
46.8
38.8
\u2013
\u2013
8.0
\u2013
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
\u2013
\u2013
\u2013
\u2013
Inflow
(2.8)
(635.5)
(635.5)
\u2013
\u2013
\u2013
\u2013
(0.5)
(0.5)
(0.5)
\u2013
\u2013
\u2013
\u2013
Cross currency interest
rate swaps
Outflow
(2.1)
134.7
33.3
65.0
36.4
\u2013
\u2013
Inflow
1.7
( 137. 0)
(35.6)
(65.6)
(35.8)
\u2013
\u2013
(0.4)
(2.3)
(2.3)
(0.6)
0.6
\u2013
\u2013
Total
1,405.3
1,549.4
324.9
129.5
237.8
591.2
266.0
", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForNonderivativeFinancialLiabilities", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-564": { "value": "
Carrying Contractual 6 months 6\u201312 More than
amount cash flows or less months 1\u20132 years 2\u20135 years 5 years
2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative financial
liabilities/(assets)
Senior term loans and notes
1,324.0
1 ,367. 2
10.0
170.2
188.5
998.5
\u2013
Other loans
(2.6)
0.7
\u2013
\u2013
\u2013
0.1
0.6
Trade payables (note\ue01e12)
230.1
230.1
226.3
3.4
0.3
0.1
\u2013
Lease liabilities
322.2
399.3
40.6
37. 3
60.3
110.3
150.8
Contingent consideration
(note\ue01e13)
12.9
12.9
3.5
\u2013
8.2
1.2
\u2013
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
\u2013
\u2013
\u2013
\u2013
Inflow
(0.7)
(585.3)
(585.3)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Cross currency interest
rate swaps
Outflow
\u2013
36.2
0.7
35.5
\u2013
\u2013
\u2013
Inflow
(1.8)
(34.0)
(0.6)
(33.4)
\u2013
\u2013
\u2013
(1.8)
2.2
0.1
2.1
\u2013
\u2013
\u2013
Total
1,884.8
2,012.4
280.5
213.0
257. 3
1,110.2
151.4
Carrying Contractual 6 months 6\u201312 More than
amount cash flows or less months 1\u20132 years 2\u20135 years 5 years
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
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
\u2013
\u2013
\u2013
0.1
0.6
Trade payables (note\ue01e12)
223.5
223.5
204.7
18.3
0.3
0.2
\u2013
Lease liabilities
299.6
376.7
41.4
37. 1
57.6
103.1
137. 5
Contingent consideration
(note\ue01e13)
46.8
46.8
38.8
\u2013
\u2013
8.0
\u2013
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
\u2013
\u2013
\u2013
\u2013
Inflow
(2.8)
(635.5)
(635.5)
\u2013
\u2013
\u2013
\u2013
(0.5)
(0.5)
(0.5)
\u2013
\u2013
\u2013
\u2013
Cross currency interest
rate swaps
Outflow
(2.1)
134.7
33.3
65.0
36.4
\u2013
\u2013
Inflow
1.7
( 137. 0)
(35.6)
(65.6)
(35.8)
\u2013
\u2013
(0.4)
(2.3)
(2.3)
(0.6)
0.6
\u2013
\u2013
Total
1,405.3
1,549.4
324.9
129.5
237.8
591.2
266.0
", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForDerivativeFinancialLiabilities", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-565": { "value": "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. 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, \u00a33.7m loss (2024: \u00a31.9m 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\u20ac120m fixed interest rate EUR private placement bond maturing in December 2026. The nominal amount of the loan as at 31 December 2025 was \u00a3104.6m (2024: \u00a399.5m). A EUR\u20ac40m portion of the bond is hedged using EUR\u20ac40m 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\u20ac40m 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, \u00a31.5m gain (2024: \u00a30.2m 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\u20ac120m 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\u20ac20m portion of the bond was hedged using EUR\u20ac20m EUR/GBP FX Forwards maturing in 2026. In 2025, \u00a3nil (2024: \u00a3nil) of the cash flow hedge reserve was recycled through to the income statement to offset the impact of the hedged portion of the EUR\u20ac120m 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\u2019s foreign currency denominated loans are designated as a hedge to protect the same amount of net investment in the Group\u2019s 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\u2019s foreign currency denominated loans are designated as a hedge to protect the same amount of net investment in the Group\u2019s foreign currency operations and net assets, against adverse changes in exchange rates. The nominal amount of these loans as at 31 December 2025 was \u00a31,278.9m (2024: \u00a3688.5m). The Group\u2019s cross currency interest rate swaps are designated as hedge to protect the same amount of net investment in the Group\u2019s CNY net assets, against adverse changes in exchange rates. The nominal amount of these cross currency interest rates as at 31 December 2025 was \u00a332.8m (2024: \u00a3129.3m). In December 2025, \u00a3111.6m (2024: \u00a3nil), GBP/CNH foreign currency forwards were designated as a hedge to protect the same amount of net investment in the Group\u2019s CNY operations and net assets, against adverse changes in exchange rates. A foreign exchange gain of \u00a327.6m (2024: \u00a31.7m gain) was recognised in the translation reserve in equity, reflecting the translation of the Group\u2019s 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 \u00a3m \u00a3m \u00a3m \u00a3m
\u00a3m
\u00a3m
Cash flow hedges \u2013
foreign exchange and
interest rate risk
Cross currency interest rate
swaps \u2013 continuing
\u2013
\u2013
(0.1)
(2.3)
2.3
\u2013
(0.1)
Hedges of net investment
in a foreign operation \u2013
foreign exchange risk
Foreign currency forward \u2013
discontinuing
\u2013
\u2013
1.2
\u2013
\u2013
\u2013
1.2
Cross currency interest rate
swaps \u2013 continuing
\u2013
\u2013
2.1
1.3
\u2013
(2.9)
0.5
Cross currency interest rate
swaps \u2013 discontinued
\u2013
\u2013
(19.0)
\u2013
\u2013
2.9
(16.1)
Foreign currency borrowings
\u2013 continuing
\u00a31,278.9m 1,278.9
(56.6)
26.3
\u2013
13.7
(16.6)
Foreign currency borrowings
\u2013 discontinued
\u2013
\u2013
(225.8)
\u2013
\u2013
(13.7)
(239.5)
1,278.9
(298.2)
25.3
2.3
\u2013
(270.6)
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 \u00a3m \u00a3m \u00a3m \u00a3m
\u00a3m
\u00a3m
Cash flow hedges \u2013
foreign exchange and
interest rate risk
Cross currency interest rate
swaps \u2013 continuing
\u2013
\u2013
(0.1)
1.7
(1.7)
\u2013
(0.1)
Hedges of net investment
in a foreign operation \u2013
foreign exchange risk
Foreign currency forward \u2013
discontinuing
\u2013
\u2013
1.2
\u2013
\u2013
\u2013
1.2
Cross currency interest rate
swaps \u2013 continuing
\u2013
\u2013
1.7
0.4
\u2013
\u2013
2.1
Cross currency interest rate
swaps \u2013 discontinued
\u2013
\u2013
(19.0)
\u2013
\u2013
\u2013
(19.0)
Foreign currency borrowings
\u2013 continuing
\u00a3837.1m
837.1
(92.1)
1.8
(0.5)
34.2
(56.6)
Foreign currency borrowings
\u2013 discontinued
\u2013
\u2013
(191.6)
\u2013
\u2013
(34.2)
(225.8)
837. 1
(299.9)
3.9
(2.2)
\u2013
(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 \u00a3nil (2024: \u00a30.5m). 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\u2019s existing hedge relationships the hedge ratio has been determined as 1:1. The carrying values of the hedging instruments; US$715.0m senior notes and EUR\u20ac185.0m 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 \u2018fair value on cash flow hedges\u2019 and \u2018net exchange on hedges of net investments in foreign operations\u2019 respectively within the statement of other comprehensive income. Foreign exchange losses of \u00a32.3m (2024: \u00a31.7m 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\u2019s profit before tax for 2025 by approximately \u00a328.8m (2024: \u00a326.0m 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 \u00a3123.4m (2024: \u00a373.2m) which would be offset by the retranslation of the Group\u2019s investment in foreign operations in the same currencies. This analysis assumes all other variables remain constant. ", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-561": { "value": "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. 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, \u00a33.7m loss (2024: \u00a31.9m 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\u20ac120m fixed interest rate EUR private placement bond maturing in December 2026. The nominal amount of the loan as at 31 December 2025 was \u00a3104.6m (2024: \u00a399.5m). A EUR\u20ac40m portion of the bond is hedged using EUR\u20ac40m 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\u20ac40m 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, \u00a31.5m gain (2024: \u00a30.2m 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\u20ac120m 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\u20ac20m portion of the bond was hedged using EUR\u20ac20m EUR/GBP FX Forwards maturing in 2026. In 2025, \u00a3nil (2024: \u00a3nil) of the cash flow hedge reserve was recycled through to the income statement to offset the impact of the hedged portion of the EUR\u20ac120m 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\u2019s foreign currency denominated loans are designated as a hedge to protect the same amount of net investment in the Group\u2019s 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\u2019s foreign currency denominated loans are designated as a hedge to protect the same amount of net investment in the Group\u2019s foreign currency operations and net assets, against adverse changes in exchange rates. The nominal amount of these loans as at 31 December 2025 was \u00a31,278.9m (2024: \u00a3688.5m). The Group\u2019s cross currency interest rate swaps are designated as hedge to protect the same amount of net investment in the Group\u2019s CNY net assets, against adverse changes in exchange rates. The nominal amount of these cross currency interest rates as at 31 December 2025 was \u00a332.8m (2024: \u00a3129.3m). In December 2025, \u00a3111.6m (2024: \u00a3nil), GBP/CNH foreign currency forwards were designated as a hedge to protect the same amount of net investment in the Group\u2019s CNY operations and net assets, against adverse changes in exchange rates. A foreign exchange gain of \u00a327.6m (2024: \u00a31.7m gain) was recognised in the translation reserve in equity, reflecting the translation of the Group\u2019s 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 \u00a3m \u00a3m \u00a3m \u00a3m
\u00a3m
\u00a3m
Cash flow hedges \u2013
foreign exchange and
interest rate risk
Cross currency interest rate
swaps \u2013 continuing
\u2013
\u2013
(0.1)
(2.3)
2.3
\u2013
(0.1)
Hedges of net investment
in a foreign operation \u2013
foreign exchange risk
Foreign currency forward \u2013
discontinuing
\u2013
\u2013
1.2
\u2013
\u2013
\u2013
1.2
Cross currency interest rate
swaps \u2013 continuing
\u2013
\u2013
2.1
1.3
\u2013
(2.9)
0.5
Cross currency interest rate
swaps \u2013 discontinued
\u2013
\u2013
(19.0)
\u2013
\u2013
2.9
(16.1)
Foreign currency borrowings
\u2013 continuing
\u00a31,278.9m 1,278.9
(56.6)
26.3
\u2013
13.7
(16.6)
Foreign currency borrowings
\u2013 discontinued
\u2013
\u2013
(225.8)
\u2013
\u2013
(13.7)
(239.5)
1,278.9
(298.2)
25.3
2.3
\u2013
(270.6)
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 \u00a3m \u00a3m \u00a3m \u00a3m
\u00a3m
\u00a3m
Cash flow hedges \u2013
foreign exchange and
interest rate risk
Cross currency interest rate
swaps \u2013 continuing
\u2013
\u2013
(0.1)
1.7
(1.7)
\u2013
(0.1)
Hedges of net investment
in a foreign operation \u2013
foreign exchange risk
Foreign currency forward \u2013
discontinuing
\u2013
\u2013
1.2
\u2013
\u2013
\u2013
1.2
Cross currency interest rate
swaps \u2013 continuing
\u2013
\u2013
1.7
0.4
\u2013
\u2013
2.1
Cross currency interest rate
swaps \u2013 discontinued
\u2013
\u2013
(19.0)
\u2013
\u2013
\u2013
(19.0)
Foreign currency borrowings
\u2013 continuing
\u00a3837.1m
837.1
(92.1)
1.8
(0.5)
34.2
(56.6)
Foreign currency borrowings
\u2013 discontinued
\u2013
\u2013
(191.6)
\u2013
\u2013
(34.2)
(225.8)
837. 1
(299.9)
3.9
(2.2)
\u2013
(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 \u00a3nil (2024: \u00a30.5m). 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\u2019s existing hedge relationships the hedge ratio has been determined as 1:1. The carrying values of the hedging instruments; US$715.0m senior notes and EUR\u20ac185.0m 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 \u2018fair value on cash flow hedges\u2019 and \u2018net exchange on hedges of net investments in foreign operations\u2019 respectively within the statement of other comprehensive income. Foreign exchange losses of \u00a32.3m (2024: \u00a31.7m 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\u2019s profit before tax for 2025 by approximately \u00a328.8m (2024: \u00a326.0m 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 \u00a3123.4m (2024: \u00a373.2m) which would be offset by the retranslation of the Group\u2019s investment in foreign operations in the same currencies. This analysis assumes all other variables remain constant. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-497": { "value": "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 (\u2018ESOT\u2019) Transactions of the Group-sponsored ESOT are included in the Group financial statements. In particular, the Trust\u2019s purchases of shares in the Company are debited directly in equity to retained earnings. Share capital
2025 2025 2024
Group and Company number \u00a3m \u00a3m
Allotted, called up and fully paid:
Ordinary shares of 1p each at start of year
161,393,127
1.6
1.6
Share Awards
\u2013
\u2013
\u2013
Share buyback
(7,461,333)
(0.1)
\u2013
Ordinary shares of 1p each at end of year
153,931,794
1.5
1.6
Shares classified in shareholders\u2019 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 \u00a33,941 (2024: \u00a35,185) for \u00a318.9m (2024: \u00a324.7m) 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 \u00a34,356 (2024: \u00a34,095). The associated cash outflow of \u00a318.9m (2024: \u00a324.7m) has been presented as a financing cash flow. Share buyback During 2025 the Group undertook a share buyback programme to purchase up to \u00a3350m of its own shares. The programme completed in November 2025, for a total consideration of \u00a3349.0m plus associated fees and taxes of \u00a31.8m, 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.
2025 2024
2025 Pence per 2024 Pence per
Dividends \u00a3m share \u00a3m share
Amounts recognised as distributions to equity holders:
Final dividend for the year ended 31 December 2023
\u2013
\u2013
119.3
74.0
Interim dividend for the year ended 31 December 2024
\u2013
\u2013
86.8
53.9
Final dividend for the year ended 31 December 2024
163.1
102.6
\u2013
\u2013
Interim dividend for the year ended 31 December 2025
89.1
57.3
\u2013
\u2013
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 \u00a3171.2m. 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\u2019s 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-584": { "value": "
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-537": { "value": "
Own shares held by the Employee Share Ownership Trust (\u2018ESOT\u2019)
Transactions of the Group-sponsored ESOT are included in the Group financial statements. In particular,
the Trust\u2019s purchases of shares in the Company are debited directly in equity to retained earnings.
", "dimensions": { "concept": "intertekgroupplc:DescriptionOfAccountingPolicyForPurchaseOfOwnShares", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-517": { "value": "
Share capital
2025 2025 2024
Group and Company number \u00a3m \u00a3m
Allotted, called up and fully paid:
Ordinary shares of 1p each at start of year
161,393,127
1.6
1.6
Share Awards
\u2013
\u2013
\u2013
Share buyback
(7,461,333)
(0.1)
\u2013
Ordinary shares of 1p each at end of year
153,931,794
1.5
1.6
Shares classified in shareholders\u2019 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-518": { "value": "
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 \u00a33,941 (2024: \u00a35,185) for \u00a318.9m (2024: \u00a324.7m) 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 \u00a34,356 (2024: \u00a34,095). The associated cash outflow of \u00a318.9m (2024: \u00a324.7m) has been
presented as a financing cash flow.
Share buyback
During 2025 the Group undertook a share buyback programme to purchase up to \u00a3350m of its own shares.
The programme completed in November 2025, for a total consideration of \u00a3349.0m plus associated fees and
taxes of \u00a31.8m, 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.
", "dimensions": { "concept": "intertekgroupplc:DisclosureOfPurchaseOfOwnShares", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-585": { "value": "Fair values The table below provides a comparison of book values and corresponding fair values of the following Group\u2019s financial instruments by class.
Book value Fair value Book value Fair value
2025 2025 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Cash and cash equivalents
324.6
324.6
336.5
336.5
Trade receivables (note\ue01e11)
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\ue01e12)
230.1
230.1
223.5
223.5
Foreign currency forwards*
0.7
0.7
2.3
2.3
Cross currency interest rate swaps*
\u2013
\u2013
\u2013
\u2013
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 \u2013 being the EBITDA performance of the acquired companies 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). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-554": { "value": "Fair values The table below provides a comparison of book values and corresponding fair values of the following Group\u2019s financial instruments by class.
Book value Fair value Book value Fair value
2025 2025 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Cash and cash equivalents
324.6
324.6
336.5
336.5
Trade receivables (note\ue01e11)
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\ue01e12)
230.1
230.1
223.5
223.5
Foreign currency forwards*
0.7
0.7
2.3
2.3
Cross currency interest rate swaps*
\u2013
\u2013
\u2013
\u2013
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 \u2013 being the EBITDA performance of the acquired companies 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). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-519": { "value": "
2025 2024
2025 Pence per 2024 Pence per
Dividends \u00a3m share \u00a3m share
Amounts recognised as distributions to equity holders:
Final dividend for the year ended 31 December 2023
\u2013
\u2013
119.3
74.0
Interim dividend for the year ended 31 December 2024
\u2013
\u2013
86.8
53.9
Final dividend for the year ended 31 December 2024
163.1
102.6
\u2013
\u2013
Interim dividend for the year ended 31 December 2025
89.1
57.3
\u2013
\u2013
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 \u00a3171.2m. 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-538": { "value": "1.077", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-498": { "value": "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\u2019s 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\u2019s 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\u2019 services in the accounting period is charged to the operating profit in the income statement. The expected return on the schemes\u2019 assets and the interest on the present value of the schemes\u2019 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\u2019s 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
\u00a3m \u00a3m
Defined contribution schemes
(63.8)
(62.1)
Defined benefit schemes \u2013 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 (\u2018United Kingdom Scheme\u2019) 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\u2019 liabilities is 11 years for the United Kingdom Scheme and 16 years for the Switzerland Scheme.
The fair value changes in the scheme assets are shown below:
2025 2024
\u00a3m \u00a3m
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
\u2013
\u2013
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
\u2013
\u2013
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 \u00a3107.0m (2024: \u00a3107.7m), broken down
as follows:
United Kingdom Scheme
2025 2024
Asset class \u00a3m \u00a3m
Equities
\u2013
\u2013
Property
0.3
0.8
Liability-Driven Investment (\u2018LDI\u2019)
\u2013
\u2013
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\u2019s asset allocation by class to reduce future funding level volatility
and de-risk the Scheme\u2019s strategy by investing in assets that in aggregate will broadly match movements
in liabilities.
The United Kingdom Scheme had bank account assets of \u00a31.0m as at 31 December 2025 (2024: \u00a31.1m).
Following changes to the Scheme\u2019s investment strategy in 2024, the United Kingdom Scheme\u2019s invested
assets portfolio solely comprised unquoted assets in 2025.
Defined benefit schemes The cost of defined benefit schemes The amounts recognised in the income statement were as follows:
2025 2024
\u00a3m \u00a3m
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
\u00a3m \u00a3m
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 \u00a30.1m (2024: \u00a30.5m). The next triennial valuation is due to take place as at 31 March 2028 and will include a review of the Company\u2019s 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 \u00a3m \u00a3m \u00a3m
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
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 \u00a3m \u00a3m
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 \u00a32.8m and decreases by \u00a32.7m, 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.
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
\u00a3m \u00a3m
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
\u2013
\u2013
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
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\u2019s governing deeds and rules provided by the Trustee\u2019s 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-539": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-586": { "value": "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\u2019s 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\u2019s 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\u2019 services in the accounting period is charged to the operating profit in the income statement. The expected return on the schemes\u2019 assets and the interest on the present value of the schemes\u2019 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\u2019s 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-555": { "value": "Defined benefit plans A defined benefit plan is a post-employment benefit plan other than a defined contribution plan. The Group\u2019s 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\u2019s 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\u2019 services in the accounting period is charged to the operating profit in the income statement. The expected return on the schemes\u2019 assets and the interest on the present value of the schemes\u2019 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\u2019s 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
\u00a3m \u00a3m
Defined contribution schemes
(63.8)
(62.1)
Defined benefit schemes \u2013 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 (\u2018United Kingdom Scheme\u2019) 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\u2019 liabilities is 11 years for the United Kingdom Scheme and 16 years for the Switzerland Scheme. The fair value changes in the scheme assets are shown below:
2025 2024
\u00a3m \u00a3m
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
\u2013
\u2013
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
\u2013
\u2013
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 \u00a3107.0m (2024: \u00a3107.7m), broken down as follows:
United Kingdom Scheme
2025 2024
Asset class \u00a3m \u00a3m
Equities
\u2013
\u2013
Property
0.3
0.8
Liability-Driven Investment (\u2018LDI\u2019)
\u2013
\u2013
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\u2019s asset allocation by class to reduce future funding level volatility and de-risk the Scheme\u2019s strategy by investing in assets that in aggregate will broadly match movements in liabilities. The United Kingdom Scheme had bank account assets of \u00a31.0m as at 31 December 2025 (2024: \u00a31.1m). Following changes to the Scheme\u2019s investment strategy in 2024, the United Kingdom Scheme\u2019s invested assets portfolio solely comprised unquoted assets in 2025.
Defined benefit schemes
The cost of defined benefit schemes
The amounts recognised in the income statement were as follows:
2025 2024
\u00a3m \u00a3m
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
\u00a3m \u00a3m
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 \u00a30.1m (2024: \u00a30.5m). The next triennial valuation is due to take place as at 31 March 2028 and will include a
review of the Company\u2019s 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 \u00a3m \u00a3m \u00a3m
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
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 \u00a3m \u00a3m
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 \u00a32.8m and decreases by \u00a32.7m, 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.
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
\u00a3m \u00a3m
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
\u2013
\u2013
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
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\u2019s governing deeds and rules provided by the Trustee\u2019s 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-540": { "value": "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 \u00a3m \u00a3m \u00a3m
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
The fair value changes in the scheme assets are shown below:
2025 2024
\u00a3m \u00a3m
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
\u2013
\u2013
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
\u2013
\u2013
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 \u00a3107.0m (2024: \u00a3107.7m), broken down as follows:
United Kingdom Scheme
2025 2024
Asset class \u00a3m \u00a3m
Equities
\u2013
\u2013
Property
0.3
0.8
Liability-Driven Investment (\u2018LDI\u2019)
\u2013
\u2013
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\u2019s asset allocation by class to reduce future funding level volatility and de-risk the Scheme\u2019s strategy by investing in assets that in aggregate will broadly match movements in liabilities. The United Kingdom Scheme had bank account assets of \u00a31.0m as at 31 December 2025 (2024: \u00a31.1m). Following changes to the Scheme\u2019s investment strategy in 2024, the United Kingdom Scheme\u2019s invested assets portfolio solely comprised unquoted assets in 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-499": { "value": "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 (\u20182021 Plan\u2019) 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.
Equity-settled transactions
During the year ended 31 December 2025, the Group recognised an expense of \u00a324.3m (2024: \u00a324.4m). 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
\u2013
\u2013
24.4%
Risk-free rate
\u2013
\u2013
4.0%
Time to maturity (years)
1\u20133
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
\u2013
\u2013
26.6%
Risk-free rate
\u2013
\u2013
3.9%
Time to maturity (years)
1\u20133
3
3
The weighted average exercise prices of all share awards in the year are \u00a3nil (2024: \u00a3nil).
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.
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
\u2013
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)
\u2013
(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 \u00a39.9m (2024: \u00a37.0m) which was settled in cash on behalf of employees
by the Group, of which \u00a38.9m 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 (\u2018DSP\u2019) 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\u2019 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)
\u2013
\u2013
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 \u00a30.2m (2024: \u00a30.4m) which was settled in cash on behalf of employees by the Group, of which \u00a30.2m
was settled by the Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-587": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-501": { "value": "
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-500": { "value": "
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\u2019s activities. These activities include ongoing operations as well as acquisitions as described in note 10.
The Group\u2019s 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
\u00a3499.8m at 31 December 2024 to \u00a3996.8m 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 \u00a350.2m to
negative \u00a345.7m. Working capital is defined on page 3.03.
The Group uses key performance indicators, including Return on Invested Capital (\u2018ROIC\u2019) 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\u2019s 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\u2019s 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%.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-504": { "value": "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
\u00a3m \u00a3m
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)
\u2013
Dividends paid to non-controlling interest
(16.1)
(16.1)
At 31 December
44.6
43.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-588": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-502": { "value": "
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\u2019s Directors, is shown in the table below:
2025 2024
\u00a3m \u00a3m
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\u2019 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 \u2013 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-541": { "value": "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\u2019s Directors, is shown in the table below:
2025 2024
\u00a3m \u00a3m
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\u2019 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 \u2013 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-520": { "value": "Transactions with key management personnel Key management personnel compensation, including the Group\u2019s Directors, is shown in the table below:
2025 2024
\u00a3m \u00a3m
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\u2019 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 \u2013 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-503": { "value": "
22 Contingent liabilities
2025 2024
\u00a3m \u00a3m
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-521": { "value": "22 Contingent liabilities
2025 2024
\u00a3m \u00a3m
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.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-505": { "value": "
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\u20139 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\u2019s 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\u20139 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 S\u00e3o Paulo, Brazil Bigart Ecosystems, LLC (xv) c/o CSC, 26 West 6th Avenue, Helena, MT 59624, United States 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. Joaqu\u00edn Orrantia Gonz\u00e1lez 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 situ\u00e9, au 2\u00e8me \u00e9tage, 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\u2019s Court, St Julian\u2019s Avenue, St Peter Port, GY1 6AX, Guernsey
Esperanza International Services (Southern Africa) (Pty.) Limited
Charter House, 13 Brand Road, Glenwood, Durban, South Africa
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, Qu\u00e9bec H1L 6S4, Canada
Intertek Capacitacion Chile Spa
Avenida Las Condes N\u00b0 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, Bogot\u00e1, 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
W\u00fcrzburger Strasse 152, 90766 F\u00fcrth, 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\u00b0C7/C8, B\u00e2timent F1, 1er \u00e9tage Local N\u00b01, 16051, Kouba, Wilaya d\u2019Alger, 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 Aut\u00f3noma 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\u2013407 (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\u00b0 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
Intertek Holdings Nederland B.V.
Leerlooierstraat 135, 3194AB Hoogvliet, Rotterdam, The Netherlands
Intertek Holdings Norge AS
Oljevegen 2, Tananger, 4056, Norway
Intertek Ib\u00e9rica 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 \u2013 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\u02da97, 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 \u2013 7th floor, Alphaville Industrial and Business Center, Barueri, S\u00e3o Paulo,
06454-000-SP, Brazil
Intertek Industry Services Colombia Limited
Calle 127A No. 53A-45, Oficina 1103, Bogot\u00e1, 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 \u2013 Immeuble Dumez, 2\u00e9me \u00e9tage, Libreville, B.P. 13312, Gabon
Intertek do Brasil Inspecoes Ltda
Edif\u00edcio Almares, t\u00e9rreo, 1\u00ba e 2\u00ba andares, No.7 Rua Doutor Cochrane, Bairro Paquet\u00e1, Santos, S\u00e3o 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 \u2019an 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
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 \u2013 Centre Routier, 76600, Gonfreville L\u2019Orcher, 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.
Oszczepnik\u00f3w 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
Sokolovsk\u00e1 131/86, Karl\u00edn, 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 R\u00e9sistance, Immeuble de la Comanav, 7\u00e9me \u00e9tage, 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
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, Qu\u00e9bec 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 \u2018O\u2019 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, Qu\u00e9bec 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
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 \u2018an 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 Asesor\u00eda Empresarial y de Ingenieria S.A.S.
Calle 120, No. 45A \u2013 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 \u00e9tage, Rue Paul Langevin, Marcory, Zone 4, Abidjan, C\u00f4te d\u2019Ivoire
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 \u2013 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 \u2013 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 Laborat\u00f3rio de An\u00e1lises de Alimentos S.A.
Rua Carlos Tosin, 860, sala 1, Distrito Industrial, Estado de S\u00e3o Paulo, Brazil
KJ Tech Services GmbH
(xii)
Pallaswiesenstra\u00dfe 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 Qu\u00edmica, Investigaci\u00f3n y An\u00e1lisis, S.A. de C.V.
(xiii)
Jacarandas #19, San Clemente, Alvaro Obreg\u00f3n, 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
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\u2019an 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 Cat\u00f3lica de Zapote, Zapote, San Jos\u00e9, 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 \u2013 Tecnologia e Qualidade de Sistemas em Engenharia Ltda Rua Guaip\u00e1 486, Vila Leopoldina, S\u00e3o Paulo, S\u00e3o 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.
Oszczepnik\u00f3w 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
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 \u2013 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 Anal\u00edtico An\u00e1lises T\u00e9cnicas Ltda. (80%)
281 Rua Le\u00e3o XIII, Vila dos Rem\u00e9dios, Osasco, S\u00e3o 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
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 Soci\u00e9t\u00e9 SAI Global Tunisia SARL (75%) 67, Avenue Alain Savary, Cite les Jardins 2 Bloc A, Tunis, Tunisia Soci\u00e9t\u00e9 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, C\u00f4te d\u2019Ivoire (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 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\u00b0 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
", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-522": { "value": "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\u20139 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\u2019s 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\u20139 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 S\u00e3o Paulo, Brazil
Bigart Ecosystems, LLC
(xv)
c/o CSC, 26 West 6th Avenue, Helena, MT 59624, United States
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. Joaqu\u00edn Orrantia Gonz\u00e1lez 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 situ\u00e9, au 2\u00e8me \u00e9tage, 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\u2019s Court, St Julian\u2019s Avenue, St Peter Port, GY1 6AX, Guernsey Esperanza International Services (Southern Africa) (Pty.) Limited Charter House, 13 Brand Road, Glenwood, Durban, South Africa 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, Qu\u00e9bec H1L 6S4, Canada Intertek Capacitacion Chile Spa Avenida Las Condes N\u00b0 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, Bogot\u00e1, 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 W\u00fcrzburger Strasse 152, 90766 F\u00fcrth, 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\u00b0C7/C8, B\u00e2timent F1, 1er \u00e9tage Local N\u00b01, 16051, Kouba, Wilaya d\u2019Alger, 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 Aut\u00f3noma 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\u2013407 (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\u00b0 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 Intertek Holdings Nederland B.V. Leerlooierstraat 135, 3194AB Hoogvliet, Rotterdam, The Netherlands Intertek Holdings Norge AS Oljevegen 2, Tananger, 4056, Norway Intertek Ib\u00e9rica 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 \u2013 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\u02da97, 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 \u2013 7th floor, Alphaville Industrial and Business Center, Barueri, S\u00e3o Paulo, 06454-000-SP, Brazil Intertek Industry Services Colombia Limited Calle 127A No. 53A-45, Oficina 1103, Bogot\u00e1, 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 \u2013 Immeuble Dumez, 2\u00e9me \u00e9tage, Libreville, B.P. 13312, Gabon Intertek do Brasil Inspecoes Ltda Edif\u00edcio Almares, t\u00e9rreo, 1\u00ba e 2\u00ba andares, No.7 Rua Doutor Cochrane, Bairro Paquet\u00e1, Santos, S\u00e3o 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 \u2019an 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 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 \u2013 Centre Routier, 76600, Gonfreville L\u2019Orcher, 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. Oszczepnik\u00f3w 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 Sokolovsk\u00e1 131/86, Karl\u00edn, 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 R\u00e9sistance, Immeuble de la Comanav, 7\u00e9me \u00e9tage, 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 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, Qu\u00e9bec 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 \u2018O\u2019 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, Qu\u00e9bec 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 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 \u2018an 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 Asesor\u00eda Empresarial y de Ingenieria S.A.S. Calle 120, No. 45A \u2013 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 \u00e9tage, Rue Paul Langevin, Marcory, Zone 4, Abidjan, C\u00f4te d\u2019Ivoire 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 \u2013 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 \u2013 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 Laborat\u00f3rio de An\u00e1lises de Alimentos S.A. Rua Carlos Tosin, 860, sala 1, Distrito Industrial, Estado de S\u00e3o Paulo, Brazil KJ Tech Services GmbH (xii) Pallaswiesenstra\u00dfe 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 Qu\u00edmica, Investigaci\u00f3n y An\u00e1lisis, S.A. de C.V. (xiii) Jacarandas #19, San Clemente, Alvaro Obreg\u00f3n, 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 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\u2019an 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 Cat\u00f3lica de Zapote, Zapote, San Jos\u00e9, 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 \u2013 Tecnologia e Qualidade de Sistemas em Engenharia Ltda Rua Guaip\u00e1 486, Vila Leopoldina, S\u00e3o Paulo, S\u00e3o 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. Oszczepnik\u00f3w 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 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 \u2013 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 Anal\u00edtico An\u00e1lises T\u00e9cnicas Ltda. (80%) 281 Rua Le\u00e3o XIII, Vila dos Rem\u00e9dios, Osasco, S\u00e3o 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
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
Soci\u00e9t\u00e9 SAI Global Tunisia SARL (75%)
67, Avenue Alain Savary, Cite les Jardins 2 Bloc A, Tunis, Tunisia
Soci\u00e9t\u00e9 Tunisienne Intertek Caleb Brett SARL (51%)
9 rue Hamadi Jaziri, Tunis, 1002, Tunisia
The Wine Warehouse (Chepstow) Management Company Limited (75%)
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\u00b0 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
(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.
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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, C\u00f4te d\u2019Ivoire
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