Mitie Group (MTO) Q3 2026 TU earnings summary

Executive summary

• Achieved 10% year-over-year revenue growth in Q3 FY26 to £1,447m, with 4% organic growth and 6% from acquisitions, notably Marlowe.

• Generated £74m free cash flow in Q3 YTD and repurchased 48m shares (£71m) for buybacks and incentive schemes.

• Integration of Marlowe progressing well, delivering early synergies and expanding compliance offerings.

• Record pipeline of bidding opportunities up 28% to £30.4bn, supporting future growth.

Financial highlights

• Q3 FY26 revenue rose 10% year-over-year to £1,447m; Q3 YTD revenue up 10% to £4,124m.

• Free cash flow of £74m in Q3 YTD, up from £59m in the prior year.

• Average net debt (post-IFRS 16) at £402m Q3 YTD, up from £249m, reflecting Marlowe acquisition.

• £4.7bn in contract wins/extensions in Q3 YTD, similar to prior year.

Outlook and guidance

• Double-digit revenue growth expected to continue in Q4, typically the strongest quarter.

• On track to deliver FY26 operating profit >£260m and free cash flow >£120m.

• Record pipeline and order book underpin confidence in meeting FY25–FY27 strategic targets.

• Significant contract award (up to $656m over eight years) in Q4 for US Navy FM services via joint venture.