QinetiQ Group (QQ) Q1 2026 TU earnings summary

Executive summary

• Record order backlog of approximately £5bn at quarter end, supporting long-term growth prospects.

• Trading in line with expectations, with prudent approach to short cycle order recovery and 75% revenue cover at year start.

• Strategic contract wins in UK Defence and Intelligence sectors, including a £1.5bn extension and £110m in new contracts.

Financial highlights

• Anticipated 46-48% of annual revenue in H1 at around 10% margin, with good cashflow.

• Full-year guidance unchanged: ~3% organic revenue growth, ~11% margin, 15-20% EPS growth, and strong cash conversion.

Outlook and guidance

• Full-year expectations reaffirmed, with cost efficiency benefits expected in H2.

• Continued focus on operational delivery and US restructuring on track.