QinetiQ Group (QQ) Q2 2025 TU earnings summary

Executive summary

• Delivered strong operational and financial performance in Q2, maintaining high relevance in a heightened threat environment.

• On track to achieve full-year guidance of high single-digit organic revenue growth at stable margins and high cash conversion.

Financial highlights

• Cash conversion at the half-year is approximately 80%, consistent with historical levels.

• £62m of shares purchased under the £100m share buyback programme by end of Q2.

Outlook and guidance

• Full-year expectations reaffirmed, with high single-digit organic revenue growth and stable margins.

• Order intake momentum supports medium and long-term growth outlook.