QinetiQ Group (QQ) Trading Update summary

Trading performance and outlook

• Full-year guidance maintained: high single-digit organic revenue growth, stable margins, and high cash conversion expected.

• Mid-term target reaffirmed: £2.4bn organic revenue at ~12% margin by 2027.

• £100m share buyback on track to complete in early February; additional £50m buyback to follow.

Business segment highlights

• EMEA Services continues to deliver revenue growth with strong medium-term visibility and major programme opportunities.

• UK Defence business remains robust due to longer-duration contracts, while UK Intelligence business resized in response to slower short-term order intake.

• Global Solutions revenue stable despite US contracting headwinds; order intake remains robust.

Strategic developments and achievements

• Tom Vecchiolla appointed to lead US business, bringing significant industry experience.

• Opened new forward operating base in Huntsville, Alabama to support US Army ATS-3 contract.

• Supported rapid entry into service of British Army's Archer howitzer and secured a $50m+ engineering contract in Australia.