The Weir Group H2 Earnings Call Highlights

The Weir Group (LON:WEIR) told investors it delivered a “very strong” 2025 and entered 2026 with momentum, citing supportive mining markets, robust aftermarket demand, and contributions from acquisitions arsenic the institution pivots toward growth.

Management said 2025 gross roseate 6% connected a constant-currency ground to GBP 2.6 billion, supported by precocious request successful the aftermarket, “flawless execution” connected the archetypal instrumentality (OE) bid publication successful the 4th quarter, and acquisition contributions. Orders accrued 7% to GBP 2.6 billion, with OE orders level year-over-year and aftermarket orders up 8%.

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Operating nett accrued 15% year-over-year to GBP 518 million, and operating borderline expanded 150 ground points to 20.2%. The institution said it exceeded its anterior 20% borderline people a twelvemonth earlier than expected, attributing the betterment to Performance Excellence savings and the publication from its bundle solutions acquisitions.

Profit earlier taxation was GBP 447 million, which the CFO said was GBP 19 million up of past twelvemonth contempt a GBP 22 million translational overseas speech headwind. Earnings per stock accrued 3% to GBP 1.238.

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Weir reported escaped operating currency conversion of 92%, wrong its 90%–100% people range. The institution said moving superior roseate owed to inventory physique tied to operational moves nether Performance Excellence and the interaction of U.S. tariffs connected year-end inventory balances. Working superior arsenic a percent of income accrued by 170 ground points to 22.4%, with absorption expecting a instrumentality toward its 20% people arsenic operations normalize.

After acquisition enactment successful 2025, nett indebtedness to EBITDA accrued to 1.9x, toward the apical extremity of management’s stated scope pursuing acquisitions. Return connected superior employed decreased 140 ground points to 17.9%, which absorption said remained good supra its outgo of capital. The full-year dividend was 41.7 pence per share, up 4%.

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In Minerals, absorption described marketplace conditions arsenic positive, noting golden and copper prices reaching all-time highs and driving request arsenic customers sought to maximize accumulation from existing assets. Minerals orders grew 5%, with OE orders unchangeable and aftermarket orders up 7%. Revenue accrued 6% and operating nett roseate 11% connected a constant-currency ground to GBP 406 million. Segment operating borderline expanded 100 ground points to 21.9%, supported by Performance Excellence enactment streams and operational efficiencies.