Spirax Group Plc. · LSE:SPX
Spirax — Investor Presentation (March 2026)
32 slides from Spirax's investor presentation, March 2026
Slide 1: An introduction to Spirax Group
An introduction to Spirax Group March 2026
Slide 2: Together for Growth
Together for Growth 2 Compounding Unique business model with durable Long runway for high margin, LT growth and competitive advantage high ROCE organic growth improving ROIC Commercial Excellence Organic growth MSD+ ~2,900 Direct sales engineers* Operational Excellence Margins 23%+ 60% Sales to defe
Slide 3: An enduringly powerful, differentiated business model
An enduringly powerful, differentiated business model 3 Direct sales model focused on solution selling… …funded primarily from local operating budgets… Maintenance and repair ~2,900 sales Typical invoice: £1.5k >100k Direct sales and local customers Solution-sales service engineers* Typical invoice:
Slide 4: Three high quality engines of growth
Three high quality engines of growth 4 Global leader in design, supply and Critical electric heating, heat tracing and Critical fluid-technology solutions for management of industrial and commercial temperature management for industrial Biopharm and industrial processes, steam systems processes and
Slide 5: Disciplined capital allocation to drive compounding growth
Disciplined capital allocation to drive compounding growth 5 Building on a long track record of delivering organic growth and total shareholder returns Free Cashflow deployment to drive growth and returns EPS growth 1 3 25 yrs CAGR 9% Disciplined bolt-on Invest to drive acquisitions organic growth t
Slide 6: A track record of delivering shareholder value
1988 16.4p 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Note: Figures exclude non-operating and adjusting items 2006 2007 2008 2009 2010 Basic Adjusted 2011 2012 Earnings per share 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 296.3p 1988 7.
Slide 7: About our Businesses
About our Businesses
Slide 8: Every day we engineer your 'everyday'
Every day we engineer your 'everyday’ 8 1 3 2 A morning coffee… A slice of toast… A hit of vitamin C… 1 …brought to you by STS 2 …brought to you by ETS 3 …brought to you by WMFTS Instant coffee is produced using water heated by steam. Bread and other baked goods, including pastries and croissants, O
Slide 9: Global leader in specialist applications
Global leader in specialist applications 9 Semiconductor Healthcare 4% Electrical products are used in wafer-processing equipment, where high-precision heating and temperature-control technologies ensure thermal uniformity – an essential Steam is used in hospitals and clinics for space heating, hot
Slide 10: STS: A business model with enduring power
STS: A business model with enduring power 10 Self-generated Steady MRO demand Decarbonisation Growth > 2 x IP solutions Focus on core industries Dual-brand strategy and wide product range with critical manufacturing processes to offer end-to-end solutions and a sectorised sales force 6 1 Steam Value
Slide 11: ETS: Global leader in electrical heating solutions
ETS: Global leader in electrical heating solutions 11 Market leading expertise High and growing demand Complementary to STS High growth with 20%+ margin Uniquely positioned to take advantage of high Track record of solving customer problems growth emerging sectors, supported by strong within critica
Slide 12: WMFTS: Strong high-growth business
WMFTS: Strong high-growth business 12 Biopharm recovering Underlying Biopharm Process Industries High-single digit growth following destocking growth ~10% growth (2x IP) at >30% margin Sectorised direct sales engineers bringing Global leader with wide range of sector deep sector, process and applica
Slide 13: Competitors
Competitors 13 Regional competitors Process Heating Biopharm Armstrong International (Americas) Thermon Nibe Masterflex1 Levitronix ARI Armaturen (EMEA) Watlow ExHeat Quattroflow2 CPC2 TLV (APAC) Saint Gobain Samson (EMEA) Emerson (Americas) Equipment Heating Process Industries Forbes Marshall (APAC
Slide 14: Significant runway for long term organic growth
Significant runway for long term organic growth
Slide 15: Significant annual addressable market
Significant annual addressable market 15 Future expansion of addressable market: • IP-related growth • Pricing • New target, high growth sectors ~£5bn Decarbonisation of thermal energy beyond steam generation: • Current thermal energy needs in target sectors and regions Current annual • Assumes adop
Slide 16: Helping customers deliver their net zero commitments
Helping customers deliver their net zero commitments 16 Temperature 1000°C ~20 700°C % Potential to electrify ELECTRIC DIRECT ~45 350°C % STEAM Steam generated from fossil fuels 100°C Power Direct burning of fossil fuels Direct burning of fossil fuels in high temp applications 5MW 15MW 30MW 100MW Ex
Slide 17: Decarbonisation opportunity
Decarbonisation opportunity 17 Leveraging our unique expertise and building capability within our teams Integrated Thermal Energy Optimisation TargetZero PoweringZero Energy Assessment STS and ETS SteamVolt Expanded Value Proposition Integrating steam and electric Building on strong heritage of ener
Slide 18: Track record of organic growth and margin expansion
Track record of organic growth and margin expansion
Slide 19: Consistently outperforming Industrial Production growth
Consistently outperforming Industrial Production growth 19 20.0% 2009-2025 Organic Growth 2x IP 15.0% 10.0% 5.0% 0.0% -5.0% -10.0% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Organic Growth Global IP (OE)
Slide 20: Strongly cash generative
Strongly cash generative 20 102% 102% 96% 92% 87% 87% 89% 100% 350 84% 82% 81% 302 300 Adjusted cash from 57% 292 276 279 282 operations 50% 250 Cash Converstion 243 238 215 Leverage 204 200 (net debt to EBITDA) 185 0% 146 150 100 -50% 50 - -100% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 202
Slide 21: Outlook for 2026 and medium-term margin targets
Outlook for 2026 and medium-term margin targets 21 Continuing focus on operational priorities to deliver organic growth, margin progress and ROIC 2026 guidance Medium term Organic Margin Margin targets sales growth LSD Operating leverage 23.5% + ETS operational improvement HSD + 20% Returns on growt
Slide 22: Mid-single digit revenue growth over the medium term
Mid-single digit revenue growth over the medium term 22 STS ~ Low-to-mid single digit growth ETS ~ Above mid-single digit • Forecast IP growth lower than in pre-COVID era • Demand strong • Decarbonisation upside • Focus on operational efficiencies • Semicon recovery ETS 26% WM 26% STS 50% WM 24% WM
Slide 23: Appendices
Appendices
Slide 24: Steam and condensate loop
Steam and condensate loop 24 Steam Distribution Packaged Solutions Steam Generation and Utilisation and Energy Recovery
Slide 25: Solutions for the control and management of steam systems
Solutions for the control and management of steam systems 25 Products for the control and management of steam Plant-wide applications in industrial and commercial steam systems Steam uses: Benefits of steam: Heating and curing, cleaning, High energy content, easy to sterilisation, hot water generati
Slide 26: Heating solutions for industrial processes and equipment
Heating solutions for industrial processes and equipment 26 Industrial Process Heating Heat Trace Industrial Equipment Heating (~60% of ETS) (~15% of ETS) (~25% of ETS) Industrial Heaters Component & Systems Technologies Complex process Discrete heating and Thermal management solution for piping, va
Slide 27: Solutions for Semicon manufacturing equipment
Solutions for Semicon manufacturing equipment 27 Semicon manufacturing process Ion implantation Stripping • Present in the key manufacturing process steps • Durex Industries and Thermocoax capabilities, technologies and Etching Deposition expertise are highly complementary • Support the full product
Slide 28: Solutions for the control and management of fluid paths
Solutions for the control and management of fluid paths 28 Biopharm Process Industries
Slide 29: Fluid technology in action
Fluid technology in action 29 Biopharm Process Industries Bredel Pump in Water & Wastewater Treatment
Slide 30: Global coverage supporting strong local relationships
Global coverage supporting strong local relationships 30 33 manufacturing units in 14 countries EMEA Americas Asia Pacific UK (x4) USA (x5) China (x2) France (x7) Argentina Australia Germany (x4) Brazil (x2) India Spain (x2) Mexico Italy Netherlands Denmark Direct Indirect Serving presence presence
Slide 31: Environmental and social progress
Environmental and social progress 31 Key strategic targets: Net zero scopes 1 and 2 greenhouse gas emissions by 2030, with an interim target of a 50% reduction (compared to 2019) by 2025 20% reduction in Group energy use (compared to 2019) by 2025 Progress against 2025 strategic targets* Scopes 1 &
Slide 32: Historical financial performance
Historical financial performance 32 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 £m £m £m £m £m £m £m £m £m £m Revenue 757.4 998.7 1,153.3 1,242.4 1,193.4 1,344.5 1,610.6 1,682.6 1,665.2 1,702.9 Adjusted operating profit 180.6 235.5 264.9 282.7 270.4 340.3 380.2 349.1 333.9 339.9 Adjusted cash