Weir Group Plc · LSE:WEIR
Weir — The Weir Group — H1 2025 Earnings Presentation
47 slides from Weir's earnings presentation, Jul 31, 2025
Slide 1: Half Year Results 2025
2025 Half Year Results 31 July 2025
Slide 2: Forward looking statements
Forward looking statements This information includes ‘forward-looking statements’. All statements other than statements of historical fact included in this presentation, including, without limitation, those regarding The Weir Group PLC’s (“the Group”) financial position, business strategy, plans (in
Slide 3: Jon Stanton, Chief Executive Officer
Jon Stanton Chief Executive Officer 3 Half Year Results | 2025
Slide 4: Compelling value creation opportunity
Compelling value creation opportunity Focused mining Performance Excellence Multi-decade market technology leader transformation programme opportunity driven by with unique capabilities delivers compounding demand for critical metals and and high barriers to entry financial benefits adoption of new
Slide 5: Our commitments to stakeholders
Our commitments to stakeholders Growth Margins Returns Resilience Sustainability Converting Providing Delivering for Outgrowing Expanding earnings into resilience and people and our markets our margins cash and returns predictability planet Mid to high single Operating profit margin 90-100% free 7%
Slide 6: Delivering on our commitments in H1 2025
Delivering on our commitments in H1 2025 Growth Margins Returns Resilience Sustainability Converting Providing Delivering for Outgrowing Expanding earnings into resilience and people and our markets our margins cash and returns predictability planet +4% +220bps 62% 17% CCLA ‘Tier 1’ mental health sc
Slide 7: Brian Puffer, Chief Financial Officer
Brian Puffer Chief Financial Officer 7 Half Year Results | 2025
Slide 8: Strong markets and excellent execution
Strong markets and excellent execution Orders1 £1.3bn +8% Revenue1 £1.2bn +4% Operating profit1,2 £237m +17% Operating margin1,2 19.8% +220bps Profit before tax2,5 £213m +10% Free operating cash conversion3 62% -6pp Perf. Excellence Statutory profit EPS2 Net debt: ROCE5 Interim savings6 after tax5 E
Slide 9: Minerals: Strong demand and margin expansion
Minerals: Strong demand and margin expansion Positive mining market conditions Orders1 £m OE AM • OE order growth reflects high levels of brownfield activity and 1,000 Talabre order £953m +10% 500 75% 75% • Underlying AM +7% in H1, excluding multi-period order impact 25% 25% • Book-to-bill of 1.10 O
Slide 10: ESCO: strong execution and initial Micromine benefits
ESCO: strong execution and initial Micromine benefits Positive core product demand Orders1 £m 400 • 7% growth in core GET offset by phasing of dredge orders £351m +4% • Contribution of £12m from Micromine 200 339 351 • Book-to-bill of 1.06 Like-for-like growth3 stable 0 H1 2024 H1 2025 Strong execut
Slide 11: Group operating margin expansion: +220bps
Group operating margin1 expansion: +220bps +20bps +20bps +90bps +90bps Translational FX -20bps 19.8% 17.8% 17.6% 2 H1 2024 H1 2024 Minerals Performance Acquisitions Operational H1 2025 Reported Restated1 OE/AM Mix Excellence efficiencies Reported Expect to deliver margins of c.20% for 2025, and abov
Slide 12: Adjusting items
Adjusting items Total adjusting items charge of £47m £m H1 2025 H1 2024 Exceptional items £31m exceptional charge Performance Excellence (20) (14) • Performance Excellence exceptional costs of £20m Acquisition and integration costs (11) - • Costs relate to workstreams across all three pillars of pro
Slide 13: Cash generation and returns
Cash generation and returns Operating cash flow £192m £m H1 2025 H1 2024 Profit growth offset by timing of working capital Operating cash flow pre working capital 285 269 Working capital efficiency; 22.9% of sales Working capital cash flows (93) (71) Process optimisation and strong execution Adjuste
Slide 14: Cash flow and liquidity
Cash flow and liquidity Free cash flow £m H1 2025 H1 2024 Free cash inflow of £43m Free operating cash flow 146 146 • Positive free cash inflow in line with prior year Net interest (24) (32) • Higher tax payments driven by increased profits Tax (66) (59) Settlement of derivative financial instrument
Slide 15: Refinancing undertaken in H1, supporting M&A strategy
Refinancing undertaken in H1, supporting M&A strategy Actions taken in H1 to refinance debt profile Current debt facilities maturity profile (£m) ahead of USD bond maturity • Issued $950m of new USD bond • Proceeds utilised to buy-back $667m and £150m of existing USD and GBP bonds 693 • Attractive d
Slide 16: 2025 full year financial guidance
2025 full year financial guidance Based on July FX rates headwinds on full year Capex and lease spend c.£110m revenue of £100m and operating profit of £22m Corporate costs broadly in line with 2024 Free operating cash conversion 90-100% and net interest costs of £70m Exceptional cash outflow c.£40m
Slide 17: Key financial messages
Key financial messages 1 2 3 4 High levels of activity in Operating margin1,2 Strong cash conversion On track to deliver mining markets expansion +220bps will drive de-leveraging upgraded operating post Micromine margin of c.20% for the Supported by structural Performance Excellence acquisition full
Slide 18: Jon Stanton, Chief Executive Officer
Jon Stanton Chief Executive Officer 18 Half Year Results | 2025
Slide 19: Our strategic objectives
Our strategic objectives We are Weir Deliver on zero harm for our people Outgrow markets through the cycle with and the environment robust VOC led initiatives Accelerate purpose driven culture and lead in ID&E Purpose Solve biggest smart, efficient, sustainability challenges for customers We are her
Slide 20: M&A accelerating our organic growth strategy
M&A accelerating our organic growth strategy Focus areas Digital Product extension Geographic expansion 1 2 3 Acquisition criteria Micromine CiDRA Townley Accelerate our strategy Leading software provider Global collaboration Enhanced North American and to mining industry significantly agreement to
Slide 21: Micromine to deliver compounding growth and margin expansion
Micromine to deliver compounding growth and margin expansion Good progress on integration and growth acceleration strategy Significantly accelerates Integration workstreams Growth opportunity at our digital strategy progressing well quality margins • Opportunity to create sector-leading • Growth acc
Slide 22: Enhancing flowsheet offering with CiDRA strategic partnership
Further enhancing redefined flowsheet offering with CiDRA strategic partnership CiDRA equity investment and P29 collaboration agreement Provides access to transformational separation technology • New process in particle separation that can increase grinding throughput by 40% • Addresses range of cus
Slide 23: Townley acquisition to further grow North American presence
Townley acquisition to further grow North American market presence Completes Minerals global casting capacity needs An established name with complementary portfolio and North American footprint • Opportunity to grow our exposure to the attractive phosphate market • Expands manufacturing footprint in
Slide 24: Organic growth initiatives delivering value to customers
Organic growth initiatives delivering value to customers Continue to win further market share in H1: Protect the core • ESCO: 80 competitive major digger conversions • Minerals: 90% large mill circuit pump trials won Investing in NexsysTM roll-out continues with further bucket size offerings transfo
Slide 25: Minerals: customer case study
Minerals: customer case study £40m contract win to provide sustainable tailings solution in Chile, largest individual order for GEHO® pumps Challenge Solution Outcomes Supply energy Our market leading Customer: Industry leading solutions efficient tailings technologies included which create opportun
Slide 26: ESCO: customer case study
ESCO: customer case study Major order received for copper mine in Africa delivering across ESCO’s three key strategic growth initiatives Challenge Solution Outcomes Large copper Our technologies Customer: Industry leading solutions mine in Africa included in the order: which create opportunity to re
Slide 27: Performance Excellence programme benefits accelerating
Performance Excellence programme benefits accelerating Optimising service centres and facilities Performance Excellence – cumulative phasing • All major restructuring projects now in-flight of benefits £80m • EMEA capacity optimisation underway of savings • Full run rate cumulative savings in 2026 i
Slide 28: Positive signalling from major miners and governments on project pipeline
Positive signalling from major miners and governments on accelerating large project pipeline Original equipment The US Administration has selected the + Government interventions first 20 projects Increased focus on security of supply of critical minerals for streamlined permitting Positive developme
Slide 29: Underlying mining trends support aftermarket demand
Underlying mining trends support aftermarket demand Aftermarket Commodity prices2 2025 YTD 140 + Commodity prices 120 Key commodities prices remain well above costs to produce 100 Strong gold and copper prices in 2025 have driven increased 80 mining activity January February March April May June Jul
Slide 30: Outlook: 2025 revenue guidance reiterated; operating margin upgraded
Outlook: 2025 revenue guidance reiterated; operating profit margin upgraded Positive market Outlook for conditions 2025 full year + Original equipment: Growing pipeline + We expect another year of growth and margin expansion Positive developments in permitting and conversion of large project pipelin
Slide 31: Compelling value creation opportunity
Compelling value creation opportunity Focused mining Performance Excellence Multi-decade market technology leader transformation programme opportunity driven by with unique capabilities delivers compounding demand for critical metals and and high barriers to entry financial benefits adoption of new
Slide 32: Q&A Capital markets event
Q&A Capital markets event Spotlight on digital and software strategy 3 December 2025 London Stock Exchange
Slide 33: Appendix
Appendix 33 Half Year Results | 2025
Slide 34: Continuing operations
Continuing operations £m H1 2025 H1 20241 Growth1 H2 20241 OE orders 261 244 7% 263 AM orders 1,043 964 8% 944 Total orders 1,304 1,208 8% 1,207 OE revenue 210 234 -10% 255 AM revenue 985 920 7% 977 Total revenue 1,195 1,154 4% 1,232 Book-to-bill 1.09 1.05 0.98 Adjusted operating profit2 237 203 17%
Slide 35: Minerals
Minerals £m H1 2025 H1 20241 Growth1 H2 20241 OE orders 237 217 9% 240 AM orders 716 652 10% 664 Total orders 953 869 10% 904 OE revenue 195 209 -7% 222 AM revenue 670 621 8% 675 Total revenue 865 830 4% 897 Book-to-bill 1.10 1.05 1.01 Adjusted operating profit2 188 160 18% 200 Adjusted operating ma
Slide 36: ESCO
ESCO £m H1 2025 H1 20241 Growth1 H2 20241 OE orders 24 27 -9% 23 AM orders 327 312 5% 280 Total orders 351 339 4% 303 OE revenue 15 25 -38% 33 AM revenue 315 299 5% 302 Total revenue 330 324 2% 335 Book-to-bill 1.06 1.05 0.90 Adjusted operating profit2 68 63 8% 61 Adjusted operating margin2% 20.5% 1
Slide 37: Quarterly order trends – continuing operations
Quarterly order trends – continuing operations Reported organic growth 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2025 Q1 2025 Q2 Original Equipment -9% -15% 19% -7% -3% 6% 16% Aftermarket 4% -1% 3% 15% 5% 9% 10% Minerals 0% -5% 8% 9% 3% 8% 11% Original Equipment -16% -23% -18% 10% -13% 0% -16% Afterma
Slide 38: Quarterly order trends – continuing operations
Quarterly order trends – continuing operations Quarterly reported orders £m 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 Original Equipment 118 107 148 109 122 115 Aftermarket 328 353 331 377 349 367 Minerals 446 460 479 486 471 482 Original Equipment 12 16 10 15 12 12 Aftermarket 167 151 147 149
Slide 39: Orders by end market and geography
Orders by end market and geography – continuing operations Orders by end market (£m) Minerals ESCO H1 2025 Total H1 2024 Total Mining 713 253 966 950 Infrastructure 28 87 115 110 General Industrial 149 11 160 158 Other 63 - 63 35 Continuing Operations 953 351 1,304 1,253 Orders by geography (£m) Min
Slide 40: H1 2025 Order Bridges – as reported
H1 2025 Order Bridges – as reported Q1 Q2 Half year OE AM Total OE AM Total OE AM Total Group orders (£m) H1 2024 – as reported 130 495 625 123 505 628 253 1,000 1,253 Organic 5% 5% 5% 12% 8% 9% 7% 7% 7% Structure 0% 0% 0% 0% 2% 2% 0% 1% 1% Currency -2% -1% -1% -6% -6% -6% -4% -4% -4% Total 3% 4% 4%
Slide 41: Working capital
Working capital Continuing Operations Continuing Operations Inventory Trade receivables Inventory Turns Debtor Days 800 3 500 70 2.5 2.5 60 60 2.4 57 700 2.2 53 50 2 400 40 £m £m 600 1.5 30 1 300 500 20 0.5 10 400 0 200 0 H1 2023 H1 2024 H1 2025 H1 2023 H1 2024 H1 2025 Continuing Operations Continui
Slide 42: Foreign exchange by currency
Foreign exchange by currency H1 2024 Revenue £m H1 2024 Adjusted operating profit1 £m Currency At 2024 rates FX At 2025 rates At 2024 rates FX At 2025 rates US Dollar 307 (7) 300 79 (3) 77 Australian Dollar 263 (16) 247 58 (4) 54 Canadian Dollar 198 (12) 186 40 (2) 38 Euro 67 (1) 66 16 - 16 Chilean
Slide 43: Foreign exchange by division
Foreign exchange by division H1 2024 Revenue £m H1 2024 Adjusted operating profit1 £m Division At 2024 rates FX At 2025 rates At 2024 rates FX At 2025 rates Minerals 869 (39) 830 170 (10) 160 ESCO 338 (14) 324 65 (3) 63 Corporate costs - - - (20) - (20) Continuing operations 1,207 (53) 1,154 215 (13
Slide 44: Foreign exchange headwind in 2025 at current rates
Foreign exchange headwind in 2025 at current rates FY 2024 Revenue £m FY 2024 Adjusted operating profit1 £m Currency At 2024 rates FX At 2025 rates2 At 2024 rates FX At 2025 rates2 US Dollar 651 (21) 630 166 (5) 161 Australian Dollar 488 (26) 462 94 (5) 89 Canadian Dollar 397 (18) 379 91 (4) 87 Euro
Slide 45: Exchange rates
Exchange rates The principal exchange rates applied in the preparation of the financial statements were as follows: 2024 2025 H1 2024 H1 2025 Currency Average FX rate Average FX rate Balance sheet rate Balance sheet rate US Dollar 1.27 1.30 1.26 1.37 Australian Dollar 1.92 2.05 1.89 2.09 Euro 1.17 1
Slide 46: Find out more at global.weir
Find out more at global.weir Half Year Results 2025
Slide 47: Mining technology for a sustainable future
Mining technology for a sustainable future