Weir Group Plc · LSE:WEIR
Weir — The Weir Group — Q2 2026 Earnings Presentation
44 slides from Weir's earnings presentation, Jul 29, 2026
Slide 1: Half year results
2026 Half year results 29 July 2026
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: Agenda
Agenda Opening remarks 2026 HY review 1 Andrew Neilson 2 Jon Stanton 2026 HY financial Closing remarks 3 results and outlook 4 Jon Stanton Brian Puffer Q&A 5 Jon Stanton and Brian Puffer 3 Half Year Results | 2026
Slide 4: Andrew Neilson: Opening remarks
Andrew Neilson Chief Executive Officer Designate Opening remarks 4 Half Year Results | 2026
Slide 5: Jon Stanton: 2026 HY review
Jon Stanton Chief Executive Officer 2026 HY review 5 Half Year Results | 2026
Slide 6: Q2 orders ahead of expectation amid strong market activity levels
Q2 orders ahead of expectation amid strong market activity levels Capacity optimisation progressing H1 results summary OE +10% AM +8% • Large pump bid • Q2 ‘bounce’ as expected UK Orders1 +8% conversion rate c.70% • Strong activity in largest markets • Pump trial wins >90% • Q2 Minerals AM organic U
Slide 7: Positive market backdrop and good strategic progress
Positive market backdrop and good strategic progress Market review Strategic progress in H1 CAPEX Increasing activity in project pipeline NAM and LATAM projects accelerating Innovation in greenfield design Brownfield optimisation continuing at pace Safety Technology Sustainability TIR1 0.56 (2025: 0
Slide 8: Good progress on acquisitions; focus on long-term growth drivers
Good progress on acquisitions; focus on long-term growth drivers Accelerating our growth Recent acquisitions Driving the core business Micromine: On track for full year ARR1 growth >25% Fast2Mine: Accelerating growth Executing on pipeline beyond Brazil in new solutions Townley: Integration on track,
Slide 9: Strong market outlook for both OE and AM demand
Strong market outlook for both OE and AM demand Well positioned within growing markets Actively working on >2,000 key projects Production supportive of AM growth Original equipment Aftermarket Group 2025 Projected mine production FY revenue Geographic distribution exposure 2024-2025 2025-2027 CAGR C
Slide 10: Driving the core business to higher market share
Driving the core business to higher market share Market leadership, competitive trials and geographic expansion combine for market share gains Mining technology leadership Minerals ESCO Market share c.70% H1 large pump OE bid conversion expansion c.90% aftermarket retention Long-term aftermarket + 9
Slide 11: Demonstrable competitive leadership in mill circuit pumps
Demonstrable competitive leadership in mill circuit pumps Industry leading total cost of ownership (TCO) driving market share gains against all competition Latin America China RoW Copper and gold Copper Copper and gold Xizang Peru Brownfield Africa Mill circuit mill circuit Mill circuit pump trial a
Slide 12: Maintaining competitive advantage through technology
Maintaining competitive advantage through technology Next generation mill circuit pumps and GET including patent protections WARMAN® MCR2 mill circuit pump ESCO® VertasysTM construction GET Fully protected vertical lock First patented Protected by 8 patents vertical integrated and day one NEXT locki
Slide 13: Accelerating growth in comminution
Accelerating growth in comminution Gaining momentum in new technology adoption Market opportunity Results Growth potential • Replaces ball mill on flowsheet – two to four installations Within 12 months Recognised solution for per grinding circuit of development, orders brownfield and greenfield for
Slide 14: Creating new market leadership positions
Creating new market leadership positions Maximising production with Weir across the comminution and tailings flowsheets c.360m tonnes 2025 2035 ENDURON® Optimil vertical stirred mill GEHO® positive Indian domestic iron ore production in (VSM) displacement (PD) pump the next decade expected to grow 3
Slide 15: Micromine growth on track
Micromine growth on track Qualified pipeline from warm Qualified pipeline growing introductions 3x during H1 strongly beyond home market Business performance 300 13% Low churn Customer 94% 24% +2pp retention year on year 200 25% 100 Highly 38% Recurring revenue 93% recurring +5pp year on year APAC (
Slide 16: Our annual commitments to stakeholders
Our annual commitments to stakeholders Growth Margins Returns Resilience Sustainability Sustaining Converting Providing Delivering Outgrowing industry leading earnings into resilience and for people our markets margins cash and returns predictability and planet Mid to high single Operating profit 90
Slide 17: Brian Puffer: 2026 HY financial results and outlook
Brian Puffer Chief Financial Officer 2026 HY financial results and outlook 17 Half Year Results | 2026
Slide 18: Momentum across the first half
Momentum across the first half Orders1 £1.4bn +8% Revenue1 £1.3bn +5% Operating profit1,2,3 £239m 0% Operating margin1,2,3 18.8% -100bps Profit before tax2,3,6 £196m -8% Free operating cash conversion4 41% -21pp Performance Statutory profit EPS2,3 Net debt: ROCE6 Interim Excellence savings after tax
Slide 19: Minerals: focus on execution
Minerals: focus on execution £m OE AM Strong order momentum, Q2 +14% Orders1 1,500 • OE orders1 +9% YoY, strong underlying demand from high bid conversion and trial success £1,037m +7% 1,000 75% 75% • AM orders1 +7% YoY, high aftermarket retention and contribution from Townley 500 • Book-to-bill of
Slide 20: ESCO: strong GET demand and Software Solutions growth
ESCO: strong GET demand and Software Solutions growth £m Continued order momentum Orders1 400 • High levels of demand for next generation buckets and GET products £389m +10% • High Software Solutions customer retention 200 354 389 • Book-to-bill of 1.05 OE +18% AM +9% 0 H1 2025 H1 2026 £m GET and So
Slide 21: Group operating margin
Group operating margin1: -100bps +100bps -70bps 19.8% 19.8% -130bps 18.8% H1 2025 H1 2025 Minerals mix Performance Production transfer H1 2026 reported restated1,2 within OE & AM Excellence delays/other Reported Orderbook and operational improvement tailwinds in H2 1. Operating profit figures before
Slide 22: Adjusting items
Adjusting items Total adjusting items charge of £12m Restated1 H1 2026 H1 2025 Exceptional items £1m exceptional charge Acquisition and integration related costs (3) (11) Unwind of fair value inventory uplift (12) - £14m gain on remeasurement of the Group's Gain on remeasurement of JV on acquisition
Slide 23: Cash generation and returns
Cash generation and returns Operating cash flow £156m, -19% £m H1 2026 H1 2025 Profit growth offset by working capital cash and LTIP phasing outflow Operating cash flow pre working capital 303 285 Working capital; 26.7% of sales Working capital cash flows (147) (93) Higher working capital due to hig
Slide 24: Cash flow and liquidity
Cash flow and liquidity Free cash inflow of £1m Free cash flow £m H1 20261 H1 2025 • Decrease YoY largely driven by lower free operating cash flow Free operating cash flow 99 146 Net interest (42) (24) • Higher interest following acquisition activity and refinancing Tax (54) (66) Settlement of deriv
Slide 25: Outlook: Full year guidance underpinned and in line with market expectations
Outlook: Full year guidance underpinned and in line with market expectations Strong order and Outlook for operational momentum 2026 full year + Growth Active pipeline of >2,000 projects + We expect another year of growth in constant currency revenue, operating profit and operating margins Positive m
Slide 26: Today's key messages
Today’s key messages 01 02 03 04 05 Active and Strong Industry leading Operational Full year growing orderbook TCO driving execution and revenue, profit pipeline of supporting market share Performance and margin opportunities H2 revenue gains across Excellence guidance growth and mix all solutions b
Slide 27: Jon Stanton: Closing remarks
Jon Stanton Chief Executive Officer Closing remarks 27 Half Year Results | 2026
Slide 28: Weir – end-to-end technology solutions for sustainable mining
Weir – end-to-end technology solutions for sustainable mining Exploration, design, Extraction Comminution Processing Tailings planning, production Broadest suite of market #1 in ground engaging tools Industry-leading brands for minerals processing. leading, equipment and growing share in mining Digi
Slide 29: Delivering on our equity case
Delivering on our Focused mining • Trusted brands equity case technology leader • Leading technologies with unique capabilities • Differentiated and high barriers to entry customer service Multi-decade market • Increasing ore opportunity driven by production/capex demand for critical metals and • Gr
Slide 30: Q&A
Q&A 30 Half Year Results | 2026
Slide 31: Appendix
Appendix 31 Half Year Results | 2026
Slide 32: 2026 full year financial guidance
2026 full year financial guidance Corporate costs broadly in line with 2025 Capex and leases to depreciation 1.2x Purchase of shares for employee Free operating cash conversion 90-100% share plans £11m (2025: £10m) Exceptional cash outflow of c.£30m for Net interest costs of c.£90m arising from Perf
Slide 33: Continuing operations
Continuing operations £m H1 2026 H1 20251 Growth1 H2 20251 OE orders 291 265 10% 256 AM orders 1,135 1,055 8% 1,069 Total orders 1,426 1,320 8% 1,325 OE revenue 222 214 4% 300 AM revenue 1,047 997 5% 1,102 Total revenue 1,269 1,211 5% 1,402 Book-to-bill 1.12 1.09 0.95 Adjusted operating profit2,3 23
Slide 34: Minerals
Minerals £m H1 2026 H1 20251 Growth1 H2 20251 OE orders 262 240 9% 230 AM orders 775 726 7% 719 Total orders 1,037 966 7% 949 OE revenue 199 198 1% 269 AM revenue 701 680 3% 747 Total revenue 900 878 3% 1,016 Book-to-bill 1.15 1.10 0.93 Adjusted operating profit2 181 191 -5% 223 Adjusted operating m
Slide 35: ESCO
ESCO £m H1 2026 H1 20251 Growth1 H2 20251 OE orders 29 25 18% 26 AM orders 360 329 9% 350 Total orders 389 354 10% 376 OE revenue 23 16 47% 31 AM revenue 346 317 9% 355 Total revenue 369 333 11% 386 Book-to-bill 1.05 1.06 0.97 Adjusted operating profit2,3 79 68 +17% 84 Adjusted operating margin2,3 2
Slide 36: Quarterly order trends
Quarterly order trends Reported organic growth 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1 2026 Q2 Original Equipment 6% 16% -24% 9% -6% 19% Aftermarket 9% 10% 3% 1% -3% 8% Minerals 8% 11% -6% 2% -3% 11% Original Equipment 0% -16% 36% -7% 49% -12% Aftermarket -2% 4% 9% 11% -5% 8% ESCO -2% 2% 11% 8% -2%
Slide 37: Quarterly order trends
Quarterly order trends Quarterly reported orders £m 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1 2026 Q2 Original Equipment 122 115 109 116 115 147 Aftermarket 349 367 327 374 352 423 Minerals 471 482 436 490 467 570 Original Equipment 12 12 13 13 18 11 Aftermarket 165 162 169 173 179 181 ESCO 177 174 18
Slide 38: Reported orders by end market and geography – continuing operations
Reported orders by end market and geography – continuing operations Orders by end market (£m) Minerals ESCO H1 2026 Total H1 2025 Total Mining 853 313 1,166 966 Infrastructure 12 67 79 115 General Industrial 91 9 100 160 Other 81 - 81 63 Continuing Operations 1,037 389 1,426 1,304 Orders by geograph
Slide 39: H1 2026 order bridges
H1 2026 order bridges1 Q1 Q2 H1 OE AM Total OE AM Total OE AM Total Minerals orders (£m) 2025 – as reported 122 349 471 115 367 482 237 716 953 Organic -6% -3% -3% 19% 8% 11% 6% 3% 4% Structure2 3% 4% 3% 4% 4% 4% 3% 4% 3% Currency -3% 0% -1% 4% 3% 3% 1% 1% 1% Total -6% 1% -1% 27% 15% 18% 10% 8% 8% 2
Slide 40: Working capital
Working capital Inventory Continuing Operations Inventory Turns Trade receivables Continuing Operations Debtor Days 800 3 500 70 2.5 2.5 60 62 60 57 700 2.2 50 £m £m 2.0 2 400 40 600 1.5 30 1 300 500 20 0.5 10 400 0 200 0 H1 2024 H1 2025 H1 2026 H1 2024 H1 2025 H1 2026 Working capital Continuing Ope
Slide 41: Foreign exchange by division
Foreign exchange by division H1 2025 Revenue £m H1 2025 Adjusted operating profit1 £m Division At 2025 rates2 FX At 2026 rates At 2025 rates FX At 2026 rates2 Minerals 864 14 878 188 3 191 ESCO 330 2 333 68 (1) 68 Corporate costs - - - (19) - (19) Continuing operations 1,195 16 1,211 237 2 239 Varia
Slide 42: Foreign exchange tailwind in 2026 at current rates
Foreign exchange tailwind in 2026 at current rates FY 2025 Revenue £m FY 2025 Adjusted operating profit1 £m Currency At 2025 rates FX At 2026 rates At 2025 rates FX At 2026 rates2 US Dollar 724 (7) 717 191 (2) 189 Australian Dollar 467 31 498 106 7 113 Canadian Dollar 403 (5) 398 101 (1) 100 Euro 17
Slide 43: Exchange rates
Exchange rates The principal exchange rates applied in the preparation of the financial statements were as follows: 2025 2026 H1 2025 H1 2026 Currency Average FX rate Average FX rate Balance sheet rate Balance sheet rate US Dollar 1.30 1.35 1.37 1.33 Australian Dollar 2.05 1.92 2.09 1.92 Euro 1.19 1
Slide 44: ing technology for a sustainable future
ing technology for a sustainable future