Spirax Group Plc. · LSE:SPX
Spirax — H1 2026 Earnings Presentation
25 slides from Spirax's earnings presentation, Aug 11, 2026
Slide 1: 2026 Half Year Results
2026 Half Year Results Six months ended 30 June 2026 Nimesh Patel Group Chief Executive Officer Louisa Burdett Group Chief Financial Officer
Slide 2: Overview
Overview 2 First half in line; on track to deliver full year guidance • Delivering growth despite challenging external conditions is becoming embedded in how we operate • Group organic growth in sales +5% and profit +6% well ahead of IP; EPS +9% • STS sales: +1% with demand growth >2xIP; strong orde
Slide 3: Demand drivers: global industrial production
Demand drivers: global industrial production 3 Delivering growth despite continuing subdued IP is becoming embedded in how we operate IP Source: CHR Economics July 2025 – June 2026
Slide 4: Demand drivers: diversified exposure supports sustained growth
Demand drivers: diversified exposure supports sustained growth 4 Long-duration growth driven by our positions in attractive end markets and our business model Process Optimisation Health Technology Electrification High growth ~40% IP-linked growth and gains in market share ~60% sales sales Sector ex
Slide 5: Well placed to deliver Medium-Term organic sales growth targets
Well placed to deliver Medium-Term organic sales growth targets 5 Improving on track record of outperforming IP ~50% ~25% ~25% of Group Sales of Group Sales of Group Sales Continuing… Continuing… Continuing… • Resilience from Commercial Excellence • Structural demand growth • Biopharm growth • China
Slide 6: Financial review
Financial review Louisa Burdett Group Chief Financial Officer
Slide 7: Financial summary
Financial summary 7 Trading in line 6 months to 30 June (£m) 2026 2025 Reported Organic* Revenue 863.8 822.2 5% 5% Adjusted operating profit 171.1 158.8 8% 6% Adjusted operating profit margin 19.8% 19.3% 50bps 10bps Net finance expense (18.6) (18.6) Adjusted pre-tax profit 152.3 139.9 9% Adjusted ef
Slide 8: Sales bridge
Sales bridge 8 Organic growth well ahead of IP H1 2026 H1 2025 Year-on-year organic growth £m £m H1 2026 H1 2025 STS 419.8 414.2 1% - ETS 232.9 212.3 11% 10% WMFTS 211.1 195.7 7% 2% Group 863.8 822.2 5% 3%
Slide 9: Adjusted operating profit bridge
Adjusted operating profit bridge 9 Strong progress in ETS and WMFTS; STS reflects phasing of shipments and investments Trading Profit (£m) Year-on-year organic growth Trading Margin Organic Change H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 YoY STS 92.3 97.0 (6%) 3% 22.0% 23.4% (170) bps ETS 40.
Slide 10: Adjusted cash flow
Adjusted cash flow 10 Cash conversion reflects usual seasonality and planned inventory builds Cash flow (£m) 30 June 2026 30 June 2025 Adjusted operating profit 171.1 158.8 • Continued capex discipline Capital expenditure (net) (24.7) (34.3) • Lower cash conversion driven by Working capital changes
Slide 11: Clear drivers of second half growth and margin
Clear drivers of second half growth and margin 11 Strong orderbooks and momentum into second half, continuing operating leverage • Orderbook shipments LSD sales growth • Delivering Commercial Excellence initiatives Margin: H2 > H1 • China large project weakness moderating FY ≈ 2025 FY2026: • Orderbo
Slide 12: Well placed to deliver Medium-Term organic sales growth targets
Well placed to deliver Medium-Term organic sales growth targets 12 Improving on track record of outperforming IP ~50% ~25% ~25% of Group Sales of Group Sales of Group Sales Continuing… Continuing… Continuing… • Resilience from Commercial Excellence • Structural demand growth • Biopharm growth • Chin
Slide 13: Well placed to deliver Medium-Term margin targets
Well placed to deliver Medium-Term margin targets 13 Group adjusted operating profit margin increasing to 22-23% • Reinvest continuous operational • Continuing strong demand improvements into future growth • Efficiency improvements and operating • Well-invested to support future growth • Operating l
Slide 14: Executing our strategy
Executing our strategy Nimesh Patel Group Chief Executive Officer
Slide 15: Together for Growth
Together for Growth 15 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 60% Sales to defensiv
Slide 16: Reinvesting in our direct sales capabilities to accelerate growth
Reinvesting in our direct sales capabilities to accelerate growth 16 Delivering on our Operational Priorities Organisational Fitness simplification driving savings Commercial Excellence reinvestment to drive organic growth Investing in direct sales to enhance Working with channel partners to solve W
Slide 17: Delivering on our Operational Priorities
Delivering on our Operational Priorities 17 Enhancing efficiency by driving continuous improvement to support future growth Operational Excellence Operational Excellence Optimising manufacturing footprint Continuous operational improvement and efficiency in ETS • Transferring STS casting and forging
Slide 18: Investing for sustained long-term organic growth
Investing for sustained long-term organic growth 18 Enhancing customer partnerships through connectivity, services and decarbonisation Digital and Services Decarbonising thermal energy Connected Connected Direct Four defined go-to-market strategies customers products sales tools Energy Optimisation
Slide 19: Digital opportunity
Digital opportunity 19 Building enduring partnerships with customers Investment Opportunity Pull-through • Connected products Installed Increased MRO and • Service capabilities Base solution sales • Bolt-on acquisitions Today 1m >1 million steam traps surveyed every year Progress since 2023 10% Init
Slide 20: Summary
Summary 20 Driving growth Strong orderbooks and H1 results in line ahead of markets momentum into H2 becoming embedded On track to deliver full-year Group guidance and Medium-Term targets
Slide 21: Appendix
Appendix
Slide 22: Appendix I: Exchange rate exposure and impacts
Appendix I 22 Exchange rate exposure and impacts Proportion of Group results* Average exchange rates Sales Profit Average H126 Average H125 Change Euro 29% 37% 1.15 1.19 3% US dollar 29% 27% 1.35 1.30 (4)% Renminbi 9% 16% 9.24 9.41 2% Won 3% 3% 1,991.8 1,857.9 (7)% Real 3% 4% 6.96 7.50 7% Argentine
Slide 23: Appendix II: Reconciliation of operating profit to adjusted operating profit
Appendix II 23 Reconciliation of operating profit to adjusted operating profit The Group uses adjusted figures as key performance measures in addition to those reported under IFRS. The Group’s management believes these measures provide valuable additional information for users of the financial state
Slide 24: Appendix III: Additional guidance (for modelling purposes)
Appendix III 24 Additional guidance (for modelling purposes) 2025 Actual 2026 Guidance Revenue: 3% adverse Revenue: 0% Exchange rate impact Adjusted Operating Profit: 4% adverse Adjusted Operating Profit: 0% Corporate costs £39m Higher P&L charge: £40m Exceptional restructuring costs Cash costs: ~£1
Slide 25: Appendix IV: Environmental and social progress
Appendix IV 25 Environmental and social progress Refreshed One Planet Roadmap: Embedding Sustainable Engaging People Advancing Customer Operations and Communities Sustainability Progress in H1 2026 Waste to landfill Scopes 1 & 2 emissions Group energy usage Completed assessment 65% lower 7% lower 7%