The Weir Group PLC (WEIR) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone, and welcome to WEIR's 2025 half-year results presentation. Please note the usual cautionary notice on forward-looking statements. Today, I'm joined by our CFO, Brian Puffer, and after my introduction, Brian will lead the financial review, and then I'll cover strategic progress and outlook. After the presentation, we'll both be available for Q&A. So let me start with a reminder of our journey to deliver on WEIR's compelling long-term value creation opportunity. Having completed our portfolio transformation, we're now a focused mining technology leader with unique capabilities. With our leading brands, comprehensive service model and growing range of innovative end-to-end solutions, we're helping our customers boost productivity and sustainability. We're located close to every major mine around the world, deeply embedded in our customers' operations, keeping their mines running and helping to solve their biggest challenges. Our business model and its barriers to entry underpin the track record of consistent delivery that we're building. Through performance excellence, we're optimising our business, creating a leaner, more efficient and scalable WEA. We're well on track to deliver our cumulative savings target of £80 million in 2026, and we are then a business with operating margins sustainably above 20%, with a wonderful platform to deliver compounding growth. And now we're entering the growth acceleration phase of our strategy, underpinned by the energy transition and global demographic trends, the adoption of new digital and hardware technologies to deliver critical minerals in a more sustainable way, and our own specific strategic growth initiatives. Through capital allocation, we're already shifting gears, and later I'll talk through our pro...