2025 Full Year presentation (weir 2025 full year results presentation)

Full year results

Mining tec analogy for a sust

1

Introduction

Jon Stanton

2025 FY

1. Financial results

   Brian Puffer

   2025 FY review

2. and 2026 outlook

   Jon Stanton

   Q&A

3. Jon Stanton and Brian Puffer

3 Full Year Results | 2025

Chief Executive Officer

Introduction

4 Full Year Results | 2025

Delivering on our equity case

Focused mining technology leader with unique capabilities and high barriers to entry

• Trusted brands

• Leading technologies

• Differentiated customer service

  Multi-decade market opportunity driven by demand for critical metals and adoption of new technologies to enable sustainable mining

  • Increasing ore

    production/capex

  • Growing our addressable market

  • Gaining market share

Quality compounder with strong through cycle organic growth and compounding M&A

• Sector leading margins

• Consistent cash conversion

• Driving TSR

5 Full Year Results | 2025

Excellent operational execution in 2025

Growth

Outgrowing our markets

+6%

YoY change in revenue1

Margins

Expanding our margins

+150bps

Operating margin1,2

Returns

Converting earnings into cash and returns

92%

Cash conversion

Resilience Sustainability

Providing resilience and predictability

Delivering for people and planet

+15%

YoY growth in operating profit1,2

31%

Reduction in emissions3

Full year dividend of 41.7p, +4% YoY

6 Full Year Results | 2025

1. Continuing operations, 2024 restated at 2025 average exchange rates. 2. Operating profit before adjusting items.

3. Continuing operations market-based absolute CO2emissions. 2019 is the baseline year for our SBTi-aligned scope 1&2 target of 30% reduction in absolute emissions by 2030.

Significant progress on advancing our growth strategy

Acquisitions to enhance our digital capabilities and expand our geographic presence

Strategic partnerships to accelerate our

technology agenda and access new markets

Organic initiatives extending addressable market opportunities

Micromine Fast2Mine Townley ESEL Chile

CiDRA P29 investment

Olayan Saudi JV

Viking Analytics licence

Vertical stirred mills NEXT intelligent solutions Production Master® Nexsys®

7 Full Year Results | 2025

Chief Financial Officer

2025 FY financial results

8 Full Year Results | 2025

Excellent execution with strong financial outcomes

Orders1

£2.6bn +7%

Revenue1

£2.6bn +6%

Operating profit1,2

£518m +15%

Operating margin1,2

20.2% +150bps

9 Full Year Results | 2025

1. Continuing operations, 2024 restated at 2025 average exchange rates. 2. Operating profit, profit before tax and EPS reflect continuing operations before adjusting items.

3. Free operating cash flow is for total Group and is before exceptional and other adjusting items cash flows, additional pension contributions and tax.

4. Net debt : EBITDA is on a lender covenant basis. 5. Continuing operations as reported. 6. Year-on-year increase.

Minerals: positive underlying demand and strong execution

Supportive mining market conditions

• OE orders stable, +7% excluding YoY impact of large orders

• AM orders +7% YoY, installed base expansion and contribution from Townley

• Book-to-bill of 1.01

  Orders1

  £1,879m +5%

  OE stable AM +7%

  £m OE AM

  			75%
  	74%
  	26%		25%

  2,000

  1,000

  0

  2024 2025

  Strong orderbook execution

• OE revenue +5%, strong execution of orderbook in Q4

• AM revenue +7%, positive hard rock mining trends

• Strong regional performance in North and South America driven by high levels of mine activity

  Revenue1

  £1,856m +6%

  OE +5% AM +7%

  £m

  2,000

  1,000

  0

  OE AM

  	75%		75%
  	25%		25%

  2024 2025

  21.9% margin1,2, +100bps

• Incremental benefits from Performance Excellence through lean and capacity optimisation workstreams

• Benefit from movement in revenue mix towards AM

Operating margin1,2

21.9% +100bps

Operating profit1,2

£406m +11%

£m

400

200

0

20.9% 21.9%

365

2024 2025

24.0%

406

20.0%

16.0%

10 Full Year Results | 2025

1. 2024 restated at 2025 average exchange rates.

2. Operating profit figures before adjusting items.

ESCO: strong GET demand and Software Solutions growth

Positive core product demand

• High levels of demand for core GET products

• Contribution from Micromine of £44m

• Book-to-bill of 1.01

  Orders1

  £719m +11%

  Like-for-like growth3 +4%

  £m

  700

  350

  0

  	649		719

  2024 2025

  GET and Software Solutions growth

• Growth in core mining and infrastructure GET products

• Contribution from Micromine of £41m

• Strong revenue growth from MOTION METRICSTM solutions

  Revenue1

  £709m +6%

  Like-for-like growth3 stable

  £m

  700

  350

  0

  667

2024 2025

21.4% margin1,2, +260bps

• Incremental savings from Performance Excellence

• Benefit from contributions of high margin Micromine of 120bps

• Tariff impact on gross margins offset through foundry network

  Operating margin1,2

  21.4% +260bps

  Like-for-like margins3 +140bps

  £m

  150

  100

  2024 2025

  22.0%

  18.8%	21.4%
  	152
  125

  19.0%

  16.0%

  11 Full Year Results | 2025

  1. 2024 restated at 2025 average exchange rates.

  2. Operating profit figures before adjusting items.

  3. Constant currency growth, excluding contribution from Micromine and Fast2Mine post-completion.

  Micromine business performance metrics

  Customer retention1

  Recurring revenue1

  Annual recurring revenue (ARR)1

  94% 88% 24%

  Low churn High percentage

  of total revenue

  Annual growth from new

  and existing customers

  Best in class metrics supporting predictable and resilient growth

  12 Full Year Results | 2025

  1. On an annualised basis.

  Group operating margin1 expansion: +150bps

  Translational FX -10bps

  +10bps

  +140bps

  +30bps -30bps

  16.0%

Lean processes

Capacity optimisation

Functional transformation

Operational efficiencies

FY 2022

Reported

FY 2023

Reported

FY 2024

Reported

FY 2024

Restated1

Minerals OE/AM Mix

Performance

Excellence

Acquisitions

R&D Investments

FY 2025

Reported

On track to deliver further margin growth in 2026

13 Full Year Results | 2025

1. Operating profit figures before adjusting items; 2024 restated at 2025 average exchange rates.

Adjusting items

Total adjusting items charge of £73m

£47m exceptional charge

• Performance Excellence exceptional costs of £45m

• Costs relate to workstreams across all three pillars of programme with related cash outflow of £34m

• £22m of costs incurred in relation to acquisitions in the year and includes £5m charge in relation to unwind of fair value uplift in inventory from Townley acquisition

• US subsidiary containing asbestos provision deconsolidated

  £35m other adjusting items charge

• Increased intangibles amortisation relates to acquisition related assets

  14 Full Year Results | 2025

  1. Continuing Operations, totals in table impacted by rounding.

  Cash generation and returns

  £m	2025	2024
  Operating cash flow pre working capital	623	583
  Working capital cash flows	(57)	8
  Adjusted operating cash flow	566	591
  Net capex and lease payments	(81)	(94)
  Purchase of shares for employee share plans	(10)	(13)
  Free operating cash flow	475	484
  Free operating cash conversion %	92%	102%
  Debtor days	61	59
  Inventory turns	2.0	2.5
  Working capital as % of sales	22.4%	20.7%

  Operating cash flow £566m, -4%

  Profit growth offset by working capital cash outflow

  Working capital efficiency; 22.4% of sales

  Supporting manufacturing platform optimisation and tariff response

  Capex and lease payments, -£13m

  Lower capex following recent investments; Capex to depreciation at 1.0x

  Free operating cash conversion of 92%,

  within target range

  Free operating cash flow (£m)

  392

2023 2024 2025

15 Full Year Results | 2025

Cash flow and liquidity

Free cash inflow of £267m

• Higher interest following acquisition activity and refinancing

• Increased tax payments due to higher profits and country mix

• Net debt increased by £739m following acquisition activity

  Liquidity

• Net debt to EBITDA 1.9x on a lender covenant basis

• Refinancing of acquisition debt complete following USD and AUD bond issuance

Net debt to EBITDA of 1.9x

2023 2024 2025

Free operating cash flow 475 484

Net interest (62) (43)

Tax (132) (111)

Settlement of derivative financial instruments (13) (2)

Other (1) (-)

Free cash flow 267 328

16 Full Year Results | 2025

2026 full year financial guidance

Corporate costs broadly in line with 2025

Capex and leases to depreciation 1.3x

Net interest costs of c.£90m arising from refinancing and acquisition activity

No P+L cost impact expected from delivery of final Performance Excellence workstreams

17 Full Year Results | 2025

1. Profit before adjusting items.

Purchase of shares for employee

share plans £13m (2025: £10m)

Free operating cash conversion 90-100%

Exceptional cash outflow of £25-30m

for Performance Excellence, acquisition and integration costs

Effective tax rate1 expected to remain broadly

unchanged from 2025

Strong, clean balance sheet positioned for growth

01 02 03

Legacy balance sheet exposures

US asbestos provision has been deconsolidated. Remaining provision deemed sufficient to cover future exposure

Previously underfunded defined benefit pension schemes now in surplus

Performance Excellence costs

Total programme costs of £113m fully recognised and below previous guidance

Continuous improvement initiatives to maintain operating profit margins sustainably above 20% from 2026

Other adjusting items

Acquisition and integration costs to be incurred in line with acquisition activity

Other adjusting amortisation arising from acquisition related assets to continue

Simplified and derisked exceptionals going forward

18 Full Year Results | 2025

Key financial messages

01

Strong demand and operational execution

Growth and margin contribution from acquisitions, delivering in line with expectations

Operating margin1,2 expansion +150bps, Performance Excellence ahead of expectations

03

Net interest costs of c.£90m arising from

refinancing and acquisition activity

Capex and leases to depreciation 1.3x

Full year cash conversion of 90% to 100%

02

Performance Excellence related costs

fully recognised

Free operating cash conversion in target range at 92%

Full year dividend of 41.7p, +4% YoY

04

Acquisition activity accretive to both growth

and margins

Cash generation to support de-leveraging at pace

Strong, clean balance sheet positioned for growth

19 Full Year Results | 2025

1. 2024 restated at 2025 average exchange rates.

2. Profit before adjusting items. 3. Continuing operations, as reported.

Chief Executive Officer

2025 FY review and 2026 outlook

20 Full Year Results | 2025

We are Weir strategy in action

Achieve and sustain a zero harm workplace

Nurture our inclusive ‘One Weir’ culture

Create a future-ready workforce

enabled by AI

Purpose

We are here to enable the sustainable and efficient delivery of the natural resources essential to create a better future for the world.

Be recognised as a thought leader in the

transformation of mining

Deliver smart, efficient and sustainable

outcomes for customers

Grow faster than the market via

exceptional technology and service

Optimise customer fulfilment through

clean, lean and agile operations

Leverage technology to deliver high

quality efficient business processes

Maintain best-in-class operating margins and cash conversion

Protect the core with continuous design

and value proposition enhancements

Broaden transformational solutions

offering across the mining value stream

Build the leading software solutions provider to the mining industry

21 Full Year Results | 2025

Significant progress on advancing our growth strategy

Acquisitions to enhance our digital capabilities

Investments and strategic partnerships to expand our geographic presence

Initiatives

extending addressable market opportunities

Micromine Fast2Mine

Townley ESEL Chile

Olayan Saudi JV

ENDURON® VSM

CiDRA P29 separation

22 Full Year Results | 2025

Creating a global leader in software solutions

23 Full Year Results | 2025

Expanding our geographic presence

Geographies

Attractive growth regions

North America South America EMEA

with high reserves and improving permitting

Consistent with AM business model

Final pieces in platform for growth alongside Performance Excellence capacity optimisation

Townley

Enhanced North American and phosphate market presence

Completes Minerals global foundry capacity needs

ESEL

Accelerates ESCO go-direct strategy in Chile

Increases global foundry network capacity in attractive location

Olayan

Immediate access to local network in growing mining region

Previous successes as partner with Oil & Gas business

24 Full Year Results | 2025

Strengthening our future flowsheet solution

Strategic investments to fill mission critical product gaps

Comminution

Separation

ENDURON® Partnerships

Vertical stirred mill

• Alternative to ball mills

• Completes fine grinding

  flowsheet

• Received order for first machine

• P29 separation technology

• Coarse particle floatation

• >40% grinding throughput

• Modular applications for greenfield and brownfield sites

• Initial field trials underway

Expanded product portfolio will further support AM growth algorithm

25 Full Year Results | 2025

Leading by example in the sustainable and efficient delivery of critical resources

Thought leadership

Emission reductions

‘Untapped’

industry report

Opportunity to reduce water consumption by c.78%

31% reduction

against 2019 baseline

Absolute scope 1&2 emissions

‘Mined Shift’

podcast

1.3m listens

446,239 tCO2e

Avoided emissions

Regulatory engagement

Climate

‘A’ list

From CDP for fourth year in a row

Updated Climate Transition Plan

Informed by UK Transition Plan Taskforce

26 Full Year Results | 2025

Creating a safe and purpose driven workplace for our people

Safety

0.52 Total incident rate (TIR)1

Employee engagement and retention

49

eNPS2,3 score Top 10% of benchmark

87%

Micromine retention rate

External recognition

Top 10

Britain’s Most Admired

Companies

Tier 1

CCLA mental health benchmark

27 Full Year Results | 2025

1. Total incident rate is an industry standard indicator that measures lost time and medical treatment injuries per 200,000 hours worked. 2024: 0.42.

2. eNPS (employee net promoter score) is an index used to measure employee satisfaction levels. 3. eNPS score covers all Weir, excluding 2025 acquisitions.

People success story: accelerating growth in Software Solutions

Putting the ‘One Weir’ culture into practice

Challenge

Facilitating impactful interactions to introduce customers of our hardware businesses to Micromine’s digital software suite

Solution

Common purpose, aligned to our We are Weir

framework

Unified planning across ESCO, Minerals and Software Solutions to assess and organise successful meetings

Thoughtful incentivisation programme to promote broad collaboration and celebrate success

Outcomes

Customer: Market leading optionality for solutions to move less rock, use less energy, use water wisely, create less waste and boost productivity with digital

Weir: c.50 impactful meetings with customers globally since the acquisition of Micromine

Weir: Strong pipeline to support further ARR growth of Software Solutions

28 Full Year Results | 2025

Solving the biggest smart, efficient and sustainability challenges for our customers

Sustainable mining

£40m

c.70% dry content

solutions

Codelco Talabre tailings transportation order

Delivering our digital vision

Stope optimisation

Launched during

‘Momentum 2026’

2x

MOTION METRICSTM

units sold YoY

Outgrowing our markets

>90%

Large mill circuit

pump trials won

18%

Increase in major digger conversions YoY

29 Full Year Results | 2025

Customer success story: ESCO® Production Master®

Applying best-in-class technology to solve customers’ challenges in Australia

Challenge

Customer challenges include irregular and inefficient bucket load volumes as well as maintenance downtime

ESCO #1 in Australian GET through lip system retrofits, with opportunity

to move up the value chain

Solution

Working closely with customers and leveraging proven ESCO® Nexsys® GET system, developed the Production Master® bucket for hydraulic shovels

Improved asset efficiency through pass matching and MOTION METRICSTM enabled load management

Outcomes

Customer: Increased capacity by 10% with ROI achieved within weeks of ownership

Weir: Increased bucket sales in Australia 7x in last three years

Weir: All critical bucket components covered by IP protection

Partnering for growth in some of mining’s

toughest conditions

30 Full Year Results | 2025