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4th March 2026
Minesite expansions, debottlenecking and technology adoption driving orders1 +7%
- OE orders1 flat; +6% underlying excluding large orders YoY
- AM orders1 +8% reflecting high activity levels and contributions from acquisition
Strong operational performance in fourth quarter delivering annual revenue1 +6%
- OE revenue1 +2%; Q4 revenue +29% YoY on flawless execution of orderbook
- AM revenue1 +8%, reflecting high demand for spares and expendables
- Micromine annual recurring revenue +24% on an annualised basis
Adjusted operating profit1,2 +15%; Performance Excellence savings ahead of plan
- Adjusted operating profit1,2 of £518m, significantly ahead of prior year
- Adjusted operating margin1,2 of 20.2%; +150bps reflecting Performance Excellence savings and software margins
- Cumulative Performance Excellence savings of £59m to date
Cash conversion in target range; net debt and returns reflecting recent M&A
- Free operating cash conversion of 92% within guidance range
- Net debt4 to EBITDA 1.9x in line with guidance following acquisition activity
- Return on capital employed of 17.9%, reflecting acquisition spend
Significant strategic progress on advancing growth strategy
- Software Solutions established through acquisitions of Micromine and Fast2Mine
- Townley addition strengthening presence in important North American markets
- ESCO go-direct strategy in Chile accelerated via ESEL acquisition
2026 Outlook: Growth in constant currency revenue, operating profit and operating margins
- Further brownfield expansion and positive activity levels, enhanced by mining software growth
- 2026 Performance Excellence savings target increased to £90m; total final programme cost £113m
- Free operating cash conversion of 90-100%
2025 | 2024 | As reported +/- | Constant currency1 +/- | |
Continuing Operations3 | ||||
Orders1 | £2,598m | £2,439m | n/a | +7% |
Revenue | £2,565m | £2,506m | +2% | +6% |
Adjusted operating profit2 | £518m | £472m | +10% | +15% |
Adjusted operating margin2 | 20.2% | 18.8% | +140bps | +150bps |
Adjusted profit before tax2 | £447m | £428m | +4% | n/a |
Statutory profit before tax | £366m | £347m | +5% | n/a |
Adjusted earnings per share2 | 123.8p | 120.0p | +3% | n/a |
Return on capital employed | 17.9% | 19.3% | -140bps | n/a |
Total Group | ||||
Statutory profit after tax | £248m | £313m | -21% | n/a |
Statutory earnings per share | 95.7p | 121.1p | -21% | n/a |
Free operating cash conversion | 92% | 102% | -10pp | n/a |
Dividend per share | 41.7p | 40.0p | +4% | n/a |
Net debt4 | £1,274m | £535m | -£739m | n/a |
"In 2025 we made significant strategic progress in advancing our growth strategy with meaningful investments in digital, geographic expansion and product extensions. Together with several new product launches, we have considerably expanded our addressable market of mission critical solutions. We executed strongly throughout the year, particularly in the fourth quarter, with flawless execution of our OE orderbook. Our Performance Excellence programme continues to run ahead of plan, and combined with high quality software margins, delivered a significant increase in profit for the year.
Looking ahead to 2026, I am encouraged by the strength of our business. Our market-leading hardware portfolio and growing suite of software solutions position us to benefit from the long-term structural tailwinds across the mining industry. We expect to deliver another year of revenue growth and margin expansion, supported by full year contributions from our recent acquisitions as well as a final £30m of Performance Excellence savings, bringing the total cumulative benefits of the programme to £90m."
CEO, Weir
Notes:
The Group Financial Highlights and Divisional Financial Reviews include a mixture of GAAP measures and those which have been derived from our reported results in order to provide a useful basis for measuring our operational performance. Adjusted results are for continuing operations before adjusting items as presented in the Consolidated Income Statement. Details of other alternative performance measures are provided in note 2 of the Audited Results contained in this press release.
1.2024 restated at 2025 average exchange rates.
2. Profit figures before adjusting items. Continuing operations statutory operating profit was £436m (2024: £391m). Total operations adjusted operating cash flow excludes additional pension contributions, exceptional and other adjusting cash items, and income tax paid. Total operations net cash generated from operating activities was £385m (2024: £450m).
3. Continuing operations excludes the Oil & Gas Division, which was sold to Caterpillar Inc. in February 2021 and the Saudi Arabian joint venture, which was sold to Olayan Financing Company in June 2021.
4. Refer to note 2 of the Audited Results contained in this press release for further details of alternative performance measures.
5. Total incident rate is an industry standard indicator that measures lost time and medical treatment injuries per 200,000 hours worked.
6. Market-based absolute CO2 emissions. 2019 is the baseline year for our SBTi-aligned scope 1&2 target of 30% reduction in absolute emissions by 2030.