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29th July 2026
HY order1 growth of 8% year on year in line with full year expectations
- OE orders1 +10%; project pipeline conversions, pump trial wins and contribution from new products
- AM orders1 +8%; positive activity levels with strong demand in copper, gold, iron and oil sands
- Strong organic order1 growth; Minerals Q2 AM organic orders1 +8%
Revenue and operating margins in line with expected weighting
- Revenue1 +5% with contributions from acquisitions partially offset by timing of production transfers
- Adjusted operating profit margin1,2 of 18.8% on short-term product mix and strong comparative
- Cumulative Performance Excellence savings of £72m
Cash conversion, net debt and returns on track to meet full year commitments
- Free operating cash conversion of 41%, reflecting seasonality and working capital phasing
- Net debt4 to EBITDA of 2.2x, reflecting cashflow phasing; expected to return towards 1.5x at year end
- Return on capital employed of 15.2%
FY outlook reiterated: growth in constant currency revenue, operating profit and operating margins
- Strong orderbook at end of June, market share gains and positive activity levels expected to continue
- Good operating momentum and improving mix to drive profitability and cashflow in H2
- Full year guidance in line with market expectations
H1 2026 | H1 2025 | As reported +/- | Constant currency1 +/- | |
Continuing operations | ||||
Orders1 | £1,426m | £1,320m | n/a | +8% |
| Revenue | £1,269m | £1,195m | +6% | +5% |
Adjusted operating profit2,5 | £239m | £237m | +1% | -% |
Adjusted operating profit margin2,5 | 18.8% | 19.8% | -100bps | -100bps |
Adjusted profit before tax2,5 | £196m | £213m | -8% | n/a |
Statutory profit before tax5 | £175m | £164m | +7% | n/a |
Adjusted earnings per share2,5 | 54.6p | 58.9p | -7% | n/a |
Return on capital employed | 15.2% | 17.7% | -250bps | n/a |
Total Group | ||||
Statutory profit after tax5 | £129m | £112m | +15% | n/a |
Statutory earnings per share5 | 49.8p | 43.2p | +15% | n/a |
Free operating cash conversion | 41% | 62% | -21pp | n/a |
Dividend per share | 20.0p | 19.6p | +2% | n/a |
Net debt4 | £1,449m | £1,274m* | -£175m | n/a |
"Our financial performance for the first half is in line with our expectations and reflects an acceleration in Q2 supported by market share gains in new bids, competitive trials and demand for innovative new solutions. We made strong progress against our strategic priorities, growing the core business, deepening relationships with customers through innovation, delivering further efficiencies and investing in our future growth. With momentum in all areas of the business, our outlook for the full year is underpinned.
The combination of Weir's differentiated technology and customer service with opportunities coming from new solutions and recent acquisitions means we are well positioned for growth. My successor, Andrew knows this business inside out and together with the outstanding people of Weir, I'm confident that he will take the business from strength to strength in the years to come."
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 Interim Financial Statements contained in this press release.
1. 2025 restated at 2026 average exchange rates.
2. Profit figures before adjusting items. Continuing operations statutory operating profit was £219m (2025: £188m). 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 £83m (2025: £99m).
3. Total incident rate is an industry standard indicator that measures lost time and medical treatment injuries per 200,000 hours worked.
4. Refer to note 2 of the Interim Financial Statements contained in this press release for further details of alternative performance measures.
5. H1 2025 has been restated as a result of Micromine opening balance sheet adjustments. Refer to note 1 of the Interim Financial Statements contained in this press release for further details of the restatement impacts.
6. Purchase settled in USD. Spot of 1.3191.