Spirax Group
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Spirax Group (SPX) investor relations material

Spirax Group Trading update summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Trading update summary13 May, 2026

Economic environment

  • Macroeconomic uncertainty remains high due to Middle East conflict, trade tariffs, and higher energy costs.

  • Global industrial production (IP) growth was 1.4% in Q1 2026, weak in key European markets.

  • IP excluding China was 1.5%, with a full-year forecast of 1.9%, weighted to the second half.

  • Outlook for IP remains cautious, reflected in company guidance.

Trading performance

  • Achieved organic growth ahead of IP and margin progression, consistent with prior demand trends.

  • STS saw demand grow ahead of IP, supported by MRO, solutions, and recovery in large projects.

  • ETS delivered double-digit demand growth, especially in Semicon; WMFTS demand robust in Process Industries and Biopharm.

  • Group revenues grew mid-single-digit organically; adjusted operating profit margin improved year-on-year.

Financial position

  • Net borrowings (excluding leases) at £575 million, net debt to EBITDA ratio stable at 1.5x.

  • Final dividend of 121.1p per share, up 3% from 2024, with £89 million cash impact, payable 22 May 2026.

Detail STS large project demand recovery
Explain double-digit demand growth in ETS
Analyze WMFTS demand in Process and Biopharm
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H1 202611 Aug, 2026
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