Spirax Group (SPX) Trading update summary

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.