Weir (WEIR) H1 2026 earnings summary

Executive summary

• Orders grew 8% year-over-year to £1.4bn, with strong Q2 momentum and robust demand in mining markets, especially copper, gold, iron, and oil sands.

• Revenue increased 5% year-over-year to £1.3bn, driven by acquisitions and organic growth, despite production transfer delays.

• Adjusted operating profit margin was 18.8%, down 100bps year-on-year, reflecting product mix and timing of operational savings.

• Profit before tax was £196m, down due to higher interest costs from acquisitions and working capital.

• Interim dividend increased 2% to 20.0p per share, reflecting confidence in full-year growth.

Financial highlights

• Orders: £1.4bn (+8% YoY); Revenue: £1.3bn (+5% YoY); Adjusted operating profit: £239m (flat YoY); Operating margin: 18.8% (-100bps YoY).

• Profit before tax: £196m (-8% YoY); Statutory profit after tax: £129m (+15% YoY); Adjusted EPS: 54.6p (-7% YoY); Statutory EPS: 49.8p (+15%).

• Free operating cash conversion at 41%, impacted by working capital build and production transfer timing.

• Net debt to EBITDA at 2.2x, expected to revert toward 1.5x by year-end.

• Interim dividend of 20.0p per share, up 2% year-on-year.

Outlook and guidance

• Full-year guidance reaffirmed: mid single-digit organic revenue growth, operating profit margin above 20%, and free operating cash conversion of 90–100%.

• Strong orderbook and positive market activity underpin confidence for H2 profitability and cashflow.

• Net financing costs expected at ~£90m; effective tax rate at 28%.

• Performance Excellence savings target of £90m on track for 2026.

• Americas highlighted as the strongest medium-term growth opportunity.