The Weir Group Stock Earnings Reports

Weir delivered a strong FY2025: revenue grew 6% (constant currency) to GBP 2.6bn, operating profit rose 15% to GBP 518m and operating margin expanded 150bps to 20.2% (achieving the 20% margin target a year early). Orders were up 7% to GBP 2.6bn, aftermarket orders grew ~8% and OE was stable (with brownfield demand offsetting phasing of large greenfield projects). Free operating cash conversion was 92% and net debt/EBITDA rose to 1.9x after self-funded acquisitions (Micromine, Townley, Fast2Mine and strategic investment in CiDRA). The Performance Excellence program delivered cumulative savings (GBP 59m to date) and the final cumulative target was increased to GBP 90m. Scope 1 & 2 emissions are down 31% vs 2019, ahead of the original 2030 target. Management expects mid-single-digit organic growth in 2026, a further ~50bps of margin expansion, free operating cash conversion of 90–100%, deleveraging back toward 0.5–1.5x net debt/EBITDA, and continued acceleration of the software business (Micromine, Motion Metrics, Fast2Mine). Key strategic themes: build a combined hardware + software offering for mining, geographic expansion (North & South America, Saudi JV), new product launches (e.g., vertical stirred mill, P29 separation partnership), and continued investment in R&D/ERP to support longer-term margin gains. Near-term risks/notes: temporary working capital build (inventory/headroom from Performance Excellence moves and tariffs) pushed working capital to 22.4% of sales in 2025; acquisition-related amortization and integration costs will persist near-term; timing uncertainty remains for large greenfield OE projects (e.g., Reko Diq). Overall, the company is positioned for further margin improvement, software-led growth and accelerated deleveraging in 2026.