2026 Half Year Results

Spirax Group PLC

11 August 2026

 

11 August 2026

2026 Half Year Results

First half in line; on track to deliver full year guidance

Six months ended 30 June

Statutory (£m/p)	2026	2025	Reported
Revenue1	863.8	822.2	5%
Operating profit	154.2	106.8	44%
Operating profit margin	17.9%	13.0%	490bps
Profit before taxation	135.4	87.9	54%
Basic earnings per share	132.2	85.0	56%
Dividend per share	50.4	48.9	3%

Adjusted7 (£m/p)	2026	2025	Reported	Organic2
Revenue1	863.8	822.2	5%	5%
Adjusted operating profit	171.1	158.8	8%	6%
Adjusted operating profit margin	19.8%	19.3%	50bps	10bps
Adjusted profit before taxation	152.3	139.9	9%
Adjusted basic earnings per share	150.0	137.6	9%
Adjusted cash conversion	54%	61%	(700)bps

●	Group revenue up 5% 3 and well ahead of IP5 of 1.5%; margin up 10bps3
●	STS4 sales up 1%3 with demand growth of over 2x IP; strong orderbook and momentum into second half
●	ETS4 sales up 11%3 with strong demand growth across all three Divisions
●	WMFTS4 sales up 7% 3 with Biopharm6 orders ahead of sales and continuing growth in PI6
●	STS margin3 reflects phasing of shipments and investment in growth; full year broadly in line with 2025
●	ETS and WMFTS margins up strongly3 benefiting from operating leverage, mix and operational efficiencies
●	Statutory operating profit up 44% and margin up 490bps due to one-off restructuring costs in 2025
●	Adjusted cash conversion reflects usual seasonality and planned inventory builds; ROCE up 180bps
●	On track to deliver full year guidance: mid-single-digit organic revenue growth and organic margin progress

Nimesh Patel, Group Chief Executive Officer, commenting on the results said:

"We have again delivered resilient mid-single-digit organic growth in revenue and profit, well ahead of IP.  Driving growth ahead of our markets, in spite of external conditions, is now becoming embedded in how we operate and demonstrates the strengths of our business model and strategic positioning in diversified and attractive end markets.  

"Continuing momentum in end markets such as Semicon and Biopharm as well as strong orderbooks, underpin our expectations for second half revenue and profit growth and we are reiterating our full year guidance. 

"Our Together for Growth Strategy is strengthening the Group's differentiated business model, competitive leadership and resilience to drive sustained compounding organic growth at high margins and improving returns on capital.  We remain on track to deliver the medium-term targets we set out for the Group in October 2024; and above these targets in the longer term."

http://www.rns-pdf.londonstockexchange.com/rns/0289Q_1-2026-8-10.pdf

¹ 'Sales' is used interchangeably with 'revenue' when describing the financial performance of the Group

² 'Organic measures are at constant currency and exclude contributions from acquisitions and disposals

³ Period on period changes are stated on an organic basis

⁴ 'STS': Steam Thermal Solutions; 'ETS': Electric Thermal Solutions; 'WMFTS': Watson-Marlow Fluid Technology Solutions

⁵ 'IP': Industrial Production growth excluding China (June 2026)

⁶ 'Semicon': semicon wafer fab equipment manufacturers; 'Biopharm': Pharmaceutical & Biotechnology sector; 'PI': Process Industries

⁷ See Appendix to the Financial Statements for an explanation of alternative performance measures and reconciliation to IFRS measures

For further information, please contact:

Louisa Burdett, Chief Financial Officer:	[phone]
Mal Patel, Head of Investor Relations:	[phone]

Media

Martin Robinson, Teneo:	[phone]
[e-mail]

Audio webcast

The results presentation will be available as a live webcast from 8.30 am on the Company's website at http://www.spiraxgroup.com/ or via the following link: https://edge.media-server.com/mmc/p/22pdkjdm

A recording will be made available on the website shortly after the meeting.

About Spirax Group plc

Spirax Group is positioned to play a critical role in enabling the industrial transition to net zero, aligned to our Purpose to create sustainable value for all our stakeholders as we engineer a more efficient, safer and sustainable world.  We put solving customers' problems at the heart of our total solutions approach.  Our global thermal energy and fluid technology solutions improve operating efficiency and safety in our customers' critical industrial processes.  Our new-to-world decarbonisation* solutions will use our proprietary technologies to electrify boilers for the raising of steam, as well as the electrification of other critical industrial process heating applications.

Spirax Group comprises three strong and aligned Businesses: Steam Thermal Solutions helps customers control and manage steam within their mission critical industrial applications, such as cleaning, sterilising, cooking and heating.  We are helping to put food safely on the world's tables and keeping our hospitals running. Electric Thermal Solutions has proprietary technologies that deliver electrification solutions at scale in industrial settings, including for the raising of steam, supporting our customers to achieve their net zero goals. We also deliver freeze protection and defrost solutions critical to aviation and space industries and ensure thermal uniformity in Semiconductor chip manufacturing to power the critical electronic systems we rely on.  Watson‐Marlow Fluid Technology Solutions is engineering vital fluid technology solutions that optimise the efficient use of resources and support advancements in global health, such as lifesaving vaccines and gene therapies.

Spirax Group is headquartered in Cheltenham (UK). We have over 30 strategically located manufacturing plants around the world and are committed to creating a safe and inclusive working culture for our 10,000 colleagues, operating in nearly 70 countries and serving over 100,000 customers globally. 

The Company's shares have been listed on the London Stock Exchange since 1959 (symbol: SPX) and we are a constituent of the FTSE 100 and the FTSE4Good Indexes.

* Eliminates scopes 1 and 2 greenhouse gas emissions when connected to a green electricity source.

Further information can be found at spiraxgroup.com

RNS filter: Results

LEI 213800WFVZQMHOZP2W17 

SUMMARY FINANCIALS

Six months to 30 June	H1 2026	H1 2025	y-o-y change
	£m	£m	Organic*	Reported
SUMMARY FINANCIALS
Steam Thermal Solutions (STS)	419.8	414.2	1%	1%
Electric Thermal Solutions (ETS)	232.9	212.3	11%	10%
Watson-Marlow Fluid Technology Solutions (WMFTS)	211.1	195.7	7%	8%
Group Revenue	863.8	822.2	5%	5%
STS	89.2	66.2		35%
ETS	27.5	17.8		54%
WMFTS	56.7	43.6		30%
Corporate	(19.2)	(20.8)
Group Statutory Operating Profit	154.2	106.8		44%
STS	21.2%	16.0%		520bps
ETS	11.8%	8.4%		340bps
WMFTS	26.9%	22.3%		460bps
Group Statutory Operating Profit Margin	17.9%	13.0%		490bps
STS	92.3	97.0	(6)%	(5)%
ETS	40.0	31.8	27%	26%
WMFTS	58.0	50.6	11%	15%
Corporate	(19.2)	(20.6)
Group Adjusted Operating Profit*	171.1	158.8	6%	8%
STS	22.0%	23.4%	(170)bps	(140)bps
ETS	17.2%	15.0%	220bps	220bps
WMFTS	27.5%	25.9%	80bps	160bps
Group Adjusted Operating Profit Margin*	19.8%	19.3%	10bps	50bps
Cash flow
Statutory net cash from operating activities	84.3	97.5		(14)%
Adjusted cash from operations*	91.6	97.0		(6)%
Adjusted cash conversion*	54%	61%		(700)bps
Net debt*	618.2	658.0		(6)%
Leverage (net debt to EBITDA)*	1.6x	1.8x

* See Appendix to the Financial Statements for an explanation of alternative performance measures and reconciliation to IFRS measures

GROUP CHIEF EXECUTIVE OFFICER'S REVIEW

Summary of first half performance

In line with our expectations, Group organic sales growth of 5% was well ahead of global IP of 1.8% or 1.5% excluding China, with strong demand growth across all Businesses and regions.  Organic growth in adjusted operating profit was 6% with the adjusted operating profit margin progressing to 19.8% (H1 2025: 19.3%) and adjusted EPS growing by 9%.  After the impact of currency movements, sales and adjusted operating profit were 5% and 8% higher respectively than in the first half of 2025.

We continue to generate demand in diverse and attractive end markets, against a challenging macroeconomic backdrop, by successfully executing against our operational priorities.  We also invested in future growth through adding sales headcount, customer digital connectivity, digital tools for sales effectiveness, new product development and decarbonisation solutions, with 2026 expenditure weighted to the first half.  I am grateful to my colleagues around the world for their commitment in executing our priorities and delivering for all our stakeholders.

STS organic sales growth was 1%, driven by demand growth of more than double IP, with some shipments specified by customers for delivery in the second half.  As expected, the decline in large project sales in China continued to moderate, while MRO and solution sales again grew strongly.  China sales were down 1% organically compared to the 6% decline in the first half of 2025. 

STS margin of 22.0% was 170bps down organically, reflecting the phasing of shipments and first half weighting of investment in sales and technical capability.  We anticipate second half margin to be higher than the first half, consistent with our typical 45%:55% weighting of adjusted operating profit. This reflects operating leverage from higher second half shipments driving a full year margin broadly in line with that of 2025. 

ETS organic sales growth of 11% was supported by strong demand growth in all three Divisions.  In Process Heating, sales growth was delivered through continued operational progress in driving higher shipments from an expanding order book.  Equipment Heating sales benefited from double-digit Semicon demand (13% of ETS sales in 2025).  In Heat Trace (17% of ETS sales in 2025), we saw the ongoing benefits of having a dedicated team of sales engineers focused on key sectors and geographies.  Operating leverage from sales growth, the absence of lower margin legacy orders and the higher proportion of Semicon and Heat Trace sales, partially offset by ramp up costs for the new Medium Voltage (MV) facility in Ogden, delivered a 220bps organic improvement in ETS margin to 17.2%.

WMFTS organic sales growth was 7%.  In Biopharm, new order intake remained ahead of sales, with Q2 orders reaching the highest level of any quarter since the COVID-related peak of 2021 and ahead of pre-COVID levels, underpinning continuing sales growth.  In Process Industries, we continued to take share in focus sectors such as Mining and Wastewater by successfully deploying our sectorised direct sales model and process expertise.  Operating leverage helped drive an 80bps organic improvement in the WMFTS margin to 27.5%.

Alongside focusing on the execution of our commercial and operational priorities, we continued to make progress in Health and Safety with our all-workplace incident rate1 reducing by 13% and Lost Time Accident Rate2 reducing by 42%.  

We launched our One Planet sustainability strategy in 2021 and had made significant progress by the end of 2025, exceeding key targets, such as a 62% reduction in our absolute scopes 1 and 2 greenhouses gas emissions compared to our 2019 baseline.  In the first half, we launched our refreshed One Planet Roadmap that sets out how we will continue to embed sustainability in our own operations and support people and our local communities, while advancing our customers' sustainability through our products and solutions.

The Board has declared an interim dividend of 50.4 pence (H1 2025: 48.9 pence) per ordinary share representing 3% growth. The dividend will be paid on 13 November 2026 to shareholders on the register at the close of business on 16 October 2026.

¹Requiring first aid and above; per 100,000 work hours worked

²Excluding Serious Injuries

Full year guidance

Market environment

IP is an important driver of demand across our three Businesses.  CHR's forecast for global IP in 2026 is 1.9%, (both including and excluding China), compared to a first half IP of 1.8%, (1.5% excluding China).

Exchange rates

The organic growth guidance below, is based upon 2025 results, restated for the impact of the latest exchange rates in 2026.  If exchange rates at the end of July were to prevail through the remainder of the year, there would be a negligible impact on 2025 sales and adjusted operating profit. 

Full year outlook

We remain on track to deliver our full year guidance of mid-single-digit organic growth in Group revenues, well ahead of IP.  Group adjusted operating profit margin is expected to increase on an organic basis over the 2025 margin of 20.0%, with operating leverage driving growth in adjusted operating profit and EPS ahead of the organic growth in revenues.

In STS, the unwind of the strong orderbook at the end of the first half is driving sales as anticipated and we expect second half sales growth to be ahead of the first half.  We also expect margin to be higher than the first half, consistent with our typical 45%:55% weighting of operating profit. This reflects operating leverage from higher second half shipments driving a full year margin broadly in line with that of 2025. 

In ETS, against a strong comparative (H2 2025: +12%) we anticipate high-single-digit sales growth in the second half, with margin slightly ahead of the first half.

In WMFTS, against a strong comparative (H2 2025: +10%), we expect high-single-digit sales growth in the second half, with margin broadly similar to the first half.

As previously guided, we expect corporate costs to be higher than 2025, reflecting increased investment in future growth, such as Digital and Services.  Excluding such investments, the remaining corporate costs are expected to grow broadly in line with inflation.  We anticipate net financing costs, effective tax rate and cash conversion to be similar to 2025 levels. 

 

END