Rotork (ROR) Trading update summary

Executive summary

• Q1 performance was resilient and aligned with management expectations, with revenues up year-over-year by a low single-digit percentage on an organic constant currency basis.

• Order intake declined year-over-year by a low single-digit percentage, with strength in Chemical, Process and Industrial (CPI) and Water & Power offset by a decline in Oil & Gas, especially in EMEA.

• Middle East operations faced project delays in Oil & Gas due to supply chain constraints, but maintenance and repair activities are expected to increase as production recovers.

Financial highlights

• Revenues increased year-over-year by a low single-digit percentage on an OCC basis, driven by growth in CPI and Water & Power segments.

• Net cash including lease liabilities at 31 March 2026 was £56.9m, down from £65.3m at December 2025.

• Two small non-core disposals generated £22m in cash proceeds during the period.

Outlook and guidance

• Full year 2026 guidance remains unchanged, with continued progress expected on an OCC basis.

• CPI and Water & Power segments are expected to maintain good momentum, supported by target segments and service operations.

• Oil & Gas performance is expected to be stable for the year, with a greater weighting in the second half, especially as delayed Middle East projects are anticipated to be delivered in H2.