The Weir Group (WEIR) Q1 2026 TU earnings summary

Executive summary

• Group orders rose 4% year-on-year on a constant currency basis, supported by strong demand in mining, mine optimisation, and expansion projects.

• Large equipment project demand is increasing, highlighted by a £20m GEHO pump order in India.

• Integration of recent acquisitions (Micromine, Fast2Mine, Townley, ESEL) is progressing well and contributing to growth, with 7% contribution to Group aftermarket orders.

• Strategic progress includes the completed ESEL acquisition and a strong start to ESCO's go-direct strategy in Chile.

• CEO succession announced: Jon Stanton to step down in August, succeeded by Andrew Neilson.

Financial highlights

• Group orders increased 4% year-on-year in Q1 2026 on a constant currency basis, reflecting trading momentum and acquisition contributions.

• Book-to-bill ratio improved to 1.14 in the quarter.

• ESCO OE orders surged 49% year-on-year; ESCO aftermarket orders up 11% year-on-year.

• Minerals OE orders declined 3% year-on-year due to order phasing; Minerals aftermarket orders up 1% year-on-year.

• Performance Excellence programme savings reached £66m cumulative, targeting £90m by end of 2026.

Outlook and guidance

• Full-year and 2026 guidance reiterated for growth in constant currency revenue, operating profit, and margin, with operating margin expansion of 50 basis points.

• Free operating cash conversion expected between 90% and 100%.

• Revenue and profit expected to be weighted toward the second half of the year.

• Net debt to EBITDA targeted to return to 0.5x–1.5x by end of 2026; net interest expense expected at £90m for 2026, reducing toward £70m by 2028.

• Positive market conditions supported by commodity prices and recent acquisitions.