Spirax Group: 4M26: Inline start to the year, +ve trends at STS, FY26 guide reiterated...

Research evidence excerpt

Spirax Group: 4M26: Inline start to the year, +ve trends at STS, FY26 guide reiterated...

Equity Research

UK Capital Goods

13 May 2026

Spirax Group

4M26: Inline start to the year, +ve

trends at STS, FY26 guide

SPX.L/SPX LN OVERWEIGHTreiterated...

UK Capital Goods NEUTRAL

Short statement with performance tracking inline with Price Target GBp 8650

guidance, no ME impact, STS seeing some large project Price (12-May-26) GBp 7165

demand recovery / China improvement, FY26 guidance PotentialSource: Bloomberg,Upside/DownsideBarclays Research +20.7%

reiterated and importantly for investors another period of

UK Capital Goodsinline performance. We expect no change to FY26 cons.

expectations. Jonathan+44 (0)20 3134Hurn,0468CFA

jonathan.hurn@barclays.com

Barclays, UKInitial Thoughts: No change in message from that given at the FY25 results in March, with

demand (orders) strong across ETS and WMFTS and STS, which will be the lowest growth European Capital Goods

division in FY26, seeing good demand from MRO solutions (likely helped by high energy costs at Vlad Sergievskii

customers) and importantly recovery in China, which has been a divisional headwind. While +44 (0)20 7116 1117

nothing much changes on the back of today's release, we view that as a positive with SPX vlad.sergievskii@barclays.com

building back a record of consistent execution/inline performance. Barclays, UK

Timothy Lee, CFA

4M Performance +44 (0)20 7773 6879

timothy.lee@barclays.com

•• 4M performance: mid-single digit organic growth vs. FY26 guide of ~5%, with Group margin Barclays, UK

up organically YoY (FY26 cons. is for a +50bp YoY increase);

George Featherstone, CFA

•• Divisional trends: Consistent with those given at FY25 results in March +44 (0)20 3555 8585

george.featherstone@barclays.com