First Read: Spirax Group PLC "Q126 trading update: Solid start with..."

Research evidence excerpt

First Read: Spirax Group PLC "Q126 trading update: Solid start with..."

Global Research

13 May 2026ab

First Read

EquitiesSpirax Group PLC

Q126 trading update: Solid start with guidance United Kingdom

reiterated Industrial, Diversified

12-month rating Buy

12m price target 10,500p

Bottom-line

Overall, Spirax delivered “MSD” organic revenue growth in the first four months of the

year and reiterated FY guidance across the board - suggesting limited near-term changes Price (12 May 2026) 7,165p

to consensus forecasts. Within the detail disclosed, we were encouraged to see Steam RIC: SPX.L BBG: SPX LN

growth again outpace IP; and with large project activity showing signs of recovery

Trading data and key metrics

alongside improving trends in China and Korea, we see a credible pathway to

acceleration from here. ETS once again stood out on the top line; given the evident 52-wk range 7,960p-5,610

momentum across its end markets, we would expect this to continue. Watson-Marlow Market cap. £5.29b/US$7.14b

also appears broadly on track. Shares o/s 73.8m (ORD)

Free float 98%

Net, we think this is a solid update. That said, H1’26 remains the key catalyst, when full Avg. daily volume ('000) 250

disclosure of underlying numbers which we continue to think will be stronger than Avg. daily value (m) £18.2

consensus models and will likely catalyse upgrades. Common s/h equity (12/26E) £1.31b

P/BV (12/26E) 4.0x

Key takes from the trading update covering the first four months Net debt to EBITDA (12/26E) 1.4x

STS: Spirax noted demand in the first four months of the year grew ahead of EPS (UBS, diluted) (GBX)

Industrial Production over the same period (Global IP +1.4%). Management cited UBS Cons.

continued strength in MRO across all regions alongside “some recovery” in large 12/26E 343.96 322.98