Weir Group 1H26 Results: 2Q Minerals AM org. orders +8%, OE +19%; FY26 Group EBITA guide unch., but margin -40bp as OE cycle momentum starts to build...

Research evidence excerpt

Weir Group 1H26 Results: 2Q Minerals AM org. orders +8%, OE +19%; FY26 Group EBITA guide unch., but margin -40bp as OE cycle momentum starts to build...

Equity Research

UK Capital Goods

29 July 2026

Weir Group

1H26 Results: 2Q Minerals AM org.

orders +8%, OE +19%; FY26 Group

WEIR.L/WEIR LN OVERWEIGHTEBITA guide unch., but margin

Unchanged

UK Capital Goods NEUTRAL-40bp as OE cycle momentum

Price Target GBp 3750starts to build… Unchanged

Price (28-Jul-26) GBp 2524Minerals AM 2Q org. orders solid +8%, while Minerals OE +19%

on back of expansion project awards, pump wins, VSM PotentialSource: Bloomberg,Upside/DownsideBarclays Research +48.6%

penetration. 1H26 rev +1% vs comp. cons., EBITA in line,

margin -10bp. OE momentum expected to continue as cycle Market Cap (GBP mn) 6552

Shares Outstanding (mn) 259.61

builds. FY26 EBITA unch, margin -40bp to 20.3% reflecting Free Float (%) 99.87

greater OE mix. 52 Wk Avg Daily Volume (mn) 0.7

Dividend Yield (%) 1.65

Return on Equity TTM (%) 13.171H26 revenue small beat, EBITA in line, margin -10bp vs. company-compiled consensus.

Current BVPS (GBp) 7331H26 revenue was +1% vs. cons., while Group EBITA of £239m was in line with cons., with the Source: Bloomberg

resulting 1H EBITA margin 18.8%, and -10bp vs. cons. The 1H EBITA YoY margin bridge (-100bp

YoY) broke down: neutral FX, +100bp PEP (£13m of benefits in 1H), -130bp Minerals mix (unusual

Price Performance Exchange-LSE

Q1/Q2 demand patterns creating shift in mix vs assumptions), -70bp product transfers (incl.

52 Week range GBP 35.80-22.54

transfer of >6500 SKUs between manufacturing locations). The latter two headwinds should

unwind in 2H while cumulative PEP benefits for FY26 remain at £90m, implying an incremental

£18m in 2H. Elsewhere, 1H26 EPS of 54.6p was +2% vs. cons.