Weir Group: 2Q26 to see positive order momentum, margin 2H weighted, addressing pump market share concerns…

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Weir Group: 2Q26 to see positive order momentum, margin 2H weighted, addressing pump market share concerns…

Equity Research

UK Capital Goods

30 June 2026

Weir Group

2Q26 to see positive order

momentum, margin 2H weighted,

WEIR.L/WEIR LN OVERWEIGHTaddressing pump market share

Unchanged

UK Capital Goods NEUTRALconcerns…

Orders rebasing with 2Q26 recovery (high-single digit AM Price Target GBp 3750

Minerals), healthy underlying OE offsetting Talabre comp. Unchanged

Price (26-Jun-26) GBp 2370

1H26 EBITA margin 18% reflecting cost weighting. Pumps: will Potential Upside/Downside +58.2%

address competition concerns, reiterate stable share. Source: Bloomberg, Barclays Research

Valuation attractive vs peers, discount to Metso. No forecast Market Cap (GBP mn) 6152

changes. Shares Outstanding (mn) 259.61

Free Float (%) 99.97

52 Wk Avg Daily Volume (mn) 0.6No change to guide of improved order momentum in 2Q26… Guide for 2Q26 remains for a

Dividend Yield (%) 1.76solid rebound in Group orders vs. -3% in 1Q26, implying high single-digit AM Minerals order

Return on Equity TTM (%) 13.17growth for the quarter. Following a softer 1Q (driven by OE phasing, weather disruption, YoY

Current BVPS (GBp) 733comp), group order momentum has rebased positively with April exit rates consistent with full-

Source: Bloomberg

year guidance assumptions and May also seeing ongoing improvement (see here).

Order composition – underlying OE Strength offsetting Talabre… Underlying OE demand Price Performance Exchange-LSE

trends remain healthy, consistent with upstream peers, with a notable skew toward brownfield 52 Week range GBP 35.80-22.54

activity and both smaller, medium-sized projects. Increased volumes of these orders are