Weir Group: H1‘26 Results: Expect share outperformance today with Q2 Orders +10% organically, H1 margin at 18.8%; FY guidance reiterated

研报英文原文证据摘录

Weir Group: H1‘26 Results: Expect share outperformance today with Q2 Orders +10% organically, H1 margin at 18.8%; FY guidance reiterated

C A Z E N O V E Europe Equity Research

29 July 2026

Weir Group

H1’26 Results: Expect share outperformance today with Overweight

Q2 Orders +10% organically, H1 margin at 18.8%; FY WEIR.L, WEIR LN

guidance reiterated Price (28 Jul 26):2,524p

Price Target (Dec-27):3,800p

Our Take: We expect shares to outperform following H1’26 results this morning. European Capital Goods

ACThere were three key investor concerns heading into the print: 1) Lack of order Chitrita C Sinha

momentum; 2) H1 margin close to c.18%; 3) Risk to FY guidance, which we see (44-20) 7742-7176

as all addressed in this print. Specifically, Q2 orders were up 10% organically for chitrita.sinha@jpmorgan.com

the group (JPMe: c.5%), with AM up 8% and OE up 16%, leading to a 3% beat for Jeremy Caspar

H1 orders. Notably, Mineral OE was up 19% following strong intake in pumps (44-20) 3493-5188

(>90% win rate in trials), comminution and tailings. Despite investor concerns, we jeremy.caspar@jpmorgan.com

J.P. Morgan Securities plc

see this as evidence of Weir’s strong market share. The market outlook is also very

positive. H1 margin at 18.8% came in higher than JPMe (18.1%) / buy-side Specialist Sales contact details:

consensus (low-18%) but down 100bps y/y due to mix in Minerals and some delays

Sam Edmunds - Specialist Sales -

in production transfers. Accounting for the stronger orders in H1 and likely European Industrials

continued momentum into H2, we now expect 5.7% organic order growth and (44-20) 7742-8733

5.8% organic sales growth in FY26. Our Adj. operating profit remains unchanged sam.edmunds@jpmorgan.com

and as such, we expect consensus to remain at c.£570m.