Weir Group H1‘26 results conference call feedback

研报英文原文证据摘录

Weir Group H1‘26 results conference call feedback

C A Z E N O V E Europe Equity Research

29 July 2026

Weir Group Overweight

WEIR.L, WEIR LN

H1’26 results conference call feedback Price (28 Jul 26):2,524p

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

Stock is up c.7% (at time of writing), unsurprising given a solid print addressing European Capital Goods

ACmany of the investor concerns. Order momentum is very solid and the pipeline Chitrita C Sinha

looks very positive into H2 and 2027. Management also went through a number of (44-20) 7742-7176

slides touching on their strong competitive position across many verticals but chitrita.sinha@jpmorgan.com

especially in pumps where there have been fears of market share losses. Weir are Phil Buller

winning >90% of trials and 70% of new large OE pump bids, suggesting not only (44-20) 3493-9403

are they retaining market share but also gaining. On the margin, Weir expect to be phil.buller@jpmorgan.com

above 20% for the FY and we anticipate them to deliver a 20.4% margin but off Akash Gupta

higher revenues (leading to an unchanged profit number). Overall, investor (44-20) 7742-7978

akash.z.gupta@jpmorgan.com

feedback has been positive this morning and we will revisit with detailed feedback

Jeremy Casparpost our London Roadshow with management this week. We summarise our key

(44-20) 3493-5188

takeaways from the call below (please see our results note here). jeremy.caspar@jpmorgan.com

J.P. Morgan Securities plc

• Order momentum. AM +8% against tough comps. OE up 10% in H1 with

pump trial wins and new product penetration. Strong growth in copper, gold, Specialist Sales contact details:

iron ore and oil sands. H2 momentum strong. Weir is actively working on Sam Edmunds - Specialist Sales -

>2,000 key projects.