The Weir Group PLC

Reported first-half 2026 revenue was GBP 1.3 billion, up 5% on a constant-currency basis. Orders grew 8% constant currency, Minerals orders rose 7%, ESCO orders rose 10%, and the book-to-bill was 1.12 for the group, with Minerals at 1.15 and ESCO at 1.05. Adjusted operating profit was described as stable overall, with group adjusted operating margin at 18.8%, down 100 bps year over year; Brian Puffer also said profit before tax was GBP 196 million and free operating cash conversion was 41%. In the divisions, Minerals revenue was GBP 900 million with operating profit of GBP 181 million and margin of 20.1%; ESCO revenue was GBP 369 million with operating profit of GBP 79 million and margin of 21.5%. Guidance remained unchanged: management expects full-year revenue, operating profit and margins to grow in constant currency, operating margins above 20%, free operating cash conversion of 90% to 100%, and Micromine ARR growth of more than 25%; the interim dividend was proposed at 20p per share, up 2% year over year.

Jon Stanton said the quarter reflected a clear second-quarter acceleration and that the business is entering the second half with strong top-line momentum. He framed Weir’s strategy as a multi-decade opportunity in mining technology, with emphasis on hardware, software, operational efficiency, and capital deployment for future growth. He repeatedly stressed that the company is now a stronger, more resilient platform and that the next phase is about accelerating growth rather than chasing ever-higher margins at the expense of investment.

Brian Puffer focused on the mechanics behind the H1 results: stronger order growth, some revenue deferral from production transfers, and temporary pressure on margins and cash. He quantified the key drags as higher working capital outflows, stock build to support the second half, and the timing of LTIP share purchases, while noting net debt to EBITDA was 2.2x and should move back toward the 0.5 to 1.5x covenant range by year-end as cash generation improves. He also pointed to GBP 12 million of adjusting items versus GBP 41 million last year, flat CapEx at 1x depreciation, and reiterated that the GBP 90 million Performance Excellence savings target remains on track.

Analysts pressed on second-half margin phasing, pump market share, pricing, working capital, Chile distribution, and M&A. Management said the first-half margin drag came from mix, pricing intensity in early-cycle OE, and production-transfer costs, but those effects should reverse in H2; they also said low single-digit pricing remains in line with expectations. On pumps, Jon Stanton argued that winning over 70% of OE tenders and more than 90% of pump trials proves Weir is gaining share versus all competitors, while on Chile he said the move to direct ESCO sales should lift market share over the next 3 to 5 years and improve margins. On M&A, management said the pipeline is being rebuilt across technology, product, and geographic bolt-ons, but balance-sheet delevering remains the priority before larger deal activity.