Weir Group PLC (LSE:WEIR) delivered stronger-than-expected first-half 2026 results, with revenue and adjusted earnings per share exceeding analyst forecasts, supported by robust order growth and particularly strong demand during the second quarter.
The engineering group generated first-half revenue of £1.269 billion, representing constant currency growth of 5% and coming in slightly ahead of the company-compiled consensus forecast of £1.262 billion. Adjusted EBITA totaled £239 million, broadly matching market expectations, while the adjusted EBITA margin was 18.8%, a decline of 100 basis points compared with the same period last year. On a reported basis, revenue increased 6% year over year.
Adjusted earnings per share reached 54.6p, surpassing the consensus estimate of 53.6p by around 2%. The performance reflected resilient demand across the company’s core markets despite a more challenging margin environment.
Order intake was a standout feature of the results, rising to £1.426 billion during the first half, 3% above analyst expectations of £1.379 billion and 8% higher than a year earlier on a constant currency basis. Weir recorded a book-to-bill ratio of 1.12x, improving from 1.01x for the full 2025 financial year. Original equipment orders increased 10% year over year, while aftermarket orders rose 8%. The Minerals division continued to perform particularly well, with orders climbing 7% and achieving a book-to-bill ratio of 1.15x.
Momentum accelerated during the second quarter, with original equipment orders in the Minerals business jumping 19%, the strongest quarterly growth recorded in two years. Aftermarket demand also reached a record level, increasing 8% over the same period. Meanwhile, the company’s Micromine software business remains on course to deliver annual recurring revenue growth of more than 25% during fiscal 2026.
Net debt increased to £1.449 billion from £1.274 billion at the end of 2025, primarily reflecting the acquisition of ESEL and the timing of cash flows. Despite the increase, the company’s net debt-to-EBITDA ratio remained at a manageable 2.2 times.
Looking ahead, Weir reaffirmed its guidance for the 2026 financial year, continuing to expect growth in constant currency revenue, adjusted EBITA and EBITA margins. The company also maintained its forecast for free operating cash conversion of between 90% and 100%, while confirming that its Performance Excellence programme remains on track to generate cumulative savings of £90 million.
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