Slides
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2026 Half Year Results Six months ended 30 June 2026 Nimesh Patel Group Chief Executive Officer Louisa Burdett Group Chief Financial Officer " Spirax Group
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2 • Delivering growth despite challenging external conditions is becoming embedded in how we operate • Group organic growth in sales +5% and profit +6% well ahead of IP; EPS +9% • STS sales: +1% with demand growth >2xIP; strong orderbook and momentum into second half • ETS sales: +11% achieved through operational delivery and strong demand growth in all Divisions • WMFTS sales: +7% Biopharm orders remain ahead of sales; continuing growth in Process Industries • STS margin reflects phasing of shipments and investment in growth; full year margin broadly in line with 2025 • ETS and WMFTS margin up strongly, +220bps and +80bps, benefitting from operational leverage, mix and efficiencies • Cash conversion of 54% reflects usual seasonality and planned inventory builds; ROCE up 180bps to 35.2% Overview First half in line; on track to deliver full year guidance Strong orderbooks and momentum into H2 On track to deliver FY guidance Continuing to grow well ahead of IP
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3 Demand drivers: global industrial production Delivering growth despite continuing subdued IP is becoming embedded in how we operate IP Source: CHR Economics July 2025 – June 2026
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4 Demand drivers: diversified exposure supports sustained growth Long-duration growth driven by our positions in attractive end markets and our business model Direct sales delivers customer insight Applied engineering delivers solutions Long-duration compounding growth Experts in customers’ critical processes Delivered by our differentiated business model Food & Beverage Wastewater Mining Biopharm and Healthcare Power Generation Oil & Gas Semiconductor Fabrication and Datacentres Aerospace, Defence & Space Process Optimisation Health High growth IP-linked growth and gains in market share Sector examples… Sector examples… ~40% sales ~60% sales Technology Electrification STS ETS WMFTS
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5 Well placed to deliver Medium-Term organic sales growth targets Improving on track record of outperforming IP ~50% of Group Sales ~25% of Group Sales ~25% of Group Sales High-single-digit growth Low-to-mid-single-digit growth Above mid-single-digit growth Medium Term: Mid-single-digit Group organic sales growth Continuing… • Resilience from Commercial Excellence • China repositioning Continuing… • Structural demand growth • Operational improvements Continuing… • Biopharm growth • Market share gains in Process Industries
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Financial review Louisa Burdett Group Chief Financial Officer
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7 Financial summary Trading in line * Organic measures are at constant currency and exclude contributions from acquisitions and disposals See Appendix II for definition and reconciliation of adjusted profit measures. 6 months to 30 June (£m) 2026 2025 Reported Organic* Revenue 863.8 822.2 5% 5% Adjusted operating profit 171.1 158.8 8% 6% Adjusted operating profit margin 19.8% 19.3% 50bps 10bps Net finance expense (18.6) (18.6) Adjusted pre-tax profit 152.3 139.9 9% Adjusted effective tax rate 27.3% 27.4% (10)bps Adjusted EPS 150.0 137.6p 9% DPS 50.4 48.9p 3%
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8 Sales bridge Organic growth well ahead of IP H1 2026 H1 2025 Year-on-year organic growth £m £m H1 2026 H1 2025 STS 419.8 414.2 1% - ETS 232.9 212.3 11% 10% WMFTS 211.1 195.7 7% 2% Group 863.8 822.2 5% 3%
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9 Adjusted operating profit bridge Strong progress in ETS and WMFTS; STS reflects phasing of shipments and investments Trading Profit (£m) Year-on-year organic growth Trading Margin Organic Change H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 YoY STS 92.3 97.0 (6%) 3% 22.0% 23.4% (170) bps ETS 40.0 31.8 27% 12% 17.2% 15.0% 220 bps WMFTS 58.0 50.6 11% 12% 27.5% 25.9% 80 bps Corporate (19.2) (20.6) - - - - - Group 171.1 158.8 6% 7% 19.8% 19.3% 10 bps
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10 Cash flow (£m) 30 June 2026 30 June 2025 Adjusted operating profit 171.1 158.8 Capital expenditure (net) (24.7) (34.3) Working capital changes (80.8) (48.6) Depreciation, amortisation, repayment of lease liabilities & other 26.0 21.1 Adjusted cash from operations 91.6 97.0 Adjusted cash conversion* 54% 61% Net interest (18.0) (17.8) Income taxes paid (36.3) (29.7) Adjusted free cash flow 37.3 49.5 Net dividends paid (89.4) (86.8) Restructuring costs (4.8) (12.9) Acquisitions of subsidiaries/associates - (10.1) Cash flow for the period (56.9) (60.3) Exchange movements 3.4 (1.5) Net debt at 30 June (excluding lease liabilities) (618.2) (658.0) Net debt to EBITDA 1.6x 1.8x • Continued capex discipline • Lower cash conversion driven by planned inventory build to mitigate anticipated supply chain disruptions from the Middle East conflict • Cash generation consistent with the Group’s usual seasonality • Full year cash conversion expected to be in line with 2025 (89%) • ROCE up 180bps to 35.2% *Adjusted cash conversion is calculated as adjusted cash from operations divided by adjusted operating profit Adjusted cash flow Cash conversion reflects usual seasonality and planned inventory builds
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11 • Orderbook shipments • Continuing strong demand • Ongoing ramp up in throughput • Orderbook shipments • Delivering Commercial Excellence initiatives • China large project weakness moderating Clear drivers of second half growth and margin Strong orderbooks and momentum into second half, continuing operating leverage • Biopharm orders > sales • Continuing market share gains in PI LSD sales growth Margin: H2 > H1 FY ≈ 2025 HSD sales growth Margin: H2 > H1 HSD sales growth Margin: H2 ≈ H1 FY2026: MSD sales growth Organic margin progress
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12 Well placed to deliver Medium-Term organic sales growth targets Improving on track record of outperforming IP ~50% of Group Sales ~25% of Group Sales ~25% of Group Sales High-single-digit growth Low-to-mid-single-digit growth Above mid-single-digit growth Medium Term: Mid-single-digit Group organic sales growth Continuing… • Resilience from Commercial Excellence • China repositioning Continuing… • Structural demand growth • Operational improvements Continuing… • Biopharm growth • Market share gains in Process Industries
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13 Well placed to deliver Medium-Term margin targets Group adjusted operating profit margin increasing to 22-23% • Reinvest continuous operational improvements into future growth • Operating leverage from higher sales • Continuing strong demand • Efficiency improvements and operating leverage • Pricing for value • Well-invested to support future growth • Operating leverage from higher sales >30% 23.5% 20% Medium Term Group Margin 22 - 23%
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Executing our strategy Nimesh Patel Group Chief Executive Officer
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15 Together for Growth Organisational Fitness Commercial Excellence Operational Excellence Digital and Services Decarbonising Thermal Energy ~£18bn market opportunity Direct sales engineers*~2,900 60% 85% Sales to defensive sectors ~70 Countries with direct sales presence Of revenues from local operating budgets ROIC improving to >15% >100k Customers and large installed base *Includes technical application engineers and inside sales Cash conversion > 80% Leverage 1.0x – 1.5x Supported by disciplined capital allocation Organic growth MSD+ Margins 23%+ Unique business model with durable competitive advantage Long runway for high margin, high ROCE organic growth Compounding LT growth and improving ROIC
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16 Investing in direct sales to enhance customer closeness • Established Heat Trace as standalone division, delivering strong growth • WM EMEA sectorisation driving strong growth in focus sectors • ~3% increase in STS sales headcount driving demand growth > IP Working with channel partners to solve customer problems • ~6% increase in demand from the 22 STS key co-generation distribution partnerships in US • Datacentre opportunities across all three Businesses • New product development expanding our presence in Nuclear and chemical dosing Working with customers to identify new applications and markets Reinvesting in our direct sales capabilities to accelerate growth Delivering on our Operational Priorities Organisational Fitness simplification driving savings Commercial Excellence reinvestment to drive organic growth
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17 Operational Excellence Optimising manufacturing footprint and efficiency • Transferring STS casting and forging from EMEA to APAC • Rationalising STS product portfolio • WMFTS US production ramping up Operational Excellence Continuous operational improvement in ETS • Shipments of large MV heaters more than doubled • Ramping up throughput to meet double-digit increase in Semicon demand A Semiconductor wafer undergoing advanced processing in a high- precision manufacturing environment. Delivering on our Operational Priorities Enhancing efficiency by driving continuous improvement to support future growth
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18 Digital and Services Driving pull-through revenue in solutions and MRO… Energy Optimisation | TargetZero | PoweringZero | Thermal Energy Assessment Decarbonising thermal energy Connected products and digital subscriptions delivering operational insights across sectors and regions… STS ~19,000 connected assets across ~2,350 sites generating pipeline of opportunities Connected customers Connected products Direct sales tools Four defined go-to-market strategies ETS creating opportunities through our leading competitive position in electric resistance heating… Leveraging our unique combination of steam and electric expertise to deliver tangible thermal energy savings… 16 TEAs for customers in the USA, Europe and China 10 PoweringZero orders secured for ~£12m Investing for sustained long-term organic growth Enhancing customer partnerships through connectivity, services and decarbonisation
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19 • Connected products • Service capabilities • Bolt-on acquisitions Increased MRO and solution sales Digital opportunity Building enduring partnerships with customers 10% 1m Installed Base Investment Opportunity Pull-through Initial opportunity is to connect 1 in 10 critical traps for system diagnosis Today >1 million steam traps surveyed every year Progress since 2023 ~19,000 steam traps digitally connected
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20 H1 results in line Strong orderbooks and momentum into H2 On track to deliver full-year Group guidance and Medium-Term targets Driving growth ahead of markets becoming embedded Summary
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Appendix
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22 Appendix I Exchange rate exposure and impacts Proportion of Group results* Average exchange rates Sales Profit Average H126 Average H125 Change Euro 29% 37% 1.15 1.19 3% US dollar 29% 27% 1.35 1.30 (4)% Renminbi 9% 16% 9.24 9.41 2% Won 3% 3% 1,991.8 1,857.9 (7)% Real 3% 4% 6.96 7.50 7% Argentine peso 1% 2% 1,914.3 1,446.4 (32)% When sterling strengthens against other currencies in which the Group operates, the Group incurs a loss on translation of the financial results into sterling. *FY25 Sales and Profit – translation exposure
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23 Appendix II Reconciliation of operating profit to adjusted operating profit 6 months to 30 June (£m) HY26 HY25 Operating profit as reported under IFRS 154.2 106.8 Amortisation of acquired intangible assets 16.9 17.4 Restructuring costs — 32.5 Asset related impairment — 2.1 Total adjusting items 16.9 52.0 Adjusted operating profit 171.1 158.8 The Group uses adjusted figures as key performance measures in addition to those reported under IFRS. The Group’s management believes these measures provide valuable additional information for users of the financial statements in understanding the Group’s performance. Adjusted operating profit and pre-tax profit excludes certain items, which are analysed below.
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24 Appendix III Additional guidance (for modelling purposes) 2025 Actual 2026 Guidance Exchange rate impact Revenue: 3% adverse Adjusted Operating Profit: 4% adverse Revenue: 0% Adjusted Operating Profit: 0% Corporate costs £39m Higher Exceptional restructuring costs P&L charge: £40m Cash costs: £22m Cash costs: ~£11m Capex (as a percentage of sales) 4% ~4% Adjusted Effective Tax Rate 27.3% Similar to 2025 Net Finance Cost £38m Similar to 2025 Number of shares in issue (million) 73.7 73.8
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25 Scopes 1 & 2 emissions 65% lower than 2019 baseline Group energy usage 7% lower than H1 25 Progress in H1 2026 Waste to landfill 7% compared to 10% at H1 25 Completed assessment of sustainability risks in our global supplier base Appendix IV Environmental and social progress Refreshed One Planet Roadmap: Embedding Sustainable Operations Engaging People and Communities Advancing Customer Sustainability