Earnings release
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Weir PLC trading update for the third quarter ended 30 September 20261 Good order momentum; on track to deliver in line with current market expectations Group orders2 +8% including acquisitions• Good underlying demand as customers drive production despite mine disruptions and Middle East impacts• Positive OE project pipeline momentum, particularly in North and South America Group Aftermarket (AM) orders2 +10%; Positive mine activity levels, notably gold, copper and oil sands • Minerals AM2 +7% (+£23m) - healthy demand despite short-term headwinds; organic AM2 +5% • ESCO AM2 +14% (+£26m) - strong growth in mining GET and Software Solutions; organic AM2 +10% Group Original Equipment (OE) orders2 +3%; Continued brownfield momentum • Minerals OE2 +6% (+£7m) - good pipeline conversion with delays pushing some larger projects into Q4 • ESCO OE2 -24% (-£3m) - phasing of large bucket and truck body orders following strong H1 FY Outlook: Strong orderbook, focus on execution and delivery in Q4• Positive underlying demand expected to continue in a supportive commodity environment• Minerals production transfers nearing completion with focus on delivery of large AM backlog in Q4 2026• Actively monitoring macro and sectoral risk stemming from Middle East conflict and Chilean mine disruptions Andrew Neilson, Chief Executive Officer, commented: “Our performance in the third quarter reflects good underlying momentum in our core mining markets, withcustomers looking to maximise production in a supportive commodity environment. In my first three months asCEO, I am encouraged by our customers’ appetite to expand their partnerships with Weir across their operationsto deliver the growth in production and efficiency improvements they need. As we look to the remainder of the year, mindful of specific geopolitical events which are adding shorter-termheadwinds for the sector as a whole, our current pipeline and orderbook reflects a high level of underlyingdemand for our products. Our focus is now on delivering our large aftermarket backlog in Q4 and we remain ontrack to deliver in line with current market expectations for 2026. Looking further ahead, I am excited about the opportunity Weir has into the medium and long term. As a miningtechnology leader, we are well positioned to continue to drive strong growth and deliver further operationalefficiencies, generating value for all our stakeholders. Underpinned by a multi-decade market opportunity drivenby demand for critical metals and our resilient business model, our strong cash generation and balance sheetposition us to deliver compounding growth in total shareholder returns.” Third quarter review Group Mining markets remain positive with the strongest demand in our core commodity exposures. While ongoingconflict in the Middle East has elevated oil prices and generated higher demand from oil sands customers, it hasadversely impacted demand from phosphate customers, which account for c.4% of group revenue, as customersreduce production. Dredging activity also reduced with c.90% of large barges now in port. Activity in Chile was also impacted by extreme weather events. Group OE orders2 increased +3%, with momentum in Mineralsbrownfield orders and contributions from acquisitions despite some larger order delays into Q4. While ESCO OEorders year-to-date have increased, annual phasing of large bucket and truck body orders has resulted in aquarterly decline of -£3m year-on-year, or -24%. Group AM orders2 increased +10% in the quarter, as customers drive production for critical minerals at lower oregrades. ESCO hardware orders were particularly strong with several large oil sands orders in September, alongwith positive contributions from Software Solutions. Integration of our recent acquisitions continues to plan, which also contributed +3% to Group AM orders2 in the quarter. In total, on a constant currency basis, year-on-year Group orders increased +8% in the third quarter. Year-to-datebook-to-bill increased to 1.10, highlighting the growth in orderbook through the first three quarters of the year. During the quarter, we realised benefits from capacity optimisation as production transfers within Minerals werelargely resolved, bringing cumulative Performance Excellence programme savings to £80m. We remain on trackto achieve our 2026 full year target of £90m in cumulative savings. Minerals OE growth in the quarter was driven by ongoing demand for small and medium projects as customers expand ordebottleneck their existing mine sites. While the pipeline for larger projects is actively progressing, phasingcontinues to impact our orderbook on a quarter by quarter basis, with several larger project opportunities beingdelayed to Q4. We continue to grow our market share across the mill circuit maintaining our c.90% conversion ofcompetitive WARMAN® field trials. AM demand was driven by positive ore production trends in our core mining markets. Demand from oil sands wasparticularly strong, though largely offset by softer African mineral sands demand. Phosphate demand has alsobeen impacted by conflict in the Middle East reducing the availability of key raw material inputs including sulphurand ammonia. Following weather-related disruptions in July and August, our customers in Chile are focused onmaximising production over the remainder of the year as they seek to offset the related production shortfall.
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ESCO OE orders in the quarter largely reflect phasing for large bucket and truck bodies. Our integration of ESEL isproceeding to plan with all large customers now onboarded to our direct sales platform and positively contributingas expected. AM orders2 in the quarter increased +14% across both ESCO’s core hardware offering and Software Solutions.ESCO hardware AM orders reflect strong oil sands and gold markets in North America partially offset by coalproduction, predominantly in Indonesia. Beyond North America, our ‘low share, no share’ sales strategycontinues to accelerate GET growth along with contributions from ESEL. During the quarter, we continued togrow market share having completed 17 net major digger conversions, including three in Chile. The pipeline ofgeographic expansion opportunities within Micromine continues to grow, with a strategic order conversion inNorth America during the quarter. Net debt We remain on track to deliver strong cash generation, with net debt following normal seasonal patterns. By yearend 2026, we expect to land slightly above our normal operating range of 0.5 to 1.5 times net debt to EBITDA.Given the strong cash generation nature of our business model, we expect to be within our normal operatingrange over the course of 2027. We anticipate resulting net interest expense of c.£90m for full year 2026. Outlook Looking ahead to the full year, with good underlying demand in our core markets, we are focused on disciplinedexecution against our strong orderbook. We are on track to deliver in line with current market expectations forgrowth in constant currency revenue and operating profit, with operating margins above 20% for the full yearalong with strong cash conversion. We are mindful of specific geopolitical events which are adding shorter-term headwinds for the sector, includingthose arising from prolonged conflict in the Middle East, international freight availability, and the pace of recoveryfrom mine disruptions in Chile. Over the medium and long term, Weir has a compelling value creation opportunity. As a mining technologyleader, we are well positioned to continue to drive strong growth through innovative solutions, geographicexpansion, and bolt-on M&A. Our S4Hana implementation will underpin our future connectivity which togetherwith other new operational initiatives, will enable us to drive further efficiency in our business. Underpinned by amulti-decade market opportunity, driven by demand for critical metals and our resilient business model, ourstrong cash generation and balance sheet position us to deliver compounding growth in total shareholder returns. Notes:1. Financial information is given for the three months ended 30 September 2026, unless stated otherwise.2. Orders are reported on a constant currency basis with 2025 restated at 2026 average exchange rates.3. Figures in table are impacted by roundings. Analyst and investor conference call A conference call for analysts and investors will be held at 0800 GMT on Wednesday 4 November 2026 todiscuss this statement. Participants can join the call by registering in advance by visitingwww.global.weir/investors and following the link on the page. A recording of this conference call will be availableuntil 11 November 2026.
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Enquiries: Investors: Philip Carlisle +44 (0)141 308 3617 Media: Sally Jones +44 (0)141 308 3666 Media: Ariadna Peretz (FTI Consulting) +44 (0)789 041 7764 About Weir PLC Weir is a global leader in mining technology with a clear purpose to enable smart, efficient and sustainablemining. With more than 150 years of innovation, Weir develops highly engineered mining equipment and digitalsolutions that help customers improve productivity by moving less rock, using less energy, using water wiselyand creating less waste while lowering their total cost of ownership. The company is well positioned to benefitfrom long-term structural trends that support demand for its technologies, including the growing need for criticalminerals to support economic development and the transition to renewable energy, as well as the drive todecarbonise resource extraction. Weir has a presence in every major mining region of the world, with around12,000 employees operating in more than 50 countries. Find out more at global.weir Weir’s ordinary shares trade on the London Stock Exchange (ticker: WEIR LN) and its American DepositaryReceipts trade over-the-counter in the USA (ticker: WEGRY). Forward looking statements This information includes ‘forward-looking statements’. All statements other than statements of historical factincluded in this presentation, including, without limitation, those regarding Weir PLC’s (“Weir’s”) financialposition, business strategy, plans (including development plans and objectives relating to Weir’s products andservices) and objectives of management for future operations, are forward-looking statements. Thesestatements contain the words “anticipate”, “believe”, “intend”, “estimate”, “expect” and words of similar meaning.Such forward-looking statements involve known and unknown risks, uncertainties and other important factorsthat could cause the actual results, performance or achievements of Weir to be materially different from futureresults, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding Weir’s present and future businessstrategies and the environment in which Weir will operate in the future. These forward-looking statements speakonly as at the date of this document. Weir expressly disclaims any obligation or undertaking to disseminate anyupdates or revisions to any forward-looking statements contained herein to reflect any change in Weir’sexpectations with regard thereto or any change in events, conditions or circumstances on which any suchstatement is based. Past business and financial performance cannot be relied on as an indication of futureperformance.
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Appendix 1 – Group quarterly order trends Reported organic growth3 Division 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1 2026 Q2 2026 Q3 Original Equipment 6% 16% -24% 9% -6% 19% 4%Aftermarket 9% 10% 3% 1% -3% 8% 5%Minerals 8% 11% -6% 2% -3% 11% 4% Original Equipment 0% -16% 36% -7% 49% -12% -26%Aftermarket -2% 4% 9% 11% -5% 8% 10%ESCO -2% 2% 11% 8% -2% 6% 8% Original Equipment 5% 12% -21% 7% -2% 16% 1%Aftermarket 5% 8% 5% 3% -3% 8% 7%Group 5% 9% -2% 4% -3% 10% 5%Book-to-bill 1.11 1.07 1.01 0.89 1.14 1.11 1.10 Quarterly reported orders £m Division 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1 2026 Q2 2026 Q3 Original Equipment 122 115 109 116 115 147 118 Aftermarket 349 367 327 374 352 423 359 Minerals 471 482 436 490 467 570 477 Original Equipment 12 12 13 13 18 11 11 Aftermarket 165 162 169 173 179 181 199 ESCO 177 174 182 186 197 192 210 Original Equipment 134 127 122 129 133 158 129 Aftermarket 514 529 496 547 531 604 558 Group 648 656 618 676 664 762 687 Appendix 2 - 2026 Q3 order bridges (as reported)3 Minerals ESCO Group Group orders(£m) OE AM Total OE AM Total OE AM Total 2025 Q3 - asreported 109 327 436 13 169 182 122 496 618 Organic 4% 5% 4% -26% 10% 8% 1% 7% 5% Structure 2% 2% 2% 2% 4% 4% 2% 3% 3% Constant currency2 6% 7% 6% -24% 14% 12% 3% 10% 8% Currency 3% 3% 3% 4% 3% 3% 3% 3% 3% Total 9% 10% 9% -20% 17% 15% 6% 13% 11% 2026 Q3 - asreported 118 359 477 11 199 210 129 558 687
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