Spirax Group Plc. · LSE:SPX
Spirax — FY2025 Earnings Presentation
25 slides from Spirax's earnings presentation, March 2026
Slide 1: 2025 Full Year Results
2025 Full Year Results Twelve months ended 31 December 2025 Nimesh Patel Group Chief Executive Officer Louisa Burdett Group Chief Financial Officer
Slide 2: Overview
Overview 2 Strategy delivering growth well ahead of IP with margin progress • Group organic revenue growth 5%, well ahead of global IP; all Businesses delivered organic growth and margin progress • Group margin of 20.0%, 30bps higher organically • STS sales: +1%; +3% excluding China and Korea large
Slide 3: Demand drivers: global industrial production
Demand drivers: global industrial production 3 Evolution of 2025 IP estimates Continued weakness in key markets % 2025 Sales 2025 IP USA 29% 1.2% Germany 9% (1.0)% France 8% 0.5% Italy 5% (0.3)% UK 7% (0.2)% Global IP (ex. China) H1 H2 FY 2025 1.7% 1.6% 1.7% 2026 1.6% 2.5% 2.1% Volatile IP remains T
Slide 4: Financial Review
Financial Review Louisa Burdett Group Chief Financial Officer
Slide 5: Financial summary
Financial summary 5 Revenue and profit growth driven by operational focus 12 months to December (£m) 2025 2024 Reported Organic1 Revenue 1,702.9 1,665.2 2% 5% Adjusted operating profit 339.9 333.9 2% 6% Adjusted operating profit margin 20.0% 20.1% (10)bps 30bps Net finance expense (38.3) (43.7) Adju
Slide 6: Sales bridge
Sales bridge 6 Organic growth well ahead of IP 2025 2024 Year-on-year organic growth £m £m 2025 H1 2025 H2 2025 FY 2024 FY STS 853.4 867.9 - 2% 1% 1% ETS 441.3 404.6 10% 12% 11% 10% WMFTS 408.2 392.7 2% 10% 6% 3% Group 1,702.9 1,665.2 3% 6% 5% 4%
Slide 7: Adjusted operating profit bridge
Adjusted operating profit bridge 7 All three Businesses delivered higher margins Trading Profit (£m) Organic Change Trading Margin Organic Change 2025 2024 YoY 2025 H1 2025 H2 2025 2024 YoY STS 200.3 204.1 3% 23.4% 23.5% 23.5% 23.5% 40bps ETS 71.3 64.7 12% 15.0% 17.2% 16.2% 16.0% 20bps WMFTS 107.0 9
Slide 8: Adjusted cash flow
Adjusted cash flow 8 Strong cash conversion and reduced leverage 12 months to December (£m) 2025 2024 • Improved cash conversion, driven by Adjusted operating profit 339.9 333.9 disciplined capital expenditure and Capital expenditure (net) (64.7) (83.6) improved adjusted operating profit Working cap
Slide 9: Outlook for 2026 and medium-term margin targets
Outlook for 2026 and medium-term margin targets 9 Continuing focus on operational priorities to deliver organic growth, margin progress and ROIC 2026 guidance Medium term Organic Margin Margin targets sales growth LSD Operating leverage 23.5% + ETS operational improvement HSD + 20% Returns on growth
Slide 10: Executing our strategy
Executing our strategy Nimesh Patel Group Chief Executive Officer
Slide 11: Demand drivers: end market dynamics
Demand drivers: end market dynamics 11 Market developments Our response • Weak large project demand, as expected • Executing on MRO and solution opportunities • Decline moderating compared to 2024 • China sales decline: -3% (2024: -13%) China (~15% STS sales) • MRO and solutions demand growing stron
Slide 12: Delivering on our Operational Priorities
Delivering on our Operational Priorities 12 Organisational Fitness Operational Excellence Commercial Excellence Driving effectiveness Driving growth and margins Driving growth • STS EMEA simplification • Simplifying manufacturing footprint • Channel development in STS • Heat Trace as separate divisi
Slide 13: Organisational Fitness
Organisational Fitness 13 Simplify STS EMEA structure Reorganisation of ETS Sectorisation of WMFTS EMEA • Removed management layers • Heat Trace as new division in ETS • Reorganised around target sectors • Increased local sales engineer headcount • Separate team of sales engineers • Expertise streng
Slide 14: Operational Excellence
Operational Excellence 14 Simplifying Improving Savings manufacturing footprint ETS operational performance from continuous improvement • Closed STS facility in Mexico, • Ogden design engineering lead times • Focus on procurement, labour transferred production to USA reduced from 60 weeks to 6 weeks
Slide 15: Commercial Excellence
Commercial Excellence 15 Channels End markets Solutions • STS: Partnering with US distributors • ETS: Targeting Datacentre sector • WMFTS: Investing in WM Architect, with bespoke solution our single use assembly solution • Focus on Hospitals, O&G, Chemicals • Business model in action, leveraging • I
Slide 16: Investing for sustained long term organic growth
Investing for sustained long term organic growth 16 Digital and Services Decarbonising thermal energy Connected Connected Direct Four defined GTM strategies customers products sales tools Energy Optimisation | TargetZero | PoweringZero | Thermal Energy Assessment STS turning digital insights WMFTS b
Slide 17: Together for Growth
Together for Growth 17 Compounding Unique business model with durable Long runway for high margin, LT growth and competitive advantage high ROCE organic growth improving ROIC Commercial Excellence Organic growth MSD+ ~2,900 Direct sales engineers* Operational Excellence Margins 60% Sales to defensiv
Slide 18: Disciplined capital allocation to drive compounding growth
Disciplined capital allocation to drive compounding growth 18 Building on a long track record of delivering organic growth and total shareholder returns Free Cashflow deployment to drive growth and returns EPS growth 1 3 25 yrs CAGR 9% Disciplined bolt-on Invest to drive acquisitions organic growth
Slide 19: Summary: Delivered, Focused execution, Investing for growth
Summary 19 Delivered Focused Investing 2025 execution for growth Building momentum On track to deliver medium-term targets and long-term compounding growth
Slide 20: Appendix
Appendix
Slide 21: Appendix I: 2026 FX headwinds impact
Appendix I 21 Impact on 2025 reported financial performance from 2026 FX headwinds Margin 20.1% (20.0%) (19.8%) Margin 19.6%
Slide 22: Appendix II: Exchange rate exposure and impacts
Appendix II 22 Exchange rate exposure and impacts Proportion of Group results* Average exchange rates vs GBP Sales Profit Average FY25 Average FY24 Change Euro 29% 39% 1.17 1.18 1% US dollar 29% 25% 1.31 1.28 (3)% Renminbi 9% 16% 9.44 9.18 (3)% Won 3% 5% 1,874 1,741 (8)% Real 3% 3% 7.37 6.93 (6)% Ca
Slide 23: Appendix III: Reconciliation to adjusted operating profit
Appendix III 23 Reconciliation of operating profit to adjusted operating profit 12 months to 31 December (£m) FY25 FY24 The Group uses adjusted figures as Operating profit as reported under IFRS 265.4 304.6 key performance measures in addition to those reported under IFRS. Restructuring costs 37.0 —
Slide 24: Appendix IV: Additional guidance
Appendix IV 24 Additional guidance (for modelling purposes) 2025 Actual 2026 Guidance Revenue: 3% adverse Revenue: 2% adverse Exchange rate impact Adjusted Operating Profit: 4% adverse Adjusted Operating Profit: 3% adverse Corporate costs £39m Slightly higher P&L charge: £40m Exceptional restructuri
Slide 25: Appendix V: Environmental and social progress
Appendix V 25 Environmental and social progress Key strategic targets: Net zero scopes 1 and 2 greenhouse gas emissions by 2030, with an interim target of a 50% reduction (compared to 2019) by 2025 20% reduction in Group energy use (compared to 2019) by 2025 Progress against 2025 strategic targets*