Full Year 2025 Weir Group PLC Earnings Call Transcript
Key Points
- Weir Group PLC (WEGRY) delivered a strong financial performance in 2025, with a 6% constant currency revenue growth year on year.
- Operating margins expanded by 150 basis points, achieving a 20.2% margin a year earlier than expected.
- The company reduced its absolute Scope 1 and 2 emissions by 31% against the 2019 baseline, surpassing its original 2030 target.
- Weir Group PLC (WEGRY) made significant strategic progress with self-funded acquisitions and partnerships in digital, geographic expansion, and product extensions.
- The company maintained a strong free operating cash conversion rate of 92%, within its target range of 90% to 100%.
- Net debt-to-EBITDA increased to 1.9x, towards the top end of the target range, following significant acquisition activity.
- Return on capital employed decreased by 140 basis points to 17.9%, though still above the cost of capital.
- The total incident rate increased over the prior year, indicating a shortfall in safety performance.
- Working capital as a percentage of sales increased by 170 basis points to 22.4%, above the target of 20%.
- The company faced a GBP22 million translational FX headwind, impacting profit before tax.
Good morning, everyone, and welcome to Weir's 2025 Full Year Results Presentation. Before we start, I would like to draw your attention to the usual cautionary notice on forward-looking statements. We've found a very strong year. So there's a lot to cover today.
I'll start with introductory remarks, then Brian Puffer, our CFO, will present the financial review. I'll then return to cover our strategic progress during the year and our outlook for 2026. And after the presentation, both Brian and I look forward to answering your questions.
So beginning with our equity case, we is delivering on the sustainable growth and shareholder returns that we promised. We are today is a focused technology partner to the mining industry with market-leading hardware and software solutions, both of which leverage our secret sauce of mission-critical technologies and unmatched customer intimacy to deliver a unique value proposition protected by high barriers to entry.
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