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Spirax Group (SPX) investor relations material
Spirax Group H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved 5% organic sales growth and 6% adjusted operating profit growth, outperforming global industrial production, with all business segments delivering organic growth and margin improvement; group margin rose to 20%.
Completed a major restructuring, generating GBP 40 million in annualized savings, which are being reinvested in growth initiatives.
Maintained strong cash discipline, with cash conversion at 89% and leverage reduced to 1.5x.
ROIC increased to 13.1%, and return on capital employed improved to 36%.
Financial highlights
Revenue reached GBP 1,702.9 million, up 2% reported and 5% organically year-over-year.
Adjusted operating profit grew 6% organically to GBP 339.9 million, with group margin up 30bps to 20%.
Adjusted EPS rose 3% to GBP 2.963 per share; full-year dividend increased 3% to GBP 1.70 per share.
Adjusted free cash flow increased to GBP 199.0 million.
Net debt/EBITDA improved to 1.5x.
Outlook and guidance
Forecasting mid-single-digit organic sales growth for 2026, with adjusted operating profit growth ahead of sales.
Group margin expected to progress further, targeting 22–23% medium-term, with ROIC above 15%.
Segment guidance: low single-digit growth for STS, high single-digit for ETS and Watson-Marlow.
Conservative internal planning due to ongoing macro volatility and potential supply chain disruptions, especially in the Middle East.
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