Weir (WEIR) Q3 2026 TU earnings summary

Executive summary

• Q3 group orders rose 8% on a constant-currency basis, including acquisitions; YTD book-to-bill was 1.10, with each of the first three quarters at least 1.1.

• FY 2026 remained on track for constant-currency revenue and operating profit growth, operating margins above 20%, and strong cash conversion.

Financial highlights

• Group aftermarket orders grew 10% and original equipment orders grew 3% on a constant-currency basis.

• Minerals aftermarket orders rose 7% reported and 5% organically; Minerals OE grew 6%. Two Minerals projects totaling £30m shifted from Q3, with one £10m order booked in October.

• ESCO aftermarket orders rose 14% reported and 10% organically; ESCO OE orders fell £3m, or 24% YoY, on timing of large bucket and truck-body orders.

• Performance Excellence savings reached £80m cumulatively, on track for the FY 2026 target of £90m.

• Minerals aftermarket order book for delivery in the rest of the year began Q4 £50m–£60m above the year-earlier level.

Outlook and guidance

• FY 2026 guidance remained for constant-currency revenue and operating profit growth, operating margins above 20%, and strong cash conversion.

• A strong order book supports substantial Q4 revenue delivery, especially the large aftermarket backlog; execution, freight and shipping conditions remain important to meeting expectations.

• Minerals OE pipeline is growing and maturing; strong FY OE order growth was expected, with the remaining ~£20m project expected during the year.

• FY 2027 margin expectations were described as ~flat before detailed budgeting; performance program benefits, growth leverage and efficiency initiatives are expected to offset ERP costs.

• Year-end 2026 net debt/EBITDA was expected slightly above the normal 0.5–1.5x range, returning within range during 2027; FY 2026 net interest expense was expected at ~£90m.