EarningsQ2 2026 Earnings Report

Spirax Group (SPXN) Q2 2026 Earnings Report

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Previous Report: Q4 2025

MX:SPXN Q2 2026 EPS Results

Actual EPS$34.25

Consensus EPS$33.31

Beat/MissBeat by +$0.94

One Year Ago EPS$31.35

MX:SPXN Q2 2026 Revenue Results

Actual Revenue$19.72B

Expected Revenue$19.37B

Beat/MissBeat by +$352.34M

YoY Revenue Growth+5.06%

Earnings Announcement Details

QuarterQ2 2026

Date08/11/2026

TimeBefore Open

Conference CallTuesday, August 11, 2026

MX:SPXN Upcoming Earnings

Spirax Group's next earnings date is estimated for March 11, 2027, based on past reporting schedules.

Q2 2026 Earnings Call Audio

No earnings call audio is available for this earnings event.

Q2 2026 Earnings Slide Deck

Q2 2026 Earnings Call Summary

Q2 2026

Earnings Call Date:Aug 11, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call presents a broadly positive performance: the group delivered mid‑single‑digit organic sales and profit growth, with notable margin progression in ETS and Watson‑Marlow, improved ROCE, strong order books, and reiterated medium‑term targets. Short‑term headwinds include STS margin phasing, inventory builds for geopolitical risk (reducing H1 cash conversion), temporary leverage slightly above the target range, and exposure to weak industrial production and FX movements. Management highlighted concrete operational and commercial initiatives (digital connections, decarbonization, localized production, and sales reinvestment) that support confidence in delivering full‑year guidance and medium‑term targets. Overall, the positive execution and pipeline momentum outweigh the transitory challenges communicated.

Company Guidance

Management reiterated full‑year guidance and said the group is on track, expecting higher H2 volumes and margin progression (typical adjusted operating profit weighting c.45% H1 / 55% H2). Key metrics: H1 organic sales +5% (vs IP +1.5%), organic operating profit +6%, adjusted operating margin 19.8% (up 10bps organically), adjusted EPS +9% to 150p, adjusted cash from operations £92m (H1 cash conversion 54%; full‑year cash conversion expected ~90%), H1 CapEx ~3% of sales with full‑year CapEx to be at the lower end of the 4–5% guidance, net debt £618m (net debt/EBITDA 1.6x; target 1.0–1.5x by year‑end), and ROCE >35% (up 180bps). Division outlooks: STS H1 sales +1% with stronger H2 and medium‑term margin target 23.5%; ETS H1 sales +11% with margin 17.2% (up 220bps) and a 20% margin target; Watson‑Marlow H1 sales +7% with margin 27.5% (up 80bps) and a path to >30%. FX assumed to have negligible full‑year revenue/profit impact (H1 profit had ~+2% FX tailwind; expect ~-2% H2 headwind).

Organic Sales Growth Outperforming Industrial Production

Group organic sales grew 5% in H1, well ahead of Industrial Production (IP) at 1.5%, demonstrating demand generation and market outperformance across all three businesses.

Profitability and EPS Improvement

Adjusted operating profit increased 6% organically and adjusted EPS rose 9% to 150p per share. Group adjusted operating margin progressed to 19.8% (organic improvement of 10 basis points).

ETS Strong Growth and Margin Progression

ETS delivered organic sales growth of 11% with adjusted operating profit up 27% organically; margin improved by 220 basis points to 17.2%. ETS hit a 20% margin in its highest-shipment month, supporting its 20% medium-term margin target.

Watson‑Marlow Growth and High Margins

Watson‑Marlow sales grew 7% organically, adjusted operating profit rose 11% organically, and margin improved by 80 basis points to 27.5%. Q2 orders reached the highest quarterly level since the COVID peak.

STS Demand Momentum and Order Book

STS recorded mid-single-digit demand growth (greater than 2x IP) and a healthy order book entering H2; while H1 shipments were modest (sales +1%) due to customer-specified phasing, momentum is expected to unwind into H2.

Return on Capital and Cash Discipline

Return on capital employed improved by c.180 basis points to over 35%. Capital expenditure was disciplined at around 3% of sales (expecting full-year CapEx at the lower end of 4–5% guidance).

Cash Conversion and H1 Cash Flow (Seasonal)

Adjusted cash from operations was GBP 92m with a H1 cash conversion of 54%; management expects full-year cash conversion to be around 90% given normal seasonality and planned inventory draw-down in H2.

Balance Sheet and Dividend

Interim dividend increased 3% to 50.4p per share. Net debt ended the half at GBP 618m with net debt/EBITDA of 1.6x; management expects to return to target leverage by year-end.

Digital, Decarbonization and Services Momentum

Digital traction: 19,000 connected steam traps across 2,350 sites since 2023 with ambition to reach 100,000. Decarbonization wins include 10 'Powering Zero' orders (~GBP 12m) and 80-site steam system audits; assessments produced typical pull-through >5x assessment revenue.

Medium‑Term Targets Reiterated

Management reiterated medium-term group margin target of 22–23%, ETS 20% target, Watson‑Marlow path to >30% margin, and STS medium-term margin target of 23.5%, underpinned by operational improvements and market exposure.

MX:SPXN Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Mar 11, 2027	2026 (Q4)	39.95 / -	36.14	―
Aug 11, 2026	2026 (Q2)	33.31 / 34.25	31.346	9.25% (+2.90)
Mar 10, 2026	2025 (Q4)	33.88 / 36.14	33.948	6.46% (+2.19)
Aug 12, 2025	2025 (Q2)	31.69 / 31.35	31.254	0.29% (+0.09)
Mar 11, 2025	2024 (Q4)	34.45 / 33.95	35.706	-4.92% (-1.76)
Aug 08, 2024	2024 (Q2)	33.72 / 31.25	35.364	-11.62% (-4.11)
Mar 07, 2024	2023 (Q4)	34.91 / 35.71	46.002	-22.38% (-10.30)
Aug 10, 2023	2023 (Q2)	37.99 / 35.36	39.907	-11.38% (-4.54)
Mar 09, 2023	2022 (Q4)	43.15 / 46.00	41.299	11.39% (+4.70)
Aug 11, 2022	2022 (Q2)	30.00 / 39.91	35.912	11.13% (+4.00)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed