**Summary**
Spirax Group PLC released a trading update for the four months ended 31 October 2025, highlighting resilient performance despite a challenging global economic environment. Key points include
1. **Economic Environment**Global industrial production (IP) growth (excluding China) slowed to 1.6% in the first nine months of 2025, with continued weakness in major markets like the USA, Germany, France, Italy, and the UK. Tariff-related uncertainties persist, dampening business confidence and demand for large projects.
2. **Trading Performance**
**Group Organic Growth**Both organic sales growth and adjusted operating profit margin for the ten months ended 31 October outpaced H1 2025 figures.
**Steam Thermal Solutions (STS)**Sales were broadly level year-on-year, impacted by weak IP conditions, though MRO sales in China showed double-digit growth and Korea’s performance is recovering.
**Electric Thermal Solutions**Strong organic sales growth continued, driven by operational improvements in Process Heating and robust demand for Semicon equipment solutions in Equipment Heating.
**Watson-Marlow**Double-digit order growth in Biopharm accelerated sales in the second half, with Process Industries also contributing to strong overall organic growth.
3. **Financial Position**Net borrowings decreased to £596 million (from £658 million in June 2025), with the net debt to EBITDA ratio improving to 1.6x.
4. **Outlook**Spirax Group reiterated its full-year guidance, expecting organic revenue growth consistent with 2024 and ahead of global IP, with adjusted operating profit margin exceeding 2024 levels, driving mid-single-digit organic profit growth.
5. **Strategic Focus**The company remains committed to its restructuring plan, targeting £35 million in annualised savings, reinvesting most savings into organic growth priorities, and advancing its net-zero initiatives through innovative decarbonisation solutions.
Spirax Group continues to focus on strategic priorities, operational efficiency, and sustainable growth, positioning itself as a key enabler of the industrial transition to net zero.