**Spirax Group PLC 2025 Full Year Results Summary**
**Financial Highlights**
**Revenue Growth** Group revenue increased by 5% organically (2% reported) to £1,702.9 million, significantly outpacing global Industrial Production (IP) growth of 2.1%.
**Profitability** Adjusted operating profit grew by 6% organically to £339.9 million, with an adjusted operating margin of 20.0%, up 30bps organically. Statutory operating profit declined by 13% to £265.4 million due to one-off restructuring costs.
**Dividend** Dividend per share increased by 3% to 170.0 pence, reflecting confidence in growth and margin recovery.
**Cash Flow** Adjusted cash conversion improved to 89%, and leverage reduced to 1.5x.
**Business Segment Performance**
1. **Steam Thermal Solutions (STS)** Organic sales grew by 1% (3% excluding large projects in China and Korea), with margins at 23.5%, up 40bps organically.
2. **Electric Thermal Solutions (ETS)** Organic sales surged by 11%, driven by operational improvements and Semicon demand recovery, with margins up 20bps to 16.2%.
3. **Watson-Marlow Fluid Technology Solutions (WMFTS):** Organic sales grew by 6%, led by Biopharm recovery and Process Industries focus, with margins up 160bps to 26.2%.
**Strategic Progress**
Completed a £40 million annualised restructuring program, funding investments in growth initiatives.
Delivered on the "Together for Growth" strategy, focusing on MRO, solution-selling, and operational efficiency.
Launched new decarbonisation solutions to support net-zero goals.
**Outlook**
Spirax Group anticipates continued organic growth and margin improvement in 2026, driven by disciplined capital allocation and compounding growth initiatives.
**CEO Commentary (Nimesh Patel)**
Highlighted the Group’s resilience in a volatile macroeconomic environment, delivering on mid-single-digit organic growth and margin progress. Emphasized the successful execution of the strategy and investments in future growth drivers.
**Investor and Media Contacts**
Provided contact details for CFO Louisa Burdett, Head of Investor Relations Mal Patel, and media representative Martin Robinson.
**Webcast**
Results presentation available via live webcast and recording on the Company’s website.
**About Spirax Group**
Positioned as a leader in industrial transition to net zero, with a focus on thermal energy and fluid technology solutions. Operates in over 70 countries, serving 100,000+ customers, and listed on the London Stock Exchange (FTSE 100).
**Key Metrics**
Organic revenue growth5%
Adjusted operating profit growth6%
Adjusted operating margin20.0% (+30bps)
Dividend increase3%
Leverage1.5x
Spirax Group remains committed to sustainable value creation, operational excellence, and long-term growth.