Weir Group Maintains Momentum, Reaffirms 2025 Guidance

The Weir Group PLC (WEIR.L) has released a trading update for the third quarter ended September 30, 2025, showcasing healthy order momentum and reaffirming its full-year guidance.

The company reported a 2% increase in group orders, driven by contributions from recent acquisitions and strong demand in core mining markets.

Group original equipment (OE) orders increased by 15%, excluding large orders from the prior year, indicating robust underlying demand. Aftermarket (AM) orders also saw a 10% rise, reflecting installed base expansion and the positive impact of acquisitions. Weir is capitalizing on growing demand across key commodities like copper, gold, and iron ore.

Minerals OE orders experienced a 24% decrease, primarily due to the absence of significant orders from the OCP and Reko Diq projects that boosted the previous year's figures.

However, ESCO OE orders surged by 36%, fueled by geographic expansion in the Asia-Pacific region. The company's focus on installed base conversion and software solutions is driving aftermarket demand. Minerals AM orders grew by 5%, while ESCO AM orders saw a substantial 21% increase, with 9% organic growth and a 12% contribution from Micromine.

Weir is making strategic investments to strengthen its market position. The acquisition of Townley was completed in August, enhancing Weir's presence in North America.

The company also announced the acquisition of Fast2Mine, which will expand Micromine's suite of mining software solutions. The Performance Excellence program is progressing as planned, targeting £80 million in absolute savings by 2026.

The company reiterates its 2025 guidance, projecting growth in constant currency revenue and operating profit, with an operating profit margin of approximately 20% and free operating cash conversion of 90% to 100%.

Weir anticipates headwinds from translational foreign exchange, estimating a £105 million impact on revenue and a £25 million impact on operating profit compared to the previous year.

Jon Stanton, Chief Executive Officer, commented: “Our performance in the third quarter reflects positive activity in our core mining markets. Demand for brownfield and debottlenecking solutions is driving healthy order momentum for original equipment across both divisions.”

Despite potential challenges facing the mining industry, including uncertainty regarding tariff negotiations, Weir remains focused on disciplined execution against its strong order book.

The company's long-term outlook remains positive, driven by its compounding business model and commitment to sustainable practices. The company expects net debt to EBITDA to be below 2.0x at December 2025 and below 1.5x by year end 2026, in line with its capital allocation policy.

While the company has so far mitigated trade tariffs, it remains vigilant regarding macro events like critical metals disputes and potential tariffs between the U.S. and China, which could impact global supply chains.