Core Insights - The Weir Group reported strong performance in 2025, driven by high demand in mining markets and successful acquisitions, positioning the company for growth in 2026 [7] Financial Performance - Revenue increased by 6% on a constant-currency basis to GBP 2.6 billion, supported by robust aftermarket demand and effective execution on OE orders [6] - Operating profit rose 15% year-over-year to GBP 518 million, with operating margin expanding 150 basis points to 20.2%, exceeding the prior margin target a year earlier than expected [5] - Profit before tax was GBP 447 million, GBP 19 million ahead of the previous year, despite facing a GBP 22 million foreign exchange headwind [4] Orders and Demand - Minerals orders grew by 5%, with OE orders stable and aftermarket orders up 7% [1] - ESCO reported orders up 11%, driven by strong demand for core ground engaging tools, with total revenue increasing by 6% [8] Operational Metrics - Free operating cash conversion was 92%, within the target range of 90%-100% [3] - Working capital as a percentage of sales increased by 170 basis points to 22.4%, with expectations to return to a 20% target as operations normalize [3] Strategic Initiatives - Management emphasized strategic progress in digital expansion and product development, including the integration of Micromine and the development of new technologies [14][15] - The company is focusing on geographic expansion, including acquisitions in North America and joint ventures in Chile and Saudi Arabia [15] Future Outlook - Weir anticipates another year of revenue and operating profit growth in 2026, with expectations of mid-single-digit aftermarket revenue growth and continued strong performance from software businesses [16] - The company aims to de-lever back toward a normal net debt to EBITDA range of 0.5x–1.5x by the end of 2026 [18] Sustainability Efforts - Absolute Scope 1 and 2 emissions decreased by 31% compared to the 2019 baseline, surpassing the original 2030 target for a 30% reduction [19]