Spirax Group PLC

SPX: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	LOCK\|@ZD	LOCK\|@l	LOCK\|#$!!kBs

Spirax Earnings: Turnaround Is in Full Swing; Shares Remain Attractive

Matthew Donen

Mar 10, 2026

Spirax's adjusted operating profit grew 6% organically in 2025, translating to a 30-basis-point organic improvement in adjusted operating margin to 20.0%. The Watson-Marlow segment was the biggest contributor, with a 160-basis-point improvement.

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Spirax Group PLC

Spirax Earnings: Turnaround Is in Full Swing; Shares Remain Attractive

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