Spirax Group PLC

SPX: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Spirax Earnings: Turnaround Progressing Despite Modest Adjusted Operating Margin Improvement

Matthew Donen

Aug 11, 2026

Spirax reported 6% adjusted organic operating growth in the first half, translating to 10 basis points of margin expansion to 19.8%. Management reiterated full-year guidance for mid-single-digit organic revenue growth and adjusted operating margin above 20.0%. Shares are trading 6% lower on Aug. 11.

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Spirax Group PLC

Spirax Earnings: Turnaround Progressing Despite Modest Adjusted Operating Margin Improvement

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