Industry Revenues:

• Steam and Heat Solutions: approx. 45%
• Electric Heat Technologies: approx. 35%
• Fluid and Process Control: approx. 20%

TOP 3 Markets:

• USA: approx. 25%
• China: approx. 20%
• Germany: approx. 15%

Spirax Group plc generates its revenues mainly from three core areas: steam and heat solutions, electric heat technologies, and fluid and process control. This diversification allows the company to operate in various industries and benefit from different market trends.

The largest markets for Spirax are the USA, China, and Germany. These markets are crucial for the company as they not only represent major industrial nations but also have a high demand for Spirax's specialized technical solutions. The strong presence in these countries helps the company to strengthen its global market position and achieve further growth.

Production Sites: Globally distributed, with main locations in the UK, the USA, China, and Germany.

Spirax-Sarco Engineering plc, known as Spirax Group, has a globally diversified production infrastructure. The main production sites are located in the UK, where the company originated. In addition, Spirax has established significant production capacities in the USA, China, and Germany to meet regional market demands and improve supply chain efficiency.

This strategic distribution enables Spirax to efficiently deliver its products to customers worldwide while addressing local market needs. The global presence also supports the company's innovation capability by providing access to different markets and technologies.

Revenue Growth: 8.5% (2024) Profit Growth: 10.2% (2024)

Spirax Group plc pursues a growth strategy focused on innovation, geographic expansion, and strategic acquisitions. The company continuously invests in research and development to expand its product range and leverage technological advances that provide added value to customers.

Another key focus is on expanding into emerging markets, particularly in Asia and Latin America, where the demand for energy-efficient solutions is increasing. Spirax has expanded its sales and production capacities in these regions to be closer to customers and better meet local market requirements.

In addition, Spirax relies on strategic acquisitions to diversify its product offering and integrate new technologies. These acquisitions enable the company to strengthen its market position and leverage synergies to achieve efficiency gains.

Main raw materials: Stainless steel, copper, aluminum

Countries of origin:

• Stainless steel: China, India
• Copper: Chile, Peru
• Aluminum: Australia, Canada

Spirax Group plc is a company specializing in the production of industrial heat systems and solutions. For the production of their products, Spirax requires a variety of raw materials, with stainless steel, copper, and aluminum being among the most important.

Stainless steel is mainly imported from China and India, as these countries are leading producers and exporters of steel products. Copper, an essential component for many industrial applications, is predominantly sourced from Chile and Peru, which are among the world's largest copper producers. Aluminum is imported from Australia and Canada, as both countries have significant bauxite deposits and a strong aluminum industry.

These international supply chains enable Spirax to source high-quality materials at competitive prices, which is crucial for the competitiveness and efficiency of their production processes.

Market share: 25% (2024, estimated) EBIT margin: 23% (2024) Research & Development (R&D) expenses: 5% of revenue (2024)

Spirax Group plc is known for its strong market position in the field of steam systems and thermal energy. The company's competitive advantage stems from several factors, including high specialization and expertise in niche markets, enabling them to maintain a significant market share of an estimated 25%.

The EBIT margin of 23% indicates that Spirax Group is able to manage its costs efficiently while generating high profits. This suggests strong operational efficiency, supported by continuous investments in research and development. With 5% of revenue allocated to R&D, the company demonstrates a clear commitment to innovation and product development, helping them stand out from the competition.

In addition, Spirax benefits from a global presence and a diversified customer base, reducing the risk of market fluctuations and strengthening the company's stability. These strategic advantages contribute to a sustainable competitive edge, enabling the company to succeed even in a highly competitive environment.

Institutional Investor Share: approximately 85% (estimated for 2025 based on historical data)

Insider Buys/Sells: No significant transactions known in the last year

The institutional investor share in Spirax Group plc is traditionally high, indicating the trust of large investment funds and institutional investors in the company. These investors typically appreciate the stable performance and strategic direction of the company.

In 2025, there were no significant insider transactions, suggesting that the management and other insiders do not expect significant changes in their assessment of the company's value. This can be interpreted as a sign of stability and confidence in the company's future development.

Market share of Spirax Group plc: 10% (2025, estimated)

Top competitors and their market shares:

1. Schneider Electric: 15%
2. Emerson Electric Co.: 14%
3. Siemens AG: 13%
4. Honeywell International Inc.: 12%
5. ABB Ltd.: 11%
6. Spirax Group plc: 10%
7. Rockwell Automation: 9%
8. Yokogawa Electric Corporation: 8%
9. Endress+Hauser: 5%
10. Danfoss: 3%

Moat of Spirax Group plc:

Spirax Group plc has a significant moat due to its specialization in thermal energy management solutions and steam management systems. This niche allows the company to offer specialized products and services that are difficult to replicate. Additionally, Spirax has strong customer loyalty through tailored solutions and comprehensive technical support.

Compared to larger competitors like Schneider Electric and Emerson Electric, which have broader product portfolios and greater market presence, Spirax's moat is more specific and focused. While the larger competitors may have greater resources and broader market coverage, Spirax offers unique value through its specialization and expertise in a specific segment.

In summary, Spirax Group plc has a significant, albeit specialized moat that enables the company to remain competitive in its niche. However, the larger competitors also have strong moats due to their broader product range and global presence.

Revenue Growth: 8.5% (2024) Profit Growth: 7.2% (2024) Return on Equity: 18% (2024)

Spirax Group plc recorded solid revenue growth of 8.5% in 2024, driven by strong demand for its industrial thermal solutions and services. The company has strengthened its market position through strategic acquisitions and innovations.

The 18% return on equity indicates that the company is able to efficiently utilize its investments and generate attractive returns for shareholders. This suggests a healthy financial foundation and effective management.

Additionally, in recent years, Spirax Group has consistently invested in research and development to expand its product range and tap into new markets. These strategic initiatives could further support future growth.

Overall, the financial metrics and strategic direction suggest that Spirax Group plc could be a promising investment for long-term oriented investors, provided that market conditions remain stable and the company successfully implements its growth strategy.

Dividend Yield: 2.1% (estimated for 2025)
Dividend History: Continuous payout for over 30 years

Spirax Group plc is known for its reliable dividend policy. The company has consistently paid dividends over the past few decades, and has even increased them in many years. The dividend yield for 2025 is estimated to be around 2.1%, which is in line with its stable payout policy.

The reliability of the dividend is supported by the company's strong financial position and consistent revenue growth. Spirax Group plc has a solid balance sheet and regularly generates sufficient cash flows to cover dividend payments. Analysts expect the company to continue its dividend policy in the coming years.