Minesite expansions, debottlenecking and technology adoption driving orders¹ +7%

OE orders¹ flat; +6% underlying excluding large orders YoY
AM orders¹+8% reflecting high activity levels and contributions from acquisition

Strong operational performance in fourth quarter delivering annual revenue¹ +6%

Adjusted operating profit^1,2 +15%; Performance Excellence savings ahead of plan

Adjusted operating profit^1,2 of £518m, significantly ahead of prior year
Adjusted operating margin^1,2 of 20.2%; +150bps reflecting Performance Excellence savings and software margins
Cumulative Performance Excellence savings of £59m to date

Cash conversion in target range; net debt and returns reflecting recent M&A

Significant strategic progress on advancing growth strategy

2026 Outlook: Growth in constant currency revenue, operating profit and operating margins

Further brownfield expansion and positive activity levels, enhanced by mining software growth
2026 Performance Excellence savings target increased to £90m; total final programme cost £113m
Free operating cash conversion of 90-100%

	2025	2024	As reported +/-	Constant currency¹+/-
Continuing Operations³
Orders¹	£2,598m	£2,439m	n/a	+7%
Revenue	£2,565m	£2,506m	+2%	+6%
Adjusted operating profit²	£518m	£472m	+10%	+15%
Adjusted operating margin²	20.2%	18.8%	+140bps	+150bps
Adjusted profit before tax²	£447m	£428m	+4%	n/a
Statutory profit before tax	£366m	£347m	+5%	n/a
Adjusted earnings per share²	123.8p	120.0p	+3%	n/a
Return on capital employed	17.9%	19.3%	-140bps	n/a
Total Group
Statutory profit after tax	£248m	£313m	-21%	n/a
Statutory earnings per share	95.7p	121.1p	-21%	n/a
Free operating cash conversion	92%	102%	-10pp	n/a
Dividend per share	41.7p	40.0p	+4%	n/a
Net debt⁴	£1,274m	£535m	-£739m	n/a