Investment Case

Long-duration, compounding growth and attractive returns for shareholders.

Our differentiated business model combines our global direct sales force of engineers, strong local customer relationships, diversified and resilient end markets with revenues predominantly funded from customers' operating budgets.

Creating customer value

Our ~2,900* direct sales and service engineers serve our customers through building close, local relationships that focus on consultative solution-selling and pricing based on the customer's economics.

85% of Group revenue is generated from our customers' annual maintenance and local operating budgets with 40% of Group revenue generated from solution-sales.

1 in 3 colleagues are in sales and service roles. The remaining 15% comes from capex-budgets.

* Includes technical application engineers and inside sales.
Focus on resilient, niche sectors and applications

Critical applications across diverse sectors.

60% of Group revenue is derived from defensive end markets.

We target sectors where our solutions are mission-critical to our customers' processes and reflect the value we generate in our pricing.

No more than ~1% of Group sales is attributed to a single customer.
Global reach; direct, local presence

We have a global footprint with a direct presence in nearly 70 countries and an indirect presence in a further 100 countries.

~75% of Group sales are direct with ~25% delivered through channels.

Our 2025 sales across our three geographic regions were as follows:

38% AMERICAS
44% EMEA
18% APAC

Our business model is foundational to...

Mid-single-digit Organic revenue growth of close to 2x IP
Mid-to-high-single-digit Organic profit growth
Strong EPS growth 25 yrs CAGR 9%

Dividend growth 25 yrs CAGR 9%
Return surplus capital Special dividends in 2010, 2012, 2014
Superior Total Shareholder Returns

Together for Growth Strategy

Our Together for Growth Strategy builds upon our differentiated business model to drive compounding organic growth and improving returns on capital.

We implement our strategy by focusing on operational priorities that will support the delivery of our medium-term targets and generate funding for targeted investments that evolve our capabilities to capture the significant opportunities we see in Digital and Services and Decarbonising Thermal Energy.

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