Bekaert Sa · EURONEXT:BEKB
Bekaert Sa — FY2025 Earnings Presentation
35 slides from Bekaert Sa's earnings presentation, Feb 26, 2026
Slide 1: Bekaert FY 2025 Results
Bekaer t FY 202 5 Results 26 February 202 6
Slide 2: Safe harbor
Safe h arbor This presentation may contain forward -looking statements. Such statements reflect the current views of management regarding future events, and involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future resul
Slide 3: Agenda
Agenda 1 Introduction and highlights Yves Kerstens, CEO 2 Financial review Seppo Parvi , CFO Yves Kerstens CEO 3 S trategy and operational review Yves Kerstens, CEO 4 Outlook and summary Seppo Parvi Yves Kerstens, CEO CFO 3
Slide 4: Introduction and highlights
Yves Kerstens, CEO Introduction and highlights 4
Slide 5: 2025 Highlights
202 5 Highlights 1 Resilient results and strong cash flow supported by cost management and restructuring Sales Market volatility amid trade tensions 2 • Mitigated direct impact of tariffs -2 % € 3 .7 bn • Stable volumes in RR, volume growth in energy & utilities • Project delays in steel ropes and c
Slide 6: Financial and operational review
Seppo Parvi, C FO Financial and operational review 6
Slide 7: Q4 2025 sales bridge
Q 4 2025 sales bridge Stable l ike -for -like sales with volume growth in core markets in millions of € -42 16 Stable like -for -like sales performance -29 -15 +2 % volume growth • G rowth in energy and utilities sector in Steel Wire Solutions SWS Latam disposal • Volume growth in China for Rubber 9
Slide 8: FY 2025 sales bridge
FY 2025 sales bridge Like -for -like sales decline driven by pass -through of lower raw material costs and mix on stable volumes in millions of € -2 % -102 10 -55 -105 Acquisitions: − BEXCO: €16m SWS divestments & closures: 3,958 − SWS Latam disposal: € -59 m 3,801 3,706 − Indonesia & India: € -12m
Slide 9: EBITu bridge
EBITu bridge Margins supported by cost reduction and footprint optimization Lower volumes in : Unfavorable mix: 20 24 − Sustainable Construction in the US − RR: more sales in China at lower prices 20 25 − Steel ropes − Sustainable Construction: less US sales EBITu margin EBITu margin − Hydrogen and
Slide 10: Rubber reinforcement
Rubber reinforcement 1 Stable margin in challenging environment Sales 2 -2 % Stable full -year volumes, growth in H2 2025 € 1.6 bn • Strong growth in China offset lower truck tire demand , mainly in Europe • Reported sales ( -5.2%) impacted by currency ( -2.8%) and raw materials/ price -mix ( -2.7%)
Slide 11: Steel Wire Solutions
Steel Wire Solutions 1 Strong volume growth driven by energy & utilities demand Sales 2 +4 % Strong volume growth driven by energy & utilities € 1.0 bn • Like -for -like volume growth (+3.1%), with double -digit volume growth in North America • Positive mix more than offset lower raw material costs
Slide 12: Bridon-Bekaert Ropes Group
Bridon -Bekaert Ropes Group 1 Steel ropes impacted by tariff uncertainty; synthetics business secured two of its largest -ever contracts Lower volumes linked to project delays amid tariff uncertainty Sales • Lower volumes ( -2.7%), primarily in steel ropes in Europe and North America • Impact from l
Slide 13: Specialty Businesses
Specialty Businesses 1 Slower growth prompted adjustments across the business Sustainable Construction Sales • P roject delays in North America in H1 2025 linked to tariff uncertainty, with recover y in H2 -10 % 2 • Competition in Europe and Australia weighed on volumes and prices € 550m • Strong gr
Slide 14: JV performance
JV performance Another period of strong cash dividends for the group Sales from JVs (€m) 1,220 1,022 1,019 914 809 802 675 Lower sales primarily driven by currency effects and to a lesser extent by volumes • Cost efficiencies have mostly offset impact of lower volumes 2019 2020 2021 2022 2023 2024 2
Slide 15: Restructuring and impairment charges
Restructuring and impairment charges €162m one -off charges (limited €8m cash impact) contributing to lower future cost base Rubber Reinforcement Steel Wire Solutions €40m: €50m: • Restructuring in China and Europe • €37m 1 from Latin America disposal • Rightsizing costs • €13m impairments and restr
Slide 16: Consolidated income statement – key figures
Consolidated income statement – key figures In €m 2024 2025 Sales 3,958 3,706 Cost of sales -3,274 -3,114 € 39m operational Underlying Gross profit 684 592 efficiency improvements Selling and Administrative expenses -300 -256 €40m reduction in R&D expenses -53 -49 overheads Other operating revenues
Slide 17: Working capital management and cash flow generation
Working capital management and cash flow generation Continued focus on working capital to improve cash flows In millions of € , working capital as % of sales 1 641 653 17.3% 524 16.5% • Working capital decrease (€ -12 9 m vs 2024 ) mainly linked to 15.0% organic improvements, FX translation effect a
Slide 18: Commitment to significant shareholder returns
Commitment to significant shareholder returns D ividend per share ( €) +3 0% Progressive dividend policy 1.90 1.95 1.50 1.65 1.80 ✓ Proposed dividend of €1.9 5 per share for FY2025 supported by strong cash flow ✓ Over the long term aiming for 40% payout ratio 2021 2022 2023 2024 2025 Total returns t
Slide 19: Strategic and operational review
Yves Kerstens, CEO Strategic and operational review 19
Slide 20: Strategic execution in 2025
Strategic execution in 2025 Ongoing transformation Cost focus Cash flow focus − R eposition SWS into higher margin − € 40 m reduction in overhead costs in − Continued focus on working capital markets, exit commoditized businesses 2025 improvements: − Footprint optimization across the − €39m operatio
Slide 21: Key end-markets: Tire Reinforcement
Key end -markets: Tire Reinforcement Market perspectives ✓ Continued subdued markets in Europe and North America ✓ Robust market in China especially in tires for EVs (incl . trucks and buses) RR acquired two of Bridgestone’s tire cord plants €7bn 1 Reinforce our partnership with Bridgestone Invest i
Slide 22: Key end-markets: Transmission & Performance Wires
Key end -markets: Transmission & Performance Wires Market perspectives ✓ Growing power and data transmission markets driven by funding commitments & end user demand ✓ Significant investment in the US linked to grid modernization and growing data transmission requirements SWS has been transformed aft
Slide 23: Key end-markets: Advanced Lifting and Mooring
Key end -markets: Advanced Lifting and Mooring Market perspectives ✓ Weak dema nd in steel ropes in North America , linked to tariffs , and in Europe due to lower mining activity ✓ Strong order books for synthetic ropes linked to deep water mooring Synthetics ropes business secured two of its larges
Slide 24: Key end-markets: Sustainable Construction
Key end -markets: Sustainable Construction Market perspectives ✓ Normalized demand in North America flooring in H2 2025 after significant p roject delays linked to tariff uncertainty in H1 ✓ Intense competition in Europe and Australia ✓ Growth in Middle East and India expected to continue ✓ G rowth
Slide 25: Key end-markets: Energy Transition
Key end -markets: Energy Transition Market perspectives ✓ Delay in implementation of Hydrogen regulation in Europe and US h ave prompted adjustments to align footprint and cost base to demand outlook ✓ Weak demand across most other subsegments Long -term potential of hydrogen business remains ✓ Temp
Slide 26: Resilient margins in challenging environment
Resilient margins in challenging environment Leaner cost base has improved operational leverage Average EBITu margin (%) Higher margin s sustained despite end market challenges • Footprint rationalization +27 0bps • Decreased exposure to lower growth , cyclical and commoditized markets • Growth in e
Slide 27: Summary and outlook
Yves Kerstens, CEO Summary and outlook 27
Slide 28: Summary and outlook
Summary and outlook Resilient results and strong cash flow supported by cost management and restructuring Market volatility amid trade tensions • Mitigated direct impact of tariffs • Stable volumes in RR, volume growth in energy & utilities • Project delays in steel ropes and construction 202 6 outl
Slide 29: Q&A
Q&A 29
Slide 30: Appendix
Appendix 30
Slide 31: Strategy delivery
Strategy delivery Building a balanced business by end -market and by region Consolidated sales Consolidated sales Consolidated sales by business unit by region by end -market LATAM BBRG Other 1 Mobility NAM 6% EMEA 14% RR 25% SpB 21% 15% 44% 42% 48% 14% 27% 31% Construction & 13% infrastructure SWS
Slide 32: Alternative Performance Measures (APMs)
Alternative Performance Measures (APMs) Metric Definition Capital employed (CE) Working capital + net intangible assets + net goodwill + net property, plant and equipment + net RoU Property, plant and equi pme nt. The average CE is computed as CE at balance sheet date plus CE same period of the prev
Slide 33: APM reconciliation table
APM reconciliation table (nitions of €) EaITDA 2024 02s Net debe 2084 2025 cont 296, 188 Non-current interest-bearing debt a2t 302 Amortization intangible assets 4 6 LUT ease iablity- non- current 7 n Depreciation property. plant & equipment 730 2a Current interest-bearing debt 282 320 Depreciation
Slide 34: APM reconciliation table
APM reconciliation table “Capital ratio financial autonomy) 2oza 2025 ‘Operating free cash Row oz = Equity 23a 2007 ‘Cash flows from operating acting a4 450 Tota assets 4162 3002 Purchase of intangible assets 26 “20 Financial autonomy aB5% 352% Purchase of PAE 7196 “139 Purchase of RU Land ~ - Geari
Slide 35: Bekaert
= Bekaert