Slide 1: Full Year 2024 Results
Full Year 2024 Results 6 March 2025 Think beyond. Shape the future. 1
Slide 2: Disclaimer
Disclaimer This presentation (which includes this document, the oral presentation of this document, any question-and-answer session that follows that oral presentation and any other materials distributed at, or in connection with, such presentation), which has been prepared by Vesuvius plc (the “Com
Slide 3: Contents
Contents • Performance update • Financial review • Outlook • Appendix 3
Slide 4: Performance update
Performance update 4
Slide 5: Resilient results, in line with our expectations, despite weaker markets
Resilient results, in line with our expectations, despite weaker markets Revenue Trading profit Return on sales £1820.1m £188.0m 10.3% (1.8%) (0.2%) +10bps Underlying change Underlying change Underlying change Working capital intensity Net debt / EBITDA Headline EPS 22.9% 1.3x 43.3p +2.1% 2023: 23.4
Slide 6: Robust operational performance
Robust operational performance ▪ Resilient Group performance with self-help measures offsetting weak markets ▪ Good performance by the Steel division ▪ Positive net pricing, market share gains in Flow Control, RoS improved by 110bps to 11.4% ▪ Challenging year for the Foundry division ▪ Markets outs
Slide 7: Weak steel production growth in 2024, except India, due to growing China exports
Weak steel production growth in 2024, except India, due to growing China exports ▪ Global Steel production (ex. China, Iran, Russia and Ukraine) grew +0.8% ▪ The above growth would have been +3.6% if not for increase in Chinese net steel exports of 21 MT ▪ Resilient growth in India and EEMEA ▪ Modes
Slide 8: Flow Control volume growth outperformed the market, on average, and in most major regions
Flow Control volume growth outperformed the market, on average, and in most major regions ▪ Out-performing in key growing regions e.g. EEMEA and India ▪ Constrained volume growth in EU+UK to minimise credit risks ▪ Volumes slower than market growth in South America entirely due to strong customer de
Slide 9: Steel division: continued good performance and margin growth
Steel division: continued good performance and margin growth ▪ Revenue growth in Flow Control despite the difficult market Steel Division (£m) 2024 2023 Underlying change conditions (%) • good pricing performance Flow Control 769.0 793.0 1.3% Advanced Refractories 535.6 567.9 • market share gains (2
Slide 10: Foundry markets: very challenging market conditions in key markets
Foundry markets: very challenging market conditions in key markets China EU+UK North America South America North Asia India Vesuvius end-market exposure General industrials market 2024 vs 2023 22% Auto market 2024 vs 2023 11% 17% 8% 8% 11% 32% 78% Foundry share of 90 revenue % General industrials Au
Slide 11: Foundry Division: strategic progress more than offset by market weakness
Foundry Division: strategic progress more than offset by market weakness ▪ Difficult market conditions (c. 10% decline) partially compensated by market share gains (c. 5%) Foundry 2024 2023 Underlying change ▪ Revenue decline in EU+UK (-14%), North America (-11%) and Revenue 476.3 529.8 (6.3%) North
Slide 12: 33 new products launched in 2024, +50% vs. 2023
33 new products launched in 2024, +50% vs.2023, reflecting systematic development pipeline Flow control Advanced Refractories Foundry New coating for tundish shrouds, New BasiVibe QuickStart a tundish Fracton BN10 coating for use in improving oxidation-resistance lining without heat curing aluminium
Slide 13: Consistent commitment to R&D investment driving growing new product sales
Consistent commitment to R&D investment driving growing new product sales Consistent, growing investment in R&D Steadily growing new product(*) sales% (£m expenditure, and as % revenue) 1.9% 1.8% 2.0% 2.0% 20.0% £36.4m £36.9m £35.1m 19.1% £30.6m 17.6% 16.4% 15.3% 2021 2022 2023 2024 2021 2022 2023 2
Slide 14: Growing customer interest in our robotics solutions
Growing customer interest in our robotics solutions Flow Control robotics contracts 2017-2022 3 Average # contracts signed per year 2023 5 # contracts signed in period 2024 9 # contracts signed in period Robotic casting technology for casting floor, recently installed for Tata in India New contracts
Slide 15: Strategic expansion programme reaching its conclusion
Strategic expansion programme reaching its conclusion Expansion capex completed: • Flow Control VISO and slide gate expansion (India, SE Asia and EEMEA markets) • Flow Control flux expansion in India • Advanced Refractories – pre-cast, AlSi and Basic monolithics capacity expansion in India • Foundry
Slide 16: PiroMet acquisition to build our presence in the growing EEMEA region
PiroMet acquisition to build our presence in the growing EEMEA region PiroMet acquisition completed on 28 Feb 2025 • Situated in the heart of the steel-making region of Turkey > Large site with expansion capabilities • Advanced Refractories and robotics expertise • €26.2m for 61.65% stake 16
Slide 17: Continuing progress in our sustainability agenda
Continuing progress in our sustainability agenda 500 -27% reduction in CO2e CO2e intensity reduction well ahead of 450 emissions intensity vs. 2019(*) schedule, reflecting a switch to non-carbon 400 emitting energy sourcing and efficiency CO2e (Scope 1+2) (Kg) / Mtonne product shipped 350 improvemen
Slide 18: Best-ever safety results in 2024, in line with previous year’s progress
Best-ever safety results in 2024, in line with previous year’s progress Lost-time injury frequency rate* 1.8 Further improvement on the reduction in 1.7 LTIFR achieved last year 1.6 1.5 1.4 1.4 1.2 1.2 1.1 1.1 Our ultimate objective remains to be a 1 zero-accident company 0.8 0.6 0.6 0.52 0.4 0.2 20
Slide 19: Financial Review
Financial Review 19
Slide 20: Resilient revenue in tough end markets
Resilient revenue in tough end markets Group revenues bridge (£m) c.£50m (10%) decline in Foundry market c.£10m, mainly Steel in North America 1929.8 -76.1 1853.7 1853.7 1823.6 -3.5 1820.1 1820.1 -30.1 Market share gains > £30m in Foundry and Flow Control page 20 2023 FX 2023 Volume Price 2024 Repor
Slide 21: Absolute profit maintained and improving RoS despite lower volumes
Absolute profit maintained and improving RoS despite lower volumes (£m) Volume Steel Foundry Total impact RoS 10.4% 10.2% 10.3% Revenue (£5m) (£25m) (£30m) Trading (£1m) (£14m) (£15m) profit 6.0 Drop- 20% 56% NM 200.4 13.0 through 188.5 (11.9) 188.5 188.0 (2.4) 188.0 184.4 173.4 (15.1) 171.4 171.4 (
Slide 22: Stable profits and margins in tough markets
Stable profits and margins in tough markets Revenue £m 942.7 911.0 923.8 896.3 1000 900 800 269.0 239.5 247.3 229.0 700 600 500 Foundry 400 Steel 300 673.8 671.4 676.5 667.3 200 100 0 H1 '23 H2 '23 H1 '24 H2 '24 Trading £96.2 £92.3 £95.0 £93.0 profit RoS 10.2% 10.1% 10.3% 10.4% All figures shown on
Slide 23: Income statement
Income statement 2024 2023 2023 Change (£m unless indicated) Actual Actual Constant Underlying1 As reported Revenue 1,820.1 1929.8 1,853.7 -1.8% -5.7% Trading Profit 188.0 200.4 188.4 -0.2% -6.2% Return on Sales (ROS %) 10.3% 10.4% 10.2% +10 bps -10 bps Post tax Share of JV Results 1.1 0.9 0.8 Net F
Slide 24: Delivering on our working capital intensity targets
Delivering on our working capital intensity targets Improving trend in working capital intensity ratio 24.3% 24.2% 24.1% 23.9% 23.7% Target 24% 23.5% 23.4% 23.3% 23.2% 23.1% Target 23% 22.9% 22.9% 22.7% 22.5% Jun-23 Dec-23 Jun-24 Dec-24 12-month average TWC intensity Trade working capital intensity
Slide 25: Strong cash generation funding final year of expansionary capex programme
Strong cash generation funding final year of expansionary capex programme £m 300.0 EBITDA: 62.2 250.0 £250.2m (0.6) (16.6) 233.0 200.0 188.0 188.0 150.0 (96.5) 136.5 132.1 (4.4) 130.3 (1.8) 130.3 100.0 50.0 2024 Depreciation Trade working Other working Net capex Retirement Other 2024 adjusted Report
Slide 26: Strong balance sheet – supporting both growth and capital returns
Strong balance sheet – supporting both growth and capital returns Net debt/EBITDA of 1.3x at the lower end of our target range £m 63 329 (1) 61 238 17 15 46 8 12 (130) Net debt Adjusted Net interest Income Cost Right-of-use Purchase of Dividends Share FX and other Net debt at year end operating taxe
Slide 27: Cost-saving programme extended to £45m by 2028
Cost-saving programme extended to £45m by 2028 We are on target to deliver the planned £30m saving (cumulative) in 2026 and are targeting a further £15m by 2028 Achieved through: 2024 2025 2026 - 2028 Cumulative benefit £13m +£25m – £28m +£45m - Headcount savings - ERP roll-out Costs to achieve £20m
Slide 28: Outlook
Outlook 28
Slide 29: 2025 current trading and outlook
2025 current trading and outlook • While we remain confident in our own performance, we are cautious on market conditions due to the uncertain economic environment arising from the negative impact of trade tariffs which continue to evolve, geopolitical uncertainties and the continuing structural wea
Slide 30: Appendix: technical and additional information
Appendix 1 technical and additional information Think beyond. Shape the future. 30
Slide 31: Technical notes and guidance for 2025
Technical notes and guidance for 2025 2024 2025 guidance notes Depreciation £62.2m £65 – 70m Interest cost, P&L £16.2m £18 - 20m Reflects higher net debt Both figures includes cash relating to leases, Interest cost, cash £14.9m c. £15m included within payment of lease liabilities Tax rate 27.5% 27.5
Slide 32: IFRS16 line items
IFRS16 line items FY 2023 H1 2024 FY 2024 Lease liabilities 48.2 47.6 46.2 Interest on lease liabilities 2.4 1.5 3.0 Cash payments for leases (24.2) (8.4) (18.2) NBV of right-of-use assets 57.6 56.4 54.7 Depreciation on right-of-use assets 14.2 7.5 15.6 32
Slide 33: FX impact on revenue and trading profit
FX impact on revenue and trading profit Change in Change in trading Average rate Average rate Current Spot Currency % change % change revenue (£m) profit (£m) FY23 FY24 (27 Feb 2025) USD 1.0% 5.8 1.0% 0.9 1.2438 1.2780 1.2672 EUR 1.0% 4.6 1.0% 0.0 1.1497 1.1812 1.2085 INR 1.0% 2.1 1.0% 0.4 102.6799
Slide 34: 5 year history at constant currency
5 year history at constant currency 2020 2021 2022 2023 2024 Revenue (£m) 1,379.6 1,620.3 1,921.2 1,853.7 1,820.1 Steel 995.5 1,162.0 1,402.0 1,345.2 1,343.8 Foundry 384.1 458.3 519.2 508.5 476.3 Trading Profit (£m) 90.4 134.3 202.9 188.4 188.0 Steel 69.5 97.4 154.2 139.2 153.0 Foundry 21.0 36.9 48.
Slide 35: Think beyond. Shape the future.
For further information, please contact: Rachel Stevens Group Head of Investor Relations rachel.stevens@vesuvius.com Think beyond. Shape the future. 35