Bekaert Sa · EURONEXT:BEKB
Bekaert Sa — Investor Presentation (November 2025)
53 slides from Bekaert Sa's investor presentation, November 2025
Slide 1: Presentation to Investors
Presentation to Investors November 2025
Slide 2: Safe harbor
Safe harbor 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 results
Slide 3: Table of contents
Table of contents 1 Q3 2025 trading update 2 Strategy 3 Capital allocation 4 Appendix • Bekaert at a glance • Intro to business units 3
Slide 4: Q3 2025 Trading Update
Q3 2025 Trading Update
Slide 5: Q3 2025 sales bridge
Q3 2025 sales bridge Like-for-like sales broadly in line with last year; volume growth in core markets in millions of € -1% 28 -36 Stable sales performance • Like-for-like sales -1% -30 -37 +3% volume growth SWS LATAM • Growth in energy and utilities sector in Pass-through of disposal: -€30m lower i
Slide 6: 9-month 2025 sales bridge
9-month 2025 sales bridge Like-for-like sales decline driven by lower raw material costs in millions of € -3% -60 -26 -14 -84 SWS LATAM disposal: -€30m SWS Indonesia & India: -€12m Mainly pass-through of lower BEXCO: +€16m raw material and energy costs 3,016 2,931 2,833 versus 2024 1 9m-24 FX M&A 9m
Slide 7: Rubber Reinforcement
Rubber Reinforcement Volume growth in China and North America Q3 2025 Consolidated sales (€m) Mixed volumes across regions • Volume growth in China, strong domestic market • Volume growth in North America • Lower volumes in Europe 12 • Lower volumes in India, increased competition from imports -18 -
Slide 8: Steel Wire Solutions
Steel Wire Solutions Strong volume growth in Energy & Utilities Q3 2025 Consolidated sales (€m) Q3 sales +6% on like-for-like basis • Strong volume growth in energy & utilities -7 3 • Higher volumes in China, supported by a strong automotive 12 end market -30 Expanding production capacity in the US
Slide 9: Bridon-Bekaert Ropes Group
Bridon-Bekaert Ropes Group Synthetics business performing well; soft market conditions in steel ropes Q3 2025 Consolidated sales (€m) Challenging end-market conditions for Steel Ropes • Weak demand in North America, due to tariff uncertainties, and in Europe, from lower mining activity • Soft demand
Slide 10: Specialty Businesses
Specialty Businesses Positive signals in North American flooring market Q3 2025 Consolidated sales1 (€m) Sustainable Construction • US flooring business improving in Q3 after slow H1 2025 • Positive momentum in India and the Middle East • Weak demand in Europe impacting volumes and prices • Recent t
Slide 11: Q3 Summary and FY2025 Outlook
Q3 Summary Driving operational efficiency through footprint optimization and cost focus Stable Q3 sales amid market headwinds FY2025 • Q3 sales down Y-o-Y -1%1, year-to-date sales down Y-o-Y -3%1 Outlook • Volume growth in SWS and RR, Sustainable Construction improving • Navigating the challenges of
Slide 12: Strategy
Strategy
Slide 13: We Perform, We Transform, We Grow
We have a clear strategy, which we continue to successfully deploy We Perform We Transform We Grow • Significant business • Clearly defined focus • Developed multiple growth turnaround markets platforms: • Improved customer • Innovation, digital and ✓ Sustainable Construction engagement and contract
Slide 14: Rationalizing footprint and fundamentally improving cost base
Rationalizing footprint and fundamentally improving cost base with additional actions under consideration Actions since 2019 • 5 Europe (2 Belgium, 1 Germany, 2 Scotland) 13 sites • 4 Asia (Malaysia, China, Indonesia, India) closed worldwide • • 3 North America (2 USA, 1 Canada) 1 Latam (Brazil) 202
Slide 15: Strategic execution in challenging environment
Strategic execution in challenging environment Ongoing transformation Cost focus Cash flow focus − SWS disposal – exiting lower − €21m overhead reduction in H1 2025 − Continued focus on working capital margin, more volatile businesses (€135m reduction year-on-year) − Further footprint optimization:
Slide 16: Resilient margins in challenging end markets in 2025
Resilient margins in challenging end markets in 2025 A further year of delivery and developing track record EBITu margin significantly improved since 2019 EBITu margin (%) • Improved product portfolio mix • Footprint rationalization • Decreased exposure to lower growth, cyclical and commoditized mar
Slide 17: Prioritizing large and growing end-markets
Prioritizing large and growing end-markets Divisions strategically aligned with end-markets Rubber Steel Wire Bridon-Bekaert Specialty Reinforcement Solutions Ropes Group Businesses €7bn1 €3bn1 €5bn1 €7bn1 €3bn1 Tire Transmission & Advanced Lifting Energy Sustainable Reinforcement Performance Wires
Slide 18: Tire reinforcement
Tire Transmission and performance Advanced lifting Energy Sustainable reinforcement wires and mooring transition construction Tire reinforcement Bekaert reinforces 1 in 4 tires worldwide, setting industry standards for 70+ years We supply all of the top 30 tire makers around the globe Elyta : next-g
Slide 19: Transmission and performance wires
Connecting people and societies Tire Transmission and performance Advanced lifting Energy Sustainable reinforcement wires and mooring transition construction Transmission and performance wires Overhead and sub-sea power and data transmission And other wire solutions for automotive sector, constructi
Slide 20: Advanced lifting and mooring
Tire Transmission and performance Advanced lifting Energy Sustainable reinforcement wires and mooring transition construction Advanced lifting and mooring Advanced Cords for elevator hoisting Bridon® Steel Ropes for use under the Bexco® Synthetic Ropes for offshore, marine, harshest conditions in mi
Slide 21: Energy transition
Tire Transmission and performance Advanced lifting Energy Sustainable reinforcement wires and mooring transition construction PEM water electrolyzer system Stack Cell components Porous Transport Layer (PTL) Energy transition Currento® to support green hydrogen production Currento® High-end Bekipor®
Slide 22: Sustainable construction
Tire Transmission and performance Advanced lifting Energy Sustainable reinforcement wires and mooring transition construction Sustainable construction Circularity - Bekaert is the first to broadly market Dramix® Loop technology Dramix® steel fiber concrete reinforcement Murfor® Compact masonry reinf
Slide 23: Capital allocation
Capital allocation
Slide 24: Strategic capital allocation policy
Strategic capital allocation policy enabling both investment for growth and shareholder returns Cash flow Maintenance Balance Organic generation and Innovation sheet investment • Strong cash flow • €100m per year in • Maintain robust Investment generation from improvements financial position for gro
Slide 25: Robust balance sheet with low leverage and significant liquidity
Robust balance sheet with low leverage, significant liquidity, and extended maturity profile provides strategic flexibility 31 December 2024 Leverage3 2.1x Cash and Equivalents €504m 1.3x €754m 0.7x Total Liquidity1 0.6x 0.5x 0.5x 2019 2020 2021 2022 2023 2024 % of Fixed Rate Debt2 98% Debt2 Maturit
Slide 26: Commitment to significant shareholder returns
Commitment to significant shareholder returns Dividend per share (€) +90% 1.80 1.90 1.65 1.50 1.00 • Dividend of €1.90 per share (+6%) for FY2024 2020 2021 2022 2023 2024 • Continuation of long-term, progressive dividend Total returns to shareholders per year (€m) policy 206 209 • €240m done in 2022
Slide 27: Clear M&A acquisition criteria and well-developed pipeline
Clear M&A acquisition criteria, experienced team, and well-developed pipeline to ensure strategic impact and financial returns End-market focus Target investment criteria Key success factors for M&A • High-growth markets, supported Business Characteristics: • Experienced in-house M&A team by key meg
Slide 28: Appendix
Appendix 28
Slide 29: Bekaert at a Glance
Bekaert at a Glance (2024 figures)
Slide 30: Global leader in steel wire transformation
Bekaert at a glance – over 140 years of innovation and value creation Global leader Strong focus on Improving Well-positioned in steel wire research and financials and to grow into transformation innovation growing established and and coating shareholder adjacent technologies returns markets 3 major
Slide 31: Global scale and close to our customers
Global scale and close to our customers 31
Slide 32: Bekaert is shaping the way we live and move since 1880
Bekaert is shaping the way we live and move since 1880… Bekaert is listed on the Belgian stock exchange Bekaert keeps exploring new territories and starts Leo Leander Bekaert starts in Latin America production in Belgium and files first patent one year later 1880 1928 1950’s 1972+ wires … …cords… …f
Slide 33: Track record of expanding geographies and applications
…and track record of expanding geographies & applications Start of composite Expands its focus on (renewable) activities and steel energy markets with new fiber for filtration Bekaert began its products, services, technologies operations in India for steel and partnerships (acquisition tire cord pro
Slide 34: Solutions powered by critical, differentiating technologies
Solutions powered by the group’s critical, differentiating technologies Our Key Technologies Our Products are Critical and Everywhere Materials transformation Our mooring lines will Defines product attributes, e.g., strength, ductility anchor Technology leadership in Dramix® windmills solutions Meta
Slide 35: 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 Other1 Mobility 14% NAM 7% EMEA RR 23% SpB 20% 16% 43% 41% 48% 17% 27% 32% Construction & 11% infrastructure SWS APA
Slide 36: ESG highlights
-20% 250+ 100% reduction in Scope 182 es of Bekaert PC users signed GHG emissions! hati rig no Code of Conduct implemented YouKnow Watt program 45% bonalbbeaoeair External sania parr recognition ete -12.5% listed in Time's Top 500 Most reductionin Scope 3GHG Sustainable Companies and recognized by E
Slide 37: Rubber Reinforcement
Rubber Reinforcement
Slide 38: Rubber Reinforcement at a glance
Rubber Reinforcement at a glance Manufacturing 2024 10,800 Employees1 15 plants2 €1,726m Revenue1 Energy Basic Materials & Utilities End markets Global operating footprint and R&D centers2 served Zwevegem Sladko Burgos Slatina Shenyang Automotive Cagliari Weihai 100% Rogers Rome Izmit (2) Jiangyin (
Slide 39: We work with leading tire makers across the globe
We work with leading tire makers across the globe Examples of customers we supply About one out of four tires around the world is reinforced with Bekaert steel cord We supply all of the top 30 tire makers around the globe 39
Slide 40: High quality reinforcement across all tire segments
We supply the tire industry with high quality reinforcement across all end segments Contribution to Enabled by Bekaert key tire features: Steel technology & capability: Cord • Safety • Leading experts for product design • Steering / handling • Wire drawing to thinnest • Weight & rolling resistance d
Slide 41: Steel Wire Solutions
Steel Wire Solutions
Slide 42: Bekaert Steel Wire Solutions at a glance
Bekaert Steel Wire Solutions at a glance Manufacturing 2024 3,930 Employees1 14 plants1 €1,096m Revenue1 End markets Agriculture Streamlined global operating footprint1 Energy & served1 17% Utilities 28% Construction 19% Automotive Bradford 15% Bohumin Industrial & Zwevegem Hlohovec Qingdao Consumer
Slide 43: Steel Wire Solutions serves diversified end markets
Steel Wire Solutions serves diversified end markets with a wide range of solutions Energy & Utilities Automotive Medical & Equipment Power transmission & distribution Tensodur® Bezinal spring wire Medical spring wires Consumers Construction Agriculture Champagne cork wire Natural hazard protection S
Slide 44: Bridon-Bekaert Ropes Group
Bridon-Bekaert Ropes Group
Slide 45: BBRG at a glance
BBRG at a glance Manufacturing 2024 2,550 Employees 16 plants €555m Revenue End markets Other 1 Streamlined global operating footprint Fishing & Marine 13% served 7% Mining 28% Elevator Coatbridge 10% Newcastle (3) Hamme Doncaster (3) Antwerp Crane & Aalter Energy Industrial 22% Wilkes-Barre Shenyan
Slide 46: Leading innovator of ropes and advanced cords
The leading innovator and provider of the best performing ropes and advanced cords globally Product Category Applications and Products • High-performance Bridon® Steel Ropes ropes suited for industrial use and fishing applications • Offshore mooring lines Synthetic Ropes • Mining equipment pendants
Slide 47: Specialty Businesses
Specialty Businesses ES Bekaert
Slide 48: Green and smart concrete reinforcement solutions
The leading solution provider for green and smart concrete reinforcement solutions Manufacturing 2024 700 Employees 8 plants €316m Revenue Renovation Business Infrastructure 5% Streamlined global operations footprint 6% segments Tunneling & Petrovice Hlohovec Mining Flooring 30% 59% Wilkes-Barre Izm
Slide 49: Reinforcement solutions and brand portfolio
We supply leading reinforcement solutions, supported by recognized brand portfolio Worldwide Business segment Reinforcement solutions we provide penetration SigmaSlabTM Flooring 20% Dramix® Synmix® Tunneling & Mining 15% Core EZ Ultra Fortifix® / Infrastructure Meshtrack® <1% Widra® / Murfor® Renova
Slide 50: Significant resources devoted to Energy Transition
Significant resources devoted to Energy Transition Manufacturing 2024 1,300 Employees 14 plants €322m Revenue End markets Streamlined global operating footprint served Materials & Fluid Automotive transport 23% 39% Energy Ploeisti Assen Hlohovec generation & Zwevegem (2) use Wetteren Shenyang 38% Ro
Slide 51: Energy Transition focus spans key business categories
Bekaert’s Energy Transition focus currently spans over 5 key business categories Business category Products, services or applications Right to play Hose • Hose reinforcement for high pressure hydraulic hoses #1 or 2 position in Reinforcement selected high-end target • Fleximat® reinforcing high-end
Slide 52: Alternative Performance Measures
Alternative Performance Measures Metric Definition Capital employed (CE) Working capital + net intangible assets + net goodwill + net property, plant and equipment + net RoU Property, plant and equipment. The average CE is computed as CE at balance sheet date plus CE same period of the previous year
Slide 53: Bekaert
= Bekaert