Slide 1: Bekaert H1 2025 Results
Bekaert H1 2025 Results 31 July 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: Agenda
Agenda 1 Introduction and highlights Yves Kerstens, CEO 2 Financial review Seppo Parvi, CFO Yves Kerstens CEO 3 Strategy 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: H1 2025 Highlights
H1 2025 Highlights1 Focus on managing volumes, cash flow and costs Managing the impact of tariffs Sales • Benefiting from local sourcing and production within global business -5%1 €1.9bn • Passed on significant proportion of the tariff impact to date • Tariff uncertainty causing delays in projects a
Slide 6: Financial and operational review
Seppo Parvi, CFO Financial and operational review 6
Slide 7: Consolidated sales bridge
Consolidated sales bridge Resilient results in a challenging market environment -4.3% 4 -24 -46 -41 BEXCO: €16m Mainly pass-through of SWS Indonesia & India: -€12m lower raw material and energy costs 2,060 2,040 1,953 H1-24 FX Portfolio H1-24 Price-mix incl. Net H1-25 change 1 like-for-like raw volu
Slide 8: EBITu bridge
EBITu bridge Margins underpinned by overhead reduction and capacity optimization H1-24 Regional mix: H1-25 EBITu margin − RR: more sales in China EBITu margin 9.9% − Sustainable Construction: less sales in US 8.8% -2 -18 21 10 -5 -40 204 171 High levels of plant utilization in RR leading to better f
Slide 9: Rubber Reinforcement
Rubber Reinforcement Strong in China offsetting lower volumes in Europe and North America Lower sales in weaker end markets (-6.0%) • Lower volumes (-1.5%) • Impact from pass-through of lower input costs and price- mix effects (-3.6%) Sales EBITu • Currency movements (-0.9%) in €m in €m, % Strong Ch
Slide 10: Steel Wire Solutions
Steel Wire Solutions Like-for-like1 volume growth and double-digit margins, despite market headwinds Stable like-for-like1 sales (+0.4%) • Like-for-like1 volume growth (+1.3%) • Impact from pass-through of lower input costs and price-mix Sales EBITu effects (+1.0%) in €m in €m, % • Currency movement
Slide 11: Bridon-Bekaert Ropes Group
Bridon-Bekaert Ropes Group Sustained profitability improvement, although weaking end market outlook Higher sales in challenging end markets (+2.4%) • Lower volumes (-1.7%) • Impact from pass-through of lower input costs and price-mix effects (-0.1%) Sales EBITu • Currency movements (-1.9%) in €m in
Slide 12: Specialty Businesses
Specialty Businesses Very challenging end markets, especially Sustainable Construction in the US Sustainable Construction Lower sales vs H1 2024 (-14%) • Project delays in US flooring linked to geopolitical uncertainty • Slow business activity impacting volumes in Europe Sales EBITu in €m in €m, % P
Slide 13: Consolidated income statement – key figures
Consolidated income statement – key figures H1 2024 H1 2025 One-off items In €m Reported Reported Sales 2,060 1,953 Cost of sales -1,684 -1,635 €56m €13m Gross profit 376 318 Selling and Administrative expenses -157 -139 Cost efficiencies H1-24 H1-25 reducing SG&A R&D expenses -29 -28 Other operatin
Slide 14: Strong Cash Flow generation
Strong Cash Flow generation Continued focus on working capital to improve cash flows In millions of €, working capital as % of sales1 1000 • Working capital decrease (-€135m vs H1 2024) 763 800 653 628 mainly linked to: 22.0% 600 18.4% • Improved inventory management (-€122m vs H1 17.3% 16.3% 400 17
Slide 15: Strategic and operational review
Yves Kerstens, CEO Strategic and operational review 15
Slide 16: Prioritizing large and growing end-markets
Prioritizing large and growing end-markets Recent developments Market perspectives 2030 TAM1 − Uncertainty of TBR recovery in H2 − Won Material Innovation Award at Tire Tech − US tariffs pushing tire cord Tire Expo 2025 for Mega Tensile manufacturers to find alternative €7bn − Launched Elyta® brand
Slide 17: 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 − Continued focus on working capital margin, more volatile businesses 2025 (€135m reduction year-on-year) − Sustainable Construction improve
Slide 18: The next generation sustainable concrete reinforcement solution
Second-life steel fibres for concrete reinforcement Pioneering the market of sustainable Dramix® LoopTM construction while solving one of the tire industry’s biggest challenges The next generation An innovative solution from the creators of Dramix® sustainable concrete 50 years after revolutionizing
Slide 19: Additional tariffs further increasing uncertainty
Additional tariffs further increasing uncertainty Managed well to date with limited financial impact, now weighing on demand into H2 2025 Examples of US import tariffs Tariffs impacting Bekaert’s results Product Origin Previous New tariff New tariff tariff (April 16th) (June 4th) • Relative success
Slide 20: Summary and outlook
Yves Kerstens, CEO Summary and outlook 20
Slide 21: Updated 2025 outlook
Updated 2025 outlook Tariff uncertainty and weakening economic outlook impacting demand across many end markets FY2025 H2 2025 Outlook Considerations Slightly lower sales vs FY2024 • Further increase in the US steel tariffs has been increasingly more difficult to pass on to customers Excluding the i
Slide 22: Updated mid-term growth and margin targets
Updated mid-term growth and margin targets Bekaert’s long-term ambition remains >5% ▪ Slower trajectory of growth in sustainability-led industries − Regulation changes and funding uncertainty − Hydrogen, Floating Offshore Wind, EVs particularly affected key end-markets Mid-term ▪ Mid-term growth pot
Slide 23: Summary
Summary1 Focus on managing volumes, cash flow and costs Managing the impact of tariffs Sales • Benefiting from local sourcing and production within global business -5%1 €1.9bn • Passed on significant proportion of the tariff impact to date • Tariff uncertainty causing delays in projects and orders E
Slide 24: Q&A
Q&A 24
Slide 25: Appendix
Appendix 25
Slide 26: 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 NAM 8% EMEA 14% RR SpB 26% 21% 14% 43% 42% 47% 14% 29% 29% 13% Construction & SWS infrastructure APA
Slide 27: 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 28: Bekaert
= Bekaert