Bekaert Sa · EURONEXT:BEKB
Bekaert Sa — H1 2026 Earnings Presentation
30 slides from Bekaert Sa's earnings presentation, Jul 30, 2026
Slide 1: Bekaert H1 2026 Results
Bekaert H1 2026 Results 30 July 2026
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 Olivier Biebuyck, CEO 2 Financial and operational review Olivier Biebuyck Seppo Parvi, CFO CEO 3 A strong foundation for the next chapter Olivier Biebuyck, CEO 4 Outlook and summary Seppo Parvi Olivier Biebuyck, CEO CFO 3
Slide 4: Introduction and highlights
Olivier Biebuyck, CEO Introduction and highlights 4
Slide 5: Introduction
Introduction Olivier Biebuyck, CEO Insights first two months Strong foundation to build on Key focus: transformation and growth 5
Slide 6: H1 2026 Highlights
H1 2026 Highlights1 Demonstrated agility • Swift actions to mitigate inflation and logistics impacts from Middle East conflict Sales Pass-through mechanisms protecting profitability €1.9bn • • Regional manufacturing footprint reduced disruption risk +0%1,2 Captured strong momentum in key markets • D
Slide 7: Financial and operational review
Seppo Parvi, CFO Financial and operational review 7
Slide 8: H1 2026 sales bridge
H1 2026 sales bridge Strong volume growth in millions of € 76 -50 -69 Stable like-for-like sales performance -47 Acquisitions: +4% volume growth Unfavorable regional Unfavorable mix impact: − Bridgestone sites: €+12m and product mix impact SWS divestment: RR lower volumes in RR volume growth in Asia
Slide 9: H1 2026 EBITu bridge
H1 2026 EBITu bridge Resilient profitability despite unfavorable sales mix Unfavorable mix: − RR: more sales in Asia EBITu margin − SWS: power & data transmission project delays in Europe EBITu margin 8.8% − Time lag of pass-through mechanisms 8.3% -3 -5 3 2 16 12 -43 Better cost absorption: − Maint
Slide 10: Rubber Reinforcement
Rubber Reinforcement Solid volume growth mitigating price pressure impacts from regional demand shift +2% like-for-like1 sales growth • Higher volumes (+6%) confirming strong market position • Price and mix effects (-4%) • Currency movements (-3%) and additional sales from the Sales EBITu acquired B
Slide 11: Steel Wire Solutions
Steel Wire Solutions Strong volume growth, primarily in power & data transmission +3% like-for-like1 sales growth • Higher like-for-like volumes (+3%) • Impact from pass-through of input costs and price-mix Sales EBITu effects (-1%) in €m in €m, % • Impact from disposals in Latin America (-11%) • Cu
Slide 12: Bridon-Bekaert Ropes Group
Bridon-Bekaert Ropes Group Increased order book supports H2 2026 deliveries Lower sales in challenging end markets • Lower volumes (-7%) • Impact from pass-through of input costs and price-mix effects (-2%) Sales EBITu in €m in €m, % • Currency movements (-2%) Lower volumes in uncertain environment
Slide 13: Specialty Businesses
Specialty Businesses Strong profitability improvement and outlook +77% EBITu growth vs H1 2025 Sustainable Construction Sales EBITu in €m in €m, % Strong momentum • Continued recovery in North America • Captured growth in US data center projects • Improved product mix across all regions Projects sec
Slide 14: Consolidated income statement – key figures
Consolidated income statement – key figures In €m H1 2025 H1 2026 EBIT (€m) Sales 1,953 1,863 Cost of sales -1,628 -1,566 Underlying Gross profit 325 298 115 135 Selling and Administrative expenses -133 -121 R&D expenses -26 -28 H1 2025 H1 2026 Other operating revenues / expenses 5 6 Underlying EBIT
Slide 15: Cash flow generation
Cash flow generation Working capital increased against low FY 2025 level In millions of €, working capital as % of sales1 • Working capital increase (+€28m vs H1 2025) linked to: 800 656 35.0% 628 • Acquisition of the Bridgestone plants (+€18m) 600 524 30.0% • Currency impact (+€18m) 25.0% 400 18.4%
Slide 16: A strong foundation for the next chapter
Olivier Biebuyck, CEO A strong foundation for the next chapter 16
Slide 17: Cost, footprint and portfolio actions have strengthened Bekaert's resilience
Cost, footprint and portfolio actions have strengthened Bekaert’s resilience Resilience demonstrated during challenging periods Footprint & cost First steps in Commercial capability base optimization portfolio reshaping development • Capacity consolidations and • Exit of commoditized activities • En
Slide 18: A structurally stronger financial profile
A structurally stronger financial profile Transformation is translating into stronger cash generation Strong cash generation Solid balance sheet +124% Average Free Cash Flow -1.9x improvement Leverage reduction €265m €258m 2.4x €115m 0.8x 0.5x 2017-2019 2020-2022 2023-2025 2017-2019 2020-2022 2023-2
Slide 19: Building on a stronger foundation through targeted growth platforms
Building on a stronger foundation through targeted growth platforms Increase focus on markets where technical differentiation supports profitable growth Sustainable Power & Data Other opportunities Construction Transmission >30% of Steel Wire Solutions Leveraging Bekaert’s expertise sales in materia
Slide 20: A stronger foundation for the next phase
Partner with existing customers – 1 leveraging capabilities to provide solutions A stronger 2 Invest organically in end-markets with growth momentum foundation for the next phase. 3 Accelerate through targeted acquisitions in attractive markets Olivier Biebuyck CEO Reshape portfolio 20
Slide 21: Summary and outlook
Olivier Biebuyck, CEO Summary and outlook 21
Slide 22: Summary and FY 2026 Outlook
Summary H1 results demonstrate disciplined performance in volatile period Demonstrated agility • Swift actions to mitigate inflation and logistics impacts from Middle East conflict FY 2026 Outlook Amid continued uncertainty • Pass-through mechanisms protecting profitability • Like-for-like sales sim
Slide 23: Classification: Public Information
Classification: Public Information 23
Slide 24: Appendix
Appendix Classification: Public Information 24
Slide 25: A balanced business by end-market and by region
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 5% EMEA 13% RR 25% SpB 22% 12% 41% 48% 48% 14% 27% 32% Construction & 13% infrastructure SWS APAC Energy & Utilities Note:
Slide 26: 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 equipment. The average CE is computed as CE at balance sheet date plus CE same period of the previo
Slide 27: APM reconciliation table
APM reconciliation table Germillions of €) 12025 FY2025 —_H12026 Inventories 762 735 833 Net Debt 12025 _FY2025 _H1Z026 Trade receivables 545 526 615 Non-currant interest-bearing debt aaa 302 a4 Bilis of exchange received 28 20 w UT Lease Liability - non-current re n 69 ‘Advances paid 27 20 2 Curren
Slide 28: APM reconciliation table
APM reconciliation table EBITDA - Underlying 12025 FY2025 _H12026 Equity ratio (financial wi2025 FY2025 _H12026 EBIT - Underiving 7 297 155 Equity 215 2007 MOTE Amortization intangible assets 8 16 ° Total assets 3695___3802_3.946 Depreciation property, plant & equipment 63 ia 60 Financial autonomy S
Slide 29: APM reconciliation table
APM reconciliation table ‘Net debt on EBITDA - Underlying 12025 _FY2025 12026 Net det 327 720 367 EBITDA-Undertying (last twelve months) 491 469 447 Net debt on EBITDA - Underlying 0.67 028 0.82 Current ratio 12025 _FY2025 12026 Current assate 2005 +1995 2086 Current liabilities 1143 1233 1359 Curre
Slide 30: Bekaert
= Bekaert