Slide 1: Half Year 2026 Results
Half Year 2026 Results 30 July 2026 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 H1 performance driven by self-help actions offsetting temporary operational disruptions
Resilient H1 performance driven by self-help actions offsetting temporary operational disruptions Revenue Trading profit Return on sales £913.7m £74.0m 8.1% +1.5% (0.1%) (10bps) constant currency change constant currency change constant currency change Free cash flow Working capital intensity Net de
Slide 6: Strong net pricing and structural cost reduction performance
Strong net pricing and structural cost reduction performance ▪ Structural recovery in steel markets becoming increasingly evident ▪ Steel Division performed strongly on price and structural cost reductions but temporarily held back by operational challenges • Flow Control: improved Trading Profit an
Slide 7: Operational challenges clearly identified and being addressed
Operational challenges clearly identified and being addressed Challenges Solutions 1. Defective raw material in key US VISO mix Raw material replaced plant Reinforced quality controls in place Solved 2. Undetected deficient maintenance practices Maintenance management upgraded and Maintenance catch-
Slide 8: Global steel production increased 3.8% in H1 2026
Global steel production increased 3.8% in H1 2026 (excl. China, Russia, Iran and Ukraine) ▪ Strong growth in North America, EEMEA (excl. Russia, Iran and Ukraine), India and South-East Asia ▪ EU+UK and South America steel production declined but expected to improve in H2 ▪ China declined -3.0% In K
Slide 9: Positive changes to the steel market are structural, not short-term
Positive changes to the steel market are structural, not short-term Legal / regulatory action Positive structural consequences 1. New EU regulations to benefit domestic steel production 1. EU steel production on an improving trend*: ▪ Carbon Border Adjustment Mechanism (CBAM) implemented in Q1 + -1.
Slide 10: Volume growth of the Steel Division constrained in H1 by temporary operational issues
Volume growth of the Steel Division constrained in H1 by temporary operational issues ▪ Steel Division’s sales have been constrained in the first half by: • Temporary operational issues in North America and India. These are now clearly identified and are progressively being resolved. Early improveme
Slide 11: Steel division: Strong pricing and structural cost performance in H1
Steel division: Strong pricing and structural cost performance in H1 ▪ Steel division achieved strong positive net pricing Steel Division (£m) H1 2026 H1 2025 Constant currency change (%) Reported change (%) and structural cost improvement in H1 Flow Control 377.8 378.1 +0.3% (0.1%) ▪ Flow Control i
Slide 12: Foundry markets showing early signs of improvement
Foundry markets showing early signs of improvement China EU+UK North America South America North Asia India Market dynamics H1 2026 vs H1 2025 11% 33% 16% 7% 8% 12% Foundry share of revenue ▪ Foundry markets remain positively oriented in Asia (China, India). North America and Japan start showing sig
Slide 13: Foundry Division: Strong performance in both the base business and in MMS
Foundry Division: Strong performance in both the base business and in MMS ▪ Good positive net pricing performance Foundry H1 2026 H1 2025 Constant currency Reported change change (%) (%) ▪ Market share gains across all regions Revenue 256.9 237.5 +8.7% +8.2% ▪ Success in structural cost improvement
Slide 14: Continued success in R&D
Continued success in R&D New product(*) sales ratio% ▪ R&D investment maintained at around 2% of sales 21.0% and 9 new products launched in H1 2026 20.5% 19.1% ▪ Our growing new product sales ratio reflects the 17.6% efficiency of our product development and reinforces 16.4% 15.3% our technological
Slide 15: Multiple industry-leading projects delivered by our robotics team
Multiple industry-leading projects delivered by our robotics team • Integrated robotic solution at the Trinec Steel Mill (Czechia) • Fully robotised oxygen-lancing in the make-up area, developed with close customer collaboration • Two robots to manage the slide-gate mechanism and to perform sampling
Slide 16: Financial Review
Financial Review 16
Slide 17: Resilient revenue: positive pricing offsetting volume decline
Resilient revenue: positive pricing offsetting volume decline Group revenues bridge (£m) Potential revenue based on Steel production: +£20.4m Revenue gap versus market growth (£33.8m) Revenue gap vs. market: 940.0 20.7 • Lost opportunity £12.6m 17.8 920.0 • Equipment sales £9.6m 913.7 913.7 • US Ste
Slide 18: TP flat: pricing and cost reduction offset by lower volume and operational issues
TP flat: pricing and cost reduction offset by lower volume and operational issues Operational issues: RoS 8.5% 8.2% 8.1% North America (£6m) 7.4 • Graphite / VISO 4.1 6.9 2.8 0.3 production 78.9 77.0 74.1 74.1 74.1 75.7 (4.2) 74.0 • America AR (8.0) 73.7 (2.9) (9.4) 68.8 68.8 70.9 70.9 manufacturing
Slide 19: Income statement: EPS down 0.7% but dividend maintained
Income statement: EPS down 0.7% but dividend maintained H1 2026 H1 2025 H1 2025 Change (£m unless indicated) Adjusted Reported Constant currency Constant currency As reported Revenue 913.7 907.5 900.1 +1.5% +0.7% Trading Profit 74.0 77.0 74.1 (0.1%) (3.9%) 8.1% 8.5% 8.2% -10bps -40bps Return on Sale
Slide 20: Working capital: intensity improved due to good cash management
Working capital: intensity improved due to good cash management TWC / revenue 23.7% 23.3% 23.0% 23.5% 23.6% 23.1% £439.8m • Working capital intensity which is measured as a Trade Working Capital £m £422.0m 12-month average, has improved by 50bps, offsetting usual seasonal build-up £402.8m £400.8m £3
Slide 21: Operating cash flow conversion improving from 33% to 81%
Operating cash flow conversion improving from 33% to 81% £m 81% ▪ Cash flow conversion +34.3 +0.4 improving from 33% to 81% reflecting stable working capital 74.0 74.0 ▪ Capex slightly higher than 66.1 64.3 (1.8) comparable period (42.6) (4.5) 59.8 59.8 reflecting phasing of spend during the year. ▪
Slide 22: Free cash flow in H1 2026 improved compared to the prior period
Free cash flow in H1 2026 improved compared to the prior period Pro forma Net debt / EBITDA of 1.9x at 30 June 2026 £m 452.4 6.2 8.9 429.6 12.8 1.7 8.9 (1.5) (59.8) Free cash flow +£27.5m Net debt Adjusted Net interest Income Outflows Dividend to Right-of-use FX and other Net debt at year end operat
Slide 23: Structural cost-saving programme target of £55m by 2028
Structural cost-saving programme target of £55m by 2028 We delivered £7.4m savings by June 2026, and are targeting a total of £55m by 2028 2024 2025 H1 2026 FY 2026 2027-2028 Achieved through: guidance guidance In-year benefit £13m £17.8m £7.4m c. £10m c. 15m - Plant footprint rationalisation - Auto
Slide 24: Outlook
Outlook 24
Slide 25: 2026 conclusion and outlook
2026 conclusion and outlook The Vesuvius Group has continued to make significant strategic progress over the first half. Our pricing leadership has been confirmed, our cost improvement program is proceeding ahead of schedule, our technology strategy continues to deliver the expected benefits, and th
Slide 26: Appendix
Appendix 1 technical and additional information Think beyond. Shape the future. 26
Slide 27: Technical guidance for 2026
Technical guidance for 2026 2026 2025 H1 2026 guidance notes updated Depreciation £63.5m £34.3m £70 - 75m Updated: previously £75-80m Net finance cost, P&L £18.4m £9.7m £20-21m Unchanged Net finance cost, cash £18.0m £8.9m c. £17m Unchanged Tax rate 27.5% 27.0% 27.0% Updated: previously 27.5% Cash c
Slide 28: FX impact on full-year revenue and trading profit
FX impact on full-year revenue and trading profit Change in Change in Average rate Average rate Average rate Spot Currency % change revenue (£m) trading profit (£m) H1 25 FY25 H1 26 (30 June 2026) USD 1.0% 5.00 0.68 1.2984 1.319 1.3448 1.326 EUR 1.0% 4.81 (0.15) 1.1869 1.167 1.1528 1.161 INR 1.0% 2.
Slide 29: IFRS 16 Line items summary
IFRS 16 Line items summary Half year Full year Half year IFRS 16 Line items summary 2026 2025 2025 £m £m £m Lease liabilities 36.4 38.3 41.7 Interest on lease liabilities 1.2 2.7 1.3 Payment of lease liabilities (9.4) (19.4) (9.0) NBV of right-of-use assets 43.2 44.7 48.6 Depreciation on right-of-us
Slide 30: For further information, please contact
For further information, please contact: Rachel Stevens Group Head of Investor Relations rachel.stevens@vesuvius.com Think beyond. Shape the future. 30