Bekaert Sa · EURONEXT:BEKB
Bekaert Sa — Investor Presentation (March 2026)
48 slides from Bekaert Sa's investor presentation, March 2026
Slide 1: Presentation to investors
Presentation to investors March 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: Table of contents
Table of contents 1 Why invest in Bekaert 2 2025 results 3 Bekaert’s businesses 4 Appendix 3
Slide 4: Why invest in Bekaert
Why invest in Bekaert
Slide 5: Bekaert: a global leader in metal transformation and coating technologies
Bekaert: a global leader in metal transformation and coating technologies 1 A trusted partner prioritizing markets driven by megatrends 2 A global footprint servicing customers with supply chain flexibility 3 Optimizing cost base, footprint and business portfolio to enhance performance 4 Strong cash
Slide 6: A trusted partner shaping solutions through metal and coating technologies
1.a | A trusted partner shaping solutions through metal and coating technologies Rubber Steel Wire Bridon-Bekaert Specialty Reinforcement Solutions Ropes Group Businesses 44% of sales 27% of sales 14% of sales 15% of sales Dramix® steel fiber concrete reinforcement Murfor® Compact masonry reinforcem
Slide 7: Prioritizing large end-markets driven by megatrends
1.b | prioritizing large end-markets driven by megatrends Enhanced Safety Rubber Steel Wire Bridon-Bekaert Specialty Reinforcement Solutions Ropes Group Businesses €7bn1 €3bn1 €5bn1 €2bn1 €3bn1 Tire Transmission & Advanced Lifting Energy Sustainable Reinforcement Performance Wires and Mooring Transi
Slide 8: A global footprint serving customers across the world
2 | A global footprint serving customers across the world EMEA North America APAC LATAM €3.7bn 42% 21% 31% 6% Global footprint sales Local-for-local, close proximity to our customers Ability to shift production and sourcing across supply chain Bekaert production plants Bekaert offices Driving innova
Slide 9: Optimizing cost base and production footprint
3.a | Optimizing cost base and production footprint Actions since 2019 • 5 Europe (2 Belgium, 1 Germany, 2 Scotland) 13 sites • 4 Asia (Malaysia, China, Indonesia, India) closed • 3 North America (2 USA, 1 Canada) worldwide • 1 Latam (Brazil) 2026+ • 2 RR plants Improving operational Across all our
Slide 10: and gradual changes to business portfolio
3.b | and gradual changes to business portfolio Transforming Steel Wire Solutions | Wider offering in Ropes applications | Consolidation in Rubber Reinforcement Acquisition of Bexco (synthetic ropes) and Acquisition of captive Bexco® Synthetic Ropes for offshore, marine, and industrial Flintstone (s
Slide 11: resulting in improved business mix and margins
3.c | resulting in improved business mix and margins Average EBITu margin (%) Higher margins sustained despite end market challenges • Footprint rationalization +270bps • Decreased exposure to lower growth, cyclical and commoditized markets • Growth in energy and utility applications improving produ
Slide 12: Strong cash flow generation
4 | Strong cash flow generation Even during challenging periods 505 Sustainable future drivers 450 of cash flow 440 383 380 374 ✓ Continued working capital 340 management 314 ✓ Capital allocation discipline 267 €m 221 ✓ Price and mix improvements 191 193 ✓ Further margin enhancement Strong cash flow
Slide 13: Solid balance sheet
5 | Solid balance sheet Significant strategic flexibility 31 December 2025 Leverage3 2.1x Cash and Equivalents €527m 1.3x €857m 0.7x Total Liquidity1 0.6x 0.5x 0.5x 0.4x 2019 2020 2021 2022 2023 2024 2025 % of Fixed Rate Debt2 97% Debt2 Maturity Profile (€m) % Average cost of Long Term Debt2 c2.9% 2
Slide 14: Consistent capital allocation strategy
6.a | Consistent capital allocation strategy Cash generation enabling investment for growth and shareholder returns Cash flow Maintenance Balance Organic generation and Innovation sheet investment • Strong cash flow • c€100m per year • Maintain robust Investment generation from in improvement & fina
Slide 15: driving growing shareholder returns
6.b | driving growing shareholder returns Dividend per share (€) +30% Progressive dividend policy 1.65 1.80 1.90 1.95 ✓ Proposed dividend of €1.95 per share for 1.50 FY2025 supported by strong cash flow ✓ 40% payout ratio over the longer term 2021 2022 2023 2024 2025 Total returns to shareholders pe
Slide 16: Growth platforms well-invested, ready to capture future demand growth
7.a | Growth platforms well-invested, ready to capture future demand growth Weaker growth outlook for hydrogen; long-term potential remains Transmission & Energy Advanced Lifting Sustainable Performance Transition and Mooring Construction Wires • Growing power and data • Delays in regulatory • Stron
Slide 17: Bekaert is making tangible progress to create a better tomorrow
7.b | Bekaert is making tangible progress to create a better tomorrow 2025 Highlights Protect the planet Put people first Act with integrity -23% reduction in Scope 1 & 2 220+ Safety programs reinforced External recognition energy saving initiatives GHG emissions1 CDP A-rating for Climate Change imp
Slide 18: 2025 Results
2025 Results
Slide 19: 2025 Highlights
2025 Highlights1 Resilient results and strong cash flow supported by cost management and restructuring Sales Market volatility amid trade tensions • Mitigated direct impact of tariffs -2%2 €3.7bn • Stable volumes in RR, volume growth in energy & utilities • Project delays in steel ropes and construc
Slide 20: FY 2025 sales bridge
FY 2025 sales bridge Like-for-like sales decline driven by pass-through of lower raw material costs and mix on stable volumes in millions of € -2% -102 10 -55 -105 Acquisitions: − BEXCO: €16m SWS divestments & closures: 3,958 − SWS Latam disposal: €-59m 3,801 3,706 − Indonesia & India: €-12m 1 2 FY-
Slide 21: EBITu bridge
EBITu bridge Margins supported by cost reduction and footprint optimization Lower volumes in: Unfavorable mix: 2024 − Sustainable Construction in the US − RR: more sales in China at lower prices 2025 EBITu margin − Steel ropes − Sustainable Construction: less US sales EBITu margin − Hydrogen and fil
Slide 22: Rubber reinforcement
Rubber reinforcement1 Stable margin in challenging environment Sales -2%2 Stable full-year volumes, growth in H2 2025 €1.6bn • Strong growth in China offset lower truck tire demand, mainly in Europe • Reported sales (-5.2%) impacted by currency (-2.8%) and raw materials/price-mix (-2.7%) • +2% volum
Slide 23: Steel Wire Solutions
Steel Wire Solutions1 Strong volume growth driven by energy & utilities demand Sales +4%2 Strong volume growth driven by energy & utilities €1.0bn • Like-for-like volume growth (+3.1%), with double-digit volume growth in North America • Positive mix more than offset lower raw material costs (+0.9%)
Slide 24: Bridon-Bekaert Ropes Group
Bridon-Bekaert Ropes Group1 Steel ropes impacted by tariff uncertainty; synthetics business secured two of its largest-ever contracts Lower volumes linked to project delays amid tariff uncertainty Sales • Lower volumes (-2.7%), primarily in steel ropes in Europe and North America • Impact from lower
Slide 25: Specialty Businesses
Specialty Businesses1 Slower growth prompted adjustments across the business Sustainable Construction Sales • Project delays in North America in H1 2025 linked to tariff uncertainty, with recovery in H2 -10%2 • Competition in Europe and Australia weighed on volumes and prices €550m • Strong growth i
Slide 26: JV performance
JV performance Another period of strong cash dividends for the group Sales from JVs (€m) 1,220 1,022 1,019 914 809 802 675 Lower sales primarily driven by currency effects and to a lesser extent by volumes • Cost efficiencies have mostly offset impact of lower volumes 2019 2020 2021 2022 2023 2024 2
Slide 27: Restructuring and impairment charges
Restructuring and impairment charges €162m one-off charges (limited €8m cash impact) contributing to lower future cost base Rubber Reinforcement Steel Wire Solutions €40m: €50m: • Restructuring in China and Europe • €37m1 from Latin America disposal • Rightsizing costs • €13m impairments and restruc
Slide 28: Consolidated income statement – key figures
Consolidated income statement – key figures In €m 2024 2025 Sales 3,958 3,706 Cost of sales -3,274 -3,114 €39m operational Underlying Gross profit 684 592 efficiency improvements Selling and Administrative expenses -300 -256 €40m reduction in R&D expenses -53 -49 overheads Other operating revenues /
Slide 29: Working capital management and cash flow generation
Working capital management and cash flow generation Continued focus on working capital to improve cash flows In millions of €, working capital as % of sales1 641 653 524 17.3% 16.5% • Working capital decrease (€-129m vs 2024) mainly linked to organic improvements, FX translation effect and disposals
Slide 30: Strategic execution in 2025
Strategic execution in 2025 Ongoing transformation Cost focus Cash flow focus − Reposition SWS into higher margin − €40m reduction in overhead costs in − Continued focus on working capital markets, exit commoditized businesses 2025 improvements: − Footprint optimization across the − €129m reduction
Slide 31: Key end-markets: Tire Reinforcement
Key end-markets: Tire Reinforcement Market perspectives ✓ Continued subdued markets in Europe and North America ✓ Robust market in China especially in tires for EVs (incl. trucks and buses) RR acquired two of Bridgestone’s tire cord plants €7bn1 Reinforce our partnership with Bridgestone Invest in p
Slide 32: Key end-markets: Transmission & Performance Wires
Key end-markets: Transmission & Performance Wires Market perspectives ✓ Growing power and data transmission markets driven by funding commitments & end user demand ✓ Significant investment in the US linked to grid modernization and growing data transmission requirements SWS has been transformed afte
Slide 33: Key end-markets: Advanced Lifting and Mooring
Key end-markets: Advanced Lifting and Mooring Market perspectives ✓ Weak demand in steel ropes in North America, linked to tariffs, and in Europe due to lower mining activity ✓ Strong order books for synthetic ropes linked to deep water mooring Synthetics ropes business secured two of its largest-ev
Slide 34: Key end-markets: Sustainable Construction
Key end-markets: Sustainable Construction Market perspectives ✓ Normalized demand in North America flooring in H2 2025 after significant project delays linked to tariff uncertainty in H1 ✓ Intense competition in Europe and Australia ✓ Growth in Middle East and India expected to continue ✓ Growth thr
Slide 35: Key end-markets: Energy Transition
Key end-markets: Energy Transition Market perspectives ✓ Delay in implementation of Hydrogen regulation in Europe and US have prompted adjustments to align footprint and cost base to demand outlook ✓ Weak demand across most other subsegments Long-term potential of hydrogen business remains ✓ Tempora
Slide 36: Summary and outlook
Summary and outlook Resilient results and strong cash flow supported by cost management and restructuring Market volatility amid trade tensions • Mitigated direct impact of tariffs • Stable volumes in RR, volume growth in energy & utilities • Project delays in steel ropes and construction 2026 outlo
Slide 37: Bekaert’s businesses
Bekaert’s businesses (2025 figures)
Slide 38: Building a balanced business by end-market and by region
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 6% EMEA RR 25% SpB 21% 15% 44% 42% 48% 14% 27% 31% Construction & 13% infrastructure SWS APAC Energy & Utiliti
Slide 39: Rubber Reinforcement at a glance
Rubber Reinforcement at a glance 2025 €1.6bn 2025 Sales1 €142m 2025 EBITu 8.6% EBITu margin 14.1% 2025 ROCEu Energy Basic Materials & Utilities End markets served Automotive 100% Geographies covered We supply all of the top 30 tire makers around the globe EMEA 38% APAC 47% NAM 15% One out of four ti
Slide 40: Steel Wire Solutions at a glance
Steel Wire Solutions at a glance 2025 €1.0bn 2025 Sales1 €101m 2025 EBITu 9.7% EBITu margin 27.5% 2025 ROCEu Serving diversified end markets with a wide End markets Agriculture range of solutions 20% served Energy & Utilities 30% Construction 13% Automotive 14% Consumer Goods, Equipment and Basic Ma
Slide 41: Bridon-Bekaert Ropes Group at a glance
Bridon-Bekaert Ropes Group at a glance 2025 €518m 2025 Sales1 €45m 2025 EBITu 8.7% EBITu margin 8.3% 2025 ROCEu Other Agriculture 3% 7% End markets Construction served 11% Equipment 28% Energy & Utilities 23% Basic Materials 27% Geographies LATAM covered 14% EMEA 36% APAC 28% North America 22% 41 1
Slide 42: Specialty Businesses at a glance
Specialty Businesses at a glance 2025 €550m 2025 Sales1 €47m 2025 EBITu 8.4% EBITu margin 12.9% 2025 ROCEu Sustainable Construction End markets served Equipment 18% Basic Materials Construction 10% 60% Energy & Utilities 7% Automotive 5% Geographies North covered America 16% Other segments APAC 28%
Slide 43: Appendix
Appendix
Slide 44: Contact us
Contact us Dries Van Hamme Director Investor Relations Dries.VanHamme@bekaert.com Javier Sanchez Saura Investor Relations Manager Javier.Saura@bekaert.com 44
Slide 45: 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 46: APM reconciliation table
APM reconciliation table (nmilions of €) EBITDA 2028 02s Net debt 2024 2025 err 296 135) ‘Non-current interest-bearing debt a2 302 "Amortization intangible assets 14 6 UT lease lability - non current 78 n Depreciation property, plant & equipment 130 24 ‘Current interest-bearing debt 282 320 Deprecia
Slide 47: APM reconciliation table
APM reconciliation table “Capital ratio financial autonomy) 2oza 2025 ‘Operating free cash Row oz = Equity 23a 2007 ‘Cash flows from operating acting a4 450 Tota assets 4162 3002 Purchase of intangible assets 26 “20 Financial autonomy aB5% 352% Purchase of PAE 7196 “139 Purchase of RU Land ~ - Geari
Slide 48: Bekaert
= Bekaert