Vesuvius Plc · LSE:VSVS
Vesuvius — FY2025 Earnings Presentation
34 slides from Vesuvius's earnings presentation, Mar 12, 2026
Slide 1: Full Year 2025 Results
Full Year 2025 Results 12 March 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: Performance in line with expectations
Performance in line with expectations Revenue Trading profit Return on sales £1,809.5m £151.1m 8.4% +0.7% (17.0%) (170bps) like-for-like change like-for-like change like-for-like change Net debt / EBITDA* Adjusted EPS Dividend per share 2.0x 34.2p 23.6p (17.7%) +0.4% Dec 2024: 1.3x like-for-like cha
Slide 6: Highlights
Highlights ▪ Challenging year for both Steel and Foundry markets, particularly in the EU+UK • EMEA accounted for 80% of the fall in trading profit ▪ Steel Division • Worldwide steel production volumes declined 1.9% • Positive net pricing re-established in H2 • Market share gains overall driven by st
Slide 7: Global steel production decreased 1.9% in 2025, driven by China's decline
Global steel production decreased 1.9% in 2025, driven by China’s decline ▪ … however, Steel production outside of China increased 1.3% during the year… despite Chinese net exports increasing again by 9mt in 2025 ▪ Growth outside of China mostly concentrated in India and South-East Asia so far ▪ Lim
Slide 8: Positive structural changes to the steel market are underway
Positive structural changes to the steel market are underway New EU regulations will benefit domestic steel China steel exports expected to progressively production reduce or, at worst, stabilise 1. Carbon Border Adjustment Mechanism (CBAM) 1. 90 new protections* against unfair steel imports introdu
Slide 9: The Steel division gained market share overall, thanks to a strong performance in Asia
The Steel division gained market share overall, thanks to a strong performance in Asia ▪ Each of the Flow Control and Advanced Refractories business units gained market share overall due to a very strong performance in Asia (both India and China) ▪ The division also experienced market share gains in
Slide 10: Steel division: a low point in 2025 with improvement expected as from 2026
Steel division: a low point in 2025 with improvement expected as from 2026 ▪ Revenue has been slightly positive over the year with stable volumes and slightly positive headline pricing Steel Division (£m) 2025 2024 Like-for-like change Reported change (%) (%) ▪ Trading profit for the year fell as a
Slide 11: Foundry markets: growth in Asia could not compensate decline in other regions
Foundry markets: growth in Asia could not compensate decline in other regions China EU+UK North America South America North Asia India Market dynamics 2025 vs 2024 10% 32% 15% 7% 8% 13% Foundry share of revenue ▪ Substantial market challenges in EMEA (EU+UK), notably in the automotive market ▪ South
Slide 12: Good progress in our strategy to increase exposure to non-ferrous Foundry
Good progress in our strategy to increase our exposure to the faster-growing non-ferrous Foundry market and to decrease our exposure to EU+UK Increase of our exposure to the non-ferrous market • C. 50% of Foundry R&D dedicated to non-ferrous 2025 2026 forecast sector 21% 27% Pro- • Molten Metal Syst
Slide 13: Foundry Division: significant improvement expected in 2026
Foundry Division: significant improvement expected in 2026 ▪ Market share gains in 2025 not fully compensating market weakness Like-for-like change Reported change Foundry 2025 2024 (%) (%) ▪ Revenue decline in EMEA(-4.5%) and South America (-7.7%) only Revenue 466.9 476.3 (1.5%) (2.0%) partially co
Slide 14: Continued success in R&D
Continued success in R&D New product(*) sales ratio% ▪ We maintained our investment in R&D at around 2% of sales (fully 20.5% expensed in the P&L) despite difficult market conditions 19.1% ▪ Our new product sales ratio increases regularly over time, reinforcing 17.6% 16.4% our technological lead ove
Slide 15: Continued commercial success of our robotics and mechatronics solutions
Continued commercial success of our robotics and mechatronics solutions • Our robotics and mechatronics solutions improve the safety, productivity and quality of our customers’ operations • They also drive recuring sales of consumable refractories through multi-year contracts • We are now combining
Slide 16: Our safety performance remained strong in 2025 despite acquisitions
Our safety performance remained strong in 2025 despite acquisitions Lost-time injury frequency rate* 1.8 1.6 The slight increase in our injury frequency 1.4 rate versus 2024 is mostly due to the 1.2 acquisition of PiroMET 1 1.7 0.8 1.4 1.5 Our ultimate objective remains to be a 0.7 1.2 zero-accident
Slide 17: Continuing progress in our sustainability agenda
Continuing progress in our sustainability agenda 500 31% reduction in CO2e 450 Baseline emissions intensity vs. 2019(*) 400 2025 objective set in 2019 CO2e (Scope 1+2) (Kg) / Mtonne product shipped 350 • 20% reduction target set in 2019 exceeded 300 • 50% reduction target set for 2035 250 2035 targe
Slide 18: Financial Review
Financial Review 18
Slide 19: Resilient revenue positions us well when end-market growth returns
Resilient revenue positions us well when end-market growth returns Group revenues bridge (£m) Declining Foundry and Steel market ▪ On a like for like basis: 22.5 7.7 1820.1 4.2 • Revenue grew by 0.6% 1809.5 1775.1 1775.1 1775.1 1779.3 1787.0 -45.0 • India grew at 13% PiroMet from Market share 1 Marc
Slide 20: Volume and pricing impact from European market conditions actively mitigated
Volume and pricing impact from European market conditions actively mitigated ▪ Volume and mix impact is 2/3rds from EMEA but has been RoS 10.3% 10.0% 8.4% stable across H1 and One-off impact from product mix largely in EMEA; Similar impact in H2 vs H1 once inventory levels adjusted for H2 188.0 178.
Slide 21: Income statement
Income statement 2025 2024 2024 Change (£m unless indicated) Reported Reported Constant Underlying1 As reported ▪ EMEA accounts for 80% of the TP and Revenue 1,809.5 1,820.1 1775.1 +0.7% (0.6%) 70% of RoS Trading Profit 151.1 188.0 178.4 (17.0%) (19.6%) reduction Return on Sales (ROS %) 8.4% 10.3% 1
Slide 22: Trade Working Capital
Working capital flat TWC / revenue 23.6% 23.3% 22.9% 23.5% 23.4% ▪ Working capital from MMS and Piromet £439.0m £12.1m at FY; £6m (Piromet only) at H1 Trade Working Capital £m £423.0m £433.0m ▪ Maintaining at a reasonable level but £402.6m ambition remains to £395.6m deliver improvement £390.7m £390
Slide 23: Capex normalising to improve cash returns
Capex normalising to improve cash returns £m 75% ▪ Cash flow conversion 230.0 65.8 improving from 69% to 210.0 (1.4) 75% reflecting mainly 206.9 (8.6) capex reduction 190.0 ▪ Capex reduced by £15m 170.0 compared to FY24 and 150.0 151.1 151.1 will continues to trend 130.0 downwards (81.0) 125.9 110.0
Slide 24: Investment in growth and returns to shareholders throughout the year
Investment in growth and returns to shareholders throughout the year Pro forma Net debt/EBITDA of 2.0x at the year end expected to reduce as cashflow expands in 2026 £m 18.4 452.4 ▪ Free cash impacted 34.8 by level of profit, 57.9 above average capex and 329.2 9.2 38.9 acceleration of cost 19.7 0.8
Slide 25: Cost-saving programme target of £55m by 2028 underpinned
Cost-saving programme target of £55m by 2028 underpinned We have delivered £30.8m savings by the end of 2025, a year ahead of our target of £30m by 2026, and are targeting a total of £55m by 2028 Expect at least £10m savings to be delivered in 2026 2024 2025 2026 2027-2028 Achieved through: In-year
Slide 26: Outlook
Outlook 26
Slide 27: 2026 outlook
2026 outlook The impact of the recent events in the Middle East remains difficult to assess, but at this stage we still anticipate that 2026 will mark a transition to recovery in the Steel and Foundry markets, with in particular the impact of trade protection measures in Steel starting to have a mea
Slide 28: Well positioned for the medium term
Well positioned for the medium term We continue to target a RoS of 12.5%, although delivery, along with our free cash flow target, has been, until now, held back by the extended weakness in our end markets. However, with the prospect of more favourable market conditions from 2027 and the support of
Slide 29: Appendix
Appendix 1 technical and additional information Think beyond. Shape the future. 29
Slide 30: Technical guidance for 2026
Technical guidance for 2026 2024 2025 2026 guidance notes reflects recent investment in expansion capex Depreciation £62.2m £65.8 £75 – 80m coming on-stream plus MMS Net finance cost, P&L £16.2m £18.4m £20-21m Net finance cost, cash £14.9m £18.0m c. £17m Tax rate 27.5% 27.5% 27.5% Cash capex £100.8m
Slide 31: IFRS16 line items
IFRS16 line items FY 2025 FY 2024 Lease liabilities 38.3 46.2 Interest on lease liabilities 2.7 3.0 Cash payments for leases (19.4) (18.2) NBV of right-of-use assets 44.7 54.7 Depreciation on right-of-use assets 15.3 15.6 31
Slide 32: FX impact on revenue and trading profit
FX impact on revenue and trading profit Change in Change in trading Average rate Current Spot Currency % change revenue (£m) profit (£m) FY25 (28 Feb 2026) USD 1.0% 5.00 0.68 1.319 1.356 EUR 1.0% 4.81 (0.15) 1.167 1.148 INR 1.0% 2.29 0.45 114.940 123.189 RMB 1.0% 1.79 0.27 9.480 9.292 BRL 1.0% 1.18
Slide 33: 5-year history at constant currency
5-year history at constant currency 2021 2022 2023 2024 2025 Revenue (£m) 1,590.4 1,880.6 1,811.9 1,775.1 1,809.5 Steel 1,139.8 1,370.9 1,313.1 1,308.8 1,342.6 Foundry 450.6 509.7 498.8 466.3 466.9 Trading Profit (£m) 130.2 194.8 180.0 178.4 151.1 Steel 94.5 148.0 132.9 145.5 120.0 Foundry 35.6 46.8
Slide 34: 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. 34