NV Bekaert (BEKB) investor relations material

Deal rationale and strategic fit

• Dextra adds sustainable reinforcement products, including rebar couplers and glass fiber reinforced polymers, plus equipment and engineering services, broadening the construction and advanced-materials offering.

• The combined portfolio is expected to double the addressable market for critical infrastructure, adding ~€1.2bn of 2030 serviceable market to the existing ~€1.2bn.

• Dextra’s early access to project specifications creates opportunities to introduce complementary solutions earlier in major projects.

• Combined solutions target safer, faster, lower-carbon construction and demanding infrastructure projects.

Financial terms and conditions

• Enterprise value of €140m on a cash-free, debt-free basis, equal to 6.8x estimated 2026 EBITDA before synergies.

• Dextra generated €118m in 2025 sales and €20m EBITDA, a 17% EBITDA margin.

• Expected to be immediately EPS accretive before synergies.

• Funded by existing cash balances and credit facilities, with limited leverage impact and financial flexibility preserved; earn-outs are tied to significant EBITDA improvement in 2027–2029.

• Full ownership from day one; acquisition to be reported within the specialty business alongside other construction activities.

Synergies and expected cost savings

• Synergies are expected to be primarily revenue-led, with cross-selling across portfolios, project bases, regions and applications rather than a focus on cost reductions.

• Combined sales networks can expand Dextra’s reach, including in North America, and use Dextra’s established regional network to broaden access.

• Combined solutions can reduce CO₂ footprint by up to 30%, material use by up to 20%, execution time by up to 50% and worker hours by up to 35%.

• Management aims to preserve Dextra’s growth focus; its historical sales growth was mid-single digit, with earnings growth somewhat higher, and the ambition is high-single-digit growth over time.