NV Bekaert (BEKB) Investor presentation summary

Strategic positioning and business model

• Global leader in metal transformation and coating technologies, serving diverse end markets including automotive, construction, energy, and utilities.

• Business portfolio balanced across Rubber Reinforcement (44% of sales), Steel Wire Solutions (27%), Bridon-Bekaert Ropes Group (14%), and Specialty Businesses (15%).

• Focus on markets driven by megatrends such as sustainability, decarbonization, and energy transition.

• Global footprint with 57 production sites, 19,000 employees, and strong local presence in EMEA, North America, APAC, and LATAM.

• Ongoing optimization of cost base and production footprint, including site closures and portfolio adjustments.

Financial performance and results (2025)

• Sales of €3.7bn, with like-for-like decline due to lower raw material costs and mix, but stable volumes in key segments.

• EBITU margin sustained at 8.0% despite market volatility and project delays; strong cost management delivered €40m overhead reduction and €39m operational efficiency gains.

• Free Cash Flow reached €314m (+63% vs 2024), with leverage reduced to 0.4x.

• Proposed dividend of €1.95 per share (+3% YoY) and ongoing €200m share buyback (>€100m completed).

• One-off restructuring and impairment charges of €162m (limited €8m cash impact) to align footprint with demand.

Segment performance

• Rubber Reinforcement: €1.6bn sales, 8.6% EBITU margin, stable volumes, growth in China offsetting weaker truck tire demand in Europe.

• Steel Wire Solutions: €1.0bn sales, 9.7% EBITU margin, strong volume growth in energy & utilities, improved business mix after Latin America disposals.

• Bridon-Bekaert Ropes Group: €518m sales, 8.7% EBITU margin, lower steel rope volumes due to tariffs, but strong synthetic ropes order book.

• Specialty Businesses: €550m sales, 8.4% EBITU margin, project delays and competition impacted growth, but Middle East and India showed strength.