NV Bekaert (BEKB) Q1 2026 TU earnings summary

Executive summary

• Q1 2026 consolidated sales reached €917 million, a 7% decrease year-over-year, with stable like-for-like sales and 3% volume growth, offset by negative price-mix, disposals, and currency impacts.

• Strategic transformation, portfolio improvements, and operational efficiency measures increased resilience and protected margins amid ongoing geopolitical tensions and market changes.

• Direct impact from Middle East conflict is minimal, with less than 1% of sales from the region, but indirect effects on inflation and supply chain are being monitored.

• A leadership transition was announced, with the CEO concluding his mandate at the general assembly.

• Strategic acquisition of Bridgestone tire cord plants in Thailand and China completed, expected to add €80 million annually.

Financial highlights

• Like-for-like sales were stable year-over-year, with a -5% FX impact due to weaker renminbi, USD, and Indian rupee, and disposals in Latin America (-3%).

• Volume growth of 3% was recorded, with positive trends in North America and Asia, but some project delays in Europe.

• CapEx for 2026 is estimated at €140 million, similar to 2025.

• Proposed dividend of €1.95 per share, up 3% from last year, and continuation of a €200 million share buyback program, with €145 million completed to date.

• Working capital target maintained at approximately 15% of sales, with disciplined capital management supporting cash flow.

Outlook and guidance

• 2026 outlook remains unchanged, expecting like-for-like top line and EBIT at similar levels to 2025, with continued recovery in Sustainable Construction and growth in energy and utilities end markets.

• No significant direct impact from Middle East conflicts, but indirect effects on inflation and supply chain are being monitored.

• Normal seasonality expected, with H1 typically stronger than H2 barring major geopolitical disruptions.

• Increasing geopolitical, regulatory, and trade risks noted.