NV Bekaert (BEKB) Q2 2026 earnings summary

Executive summary

• Delivered resilient and disciplined H1 2026 results amid low industrial growth, inflation, and geopolitical shocks, maintaining profitability and strengthening the balance sheet.

• CEO emphasized a shift toward organic and inorganic growth, focusing on engineered solutions, portfolio simplification, and value creation.

• Swift actions mitigated inflation and logistics impacts from Middle East conflict through pass-through mechanisms and regional manufacturing footprint.

• Transformation journey underway, with preliminary steps to divest commoditized businesses and optimize footprint, creating a leaner organization.

• Robust financial position with EBITU margin above 8%, low leverage at 0.8x, and ongoing €200m share buyback program.

Financial highlights

• Sales reached €1.86 billion; underlying EBIT was €155 million with an 8.3% margin.

• Reported EBIT increased to €135 million from €50 million year-over-year, due to fewer one-off items.

• Free cash flow was €55 million, impacted by higher working capital and acquisition outflows.

• EPS (underlying) was €2.33 (vs €2.68 in H1 2025); reported EPS €1.93 (vs €1.59).

• Dividend of €1.95 per share paid in May 2026; net debt at €367 million, leverage at 0.8x.

Outlook and guidance

• Like-for-like sales for full year 2026 expected to be similar to 2025; EBITU margin anticipated slightly below 2025.

• H2 2026 anticipated to see recovery in Sustainable Construction and higher deliveries in ropes and power/data transmission wires.

• No material improvement expected in Rubber Reinforcement and non-transmission wires.

• Continued focus on disciplined execution, cost control, and portfolio optimization.