NV Bekaert (BEKB) Q3 2025 TU earnings summary

Executive summary

• Q3 2025 sales were stable on a like-for-like basis, down 1% year-over-year, with volume growth in energy/utilities and rubber reinforcement in China and the U.S., but softness in Europe and specialty segments.

• Operational efficiency was driven by cost optimization, footprint consolidation, and a strong focus on cash flow and working capital improvements.

• Disposals in Latin America and currency headwinds, especially from USD and CNY, impacted reported sales.

• Ongoing cost and cash flow priorities supported low financial leverage.

Financial highlights

• Q3 2025 consolidated sales were €880 million, with like-for-like sales down 1% and reported sales down 3.8% due to FX and disposals.

• Volume growth of 3% in Q3, offset by lower prices, raw material pass-through, and mix.

• Nine-month 2025 like-for-like sales were €2,833 million, down from €2,931 million in 2024, mainly due to lower raw material and energy costs.

• CapEx for 2025 expected at €145 million, with about half for maintenance and no major expansion in China.

Outlook and guidance

• Full-year 2025 sales targeted at approximately €3.7 billion, with an EBIT/EBITu margin of 8%, at the lower end of previous guidance.

• Focus remains on operational leverage, margin expansion, and strong cash flow delivery amid Q4 uncertainty.

• Midterm EBIT margin target of 10% remains, but timing is flexible due to delays in growth platforms.