Vesuvius (VSVS) Q2 2026 TU earnings summary

Executive summary

• Trading profit for H1 2026 is expected to be approximately £74m, reflecting ongoing operational challenges in the Steel division and a difficult environment for Advanced Refractories, especially in Europe.

• Operational issues are temporary but have had a greater impact than previously anticipated; resolution is expected by year-end.

• Full-year trading profit is now expected to be slightly ahead of FY25 on a constant currency basis.

Financial highlights

• FY25 revenue was £1,809.5m at reported FX rates and £1,800.9m at re-translated rates.

• FY25 trading profit was £147.0m at reported FX rates and £151.1m at re-translated rates.

• Return on sales for FY25 was 8.2% (reported) and 8.4% (re-translated).

Outlook and guidance

• Full-year trading profit for 2026 is expected to be slightly ahead of FY25, assuming constant currency.

• Operational issues in the Steel division are being addressed and are expected to be resolved by the end of 2026.