Earnings release
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Investor Relations Dries Van Hamme T +32 51 33 34 23 dries.vanhamme@bekaert.com Press Kim De Raedt T +32 56 76 70 16 kim.deraedt@bekaert.com bekaert.com Press release Regulated Information - Inside information 26 February 2026 • 7:00 a.m. CET 2025 Full year results Resilient results and strong cash flow supported by cost management and restructuring FCF1 of €314m n Proposed dividend of €1.95 n Ongoing €200m share buyback Bekaert delivered a resilient performance in 2025. The year was marked by shifts in global trade policies which created uncertainty and undermined demand. In addition, slower growth in the hydrogen end market required adjustment to bring footprint in line with demand outlook. At the same time, Bekaert has translated robust demand from investments in power and data transmission networks into increased sales and order books. Within these mixed global market dynamics, sales volumes remained flat versus 2024, while pass-through of lower input costs, currency and mix impacts and the strategic exit of lower margin business in Latin America reduced sales. Cost savings and tactical footprint utilization mitigated to large extent the impact of lower sales on the EBITu1 margin which reached 8.0% versus 8.8% last year. Cash generation was very strong with a Free Cash Flow of €314 million supported by working capital and cost reductions. Yves Kerstens, CEO of Bekaert, commented: “2025 brought geopolitical and economic uncertainty, yet Bekaert delivered a solid performance that reflects the benefits of our ongoing transformation. Despite market volatility and softer demand in several end markets, our teams have realized significant cost savings, while also securing important contract wins. We have further optimized our business portfolio and reshaped our footprint to strengthen performance. Our cash generation and strong balance sheet further underline the progress we have made and the foundations we have built for long‑term value creation. Heading into 2026, our contract wins will secure growth in energy and utilities and construction end markets balancing conditions in the core businesses that remain challenging. We are committed to supporting our customers and reconnecting with growth and we continue to deliver on our strategy to strengthen our position in key markets and regions. Our growing agility and lowered cost base positions us well to navigate challenges and grasp opportunities.” Financial highlights • Q4 2025 stable like-for-like2 sales versus Q4 2024 ◦ Like-for-like volume growth of +2% (€+16 million) ◦ Effects from pass-through of lower input costs and price-mix of -2% (€-15 million) ◦ Total consolidated sales of €873 million (-7%) through currency impact of -4% (€-42 million) and exit of commoditized businesses in Latin America (-3% or €-29 million) • Full year 2025 consolidated sales of €3.7 billion (-6%) and like-for-like sales2 down -2% (€-95 million) ◦ With stable volumes (€+10 million) and a combined effect from pass-through of lower input costs and price- mix of -3% (€-105 million) ◦ Impact of acquisitions, disposals and discontinued operations of -1% (€-55 million) and currency translation impact of -3% (€-102 million) • Underlying gross profit margin reduced to 16.0% versus 17.3% in FY 2024 primarily through weaker demand in construction and energy transition end markets • Structural improvements in cost base and footprint ◦ €40 million reduction in overhead costs ◦ €39 million operational efficiency improvements through structural cost savings in production entities and improved capacity utilization in Asian footprint of Rubber Reinforcement ◦ €-162 million one-off restructuring and impairment charges to adjust footprint in line with demand, of which only €-8 million cash impact Page 1 1 FCF = Free Cash Flow, EBITu = underlying EBIT, EBITDAu = underlying EBITDA and EPSu = underlying earnings per share and all are defined Alternative Performance Measures (APMs). The full list of all APMs can be found at the end of the document (note 11). 2 Like-for-like comparisons are excluding the impacts of currency translation, acquisitions, disposals and discontinued operations. These relate to the acquisition of BEXCO, the discontinued production in Indonesia and India in Steel Wire Solutions (SWS) (relevant for H1 2025 only) and to the disposal of SWS businesses in Costa Rica, Ecuador and Venezuela which was finalized on 30 June 2025 (relevant for H2 2025 only).
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• Creditable margin performance with structural actions and cost pass-through mitigating impacts from tariffs, unfavorable product and regional mix, currencies and disposals ◦ EBITDAu3 of €469 million (-10%), EBITDAu margin on sales of 12.7% (vs 13.1% in FY 2024) ◦ EBITu of €297 million (-15%), EBITu margin of 8.0% (vs 8.8% in FY 2024) • EPSu3 of €4.52 (-19% vs €5.55 in FY 2024) while lower reported EPS of €1.33 (-71% vs €4.56 in FY 2024) as a consequence of restructuring and impairment costs • Very strong cash generation through disciplined working capital and capital expenditure management ◦ Free Cash Flow (FCF) of €314 million, up 63% compared to €193 million in FY 2024 ◦ Limited net €-8 million cash impact from the €-162 million one-off charges ◦ Further net debt reduction (€180 million vs €283 million at FY 2024) resulting in a net debt to EBITDAu of 0.4x (vs 0.5x at FY 2024) • Proposed dividend increase from €1.90 to €1.95 per share, alongside ongoing €200 million share buyback Operational and strategic highlights • Rubber Reinforcement ◦ Strong volume growth in China offsetting lower demand in Europe ◦ Sustained profitability with efficiency improvements offsetting price and mix impacts • Steel Wire Solutions ◦ Strong volume growth in energy and utilities end markets, particularly in North America ◦ Unfavorable mix in Europe mostly offset by cost savings • BBRG ◦ Large contract wins in synthetic ropes ◦ Weaker steel rope end markets in Europe and North America • Specialty Businesses ◦ Sustainable Construction: growth in India and Middle East and recovery in H2 2025 in North America partly mitigated the challenging market in Europe and a weak H1 2025 flooring market in North America ◦ Slower growth in energy transition end markets required adjustments across the business • Proactive actions in 2025 to optimize portfolio and adjust the footprint in line with market outlook ◦ Reposition Steel Wire Solutions into higher margin markets by exiting commoditized Latin American businesses (€-37 million one-off charges4) ◦ Pause of hydrogen production activities in Belgium and consolidation into one plant to adjust to the delayed market, while maintaining flexibility to scale up when demand improves (€-55 million one-off charges) ◦ Consolidation of synthetic ropes manufacturing into Belgium (€-14 million one-off charges in BBRG) ◦ Footprint restructuring in tire reinforcement activities (€-40 million one-off charges in RR) ◦ Focus on operational improvements and cost savings in all divisions and functions • Bekaert’s sustainability efforts were recognized by CDP with an 'A' score for Climate Change in 2025, underscoring our leadership in environmental transparency and our commitment to creating value through sustainability Outlook Going into 2026, demand recovery in Sustainable Construction, particularly in North America, is expected to continue. Growth is also expected in energy and utilities end markets supported by recent contract wins and higher order books. The business environment in the bigger and more mature markets of tire reinforcement, steel ropes and non-transmission wires remains challenging due to geopolitical uncertainty and competitive pressure. Therefore, the group expects revenues and margins at similar levels of 2025 on a like-for-like basis. Committed to return value to our shareholders The Board of Directors is committed to maintaining a strategic capital allocation policy, balancing investment in future growth and innovation, while maintaining a strong balance sheet and progressively growing shareholder returns over time. Supported by strong cash flow generation, the group announces today a gross dividend of €1.95 per share (an increase of 3% versus last year), to be proposed by the Board at the Annual General Meeting of Shareholders in May 2026. Alongside this proposed dividend to shareholders, the group intends to continue with its two year share buyback program of up to €200 million that was announced in November 2024. Page 2 3 FCF = Free Cash Flow, EBITu = underlying EBIT, EBITDAu = underlying EBITDA and EPSu = underlying earnings per share and all are defined Alternative Performance Measures (APMs). The full list of all APMs can be found at the end of the document (note 11). 4 €-37m one-off impact from SWS disposal is the result of a €+20m gain on disposal and a €-57m impact from non-cash Cumulative Translation Adjustments (CTA) linked to historic currency devaluations in Venezuela
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Conference call for analysts and investors Yves Kerstens, CEO of Bekaert, and Seppo Parvi, CFO, will present the 2025 full year results to analysts and investors at 10:00 a.m. CET on Thursday February 26th. This presentation can be accessed live upon registration (registration link) and will be available on the website after the event. Sales Consolidated sales per segment (in millions of €) Consolidated third party sales 2024 2025 Share Variance5 Organic FX M&A Rubber Reinforcement 1 703 1 614 44 % -5 % -2 % -3 % — % Steel Wire Solutions 1 068 1 018 27 % -5 % +4 % -2 % -7 % BBRG 552 518 14 % -6 % -7 % -2 % +3 % Specialty Businesses 630 550 15 % -13 % -10 % -3 % — % Group 5 6 — — — — — Total 3 958 3 706 100 % -6 % -2 % -3 % -1 % Consolidated sales 2025 quarter-on-quarter progress (in millions of €) Consolidated third party sales 1st Q 2nd Q 3rd Q 4th Q Q4:Q3 Q4 y-o-y6 Q4 y-o-y like-for- like6 Rubber Reinforcement 429 403 393 389 -1 % -4 % +1 % Steel Wire Solutions 280 285 227 226 — % -7 % +8 % BBRG 141 132 120 125 4 % -14 % -13 % Specialty Businesses 139 141 138 131 -5 % -10 % -2 % Group 2 1 2 1 — — — Total 991 962 880 873 -1 % -7 % — % Summary financial statement Underlying Reported in millions of € 2024 H1 2024 H2 2024 2025 H1 2025 H2 2025 2024 2025 Consolidated sales 3 958 2 060 1 898 3 706 1 953 1 753 3 958 3 706 Operating result (EBIT) 348 204 144 297 171 126 296 135 EBIT margin on sales 8.8 % 9.9 % 7.6 % 8.0 % 8.8 % 7.2 % 7.5 % 3.6 % Depreciation, amortization and impairment losses 172 84 88 172 88 85 161 271 EBITDA 520 288 232 469 259 210 457 406 EBITDA margin on sales 13.1 % 14.0 % 12.2 % 12.7 % 13.3 % 12.0 % 11.6 % 10.9 % ROCE 15.9 % 14.1 % 13.5 % 6.4 % Page 3 5 Comparisons are relative to the financial year 2024, unless otherwise indicated. 6 Q4 year-on-year sales: 4th quarter 2025 versus 4th quarter 2024. Like-for-like sales excluding impact of acquisitions, disposals, discontinued operations and currency.
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Segment reports Rubber Reinforcement: stable margin in challenging environment Underlying Reported Key figures (in millions of €) 2024 H1 2024 H2 2024 2025 H1 2025 H2 2025 2024 2025 Consolidated third party sales 1 703 885 818 1 614 832 782 1 703 1 614 Consolidated sales 1 726 897 829 1 654 848 806 1 726 1 654 Operating result (EBIT) 150 96 54 142 80 62 132 102 EBIT margin on sales 8.7% 10.7% 6.6% 8.6% 9.4% 7.7% 7.7% 6.2% Depreciation, amortization and impairment losses 83 40 43 76 40 35 86 104 EBITDA 233 136 97 218 120 98 218 206 EBITDA margin on sales 13.5% 15.1% 11.7% 13.2% 14.1% 12.1% 12.6% 12.5% Segment assets 1 378 1 398 1 378 1 303 1 330 1 303 1 378 1 303 Segment liabilities 315 305 315 349 320 349 315 349 Capital employed 1 064 1 093 1 064 955 1 010 955 1 064 955 ROCE 14.3% 14.1% 12.6% 10.1% Operational and financial performance Against the backdrop of weaker truck tire end markets, particularly in Europe, and challenges from tariffs and weaker currencies, the division has delivered a stable margin versus last year. Sustained high levels of plant utilization and efficiency improvements across the full cost base contributed to this solid performance. The division reported stable volumes (+0.2%) with an increase in the second half of the year versus the first supported by strong activity levels in China. Volumes were lower in Europe and in India, while in North America, volumes increased versus last year in the second half of the year after a low first half when tariffs impacted demand in the region. Consolidated third party sales decreased by -5.2%, driven by a significant currency impact (-2.8%) and the combined impact from lower raw material costs and regional and product mix (-2.7%). Within a competitive environment, the division delivered an underlying EBITu margin of 8.6%, broadly similar to last year (-10 bps), through sustained cost improvements in production plants and overheads combined with tactical capacity management. The underlying EBITDA margin was 13.2% compared with 13.5% last year and underlying ROCE was 14.1%. Capital expenditure (PP&E) amounted to €61 million and included additional equipment investments in India. The one-off elements were €-40 million and were primarily linked to restructuring costs in China and Europe. Reported EBIT was €102 million. Post balance sheet date, Bekaert announced in January 2026 that it reached an agreement with Bridgestone to acquire two of their captive tire cord plants. This consolidation further strengthens the division’s leading position in the global tire reinforcement market. Alongside the acquisition, a long-term supply agreement was signed. Joint venture performance The Rubber Reinforcement joint venture in Brazil achieved €148 million in sales in 2025, down -14%, driven by currency (-7%) and volume (-7%) impacts related to increased import of Asian tires. Cost efficiencies have offset the impact of lower volumes leading to a stable margin performance of the joint venture. Market perspectives Global tire markets remain subdued at the start of 2026, particularly in Europe and North America. In China, market dynamic is robust, especially in tires for all electric vehicles (cars, trucks and buses). The division focuses on high-value tire segments and on further optimizing its cost base and key account management. With the recently announced acquisition of two Bridgestone tire cord entities, which is expected to close in the first half of 2026, alongside recently renewed long-term supply agreements, the division continues to ensure supplying high- quality tire reinforcement to its customers around the globe. Page 4
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Steel Wire Solutions: strong volume growth in North America driven by Energy & Utilities demand Underlying Reported Key figures (in millions of €) 2024 H1 2024 H2 2024 2025 H1 2025 H2 2025 2024 2025 Consolidated third party sales 1 068 574 493 1 018 565 453 1 068 1 018 Consolidated sales 1 096 589 506 1 037 576 462 1 096 1 037 Operating result (EBIT) 114 67 46 101 60 41 110 51 EBIT margin on sales 10.4 % 11.4 % 9.2 % 9.7 % 10.4 % 8.9 % 10.1 % 4.9 % Depreciation, amortization and impairment losses 29 14 15 31 16 16 29 42 EBITDA 143 82 62 132 75 57 140 92 EBITDA margin on sales 13.1 % 13.8 % 12.2 % 12.7 % 13.1 % 12.3 % 12.8 % 8.9 % Segment assets 634 671 634 545 570 545 634 545 Segment liabilities 228 241 228 216 211 216 228 216 Capital employed 406 430 406 329 359 329 406 329 ROCE 28.2 % 27.5 % 27.4 % 13.9 % Operational and financial performance The Steel Wire Solutions division delivered another year of strong sales performance and solid profitability, supported by continued growth in power and data transmission end markets. Following the disposals in Latin America, the division has upgraded its product portfolio, with 30% of sales now generated from the higher-margin energy and utilities segment. Cash flow generation has also improved as a result of prior footprint optimization and cost and working capital reductions. Like-for-like sales increased by +4.0%, driven by volume growth of +3.1% and a positive combined impact from lower raw material costs and improved global mix (+0.9%). Growth was primarily driven by strong demand from the energy & utilities sector in North America, where double-digit volume growth was recorded. Volumes also increased in China supported by strong automotive demand. In Europe sales volumes were up slightly but more agriculture and construction wire deliveries versus a phased-out energy and utilities demand led to lower average sales prices. Total third party sales decreased by -4.7%, mainly due to the exit of the Latin American businesses (-6.6%) and currency impacts (-2.1%). The division’s strategic transformation actions around footprint optimization, structural cost savings and business selection have structurally improved its profitability and cash generation. The EBITu margin remained very strong at 9.7%, and only just below the 10.4% of 2024, reflecting a less favorable sales mix in Europe and a temporary delay in passing through raw material price increases linked to tariffs in North America. The underlying EBITDA margin was 12.7% (vs 13.1% last year) and underlying ROCE remained strong at 27.5%. Capital expenditure (PP&E) amounted to €33 million and included capacity investments to meet strong demand from energy and utility customers. One-off elements were €-50 million mainly reflecting a €-37 million7 one-off impact linked to the disposals in Latin America primarily relating to a non-cash, cumulative translation adjustment from historic currency devaluations in Venezuela. Joint venture performance The Steel Wire Solutions joint venture in Brazil reported sales of €654 million, -12% compared with 2024, impacted by significant currency movements of -7% and increased competition from imports. The joint venture delivered another year of strong margin performance. Market perspectives Order books for 2026 remain strong in the energy and utilities end market across Europe and North America although some project delays are expected to impact sales in Europe, especially in the first half of 2026. Automotive markets continue to be strong in China while less so in Europe. Overall, the division has made significant progress in executing its transformation strategy, with a strong focus on cost, pricing and portfolio optimization. Page 5 7 See note 10 ‘Effect of business disposals’. Excluding the non cash cumulative translation adjustments from historic currency devaluations in Venezuela, the gain on disposal for the SWS businesses in Costa Rica, Ecuador and Venezuela is €+ 20 million.
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Bridon-Bekaert Ropes Group: steel ropes impacted by tariff uncertainty; synthetics business secured two of its largest-ever contracts Underlying Reported Key figures (in millions of €) 2024 H1 2024 H2 2024 2025 H1 2025 H2 2025 2024 2025 Consolidated third party sales 552 267 286 518 273 245 552 518 Consolidated sales 555 268 288 520 274 246 555 520 Operating result (EBIT) 50 20 30 45 27 18 42 31 EBIT margin on sales 9.0 % 7.4 % 10.5 % 8.7 % 9.7 % 7.5 % 7.5 % 6.0 % Depreciation, amortization and impairment losses 33 15 18 34 16 18 33 41 EBITDA 83 35 48 79 43 36 75 73 EBITDA margin on sales 15.0 % 13.1 % 16.8 % 15.2 % 15.6 % 14.7 % 13.5 % 14.0 % Segment assets 689 701 689 630 651 630 689 630 Segment liabilities 116 124 116 123 103 123 116 123 Capital employed 573 578 573 507 548 507 573 507 ROCE 9.2 % 8.3 % 7.7 % 5.8 % Operational and financial performance BBRG recorded €518 million in consolidated third party sales, -6.2% versus 2024. Unfavorable currency movements accounted for -2.4% while impact from acquisitions (BEXCO) added +2.9%. Organic growth of -6.7% was driven by lower volumes (-2.7%) and the combined effect of pass-through of lower input costs and price-mix (-4.0%). Volumes were mainly impacted by lower demand for steel ropes, particularly in North America amid continued tariff uncertainty and in Europe due to lower mining activity. The performance in Asian and Latin American markets was resilient. The synthetics ropes business completed the consolidation of its manufacturing footprint after last year’s acquisition of BEXCO. BEXCO and Flintstone also secured two of the largest contracts in the division’s history in 2025. In advanced cords, volumes were slightly lower, reflecting weaker elevator hoisting demand in China and Europe in a subdued construction environment. Demand growth in the smaller timing belt and automotive applications has partially offset the lower elevator hoisting volumes. Despite lower volumes, primarily in steel ropes, cost and footprint actions supported an underlying EBIT margin of 8.7%, slightly below 9.0% in 2024. Underlying EBITDA margin improved to 15.2%, up from 15.0% last year and underlying ROCE was 8.3%. The €-14 million one-off costs related mainly to restructuring of synthetic ropes activities in Scotland. BBRG invested €18 million in PP&E, across all sites and regions. Market perspectives Subdued demand in steel ropes is expected to continue into Q1 2026. The synthetic ropes business has a strong order book for deep water mooring projects. In advanced cords, demand is expected to remain stable as a recovery in the largest elevator hoisting end-market is not anticipated at this stage. Page 6
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Specialty Businesses: slower growth developments prompted adjustments across the business Underlying Reported Key figures (in millions of €) 2024 H1 2024 H2 2024 2025 H1 2025 H2 2025 2024 2025 Consolidated third party sales 630 332 298 550 281 269 630 550 Consolidated sales 638 337 301 556 283 273 638 556 Operating result (EBIT) 88 52 36 47 26 21 73 -15 EBIT margin on sales 13.8 % 15.5 % 11.9 % 8.4 % 9.3 % 7.6 % 11.4 % -2.6 % Depreciation, amortization and impairment losses 22 12 10 26 13 13 8 77 EBITDA 110 64 46 72 39 33 81 63 EBITDA margin on sales 17.2 % 19.0 % 15.2 % 13.0 % 13.8 % 12.2 % 12.7 % 11.3 % Segment assets 500 511 500 430 512 430 500 430 Segment liabilities 105 120 105 100 100 100 105 100 Capital employed 395 390 395 330 411 330 395 330 ROCE 23.2 % 12.9 % 19.3 % -4.0 % Operational and financial performance Specialty Businesses recorded €550 million in consolidated third party sales, -12.7% versus 2024, of which -3.0% was related to unfavorable currency movements. Sales in Sustainable Construction were impacted by a weak H1 2025 in the flooring market in North America from tariff uncertainty and intense competition in the larger flooring market in Europe impacting volumes and prices. Sales in most other sub-segments were down driven by weaker end markets. The Sustainable Construction business reported a -9.6% drop in organic revenues. Volumes decreased by -6.8% primarily in the larger flooring business with volume decreases in Europe, Australia and in North America, with the latter region impacted in H1 2025 by low investment following uncertainties around tariffs. Volumes recovered in North America in H2 2025 with flooring projects picking up again, particularly from data centers. Growth in flooring in the Middle East and India, where adoption of steel fiber reinforced concrete (Dramix®) is increasing, has partly offset the global volume decrease. Tunneling and mining volumes were stable year-on-year and renovation volumes for the smaller plastering and masonry reinforcement end markets increased supported by the start-up of a second production line in Slovakia. Business conditions had different dynamics in the other subsegments. In Hose and Conveyor Belts volumes picked up in H2 2025 based on project wins and higher hose reinforcement sales in India where Bekaert is leveraging its local production footprint. Combustion Technologies recorded flat sales year-on-year with increasing demand in North America and Asia that was offset by lower demand in Europe, where regulations are increasing uncertainty. Deliveries into filtration and fiber end markets have weakened in 2025 and sales in ultra fine wires dropped versus last year following a technology shift in solar applications. In the Hydrogen subsegment, markets are developing much slower due to delays in implementation of hydrogen regulation in Europe and in the US. Bekaert has consolidated its hydrogen activities into one plant due to deteriorated markets and weaker customer forecasts which led to a one-off asset impairment cost of €-55 million. The other subsegments have also taken actions to reduce costs and optimize footprint to mitigate partly the impact of the headwinds in 2025. Nevertheless, the underlying EBIT margin came down to 8.4% versus 13.8% last year. The underlying EBITDA margin reached 13% and underlying ROCE was 12.9%. Including total one-off write-downs (€-61 million), reported EBIT was negative at €-15 million. Capital expenditure (PP&E) amounted to €24 million and related partly to additional production equipment for renovation applications in Sustainable Construction. Market perspectives In Sustainable Construction, the flooring business is expected to normalize in North America after a weak 2025 and the growth in India and Middle East will continue. In Europe, there are no signs yet of higher flooring activity going into 2026. In the smaller subsegments of infrastructure and tunneling, project wins indicate growth in 2026 while phased-out start ups can have a delaying impact on deliveries. The hydrogen market is expected to remain slow due to delays in implementation of regulation. Bekaert will be able to leverage its leading position again when regulation and government incentives become clearer. Most other end markets remain subdued and uncertain. Page 7
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Strategic and investment updates Bekaert continues on its strategic transformation and delivers structural improvements. In 2025, this was demonstrated by: • Repositioning the portfolio of Steel Wire Solutions into higher margin markets by exiting commoditized and more volatile businesses in Latin America and capturing growth in energy and utilities end markets • Structurally making operations leaner and improving the operational leverage of the Group going forward • The introduction of Dramix® LoopTM with the production of steel fibres from end-of-life tires at an industrial scale for industrial floors and precast elements which reduces CO2 with up to -80% compared to traditional reinforcement • The introduction of inhera®, the Group’s sustainability label that highlights top performing innovative solutions that help industries to achieve net-zero goals faster. It features solutions such as Elyta® ultra and mega tensile tire reinforcement, Flexisteel® hoist ropes, subsea cable armoring wire and high tensile steel cores for overhead power lines that all lower carbon footprint or increase efficiency in their end application • Partnering with EMSTEEL Building Materials PJSC to advance the production and go-to-market of high-end, sustainable products and solutions with steel made in the UAE • Collaborating with IKK Mateenbar on lower-carbon concrete reinforcement solutions that combine glass fiber- reinforced polymer (GFRP) rebar with Bekaert’s Dramix® steel fibers and Synmix® synthetic fibers • The agreement reached with Bridgestone, post balance sheet date in January 2026, to acquire two of their captive tire cord plants strengthening Rubber Reinforcement’s leading position in the global tire reinforcement market • Continued exploration of M&A opportunities in focus end markets In line with delay in some growth sectors, Bekaert has taken actions during 2025 to restructure its footprint and has lowered capital expenditure. The group remains however committed to deliver value through investments: • €139 million in property, plant and equipment, supporting expansion in Rubber Reinforcement in India, in additional machinery for the production of armoring cables for energy and utility customers and for renovation applications in Sustainable Construction. • €69 million in R&D and Innovation activities, before deduction of R&D grants and incentives and before capitalization of R&D projects Share buyback and treasury shares Bekaert has so far repurchased approximately 3.5 million shares for an amount of €124 million as part of its two- year €200 million share buyback program which started in November 2024. Bekaert is intending to continue with the share buyback for the remaining €75 million. All shares under the share buyback will be cancelled. On 31 December 2024, Bekaert held 2 235 087 own shares. Between 1 January 2025 and 31 December 2025, a total of 31 666 treasury shares were transferred to (former) employees following the exercise of stock options under SOP 2015-2017. Additionally, 45 050 treasury shares were disposed of following the vesting of performance share units under the Bekaert performance share plan. Bekaert also sold 3 922 shares to executive managers as part of the personal shareholding requirement and transferred 2 150 shares to executive managers under the share-matching plan. A total of 22 774 shares were granted to the Chairman of the Board of Directors and other non-executive Directors as part of their remuneration. During the same period Bekaert bought back 2 707 682 shares and cancelled 2 917 118 shares. Including the transactions exercised under the liquidity agreement with Kepler Cheuvreux which started on 1 July 2024, the balance of own shares held by the Company on 31 December 2025 was 1 850 137 (3.61% of the total share capital). Page 8
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Financial review Sales performance Bekaert’s consolidated sales were €3 706 million in 2025, -6.4% lower than last year. On a like-for-like basis, volumes were broadly stable (+0.3%) and the combined impact from pass-through of lower input costs and price- mix was -2.7%. Currency effects were -2.6% mainly through US and Chinese currency depreciation. Impact from portfolio change was -1.4% related to the disposal of Steel Wire Solutions (SWS) businesses in Costa Rica, Ecuador and Venezuela, finalized on 30 June 2025, to the discontinued production in SWS in Indonesia and India and to the acquisition of BEXCO. The sales from Bekaert’s joint ventures in Brazil amounted to €802 million, or -12.2% versus last year. The currency impact in the joint ventures was -7.3% and organic sales decreased by -4.9% as volumes decreased related to increased imports. Profit performance The underlying gross profit of the Group was down €-92 million to €592 million and this impacted the gross profit margin which was 16.0% versus 17.3% for 2024. Weaker demand in construction and energy transition end markets had a bigger gross profit impact than the extra sold volumes in Steel Wire Solutions and regional mix had an additional unfavorable impact. The Group has mitigated the gross profit impact through structural pro-active cost reductions in production plants in combination with better utilization in tire reinforcement plants in China. Underlying overheads decreased by €-49 million versus 2024 to €305 million through cost reductions on all categories. As a percentage on sales, overheads were 8.2% (vs 8.9% in 2024). Other operating revenues and expenses amounted to €+9 million versus €+18 million in 2024 when other operating revenues included significant gains on sales of land and buildings. Bekaert achieved an operating result (EBITu) of €297 million (versus €348 million last year). This resulted in an EBITu margin on sales of 8.0% (vs 8.8% in 2024). The decrease in absolute amount relates to disposal (€-4 million) and currency (€-13 million) impacts as well as volume (€-18 million) and price-mix impacts (€-79 million) that were partly offset by efficiency improvements in production entities (€+39 million) and overheads (€+40 million). Other impacts were €-17 million and related to lower other operating revenues and write-downs. One off charges8 for restructuring and impairments amounted to €-162 million (vs €-52 million in 2024) as the Group adjusted its footprint and cost base in line with market demand. In Specialty Business, one-off cost was €-61 million of which €-55 million related to Hydrogen as the end market deteriorated and production was consolidated in China. In Steel Wire Solutions, one-off costs were €-50 million, of which €-37 million related to the disposal of the Steel Wire Solutions businesses in Costa Rica, Ecuador and Venezuela (which consists of a €+20 million gain on disposal and a €-57 million non-cash, cumulative translation adjustment from historic devaluations in Venezuela). One off charges in Rubber Reinforcement were €-40 million and related mainly to restructuring in China and Europe. In Bridon-Bekaert Ropes Group, the €-14 million one-off cost was primarily due to charges for the consolidation of manufacturing of synthetic ropes in Belgium. Including one-off items, reported EBIT was €135 million, representing an EBIT margin on sales of 3.6% (versus €296 million or 7.5% in 2024). Underlying EBITDA was €469 million (12.7% margin) compared with €520 million (13.1%) and reported EBITDA reached €406 million, or a margin on sales of 10.9% (versus 11.6%). Interest income and expenses were almost stable at €-21 million (vs €-20 million in 2024) with reduced interest expenses from lower gross debt levels offset by lower interest income. Other financial income and expenses were €-28 million (vs €-19 million in 2024) driven by a lower fair value of Virtual Power Purchase Agreements (VPPA’s). Income taxes decreased to €-59 million (vs €-63 million in 2024). The overall effective tax rate was 69%. When adjusting for one-off charges where tax impacts are expected to be immaterial, the normalized effective tax rate calculation is approximately 24%. The share in the result of joint ventures and associated companies was €+38 million (vs €+49 million in 2024). While the sales in the joint ventures in Brazil for Steel Wire Solutions and Rubber Reinforcement were lower because of more imports into the country, the underlying margin percentage was close to that of last year. Page 9 8 See note 3 ‘One-off items’
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The result for the period thus totaled €+65 million, compared with €+244 million in 2024 because of the higher restructuring and impairment one off charges. The result attributable to non-controlling interests was €-3 million (vs €+5 million in 2024). After non-controlling interests, the result for the period attributable to equity holders of Bekaert was €+67 million. Earnings per share amounted to €+1.33 versus €+4.55 last year. Earnings per share on an underlying basis came down from €+5.55 last year to €+4.52 in 2025, reflecting lower underlying EBIT, a lower contribution from the share in the result of the joint ventures and higher other financial expenses. Cash flow statement Cash flows from operating activities were up +20% to €450 million compared with €374 million in 2024 because of the significantly lower working capital. The Free Cash Flow9 (FCF) was up strongly +63% to €314 million versus €193 million last year, driven by lower working capital in combination with reduced capital expenditure. Cash flows attributable to investing activities amounted to €-79 million (versus €-200 million in 2024). Cash out for property, plant and equipment and intangible assets was €-52 million lower than last year, while there was a net cash in from the disposal of the Steel Wire Solutions plants in Latin America in 2025 (€+28 million in 2025) versus a cash out last year related to the acquisition of BEXCO (€-39 million in 2024). Cash flows from financing activities totaled €-316 million, compared with €-307 million last year. Cash out for share buy back transactions was higher in 2025 while debt movements were partly offsetting this impact. Balance sheet Working capital decreased strongly from €653 million last year to €524 million10 at the end of 2025. This was the result of disciplined focus and actions to reduce overdue receivables and optimize inventory levels. Both inventories and accounts receivables decreased, which was partly offset by a decrease in accounts payable. The organic decrease of working capital was €-70 million and impacts from currencies (€-40 million) and the disposal of the Steel Wire Solutions plants in Latin America (€-15 million) further contributed to the lower end balance. Off balance sheet factoring decreased from €221 million in 2024 to €210 million in 2025. The working capital on sales improved significantly and was 15.0% versus 17.3% in 2024. Gross debt reduced with €-86 million compared to 2024, due to repayment of part of the Schuldschein loans (€-111 million). Cash on hand was €527 million at the end of the period, an increase of €+23 million compared with the €504 million at the close of 2024. This resulted in net debt of €180 million, down €-103 million from €283 million last year, and a further reduction in the net debt on underlying EBITDA ratio from 0.54x at the end of 2024 to 0.38x11 now. Page 10 9 FCF is calculated from the Cash Flow Statement as Net Cash Flow from Operations minus Capex (purchase of Property, Plant and Equipment and Intangible Assets) minus net interest plus dividends received. 10 The decrease in absolute amount for working capital is bigger than what is shown in the cash flow statement primarily because of a significant unrealized currency impact (€-40 million) which reduces absolute working capital but has no cash flow impact. In addition, the disposed businesses in Latin America reduce the absolute working capital (€-15 million) but not the cash flow statement. 11 Although not accounted for as debt, if off balance sheet factoring were to be included in net debt, net debt would be €390 million which would imply a ratio of 0.83x times underlying EBITDA.
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Financial calendar Full Year Results 2025 The CEO and the CFO of Bekaert will present the 2025 results to analysts and investors at 10:00 a.m. CET. This conference can be accessed live upon registration (registration link). 26 February 2026 2025 Integrated Annual Report available on bekaert.com 27 March 2026 First quarter trading update 2026 13 May 2026 Annual General Meeting of Shareholders 13 May 2026 Dividend ex-date 15 May 2026 Dividend record date 18 May 2026 Dividend payable 19 May 2026 Half Year Results 2026 30 July 2026 Third quarter trading update 2026 27 November 2026 Notes The statutory auditor, EY Bedrijfsrevisoren BV, represented by Marnix Van Dooren and Francis Boelens, has confirmed that the audit, which is substantially completed, has to date not revealed any material misstatement in the consolidated income statement, the consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity or the consolidated statement of cash flows as included in this press release. The assurance procedures regarding the sustainability information are currently ongoing and have been substantially completed. Statement from the responsible persons The undersigned persons state that, to the best of their knowledge: • the consolidated financial statements of NV Bekaert SA and its subsidiaries as of 31 December 2025 have been prepared in accordance with the International Financial Reporting Standards, and give a true and fair view of the assets and liabilities, financial position and result of the whole of the companies included in the consolidation; and • the comments and analyses in this press release give a fair view of the development of the business and of the results and the position of the whole of the companies included in the consolidation. On behalf of the Board of Directors. Yves Kerstens Chief Executive Officer Jürgen Tinggren Chairman of the Board of Directors Disclaimer This press release may contain forward-looking statements. Such statements reflect the current views of management regarding future events, and involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Bekaert is providing the information in this press release as of this date and does not undertake any obligation to update any forward-looking statements contained in this press release in light of new information, future events or otherwise. Bekaert disclaims any liability for statements made or published by third parties and does not undertake any obligation to correct inaccurate data, information, conclusions or opinions published by third parties in relation to this or any other press release issued by Bekaert. Company profile Bekaert’s ambition is to be the leading partner for shaping the way we live and move, and to always do this in a way that is safe, smart, and sustainable. As a global market and technology leader in material science of steel wire transformation and coating technologies, Bekaert (bekaert.com) also applies its expertise beyond steel to create new solutions with innovative materials and services for markets including mobility, energy and construction. Founded in 1880, with its headquarters in Belgium, Bekaert (Euronext Brussels, BEKB) is a global technology company whose 19 000 employees worldwide together generated €3.7 billion in consolidated sales in 2025. Investor Relations Dries Van Hamme T +32 51 76 70 16 E-mail: dries.vanhamme@bekaert.com Press Kim De Raedt T: +32 56 76 70 16 E-mail: kim.deraedt@bekaert.com bekaert.com Page 11
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Note 1: Consolidated income statement (in thousands of €) 2024 2025 Sales 3 957 814 3 705 815 Cost of sales -3 302 558 -3 223 571 Gross profit 655 256 482 244 Selling expenses -158 521 -140 757 Administrative expenses -150 878 -127 056 Research and development expenses -56 670 -59 260 Other operating revenues 29 487 56 556 Other operating expenses -22 496 -76 902 Operating result (EBIT) 296 178 134 826 of which EBIT - Underlying 348 156 296 710 One-off items -51 978 -161 884 Interest income 18 299 10 882 Interest expense -37 998 -31 997 Other financial income and expenses -18 857 -28 083 Result before taxes 257 622 85 627 Income taxes -62 856 -59 186 Result after taxes (consolidated companies) 194 767 26 441 Share in the results of joint ventures and associates 48 799 38 294 RESULT FOR THE PERIOD 243 566 64 735 Attributable to equity holders of Bekaert 238 904 67 356 non-controlling interests 4 661 -2 621 Earnings per share (in € per share) Result for the period attributable to equity holders of Bekaert Basic 4.56 1.33 Diluted 4.55 1.33 Page 12
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Note 2: Reported and underlying (in thousands of €) 2024 2024 2024 2025 2025 2025 Reported of which underlying of which one-offs Reported of which underlying of which one-offs Sales 3 957 814 3 957 814 3 705 815 3 705 815 Cost of sales -3 302 558 -3 274 039 -28 518 -3 223 571 -3 113 574 -109 997 Gross profit 655 256 683 775 -28 518 482 244 592 241 -109 997 Selling expenses -158 521 -157 427 -1 094 -140 757 -138 560 -2 197 Administrative expenses -150 878 -142 601 -8 277 -127 056 -117 113 -9 943 Research and development expenses -56 670 -53 409 -3 262 -59 260 -48 936 -10 324 Other operating revenues 29 487 28 177 1 310 56 556 21 340 35 217 Other operating expenses -22 496 -10 360 -12 136 -76 902 -12 261 -64 641 Operating result (EBIT) 296 178 348 156 -51 978 134 826 296 710 -161 884 Interest income 18 299 10 882 Interest expense -37 998 -31 997 Other financial income and expenses -18 857 -28 083 Result before taxes 257 622 85 627 Income taxes -62 856 -59 186 Result after taxes (consolidated companies) 194 767 26 441 Share in the results of joint ventures and associates 48 799 38 294 RESULT FOR THE PERIOD 243 566 64 735 Attributable to equity holders of Bekaert 238 904 67 356 non-controlling interests 4 661 -2 621 Page 13
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Note 3: One-off items One-off items 2024 (in thousands of €) Cost of Sales Selling expenses Admini- strative expenses R&D Other operating revenues Other operating expenses Total Restructuring programs by segment Rubber Reinforcement12 -8 010 541 -1 284 -2 019 991 -2 786 -12 566 Steel Wire Solutions13 -2 954 -357 -766 — 767 -130 -3 440 Bridon-Bekaert Ropes Group (BBRG)14 -4 374 -281 -504 — — -2 966 -8 125 Specialty Businesses15 -12 816 -869 -527 -306 — -471 -14 988 Group16 -366 -127 -2 311 -938 4 -100 -3 837 Intersegment — — — — -700 — -700 Total restructuring programs -28 518 -1 094 -5 392 -3 262 1 062 -6 453 -43 657 Environmental provisions/(reversals of provisions) Rubber Reinforcement17 — — — — — -5 232 -5 232 Group — — — — 60 -432 -371 Total environmental provisions/ (reversals) — — — — 60 -5 664 -5 604 Other events and transactions Group18 — — -2 886 — 188 -20 -2 717 Total other events and transactions — — -2 886 — 188 -20 -2 717 Total -28 518 -1 094 -8 277 -3 262 1 310 -12 136 -51 978 Page 14 12 Related mainly to the closure of the Figline plant (Italy), to closure and lay-off costs in China and lay-off costs in Belgium. 13 Related mainly to impairment losses in China, restructuring in Indonesia and lay-off costs in Latin-America and Belgium. 14 Related to the restructuring in UK. 15 Related mainly to restructuring in China, the Netherlands and Belgium. 16 Related mainly to lay-off costs in China and Belgium. 17 Related to the closure of Figline plant (Italy). 18 Acquisition-related administrative expenses.
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One-off items 2025 (in thousands of €) Cost of Sales Selling expenses Admini- strative expenses R&D Other operating revenues Other operating expenses Total Restructuring programs by segment Rubber Reinforcement19 -34 815 -621 -2 377 44 494 -180 -37 455 Steel Wire Solutions20 -10 576 11 -345 -2 460 — 6 -13 365 Bridon-Bekaert Ropes Group (BBRG)21 -6 501 -600 -296 -1 962 400 -4 743 -13 702 Specialty Businesses22 -59 818 -754 -1 189 -115 2 579 -2 166 -61 463 Group23 -413 -232 -4 135 -5 831 11 548 -602 335 Intersegment 3 958 — — — — — 3 958 Total restructuring programs -108 165 -2 197 -8 342 -10 324 15 020 -7 685 -121 692 Impairment losses/ (reversals of impairment losses) other than restructuring Rubber Reinforcement24 -1 653 — — — — — -1 653 Total other impairment losses/ (reversals) -1 653 — — — — — -1 653 Business disposals Steel Wire Solutions25 — — — — 20 010 -56 600 -36 591 Total business disposals — — — — 20 010 -56 600 -36 591 Environmental provisions/ (reversals of provisions) Group — — — — 187 — 187 Total environmental provisions/ (reversals) — — — — 187 — 187 Other events and transactions Rubber Reinforcement -171 — -62 — — -339 -572 Bridon-Bekaert Ropes Group (BBRG) — — 5 — — — 5 Specialty Businesses -8 — -7 — — — -15 Group26 — -1 537 — — -16 -1 553 Total other events and transactions -180 — -1 601 — — -355 -2 135 Total -109 997 -2 197 -9 943 -10 324 35 217 -64 641 -161 884 Page 15 19 Related mainly to closure and lay-off costs in China and restructuring in Europe. 20 Related mainly to restructuring cost in Belgium. 21 Related mainly to the restructuring in UK. 22 Related mainly to restructuring in Belgium and China. 23 Related mainly to restructuring costs and gain on disposal of property in Belgium. 24 Related to the plant in Russia. 25 Related to the sale of the Steel Wire businesses in Costa Rica, Ecuador and Venezuela. 26 Related mainly to acquisition-related administrative expenses.
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Note 4: Reconciliation of segment reporting Key figures per segment27: Underlying (in millions of €) RR SWS BBRG SB GROUP28 RECONC29 2025 Consolidated third party sales 1 614 1 018 518 550 6 — 3 706 Consolidated sales 1 654 1 037 520 556 97 -158 3 706 Operating result (EBIT) 142 101 45 47 -44 6 297 EBIT margin on sales 8.6 % 9.7 % 8.7 % 8.4 % — — 8.0 % Depreciation, amortization, impairment losses 76 31 34 26 18 -12 172 EBITDA 218 132 79 72 -26 -6 469 EBITDA margin on sales 13.2 % 12.7 % 15.2 % 13.0 % — — 12.7 % Segment assets 1 303 545 630 430 -18 -171 2 720 Segment liabilities 349 216 123 100 88 -99 777 Capital employed 955 329 507 330 -106 -72 1 943 ROCE 14.1 % 27.5 % 8.3 % 12.9 % — — 14.1 % Capital expenditure - PP&E30 61 33 18 24 5 -3 139 Key figures per segment27: Reported (in millions of €) RR SWS BBRG SB GROUP28 RECONC29 2025 Consolidated third party sales 1 614 1 018 518 550 6 — 3 706 Consolidated sales 1 654 1 037 520 556 97 -158 3 706 Operating result (EBIT) 102 51 31 -15 -46 10 135 EBIT margin on sales 6.2 % 4.9 % 6.0 % -2.6 % — — 3.6 % Depreciation, amortization, impairment losses 104 42 41 77 23 -16 271 EBITDA 206 92 73 63 -23 -6 406 EBITDA margin on sales 12.5 % 8.9 % 14.0 % 11.3 % — — 10.9 % Segment assets 1 303 545 630 430 -18 -171 2 720 Segment liabilities 349 216 123 100 88 -99 777 Capital employed 955 329 507 330 -106 -72 1 943 ROCE 10.1 % 13.9 % 5.8 % -4.0 % — — 6.4 % Capital expenditure - PP&E30 61 33 18 24 5 -3 139 Page 16 27 RR = Rubber Reinforcement; SWS = Steel Wire Solutions; BBRG = Bridon-Bekaert Ropes Group; SB = Specialty Businesses 28 Group and business support 29 Reconciliation column: intersegment eliminations 30 Gross increase of PP&E
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Key figures per segment31: Underlying (in millions of €) RR SWS BBRG SB GROUP32 RECONC33 2024 Consolidated third party sales 1 703 1 068 552 630 5 — 3 958 Consolidated sales 1 726 1 096 555 638 96 -152 3 958 Operating result (EBIT) 150 114 50 88 -55 2 348 EBIT margin on sales 8.7 % 10.4 % 9.0 % 13.8 % — — 8.8 % Depreciation, amortization, impairment losses 83 29 33 22 15 -10 172 EBITDA 233 143 83 110 -40 -8 520 EBITDA margin on sales 13.5 % 13.1 % 15.0 % 17.2 % — — 13.1 % Segment assets 1 378 634 689 500 -14 -114 3 074 Segment liabilities 315 228 116 105 99 -47 816 Capital employed 1 064 406 573 395 -113 -68 2 258 ROCE 14.3 % 28.2 % 9.2 % 23.2 % — — 15.9 % Capital expenditure - PP&E34 84 35 23 46 6 -8 186 Key figures per segment31: Reported (in millions of €) RR SWS BBRG SB GROUP32 RECONC33 2024 Consolidated third party sales 1 703 1 068 552 630 5 — 3 958 Consolidated sales 1 726 1 096 555 638 96 -152 3 958 Operating result (EBIT) 132 110 42 73 -62 1 296 EBIT margin on sales 7.7 % 10.1 % 7.5 % 11.4 % — — 7.5 % Depreciation, amortization, impairment losses 86 29 33 8 15 -10 161 EBITDA 218 140 75 81 -47 -9 457 EBITDA margin on sales 12.6 % 12.8 % 13.5 % 12.7 % — — 11.6 % Segment assets 1 378 634 689 500 -14 -114 3 074 Segment liabilities 315 228 116 105 99 -47 816 Capital employed 1 064 406 573 395 -113 -68 2 258 ROCE 12.6 % 27.4 % 7.7 % 19.3 % — — 13.5 % Capital expenditure - PP&E34 84 35 23 46 6 -8 186 Page 17 31 RR = Rubber Reinforcement; SWS = Steel Wire Solutions; BBRG = Bridon-Bekaert Ropes Group; SB = Specialty Businesses 32 Group and business support 33 Reconciliation column: intersegment eliminations 34 Gross increase of PP&E
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Note 5: Consolidated statement of comprehensive income (in thousands of €) 2024 2025 Result for the period 243 566 64 735 Other comprehensive income (OCI) Other comprehensive income reclassifiable to income statement in subsequent periods Exchange differences arising during the year 11 104 -84 270 OCI reclassifiable to income statement in subsequent periods, after tax 11 104 -84 270 Other comprehensive income non-reclassifiable to income statement in subsequent periods: Remeasurement gains and losses on defined-benefit plans 20 502 11 243 Net fair value gain (+)/loss (-) on investments in equity instruments designated as at fair value through OCI 8 985 -1 074 Share of non-reclassifiable OCI of joint ventures and associates 80 -3 Deferred taxes relating to non-reclassifiable OCI -4 469 -2 741 OCI non-reclassifiable to income statement in subsequent periods, after tax 25 099 7 424 Other comprehensive income for the period 36 202 -76 846 TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 279 768 -12 111 Attributable to equity holders of Bekaert 274 054 -7 340 non-controlling interests 5 714 -4 771 Page 18
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Note 6: Consolidated balance sheet (in thousands of €) 2024 2025 Non-current assets 2 010 319 1 806 872 Intangible assets 92 877 92 827 Goodwill 166 406 164 587 Property, plant and equipment 1 199 961 1 028 860 RoU Property, plant and equipment 145 154 132 340 Investments in joint ventures and associates 188 620 180 193 Other non-current assets 101 010 100 612 Deferred tax assets 116 291 107 454 Current assets 2 151 568 1 995 070 Inventories 833 987 735 164 Bills of exchange received 29 110 19 680 Trade receivables 580 663 525 622 Other receivables 134 240 129 052 Short-term deposits 2 312 1 045 Cash and cash equivalents 504 384 526 601 Other current assets 57 047 48 580 Assets classified as held for sale 9 825 9 325 Total 4 161 887 3 801 942 Equity 2 311 768 2 097 339 Share capital 159 782 159 782 Share premium 39 517 39 517 Retained earnings 2 249 232 2 102 592 Other Group reserves -190 452 -239 691 Equity attributable to equity holders of Bekaert 2 258 079 2 062 200 Non-controlling interests 53 689 35 139 Non-current liabilities 601 497 471 545 Employee benefit obligations 46 463 38 270 Provisions 26 135 22 610 Interest-bearing debt 496 222 372 364 Other non-current liabilities 1 356 2 116 Deferred tax liabilities 31 321 36 185 Current liabilities 1 248 622 1 233 058 Interest-bearing debt 306 309 344 061 Trade payables 668 111 637 670 Employee benefit obligations 126 820 107 495 Provisions 11 387 8 406 Income taxes payable 71 530 62 226 Other current liabilities 64 465 73 199 Liabilities associated with assets classified as held for sale — — Total 4 161 887 3 801 942 Page 19
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Note 7: Consolidated statement of changes in equity (in thousands of €) 2024 2025 Opening balance 2 166 029 2 311 768 Total comprehensive income for the period 279 768 -12 111 Effect of acquisitions and disposals — -10 138 Treasury shares transactions -19 912 -92 007 Dividends to shareholders of Bekaert -93 758 -97 929 Dividends to non-controlling interests -5 189 -3 640 Other -15 170 1 396 Closing balance 2 311 768 2 097 339 Page 20
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Note 8: Consolidated cash flow statement (in thousands of €) 2024 2025 Operating result (EBIT) 296 178 134 826 Non-cash items included in operating result 188 911 353 378 Investing items included in operating result -4 630 -30 997 Amounts used on provisions and employee benefit obligations -36 596 -25 824 Income taxes paid -69 421 -61 128 Gross cash flows from operating activities 374 441 370 255 Change in operating working capital 37 139 66 260 Other operating cash flows -37 610 13 230 Cash flows from operating activities 373 971 449 744 New business combinations -39 170 19 Other portfolio investments -1 443 -1 221 Proceeds from disposals of investments 1 262 27 921 Dividends received 50 939 48 389 Purchase of intangible assets -25 664 -30 031 Purchase of property, plant and equipment -196 074 -139 249 Purchase of RoU Land -13 — Proceeds from disposals of fixed assets 9 809 15 168 Cash flows from investing activities -200 355 -79 005 Interest received 18 273 11 169 Interest paid -28 608 -25 524 Gross dividends paid -94 178 -99 506 Proceeds from long-term interest-bearing debt 2 383 80 847 Repayment of long-term interest-bearing debt -107 839 -192 857 Cash flows from / to (-) short-term interest-bearing debt -47 545 10 753 Treasury shares transactions -30 065 -93 558 Other financing cash flows -19 277 -7 362 Cash flows from financing activities -306 855 -316 038 Net increase or decrease (-) in cash and cash equivalents -133 239 54 701 Cash and cash equivalents at the beginning of the period 631 687 504 384 Effect of exchange rate fluctuations 5 936 -32 485 Cash and cash equivalents at the end of the period 504 384 526 601 Page 21
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Note 9: Additional key figures (in € per share) 2024 2025 Number of existing shares at 31 December 54 286 986 51 315 868 Book value 41.60 40.19 Share price at 31 December 33.46 37.90 Weighted average number of shares Basic 52 403 989 50 700 732 Diluted 52 531 767 50 794 052 Result for the period attributable to equity holders of Bekaert Basic EPS 4.56 1.33 Basic underlying EPS 5.55 4.52 Diluted EPS 4.55 1.33 Diluted underlying EPS 5.54 4.51 (in thousands of € - ratios) 2024 2025 EBITDA 457 368 405 625 EBITDA - Underlying 520 077 469 110 Capital expenditure 211 832 169 280 Depreciation and amortization and impairment losses 161 190 270 800 Capital employed 2 257 534 1 942 715 Operating working capital 653 136 524 102 Net debt 283 015 180 106 EBIT on sales 7.5 % 3.6 % EBIT - Underlying on sales 8.8 % 8.0 % EBITDA on sales 11.6 % 10.9 % EBITDA - Underlying on sales 13.1 % 12.7 % Equity on total assets 55.5 % 55.2 % Gearing (net debt on equity) 12.2 % 8.6 % Net debt on EBITDA 0.62 0.44 Net debt on EBITDA - Underlying 0.54 0.38 NV Bekaert SA - Statutory Profit and Loss Statement (in thousands of €) 2024 2025 Sales 443 267 395 567 Operating result before non-recurring items 10 070 13 432 Non-recurring operational items 20 -45 967 Operating result after non-recurring items 10 090 -32 535 Financial result before non-recurring items 24 930 229 531 Non-recurring financial items — -23 861 Financial result after non-recurring items 24 930 205 670 Profit before income taxes 35 020 173 135 Income taxes 2 877 3 157 Result for the period 37 897 176 291 Page 22
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Note 10: Effect of business disposals On 30 June 2025, Bekaert sold its Steel Wire Solutions businesses in Costa Rica, Ecuador and Venezuela to Grupo AG. The transaction covers the production and distribution facilities of the Steel Wire Solutions activities in Costa Rica, Ecuador and Venezuela. These facilities manufactured and sold steel wire products primarily for construction and agricultural applications. The completed transaction included the sale of the shares held by Bekaert in the following entities: BIA Alambres Costa Rica SA in Alajueala, Costa Rica; Ideal Alambrec SA in Quito, Ecuador; and Vicson SA in Valencia, Venezuela; along with their subsidiaries in Guatemala, Ecuador and Venezuela. The table below presents the net assets disposed by balance sheet caption. It also clarifies the amount shown in the consolidated cash flow statement as ‘Proceeds from disposals of investments’. (in thousands of €) Total disposals Property, plant and equipment 27 873 Investments in joint ventures -130 Other non-current assets 22 Deferred tax assets 1 669 Inventories 25 210 Trade receivables 17 800 Advances paid 711 Other receivables 4 368 Short-term deposits 256 Cash and cash equivalents 11 066 Other current assets 660 Non-current employee benefit obligations -5 363 Non-current interest-bearing debt -244 Deferred tax liabilities -769 Current financial liabilities -20 355 Trade payables -25 691 Current employee benefit obligations -3 326 Income taxes payable -1 605 Other current liabilities -2 238 Total net assets disposed 29 914 Total gain or loss (-) on business disposals -36 591 Gain on the deal excluding CTA: €+20 millionCTA recycled on disposal (non-cash)35 56 600 Cash disposed -11 066 NCI disposed -11 042 Proceeds from disposals of investments 27 815 The table below presents the impact included in the consolidated income statement coming from the disposed Steel Wire Solutions business in Costa Rica, Ecuador and Venezuela in 2025 compared to 2024, for the first half as well as for the second half of the year and for the full year. Page 23 35 CTA = cumulative translation adjustments (non-cash) from historic currency devaluations in Venezuela. Excluding this, the gain on disposal for the SWS businesses in Costa Rica, Ecuador and Venezuela is €+ 20 million.
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(in thousands of €) H1 2024 H2 2024 FY 2024 H1 2025 H2 2025 FY 2025 Sales 60 978 58 902 119 880 62 527 — 62 527 Cost of sales -51 695 -50 537 -102 232 -52 222 — -52 222 Gross profit 9 282 8 365 17 648 10 305 — 10 305 Operating result (EBIT) 4 918 2 787 7 705 3 822 — 3 822 of which EBIT - Underlying 4 918 3 188 8 107 3 822 — 3 822 One-off items — -401 -401 — — — Financial result -2 052 -2 482 -4 534 -3 155 — -3 155 Result before taxes 2 866 305 3 172 668 — 668 Income taxes -141 -632 -773 -727 — -727 Result after taxes (consolidated companies) 2 726 -327 2 399 -59 — -59 Share in the results of joint ventures and associates -52 -118 -170 -63 — -63 RESULT FOR THE PERIOD 2 673 -445 2 228 -122 — -122 Page 24
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Note 11: Alternative performance measures: definitions and reasons for use Capital employed (CE) Working capital + net intangible assets + net goodwill + net property, plant and equipment + net RoU Property, plant and equipment. The average CE is computed as CE at balance sheet date plus CE same period of the previous year divided by two. Capital employed consists of the main balance sheet items that operating management can actively and effectively control to optimize its financial performance, and serves as the denominator of ROCE. Capital ratio (financial autonomy) Equity relative to total assets. This ratio provides a measure of the extent to which the Group is equity-financed. Current ratio Current assets to Current liabilities. This ratio provides a measure for the liquidity of the company. It measures whether a company has enough resources to meet it short-term obligations. EBIT Operating result (earnings before interest and taxation). EBIT consists of the main income statement items that operating management can actively and effectively control to optimize its profitability, and a.o. serves as the numerator of ROCE and EBIT interest coverage. EBIT – underlying (EBITu) EBIT before operating income and expenses that are related to restructuring programs, impairment losses, business combinations, business disposals, environmental provisions or other events and transactions that have a material one-off effect that is not inherent to the business. EBIT – underlying is presented to assist the reader’s understanding of the operating profitability before one-off items, as it provides a better basis for comparison and extrapolation. EBITDA Operating result (EBIT) + depreciation, amortization and impairment of assets + negative goodwill. EBITDA provides a measure of operating profitability before non-cash effects of past investment decisions and working capital assets. EBITDA – underlying (EBITDAu) EBITDA before operating income and expenses that are related to restructuring programs, impairment losses, business combinations, business disposals, environmental provisions or other events and transactions that have a material one-off effect that is not inherent to the business. EBITDA – underlying is presented to assist the reader’s understanding of the operating profitability before one-off items and non-cash effects of past investment decisions and working capital assets, as it provides a better basis for comparison and extrapolation. EBIT interest coverage Operating result (EBIT) divided by net interest expense. The EBIT interest coverage provides a measure of the Group’s capability to service its debt through its operating profitability. Free Cash Flow (FCF) Cash flows from Operating activities - capex + dividends received - net interest paid. Free cash flow (FCF) represents the cash available for the company to repay financial debt or pay dividends to investors. Gearing Net debt relative to equity. Gearing is a measure of the Group's financial leverage and shows the extent to which its operations are funded by lenders versus shareholders. Margin on sales EBIT, EBIT-underlying, EBITDA and EBITDA- underlying on sales. Each of these ratios provides a specific measure of operating profitability expressed as a percentage on sales. Net capitalization Net debt + equity. Net capitalization is a measure of the Group’s total financing from both lenders and shareholders. Net debt Interest-bearing debt net of current loans, non-current financial receivables and cash guarantees, short-term deposits, cash and cash equivalents. Net debt is a measure of debt after deduction of financial assets that can be deployed to repay the gross debt. Net debt on EBITDA Net debt divided by EBITDA, whereby EBITDA is based on last twelve months (LTM) result. Net debt on EBITDA provides a measure of the Group’s capability (expressed as a number of years) to repay its debt through its operating profitability. Operating free cash flow Cash flows from Operating activities – capex (net of disposals of fixed assets). Operating cash flow measures the net cash required to support the business (working capital and capital expenditure needs). Return on capital employed (ROCE) Last twelve months operating result (EBIT) relative to the average capital employed. ROCE provides a measure of the Group’s operating profitability relative to the capital resources deployed and managed by operating management. Return on equity (ROE) Last twelve months result relative to average equity. The average equity is computed as equity at balance sheet date plus equity same period of the previous year divided by two. ROE provides a measure of the Group’s net profitability relative to the capital resources provided by its shareholders. Metric Definition Reason for use Page 25
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Underlying EPS (EBITu + interest income - interest expense +/- other financial income and expense - income tax + share in the result of JVs and associates - result attributable to non-controlling interests) divided by the weighted average nr of ordinary shares (excluding treasury shares). Underlying earnings per share or underlying EPS or EPSu is presented to assist the reader’s understanding of the earnings per share before one-off items, as it provides a clearer basis for comparison and extrapolation. WACC Cost of debt and cost of equity weighted with a target gearing of 50% (net debt/equity structure) after tax. WACC is used to assess an investor’s return on an investment in the Company. Working capital Inventories + trade receivables + bills of exchange received + advanced paid - trade payables - advances received - remuneration and social security payables - employment- related taxes. Working capital includes all current assets and liabilities that operating management can actively and effectively control to optimize its financial performance. It represents the current component of capital employed. Working capital on sales The working capital divided by the most recent quarter sales multiplied by 4. The working capital to sales ratio is used to assess how efficiently the company is using its short-term assets (working capital) to generate revenue. It indicates how well the company is converting its current assets into sales and managing its day-to-day operations. Internal Bekaert Management Reporting Focusing on the operational performance of the industrial companies of the Group, leaving out financial companies and other non- industrial companies, in a flash approach and as such not including all consolidation entries reflected in the full hard-close consolidation on which the annual report is based. The pragmatic approach enables a short follow-up process regarding the operational performance of the business throughout the year. Metric Definition Reason for use Page 26
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APM reconciliation table (in millions of €) Net debt 2024 2025 Non-current interest-bearing debt 421 302 L/T lease liability - non-current 75 71 Current interest-bearing debt 282 320 L/T lease liability - current 24 24 Total financial debt 803 716 Non-current financial receivables and cash guarantees -11 -9 Current financial receivables and cash guarantees -2 1 Short-term deposits -2 -1 Cash and cash equivalents -504 -527 Net debt 283 180 Capital employed 2024 2025 Intangible assets 93 93 Goodwill 166 165 Property, plant and equipment 1 200 1 029 RoU property plant and equipment 145 132 Working capital (operating) 653 524 Capital employed 2 258 1 943 Average capital employed * 2 186 2 100 * Definition of average capital employed has been changed compared to previous year (see note 11 ‘Alternative performance measures’). Working capital 2024 2025 Inventories 834 735 Trade receivables 581 526 Bills of exchange received 29 20 Advances paid 25 20 Trade payables -668 -638 Advances received -18 -30 Remuneration and social security payables -118 -100 Employment-related taxes -12 -9 Working capital (operating) 653 524 Working capital on sales 2024 2025 Working capital 653 524 Sales of most recent quarter * 4 3 768 3 491 Working capital on sales 17.3 % 15.0 % EBITDA 2024 2025 EBIT 296 135 Amortization intangible assets 14 16 Depreciation property, plant & equipment 130 124 Depreciation RoU property, plant & equipment 30 28 Write-downs/(reversals of write-downs) on inventories and receivables -22 2 Impairment losses/ (reversals of depreciation and impairment losses) on fixed assets 10 102 EBITDA 457 406 Page 27
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EBITDA-underlying 2024 2025 EBIT-underlying 348 297 Amortization intangible assets 14 16 Depreciation property, plant & equipment 126 124 Depreciation RoU property, plant & equipment 30 28 Write-downs/(reversals of write-downs) on inventories and receivables 2 3 Impairment losses/ (reversals of impairment losses) on fixed assets 1 2 EBITDA-underlying 520 469 ROCE 2024 2025 EBIT 296 135 Average capital employed 2 186 2 100 ROCE * 13.5 % 6.4 % * Definition of ROCE has been changed compared to previous year (see note 11 ‘Alternative performance measures’). EBIT interest coverage 2024 2025 EBIT 296 135 (Interest income) -18 -11 Interest expense 38 32 (interest element of discounted provisions) -4 2 Net interest expense 16 23 EBIT interest coverage 18.3 5.9 ROE (return on equity) 2024 2025 Result for the period 244 65 Average equity (period-weighted) 2 239 2 205 ROE * 10.9 % 2.9 % * Definition of ROE has been changed compared to previous year (see note 11 ‘Alternative performance measures’). Capital ratio (financial autonomy) 2024 2025 Equity 2 312 2 097 Total assets 4 162 3 802 Financial autonomy 55.5 % 55.2 % Gearing (net debt on equity) 2024 2025 Net debt 283 180 Equity 2 312 2 097 Gearing (net debt on equity) 12.2 % 8.6 % Net debt on EBITDA 2024 2025 Net debt 283 180 EBITDA (last twelve months) 457 406 Net debt on EBITDA * 0.62 0.44 * Definition of Net debt on EBITDA has been changed compared to previous year (see note 11 ‘Alternative performance measures’). Page 28
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Net debt on EBITDA-underlying 2024 2025 Net debt 283 180 EBITDA-underlying (last twelve months) 520 469 Net debt on EBITDA-underlying * 0.54 0.38 * Definition of Net debt on EBITDA-underlying has been changed compared to previous year (see note 11 ‘Alternative performance measures’). Current ratio 2024 2025 Current assets 2 152 1 995 Current liabilities 1 249 1 233 Current ratio 1.7 1.6 Operating free cash flow 2024 2025 Cash flows from operating activities 374 450 Purchase of intangible assets -26 -30 Purchase of PP&E -196 -139 Purchase of RoU Land — — Proceeds from disposals of fixed assets 10 15 Operating free cash flow 162 296 Free cash flow (FCF) 2024 2025 Cash flows from operating activities 374 450 Purchase of intangible assets -26 -30 Purchase of property, plant and equipment -196 -139 Purchase of RoU Land — — Dividends received 51 48 Interest received 18 11 Interest paid -29 -26 Free cash flow 193 314 Underlying earnings per share (EPSu) 2024 2025 EBITu 348 297 Interest income 18 11 (Interest expense) -38 -32 Other financial income/(expense) -19 -28 (Income tax) -63 -59 Share in result of JVs and associates 49 38 Result attributable to non-controlling interests -5 3 Underlying earnings for the period attributable to shareholders of Bekaert 291 229 Basic underlying earnings per share 5.55 4.52 Diluted underlying earnings per share 5.54 4.51 Page 29