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Bekaert to acquire Dextra 5 November 2026
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2 Safe harbor This presentation 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 presentation as of its date and does not undertake any obligation to update any forward-looking statements contained in it, 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 publication issued by Bekaert.
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1 Based on a 0.90 USD/EUR exchange rate 3 Dextra – a leading provider of sustainable construction reinforcement solutions At a glance • Founded in 1983 • A leader in sustainable reinforcement solutions for some of the world’s most demanding infrastructure projects • Over 1,000 employees with 3 production facilities in Thailand, India and China • Global network and long- term partners Sustainable Solutions Segments Key Figures1 Rebar couplers Glass Fiber Reinforced Polymers (GFRP) Proprietary equipment Airports Ports Rail & metros Bridges Skyscrapers Energy €118m 2025 sales €20m 2025 EBITDA 17% 2025 EBITDA margin Less steel consumption compared to traditional rebar overlapping GFRP rebar offers alternative to steel rebar
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4 Transaction details €140m1 Enterprise value €20m1 2025 EBITDA • Earnings per share: expected to be immediately EPS accretive before synergies • Cross-selling: significant opportunities for the combined portfolio of reinforcement solutions across a broader range of projects, regions and applications • Earn-outs: there are additional earn-outs linked to significant EBITDA improvement for 2027–2029 • Funding: existing cash balances and credit facilities, with limited impact on leverage, preserving financial flexibility • Closing: expected during H1 2027, subject to regulatory approvals and customary closing conditions 6.8x 2026e EBITDA before synergies 1 Based on a 0.90 USD/EUR exchange rate €118m1 2025 sales
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5 Dextra provides leading solutions to some of the world's most demanding infrastructure projects Selected reference projects Energy Fécamp Offshore Wind Farm, United Kingdom Rail and metros Singapore MRT, Singapore Bridges and viaducts Pelješac Bridge, Croatia Marine infrastructure Laem Chabang Seaport, Thailand Stadia Wembley Stadium, United Kingdom High-rise buildings Burj Khalifa, Dubai, UAE Airports Al Maktoum International Airport, UAE Water infra Bahr El Baqar – world’s largest wastewater treatment plant, Egypt
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6 Fully integrated offering drives customer success A fully integrated offering combining engineered products, proprietary equipment and support services 1 Engineered Products Critical solutions designed and manufactured in-house 2 Proprietary Equipment Designed and assembled in-house Installed at customer or partner sites 3 Support Services Product preparation and equipment installation Real-time monitoring services On-site and remote technical support Integrated offering Scale of Installed Base TechniciansCertified Quality Project Conversion c.550 equipment sets installed worldwide 50 after-sales technicians worldwide Highest industry certifications High Integrated offering drives strong project conversion Combining proprietary products, installed equipment and support services
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Dextra doubles our addressable market in critical infrastructure projects through highly complementary applications Infra Type Market Growth1 Bekaert’s existing applications Dextra’s complementary applications Energy 6% • Electric cabins • Hydropower infrastructure • Nuclear cooling tunnels • Offshore wind foundations • Storage caverns • Nuclear plant structures Road & Rail 6% • Crash barriers & sound walls • Road tunnels • Metro tunnels • High-speed rail tunnels • Bridges • Road Tunnels • Metro stations & tunnels • High-speed rail tunnels Sewage 5% • Sewage and jacking pipes • Box culverts • Manholes • Deep sewer tunnels • Waste water treatment plants Water 6% • Water tunnels • Dams & reservoirs • Desalination plants Other Infra 5% • Port pavements • Quay walls • Airports • Stadia ~2× addressable market by adding rebar couplers and Glass Fiber Reinforced Polymers (GFRP) Early design / planning-stage access where products get specified into infra projects Geographic complementarity in regions where infra investments are accelerating fastest Proven track-record and references in critical infra projects globally 1 Source: GlobalData, Global Construction Output Growth 2025-2030 CAGR 2 Estimated serviceable addressable market (SAM) for critical infrastructure applications in 2030. Bekaert estimate excludes ~€2bn SAM for industrial flooring market Dextra significantly strengthens our infrastructure offering ~€1.2bn2 ~€1.2bn2
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8 A stronger, complementary portfolio for safer, smarter and more sustainable construction Lower CO2 footprint Up to 30% Less material Up to 50% Faster execution Up to 20% Fewer worker hours Up to 35% Complementary solutions strengthening our value proposition 1 GFRP = Glass Fiber Reinforced Polymers Rebar couplers High- performance rebar couplers Dramix® 3D Dramix® 4D/5D Synthetic fibers GFRP1 Critical reinforcement applications Standard reinforcement applications Dramix® Loop Increasing structural performance requirements
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9 Dextra’s integrated solutions supports our growth in Sustainable Construction Early-stage specification • Early access to multi-year projects at product-specification stage Attractive growth markets • Strong track record in large infrastructure projects • Presence in high growth construction markets in EMEA, India & Asia Sustainability focus • Solutions reduce steel and concrete consumption, helping customers lower the carbon footprint of construction projects Integrated offering • Combining products, equipment and services • Longstanding industry relationships Strong earnings visibility • Through-cycle exposure to large infrastructure projects, with strong visibility on future earnings Critical solutions • Proprietary products for demanding infrastructure applications • Highest industry certifications • Reliability, quality and compliance are essential
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10 The acquisition of Dextra is an important step in Bekaert’s strategic direction 1 Leverage our capabilities to provide distinctive advanced materials and engineering solutions 2 3 Invest organically in end-markets with growth momentum Accelerate growth through targeted acquisitions in attractive markets Dextra will broaden our existing solutions offering including engineered products, on- site equipment and services Dextra’s acquisition demonstrates Bekaert’s commitment to Sustainable Construction as a strategic priority Dextra brings a highly complementary portfolio in key growing markets Actively manage portfolio to generate profitable and sustainable growth