Slides
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Bekaert H1 2026Results 30 July 2026
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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. 2
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3 Agenda Seppo Parvi CFO Olivier Biebuyck CEO Introduction and highlights Financial and operational review A strong foundation for the next chapter Seppo Parvi, CFO Olivier Biebuyck, CEO Olivier Biebuyck, CEO 1 2 3 Outlook and summary4 Olivier Biebuyck, CEO
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Introduction and highlights Olivier Biebuyck, CEO 4
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5 Introduction Olivier Biebuyck, CEO Insights first two months Strong foundation to build on Key focus: transformation and growth
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H1 2026 Highlights1 Captured strong momentum in key markets • Dramix® wins for data centers in Sustainable Construction • Increased share of wallet with key customers in North America for transmission wires • Captured strong demand from Asian tire manufacturers Demonstrated agility • Swift actions to mitigate inflation and logistics impacts from Middle East conflict • Pass-through mechanisms protecting profitability • Regional manufacturing footprint reduced disruption risk Robust financial position provides strategic flexibility • EBITu3 margin above 8% • CAPEX4 expected to remain at similar level to 2025 (c€140m) • €1.95 dividend paid in May 2026 and ongoing €200m share buyback (>€165m completed) • Low leverage3 at 0.8x • EPSu3 of €2.33 (€2.68 in H1 2025) and reported EPS of €1.93 (€1.59 in H1 2025) 1 All comparisons are relative to H1 2025. 2 Like-for-like growth excludes the impacts of currency translation, acquisitions, disposals, and discontinued operations. 3 EBITu, EPSu and Leverage (Net debt on EBITDAu) are Alternative Performance Measures (APMs). Definitions and reconciliations are provided at the end of this presentation. 4 Purchase of property, plant and equipment. Sales +0% 1,2 €1.9bn EBITu margin -50bp 1 8.3% Leverage +0.2x 1 0.8x 6
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Financial and operational review Seppo Parvi, CFO 7
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8 H1 2026 sales bridge -50 -47 76 -69 H1-25 Portfolio changes FX H1-25 like-for-like Volume Price-mix, RM H1-26 Strong volume growth 1,863 in millions of € 1,953 1,856 1 1 Portfolio change impact reflects the disposal of SWS businesses in Costa Rica, Ecuador and Venezuela that was finalized on 30 June 2025 and the acquisition of the Bridgestone plants in Thailand and China completed at the end of April 2026. RR: Rubber Reinforcement, SWS: Steel Wire Solutions, BBRG: Bridon -Bekaert Ropes Group, SpB: Specialty Businesses Unfavorable regional and product mix impact Acquisitions: − Bridgestone sites: €+12m SWS divestment: − Latam disposal: €-62m Stable like-for-like sales performance +4% volume growth RR volume growth in Asia SWS volume growth in power & data transmission Sustainable Construction volume growth in higher value-added applications RR lower volumes in Europe & North America SWS project delays in Europe BBRG delays in Europe & North America Unfavorable mix impact:
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-3 -5 -43 12 16 3 2 H1-25 Portfolio changes FX H1-25 like-for-like Price-mix Volume Conversion cash cost Overheads Other H1-26 9 H1 2026 EBITu bridge Resilient profitability despite unfavorable sales mix in millions of € 1 Other includes other operational result, depreciation and write -downs EBITu margin 8.8% EBITu margin 8.3% 1 171 155164 Volume growth in: − RR in Asia − SWS power & data transmission − Sustainable Construction Unfavorable mix: − RR: more sales in Asia − SWS: power & data transmission project delays in Europe − Time lag of pass-through mechanisms Better cost absorption: − Maintained high plant utilization in RR across Asia Underutilization in BBRG: − Project delays in ropes − Operational challenges
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Rubber Reinforcement 10 Solid volume growth mitigating price pressure impacts from regional demand shift +2% like-for-like1 sales growth • Higher volumes (+6%) confirming strong market position • Price and mix effects (-4%) • Currency movements (-3%) and additional sales from the acquired Bridgestone plants (+1%) • Hose and conveyor belt sales increased (+2%) Strong demand from Asian tire makers • Strong volume growth in China, India and South-East Asia, reflecting gradual regional market shift • Lower volumes in Europe and North America • Good uptake of high-strength material-efficient tire cords meeting customer requirements EBITu margin impacted by • Unfavorable price and regional mix effects from demand shift to Asia • Partly mitigated by high plant utilization in Asia €65m sales from joint venture in Brazil • Not included in consolidated sales 1 Like-for-like sales and EBITu exclude the impacts of currency translation, acquisitions, disposals, and discontinued operations. 81 66 H1-25 H1-26 886 885 H1-25 H1-26 EBITu in €m, % Sales in €m 9.0% 7.3% 8681 791
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Steel Wire Solutions 11 Strong volume growth, primarily in power & data transmission +3% like-for-like1 sales growth • Higher like-for-like volumes (+3%) • Impact from pass-through of input costs and price-mix effects (-1%) • Impact from disposals in Latin America (-11%) • Currency movements (-2%) Strong demand in power & data transmission • Increased share of wallet with key customers in North America • Some project delays in Europe EBITu margin impacted by • Dilutive impact of pass-through mechanisms • Worse sales mix in Europe in H1 €315m sales from joint venture in Brazil • Not included in consolidated sales 53 42 H1-25 H1-26 565 509 H1-25 H1-26 EBITu in €m, % Sales in €m 9.2% 8.0% 4931 481 1 Like-for-like sales and EBITu exclude the impacts of currency translation, acquisitions, disposals, and discontinued operations.
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23 13 H1-25 H1-26 Bridon-Bekaert Ropes Group 273 244 H1-25 H1-26 12 Increased order book supports H2 2026 deliveries EBITu in €m, % Sales in €m Lower sales in challenging end markets • Lower volumes (-7%) • Impact from pass-through of input costs and price-mix effects (-2%) • Currency movements (-2%) Lower volumes in uncertain environment • Geopolitical uncertainty continues to pressure steel ropes demand • Delays in deep water mooring projects and lower demand for heavy lifting slings impacted synthetic ropes volumes • Operational challenges in steel ropes, turnaround projects deployed Increased order book supports H2 2026 deliveries • Stronger order intake in steel ropes in H1 • Synthetic ropes outlook underpinned by booked projects Strong performance in Advanced Cords • Increased hoisting cord demand and timing belt sales 8.3% 5.3%
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16 28 H1-25 H1-26 Specialty Businesses 226 221 H1-25 H1-26 13 Strong profitability improvement and outlook EBITu in €m, % Sales in €m +77% EBITu growth vs H1 2025 Sustainable Construction Strong momentum • Continued recovery in North America • Captured growth in US data center projects • Improved product mix across all regions Projects secured for high-value applications • Strong order book in flooring in North America and Oceania • Strong pipeline of tunneling and mining projects Other segments • Substantial profitability increase thanks to pricing discipline, footprint optimization and cost-saving actions • Increasing order book • Improving mix and maintaining product leadership in porous transport layers for green hydrogen 7.0% 12.6%
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14 Consolidated income statement– keyfigures In €m H1 2025 H1 2026 Sales 1,953 1,863 Cost of sales -1,628 -1,566 Underlying Gross profit 325 298 Selling and Administrative expenses -133 -121 R&D expenses -26 -28 Other operating revenues / expenses 5 6 Underlying EBIT 171 155 One-off items -56 -20 Reported EBIT 115 135 Interest income / expense -10 -11 Other financial income and expenses -12 -9 Result before taxes 93 115 Income taxes -33 -36 Effective tax rate 36% 31% Result after taxes 59 80 Share in the results of joint ventures 24 16 Result for the period 83 95 Result attributable to equity holders 82 94 Basic EPS (€ per share) 1.59 1.93 Weighted average number of shares (basic, in millions of shares) 51.4 48.9 115 135 H1 2025 H1 2026 2.68 2.33 H1 2025 H1 2026 EBIT (€m) 1.59 1.93 H1 2025 H1 2026 Basic EPS (€ per share) Basic EPSu (€ per share)
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628 524 656 18.4% 18.0% 17.5% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 0 200 400 600 800 H1 2025 FY 2025 H1 2026 • Working capital increase (+€28m vs H1 2025) linked to: • Acquisition of the Bridgestone plants (+€18m) • Currency impact (+€18m) • Working capital increase vs FY 2025 (+€132m) impacted by: • Higher inventories, ensuring fluid supply chains amid conflict in Middle East • Trade receivables increase partly offset by higher trade payables 1 Average last 13 months of working capital divided by last 12 months of sales 2 Free Cash Flow is defined in the Alternative Performance Measures as Cash flows from operating activities – capex – net interest + dividends received 15 Cash flow generation Working capital increased against low FY 2025 level In millions of €, working capital as % of sales1 Cash Flows from Operating Activities (€m) Free Cash Flow2 (€m) • Free cash flow impacted by higher working capital after low working capital position at the end of 2025 • Reduced capital expenditure in H1, continued strict capital expenditure discipline in H2 2026 • Net debt of €367m, net debt to EBITDAu of 0.8x (0.8x in H1 2025) Targeting c15% 116 185 98 43 123 55 H1 2024 H1 2025 H1 2026 Operating working capital (OWC) Average OWC/sales %1
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A strong foundation for the next chapter Olivier Biebuyck, CEO 16
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17 Cost, footprint and portfolio actions have strengthened Bekaert’s resilience Resilience demonstrated during challenging periods Footprint & cost base optimization • Capacity consolidations and plant footprint optimization • Significant overhead costs reduction • Operational efficiency improvements Lower cost base & improved operating leverage First steps in portfolio reshaping • Exit of commoditized activities in SWS at attractive multiples • Increased focus on higher- value markets • Successful bolt-on acquisitions (e.g. Bexco and Flintstone) Less cyclicality & stronger quality of earnings Commercial capability development • End-market-driven business units • Faster response to external shocks • Stronger customer focus Stronger execution & more agility Continued focus towards:
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18 Strengthened cash generation while divesting non-core businesses A structurally stronger financial profile Transformation is translating into stronger cash generation €115m €265m €258m 2017-2019 2020-2022 2023-2025 2.4x 0.8x 0.5x 2017-2019 2020-2022 2023-2025 Pre-COVID COVID Post-COVID +124% Average Free Cash Flow improvement -1.9x Leverage reduction Strong cash generation Solid balance sheet Pre-COVID COVID Post-COVID Solid balance sheet provides strategic flexibility
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Building on a stronger foundation through targeted growth platforms Sustainable Construction Dramix® for data centers Power & Data Transmission • Subsea cable armoring • Telecom armoring wire • Overhead power armoring Other opportunities 19 3 to 6 weeks faster construction Safety Elimination of rebar on the jobsite Sustainability Up to 30% less CO2 emissions due to less steel & less concrete Durability Better crack control, less maintenance Cost-efficiency Reduced labor, time savings, less material • Growth opportunities from mission-critical applications (ropes, cords, wires, fibers) • Disciplined M&A • Value-added solutions & services • Advanced materials transformation & coatings beyond steel >30% of Steel Wire Solutions sales Increase focus on markets where technical differentiation supports profitable growth Leveraging Bekaert’s expertise in materials transformation, coatings and engineering
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20 A stronger foundation for the next phase. Olivier Biebuyck CEO 1 Partner with existing customers – leveraging capabilities to provide solutions 2 3 Invest organically in end-markets with growth momentum Accelerate through targeted acquisitions in attractive markets Reshape portfolio
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Summary and outlook Olivier Biebuyck, CEO 21
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Summary 22 FY 2026 Outlook Amid continued uncertainty • Like-for-like sales similar to FY 2025 level • EBITu margins slightly below FY 2025 H1 results demonstrate disciplined performance in volatile period − Continued recovery in Sustainable Construction − Higher deliveries in ropes and power & data transmission wires − No material improvement expected in RR and non-transmission wires − Dilutive margin impact of pass- through mechanisms Captured strong momentum in key markets • Dramix® wins for data centers in Sustainable Construction • Increased share of wallet with key customers in power & data transmission • Captured strong demand from Asian tire manufacturers Demonstrated agility • Swift actions to mitigate inflation and logistics impacts from Middle East conflict • Pass-through mechanisms protecting profitability • Regional manufacturing footprint reduced disruption risk Robust financial position provides strategic flexibility • EBITu margin above 8% • CAPEX expected to remain at similar level to 2025 (c€140m) • €1.95 dividend paid in May 2026 and ongoing €200m share buyback (€165m completed) • Low leverage at 0.8x • EPSu of €2.33 (€2.68 in H1 2025) and reported EPS of €1.93 (€1.59 in H1 2025)
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Q&A 23
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Appendix 24
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25 A balanced business by end-market and by region 48% 27% 12% 13% Consolidated sales by business unit BBRG RR SWS SpB Consolidated sales by region Consolidated sales by end-market 41% 32% 22% 5% 48% 13% 14% 25% Other1 Mobility Energy & Utilities Construction & infrastructure APAC EMEANAM LATAM Note: H1 2026 sales figures 1 Other includes agriculture, equipment, consumer goods and basic materials
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26 Alternative Performance Measures(APMs) Metric Definition 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 ratio (financial autonomy) Equity relative to total assets. Current ratio Current assets to Current liabilities. EBIT Operating result (earnings before interest and taxation). 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. EBITDA Operating result (EBIT) + depreciation, amortization and impairment of assets + negative goodwill. 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. EBIT interest coverage Operating result (EBIT) divided by net interest expense. Free Cash Flow (FCF) Cash flows from Operating activities - capex + dividends received - net interest paid. Gearing Net debt relative to equity. Margin on sales EBIT, EBIT-underlying, EBITDA and EBITDA-underlying on sales. Net capitalization Net debt + equity. 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 on EBITDA Net debt divided by EBITDA, whereby EBITDA is based on last twelve months (LTM) result. Return on capital employed (ROCE) Last twelve months operating result (EBIT) relative to the average capital employed. 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. 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). WACC Cost of debt and cost of equity weighted with a target gearing of 50% (net debt/equity structure) after tax. Working capital Inventories + trade receivables + bills of exchange received + advanced paid - trade payables - advances received - remuneration and social security payables - employment-related taxes. Average working capital on sales Average working capital over the last 13 months divided by sales over the last 12 months.
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27 APM reconciliation table
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28 APM reconciliation table
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29 APM reconciliation table