Bekaert: Trading update for the nine months to September 2025

Core Insights - Bekaert reported stable sales in Q3 2025 with a slight decline of 1% year-over-year on a like-for-like basis, while volumes increased by 3% primarily due to growth in the energy and utilities sectors [1][3] - The company anticipates FY 2025 sales of approximately €3.7 billion and an underlying EBIT margin of around 8.0% despite ongoing market uncertainties [2] Financial Performance - Q3 2025 consolidated sales amounted to €880 million, reflecting an 8% decrease compared to Q3 2024, with like-for-like sales down by 1% or €9 million [3] - For the first nine months of 2025, consolidated sales totaled €2,833 million, a 6% decline, with like-for-like sales down by 3% or €98 million [3] - The company experienced a net impact from acquisitions, disposals, and discontinued operations of -1% (€26 million) and a currency translation impact of -2% (€60 million) [3] Operational Highlights - Bekaert is focusing on cost management, including overhead savings and optimizing production capacity to protect margins [3] - Strong cash flow generation is being driven by disciplined management of costs, capital expenditure, and working capital, maintaining low financial leverage [3] - The Rubber Reinforcement segment saw volume growth in China, which offset declines in Europe and India, while the Steel Wire Solutions segment experienced strong growth in the energy and utilities sector [3] Strategic Actions - The company is taking proactive measures to improve operational leverage, including the closure of a plant in Coatbridge, Scotland, and a temporary halt of hydrogen production in Wetteren, Belgium [3] - Bekaert is navigating tariff challenges by leveraging its global production footprint [3] - The group is transforming its business portfolio by reducing exposure to commoditized markets and increasing presence in faster-growing markets [4]