Consolidated sales of € 1.9 billion (-5.2%) Volumes were -2.6% or € -54 million down Impacts from pass-through of lower input costs and price-mix was -2.2% or € -46 million Currency impact of -1.1% or € -24 million Sales from acquisitions +0.8% or € +16 million Underlying gross profit margin was 16.6% (vs 18.4% in H1 2024), with underlying gross profit at € 325 million (vs € 379 million in H1 2024) Robust margin performance in difficult markets EBITDAu of € 259 million (-10.2%), delivering a margin on sales ...

Core Viewpoint - Bekaert is navigating challenging market conditions due to tariffs and trade tensions, successfully passing on costs to customers while maintaining a strong balance sheet and stable sales expectations for 2025 [1][5]. Financial Highlights - Q1 2025 consolidated sales were €991 million, a decrease of 3% compared to Q1 2024, driven by a 1% decline in like-for-like volumes (€12 million), a 1% reduction from price-mix (€11 million), and a 2% pricing impact from lower input costs (€23 million) [4]. - Sales from joint ventures (non-consolidated) amounted to €214 million, down 2% from Q1 2024 [4]. - A proposed dividend of €1.90 per share at the AGM and an ongoing two-year €200 million share buyback program, with approximately €50 million purchased to date [4]. Operational and Strategic Highlights - The company has been able to mitigate tariff impacts through local sourcing and production, with minimal financial impact from tariffs to date [1][5]. - The Rubber Reinforcement segment showed strong performance in China, offsetting volume decreases in Europe and North America, while the Steel Wire Solutions segment reported solid sales performance [4]. - Specialty Businesses faced project delays in flooring in North America, but adoption is accelerating in growth markets [4]. Tariff Impacts - The introduction of tariffs has created significant uncertainty, leading to delayed orders and investment decisions from customers, particularly in the construction segment [2]. - The long-term effects of tariffs on end market demand and trade flows remain uncertain and could be material [2]. Outlook - The difficult market conditions from the second half of 2024 are expected to persist into Q1 2025, with ongoing uncertainty around tariffs and the global macroeconomic outlook [3]. - The company anticipates stable sales and EBIT margins for the full year 2025 compared to 2024, with a more balanced performance expected between the first and second halves of the year [5].