Belgium · Delayed Price · Currency is EUR NV Bekaert Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw stable like-for-like sales at €917 million, with 3% volume growth and strong performance in North America and Asia, despite FX headwinds and project delays in Europe. The outlook for 2026 remains flat, with ongoing cost optimization and resilience initiatives.
Fiscal Year 2025
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2025 saw resilient performance amid volatility, with strong cost control, margin protection, and robust free cash flow. Segment results were mixed, with growth in energy/utilities and challenges in construction and hydrogen. 2026 is expected to be stable, with increased CapEx and continued shareholder returns.
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Q3 sales remained stable year-over-year, with FX and lower raw material costs impacting reported results. Strong volume growth in China and the U.S. offset softness in Europe and specialty segments. Full-year sales are targeted at €3.7 billion with an 8% EBITu margin.
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Resilient H1 2025 performance with 8.8% EBIT margin, strong cash flow, and reduced overheads despite lower sales and challenging markets. Outlook for 2025 is slightly lower sales and 8–8.5% EBIT margin, with long-term profit ambitions delayed but intact.
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Q1 2025 sales fell 3% year-over-year to €991 million, with strong performance in China offset by weaker demand in Europe and the US. Margin protection, cost control, and a reduced capex plan are in focus, while the outlook for 2025 is stable despite ongoing tariff and demand uncertainties.
Fiscal Year 2024
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Sales declined 9% to €4 billion in 2024, but EBIT margin held at 8.8% due to mix and cost actions. Portfolio transformation continued with divestments and successful integrations, while robust cash flow supported increased dividends and share buybacks. 2025 guidance is for flat to slightly improving revenues and stable margins.
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Q3 sales declined 8% year-on-year due to lower volumes and input cost normalization, but margins remain stable thanks to proactive cost management. The share buyback program is reinstated, and the hydrogen business continues to grow, supported by EU funding. EBIT margin for 2024 is guided at 8.5%-9%.
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H1 2024 saw resilient profitability near 10% despite an 11% revenue decline, with margin improvements in key business units and strong cash flow. Operational issues in BBRG impacted results, but recovery actions and strategic acquisitions support a positive outlook.