2025 Half Year Results

Half Year Results for the six months ended 30 June 2025

H1 results broadly in line with expectations, despite tough market conditions
 

Vesuvius plc, a global leader in molten metal flow engineering and technology, announces its unaudited results for the six months ended 30 June 2025.

^{(1) Underlying basis is at constant currency and excludes separately reported items and the impact of acquisitions and disposals.}

^{(2) For definitions of non-GAAP measures, refer to Note 16 in the Condensed Group Financial Statements.}

^{NB. The above table and other tables in this results statement contains amounts and percentages derived from source data which was then rounded. The margins and percentage change figures are based on source data, not the rounded figures.}

Highlights

• Challenging first half with market share gains and strong cost reduction activities only partially offsetting weak markets and a difficult pricing environment
• Steel Division
  
  
  • Steel production (World ex China, Iran, Russia and Ukraine) declined by 0.3% versus H1 2024 with particular weakness in the EU27+UK, which declined 4.9%. Strong growth in India at 9.2%
  • Overall market share gains in both Flow Control and Advanced Refractories, with the latter regaining positions in EMEA and the US
  • Pricing evolution not fully compensating cost inflation in the first half, especially in EU27+UK and China
  • Temporarily unfavourable product mix evolution as some customers prioritise cost over performance due to the difficult market conditions
  • Lower but resilient Divisional RoS of 9.0%
• Foundry Division
  
  
  • Market activity significantly lower versus H1 2024 but stable compared to H2 2024
  • Strong market share gains in all regions
  • Challenging pricing environment
  • Divisional RoS of 6.9% stable on H2 2024
• Strong progress in our cost reduction programme
  
  
  • £10.1m delivered in H1, ahead of schedule
  • 2025 in-year savings estimate increased to c. £20m
• Good progress in the integration of PiroMet
• Continued progress in R&D efficiency with Group’s New Product Sales ratio up to 19.5% (Flow Control continuing to exceed 20%)
• Strong Safety performance in H1 with a continuation of our record low level of accidents
• Interim dividend per share of 7.1p, flat versus the 2024 interim dividend

Comment from Patrick André, CEO:

“With the exception of India, we have seen a continuation of the general weakness in our end markets which we highlighted in our AGM Trading Update in May. We now anticipate that these challenging market conditions will persist for the balance of the year, particularly in Europe. The pricing environment has also been challenging during the first half, in particular in Europe and China, limiting our ability to fully recover labour cost inflation. We however anticipate progressively improving our pricing performance over the second half of the year to partially recover this cost inflation, albeit with a delayed effect.

As a result, we now expect our performance in the second half of the year to be similar to the first half.

Beyond 2025, we remain confident in the growth potential of our steel and foundry markets, and in our ability to improve our profitability thanks to the success of our cost reduction efforts. Our restructured, modernised and strategically located manufacturing footprint also ensures we are well positioned to benefit from the recovery in end-markets irrespective of which regions benefit. With our capacity investment programme now completed we are equally confident in our ability to increase our free cash flow generation and reduce leverage. This will position us favourably to return cash to shareholders and to seize on attractive M&A opportunities when they arise.”

Technical note – FX re-translation

^{* Hybrid rate using H1 2025 average FX rates for 6 months and 30 June 2025 spot for 6 months}

Presentation of Half Year 2025 Results

Vesuvius management will make a presentation to analysts and investors on 6 August 2025 at 09:00 UK time at the London Stock Exchange, 10 Paternoster Square, London EC4M 7LS. For those unable to attend, the event will be livestreamed and can be accessed by clicking here. Participants can also join via an audio conference call. Please click here to register. Once registered, you will be provided with the information needed to join the conference, including dial-in numbers and passcodes.

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