Full Year Results for the twelve months ended 31 December 2025

Performance in line with expectations despite continued challenging end-market conditions

Vesuvius plc, a global leader in molten metal flow engineering and technology, announces its audited results for the twelve months ended 31 December 2025.

Financial Summary

^{(1) Like-for-like basis is at constant currency, excluding separately reported items and the impact of acquisitions and disposals.}

^{(2) For definitions of Alternative Performance Measures (APMs), refer to Note 15 in the Condensed Group Financial Statements.}

^{(3) Net debt / EBITDA on a pro-forma basis, adjusting for a full-year EBITDA contribution from acquisitions made mid-year}

Highlights

• Challenging year with difficult end market conditions, particularly in EU+UK
• Group revenue grew by 0.7% on a like-for-like basis while RoS reduced by 170bps to 8.4%. EMEA Region accounted for 80% of the trading profit reduction
• Steel Division
  • Steel production declined 1.9% overall in 2025 but grew 1.3% excluding China, Iran, Russia and Ukraine, despite a further increase of Chinese steel exports
  • Positive net pricing re-established in H2, driven by Flow Control, although insufficient to fully cover the shortfall in H1
  • Market share gains overall driven by strong performance in Asia more than compensating slight erosion in the Americas
• Foundry Division
  • Foundry markets outside of India and China remained weak
  • Market declines partially offset by market share gains
  • Net pricing remained slightly negative in H2 but very substantially improved as compared with H1
  • Temporary production inefficiencies experienced in H2 from site rationalisations
• Accelerated delivery of cost reduction programme generated £17.8m savings in-year
• New product sales ratio increased to 20.5%, reaching our 2026 target of 20% a year early, with a strong pipeline of new products for the years ahead
• Integration of acquired businesses of MMS and PiroMET proceeding well
• Proposed final dividend of 16.5p (FY24: 16.4p), bringing the full year dividend to 23.6p
• Net debt / EBITDA at year-end of 2.0x (adjusting for 12-months contribution from acquisitions)

Comment from Patrick André, CEO:

“2025 has been a challenging year for Vesuvius, specifically in EMEA where both our Steel and Foundry end-markets contracted and where we experienced significant price pressure. We were, however, able to re-establish a globally positive net pricing in the second half of the year and were also able to offset part of the negative market impact with significant and above-expectation progress on our cost reduction programme and with market share gains. We successfully completed our capacity expansion programme, positioning us ideally for the upcoming recovery of our markets. We also completed the acquisition of the PiroMET and MMS businesses, reinforcing our presence in the fast-growing steel market in Turkey and non-ferrous Foundry market.

The impact of the recent events in the Middle East remains difficult to assess, but at this stage we still anticipate that 2026 will mark a transition to recovery in the Steel and Foundry markets, with in particular the impact of trade protection measures in Steel starting to have a meaningful impact on our Steel markets as from the latter part of the year.

In 2026 our performance will benefit from the continued execution of our cost reduction programme, from the full year contribution of our recent acquisitions and some modest volume growth. On this basis, we expect our cash flow to grow in 2026, both from improved trading profit and from investment capex returning to a normalised level, both of which will also reduce leverage.

Whilst we are mindful of the current geopolitical uncertainty, absent an extended disruption, we continue to expect to deliver profit growth in 2026 in line with expectations, on a constant currency basis.

We continue to target a RoS of 12.5%, although delivery, along with our free cash flow target, has been, until now, held back by the extended weakness in our end markets. However, with the prospect of more favourable market conditions from 2027 and the support of our ongoing self-help measures, we remain confident that our business model has the potential to achieve this RoS target and to generate significant free cashflow.”

Presentation of Full Year 2025 Results

Vesuvius management will make a presentation to analysts and investors on 12 March 2026 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. Be sure to save this information in your calendar.

For further information, please contact:

Shareholder/analyst enquiries:
Vesuvius plc

Patrick André, Chief Executive
+44 (0) 207 822 0000

Mark Collis, Chief Financial Officer
+44 (0) 207 822 0000

Rachel Stevens, Group Head of Investor Relations
+44 (0) 7387 545 271

Media enquiries:
MHP Communications

Rachel Farrington/Ollie Hoare
+44 (0) 7817 458 804

The person responsible for arranging the release of this announcement on behalf of Vesuvius is Mark Collis, Chief Financial Officer.

About Vesuvius plc

Vesuvius is a global leader in molten metal flow engineering and technology principally serving process industries operating in challenging high-temperature conditions.

We develop innovative and customised solutions, often used in extremely demanding industrial environments, which enable our customers to make their manufacturing processes safer, more efficient and more sustainable. These include flow control solutions, advanced refractories and other consumable products and increasingly, related technical services including data capture.

We have a worldwide presence. We serve our customers through a network of cost-efficient manufacturing plants located close to their own facilities, and embed our industry experts within their operations, who are all supported by our global technology centres.

Our core competitive strengths are our market and technology leadership, strong customer relationships, well established presence in developing markets and our global reach, all of which facilitate the expansion of our addressable markets.

Our ultimate goal is to create value for our customers, and to deliver sustainable, profitable growth for our shareholders giving a superior return on their investment whilst providing each of our employees with a safe workplace where they are recognised, developed and properly rewarded.

We think beyond today to create solutions that will shape the future.

Forward looking statements

This announcement contains certain forward looking statements which may include reference to one or more of the following: the Group’s financial condition, results of operations, cash flows, dividends, financing plans, business strategies, operating efficiencies or synergies, budgets, capital and other expenditures, competitive positions, growth opportunities for existing products, plans and objectives of management and other matters. Forward-looking statements can be identified by the use of terms such as 'intend', 'aim', 'project', 'anticipate', 'estimate', 'plan', 'believe', 'expect', 'forecasts', 'may', ‘targets’, 'could', 'should', 'will', 'continue' or similar words.

Such forward looking statements, including, without limitation, those relating to the future business prospects, revenue, working capital, liquidity, capital needs, interest costs and income, in each case relating to Vesuvius, wherever they occur in this announcement, are necessarily based on assumptions reflecting the views of Vesuvius. Although Vesuvius makes such statements based on assumptions that it believes to be reasonable, by their nature, these forward looking statements are subject to a number of known and unknown risks, uncertainties and other factors beyond Vesuvius’ control that could cause actual results, performance or achievements to differ materially from those expressed or implied by the forward looking statements. Such forward looking statements should, therefore, be considered in light of various important factors that could cause actual results to differ materially from estimates or projections contained in the forward looking statements. These include without limitation: economic and business cycles; the terms and conditions of Vesuvius’ financing arrangements; foreign currency rate fluctuations; competition in Vesuvius’ principal markets; acquisitions or disposals of businesses or assets; and trends in Vesuvius’ principal industries.

The foregoing list of important factors is not exhaustive. When considering forward looking statements, careful consideration should be given to the foregoing factors and other uncertainties and events, as well as factors described in documents the Company files with the UK regulator from time to time including its annual reports and accounts. In light of these risks, uncertainties and assumptions, the forward looking events discussed in this announcement might not occur and such forward looking statements are not guarantees or predictions of Vesuvius’ future performance. You should not place undue reliance on such forward looking statements which speak only as of the date on which they are made. Past performance is no guide to future performance and persons needing advice should consult an independent financial adviser.

Neither Vesuvius nor any of its affiliates, associates, employees, directors, officers or advisers assumes any responsibility for the accuracy or completeness or undertakes any obligation, to update or revise any of these forward-looking statements to reflect any new information or any changes in events, conditions or circumstances on which any such forward-looking statement is based save in respect of any requirement under applicable law or regulation.

Vesuvius plc, 165 Fleet Street, London EC4A 2AE

Registered in England and Wales No. 8217766

LEI: 213800ORZ521W585SY02

www.vesuvius.com

View the 2025 Full Year Results