2026 Half Year Results
Half Year Results for the six months ended 30 June 2026
Vesuvius plc, a global leader in molten metal flow engineering and technology, announces its unaudited results for the six months ended 30 June 2026.
| Financial summary | H1 2026 (£m) | H1 2025 (£m) | % change at constant currency | % change vs. reported |
| Adjusted (non-statutory) | ||||
| Revenue | 913.7 | 907.5 | +1.5% | +0.7% |
| Trading Profit (1) | 74.0 | 77.0 | (0.1%) | (3.9%) |
| Return on Sales (RoS) (1) | 8.1% | 8.5% | (10bps) | (40bps) |
| Basic EPS (1) (pence) | 16.3 | 17.1 | (0.7%) | (5.0%) |
| Free cash-flow (1) | 27.5 | (13.9) | NA | +297.8% |
| Net Debt / EBITDA (1,2) | 1.9x | 2.0x | NA | -0.1x |
| Statutory | ||||
| Revenue | 922.9 | 907.5 | +2.5% | +1.7% |
| Operating Profit | 47.4 | 65.5 | (24.2%) | (27.6%) |
| Profit Before Tax | 38.2 | 56.0 | (27.2%) | (31.8%) |
| Statutory basic EPS (pence) | 6.8 | 12.5 | (40.8%) | (45.0%) |
| Cash generated from operations | 93.5 | 54.9 | NA | +70.3% |
| Dividend (pence per share) | 7.1 | 7.1 | NA |
(1) For definitions of non-GAAP measures, refer to Note 12 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.
(2) Reflecting the pro-forma EBITDA of MMS in the last 12 months.
Highlights
- Positive net pricing and benefits of structural cost reductions were offset by temporary operational challenges in the Steel Division, impacting both revenue and trading profit in the first half
- Steel Division
- Positive momentum in steel production confirmed (World ex China, Iran, Russia and Ukraine) with 3.8% growth versus H1 2025; Chinese net steel exports reduced by 5.3% versus H1 2025
- Flow Control showed improved trading profit and Return on Sales despite operational challenges temporarily impacting sales and costs
- Advanced Refractories performance was significantly lower than anticipated due to operational challenges in North America and India and a challenging pricing environment in EMEA
- Foundry Division
- End markets remain positive in China and India and are beginning to improve in North America and Japan; markets remain subdued however in Europe and South America
- Significant revenue and trading profit improvement driven by the re-establishment of net positive pricing, structural cost reductions, market share gains and the MMS acquisition
- Continued good progress in the Group’s structural cost reduction programme with £7.4m delivered in H1, ahead of schedule
- Continued progress in R&D outcomes with the Group’s New Product Sales ratio at 21.0%, above our target of 20%
- Good cash management with improved working capital intensity (23.1% vs 23.6% at FY2025) and improved leverage (1.9x versus 2.0x at FY25 year end, on a pro-forma basis)
- Interim dividend per share of 7.1p, flat versus the 2025 interim dividend
Comment from Patrick André, CEO:
“The structural recovery in our steel markets is becoming increasingly evident, with production growth across most major regions and declining Chinese export pressure supporting market conditions. Our pricing discipline, cost reduction programme and technology-led differentiation continued to support performance during the period. However, performance in our Steel division was constrained by operational issues, across both Flow Control and Advanced Refractories, which prevented us from benefitting from the growth in these key markets in H1.
Our Foundry markets, with the notable exception of Asia, have remained mostly subdued so far. However, our Foundry division performance has significantly improved due to strong self-help measures in pricing and cost and through the successful integration of the MMS acquisition.
We remain strongly focused on cash management and deleveraging, with working capital intensity improving.
Whilst we remain mindful of the geopolitical uncertainty stemming from the Middle East, we believe the structural recovery in our steel markets is resilient and will continue in the second half and beyond. We anticipate making progress in the second half, despite the operational issues being experienced. Those are being addressed and are expected to be resolved by the end of the year. We expect full-year trading profit to be slightly ahead of trading profit for FY25 on a constant currency basis.”
Technical note – FX re-translation
| FY25 | Reported FX rates | Re-translated* |
| Revenue | £1,809.5m | £1,800.9m |
| Trading profit | £151.1m | £147.0m |
| Return on sales | 8.4% | 8.2% |
* Hybrid rate using H1 2026 average FX rates for 6 months and 30 June 2026 spot for 6 months
Presentation of Half Year 2026 Results
Vesuvius management will make a presentation to analysts and investors on 30 July 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.