Full Year Results for the twelve months ended 31 December 2024

Vesuvius plc, a global leader in molten metal flow engineering and technology, announces its audited results for the twelve months ended 31 December 2024.

Financial Summary

^{(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.}

Highlights

• Robust Group performance with market share gains in Flow Control and Foundry, delivered in challenging market conditions
• Together with resilient pricing and cost reductions, this partially offset weak end markets experienced in the Foundry Division
• Group revenue, trading profit and return on sales stable year-on-year on an underlying basis
• Good performance by our Steel Division despite weaker markets than originally anticipated
  • Positive net pricing across the year
  • Flow Control continues to gain market share
  • RoS improved by 110bps (underlying) to 11.4% driven by cost savings and net positive pricing
• Challenging year for the Foundry Division as markets outside of India weakened, offsetting strategic progress
  • Good market share gains overall
  • Accelerated delivery of cost-savings
  • Return on sales reduced by 230bps (underlying) to 7.4%, with low activity in EU+UK, North America and North Asia
• Acceleration of our group-wide cost reduction programme with £13m delivered in-year and exit run-rate of c. £18m
• New product sales increased further to 19.1%, with 33 new products launched in 2024 and a strong pipeline of new products for the coming years
• Strategic expansion programme in Asia and Flow Control largely completed
• Acquired PiroMET, a refractory and robotics business in Turkey, in February 2025, enhancing our position in the strategically important and growing EEMEA market
• Trade working capital intensity reducing by 50bps to 22.9%
• Share buyback programmes successfully implemented in 2024, with 5% of shares in issue bought back during the year. Second programme launched in November 2024, continuing in 2025
• Strong balance sheet with net debt / EBITDA of 1.3x (31 December 2024)
• Proposed final dividend of 16.4p, bringing the full year dividend to 23.5p, up 2.2%
• Strong safety performance with a record Lost time injury frequency rate of 0.52
• Reduction of 27% in CO2e intensity vs. 2019 baseline, exceeding our intermediary target of -20% by 2025

Comment from Patrick André, CEO:

“This has been a challenging year for Vesuvius with Foundry markets in Europe, North Asia and the Americas weakening significantly and global Steel production outside China negatively affected by the sharp increase of Chinese steel exports. Despite this, thanks to significant cost cutting, resilient pricing and market share gains, we have delivered a robust performance, maintaining our results at the level of 2023 on an underlying basis, demonstrating again the strength of our technologically differentiated business model.

For the year ahead, while we remain confident in our own performance, we are cautious on market conditions due to the uncertain economic environment arising from the negative impact of trade tariffs which continue to evolve, geopolitical volatility and the continuing structural weakness of Steel and Foundry markets in Europe. We currently anticipate that our trading profit in 2025 will be at a broadly similar level to 2024 on a constant currency basis and including the contribution from the PiroMET acquisition. We expect that cashflow for 2025 will be significantly ahead of 2024, benefiting from our working capital focus and a more normalised level of capex.

Given the near-term uncertain tariff and geopolitical environment and the decline experienced in Foundry end markets over the last 18 months, we are now targeting to achieve our mid-term Return on Sales target of at least 12.5% by 2028 and to deliver our cumulative £400m free cash flow target by 2027. This will be partially dependent on a return to normal conditions in our end-markets and will be supported by an extension of our cost reduction programme which we are increasing from £30m to £45m by 2028.”

Presentation of Full Year 2024 Results

Vesuvius management will make a presentation to analysts and investors on 6 March 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. 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) 203 128 8570

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 2024 Full Year Results