**Summary of Vesuvius plcs Final Results for the Year Ended 31 December 2025**
Vesuvius plc, a global leader in molten metal flow engineering and technology, reported its final results for the year ended 31 December 2025, highlighting resilience despite challenging market conditions. The companys performance was in line with expectations, driven by a strong focus on cost reduction and the benefits of its technology strategy.
**Financial Highlights**
**Revenue** £1,809.5 million, a 0.7% increase on a like-for-like basis, but a 0.6% decline on a reported basis due to FX headwinds.
**Trading Profit (Adjusted Operating Profit):** £151.1 million, down 17.0% on a like-for-like basis and 19.6% on a reported basis, primarily due to challenging market conditions in EMEA.
**Return on Sales (RoS)** 8.4%, down 170 basis points on a like-for-like basis.
**Adjusted Basic EPS:** 34.2pdown 17.7% on a like-for-like basis.
**Free Cash Flow:** £36.0 milliondown 37.7% compared to 2024.
**Net Debt / EBITDA:** 2.0xup from 1.3x in 2024.
**Key Developments**
**Cost Reduction Program** Delivered £17.8 million in savings, ahead of initial expectations, as part of a £55 million multi-year program.
**New Product Sales** Increased to 20.5%, reaching the 2026 target a year early, with a strong pipeline of new products.
**Acquisitions** Completed acquisitions of PiroMET and MMS, strengthening presence in Turkey and the non-ferrous foundry market.
**Dividend** Proposed final dividend of 16.5p, bringing the full-year dividend to 23.6p, a 0.4% increase.
**Segment Performance**
**Steel Division** Revenue grew slightly (+1.4% like-for-like) due to market share gains and pricing increases, but trading profit fell 18.3% due to inflationary costs and temporary manufacturing inefficiencies.
**Foundry Division** Revenue declined 1.5% like-for-like due to weak markets outside India and China, with trading profit down 11.2% due to negative net pricing in H1.
**Outlook**
**2026** Expected to be a transition year to recovery, with modest volume growth, continued cost reduction, and full-year contributions from recent acquisitions.
**Cash Flow** Anticipated to grow in 2026 due to improved trading profit and normalized investment capex.
**RoS Target** Continues to target 12.5% RoS, supported by self-help measures and more favorable market conditions from 2027.
**Strategic Focus**
**Innovation** Continued investment in R&D, with a focus on materials science and mechatronics solutions.
**Sustainability** Progressed on decarbonization goals, reducing carbon intensity by 31.4% compared to 2019.
**Safety** Achieved a Lost Time Injury Frequency Rate of 0.7, well ahead of the industry average, despite one work-related fatality.
**Conclusion**
Vesuvius plc demonstrated resilience in 2025, navigating challenging market conditions through cost reduction, strategic acquisitions, and a focus on innovation. The company is positioned for recovery in 2026, with expectations of profit growth and improved cash flow, supported by its ongoing strategic initiatives and market share gains.