Stable sales in the third quarter in difficult markets and strong cash flow generation
Bekaert delivered stable sales in Q3 2025 (-1%) versus Q3 last year on a like-for-like basis1 with volumes increasing by +3% driven primarily by the energy and utilities end markets. In challenging end markets, Bekaert is taking action on its cost base and on optimizing its production footprint, next to focusing on cash flow through disciplined working capital and capital expenditure management.
Financial highlights
- Q3 2025 consolidated sales of € 880 million (-8% vs Q3 2024) and like-for-like sales1 of -1% (€ -9 million)
- Like-for-like volumes of +3% (€ +28 million)
- Impact from pass-through of lower input costs and mix of -4% (€-37 million)
- Impact of -3% (€ -30 million) from disposed businesses in Latin America and currency impact of -4% (€ -36 million)
- Consolidated sales of € 2 833 million in the first nine months of 2025 (-6%) and like-for-like sales1 down -3% (€ -98 million)
- With slightly lower volumes (-0.5% or € -14 million) and a more significant impact from pass-through of lower input costs and mix (-3% or € -84 million)
- Net impact of acquisitions, disposals and discontinued operations of -1% (€ -26 million) and currency translation impact of -2% (€ -60 million)
- Continued actions on cost, including overhead savings and footprint cost reductions, and capacity utilization management to protect margins
- Strong cash flow generation, driven by focus on cost, capital expenditure and working capital, with continued low financial leverage
Operational and strategic highlights
- Rubber Reinforcement - volume growth in China offsetting lower volumes in Europe and India
- Steel Wire Solutions - strong volume growth in the energy and utilities sector
- BBRG - solid performance in the synthetics business, partially compensating for weak demand in steel ropes
- Specialty Businesses - Sustainable Construction seeing improving Q3 volumes with US flooring business picking up and positive momentum in India and Middle East partly offsetting weaker demand in Europe; weaker demand in hydrogen, filtration and fiber end-markets
- Further proactive actions in the quarter on costs and footprint to improve operational leverage and future performance
- Additional plant closure in Coatbridge, Scotland, optimizing synthetic ropes production footprint
- Temporary halt of hydrogen production in Wetteren, Belgium, optimizing existing capacity in China and Japan
- Continued cost discipline across entire cost base
- Navigating the challenges of tariffs by leveraging global production footprint
Outlook
Whilst uncertainty remains for Q4 2025, the group expects sales of around € 3.7 billion for FY 2025 and it anticipates underlying EBIT margin for FY 2025 of around 8.0%. The group continues to drive footprint and operational leverage improvements and remains focused on opportunities for growth, margin expansion and cash flow generation.
Conference call for analysts and investors
Yves Kerstens, CEO of Bekaert, and Seppo Parvi, CFO, will present the 2025 third quarter trading update to analysts and investors at 10:00 a.m. CET on Friday 21 November. This presentation can be accessed live upon registration (registration link) and will be available on Bekaert's website after the event.
1 Like-for-like comparisons are excluding the impacts of currency translation, acquisitions, disposals and discontinued operations. These relate to the acquisition of BEXCO, the discontinued production in SWS Indonesia and India (both relevant for H1 only) and to the disposal of Steel Wire Solutions (SWS) businesses in Costa Rica, Ecuador and Venezuela that was finalized on 30 June 2025 (relevant for Q3 only). This last disposal is part of the Group's strategy to transform its business portfolio by reducing exposure to more commoditized and volatile markets, while increasing presence in faster growing markets.
