Trading update for the first three months of 2026
Sales in line with expectations
Financial highlights
- Stable Q1 2026 like-for-like sales1 and total consolidated sales of €917 million (-7% vs Q1 2025) driven by:
- Like-for-like volumes of +3% (€+32 million)
- Impact from price-mix effects of -3% (€-30 million)
- Impact of -3% (€-31 million) from disposals in Latin America
- Currency impact of -5% (€-45 million) driven by weaker US and Chinese currencies
- Continued costs and operational efficiency measures, alongside initiatives to mitigate margin pressure related to the energy and raw materials inflation from the Middle East conflict
- Disciplined working capital and capital expenditure management to underpin cash flow
- Robust balance sheet supporting shareholder returns
- Dividend of €1.95 per share proposed to the Annual General Meeting
- Ongoing two-year €200 million share buyback program with around €145 million purchased to date
Operational and strategic highlights
- Rubber Reinforcement
- Strong volume growth in Asia and volume increase in North America offsetting lower volumes in Europe
- Focus on high-quality tire cord position amid a competitive climate
- Completion of the acquisition of the Bridgestone plants in Thailand and China at the end of April
- Steel Wire Solutions
- Like-for-like volume growth, particularly in transmission wires despite project delays in Europe
- BBRG
- Increasing global uncertainty impacting steel rope demand
- Project delays in synthetic ropes
- Specialty Businesses
- Growth in higher value-added applications in Sustainable Construction
- Lower sales versus high comparison basis of Q1 2025 in other segments
Outlook
Continued geopolitical and trade uncertainty, including ongoing inflationary and supply chain pressures linked to the conflict in the Middle East, may adversely impact global demand and input costs, putting increasing pressure on margins. To date, Bekaert has been able to mitigate the direct impacts of the conflict in the Middle East. At this stage, the Group continues to expect sales and margins to be at similar levels to last year on a like-for-like basis, as communicated earlier.
Reporting changes
As from 2026, the Hose and Conveyor Belts subsegment, previously reported under Specialty Businesses, will be reported within the Rubber Reinforcement segment. This change reflects operational and technology synergies in cord manufacturing, as well as a closer alignment of end-markets.
As the Group's business units (BUs) operate in markets with specific characteristics, opportunities and challenges, we have established a more BU-centric structure to position resources closer to the frontline and strengthen market connectivity and understanding. This structure brings decision-making closer to the business, enhancing each BU's ability to respond quickly to market developments. To reinforce full P&L accountability within the Group's BUs, overhead cost allocations have been realigned to the new BU-centric structure and are based on actual utilization of corporate services from this year onwards. In addition, to drive full working capital ownership, factoring will be included in the BU working capital figures from 2026 onwards, whereas it was previously at corporate level.
The 2026 segment income statements will reflect these changes. 2025 consolidated sales per segment have already been restated in this Q1 trading update2 and 2025 segment income statements will be restated for comparison purposes in the H1 2026 results release. There is no change to financial statements at Group level.
Conference call for analysts and investors
Yves Kerstens, CEO, and Seppo Parvi, CFO, will present Bekaert's Q1 2026 trading update to analysts and investors at 09:00 a.m. CET on Wednesday 13 May. 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 sales excluding impact of acquisitions, disposals, discontinued operations and currency.
2 Sales for the Hose and Conveyor Belt subsegment are reported under Rubber Reinforcement from 2026 onwards (previously under Specialty Businesses). 2025 sales have been restated in this press release. Refer to Annex 1 for quarter by quarter and FY 2025 restated sales figures.
