Vesuvius announces revenue grew by 0.7% on a like-for-like basis in 2025

2026-03-12

Mar. 12, 2026 - Vesuvius plc, a global leader in molten metal flow engineering and technology, announces its audited results for the twelve months ended 31 December 2025.

	2025 (£m)	2024 (£m)	Like-for-like change	Year-on-year change
Revenue	1,809.50	1,820.10	0.70%	-0.60%
Trading Profit (Adjusted operating profit)	151.1	188	-17.00%	-19.60%
Return on Sales	8.40%	10.30%	-170bps	-190bps
Adjusted basic EPS (pence)	34.2p	43.3p	-17.70%	-21.00%
Free cash flow	36	57.8	NA	-37.70%
Net Debt / EBITDA	2.0x	1.3x	NA	+0.7x
Statutory
Operating Profit	114.6	153.7	-17.50%	-25.40%
Profit Before Tax	97.2	138.6	-20.80%	-29.90%
Statutory basic EPS (pence)	21.1p	33.5p	-23.50%	-37.00%
Cash inflow from operations	173.4	216.7	NA	-20.00%
Dividend (pence per share)	23.6p	23.5p	NA	0.40%

Highlights

Challenging year with difficult end market conditions, particularly in EU+UK

Group revenue grew by 0.7% on a like-for-like basis while RoS reduced by 170bps to 8.4%. EMEA Region accounted for 80% of the trading profit reduction

Steel Division

Steel production declined 1.9% overall in 2025 but grew 1.3% excluding China, Iran, Russia and Ukraine, despite a further increase of Chinese steel exports

Positive net pricing re-established in H2, driven by Flow Control, although insufficient to fully cover the shortfall in H1

Market share gains overall driven by strong performance in Asia more than compensating slight erosion in the Americas

Foundry Division

Foundry markets outside of India and China remained weak

Market declines partially offset by market share gains

Net pricing remained slightly negative in H2 but very substantially improved as compared with H1

Temporary production inefficiencies experienced in H2 from site rationalisations

Accelerated delivery of cost reduction programme generated £17.8m savings in-year

New product sales ratio increased to 20.5%, reaching our 2026 target of 20% a year early, with a strong pipeline of new products for the years ahead

Integration of acquired businesses of MMS and PiroMET proceeding well

Proposed final dividend of 16.5p (FY24: 16.4p), bringing the full year dividend to 23.6p

Net debt / EBITDA at year-end of 2.0x (adjusting for 12-months contribution from acquisitions)

Comment from Patrick André, CEO:

“2025 has been a challenging year for Vesuvius, specifically in EMEA where both our Steel and Foundry end-markets contracted and where we experienced significant price pressure. We were, however, able to re-establish a globally positive net pricing in the second half of the year and were also able to offset part of the negative market impact with significant and above-expectation progress on our cost reduction programme and with market share gains. We successfully completed our capacity expansion programme, positioning us ideally for the upcoming recovery of our markets. We also completed the acquisition of the PiroMET and MMS businesses, reinforcing our presence in the fast-growing steel market in Turkey and non-ferrous Foundry market.

The impact of the recent events in the Middle East remains difficult to assess, but at this stage we still anticipate that 2026 will mark a transition to recovery in the Steel and Foundry markets, with in particular the impact of trade protection measures in Steel starting to have a meaningful impact on our Steel markets as from the latter part of the year.

In 2026 our performance will benefit from the continued execution of our cost reduction programme, from the full year contribution of our recent acquisitions and some modest volume growth. On this basis, we expect our cash flow to grow in 2026, both from improved trading profit and from investment capex returning to a normalised level, both of which will also reduce leverage.

Whilst we are mindful of the current geopolitical uncertainty, absent an extended disruption, we continue to expect to deliver profit growth in 2026 in line with expectations, on a constant currency basis.

We continue to target a RoS of 12.5%, although delivery, along with our free cash flow target, has been, until now, held back by the extended weakness in our end markets. However, with the prospect of more favourable market conditions from 2027 and the support of our ongoing self-help measures, we remain confident that our business model has the potential to achieve this RoS target and to generate significant free cashflow.”