Trading statement

Vesuvius plc, a global leader in molten metal flow engineering and technology, announces the following update for the period 1 January to 30 April 2026.

Summary

Steel production outside China, Ukraine, Russia and Iran increased by 2.5% in Q1 2026 demonstrating some improvement in momentum

Foundry markets remained soft overall, with the exception of China and India

Strong pricing discipline maintained, with positive net pricing in both Steel and Foundry

Steel division volumes were slightly lower than last year, mainly due to customer closures in 2025 and temporary supply chain issues in North America

Integration of MMS is progressing well and contributing to performance, with the expected synergies being progressively delivered

We remain on track to deliver cost savings with at least £10m to be delivered in 2026 and cumulatively at least £55m by 2028

Revenue and Trading Profit over the first four months of the year were slightly ahead of last year on a constant currency basis

We confirm our guidance for FY26, with H2 trading expected to be stronger than H1

Leverage remains well-controlled and consistent with year-end FY25, with a clear pathway to reduction in H2

Market conditions

Steel production outside China, Ukraine, Russia and Iran increased by 2.5% in Q1 2026 compared with the prior year, with the positive momentum already seen in India and South East Asia now extending to North America. Steel production volumes in EMEA and South America were below prior year levels, but this is anticipated to improve progressively in H2, particularly in Europe following the implementation of the new protective measures recently approved.

Foundry markets remained soft across most regions; however, performance was supported by stronger demand in China and India and continued pricing discipline. In contrast to steel, end markets are expected to remain broadly stable over the remainder of the year.

The on-going geopolitical uncertainty, driven by events in the Middle East had limited impact on our end-markets in the period under review. Whilst the situation remains volatile, we do not currently anticipate that our end markets will be materially impacted by these events during the remainder of 2026.

Trading

Revenue and Trading Profit over the first four months of the year were slightly ahead of last year on a constant currency basis, including the benefit of MMS. Both our Steel and Foundry divisions continued to prioritise pricing discipline and were able to increase prices sufficient to offset cost inflation. In the Steel division, volumes were slightly lower than the prior year, mainly due to some important customer closures in FY25 and temporary operational supply chain issues in North America. We saw improving trends into the second quarter and expect further recovery through the year. We remain on track to deliver our cost savings programme, which continues to support performance.

In the Foundry division, the integration of MMS is progressing well, and the expected synergies are being delivered as planned, with further benefits expected.

Cashflow

We are continuing to make good progress on working capital and cash management, supporting a disciplined balance sheet. At this stage, our leverage ratio is at the same level as FY25 year-end, is well controlled, and we expect to reduce in H2 driven by improving earnings and cash generation.

Outlook

Whilst we remain mindful of the geopolitical uncertainty stemming from the Middle East, our expectations for the full year are unchanged (on a constant currency basis) with a stronger second half compared to the first half. This improvement is underpinned by the delivery of cost savings, MMS synergies, continued positive net pricing and the improving momentum anticipated across our key markets, supported by the gradual improvement of the steel market, particularly in Europe.

Update to FX translation impact guidance

* Hybrid rate based on 4 months YTD 2026 average FX rates to 30 April 2026 blended with current spot for the remaining period.

All other line-items of technical guidance given on 12 March 2026 remain unchanged.

CONFERENCE CALL

Patrick André (Chief Executive) and Mark Collis (Chief Financial Officer) will be hosting a conference call with Q&A for analysts and investors at 08:00 (UK time) today.

To participate, please register at least 30 minutes prior to the start of the call by following the link

here

. If your registration doesn’t come through within a few minutes, please check your “junk” inbox.

A replay of the call will be available for one week, which can be accessed via the same link above.

Vesuvius plc, 165 Fleet Street, London EC4A 2AE

Registered in England and Wales No. 8217766