Vesuvius (VSVS): FY26 guidance downgrade

This situation live

£1,093m · 444.0p · −2% since the first step

27 Jul 2026 · Warning issued; Steel issues due fixed by year-end · −7% until the next step They are being addressed and are expected to be resolved by the end of the year.

Upgrade / downgrade cycle

FY26 guidance downgrade

Cut guidance confirmed at half-year results

DEC31 Next: Steel operational issues to be resolved by year-end in 67 days

Every step · 2

27 Jul 2026 Warning issued; Steel issues due fixed by year-end – They are being addressed and are expected to be resolved by the end of the year. ↗
30 Jul 2026 Cut guidance confirmed at half-year results – We anticipate making progress in the second half, despite the operational issues being experienced. Those are being addressed and are expected to be... ↗

What is happening

Vesuvius: FY26 guidance downgrade – Cut guidance confirmed at half-year results. ['Cut guidance confirmed at half-year results']

In short: On 28 May 2026 Vesuvius confirmed FY26 expectations with a stronger H2. On 27 July it cut guidance to profit slightly ahead of FY25. The 30 July results confirm H1 trading profit of £74.0m, flat at constant currency, with c.£6m lost in North America and c.£2m at Vizag. The company says the issues will be resolved by year-end.
Announced: 27 Jul 2026 · Warning issued; Steel issues due fixed by year-end
Latest: 30 Jul 2026 · Cut guidance confirmed at half-year results
H1 profit: Trading profit £74.0m, (0.1%) at constant currency; includes a one-off tariff benefit received at end of June
FY26 guidance: Trading profit slightly ahead of FY25, constant currency; unchanged from 27 July
Causes: Steel operational issues; challenging Advanced Refractories market, especially Europe
Resolution: Expected by end of 2026; residual H2 impact depends on speed of fixes
Next milestone: Half year results 7.00am, 30 July 2026
North America impact: Estimated H1 lost profit c.£6m: substandard supplier raw materials, maintenance and capability gaps
India impact: Vizag plant ramp-up delay, estimated £2m H1 trading profit impact; third line to reach capacity in H2
Leverage: Net debt / EBITDA 1.9x pro-forma versus 2.0x at FY25

Steel operational issues to be resolved by year-end (31 Dec 2026).

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