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2024 Full year results

Resilient delivery in challenging business environment

Proposed dividend of € 1.90 (+6%) and ongoing € 200 million share buyback

Bekaert delivered a resilient financial performance in 2024, with stable profit margins (EBITu margin at 8.8%) and robust cash flows (Free Cash Flow of € 193 million). Despite lower volumes and weaker conditions in many of its end markets, the business continues to benefit from the successful execution of Bekaert’s strategy of portfolio rationalization, pricing discipline, improving the mix of higher margin products, and driving further cost efficiencies.

Yves Kerstens, CEO of Bekaert, commented: “I am very pleased with the response from our teams in 2024, working incredibly hard to protect margins and cash flows despite falling volumes. These results show the resilience of the Bekaert business, thanks to its streamlined footprint and cost structure, and its ability to perform in difficult markets. We have also announced today the disposal of more commoditized businesses in South America at an attractive valuation, further demonstrating the portfolio transformation of the group. It is likely that 2025 will be equally challenging and uncertain, particularly in light of import duties and tariffs. However, I am confident we have the right strategy in place and, increasingly, the agility to manage these challenges.”

Financial highlights

• Consolidated sales of € 4.0 billion (-8.6%) and combined sales¹ of € 4.9 billion (-9.0%)

  • Volumes were -3.5% lower reducing sales by € -151 million

  • Sales were impacted by € -170 million (-3.9%) from the pass through of lower wire rod and energy costs

  • Smaller effects from price and mix (€ -52 million, -1.2%) and currency (€ -31 million, -0.7%)

  • Sales from acquisitions added € +33 million (+0.8%) to the top line

• Stable underlying gross profit margin at 17.3% (vs 17.2% in FY2023) despite lower volumes

  • Strong focus on costs and production capacity optimization

• Solid operating result and stable margin performance in a deteriorating market

  • EBITDAu² of € 520 million (-7.3%), EBITDAu margin on sales of 13.1% (vs 13.0% in FY2023)

  • EBITu² of € 348 million (-10.3%), EBITu margin of 8.8% (vs 9.0% in FY2023)

• Improved performance in the non-consolidated Brazilian joint ventures with higher sales volumes (+3%) and an increased share of net results (+5%, to € 49 million)

• EPS of € 4.56 (-4% vs € 4.75 in FY2023) and EPSu² of € 5.55 (-4% vs €5.76 in FY2023)

• Robust cash generation, despite lower sales

  • Free Cash Flow² (FCF) of € 193 million, compared to € 267 million in FY2023

  • Net debt remains low at € 283 million (€ 254 million at FY2023, € 399 million at H1 2024), resulting in stable net debt to EBITDAu of 0.5x (vs 0.5x at FY2023 and 0.7x at H1 2024)

• Proposed dividend of € 1.90 per share (+6% y-on-y), alongside the ongoing € 200 million share buyback