Bekaert Overview
FY2024 headcount: n/v. Third-party data (Investing.com) cites 18,317 employees.
Bekaert is a 146-year-old Belgian industrial technology group and a global leader in steel wire transformation and coating technologies. Its largest franchise is tire reinforcement (steel cord and bead wire), where it has long held global market leadership and supplies the world's major tire makers under multi-year supply agreements. Around this core it operates engineered wire solutions for energy and utilities, agriculture, construction and automotive; a ropes and advanced cords business (Bridon-Bekaert Ropes Group) serving mining, offshore energy and lifting; and a portfolio of specialty businesses led by Dramix® steel-fiber concrete reinforcement. After a cyclical peak in 2021–22, Bekaert has shrunk its revenue base through divestment of commoditized Latin American wire operations and footprint consolidation, while protecting an 8%+ underlying EBIT margin and generating strong free cash flow. The investment case now hinges on whether a new CEO can convert a robust balance sheet into profitable growth in data-center construction, power transmission and offshore mooring.
Company's own description
In its FY2025 results release (26 Feb 2026), Bekaert describes its ambition as being "the leading partner for shaping the way we live and move" in a way that is safe, smart and sustainable. It presents itself as a global market and technology leader in the material science of steel wire transformation and coating technologies, applying that expertise beyond steel to create new solutions with innovative materials and services for markets including mobility, energy and construction. The tagline of the 2025 Annual Report is "Shaping the way we live and move — Safe, Smart, Sustainable."
Independent characterization
Bekaert is fundamentally a value-added converter: it buys wire rod (primarily from steel mills), then draws, heat-treats, coats (brass, zinc, zinc-aluminium alloys) and forms it into engineered products — steel cord, bead wire, high-carbon and low-carbon wires, ropes, fibers and cords. Value creation comes from (i) metallurgical and process know-how (higher tensile strength at lower weight), (ii) coating technology, (iii) global scale and proximity to customer plants, and (iv) application engineering (e.g., the Falconix® design office for Dramix® flooring).
Business model features:
Product sales model (≈100% of revenue): No material subscription or licensing revenue. Some service elements exist (engineering design for steel-fiber floors; predictive maintenance services for mine hoist ropes with ABB), but these are not separately disclosed.
Cost pass-through: Wire rod and energy costs are largely passed through via indexation and pricing, so revenue swings with input prices (2022: +16.8% sales despite lower volumes; 2023: −13.5% largely from reversal of input inflation, per FY2022 and FY2023 releases). Margins are therefore best analyzed per unit of volume and as EBITu %.
Joint ventures: Bekaert owns non-consolidated JVs in Brazil (Rubber Reinforcement and Steel Wire Solutions) reported under the equity method. FY2025 JV sales were €802m, with a share of net results of €38m (FY2025 release).
Key account intensity: Rubber Reinforcement serves a concentrated global tire industry (Bridgestone, and other majors), with long-term supply agreements (e.g., the long-term supply agreement signed with Bridgestone alongside the 2026 plant acquisition).
Value-chain position
| Stage | Bekaert role |
|---|---|
| Upstream | Purchases wire rod from steel mills (e.g., partnership with EMSTEEL in UAE for local wire rod); not an integrated steelmaker |
| Midstream (core) | Wire drawing, heat treatment, coating, stranding/cabling, fiber production |
| Downstream | Supplies OEMs/converters: tire makers, cable makers, fencing distributors, concrete contractors, mining operators, offshore energy developers, elevator OEMs |
| Services | Engineering design (Falconix®), rope inspection/predictive maintenance (BBRG with ABB) |
Customer types and end-markets
| End-market | Main products | Key customer types |
|---|---|---|
| Automotive / mobility | Tire cord, bead wire, spring and hose wire, timing belt cords | Tire makers, auto component makers |
| Energy & utilities | Overhead conductor cores, subsea cable armoring wire, fiber-optic cable wire, mooring ropes | Cable makers, utilities, offshore developers |
| Construction | Dramix® steel fibers, masonry/plaster reinforcement, elevator ropes/cords | Concrete contractors, precasters, elevator OEMs |
| Agriculture | Fencing, vineyard wire | Distributors, farmers |
| Basic materials (mining, oil & gas) | Steel wire ropes, synthetic ropes | Mining companies, offshore operators |
| Equipment / industrial | Combustion technologies, filtration media, fibers | Boiler/heating OEMs, filtration OEMs |
| Energy transition | Currento® porous transport layers for electrolyzers | Electrolyzer makers |
The company's website organizes markets as Automotive, Construction, Energy & Utilities, Agriculture, Consumer goods, Basic Materials and Equipment.
Steel Wire Solutions reported that 30% of its sales now come from the higher-margin energy and utilities segment following the Latin American disposals (FY2025 release).
Strategy
Stated strategic themes
Purpose/ambition: "Shaping the way we live and move" — safe, smart, sustainable (Annual Report 2025).
Portfolio roles (CMD Dec 2023): Core businesses (RR, SWS) lead their markets with premium and more sustainable solutions, focusing on margin and cash conversion; growth platforms (energy transition, construction decarbonization, advanced lifting and mooring) focus on capturing growth.
2025 transformation themes (FY2025 release): reposition SWS into higher-margin markets; make operations structurally leaner and improve operational leverage; sustainability-led innovation (inhera®, Dramix® Loop™); M&A in focus end markets.
New CEO agenda (H1 2026 call): reshape the portfolio toward profitable growth, with potential for organic and inorganic expansion in engineered solutions; an "active listening tour" under way. A formal strategy update/CMD date has not been announced.
Initiatives in the last 24 months
| Initiative | Date | Description / target |
|---|---|---|
| €200m share buyback | Launched Nov 2024 | Two-year program; €124m executed by Feb 2026; €165m by end-Jul 2026; final €75m tranche from 26 Feb 2026; shares cancelled |
| Overhead reduction | 2,025 | €40m overhead reduction; €21m achieved in H1 2025 |
| Operational efficiency | 2,025 | €39m structural savings in production entities |
| SWS Latin America exit | Jun 2025 | Sale of Costa Rica/Ecuador/Venezuela to Grupo AG |
| Hydrogen footprint reset | 2,025 | Belgian production paused; consolidated into one plant |
| Synthetic ropes consolidation | 2,025 | Manufacturing consolidated into Belgium |
| RR footprint restructuring | 2025–2026 | China/Europe restructuring; Sardinia transfer (2026) |
| inhera® label | 2,025 | Labels top-performing sustainable solutions |
| Dramix® Loop™ | 2,025 | Steel fibers from end-of-life tires |
| EMSTEEL partnership | Nov 2025 | Sustainable products with UAE-made steel; GCC go-to-market |
| IKK Mateenbar collaboration | 2,025 | GFRP rebar + Dramix® + Synmix® |
| Bridgestone plants acquisition | Jan 2026 (closed H1 2026) | +c.€80m annual sales; long-term supply agreement |
| Reporting changes | 2,026 | BU-level overhead and factoring accountability |
| Doncaster closure | Jul 2026 | Rope wire transferred to Hlohovec |
Medium-term targets and guidance history
| Target set | Date | Content | Status |
|---|---|---|---|
| Mid-term 2022–2026 | 2,022 | Organic sales growth 3%+ CAGR; EBITu 9–11% through the cycle | Not met (EBITu 8.0% FY2025) |
| CMD targets | Dec 2023 | Sales growth >5% p.a. mid-term; from 2026: EBITu >10%, ROCEu >20%, >50% sales from sustainable solutions | 10% margin target delayed (Nov 2025) |
| Sustainability | Current | 65% of sales from sustainable solutions by 2030 | Ongoing |
| FY2025 guidance | Jul 2025 → Nov 2025 | EBITu 8.0–8.5% → c.8.0% | Delivered 8.0% |
| FY2026 guidance | Feb 2026 | Revenues and margins similar to 2025 (like-for-like) | Amended Jul 2026 |
| FY2026 guidance (current) | 30 Jul 2026 | Like-for-like sales similar to 2025; EBITu margin slightly below 2025 | Current |
Products & Services
Pricing models are not publicly disclosed product by product; across the portfolio, pricing is typically contract-based with raw-material (wire rod) indexation and pass-through. Launch years are given only where disclosed.
Rubber Reinforcement
| Product / brand | Description & capabilities | Target customers | Notes / year |
|---|---|---|---|
| Steel tire cord (standard, high-tensile) | Brass-coated steel cord for car, truck and bus tire carcass and belts | Global tire OEMs | Core franchise; stronger tensile cords c.50% of volume (FY2023) |
| Elyta® ultra and mega tensile tire reinforcement | Ultra/mega tensile cords enabling lighter tires, lower rolling resistance | Premium/EV tire makers | Featured under inhera® label (2025) |
| Bead wire | High-tensile bronze/brass coated wire for tire beads | Tire OEMs | Part of RR portfolio |
| Tire cord with certified recycled steel content | Tire reinforcement with third-party certified recycled content | Tire makers with circularity targets | First batches delivered 2023 |
| Hose reinforcement wire and conveyor belt cord (HCB) | Steel wire/cord reinforcing hydraulic hoses and conveyor belts | Hose and belt makers, mining | Reported in RR from 2026 (in SB 2022–2025) |
| Circular tire reinforcement solutions | Progress cited in H1 2026 | Tire OEMs | H1 2026 release |
Steel Wire Solutions
| Product line | Description | Target customers | Notes |
|---|---|---|---|
| Overhead power line cores | High-tensile steel cores for conductors (ACSR-type) | Cable makers, utilities | inhera® label; strong North American demand |
| Subsea cable armoring wire | Armoring wire for subsea power and data cables | Subsea cable makers | Growth driver; capacity investment 2025 |
| Fiber-optic/telecom cable wires | Reinforcement wires for data transmission cables | Telecom cable makers | Supported by US RDOF/IIJA funding (FY2022–23 releases) |
| Ampact™ | Next-generation EV-related wire solution under homologation | Automotive | FY2023 release |
| Agriculture wires & fencing | Fencing, vineyard wires; Bekaert Fencing North America | Distributors, farmers | Lower-margin; Latin American exposure exited |
| Construction & industrial wires | Galvanized and coated low/high-carbon wires | Industrial converters | Mix pressure in Europe (FY2025) |
| Automotive wires | Spring wire, other automotive applications | Auto suppliers | Strong China demand 2025 |
Specialty Businesses
| Product / brand | Description | Target customers | Notes |
|---|---|---|---|
| Dramix® steel fibers (3D, 4D, 5D) | Steel fibers for concrete reinforcement (industrial floors, tunnels, precast) replacing rebar/mesh | Contractors, precasters, data-center and EV-plant builders | 4D/5D patent-protected lines almost half of volume (FY2023) |
| Dramix® Loop™ | Steel fibers produced from end-of-life tires at industrial scale; up to −80% CO2 vs traditional reinforcement | Floors and precast | Introduced 2025 |
| Synmix® | Synthetic fibers for concrete | Contractors | Combined with GFRP rebar via IKK Mateenbar collaboration (2025) |
| Falconix® | Engineering design office for advanced flooring | Flooring contractors | Cited as differentiator (FY2023) |
| Masonry & plastering reinforcement (renovation) | Reinforcement for masonry and plaster | Renovation market | Second production line in Slovakia started 2025 |
| Combustion Technologies | Burners and heat exchangers for heating appliances | Boiler/heating OEMs | Burner activities consolidated in Romania (2022) |
| Fiber Technologies | Metal fibers for filtration and textiles | Filtration OEMs | Demand weakened 2025 |
| Ultra-fine wires | Wires for solar and semiconductor applications | Solar/semiconductor | Sales dropped after technology shift in solar (2025) |
| Currento® | Porous transport layers (PTL) for PEM electrolyzers | Electrolyzer OEMs | Sales doubled three years running to 2023; production paused in Belgium and consolidated 2025 |
| PEM Membrane-Electrode Assemblies (with Toshiba) | Downstream MEA for green hydrogen | Electrolyzer OEMs | Agreement 2023 |
Bridon-Bekaert Ropes Group
| Product / brand | Description | Target customers | Notes |
|---|---|---|---|
| Steel wire ropes (mining) | Hoist, shovel and dragline ropes | Mining companies | Weak mining activity in Europe 2025 |
| Steel wire ropes (oil & gas, offshore) | Offshore lifting and mooring ropes | Offshore operators | — |
| Flexisteel® hoist ropes | Elevator hoist ropes | Elevator OEMs | inhera® label |
| Synthetic ropes (incl. BEXCO) | Synthetic mooring, towing and lifting ropes | Offshore energy, marine | BEXCO acquired 2024; two record contracts 2025 |
| Flintstone mooring connectors | Connectors for deepwater/floating wind mooring | Offshore wind developers | Acquired 2023 |
| Advanced Cords (A-Cords) | Elevator belt cords, timing belt cords, heating cords | Elevator, automotive OEMs | Weaker elevator hoisting demand in China/Europe |
| Armofor® | Steel cord reinforced thermoplastic pipe | Oil & gas, hydrogen, biogas transport | Record sales in 2022 |
| Mine hoist digital services (with ABB) | Predictive maintenance services | Mine hoist operators | Partnership 2023 |
Financial Narrative
Income statement: notes and sources
Sources: FY2022 release (FY2021–22), FY2023 release (FY2023), FY2025 release (FY2024–25).
Per-share data (EUR)
FY2021 underlying EPS not presented in sources reviewed. Note: FY2025 release shows FY2024 reported EPS as €4.55 in narrative and €4.56 in tables; table value used.
Margins (%)
FY2022 underlying gross margin on a restated continuing basis was 15.0% (FY2023 release). FY2025 normalized ETR c.24% per company.
Growth
FY2023 growth versus restated FY2022 (continuing). Revenue CAGR FY2021–FY2025: −6.5% (computed). On a restated continuing basis FY2022–FY2025 CAGR is −9.5% (computed), of which a large share is input-cost deflation pass-through, currency and portfolio exits rather than volume.
Commentary. The five-year arc is a classic commodity-linked converter cycle overlaid with deliberate portfolio pruning. FY2021 benefited from tailwinds (inventory revaluation gains, strong demand, a €34m one-time tax-credit recovery in the Brazilian JVs). FY2022 sales hit a record on price pass-through, but margins diluted because cost inflation was passed on at zero margin. From FY2023, input-cost deflation and lower volumes shrank revenue, yet management lifted margins via mix and cost (FY2023 EBITu 9.0%). FY2024–25 brought genuine end-market weakness (European tires, construction, hydrogen), tariff disruption and currency headwinds; EBITu margin slid to 8.0% despite €40m overhead and €39m operational savings in 2025. The FY2025 reported earnings collapse (EPS €1.33) reflects €162m one-offs, of which only €8m was cash, including a €57m non-cash recycling of Venezuelan currency translation losses.
Balance sheet
FY2022 net debt restated (excl. Chile/Peru): €380m; FY2022 working capital restated: €676m. Off-balance-sheet factoring: €225m (FY2021), €268m (FY2022), €232m (FY2023), €221m (FY2024), €210m (FY2025). Including factoring, FY2025 net debt would be €390m (0.83x EBITDAu) per company footnote.
Cash flow
FY2021 treasury share line was a net inflow of €17m (option exercises), shown as negative outflow. Company FCF = operating cash flow − capex + dividends received − net interest.
Ratios
Notes: ROE FY2021–23 computed (result/average equity); FY2024–25 company-reported (new definition). ROA computed on year-end assets. ROCE FY2024–25 per new average-capital definition. Company-reported EBIT interest cover: 18.3x (FY2024), 5.9x (FY2025) using adjusted net interest. Working capital on sales: FY2021–23 average basis; FY2024–25 based on Q4 annualized sales — not strictly comparable. ROIC: not publicly disclosed; ROCE is the company's equivalent. Cash conversion cycle: not publicly disclosed (days metrics not reported); working capital/sales used as proxy. Payout on FY2025 underlying EPS: 43% (computed).
Trend commentary by block
Profitability: EBITu margin has held within 8.0–10.6% through a violent input-price cycle — evidence of pass-through discipline — but has not reached the 9–11% "through-the-cycle" band since FY2023, and the >10% from-2026 CMD target has been deferred.
Balance sheet: Gross debt fell from €1,236m (FY2022) to €716m (FY2025) through Schuldschein repayments (€189m in 2023; €111m in 2025). Equity ratio rose to 55%. The €200m 2.75% bond maturing 25 Oct 2026 sits in current debt; year-end FY2025 cash of €527m comfortably covers it.
Cash flow: FCF has been resilient (€190–314m) and FY2025 was a record at €314m, aided by a €66m working capital release and lower capex. H1 2026 FCF fell to €55m as working capital rebuilt and the Bridgestone plants were integrated.
Shareholder returns: Over FY2022–FY2025 Bekaert paid c.€393m in dividends and spent c.€320m net on buybacks (computed from cash flow statements), shrinking shares from 60.45m (FY2021) to 51.32m (FY2025).
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Segment Overview
| Segment | Contents | FY2025 share of consolidated sales |
|---|---|---|
Rubber Reinforcement (RR) | Steel tire cord, bead wire, related tire reinforcement products | 44% |
Steel Wire Solutions (SWS) | Wires for energy & utilities, agriculture, construction, automotive, industrial | 27% |
Bridon-Bekaert Ropes Group (BBRG) | Steel wire ropes, synthetic ropes (incl. BEXCO, Flintstone), Advanced Cords | 14% |
Specialty Businesses (SB) | Sustainable Construction (Dramix®), Hose & Conveyor Belts, Combustion Technologies, Fiber Technologies, ultra-fine wires, Hydrogen (Currento®) | 15% |
Revenue by Segment
| Segment (EUR Mn) | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
Rubber Reinforcement sales | 2,198 | 1,881 | 1,703 | 1,614 |
Steel Wire Solutions sales | 1,427 | 1,169 | 1,068 | 1,018 |
Specialty Businesses sales | 772 | 677 | 630 | 550 |
BBRG sales | 585 | 589 | 552 | 518 |
Group total sales | 5,004 | 4,328 | 3,958 | 3,706 |
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View Subscription PlansSegment EBITu (EUR Mn)
| Segment EBITu (EUR Mn) | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
Rubber Reinforcement EBITu | 179 | 184 | 150 | 142 |
Steel Wire Solutions EBITu | 100 | 90 | 114 | 101 |
Specialty Businesses EBITu | 132 | 112 | 88 | 47 |
BBRG EBITu | 60 | 73 | 50 | 45 |
Group EBITu | 410 | 388 | 348 | 297 |
Segment EBITu margin (%)
| Segment EBITu margin (%) | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
Rubber Reinforcement | 8.0 | 9.6 | 8.7 | 8.6 |
Steel Wire Solutions | 6.8 | 7.5 | 10.4 | 9.7 |
Specialty Businesses | 16.7 | 16.2 | 13.8 | 8.4 |
BBRG | 10.3 | 12.3 | 9.0 | 8.7 |
Group | 8.2 | 9.0 | 8.8 | 8.0 |
Segment EBITDAu margin (%)
| Segment EBITDAu margin (%) | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
Rubber Reinforcement | 12.1 | 14.0 | 13.5 | 13.2 |
Steel Wire Solutions | 9.2 | 10.2 | 13.1 | 12.7 |
Specialty Businesses | 19.5 | 19.6 | 17.2 | 13.0 |
BBRG | 16.0 | 17.4 | 15.0 | 15.2 |
Segment reported EBIT (EUR Mn)
| Segment reported EBIT (EUR Mn) | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
Rubber Reinforcement | 111 | 156 | 132 | 102 |
Steel Wire Solutions | 98 | 75 | 110 | 51 |
Specialty Businesses | 131 | 104 | 73 | -15 |
BBRG | 39 | 72 | 42 | 31 |
Revenue by Segment (%)
| Segment ROCEu (%) | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
Rubber Reinforcement | 15.6 | 17.0 | 14.3 | 14.1 |
Steel Wire Solutions | 25.5 | 21.8 | 28.2 | 27.5 |
Specialty Businesses | 44.7 | 32.5 | 23.2 | 12.9 |
BBRG | 12.9 | 14.5 | 9.2 | 8.3 |
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View Subscription PlansSegment capex (EUR Mn)
| Segment capex (EUR Mn) | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
Rubber Reinforcement | 75 | 82 | 84 | 61 |
Steel Wire Solutions | 32 | 33 | 35 | 33 |
Specialty Businesses | 24 | 40 | 46 | 24 |
BBRG | 34 | 37 | 23 | 18 |
Segment YoY growth (%)
| Segment YoY growth (%) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Rubber Reinforcement | -14.4 | -9.5 | -5.2 |
Steel Wire Solutions | -18.1 | -8.6 | -4.7 |
Specialty Businesses | -12.3 | -6.9 | -12.7 |
BBRG | 0.6 | -6.3 | -6.2 |
Segment share (%)
| Segment share (%) | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
Rubber Reinforcement | 44 | 43 | 43 | 44 |
Steel Wire Solutions | 29 | 27 | 27 | 27 |
Specialty Businesses | 15 | 16 | 16 | 15 |
BBRG | 12 | 14 | 14 | 14 |
Revenue by Segment (Quarterly)
| Segment (EUR Mn) | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 |
|---|---|---|---|---|
Rubber Reinforcement | 429 | 403 | 393 | 389 |
Steel Wire Solutions | 280 | 285 | 227 | 226 |
BBRG | 141 | 132 | 120 | 125 |
Specialty Businesses | 139 | 141 | 138 | 131 |
Group total | 991 | 962 | 880 | 873 |
Revenue by Segment (%) and Segment Margins & Growth (%)
| Metric (EUR Mn unless %) | H1 2025 | H1 2026 |
|---|---|---|
Consolidated sales | 1,953 | 1,864 |
EBITDAu | 259 | 237 |
EBITDAu margin (%) | 13.3 | 12.7 |
EBITu | 171 | 155 |
EBITu margin (%) | 8.8 | 8.3 |
Free cash flow | 123 | 55 |
Net debt (period end) | 327 | 367 |
Underlying EPS (EUR) | 2.68 | 2.33 |
Reported EPS (EUR) | 1.59 | 1.93 |
Income Statement
| Metric (EUR Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue | 4,840 | 5,652 | 4,328 | 3,958 | 3,706 |
Gross profit (reported) | 886 | 772 | 705 | 655 | 482 |
Gross profit (underlying) | 903 | 856 | 745 | 684 | 592 |
EBIT (reported) | 511 | 366 | 334 | 296 | 135 |
EBIT underlying (EBITu) | 512 | 459 | 388 | 348 | 297 |
One-off items | -2 | -93 | -54 | -52 | -162 |
EBITDA (reported) | 675 | 626 | 523 | 457 | 406 |
EBITDA underlying (EBITDAu) | 686 | 654 | 561 | 520 | 469 |
Pre-tax income | 474 | 316 | 268 | 258 | 86 |
Income taxes | -134 | -81 | -62 | -63 | -59 |
Share in results of JVs and associates | 108 | 54 | 47 | 49 | 38 |
Result for the period | 448 | 289 | 253 | 244 | 65 |
Net income attributable to Bekaert shareholders | 404 | 269 | 255 | 239 | 67 |
R&D expense (P&L) | 60 | 62 | 57 | 57 | 59 |
Per-Share Data
| Metric (EUR per share) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
EPS basic | 7.09 | 4.78 | 4.75 | 4.56 | 1.33 |
EPS diluted | 7.01 | 4.74 | 4.72 | 4.55 | 1.33 |
Dividend per share (for fiscal year) | 1.50 | 1.65 | 1.80 | 1.90 | 1.95 |
Book value per share | 32.53 | 35.45 | 38.59 | 41.60 | 40.19 |
Share price at 31 Dec | 39.14 | 36.28 | 46.52 | 33.46 | 37.90 |
Per-Share Data (FY2022–FY2025)
| Metric (EUR per share) | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
Underlying EPS basic (continuing) | 6.15 | 5.76 | 5.55 | 4.52 |
Margin Analysis (%)
| Metric (%) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross margin (reported) | 18.3 | 13.7 | 16.3 | 16.6 | 13.0 |
Gross margin (underlying) | 18.7 | 15.1 | 17.2 | 17.3 | 16.0 |
EBITu margin | 10.6 | 8.1 | 9.0 | 8.8 | 8.0 |
EBIT margin (reported) | 10.6 | 6.5 | 7.7 | 7.5 | 3.6 |
EBITDAu margin | 14.2 | 11.6 | 13.0 | 13.1 | 12.7 |
EBITDA margin (reported) | 13.9 | 11.1 | 12.1 | 11.6 | 10.9 |
Net margin (attributable) | 8.3 | 4.8 | 5.9 | 6.0 | 1.8 |
Effective tax rate (computed) | 28.2 | 25.6 | 23.2 | 24.4 | 69.1 |
Margin Analysis (%) (FY2022–FY2025)
| Metric (%) | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
Revenue growth YoY (as reported basis) | 16.8 | -13.5 | -8.6 | -6.4 |
EBITu growth YoY | -10.5 | -5.3 | -10.3 | -14.7 |
Balance Sheet
| Metric (EUR Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets | 4,839 | 4,829 | 4,081 | 4,162 | 3,802 |
Cash and cash equivalents | 677 | 728 | 632 | 504 | 527 |
Short-term deposits | 80 | 5 | 1 | 2 | 1 |
Interest-bearing debt current (incl. leases) | 238 | 501 | 252 | 306 | 344 |
Interest-bearing debt non-current (incl. leases) | 954 | 735 | 647 | 496 | 372 |
Total interest-bearing debt | 1,191 | 1,236 | 899 | 802 | 716 |
Net debt (company APM) | 417 | 487 | 254 | 283 | 180 |
Total equity | 2,098 | 2,230 | 2,166 | 2,312 | 2,097 |
Equity attributable to shareholders | 1,967 | 2,093 | 2,113 | 2,258 | 2,062 |
Goodwill | 151 | 153 | 152 | 166 | 165 |
Intangible assets | 57 | 62 | 69 | 93 | 93 |
Operating working capital | 678 | 850 | 641 | 653 | 524 |
Inventories | 1,121 | 1,143 | 789 | 834 | 735 |
Investments in JVs and associates | 189 | 222 | 224 | 189 | 180 |
Cash Flow
| Metric (EUR Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Operating cash flow | 380 | 340 | 440 | 374 | 450 |
Capex PP&E (cash) | 144 | 170 | 191 | 196 | 139 |
Capex intangibles (cash) | 9 | 15 | 19 | 26 | 30 |
Free cash flow (company definition) | 221 | 190 | 267 | 193 | 314 |
Dividends received from JVs | 25 | 68 | 60 | 51 | 48 |
Gross dividends paid | 64 | 105 | 94 | 94 | 100 |
Net treasury share cash outflow (buybacks net) | -17 | 97 | 99 | 30 | 94 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
ROE (%) | 24.7 | 13.4 | 11.5 | 10.9 | 2.9 |
ROA (%) | 9.3 | 6.0 | 6.2 | 5.9 | 1.7 |
ROCE underlying (%) | 23.6 | 19.5 | 18.2 | 15.9 | 14.1 |
ROCE reported (%) | 23.6 | 15.5 | 15.7 | 13.5 | 6.4 |
Current ratio (x) | 1.76 | 1.66 | 1.91 | 1.72 | 1.62 |
Gross debt to equity (x) | 0.57 | 0.55 | 0.42 | 0.35 | 0.34 |
Net gearing (%) | 19.9 | 21.8 | 11.7 | 12.2 | 8.6 |
Net debt to EBITDAu (x) | 0.61 | 0.74 | 0.45 | 0.54 | 0.38 |
EBIT interest coverage (x, computed) | 12.4 | 9.6 | 12.3 | 15.0 | 6.4 |
Asset turnover (x) | 1.00 | 1.17 | 1.06 | 0.95 | 0.97 |
Equity to total assets (%) | 43.3 | 46.2 | 53.1 | 55.5 | 55.2 |
Working capital on sales (%) | 12.6 | 13.5 | 15.2 | 17.3 | 15.0 |
Dividend payout on reported EPS (%) | 21.2 | 34.5 | 37.9 | 41.7 | 146.6 |
Revenue by Region
| Metric (EUR Mn) | FY2022 | FY2023 | FY2025 |
|---|---|---|---|
Brazil JV sales total | 1,220 | 1,019 | 802 |
Brazil RR JV sales | 269 | 189 | 148 |
Brazil SWS JV sales | 950 | 830 | 654 |
Revenue by Region (FY2021–FY2023)
| Metric (EUR Mn) | FY2021 | FY2022 | FY2023 |
|---|---|---|---|
Share in results of JVs and associates | 108 | 54 | 47 |
Revenue by Region (FY2021–FY2024)
| Metric (EUR Mn) | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
Combined sales | 5,854 | 6,858 | 5,347 | 4,900 |
Region Overview
| Region | Trend FY2024–H1 2026 | Drivers |
|---|---|---|
China | Fastest-growing for RR | Robust tire demand, especially EV cars/trucks/buses; high plant utilization; Bridgestone Shenyang plant added 2026 |
North America | Growing in SWS and SB | Double-digit E&U volume growth (power and data transmission) in 2025; Dramix® data-center flooring recovery H2 2025–H1 2026; tariffs delayed raw-material pass-through |
India | Mixed | RR capacity investment; Dramix® adoption growth; RR volumes lower in 2025 |
Middle East | Growing (SB) | Steel-fiber adoption; EMSTEEL partnership in UAE |
Europe | Declining / weak | Weak truck tire markets, flooring competition, mining weakness; project delays in transmission wire (H1 2026) |
Latin America | Shrinking by design | Exit of Chile/Peru (2023) and Costa Rica/Ecuador/Venezuela (2025); after disposal c.4% of sales in Latin America (H1 2025 presentation) |
Brazil (JVs) | Declining | Increased Asian tire and wire imports |
Share Price and Share Count (millions)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Share price at 31 Dec (EUR) | 39.14 | 36.28 | 46.52 | 33.46 | 37.90 |
Shares existing at 31 Dec (millions) | 60.45 | 59.03 | 54.75 | 54.29 | 51.32 |
Valuation Snapshot
| Multiple | Value | Basis |
|---|---|---|
Market cap (ex-treasury) | c.€1.89bn | Computed |
Enterprise value | c.€2.3bn | Market cap + H1 2026 net debt €367m + minorities €35m (computed); GuruFocus cites €2.30bn |
P/E (FY2025 underlying EPS €4.52) | c.8.7x | Computed |
P/E (FY2025 reported EPS €1.33) | c.29.7x | Computed |
P/E 2026e / 2027e | 10.3x / 9.1x | MarketScreener consensus (late Sep 2026) |
EV/EBITDAu (FY2025) | c.4.9x | Computed |
EV/Sales (FY2025) | c.0.62x | Computed; MarketScreener 2026e 0.57x |
P/B (FY2025 BVPS €40.19) | c.0.98x | Computed |
Dividend yield (€1.95) | c.4.9% | Computed |
Per-Share Data and Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross dividend per share (EUR) | 1.50 | 1.65 | 1.80 | 1.90 | 1.95 |
Dividend growth (%) | 50.0 | 10.0 | 9.1 | 5.6 | 2.6 |
Capital Programmes
| Program | Period | Size | Execution |
|---|---|---|---|
Program 1 | 2022–Feb 2023 | Up to €120m | 3,488,344 shares for €117.3m; cancelled |
Program 2 | Mar 2023–Feb 2024 | Up to €120m | 2,703,331 shares for €115.5m |
Program 3 | Nov 2024–c.Nov 2026 | Up to €200m | €124m (c.3.5m shares) by Feb 2026; €165m by 30 Jul 2026; final €75m tranche from 26 Feb 2026 |
Capital Instruments
| Instrument | Amount | Coupon | Maturity |
|---|---|---|---|
Senior bond (BE0002673540) | €200m | 2.75% fixed | 25 Oct 2026 |
Schuldschein loans (remaining) | n/v (€111m repaid 2025; €189m repaid 2023) | n/v | n/v |
Lease liabilities | €95m (FY2025) | — | Various |
Total financial debt (FY2025) | €716m | — | Current €344m; non-current €372m |
Analyst Conclusions
Management guidance
FY2026 (30 Jul 2026): like-for-like sales similar to 2025; underlying EBIT margin slightly below 2025 (8.0%). Pass-through mechanisms expected to support revenue while largely preserving EBITu contribution; solid H2 2026 pipeline (Sustainable Construction, power & data transmission). Geopolitical uncertainty expected to persist.
Consensus
MarketScreener-implied consensus (late Sep 2026): P/E 10.3x 2026e and 9.1x 2027e, implying c.13% EPS growth in 2027 (computed from multiples); dividend yield expectations c.5.3% (2026e).
Bull case
-
Cash-flow compounding at a single-digit P/E: FCF of €190–314m p.a. (FY2021–FY2025) on a c.€1.9bn market cap implies a 10–16% FCF yield; leverage at 0.38–0.82x leaves room for continued buybacks and growing dividends.
-
Growth vectors are real and visible: North American E&U volumes grew double digits in 2025, data-center flooring drove SB recovery in H1 2026 (segment EBIT reportedly +77%), and offshore mooring booked record contracts.
-
Self-help plus consolidation: €79m of structural savings in 2025, the Bridgestone template (captive-capacity outsourcing), and a CEO with an M&A track record could restore the 9–10% EBITu band as volumes recover.
Bear case
-
Structural decline in the core: revenue fell for three consecutive years; European tire and rope markets face import pressure and high costs (Sardinia, Figline, Doncaster exits), and the Brazil JVs are losing to imports.
-
Credibility gap: the 2022–26 targets (9–11% EBITu) and CMD 2023 targets (>10% EBITu, >5% growth) have been missed or deferred; FY2026 margin is guided below 8%.
-
"One-offs" are recurring: €413m of one-off charges FY2022–FY2025 (computed), BBRG operational problems, and hydrogen write-downs suggest capital allocation has destroyed value in growth platforms.
Catalysts and monitorables (next 12 months)
| Timing | Catalyst |
|---|---|
| 25 Oct 2026 | €200m bond repayment/refinancing |
| Oct 2026 | Closing of Sardinia site transfer; labor negotiations |
| 27 Nov 2026 | Q3 2026 trading update — check H2 volume pickup and margin vs "slightly below 8%" |
| Late 2026 | Completion of €200m buyback (€35m left after July); decision on new program |
| Feb 2027 | FY2026 results; FY2027 guidance; dividend (track progressive policy) |
| 2026–2027 | Biebuyck strategy update / possible CMD; portfolio actions (BBRG, SB sub-segments) |
| Ongoing | EU SMAP/CBAM implementation; US tariff policy; Middle East input costs |
| Ongoing | Brazil JV import pressure; China tire demand; data-center construction pipeline |
Analyst verdict
Bekaert today is a financially sound but strategically unresolved industrial. The numbers tell a consistent story: the company has proven it can defend a mid-to-high single-digit underlying margin and convert earnings into cash through a brutal input-price cycle, a shrinking Latin American footprint and soft European demand. Net debt of €180m at end-2025, a 55% equity ratio and €314m of free cash flow are the hallmarks of a business that does not need to take risks to survive. At roughly 9x underlying earnings, under 5x EV/EBITDA and below book value, the market is pricing Bekaert as an ex-growth converter.
The problem is that the growth strategy articulated in 2022–2023 has not worked as advertised. Hydrogen has been impaired, Specialty Businesses margins halved, BBRG has slipped operationally, and every medium-term margin target has been deferred. The revenue base is a third smaller than in 2022, and the core tire cord business faces persistent import and cost pressure in Europe and Brazil. The appointment of a third CEO in three years, explicitly chosen for his record of organic and acquisitive growth, signals that the reference shareholder recognizes the need for a sharper portfolio strategy.
Our synthesis: the downside appears cushioned by the balance sheet, a near-5% dividend yield and a near-complete €200m buyback, while upside depends on execution in three identifiable pockets — North American power and data transmission wire, data-center-driven Dramix® demand, and offshore mooring — plus disciplined consolidation in tire cord along the Bridgestone template. The key near-term tests are the Q3 2026 update (27 Nov), the handling of the October 2026 bond, and the content of Olivier Biebuyck's first strategic plan. Until a credible path back to a 9–10% underlying margin is demonstrated, Bekaert is best characterized as a cash-yield story with embedded, but unproven, restructuring optionality.
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Executive Leadership Team
| Name | Title | Tenure | Prior roles / background | Education | Age |
|---|---|---|---|---|---|
Olivier Biebuyck | CEO; co-opted Director | Since 1 Jun 2026 | Senior executive at ESAB Corporation (welding/cutting); previously Honeywell and Lafarge | Solvay Brussels School of Economics and Management | 56 (MarketScreener; n/v) |
Seppo Parvi | CFO | Since 2024 (succeeded Taoufiq Boussaid, who was CFO at H1 2024) | n/v | n/v | n/v |
François Desné | Divisional CEO, Bridon-Bekaert Ropes Group | At least since 2024 | n/v | n/v | n/v |
Dries Van Hamme | Head of Investor Relations | Current | — | — | — |
Board & Management Changes
| Date | Change | Context |
|---|---|---|
1 Sep 2023 | Yves Kerstens appointed CEO, succeeding Oswald Schmid | Board used arrival as catalyst to review capital allocation; buyback paused Mar 2024 |
| 2024 | Seppo Parvi succeeds Taoufiq Boussaid as CFO | — |
8 May 2026 | Biebuyck appointment announced; Kerstens to leave 31 May 2026 | Kerstens served less than three years; shares fell c.2% on the day (Zonebourse) |
1 Jun 2026 | Biebuyck takes office | Board cites experience growing industrial businesses organically and via acquisitions |
Board of Directors
| Name | Role | Status | Term / note |
|---|---|---|---|
Jürgen Tinggren | Chairman | Independent status n/v | Chair at least since 2022 |
Olivier Biebuyck | CEO, Director | Executive | Co-opted 1 Jun 2026 |
Henriette Fenger Ellekrog | Director | Independent | Reappointed to AGM 2029 |
Eriikka Söderström | Director | Independent | Reappointed to AGM 2029 |
Toralf Haag | Director | Independent | Reappointed to AGM 2030 |
Nicolas D'heygere | Director | Non-independent (reference-shareholder linked, n/v) | Reappointed to AGM 2030 |
Christophe Jacobs van Merlen | Director | n/v | Reappointed to AGM 2028 |
Emilie van de Walle de Ghelcke | Director | n/v | Reappointed to AGM 2028 |
Henri Jean Velge | Director | n/v | Reappointed to AGM 2028 |
Major Shareholders
| Holder | Shares / voting rights | % | Source |
|---|---|---|---|
Stichting Administratiekantoor Bekaert (STAK), Breda (NL) | 17,558,786 | c.35.1% (computed on c.50.0m shares); 33.87% at 24 Sep 2025 notification | Transparency notifications 2025 |
NV Bekaert SA (treasury) | 2,151,258 | 4.30% (2 Sep 2026) | Buyback update |
Free float | — | c.57.6% (MarketScreener) | Third-party |
Competitive Landscape
Competitors by Segment
| Segment | Named competitors | Relative positioning |
|---|---|---|
Rubber Reinforcement | Jiangsu Xingda Steel Tyre Cord (CN); Shandong Daye (CN); Hyosung Advanced Materials (KR); Kiswire (KR); Tokusen (JP); Sumitomo Electric (JP); tire makers' captive plants (declining, e.g., Bridgestone's sale to Bekaert) | Bekaert is the long-standing global leader with the broadest footprint; Chinese producers compete aggressively on price, especially in Asia |
Steel Wire Solutions | ArcelorMittal (wire solutions); Insteel Industries (US); Davis Wire/other regional players; local wire drawers | Bekaert differentiates in high-tensile E&U and subsea armoring; commoditized segments exited |
BBRG | WireCo WorldGroup (US, private; incl. Casar); Teufelberger (AT, private); Kiswire; Samson Rope; Lankhorst Ropes | Strong in mining and offshore; steel ropes operationally challenged |
Specialty – construction | ArcelorMittal steel fibres; Krampe Harex (DE); Sika (synthetic fibres); Chinese fiber producers | Dramix® is the reference brand in steel-fiber concrete |
Specialty – hydrogen PTL | Mott Corporation; GKN Powder Metallurgy; Toho Titanium; Melicon | Bekaert an early leader; market delayed |
Specialty – filtration/fibers | Nippon Seisen; other metal-fiber producers | Niche positions |
Peer Comparison FY2025
| Attribute | Bekaert (FY2025) | Chinese tire cord peers | Integrated steelmakers' wire units | Private rope specialists |
|---|---|---|---|---|
Revenue (EUR Mn) | 3,706 | n/v | n/v | n/v |
Growth (%) | -6.4 | n/v | n/v | n/v |
EBITu margin (%) | 8.0 | n/v | n/v | n/v |
R&D intensity (% sales) | 1.6 | n/v | n/v | n/v |
Global footprint | Broad (Europe, Americas, Asia) | Asia-centric | Regional | Global niche |
