{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2024-03-27/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "scheme": "http://standards.iso.org/iso/17442", "vsvs": "http://www.vesuvius.com/20251231", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "http://www.vesuvius.com/xbrl/2025/213800ORZ521W585SY02-2025-12-31.xsd" ] }, "facts": { "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00308": { "value": "Vesuvius is a global leader in molten metal \ufb02ow engineering and technology, providing high-technology products and solutions to industrial customers who operate in challenging high-temperature conditions.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00396": { "value": "Annual Report on Directors\u2019 Remuneration
Executive Directors\u2019 remuneration in the year ahead
The table below sets out the phasing of receipt of the various elements of Executive Director remuneration for 2026.
\n \n
2026
2027
2028
2029
2030
2031
Description and link to strategy
S
Base salary
Salaries are set at an appropriate level to enable the Company
to recruit and retain key employees, and re\ufb02ect the individual\u2019s
experience, role and contribution within the Company.
B
Bene\ufb01ts
Provides normal market practice bene\ufb01ts.
P
Pension
The pension bene\ufb01t helps to recruit and retain key employees
and ensures income in retirement.
AI
Annual
The Annual Incentive incentivises the Executive Directors
Incentive
to achieve key short-term \ufb01nancial and strategic targets of
the Group.
AI
Deferred
The deferral of a portion of the Annual Incentive increases
Annual
alignment with shareholders.
Incentive
VSP
Vesuvius
Holding
Awards under the Vesuvius Share Plan align Executive
Share Plan
period
Directors\u2019 interests with those of shareholders through the
delivery of shares and assist in the retention of the Executive
Directors. The VSP rewards the Executive Directors for
achieving the strategic objectives of growth in shareholder
value and earnings and of our three priority long-term
ESG targets.
The table below sets out how the Remuneration Policy will be applied to the Executive Directors\u2019 remuneration for 2026. Further details
\n
about each of the elements of remuneration are set out in the Remuneration Policy.
\n
S
\n
Base salary
\n
Patrick Andr\u00e9
\n
\u00a3794,300
\n
Mark Collis
\n
\u00a3477,800
\n
2025: \u00a3778,680
2025: \u00a3455,000
\n
As explained in the Committee
\n
Chair\u2019s Introductory Statement to
\n
this Directors\u2019 Remuneration
\n
Report, the Chief Executive was
\n
awarded a 2% increase, e\ufb00ective
\n
1 January 2026.
\n
As explained in the Committee
\n
Chair\u2019s Introductory Statement
\n
to this Directors\u2019 Remuneration
\n
Report, the CFO was awarded
\n
a 5% increase, e\ufb00ective
\n
1 January 2026.
\n
B
\n
Bene\ufb01ts
\n
Bene\ufb01ts for Executive
\n
Directors may include:
\n
\u2013
Car allowance
\n
\u2013
Private medical care
\n
\u2013
Relocation expenses
\n
\u2013
Tax advice and tax
\n
reimbursement
\n
\u2013
Commuting costs
\n
\u2013
School fees
\n
\u2013
Directors\u2019 spouses\u2019 travel
\n
\u2013
Administrative expenses
\n
P
\n
Pension
\n
17% of base salary, in line with the average received by the majority of the global workforce.
\n
AI
\n
Annual Incentive
\n
Annual Incentive potential for
\n
Patrick Andr\u00e9, maximum value
175%
\n
of base salary
Annual Incentive potential for
\n
Mark Collis, maximum value
150%
\n
of base salary
\n
For 2026, the maximum Annual Incentive potential for Patrick Andr\u00e9 will remain at the level previously available, i.e. 175% of base
\n
salary with target Annual Incentive potential being 87.5% of base salary for the achievement of target performance in all elements.
\n
For Mark Collis, the potential will also remain at the level previously available, i.e. 75% at target, and 150% at maximum. Payouts will
\n
commence and increase incrementally from 0% once the threshold performance for any of the elements has been met. As detailed
\n
in the Chair\u2019s Introductory Statement to this Directors\u2019 Remuneration Report, the performance ranges that will apply to the 2026
\n
\ufb01nancial targets have been re-calibrated vis-\u00e0-vis the approach taken in prior years to better re\ufb02ect our focus on growth in 2026 at the
\n
same time as recognising the need to set a realistic but stretching incentive in the context of highly cyclical end-markets and current
\n
market conditions.
\n
33% of any Annual Incentive earned will be deferred into awards over shares, which will vest after a holding period of three years, except
\n
in cases of dismissal for cause. Subject to shareholder approval of our 2026 Remuneration Policy at the 2026 AGM, where shareholding
\n
requirements have been met, or exceeded, the Committee retains the discretion to reduce the deferral amount to 20% of any Annual
\n
Incentive earned, for a period of two years.
\n
These incentives are based 50% on Group Headline EPS, 30% on the Group\u2019s working capital to sales ratio (based on the 12-month
\n
moving average) and 20% on speci\ufb01ed personal objectives.
\n
The Company will not be disclosing the targets set until after the relevant performance period has ended because of commercial
\n
sensitivities. Targets will be set and performance assessed so as to exclude approved restructuring costs and any unbudgeted
\n
M&A costs.
\n
The personal objectives for 2026 are focused on long-term strategic objectives or are job-speci\ufb01c in nature and track performance
\n
against the Group\u2019s key strategic, organisational and operational goals with a speci\ufb01c focus on ESG outcomes.
\n\n \n
VSP
Vesuvius Share Plan
(VSP)
Patrick Andr\u00e9, maximum value
200%
of base salary
Share awards with a maximum value of 200% of salary will be
granted to Patrick Andr\u00e9 and, for Mark Collis a maximum value
of 150% of salary will be granted. The grant price for the awards
Mark Collis, maximum value
150%
of base salary
will be determined by reference to the average share price over
the 30 calendar days prior to grant.
Vesting of 40% of shares
awarded will be based upon the Company\u2019s TSR performance
relative to that of the constituent companies of the FTSE 250
(excluding Investment Trusts), 40% on post-tax return on invested
capital (ROIC) and 20% on ESG. Targets are set out overleaf.
Performance will be measured over three years with awards
vesting after three years. There will then be a further two-year
holding period applicable to the awards.
Targets for the VSP Awards for the year 2026
\n
Weighting
\n
40%
\n
TSR ranking relative to FTSE 250
\n
excluding Investment Trusts
\n\n \n
Vesting percentage
(of total LTIP)
Below median
0%
Median
10%
Between median and
Pro rata between
upper quintile
10% and 40%
Upper quintile and above
40%
\n
Weighting
\n
40%
\n
Post-tax ROIC
\n
1
\n\n \n
Average ROIC over
Vesting percentage
three-year
(of total LTIP)
2
performance period
Threshold and below
0%
11.0%
Maximum
40%
14.5%
\n
1.
ROIC is de\ufb01ned as Net Operating Pro\ufb01t After Tax (NOPAT), divided by invested
\n
capital (IC). NOPAT is de\ufb01ned as Group trading pro\ufb01t, plus post-tax share of JV
\n
results, less amortisation of intangible assets calculated as an average over the
\n
target period. (The inclusion of amortisation charges serves to reduce the
\n
calculation of ROIC returns though we believe this to be the most appropriate
\n
de\ufb01nition.) Invested capital is de\ufb01ned as total assets excluding cash and
\n
non-interest-bearing liabilities, less the goodwill and intangibles that arose
\n
under IFRS 3 in respect of the Foseco acquisition in 2008, calculated as the
\n
average of IC at the start and the end of the target period at constant currency.
\n
2.
Vesting between these points will be on a straight-line basis.
\n
Weighting
\n
20%
\n
Environment, Social and Governance
\n
Safety: Average Lost Time Injury Frequency Rate (LTIFR)\u00b9
\n
2026-2028
\n\n \n
Vesting percentage
(of total LTIP)
2
Range
Threshold and below
0%
0.80
Maximum
5%
0.50
\n
Energy: CO
\n
2
\n
e: Reduction in Scope 1 and 2 CO
\n
2
\n
e emission intensity
\n
excluding the dolime process (vs 2019 baseline) in 2028\u00b3
\n\n \n
Vesting percentage
(of total LTIP)
2
Range
Threshold and below
0%
-46%
Maximum
10%
-50%
\n
Diversity: Gender diversity in Senior Leadership Group\u2074 on
\n
31 Dec 2028
\n\n \n
Vesting percentage
(of total LTIP)
2
Range
Threshold and below
0%
21%
Maximum
5%
24%
\n
1.
LTIFR is the Lost Time Injury Frequency Rate, based on the number of lost time
\n
injuries that occur during the performance period per million hours worked.
\n
2.
Straight-line vesting between threshold and maximum.
\n
3. Reduction of CO
\n
2
\n
e emissions per metric tonne of product packed for shipment.
\n
4.
Senior Leadership Group is de\ufb01ned as the Group Executive Committee plus the
\n
most senior Vesuvius managers worldwide, in terms of their contribution to the
\n
Group\u2019s overall results and to the execution of the Group\u2019s strategy.
\n
Explaining the ROIC target range
\n
The Committee has considered the Group strategy over the
\n
period, market conditions, and historic and current estimates
\n
of WACC provided by our \ufb01nancial advisers in determining the
\n
target range. The ROIC target excludes goodwill and intangibles
\n
that arose upon the historic acquisition of Foseco in 2008, as the
\n
Committee believes that this approach removes the distortive
\n
e\ufb00ects of that acquisition, and provides a clearer measure of
\n
management performance. This measure is one of the
\n
Company\u2019s KPIs, as set out on page 17.
The targets have been set,
\n
and performance will be assessed, excluding approved
\n
restructuring costs. The threshold payout level remains at 0% this
\n
year, but may change for future awards.
\n
As detailed in the Chair\u2019s Introductory Statement to this Directors\u2019
\n
Remuneration Report, the 2026 awards ROIC targets have been
\n
re-calibrated vis-a-vis the approach taken in 2025 having had
\n
regard to the \ufb01nancial information noted above as well as
\n
reviewing the performance achieved in 2025 and forecast market
\n
conditions for the next three-year period. In this context, the range
\n
set is considered to achieve the objective of setting a realistic but
\n
stretching incentive in our business context, with the targets
\n
viewed as being at least as challenging as those set in 2025 given
\n
where we are in the business cycle.
\n
Adjustments to the ROIC target range may be required should
\n
the Board approve certain mergers, acquisitions or disposals.
\n
For any such event that requires Board approval then
\n
management will assess the potential impact on ROIC as part
\n
of their broader submission, and the Committee will determine
\n
whether any adjustment to targets should be made. In general,
\n
the Committee will have regard to the materiality of the event
\n
and the timing in the life of the award cycle. The intention will
\n
be to maintain fair, stretching but achievable targets, whilst not
\n
providing a disincentive to management to bring forward
\n
proposals for mergers, acquisitions or disposals that are in the
\n
Company\u2019s interest.
\n
Explaining the ESG metrics
\n
The Environment, Social and Governance targets for the 2026
\n
awards represent key strategic priorities for the management
\n
team as well as the Board.
\n
Safety continues to be of paramount cultural importance to
\n
Vesuvius and progressive improvement has been made in
\n
recent years. The targets are considered stretching in the
\n
context of an operationally challenging environment with many
\n
employees working remotely at customer sites and noting that,
\n
the better our performance outcome, the exponentially harder it is
\n
to make further progress. Lost Time Injury Frequency Rate is a
\n
recognised metric, and is measured per million hours worked.
\n
Energy \u2013 the reduction in Scope 1 and 2 emissions is a key feature
\n
of the Company\u2019s sustainability strategy (see pages 36 to 56) and
\n
as such a measure of CO
\n
2
\n
e emission intensity is used (CO
\n
2
\n
e
\n
emissions per tonne of product packed for shipment). Baseline
\n
and current emissions have been veri\ufb01ed by Carbon Footprint Ltd.
\n
The targets have been set relative to the 2025 outturn of -46%
\n
(versus the 2019 baseline) which, as outlined on page 53, re\ufb02ected
\n
actual performance excluding the dolime process.
\n
Diversity \u2013 a focus on gender diversity has seen improvements in
\n
the Senior Leadership Group of c. 150 individuals in recent years.
\n
The Committee notes that the market for female talent in the
\n
sector remains extremely tight and, following a review of
\n
estimated market talent pipelines in our industry, it believes
\n
that the target range is appropriately stretching.
Single total \ufb01gure table \u2013 audited
\n
The table below sets out the total remuneration received by Executive Directors in the \ufb01nancial year under review:
\n\n \n
Patrick Andr\u00e9
Mark Collis
2025
2024
2025
2024
(\u00a3000)
(\u00a3000)
(\u00a3000)
(\u00a3000)
Total salary
779
756
455
441
Taxable bene\ufb01ts
1
53
78
28
27
Pension
2
132
129
77
75
Total \ufb01xed pay
3
964
963
561
543
Annual Incentive
4
288
483
145
240
Long-Term Incentives
5,6,7,8
449
963
180
\u2013
Buy-out awards
9,10
\u2013
\u2013
\u2013
14
Total variable pay
11
736
1,446
326
254
Total
12
1,700
2,409
886
797
\n
1.
Standard bene\ufb01ts for the Executive Directors include car allowance and private
\n
medical care. In 2024, Patrick Andr\u00e9 also received external professional services
\n
support, funded by the Company, in relation to clarifying his status and assessing
\n
his liabilities associated with the forthcoming implementation of the Foreign
\n
Income and Gains regime.
\n
2.
The pension \ufb01gures for 2024 and 2025 for Patrick Andr\u00e9 and Mark Collis
\n
represent the value of all cash allowances and contributions received in respect
\n
of pension bene\ufb01ts, at a rate of 17% of base salary, implemented in line with the
\n
Remuneration Policy from 1 January 2023. In 2024 and 2025, for both Patrick
\n
Andr\u00e9 and Mark Collis, pension bene\ufb01t comprised \u00a310,000 contribution into
\n
pension, with the remainder provided as a pension cash supplement.
\n
3.
The sum of total salary, taxable bene\ufb01ts and pension.
\n
4.
This \ufb01gure includes the Annual Incentive payments to be made to the Executive
\n
Directors in relation to the year under review. 33% of any Annual Incentive
\n
payments will be deferred into awards over shares, subject to a three-year
\n
vesting period, and subject to no further performance measures. See page 105
\n
for more details. Leaver and change of control provisions in relation to these
\n
shares are set out in the Policy on page 109.
\n
5.
The 2024 \ufb01gure represents the Performance Share awards granted to Patrick
\n
Andr\u00e9 in 2022 under the VSP, which vested in 2025.
\n
6.
The value of the 2024 Long-Term Incentive, relating to the Performance Share
\n
award granted to Patrick Andr\u00e9 under the VSP in 2022, is re\ufb02ective of a share
\n
price depreciation of 2.99% between the share price used at grant (402.0p),
\n
versus the vesting share price of 390.0p. The values also include dividend vesting
\n
at 67.35p per vested share.
\n
7.
The 2025 \ufb01gures represent the Performance Share awards granted to Patrick
\n
Andr\u00e9 and Mark Collis in 2023 under the VSP, which will vest in 2026.
\n
8.
The values of the 2025 Long-Term Incentive, relating to the Performance Share
\n
awards granted to Patrick Andr\u00e9 and Mark Collis under the VSP in 2023, are
\n
re\ufb02ective of a share price depreciation of 6.20% between the share price used at
\n
grant (405.0p), versus the Q4 2025 average share price (379.9p) used as a proxy
\n
for the vesting price. The values also include dividend vesting at 69.35p per
\n
vested share.
\n
9.
As detailed on page 126 of the 2023 Annual Report, Mark Collis received
\n
a one-o\ufb00 payment to compensate for the 2022 annual incentive payment
\n
forfeited when leaving his former employer, as well as a combination of
\n
Restricted Share awards and Performance Shares to compensate for forfeited
\n
equity incentives, which the Committee resolved to make in line with the
\n
Remuneration Policy.
\n
10.The \ufb01gure quoted here for 2024 comprises the two Performance Share awards,
\n
for which the performance period ended on 31 December 2023, but for which the
\n
vesting performance (aligned with that of Mark Collis\u2019s former employer) was not
\n
as yet known at the time of publication of the 2023 Annual Report. The awards,
\n
granted on 20 June 2023, comprised 23,820 shares due to vest at earliest on
\n
8 April 2024, and 5,955 shares due to vest at earliest on 9 March 2026, as detailed
\n
further on page 129 of the 2023 Annual Report. The resulting vesting performance
\n
of these awards, as detailed on page 142 of the John Wood Group plc 2023
\n
Annual report, was 10% of maximum. The value shown here re\ufb02ects the vested
\n
value of the \ufb01rst of these awards based on the vesting share price of 491.5p on
\n
8 April 2024 (re\ufb02ecting a share price appreciation of 26.9% versus the share price
\n
used at grant, 387.3p, that being the average closing share price for the
\n
30 dealing days prior to the Board\u2019s con\ufb01rmation of his appointment on
\n
4 January 2023), plus dividend vesting at 6.8p per vested share; plus the vested
\n
value of the second of these awards, due to vest on 9 March 2026, for which
\n
the Q4 2025 average share price (379.9p) has been used as a proxy for the
\n
vesting price.
\n
11. The sum of the value of the Annual Incentive, Long-Term Incentives and Buy-out
\n
awards where the performance period ended during the \ufb01nancial year.
\n
12.The sum of base salary, bene\ufb01ts, pension, Annual Incentive, Long-Term
\n
Incentives and buy-out awards where the performance period ended during the
\n
\ufb01nancial year.
\n
Additional note:
\n
13. Total 2025 Directors\u2019 Remuneration (Executive Directors and Non-executive
\n
Directors) is \u00a33.431m. 2024 Directors\u2019 Remuneration for the current Directors who
\n
served during 2024 was \u00a33.967m.
\n
Executive Directors\u2019 remuneration in year under review
Incentive for 2025 performance \u2013 audited
\n
The Executive Directors are eligible to receive an Annual Incentive
\n
calculated as a percentage of base salary, based on achievement
\n
against speci\ufb01ed \ufb01nancial targets and personal objectives. Each
\n
year, the Remuneration Committee establishes the performance
\n
criteria for the forthcoming year. The \ufb01nancial targets are set by
\n
reference to the Company\u2019s \ufb01nancial budget. The target range is
\n
set to ensure that Annual Incentives are only paid out at maximum
\n
for signi\ufb01cantly exceeding performance expectations. The
\n
Remuneration Committee considers that the setting and
\n
attainment of these targets is important in the context of
\n
achievement of the Company\u2019s longer-term strategic goals.
\n
Payouts will commence and increase incrementally from 0%
\n
once the threshold performance for any of the elements has
\n
been met.
\n
The Annual Incentive has a target level at which 50% of the
\n
maximum opportunity is payable, and a maximum performance
\n
level at which 100% of the maximum opportunity is earned,
\n
on a pro rata basis.
\n
For 2025, the maximum Annual Incentive potential for the
\n
Executive Directors was 175% of base salary for Patrick Andr\u00e9
\n
and 150% for Mark Collis, with their target Annual Incentive
\n
potential being 87.5% and 75% of base salary respectively.
\n
For the Financial Year 2025, the Executive Directors\u2019 Annual
\n
Incentives were based 50% on Group Headline EPS, 30% on the
\n
Group\u2019s working capital to sales ratio (based on the 12-month
\n
moving average) and 20% on speci\ufb01ed personal objectives.
\n
Financial targets and outcomes for the Annual Incentive in 2025
\n
The 2025 Vesuvius Group Headline EPS performance targets set out below were set at the December 2024 full-year average foreign
\n
exchange rates, being the rates used for the 2025 budget process.
\n
In assessing the Group\u2019s performance against these targets, the Committee has applied adjustments to ensure a constant currency
\n
approach, including retranslating the full-year 2025 EPS performance at December 2024 full-year average foreign exchange rates to
\n
establish performance, consistent with practice in previous years.
\n\n \n
2025 Financial targets
2025 Outcomes
Incentive outturns
Metric
(% of salary)
Metric
Threshold
Target
Maximum
outcome
CEO
CFO
Group Headline EPS
38.9p
43.1p
47.3p
36.9p
0.0%
0.0%
Group Working Capital/Sales
23.6%
22.8%
22.0%
23.4%
6.5%
5.6%
\n
Based on the above outcomes, the total incentive outturns related
\n
purely to \ufb01nancial objectives were 6.5% of base salary and 5.6%
\n
of base salary for the Chief Executive and CFO respectively.
\n
Personal objectives
\n
In 2025, a proportion (20%) of the Annual Incentive for Executive
\n
Directors (representing 35% of salary for the Chief Executive, and
\n
30% of salary for the CFO) was based on the achievement of
\n
personal objectives. The Committee sets speci\ufb01c target ranges
\n
for such objectives, against which actual performance is then
\n
measured. A summary of 2025 performance is detailed in the
\n
following tables.
Patrick Andr\u00e9
\n\n \n
Summary of objective
Key objective details
Summary of outcome
Review and implement
\u2013
Drive Company\u2019s role in consolidation of the Steel and
\u2013
Action plan developed and initiated to precipitate enhanced performance
Group strategy
Foundry industries
of the Foundry business
\u2013
Conduct top-down review of asset portfolio, and
\u2013
Group exposure in EMEA signi\ufb01cantly reduced to 20%, compared with
formulate plans to address under-performance
30% in 2023, ahead of internal plans
\u2013
Close at least one attractive external acquisition
\u2013
Acquisitions ahead of plan, with that of Morgan Molten Metal Systems
in 2025
business signed and \ufb01nalised following complex and protracted legal and
regulatory challenges and the PiroMET acquisition consolidated into the
global business
\u2013
Overall objective outcome was close to maximum
Drive operational
\u2013
Maximise pace of revised annualised cash savings, in line
\u2013
Exit rate at over \u00a337m, above maximum in relation to cash savings targets
performance
with the framework presented during the 2023 Capital
set at the start of the year
Markets Day
\u2013
New quality dashboard fully deployed, with improvement plans
\u2013
Signi\ufb01cantly progress the Group\u2019s quality journey,
successfully deployed in three out of four \ufb02agship plants and in all six other
particularly in relation to deployment of a quality
VISO plants
dashboard and improvement plans at \ufb02agship plants
\u2013
Overall objective outcome was close to maximum
and VISO plants
Prepare GEC
\u2013
Ensure successful induction of two new BU Presidents
\u2013
Successful induction of both Nitin Jain and Manuel Del\ufb01no in their new BU
succession and
during 2025
President roles, including signi\ufb01cant management of the Foundry business
reinforce talent
\u2013
Continue to develop internal succession pipelines
for \ufb01ve months to facilitate smooth transition of Manuel Del\ufb01no
management
for other GEC roles including CE, CFO and
\u2013
Ongoing development of multiple succession candidates for CE, CFO and
BU Presidents
BU President roles
\u2013
Overall objective outcome was close to maximum
Improve Vesuvius\u2019
\u2013
Drive further reduction in CO
2
emission intensity
\u2013
Continued, signi\ufb01cant improvements in energy e\ufb03ciency across the
sustainability
and drive targeted initiatives to improve gender diversity
business
performance
in the Senior Leadership Group
\u2013
SLG gender diversity below targeted improvement levels
\u2013
Overall objective outcome was at target
\n
In summary, the scores against each objective target, summarised above (disclosures tailored allowing for commercial sensitivity),
\n
resulted in a formulaic outcome of 30.5% of contractual base salary, out of the maximum potential 35%.
\n
Mark Collis
\n\n \n
Summary of objective
Key objective details
Summary of outcome
Deliver progress on key
\u2013
Drive Company\u2019s role in consolidation of the Steel and
\u2013
Action plan developed and initiated to precipitate enhanced performance
strategic initiatives
Foundry industries
of the Foundry business
\u2013
Conduct top-down review of asset portfolio, and
\u2013
Group exposure in EMEA signi\ufb01cantly reduced to 20%, compared with
formulate plans to address under-performance
30% in 2023, ahead of internal plans
\u2013
Close at least one attractive external acquisition
\u2013
Acquisitions ahead of plan, with that of Morgan Molten Metal Systems
in 2025
business signed and \ufb01nalised following complex and protracted legal and
\u2013
Develop roadmap for delivering enhanced return on
regulatory challenges and the PiroMET acquisition consolidated into the
sales in Foundry
global business
\u2013
Strong roadmap developed and instrumental guidelines set for the
Business Units
\u2013
Overall objective outcome was close to maximum
Drive operational
\u2013
Maximise pace of revised annualised cash savings, in line
\u2013
Exit rate at over \u00a337m, above maximum in relation to cash savings targets
performance
with the framework presented during the 2023 Capital
set at the start of the year
Markets Day
\u2013
Review of IT e\ufb03ciencies ongoing and subject to \ufb01nalisation in relation to
\u2013
Implement identi\ufb01ed cybersecurity improvements whilst
cybersecurity improvements
ensuring IT e\ufb03ciencies and minimising need for
\u2013
SAP A1 completed in all Steel division in EMEA, all Canada and 80%
additional resources
complete in Mexico
\u2013
Ensure SAP A1 go live throughout Steel Division in EMEA,
\u2013
Overall objective outcome was determined at maximum
Canada, Mexico
Strengthen e\ufb03ciency
\u2013
Optimise global \ufb01nance headcount
\u2013
Finance headcount optimisation ahead of target
in the global \ufb01nance
\u2013
Implement Finance Target Operating Model across
\u2013
FTOM fully implemented in EMEA and North America, and organisation
organisation and
EMEA, North America and Asia and ensure high quality
design completed for Asia
reinforce talent
\ufb01nance leadership in each Group Business Unit
\u2013
Oversight of the successful selection and appointment of key BU \ufb01nance
management
personnel to strengthen talent
\u2013
Overall objective outcome was between target and maximum
\n
In summary, the scores against each objective target, summarised above (disclosures tailored allowing for commercial sensitivity),
\n
resulted in a formulaic outcome of 26.4% of contractual base salary, out of the maximum potential 30%.
\n
The total Annual Incentive awards payable to Patrick Andr\u00e9 and Mark Collis, in respect of their service as Executive Directors during
\n
2025, are therefore 36.9% and 32.0% of salary respectively, of which 33% will be deferred into awards over shares, to be held for a
\n
period of three years, with vesting in accordance with the Remuneration Policy. Other than in cases of dismissal for cause, deferred
\n
awards will vest in full. The Committee considered the appropriateness of this overall AIP payment in the context of the experience of
\n
our various stakeholders during 2025 and was satis\ufb01ed that no discretionary adjustments were required. The non-\ufb01nancial outcomes,
\n
in particular, were considered to be fully re\ufb02ective of the strategic progress delivered during the year.
2023 VSP Awards (vesting in 2026) \u2013 audited
\n
The performance period applicable to these awards ended on 31 December 2025. Further details on the number of shares awarded
\n
are shown on page 124.
\n\n \n
Payout level
(% of total
Weighting
0% vesting
25% vesting
50% vesting
100% vesting
Performance achieved
award)
TSR relative to FTSE 250
40%
Below
Median
\u2013
Upper
Between median
12.3%
excluding Investment Trusts
1,2
median
quintile
and upper quintile
(Ranked 68th)
Post-tax ROIC
1
40%
8.5%
\u2013
\u2013
11.0%
7.9%4
0.0%
Safety: Average Lost Time
5%
1.05
\u2013
\u2013
0.85
0.61
5.0%
Injury Frequency Rate (LTIFR)
2023-2025
Energy: CO
2
e: Reduction in Scope
10%
-17%
\u2013
\u2013
-23%
-46%\u00b3
10.0%
1 and 2 CO
2
e emission intensity
(vs 2019 baseline) in 2025
3
Diversity: Gender diversity in
5%
20%
\u2013
\u2013
26%
21%
0.8%
the Senior Leadership Group
on 31 Dec 2025
\n
1.
Straight-line vesting applies between the vesting points.
\n
2.
TSR vesting percentage begins at 25% of maximum for median TSR outcome, with straight-line vesting applying from 25% to maximum.
\n
3.
Performance in relation to the Energy target re\ufb02ects a change in the way CO2e statistics were calculated from 2024 onwards, and now shows the actual performance
\n
excluding the dolime process. The targets for the 2023 VSP award were set based on the normal operation of the dolime process. If the dolime process had continued to
\n
operate normally in 2025 (based on average production levels for 2019-2022), i.e. the same basis for modelling \u2018normal\u2019 performance, and the basis upon which the 2023
\n
VSP targets were de\ufb01ned, this would show a proforma outturn of -31%, still beyond maximum. See page 53 for further information.
\n
4.
Adjusted for separately reported approved restructuring costs and acquisition expenses.
\n
Share awards granted during the \ufb01nancial year \u2013 audited
\n
VSP award
\n
An award was granted under the VSP to selected senior executives in April 2025. UK executives receive awards in the form of nil-cost
\n
options with a \ufb02exible exercise date. This award is subject to the performance conditions described below and will vest in April 2028
\n
(with a subsequent two-year holding period for any vested shares to April 2030).
\n\n \n
Maximum
number of
Face value
Face value
Threshold
End of
Type of award
Date of grant
shares
1
(\u00a3)
(% of salary)
vesting
performance period
Patrick Andr\u00e9
7 April 2025
399,589
\u00a31,557,358
200%
Nil-cost option
25% of award
31 December 2027
Mark Collis
7 April 2025
175,116
\u00a3682,497
150%
\n
1.
In 2025, Patrick Andr\u00e9 and Mark Collis were entitled to receive allocations of Performance Shares worth 200% and 150% of their base salaries respectively. Awards were
\n
calculated based on the average closing mid-market price of Vesuvius\u2019 shares on the 30 dealing days prior to grant, of \u00a33.8974. The maximum number of shares quoted
\n
excludes any additional shares that may be awarded in relation to dividends accruing during the vesting and holding periods.
\n
Vesting of the VSP awards is subject to satisfaction of the following performance conditions. Any LTIP vesting is at the discretion of the
\n
Remuneration Committee.
\n\n \n
Weighting
Threshold
100% vesting
TSR relative to FTSE 250 excluding Investment Trusts
1
40%
Median
Upper quintile
Group Post-tax ROIC
1
40%
13.1%
15.4%
ESG: Safety: Average Lost Time Injury Frequency Rate (LTIFR) 2025-2027
1,2
5%
0.80
0.50
ESG: Energy: CO
2
e: Reduction in Scope 1 and 2 energy CO
2
e
emissions intensity excluding the dolime process (vs 2019 baseline) in 2027
1,3
10%
-42%
-45%
ESG: Diversity: Gender diversity in Senior Leadership Group on 31 December 2027
1,4
5%
20%
24%
\n
1.
Straight-line vesting applies between the vesting points. Threshold vesting for the TSR element is 25% of maximum, and 0% of maximum for all other elements.
\n
2. LTIFR is the Lost Time Injury Frequency Rate, based on the number of Lost Time Injuries that occur during the performance period. The calculation rate is the number of
\n
lost time injuries that occur during the performance period per million hours worked.
\n
3. Reduction of CO
2
e emissions per metric tonne of product packed for shipment.
\n
4. Senior Leadership Group is de\ufb01ned as the Group Executive Committee plus the most senior Vesuvius managers worldwide, in terms of their contribution to the Group\u2019s
\n
overall results and to the execution of the Group\u2019s strategy. This group comprises c. 150 members (number may \ufb02uctuate slightly from one year to the next based on
\n
organisational changes).
\n
Each of the VSP performance measures operates independently. The use of these measures is intended to align Executive Director
\n
remuneration with shareholders\u2019 interests. Prior to vesting, the Remuneration Committee reviews the underlying \ufb01nancial and
\n
non-\ufb01nancial performance of the Company and individuals over the performance period to ensure that the vesting is justi\ufb01ed,
\n
and to consider whether to exercise its discretion including consideration of any potential windfall gains.
Deferred Share Bonus Plan award
\n
33% of the Annual Incentive earned by Patrick Andr\u00e9 and Mark Collis in respect of performance in 2024 was deferred into a share
\n
award granted in April 2025 under the Company\u2019s Deferred Share Bonus Plan. There are no additional performance conditions
\n
applicable to these awards. Leaver and change of control provisions in relation to these shares are set out in the Policy on page 109.
\n\n \n
Number of
Face value
Type of award
Date of grant
shares
(\u00a3)
Vesting date
Patrick Andr\u00e9
Conditional
7 April 2025
41,300
\u00a3160,963
7 April 2028
Mark Collis
award
7 April 2025
20,537
\u00a380,041
7 April 2028
\n
1. The number of shares has been calculated using the share price of \u00a33.8974
\n
(average closing share price for the 30 dealing days prior to grant) and excludes
\n
any additional shares that may be awarded in relation to dividends accruing
\n
during the vesting period.
\n
Statement of Executive Directors\u2019
\n
shareholding \u2013 audited
\n
The interests of Executive Directors and their closely associated
\n
persons in ordinary shares as at 31 December 2025, including any
\n
interests in share options and shares provisionally awarded under
\n
the VSP, are set out below:
\n\n \n
Outstanding share incentive awards
Conditional
Nil-cost options
awards
Bene\ufb01cial
With
Without
Without
holding in
performance
performance
performance
shares
4
conditions
1
conditions
2
conditions
3
Patrick Andr\u00e9
611,247
1,065,909
0
166,039
Mark Collis
97,972
453,855
595
44,391
\n
1.
These are Performance Shares granted under the VSP.
\n
2.
These are the remaining, as yet unvested buy-out share awards, awarded to
\n
Mark Collis, which are not subject to any additional performance conditions,
\n
as detailed on page 129 of the 2023 Annual Report. These 595 shares were
\n
granted subject to John Wood Group plc vesting performance, for which the
\n
performance period ended at the end of 2023, but which are not due to vest
\n
until 9 March 2026.
\n
3.
These are awards granted under the Deferred Share Bonus Plan.
\n
4.
Mark Collis\u2019s bene\ufb01cial shareholding includes 31,387 shares, awarded
\n
as part of his buy-out share awards, and comprising: 1,349 shares plus
\n
21 dividend-equivalent shares, which vested on 20 June 2023, which were
\n
exercised on 25 August 2023 at a market value of 432.8 pence per share;
\n
835 shares plus 12 dividend-equivalent shares, which vested and were exercised
\n
on 11 March 2024 at a market value of 480.8 pence per share; 4,044 shares
\n
plus 56 dividend-equivalent shares, which vested and were exercised on
\n
8 April 2024 at a market value of 491.5 pence per share; 23,129 shares plus
\n
1,776 dividend-equivalent shares, which vested and were exercised on
\n
10 March 2025 at a market value of 392.0 pence per share; and 145 shares
\n
plus 20 dividend-equivalent shares, which vested and were exercised on
\n
28 April 2025 at a market value of 331.8 pence per share.
\n
Additional notes:
\n
5.
All outstanding share incentive awards are nil-cost options except awards made
\n
under the Deferred Share Bonus Plan which are conditional awards.
\n
6.
No awards vested without being exercised during the year, and indeed no nil-cost
\n
options at all have vested without being exercised. For further details please see
\n
the Appendix: Supplementary share-related information section on pages 123
\n
and 124.
\n
7.
None of the other Directors, nor their spouses, nor their minor children, held
\n
non-bene\ufb01cial interests in the ordinary shares of the Company during the year.
\n
8.
There were no changes in the interests of Patrick Andr\u00e9 and Mark Collis in the
\n
ordinary shares of the Company in the period from 1 January 2026 to the date of
\n
this Report.
\n
9.
All awards under the VSP are subject to performance conditions and continued
\n
employment until the relevant vesting date. Full details of VSP award allocations
\n
are set out on page 124.
\n
10.Full details of Directors\u2019 shareholdings and incentive awards are given in the
\n
Company\u2019s Register of Directors\u2019 Interests, which is open to inspection at the
\n
Company\u2019s registered o\ufb03ce during normal business hours.
\n
Shareholding guidelines \u2013 audited
\n
The Remuneration Committee encourages Executive Directors
\n
to build and hold a shareholding in the Company. Under the
\n
Remuneration Policy, the required holding is 200% of salary for all
\n
Executive Directors. Executive Directors are required to retain at
\n
least 50% (measured as the value after tax) of any shares received
\n
through the operation of share schemes; in addition, permission to
\n
sell shares held \u2013 whether acquired through the operation of share
\n
schemes or otherwise \u2013 will not be given, other than in exceptional
\n
circumstances, if, following the disposal, the shareholding
\n
requirement is not achieved or is not maintained.
\n
Compliance with the shareholding policy is tested at the end of
\n
each year for application in the following year. Under the 2023
\n
Remuneration Policy, the valuation of any holding is taken at the
\n
higher of: (1) the share price on the date of vesting of any shares
\n
derived from a share award, in respect of those shares only; and
\n
(2) the average of the closing prices of a Vesuvius ordinary share
\n
for the trading days in that December.
\n
As at 31 December 2025, the Executive Directors\u2019 shareholdings
\n
against the shareholding guidelines contained in the Directors\u2019
\n
Remuneration Policy in force on that date (using the Company\u2019s
\n
share price averaged over the trading days of the period
\n
1 December to 31 December 2025, of 389.4 pence per share)
\n
were as follows:
\n\n \n
Actual share
ownership
Policy share
as a percentage
ownership as a
of salary at
percentage
Director
31 Dec 2025
of salary
Policy met?
Patrick Andr\u00e9
337%
200%
Yes
In the build-up
Mark Collis
85%
200%
period
\n
Payments to past Directors and
\n
loss of o\ufb03ce payments \u2013 audited
\n
There were no payments made to any Director for loss of o\ufb03ce,
\n
nor any payments to past Directors, during the year ended
\n
31 December 2025.
Non-executive Directors
\n
Single total \ufb01gure table \u2013 audited
\n
The table below sets out the total remuneration received by
\n
Non-executive Directors in the \ufb01nancial year under review:
\n\n \n
2025
2024
Total
Taxable
Total
Taxable
(\u00a3000)
fees
1
bene\ufb01ts
2
Total
fees
1
bene\ufb01ts
2
Total
Carl-Peter
Forster
282
2
284
279
3
281
Carla Bailo
100
4
104
97
6
103
Italia Boninelli
3
105
3
108
62
3
65
Dinggui Gao
88
5
93
86
7
93
Friederike
Helfer
72
1
73
74
1
76
Eva Lindqvist
4
85
5
90
53
2
55
Robert
MacLeod
89
4
93
84
4
88
Total Non-
executive
Director
remuneration
821
24
845
735
26
761
\n
1.
E\ufb00ective from 2023, total fees for Non-executive Directors now include any
\n
stipend fees paid as a result of intercontinental travel on Vesuvius business.
\n
2.
The UK regulations require the inclusion of bene\ufb01ts for Directors where these
\n
would be taxable in the UK on the assumption that the Director is tax resident in
\n
the UK. The \ufb01gures in the table therefore include expense reimbursement and
\n
associated tax relating to travel, accommodation and subsistence for the
\n
Director (and, where appropriate, their spouse) in connection with attendance at
\n
Board meetings and other corporate business during the year, which are
\n
considered by HMRC to be taxable in the UK.
\n
3.
Italia Boninelli joined the Board on 1 June 2024.
\n
4.
Eva Lindqvist joined the Board on 15 May 2024.
\n
Additional note:
\n
5.
The table excludes Kath Durrant and Douglas Hurt, who retired from the Board
\n
in 2024. For further details please see the 2024 Annual Report.
\n
Fee structure in 2026
\n
The fee for the Chairman was also reviewed by the Committee
\n
during the year and the fees for the Non-executive Directors by
\n
the Board. It was decided that no increases would be applied and
\n
as such the fees would remain at 2025 levels with e\ufb00ect from
\n
1 January 2026. The Chairman\u2019s fee therefore remains
\n
\u00a3270,375; the Non-executive Directors\u2019 fees remain at \u00a368,150.
\n
Supplementary fees also remain at 2025 levels, with the
\n
supplementary Senior Independent Director fee being \u00a313,000;
\n
supplementary fee for the Chairs of the Audit and Remuneration
\n
Committees being \u00a317,000; and supplementary fee for the
\n
Non-executive Director responsible for workforce engagement
\n
being \u00a312,000. The stipend of \u00a34,000, payable to Non-executive
\n
Directors in respect of each overseas, intercontinental trip they
\n
undertake on Vesuvius business, remains in place, with the stipend
\n
continuing to be payable for a maximum of \ufb01ve such trips in any
\n
calendar year.
\n
Statement of Non-executive Directors\u2019
\n
shareholding \u2013 audited
\n
The interests of Non-executive Directors and their closely
\n
associated persons in ordinary shares as at 31 December 2025
\n
are set out below:
\n\n \n
Bene\ufb01cial
holding in
shares
Carl-Peter Forster
\u2013
Carla Bailo
\u2013
Italia Boninelli
\u2013
Dinggui Gao
\u2013
Friederike Helfer
1
\u2013
Eva Lindqvist
\u2013
Robert MacLeod
14,338
\n
1. Friederike Helfer is a Partner of, and has a \ufb01nancial interest in, Cevian Capital
\n
which held 57,249,896 ordinary shares (23.07% of Vesuvius\u2019 issued share capital)
\n
as at 31 December 2025 and remains 23.07% as at the date of this Report.
\n
Additional notes:
\n
2.
None of the other Directors, nor their spouses, nor their minor children, held
\n
non-bene\ufb01cial interests in the ordinary shares of the Company during the year.
\n
3.
There were no changes in the interests of the Non-executive Directors in the
\n
ordinary shares of the Company in the period from 1 January 2026 to the date of
\n
this Report.
\n
4.
Full details of Directors\u2019 shareholdings are given in the Company\u2019s Register of
\n
Directors\u2019 Interests, which is open to inspection at the Company\u2019s registered o\ufb03ce
\n
during normal business hours.
Annual changes in Executive Directors\u2019 pay versus employee pay
\n
Executive Directors\u2019 pay comparison
\n
The London headquartered salaried employee workforce is presented as a voluntary disclosure of the representative comparator
\n
group for the Vesuvius Group Parent Company as there is only one non-Director employee in the Parent Company.
\n
Year-on-year change in pay for Directors compared to the London headquartered employee average
\n\n \n
2025
2024
2023
2022
2021
Salary
2
Bonus
3
Bene\ufb01ts
5
Salary
2
Bonus
3
Bene\ufb01ts
5
Salary
2
Bonus
3
Bene\ufb01ts
5
Salary
2
Bonus
3
Bene\ufb01ts
5,6
Salary
2,4
Bonus
3
Bene\ufb01ts
5
London
headquartered
employee
average\u00b9
(1%) (55%)
27%
8% (40%)
90%
13%
14%
33%
(8%)
(12%)
3%
19% 236%
120%
Executive
Directors
Patrick Andr\u00e9
3% (40%)
(11%)
5% (49%)
13%
12%
29%
(22%)
4%
(16%)
11%
11% 469%
(6%)
Mark Collis
3% (39%)
5%
5% (31%)
22%
n/a
\u2013
n/a
n/a
\u2013
n/a
n/a
\u2013
n/a
Non-executive
Directors\u00b9\u00b3
Fees
2
Bene\ufb01ts
5
Fees
2
Bene\ufb01ts
5
Fees
2
Bene\ufb01ts
5
Fees
2
Bene\ufb01ts
5,6
Fees
2
Bene\ufb01ts
5
Carl-Peter
Forster\u2077
1%
(31%)
6%
(35%)
0%
97%
n/a
n/a
n/a
n/a
Carla Bailo\u2078
3%
(38%)
4%
36%
n/a
n/a
n/a
n/a
n/a
n/a
Italia Boninelli\u2079
28%
(9%)
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Dinggui Gao\u00b9\u2070
2%
(31%)
4%
1%
38%
121%
20%
100%
n/a
n/a
Friederike
Helfer
(3%)
0%
11%
16%
12%
(36%)
20%
(31%)
11%
969%
Eva Lindqvist\u00b9\u00b9
5%
119%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Robert
MacLeod\u00b9\u00b2
(1%)
9%
35%
364%
n/a
n/a
n/a
n/a
n/a
n/a
\n
1.
This is the average percentage change, excluding the Executive Directors. Salaries, bonus and bene\ufb01ts relate to the relevant \ufb01nancial reporting year.
\n
2.
Calculated using annualised salaries/fees. Note that, as of 2023, Non-executive Director fees re\ufb02ect the inclusion of travel stipends payable for up to \ufb01ve intercontinental
\n
trips on Vesuvius business per year.
\n
3.
Calculated using data from the single \ufb01gure table in the Annual Report. Note that for Mark Collis, the 2023 \ufb01gure used for calculation is exclusive of any buy-out
\n
incentives paid in 2023.
\n
4.
During 2020, all Executive and Non-executive Directors took a voluntary 20% pay reduction for six months. Other senior employees in London headquarters also took a
\n
pay reduction between 10% and 20%, depending on their level of seniority. Therefore, the total percentage increase for Patrick Andr\u00e9 in 2021 was higher than his agreed
\n
salary increases, as this increase is compared with actual, partly-reduced salary paid during 2020 rather than full, contractual base salary.
\n
5.
Bene\ufb01ts relate to taxable travel bene\ufb01ts, and Company pensions in the case of the Directors. It is calculated as the percentage increase or decrease on the actual \ufb01gures
\n
year-on-year and not annualised or pro-rated for any new starters. A correction has been made in this year\u2019s report in relation to the annual change quoted in relation to
\n
Patrick Andr\u00e9 for the year 2024: In the 2024 Annual Report this was quoted as 12%, and is now corrected to 13%.
\n
6.
Calculations of 2021 bene\ufb01ts changes have been restated as compared with the 2021 Annual Report, to ensure correct alignment with single \ufb01gure remuneration tables.
\n
7.
Carl-Peter Forster joined the Board on 1 November 2022 and took over as Chairman on 1 December 2022.
\n
8.
Carla Bailo joined the Board on 1 February 2023.
\n
9.
Italia Boninelli joined the Board on 1 June 2024 and took over as Remuneration Committee Chair on 31 July 2024.
\n
10. Dinggui Gao joined the Board on 1 April 2021.
\n
11.
Eva Lindqvist joined the Board on 15 May 2024.
\n
12.
Robert MacLeod joined the Board on 1 September 2023 and took over as Audit Committee Chair on 15 May 2024, and it is that change which accounts for the
\n
proportionally higher increase in his fees and bene\ufb01ts in 2024 and his fees in 2025.
\n
13.
The Non-executive Directors\u2019 fees were reviewed and increased in 2022, 2023, 2024 and 2025.
\n
Other regulatory disclosure requirements
CEO pay ratio
\n
The UK employee workforce is the representative comparator
\n
group to the Chief Executive, Patrick Andr\u00e9, who is based in the
\n
UK (albeit with a global role and responsibilities). Levels of pay
\n
vary widely across the Group depending on geography and
\n
local market conditions.
\n\n \n
50th
25th
percentile
75th
Year
Method
percentile
(median)
percentile
2019
Option A ratio
35:1
28:1
17:1
2020
Option A ratio
32:1
24:1
13:1
2021
Option A ratio
53:1
41:1
21:1
2022
Option A ratio
60:1
46:1
24:1
2023
Option A ratio
57:1
43:1
22:1
2024
Option A ratio
50:1
34:1
14:1
2025
Option A ratio
34:1
20:1
8:1
Total pay and
2025
bene\ufb01ts (\u00a3)
50,739
85,072
212,014
2025
Salary (\u00a3)
44,681
74,627
149,376
\n
The table above shows the Chief Executive pay ratios versus our
\n
UK employees since 2019. The pay ratios compare amounts
\n
disclosed in the single total \ufb01gure table for the Group Chief
\n
Executive to the annual full-time equivalent remuneration of our
\n
UK employees for 2019, 2020, 2021, 2022, 2023, 2024 and 2025.
\n
The Remuneration Committee is comfortable that the ratios
\n
reported re\ufb02ect the remuneration principles applied and
\n
represent a valid basis for comparison of remuneration.
\n
A signi\ufb01cant proportion of the Chief Executive\u2019s remuneration
\n
is based on performance-related pay, which a\ufb00ects said
\n
remuneration disproportionately when compared with others.
\n
This is re\ufb02ected in the year-on-year variation in pay ratio.
\n
The data has been calculated in accordance with \u2018Option A\u2019 in the
\n
Companies (Miscellaneous Reporting) Regulations 2018, because
\n
it allows the Company to show the total annualised full-time
\n
equivalent remuneration (salary, incentives, allowances, fees,
\n
taxable bene\ufb01ts) and percentiles across the \ufb01nancial year as at
\n
31 December of each year.
\n
Amounts have been annualised for those who joined part way
\n
through the year or who are on part-time arrangements
\n
and exclude those who left the organisation during the
\n
reporting period.
\n
The approach to calculating the pay ratios is consistent with
\n
the prior year and there have not been any changes to the
\n
compensation models in the reporting period.
\n
The Committee is comfortable that the principles applied and the
\n
quantum of compensation are appropriate across the Group\u2019s
\n
employee base. These are regularly benchmarked to ensure
\n
market competitiveness. There is a consistent approach of
\n
measuring against both business and personal performance for
\n
all those who participate in incentive programmes. The Group
\n
continues to monitor the e\ufb00ectiveness of all compensation
\n
practices to identify future opportunities to ensure they remain
\n
fair, consistent and in line with best practice.
\n
Annual spend on employee pay
\n
1
\n
versus shareholder distributions
\n
2
\n
The charts below show the annual spend on all employees (including Executive Directors) compared with distributions made to
\n
shareholders for 2024 and 2025:
\n\n \n
2025
2024
(\u00a3m)
(\u00a3m)
Change
Employee pay
1
465.7
474.3
(1.8%)
Dividends
2
and share buybacks
92.7
123.4
(24.9%)
\n
1.
Employee pay includes wages and salaries, social security, share-based payments and pension costs, and other post-retirement bene\ufb01ts. See Note 7 to the Group
\n
Financial Statements.
\n
2.
Shareholder distributions/dividends includes interim and \ufb01nal dividends paid in respect of each \ufb01nancial year. In addition, \ufb01gures quoted for both 2024 and 2025 also
\n
re\ufb02ect share buybacks. See Note 9 of the Company Financial Statements and Note 24 of the Group Financial Statements.
TSR performance and Chief Executive pay
The TSR performance graph compares Vesuvius\u2019 TSR performance with that of the same investment in the FTSE 250 Index (excluding
Investment Trusts). This index has been chosen as the comparator index to re\ufb02ect the size, international scope and diversity of the
Company. TSR is the measure of the returns that a company has provided for its shareholders, re\ufb02ecting share price movements and
assuming reinvestment of dividends.
Vesuvius\u2019 total
Vesuvius plc
FTSE 250 Index (excluding investment trusts)
shareholder
200
return
compared
against total
150
shareholder
return of the
FTSE 250 Index
(excluding
100
Investment
Trusts) over the
past ten years
50
0
\n \n
Chief Executive pay \u2013
Fran\u00e7ois Wanecq
1
Patrick Andr\u00e9
2
\ufb01nancial year ended
31/12/16
31/12/17
31/12/18
31/12/19
31/12/20
31/12/21
31/12/22
31/12/23
31/12/24
31/12/25
Total remuneration
\u00a31,675
1
(single \ufb01gure (\u00a3000))
\u00a31,173
\u00a3465
2
\u00a32,022
\u00a31,220
\u00a3936
\u00a31,706
\u00a32,225
\u00a32,473
\u00a32,409
\u00a31,700
Annual variable pay
81%
1
(% of maximum)
50%
85%
2
83%
11%
20%
94%
76%
75%
37%
37%
Long-term variable pay
43.7%
1
(% of maximum)
0%
n/a
2
100%
63%
0%
0%
48%
50%
65%
28%
1.
Amounts shown in respect of Fran\u00e7ois Wanecq for 2017 re\ufb02ect payments in respect of his service as Chief Executive from 1 January 2017 to 31 August 2017 and the full
value of his VSP award in relation to the performance period 2015-2017.
2.
Amounts shown in respect of Patrick Andr\u00e9 for 2017 re\ufb02ect payments in respect of his service as Chief Executive from 1 September 2017 to 31 December 2017.
Shareholder voting on remuneration resolutions
The 2024 Directors\u2019 Remuneration Report (excluding the Directors\u2019 Remuneration Policy) was approved by shareholders at the AGM
held on 16 May 2025, and the 2023 Directors\u2019 Remuneration Policy was approved by Shareholders at the AGM held on 18 May 2023,
with the following votes:
\n \n
Votes for
Votes against
Votes withheld
Approval of the Directors\u2019 Remuneration Policy 2023 AGM
234,279,589 (96.7%)
7,890,060 (3.3%)
8,514
Approval of the Directors\u2019 Remuneration Report (excluding
the Directors\u2019 Remuneration Policy) 2025 AGM
221,182,193 (99.7%)
714,502 (0.3%)
8,722
The Directors\u2019 Remuneration Report has been approved by the Board and is signed on its behalf by:
Italia Boninelli
Chair of the Remuneration Committee
11 March 20267.3
Remuneration of key management personnel
The remuneration of the Directors, who are the key management personnel of the Group, is set out below. Details of the Directors\u2019
remuneration are disclosed in the Directors\u2019 Remuneration Report on pages 97 to 124.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Short-term employee bene\ufb01ts
1.7
2.0
Post-employment bene\ufb01ts
0.1
0.2
Share-based payments
0.2
1.5
Total remuneration of key management personnel
2.0
3.7
33.2
Transactions with key management personnel
The Group Executive Committee members, as outlined on page 76, are included in determining who quali\ufb01es as key management
personnel of the Group.
There have been no transactions with key management personnel of the Group or members of their close families, other than
payments in respect of executive remuneration and the reimbursement of business expenses. Directors\u2019 remuneration is disclosed
in Note 7 to the Group Financial Statements and in the Directors\u2019 Remuneration Report.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00375": { "value": "Annual Report on Directors\u2019 Remuneration
Executive Directors\u2019 remuneration in the year ahead
The table below sets out the phasing of receipt of the various elements of Executive Director remuneration for 2026.
\n \n
2026
2027
2028
2029
2030
2031
Description and link to strategy
S
Base salary
Salaries are set at an appropriate level to enable the Company
to recruit and retain key employees, and re\ufb02ect the individual\u2019s
experience, role and contribution within the Company.
B
Bene\ufb01ts
Provides normal market practice bene\ufb01ts.
P
Pension
The pension bene\ufb01t helps to recruit and retain key employees
and ensures income in retirement.
AI
Annual
The Annual Incentive incentivises the Executive Directors
Incentive
to achieve key short-term \ufb01nancial and strategic targets of
the Group.
AI
Deferred
The deferral of a portion of the Annual Incentive increases
Annual
alignment with shareholders.
Incentive
VSP
Vesuvius
Holding
Awards under the Vesuvius Share Plan align Executive
Share Plan
period
Directors\u2019 interests with those of shareholders through the
delivery of shares and assist in the retention of the Executive
Directors. The VSP rewards the Executive Directors for
achieving the strategic objectives of growth in shareholder
value and earnings and of our three priority long-term
ESG targets.
\n
The table below sets out how the Remuneration Policy will be applied to the Executive Directors\u2019 remuneration for 2026. Further details
\n
about each of the elements of remuneration are set out in the Remuneration Policy.
\n
S
\n
Base salary
\n
Patrick Andr\u00e9
\n
\u00a3794,300
\n
Mark Collis
\n
\u00a3477,800
\n
2025: \u00a3778,680
2025: \u00a3455,000
\n
As explained in the Committee
\n
Chair\u2019s Introductory Statement to
\n
this Directors\u2019 Remuneration
\n
Report, the Chief Executive was
\n
awarded a 2% increase, e\ufb00ective
\n
1 January 2026.
\n
As explained in the Committee
\n
Chair\u2019s Introductory Statement
\n
to this Directors\u2019 Remuneration
\n
Report, the CFO was awarded
\n
a 5% increase, e\ufb00ective
\n
1 January 2026.
\n
B
\n
Bene\ufb01ts
\n
Bene\ufb01ts for Executive
\n
Directors may include:
\n
\u2013
Car allowance
\n
\u2013
Private medical care
\n
\u2013
Relocation expenses
\n
\u2013
Tax advice and tax
\n
reimbursement
\n
\u2013
Commuting costs
\n
\u2013
School fees
\n
\u2013
Directors\u2019 spouses\u2019 travel
\n
\u2013
Administrative expenses
\n
P
\n
Pension
\n
17% of base salary, in line with the average received by the majority of the global workforce.
\n
AI
\n
Annual Incentive
\n
Annual Incentive potential for
\n
Patrick Andr\u00e9, maximum value
175%
\n
of base salary
Annual Incentive potential for
\n
Mark Collis, maximum value
150%
\n
of base salary
\n
For 2026, the maximum Annual Incentive potential for Patrick Andr\u00e9 will remain at the level previously available, i.e. 175% of base
\n
salary with target Annual Incentive potential being 87.5% of base salary for the achievement of target performance in all elements.
\n
For Mark Collis, the potential will also remain at the level previously available, i.e. 75% at target, and 150% at maximum. Payouts will
\n
commence and increase incrementally from 0% once the threshold performance for any of the elements has been met. As detailed
\n
in the Chair\u2019s Introductory Statement to this Directors\u2019 Remuneration Report, the performance ranges that will apply to the 2026
\n
\ufb01nancial targets have been re-calibrated vis-\u00e0-vis the approach taken in prior years to better re\ufb02ect our focus on growth in 2026 at the
\n
same time as recognising the need to set a realistic but stretching incentive in the context of highly cyclical end-markets and current
\n
market conditions.
\n
33% of any Annual Incentive earned will be deferred into awards over shares, which will vest after a holding period of three years, except
\n
in cases of dismissal for cause. Subject to shareholder approval of our 2026 Remuneration Policy at the 2026 AGM, where shareholding
\n
requirements have been met, or exceeded, the Committee retains the discretion to reduce the deferral amount to 20% of any Annual
\n
Incentive earned, for a period of two years.
\n
These incentives are based 50% on Group Headline EPS, 30% on the Group\u2019s working capital to sales ratio (based on the 12-month
\n
moving average) and 20% on speci\ufb01ed personal objectives.
\n
The Company will not be disclosing the targets set until after the relevant performance period has ended because of commercial
\n
sensitivities. Targets will be set and performance assessed so as to exclude approved restructuring costs and any unbudgeted
\n
M&A costs.
\n
The personal objectives for 2026 are focused on long-term strategic objectives or are job-speci\ufb01c in nature and track performance
\n
against the Group\u2019s key strategic, organisational and operational goals with a speci\ufb01c focus on ESG outcomes.
\n\n \n
VSP
Vesuvius Share Plan
(VSP)
Patrick Andr\u00e9, maximum value
200%
of base salary
Share awards with a maximum value of 200% of salary will be
granted to Patrick Andr\u00e9 and, for Mark Collis a maximum value
of 150% of salary will be granted. The grant price for the awards
Mark Collis, maximum value
150%
of base salary
will be determined by reference to the average share price over
the 30 calendar days prior to grant.
Vesting of 40% of shares
awarded will be based upon the Company\u2019s TSR performance
relative to that of the constituent companies of the FTSE 250
(excluding Investment Trusts), 40% on post-tax return on invested
capital (ROIC) and 20% on ESG. Targets are set out overleaf.
Performance will be measured over three years with awards
vesting after three years. There will then be a further two-year
holding period applicable to the awards.
\n
Targets for the VSP Awards for the year 2026
\n
Weighting
\n
40%
\n
TSR ranking relative to FTSE 250
\n
excluding Investment Trusts
\n\n \n
Vesting percentage
(of total LTIP)
Below median
0%
Median
10%
Between median and
Pro rata between
upper quintile
10% and 40%
Upper quintile and above
40%
\n
Weighting
\n
40%
\n
Post-tax ROIC
\n
1
\n\n \n
Average ROIC over
Vesting percentage
three-year
(of total LTIP)
2
performance period
Threshold and below
0%
11.0%
Maximum
40%
14.5%
\n
1.
ROIC is de\ufb01ned as Net Operating Pro\ufb01t After Tax (NOPAT), divided by invested
\n
capital (IC). NOPAT is de\ufb01ned as Group trading pro\ufb01t, plus post-tax share of JV
\n
results, less amortisation of intangible assets calculated as an average over the
\n
target period. (The inclusion of amortisation charges serves to reduce the
\n
calculation of ROIC returns though we believe this to be the most appropriate
\n
de\ufb01nition.) Invested capital is de\ufb01ned as total assets excluding cash and
\n
non-interest-bearing liabilities, less the goodwill and intangibles that arose
\n
under IFRS 3 in respect of the Foseco acquisition in 2008, calculated as the
\n
average of IC at the start and the end of the target period at constant currency.
\n
2.
Vesting between these points will be on a straight-line basis.
\n
Weighting
\n
20%
\n
Environment, Social and Governance
\n
Safety: Average Lost Time Injury Frequency Rate (LTIFR)\u00b9
\n
2026-2028
\n\n \n
Vesting percentage
(of total LTIP)
2
Range
Threshold and below
0%
0.80
Maximum
5%
0.50
\n
Energy: CO
\n
2
\n
e: Reduction in Scope 1 and 2 CO
\n
2
\n
e emission intensity
\n
excluding the dolime process (vs 2019 baseline) in 2028\u00b3
\n\n \n
Vesting percentage
(of total LTIP)
2
Range
Threshold and below
0%
-46%
Maximum
10%
-50%
\n
Diversity: Gender diversity in Senior Leadership Group\u2074 on
\n
31 Dec 2028
\n\n \n
Vesting percentage
(of total LTIP)
2
Range
Threshold and below
0%
21%
Maximum
5%
24%
\n
1.
LTIFR is the Lost Time Injury Frequency Rate, based on the number of lost time
\n
injuries that occur during the performance period per million hours worked.
\n
2.
Straight-line vesting between threshold and maximum.
\n
3. Reduction of CO
\n
2
\n
e emissions per metric tonne of product packed for shipment.
\n
4.
Senior Leadership Group is de\ufb01ned as the Group Executive Committee plus the
\n
most senior Vesuvius managers worldwide, in terms of their contribution to the
\n
Group\u2019s overall results and to the execution of the Group\u2019s strategy.
\n
Explaining the ROIC target range
\n
The Committee has considered the Group strategy over the
\n
period, market conditions, and historic and current estimates
\n
of WACC provided by our \ufb01nancial advisers in determining the
\n
target range. The ROIC target excludes goodwill and intangibles
\n
that arose upon the historic acquisition of Foseco in 2008, as the
\n
Committee believes that this approach removes the distortive
\n
e\ufb00ects of that acquisition, and provides a clearer measure of
\n
management performance. This measure is one of the
\n
Company\u2019s KPIs, as set out on page 17.
The targets have been set,
\n
and performance will be assessed, excluding approved
\n
restructuring costs. The threshold payout level remains at 0% this
\n
year, but may change for future awards.
\n
As detailed in the Chair\u2019s Introductory Statement to this Directors\u2019
\n
Remuneration Report, the 2026 awards ROIC targets have been
\n
re-calibrated vis-a-vis the approach taken in 2025 having had
\n
regard to the \ufb01nancial information noted above as well as
\n
reviewing the performance achieved in 2025 and forecast market
\n
conditions for the next three-year period. In this context, the range
\n
set is considered to achieve the objective of setting a realistic but
\n
stretching incentive in our business context, with the targets
\n
viewed as being at least as challenging as those set in 2025 given
\n
where we are in the business cycle.
\n
Adjustments to the ROIC target range may be required should
\n
the Board approve certain mergers, acquisitions or disposals.
\n
For any such event that requires Board approval then
\n
management will assess the potential impact on ROIC as part
\n
of their broader submission, and the Committee will determine
\n
whether any adjustment to targets should be made. In general,
\n
the Committee will have regard to the materiality of the event
\n
and the timing in the life of the award cycle. The intention will
\n
be to maintain fair, stretching but achievable targets, whilst not
\n
providing a disincentive to management to bring forward
\n
proposals for mergers, acquisitions or disposals that are in the
\n
Company\u2019s interest.
\n
Explaining the ESG metrics
\n
The Environment, Social and Governance targets for the 2026
\n
awards represent key strategic priorities for the management
\n
team as well as the Board.
\n
Safety continues to be of paramount cultural importance to
\n
Vesuvius and progressive improvement has been made in
\n
recent years. The targets are considered stretching in the
\n
context of an operationally challenging environment with many
\n
employees working remotely at customer sites and noting that,
\n
the better our performance outcome, the exponentially harder it is
\n
to make further progress. Lost Time Injury Frequency Rate is a
\n
recognised metric, and is measured per million hours worked.
\n
Energy \u2013 the reduction in Scope 1 and 2 emissions is a key feature
\n
of the Company\u2019s sustainability strategy (see pages 36 to 56) and
\n
as such a measure of CO
\n
2
\n
e emission intensity is used (CO
\n
2
\n
e
\n
emissions per tonne of product packed for shipment). Baseline
\n
and current emissions have been veri\ufb01ed by Carbon Footprint Ltd.
\n
The targets have been set relative to the 2025 outturn of -46%
\n
(versus the 2019 baseline) which, as outlined on page 53, re\ufb02ected
\n
actual performance excluding the dolime process.
\n
Diversity \u2013 a focus on gender diversity has seen improvements in
\n
the Senior Leadership Group of c. 150 individuals in recent years.
\n
The Committee notes that the market for female talent in the
\n
sector remains extremely tight and, following a review of
\n
estimated market talent pipelines in our industry, it believes
\n
that the target range is appropriately stretching.
\n
Single total \ufb01gure table \u2013 audited
\n
The table below sets out the total remuneration received by Executive Directors in the \ufb01nancial year under review:
\n\n \n
Patrick Andr\u00e9
Mark Collis
2025
2024
2025
2024
(\u00a3000)
(\u00a3000)
(\u00a3000)
(\u00a3000)
Total salary
779
756
455
441
Taxable bene\ufb01ts
1
53
78
28
27
Pension
2
132
129
77
75
Total \ufb01xed pay
3
964
963
561
543
Annual Incentive
4
288
483
145
240
Long-Term Incentives
5,6,7,8
449
963
180
\u2013
Buy-out awards
9,10
\u2013
\u2013
\u2013
14
Total variable pay
11
736
1,446
326
254
Total
12
1,700
2,409
886
797
\n
1.
Standard bene\ufb01ts for the Executive Directors include car allowance and private
\n
medical care. In 2024, Patrick Andr\u00e9 also received external professional services
\n
support, funded by the Company, in relation to clarifying his status and assessing
\n
his liabilities associated with the forthcoming implementation of the Foreign
\n
Income and Gains regime.
\n
2.
The pension \ufb01gures for 2024 and 2025 for Patrick Andr\u00e9 and Mark Collis
\n
represent the value of all cash allowances and contributions received in respect
\n
of pension bene\ufb01ts, at a rate of 17% of base salary, implemented in line with the
\n
Remuneration Policy from 1 January 2023. In 2024 and 2025, for both Patrick
\n
Andr\u00e9 and Mark Collis, pension bene\ufb01t comprised \u00a310,000 contribution into
\n
pension, with the remainder provided as a pension cash supplement.
\n
3.
The sum of total salary, taxable bene\ufb01ts and pension.
\n
4.
This \ufb01gure includes the Annual Incentive payments to be made to the Executive
\n
Directors in relation to the year under review. 33% of any Annual Incentive
\n
payments will be deferred into awards over shares, subject to a three-year
\n
vesting period, and subject to no further performance measures. See page 105
\n
for more details. Leaver and change of control provisions in relation to these
\n
shares are set out in the Policy on page 109.
\n
5.
The 2024 \ufb01gure represents the Performance Share awards granted to Patrick
\n
Andr\u00e9 in 2022 under the VSP, which vested in 2025.
\n
6.
The value of the 2024 Long-Term Incentive, relating to the Performance Share
\n
award granted to Patrick Andr\u00e9 under the VSP in 2022, is re\ufb02ective of a share
\n
price depreciation of 2.99% between the share price used at grant (402.0p),
\n
versus the vesting share price of 390.0p. The values also include dividend vesting
\n
at 67.35p per vested share.
\n
7.
The 2025 \ufb01gures represent the Performance Share awards granted to Patrick
\n
Andr\u00e9 and Mark Collis in 2023 under the VSP, which will vest in 2026.
\n
8.
The values of the 2025 Long-Term Incentive, relating to the Performance Share
\n
awards granted to Patrick Andr\u00e9 and Mark Collis under the VSP in 2023, are
\n
re\ufb02ective of a share price depreciation of 6.20% between the share price used at
\n
grant (405.0p), versus the Q4 2025 average share price (379.9p) used as a proxy
\n
for the vesting price. The values also include dividend vesting at 69.35p per
\n
vested share.
\n
9.
As detailed on page 126 of the 2023 Annual Report, Mark Collis received
\n
a one-o\ufb00 payment to compensate for the 2022 annual incentive payment
\n
forfeited when leaving his former employer, as well as a combination of
\n
Restricted Share awards and Performance Shares to compensate for forfeited
\n
equity incentives, which the Committee resolved to make in line with the
\n
Remuneration Policy.
\n
10.The \ufb01gure quoted here for 2024 comprises the two Performance Share awards,
\n
for which the performance period ended on 31 December 2023, but for which the
\n
vesting performance (aligned with that of Mark Collis\u2019s former employer) was not
\n
as yet known at the time of publication of the 2023 Annual Report. The awards,
\n
granted on 20 June 2023, comprised 23,820 shares due to vest at earliest on
\n
8 April 2024, and 5,955 shares due to vest at earliest on 9 March 2026, as detailed
\n
further on page 129 of the 2023 Annual Report. The resulting vesting performance
\n
of these awards, as detailed on page 142 of the John Wood Group plc 2023
\n
Annual report, was 10% of maximum. The value shown here re\ufb02ects the vested
\n
value of the \ufb01rst of these awards based on the vesting share price of 491.5p on
\n
8 April 2024 (re\ufb02ecting a share price appreciation of 26.9% versus the share price
\n
used at grant, 387.3p, that being the average closing share price for the
\n
30 dealing days prior to the Board\u2019s con\ufb01rmation of his appointment on
\n
4 January 2023), plus dividend vesting at 6.8p per vested share; plus the vested
\n
value of the second of these awards, due to vest on 9 March 2026, for which
\n
the Q4 2025 average share price (379.9p) has been used as a proxy for the
\n
vesting price.
\n
11. The sum of the value of the Annual Incentive, Long-Term Incentives and Buy-out
\n
awards where the performance period ended during the \ufb01nancial year.
\n
12.The sum of base salary, bene\ufb01ts, pension, Annual Incentive, Long-Term
\n
Incentives and buy-out awards where the performance period ended during the
\n
\ufb01nancial year.
\n
Additional note:
\n
13. Total 2025 Directors\u2019 Remuneration (Executive Directors and Non-executive
\n
Directors) is \u00a33.431m. 2024 Directors\u2019 Remuneration for the current Directors who
\n
served during 2024 was \u00a33.967m.
\n
Executive Directors\u2019 remuneration in year under review
\n
Incentive for 2025 performance \u2013 audited
\n
The Executive Directors are eligible to receive an Annual Incentive
\n
calculated as a percentage of base salary, based on achievement
\n
against speci\ufb01ed \ufb01nancial targets and personal objectives. Each
\n
year, the Remuneration Committee establishes the performance
\n
criteria for the forthcoming year. The \ufb01nancial targets are set by
\n
reference to the Company\u2019s \ufb01nancial budget. The target range is
\n
set to ensure that Annual Incentives are only paid out at maximum
\n
for signi\ufb01cantly exceeding performance expectations. The
\n
Remuneration Committee considers that the setting and
\n
attainment of these targets is important in the context of
\n
achievement of the Company\u2019s longer-term strategic goals.
\n
Payouts will commence and increase incrementally from 0%
\n
once the threshold performance for any of the elements has
\n
been met.
\n
The Annual Incentive has a target level at which 50% of the
\n
maximum opportunity is payable, and a maximum performance
\n
level at which 100% of the maximum opportunity is earned,
\n
on a pro rata basis.
\n
For 2025, the maximum Annual Incentive potential for the
\n
Executive Directors was 175% of base salary for Patrick Andr\u00e9
\n
and 150% for Mark Collis, with their target Annual Incentive
\n
potential being 87.5% and 75% of base salary respectively.
\n
For the Financial Year 2025, the Executive Directors\u2019 Annual
\n
Incentives were based 50% on Group Headline EPS, 30% on the
\n
Group\u2019s working capital to sales ratio (based on the 12-month
\n
moving average) and 20% on speci\ufb01ed personal objectives.
\n
Financial targets and outcomes for the Annual Incentive in 2025
\n
The 2025 Vesuvius Group Headline EPS performance targets set out below were set at the December 2024 full-year average foreign
\n
exchange rates, being the rates used for the 2025 budget process.
\n
In assessing the Group\u2019s performance against these targets, the Committee has applied adjustments to ensure a constant currency
\n
approach, including retranslating the full-year 2025 EPS performance at December 2024 full-year average foreign exchange rates to
\n
establish performance, consistent with practice in previous years.
\n\n \n
2025 Financial targets
2025 Outcomes
Incentive outturns
Metric
(% of salary)
Metric
Threshold
Target
Maximum
outcome
CEO
CFO
Group Headline EPS
38.9p
43.1p
47.3p
36.9p
0.0%
0.0%
Group Working Capital/Sales
23.6%
22.8%
22.0%
23.4%
6.5%
5.6%
\n
Based on the above outcomes, the total incentive outturns related
\n
purely to \ufb01nancial objectives were 6.5% of base salary and 5.6%
\n
of base salary for the Chief Executive and CFO respectively.
\n
Personal objectives
\n
In 2025, a proportion (20%) of the Annual Incentive for Executive
\n
Directors (representing 35% of salary for the Chief Executive, and
\n
30% of salary for the CFO) was based on the achievement of
\n
personal objectives. The Committee sets speci\ufb01c target ranges
\n
for such objectives, against which actual performance is then
\n
measured. A summary of 2025 performance is detailed in the
\n
following tables.
\n
Patrick Andr\u00e9
\n\n \n
Summary of objective
Key objective details
Summary of outcome
Review and implement
\u2013
Drive Company\u2019s role in consolidation of the Steel and
\u2013
Action plan developed and initiated to precipitate enhanced performance
Group strategy
Foundry industries
of the Foundry business
\u2013
Conduct top-down review of asset portfolio, and
\u2013
Group exposure in EMEA signi\ufb01cantly reduced to 20%, compared with
formulate plans to address under-performance
30% in 2023, ahead of internal plans
\u2013
Close at least one attractive external acquisition
\u2013
Acquisitions ahead of plan, with that of Morgan Molten Metal Systems
in 2025
business signed and \ufb01nalised following complex and protracted legal and
regulatory challenges and the PiroMET acquisition consolidated into the
global business
\u2013
Overall objective outcome was close to maximum
Drive operational
\u2013
Maximise pace of revised annualised cash savings, in line
\u2013
Exit rate at over \u00a337m, above maximum in relation to cash savings targets
performance
with the framework presented during the 2023 Capital
set at the start of the year
Markets Day
\u2013
New quality dashboard fully deployed, with improvement plans
\u2013
Signi\ufb01cantly progress the Group\u2019s quality journey,
successfully deployed in three out of four \ufb02agship plants and in all six other
particularly in relation to deployment of a quality
VISO plants
dashboard and improvement plans at \ufb02agship plants
\u2013
Overall objective outcome was close to maximum
and VISO plants
Prepare GEC
\u2013
Ensure successful induction of two new BU Presidents
\u2013
Successful induction of both Nitin Jain and Manuel Del\ufb01no in their new BU
succession and
during 2025
President roles, including signi\ufb01cant management of the Foundry business
reinforce talent
\u2013
Continue to develop internal succession pipelines
for \ufb01ve months to facilitate smooth transition of Manuel Del\ufb01no
management
for other GEC roles including CE, CFO and
\u2013
Ongoing development of multiple succession candidates for CE, CFO and
BU Presidents
BU President roles
\u2013
Overall objective outcome was close to maximum
Improve Vesuvius\u2019
\u2013
Drive further reduction in CO
2
emission intensity
\u2013
Continued, signi\ufb01cant improvements in energy e\ufb03ciency across the
sustainability
and drive targeted initiatives to improve gender diversity
business
performance
in the Senior Leadership Group
\u2013
SLG gender diversity below targeted improvement levels
\u2013
Overall objective outcome was at target
\n
In summary, the scores against each objective target, summarised above (disclosures tailored allowing for commercial sensitivity),
\n
resulted in a formulaic outcome of 30.5% of contractual base salary, out of the maximum potential 35%.
\n
Mark Collis
\n\n \n
Summary of objective
Key objective details
Summary of outcome
Deliver progress on key
\u2013
Drive Company\u2019s role in consolidation of the Steel and
\u2013
Action plan developed and initiated to precipitate enhanced performance
strategic initiatives
Foundry industries
of the Foundry business
\u2013
Conduct top-down review of asset portfolio, and
\u2013
Group exposure in EMEA signi\ufb01cantly reduced to 20%, compared with
formulate plans to address under-performance
30% in 2023, ahead of internal plans
\u2013
Close at least one attractive external acquisition
\u2013
Acquisitions ahead of plan, with that of Morgan Molten Metal Systems
in 2025
business signed and \ufb01nalised following complex and protracted legal and
\u2013
Develop roadmap for delivering enhanced return on
regulatory challenges and the PiroMET acquisition consolidated into the
sales in Foundry
global business
\u2013
Strong roadmap developed and instrumental guidelines set for the
Business Units
\u2013
Overall objective outcome was close to maximum
Drive operational
\u2013
Maximise pace of revised annualised cash savings, in line
\u2013
Exit rate at over \u00a337m, above maximum in relation to cash savings targets
performance
with the framework presented during the 2023 Capital
set at the start of the year
Markets Day
\u2013
Review of IT e\ufb03ciencies ongoing and subject to \ufb01nalisation in relation to
\u2013
Implement identi\ufb01ed cybersecurity improvements whilst
cybersecurity improvements
ensuring IT e\ufb03ciencies and minimising need for
\u2013
SAP A1 completed in all Steel division in EMEA, all Canada and 80%
additional resources
complete in Mexico
\u2013
Ensure SAP A1 go live throughout Steel Division in EMEA,
\u2013
Overall objective outcome was determined at maximum
Canada, Mexico
Strengthen e\ufb03ciency
\u2013
Optimise global \ufb01nance headcount
\u2013
Finance headcount optimisation ahead of target
in the global \ufb01nance
\u2013
Implement Finance Target Operating Model across
\u2013
FTOM fully implemented in EMEA and North America, and organisation
organisation and
EMEA, North America and Asia and ensure high quality
design completed for Asia
reinforce talent
\ufb01nance leadership in each Group Business Unit
\u2013
Oversight of the successful selection and appointment of key BU \ufb01nance
management
personnel to strengthen talent
\u2013
Overall objective outcome was between target and maximum
\n
In summary, the scores against each objective target, summarised above (disclosures tailored allowing for commercial sensitivity),
\n
resulted in a formulaic outcome of 26.4% of contractual base salary, out of the maximum potential 30%.
\n
The total Annual Incentive awards payable to Patrick Andr\u00e9 and Mark Collis, in respect of their service as Executive Directors during
\n
2025, are therefore 36.9% and 32.0% of salary respectively, of which 33% will be deferred into awards over shares, to be held for a
\n
period of three years, with vesting in accordance with the Remuneration Policy. Other than in cases of dismissal for cause, deferred
\n
awards will vest in full. The Committee considered the appropriateness of this overall AIP payment in the context of the experience of
\n
our various stakeholders during 2025 and was satis\ufb01ed that no discretionary adjustments were required. The non-\ufb01nancial outcomes,
\n
in particular, were considered to be fully re\ufb02ective of the strategic progress delivered during the year.
\n
2023 VSP Awards (vesting in 2026) \u2013 audited
\n
The performance period applicable to these awards ended on 31 December 2025. Further details on the number of shares awarded
\n
are shown on page 124.
\n\n \n
Payout level
(% of total
Weighting
0% vesting
25% vesting
50% vesting
100% vesting
Performance achieved
award)
TSR relative to FTSE 250
40%
Below
Median
\u2013
Upper
Between median
12.3%
excluding Investment Trusts
1,2
median
quintile
and upper quintile
(Ranked 68th)
Post-tax ROIC
1
40%
8.5%
\u2013
\u2013
11.0%
7.9%4
0.0%
Safety: Average Lost Time
5%
1.05
\u2013
\u2013
0.85
0.61
5.0%
Injury Frequency Rate (LTIFR)
2023-2025
Energy: CO
2
e: Reduction in Scope
10%
-17%
\u2013
\u2013
-23%
-46%\u00b3
10.0%
1 and 2 CO
2
e emission intensity
(vs 2019 baseline) in 2025
3
Diversity: Gender diversity in
5%
20%
\u2013
\u2013
26%
21%
0.8%
the Senior Leadership Group
on 31 Dec 2025
\n
1.
Straight-line vesting applies between the vesting points.
\n
2.
TSR vesting percentage begins at 25% of maximum for median TSR outcome, with straight-line vesting applying from 25% to maximum.
\n
3.
Performance in relation to the Energy target re\ufb02ects a change in the way CO2e statistics were calculated from 2024 onwards, and now shows the actual performance
\n
excluding the dolime process. The targets for the 2023 VSP award were set based on the normal operation of the dolime process. If the dolime process had continued to
\n
operate normally in 2025 (based on average production levels for 2019-2022), i.e. the same basis for modelling \u2018normal\u2019 performance, and the basis upon which the 2023
\n
VSP targets were de\ufb01ned, this would show a proforma outturn of -31%, still beyond maximum. See page 53 for further information.
\n
4.
Adjusted for separately reported approved restructuring costs and acquisition expenses.
\n
Share awards granted during the \ufb01nancial year \u2013 audited
\n
VSP award
\n
An award was granted under the VSP to selected senior executives in April 2025. UK executives receive awards in the form of nil-cost
\n
options with a \ufb02exible exercise date. This award is subject to the performance conditions described below and will vest in April 2028
\n
(with a subsequent two-year holding period for any vested shares to April 2030).
\n\n \n
Maximum
number of
Face value
Face value
Threshold
End of
Type of award
Date of grant
shares
1
(\u00a3)
(% of salary)
vesting
performance period
Patrick Andr\u00e9
7 April 2025
399,589
\u00a31,557,358
200%
Nil-cost option
25% of award
31 December 2027
Mark Collis
7 April 2025
175,116
\u00a3682,497
150%
\n
1.
In 2025, Patrick Andr\u00e9 and Mark Collis were entitled to receive allocations of Performance Shares worth 200% and 150% of their base salaries respectively. Awards were
\n
calculated based on the average closing mid-market price of Vesuvius\u2019 shares on the 30 dealing days prior to grant, of \u00a33.8974. The maximum number of shares quoted
\n
excludes any additional shares that may be awarded in relation to dividends accruing during the vesting and holding periods.
\n
Vesting of the VSP awards is subject to satisfaction of the following performance conditions. Any LTIP vesting is at the discretion of the
\n
Remuneration Committee.
\n\n \n
Weighting
Threshold
100% vesting
TSR relative to FTSE 250 excluding Investment Trusts
1
40%
Median
Upper quintile
Group Post-tax ROIC
1
40%
13.1%
15.4%
ESG: Safety: Average Lost Time Injury Frequency Rate (LTIFR) 2025-2027
1,2
5%
0.80
0.50
ESG: Energy: CO
2
e: Reduction in Scope 1 and 2 energy CO
2
e
emissions intensity excluding the dolime process (vs 2019 baseline) in 2027
1,3
10%
-42%
-45%
ESG: Diversity: Gender diversity in Senior Leadership Group on 31 December 2027
1,4
5%
20%
24%
\n
1.
Straight-line vesting applies between the vesting points. Threshold vesting for the TSR element is 25% of maximum, and 0% of maximum for all other elements.
\n
2. LTIFR is the Lost Time Injury Frequency Rate, based on the number of Lost Time Injuries that occur during the performance period. The calculation rate is the number of
\n
lost time injuries that occur during the performance period per million hours worked.
\n
3. Reduction of CO
2
e emissions per metric tonne of product packed for shipment.
\n
4. Senior Leadership Group is de\ufb01ned as the Group Executive Committee plus the most senior Vesuvius managers worldwide, in terms of their contribution to the Group\u2019s
\n
overall results and to the execution of the Group\u2019s strategy. This group comprises c. 150 members (number may \ufb02uctuate slightly from one year to the next based on
\n
organisational changes).
\n
Each of the VSP performance measures operates independently. The use of these measures is intended to align Executive Director
\n
remuneration with shareholders\u2019 interests. Prior to vesting, the Remuneration Committee reviews the underlying \ufb01nancial and
\n
non-\ufb01nancial performance of the Company and individuals over the performance period to ensure that the vesting is justi\ufb01ed,
\n
and to consider whether to exercise its discretion including consideration of any potential windfall gains.
\n
Deferred Share Bonus Plan award
\n
33% of the Annual Incentive earned by Patrick Andr\u00e9 and Mark Collis in respect of performance in 2024 was deferred into a share
\n
award granted in April 2025 under the Company\u2019s Deferred Share Bonus Plan. There are no additional performance conditions
\n
applicable to these awards. Leaver and change of control provisions in relation to these shares are set out in the Policy on page 109.
\n\n \n
Number of
Face value
Type of award
Date of grant
shares
(\u00a3)
Vesting date
Patrick Andr\u00e9
Conditional
7 April 2025
41,300
\u00a3160,963
7 April 2028
Mark Collis
award
7 April 2025
20,537
\u00a380,041
7 April 2028
\n
1. The number of shares has been calculated using the share price of \u00a33.8974
\n
(average closing share price for the 30 dealing days prior to grant) and excludes
\n
any additional shares that may be awarded in relation to dividends accruing
\n
during the vesting period.
\n
Statement of Executive Directors\u2019
\n
shareholding \u2013 audited
\n
The interests of Executive Directors and their closely associated
\n
persons in ordinary shares as at 31 December 2025, including any
\n
interests in share options and shares provisionally awarded under
\n
the VSP, are set out below:
\n\n \n
Outstanding share incentive awards
Conditional
Nil-cost options
awards
Bene\ufb01cial
With
Without
Without
holding in
performance
performance
performance
shares
4
conditions
1
conditions
2
conditions
3
Patrick Andr\u00e9
611,247
1,065,909
0
166,039
Mark Collis
97,972
453,855
595
44,391
\n
1.
These are Performance Shares granted under the VSP.
\n
2.
These are the remaining, as yet unvested buy-out share awards, awarded to
\n
Mark Collis, which are not subject to any additional performance conditions,
\n
as detailed on page 129 of the 2023 Annual Report. These 595 shares were
\n
granted subject to John Wood Group plc vesting performance, for which the
\n
performance period ended at the end of 2023, but which are not due to vest
\n
until 9 March 2026.
\n
3.
These are awards granted under the Deferred Share Bonus Plan.
\n
4.
Mark Collis\u2019s bene\ufb01cial shareholding includes 31,387 shares, awarded
\n
as part of his buy-out share awards, and comprising: 1,349 shares plus
\n
21 dividend-equivalent shares, which vested on 20 June 2023, which were
\n
exercised on 25 August 2023 at a market value of 432.8 pence per share;
\n
835 shares plus 12 dividend-equivalent shares, which vested and were exercised
\n
on 11 March 2024 at a market value of 480.8 pence per share; 4,044 shares
\n
plus 56 dividend-equivalent shares, which vested and were exercised on
\n
8 April 2024 at a market value of 491.5 pence per share; 23,129 shares plus
\n
1,776 dividend-equivalent shares, which vested and were exercised on
\n
10 March 2025 at a market value of 392.0 pence per share; and 145 shares
\n
plus 20 dividend-equivalent shares, which vested and were exercised on
\n
28 April 2025 at a market value of 331.8 pence per share.
\n
Additional notes:
\n
5.
All outstanding share incentive awards are nil-cost options except awards made
\n
under the Deferred Share Bonus Plan which are conditional awards.
\n
6.
No awards vested without being exercised during the year, and indeed no nil-cost
\n
options at all have vested without being exercised. For further details please see
\n
the Appendix: Supplementary share-related information section on pages 123
\n
and 124.
\n
7.
None of the other Directors, nor their spouses, nor their minor children, held
\n
non-bene\ufb01cial interests in the ordinary shares of the Company during the year.
\n
8.
There were no changes in the interests of Patrick Andr\u00e9 and Mark Collis in the
\n
ordinary shares of the Company in the period from 1 January 2026 to the date of
\n
this Report.
\n
9.
All awards under the VSP are subject to performance conditions and continued
\n
employment until the relevant vesting date. Full details of VSP award allocations
\n
are set out on page 124.
\n
10.Full details of Directors\u2019 shareholdings and incentive awards are given in the
\n
Company\u2019s Register of Directors\u2019 Interests, which is open to inspection at the
\n
Company\u2019s registered o\ufb03ce during normal business hours.
\n
Shareholding guidelines \u2013 audited
\n
The Remuneration Committee encourages Executive Directors
\n
to build and hold a shareholding in the Company. Under the
\n
Remuneration Policy, the required holding is 200% of salary for all
\n
Executive Directors. Executive Directors are required to retain at
\n
least 50% (measured as the value after tax) of any shares received
\n
through the operation of share schemes; in addition, permission to
\n
sell shares held \u2013 whether acquired through the operation of share
\n
schemes or otherwise \u2013 will not be given, other than in exceptional
\n
circumstances, if, following the disposal, the shareholding
\n
requirement is not achieved or is not maintained.
\n
Compliance with the shareholding policy is tested at the end of
\n
each year for application in the following year. Under the 2023
\n
Remuneration Policy, the valuation of any holding is taken at the
\n
higher of: (1) the share price on the date of vesting of any shares
\n
derived from a share award, in respect of those shares only; and
\n
(2) the average of the closing prices of a Vesuvius ordinary share
\n
for the trading days in that December.
\n
As at 31 December 2025, the Executive Directors\u2019 shareholdings
\n
against the shareholding guidelines contained in the Directors\u2019
\n
Remuneration Policy in force on that date (using the Company\u2019s
\n
share price averaged over the trading days of the period
\n
1 December to 31 December 2025, of 389.4 pence per share)
\n
were as follows:
\n\n \n
Actual share
ownership
Policy share
as a percentage
ownership as a
of salary at
percentage
Director
31 Dec 2025
of salary
Policy met?
Patrick Andr\u00e9
337%
200%
Yes
In the build-up
Mark Collis
85%
200%
period
\n
Payments to past Directors and
\n
loss of o\ufb03ce payments \u2013 audited
\n
There were no payments made to any Director for loss of o\ufb03ce,
\n
nor any payments to past Directors, during the year ended
\n
31 December 2025.
\n
Non-executive Directors
\n
Single total \ufb01gure table \u2013 audited
\n
The table below sets out the total remuneration received by
\n
Non-executive Directors in the \ufb01nancial year under review:
\n\n \n
2025
2024
Total
Taxable
Total
Taxable
(\u00a3000)
fees
1
bene\ufb01ts
2
Total
fees
1
bene\ufb01ts
2
Total
Carl-Peter
Forster
282
2
284
279
3
281
Carla Bailo
100
4
104
97
6
103
Italia Boninelli
3
105
3
108
62
3
65
Dinggui Gao
88
5
93
86
7
93
Friederike
Helfer
72
1
73
74
1
76
Eva Lindqvist
4
85
5
90
53
2
55
Robert
MacLeod
89
4
93
84
4
88
Total Non-
executive
Director
remuneration
821
24
845
735
26
761
\n
1.
E\ufb00ective from 2023, total fees for Non-executive Directors now include any
\n
stipend fees paid as a result of intercontinental travel on Vesuvius business.
\n
2.
The UK regulations require the inclusion of bene\ufb01ts for Directors where these
\n
would be taxable in the UK on the assumption that the Director is tax resident in
\n
the UK. The \ufb01gures in the table therefore include expense reimbursement and
\n
associated tax relating to travel, accommodation and subsistence for the
\n
Director (and, where appropriate, their spouse) in connection with attendance at
\n
Board meetings and other corporate business during the year, which are
\n
considered by HMRC to be taxable in the UK.
\n
3.
Italia Boninelli joined the Board on 1 June 2024.
\n
4.
Eva Lindqvist joined the Board on 15 May 2024.
\n
Additional note:
\n
5.
The table excludes Kath Durrant and Douglas Hurt, who retired from the Board
\n
in 2024. For further details please see the 2024 Annual Report.
\n
Fee structure in 2026
\n
The fee for the Chairman was also reviewed by the Committee
\n
during the year and the fees for the Non-executive Directors by
\n
the Board. It was decided that no increases would be applied and
\n
as such the fees would remain at 2025 levels with e\ufb00ect from
\n
1 January 2026. The Chairman\u2019s fee therefore remains
\n
\u00a3270,375; the Non-executive Directors\u2019 fees remain at \u00a368,150.
\n
Supplementary fees also remain at 2025 levels, with the
\n
supplementary Senior Independent Director fee being \u00a313,000;
\n
supplementary fee for the Chairs of the Audit and Remuneration
\n
Committees being \u00a317,000; and supplementary fee for the
\n
Non-executive Director responsible for workforce engagement
\n
being \u00a312,000. The stipend of \u00a34,000, payable to Non-executive
\n
Directors in respect of each overseas, intercontinental trip they
\n
undertake on Vesuvius business, remains in place, with the stipend
\n
continuing to be payable for a maximum of \ufb01ve such trips in any
\n
calendar year.
\n
Statement of Non-executive Directors\u2019
\n
shareholding \u2013 audited
\n
The interests of Non-executive Directors and their closely
\n
associated persons in ordinary shares as at 31 December 2025
\n
are set out below:
\n\n \n
Bene\ufb01cial
holding in
shares
Carl-Peter Forster
\u2013
Carla Bailo
\u2013
Italia Boninelli
\u2013
Dinggui Gao
\u2013
Friederike Helfer
1
\u2013
Eva Lindqvist
\u2013
Robert MacLeod
14,338
\n
1. Friederike Helfer is a Partner of, and has a \ufb01nancial interest in, Cevian Capital
\n
which held 57,249,896 ordinary shares (23.07% of Vesuvius\u2019 issued share capital)
\n
as at 31 December 2025 and remains 23.07% as at the date of this Report.
\n
Additional notes:
\n
2.
None of the other Directors, nor their spouses, nor their minor children, held
\n
non-bene\ufb01cial interests in the ordinary shares of the Company during the year.
\n
3.
There were no changes in the interests of the Non-executive Directors in the
\n
ordinary shares of the Company in the period from 1 January 2026 to the date of
\n
this Report.
\n
4.
Full details of Directors\u2019 shareholdings are given in the Company\u2019s Register of
\n
Directors\u2019 Interests, which is open to inspection at the Company\u2019s registered o\ufb03ce
\n
during normal business hours.
\n
Annual changes in Executive Directors\u2019 pay versus employee pay
\n
Executive Directors\u2019 pay comparison
\n
The London headquartered salaried employee workforce is presented as a voluntary disclosure of the representative comparator
\n
group for the Vesuvius Group Parent Company as there is only one non-Director employee in the Parent Company.
\n
Year-on-year change in pay for Directors compared to the London headquartered employee average
\n\n \n
2025
2024
2023
2022
2021
Salary
2
Bonus
3
Bene\ufb01ts
5
Salary
2
Bonus
3
Bene\ufb01ts
5
Salary
2
Bonus
3
Bene\ufb01ts
5
Salary
2
Bonus
3
Bene\ufb01ts
5,6
Salary
2,4
Bonus
3
Bene\ufb01ts
5
London
headquartered
employee
average\u00b9
(1%) (55%)
27%
8% (40%)
90%
13%
14%
33%
(8%)
(12%)
3%
19% 236%
120%
Executive
Directors
Patrick Andr\u00e9
3% (40%)
(11%)
5% (49%)
13%
12%
29%
(22%)
4%
(16%)
11%
11% 469%
(6%)
Mark Collis
3% (39%)
5%
5% (31%)
22%
n/a
\u2013
n/a
n/a
\u2013
n/a
n/a
\u2013
n/a
Non-executive
Directors\u00b9\u00b3
Fees
2
Bene\ufb01ts
5
Fees
2
Bene\ufb01ts
5
Fees
2
Bene\ufb01ts
5
Fees
2
Bene\ufb01ts
5,6
Fees
2
Bene\ufb01ts
5
Carl-Peter
Forster\u2077
1%
(31%)
6%
(35%)
0%
97%
n/a
n/a
n/a
n/a
Carla Bailo\u2078
3%
(38%)
4%
36%
n/a
n/a
n/a
n/a
n/a
n/a
Italia Boninelli\u2079
28%
(9%)
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Dinggui Gao\u00b9\u2070
2%
(31%)
4%
1%
38%
121%
20%
100%
n/a
n/a
Friederike
Helfer
(3%)
0%
11%
16%
12%
(36%)
20%
(31%)
11%
969%
Eva Lindqvist\u00b9\u00b9
5%
119%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Robert
MacLeod\u00b9\u00b2
(1%)
9%
35%
364%
n/a
n/a
n/a
n/a
n/a
n/a
\n
1.
This is the average percentage change, excluding the Executive Directors. Salaries, bonus and bene\ufb01ts relate to the relevant \ufb01nancial reporting year.
\n
2.
Calculated using annualised salaries/fees. Note that, as of 2023, Non-executive Director fees re\ufb02ect the inclusion of travel stipends payable for up to \ufb01ve intercontinental
\n
trips on Vesuvius business per year.
\n
3.
Calculated using data from the single \ufb01gure table in the Annual Report. Note that for Mark Collis, the 2023 \ufb01gure used for calculation is exclusive of any buy-out
\n
incentives paid in 2023.
\n
4.
During 2020, all Executive and Non-executive Directors took a voluntary 20% pay reduction for six months. Other senior employees in London headquarters also took a
\n
pay reduction between 10% and 20%, depending on their level of seniority. Therefore, the total percentage increase for Patrick Andr\u00e9 in 2021 was higher than his agreed
\n
salary increases, as this increase is compared with actual, partly-reduced salary paid during 2020 rather than full, contractual base salary.
\n
5.
Bene\ufb01ts relate to taxable travel bene\ufb01ts, and Company pensions in the case of the Directors. It is calculated as the percentage increase or decrease on the actual \ufb01gures
\n
year-on-year and not annualised or pro-rated for any new starters. A correction has been made in this year\u2019s report in relation to the annual change quoted in relation to
\n
Patrick Andr\u00e9 for the year 2024: In the 2024 Annual Report this was quoted as 12%, and is now corrected to 13%.
\n
6.
Calculations of 2021 bene\ufb01ts changes have been restated as compared with the 2021 Annual Report, to ensure correct alignment with single \ufb01gure remuneration tables.
\n
7.
Carl-Peter Forster joined the Board on 1 November 2022 and took over as Chairman on 1 December 2022.
\n
8.
Carla Bailo joined the Board on 1 February 2023.
\n
9.
Italia Boninelli joined the Board on 1 June 2024 and took over as Remuneration Committee Chair on 31 July 2024.
\n
10. Dinggui Gao joined the Board on 1 April 2021.
\n
11.
Eva Lindqvist joined the Board on 15 May 2024.
\n
12.
Robert MacLeod joined the Board on 1 September 2023 and took over as Audit Committee Chair on 15 May 2024, and it is that change which accounts for the
\n
proportionally higher increase in his fees and bene\ufb01ts in 2024 and his fees in 2025.
\n
13.
The Non-executive Directors\u2019 fees were reviewed and increased in 2022, 2023, 2024 and 2025.
\n
Other regulatory disclosure requirements
\n
CEO pay ratio
\n
The UK employee workforce is the representative comparator
\n
group to the Chief Executive, Patrick Andr\u00e9, who is based in the
\n
UK (albeit with a global role and responsibilities). Levels of pay
\n
vary widely across the Group depending on geography and
\n
local market conditions.
\n\n \n
50th
25th
percentile
75th
Year
Method
percentile
(median)
percentile
2019
Option A ratio
35:1
28:1
17:1
2020
Option A ratio
32:1
24:1
13:1
2021
Option A ratio
53:1
41:1
21:1
2022
Option A ratio
60:1
46:1
24:1
2023
Option A ratio
57:1
43:1
22:1
2024
Option A ratio
50:1
34:1
14:1
2025
Option A ratio
34:1
20:1
8:1
Total pay and
2025
bene\ufb01ts (\u00a3)
50,739
85,072
212,014
2025
Salary (\u00a3)
44,681
74,627
149,376
\n
The table above shows the Chief Executive pay ratios versus our
\n
UK employees since 2019. The pay ratios compare amounts
\n
disclosed in the single total \ufb01gure table for the Group Chief
\n
Executive to the annual full-time equivalent remuneration of our
\n
UK employees for 2019, 2020, 2021, 2022, 2023, 2024 and 2025.
\n
The Remuneration Committee is comfortable that the ratios
\n
reported re\ufb02ect the remuneration principles applied and
\n
represent a valid basis for comparison of remuneration.
\n
A signi\ufb01cant proportion of the Chief Executive\u2019s remuneration
\n
is based on performance-related pay, which a\ufb00ects said
\n
remuneration disproportionately when compared with others.
\n
This is re\ufb02ected in the year-on-year variation in pay ratio.
\n
The data has been calculated in accordance with \u2018Option A\u2019 in the
\n
Companies (Miscellaneous Reporting) Regulations 2018, because
\n
it allows the Company to show the total annualised full-time
\n
equivalent remuneration (salary, incentives, allowances, fees,
\n
taxable bene\ufb01ts) and percentiles across the \ufb01nancial year as at
\n
31 December of each year.
\n
Amounts have been annualised for those who joined part way
\n
through the year or who are on part-time arrangements
\n
and exclude those who left the organisation during the
\n
reporting period.
\n
The approach to calculating the pay ratios is consistent with
\n
the prior year and there have not been any changes to the
\n
compensation models in the reporting period.
\n
The Committee is comfortable that the principles applied and the
\n
quantum of compensation are appropriate across the Group\u2019s
\n
employee base. These are regularly benchmarked to ensure
\n
market competitiveness. There is a consistent approach of
\n
measuring against both business and personal performance for
\n
all those who participate in incentive programmes. The Group
\n
continues to monitor the e\ufb00ectiveness of all compensation
\n
practices to identify future opportunities to ensure they remain
\n
fair, consistent and in line with best practice.
\n
Annual spend on employee pay
\n
1
\n
versus shareholder distributions
\n
2
\n
The charts below show the annual spend on all employees (including Executive Directors) compared with distributions made to
\n
shareholders for 2024 and 2025:
\n\n \n
2025
2024
(\u00a3m)
(\u00a3m)
Change
Employee pay
1
465.7
474.3
(1.8%)
Dividends
2
and share buybacks
92.7
123.4
(24.9%)
\n
1.
Employee pay includes wages and salaries, social security, share-based payments and pension costs, and other post-retirement bene\ufb01ts. See Note 7 to the Group
\n
Financial Statements.
\n
2.
Shareholder distributions/dividends includes interim and \ufb01nal dividends paid in respect of each \ufb01nancial year. In addition, \ufb01gures quoted for both 2024 and 2025 also
\n
re\ufb02ect share buybacks. See Note 9 of the Company Financial Statements and Note 24 of the Group Financial Statements.
TSR performance and Chief Executive pay
The TSR performance graph compares Vesuvius\u2019 TSR performance with that of the same investment in the FTSE 250 Index (excluding
Investment Trusts). This index has been chosen as the comparator index to re\ufb02ect the size, international scope and diversity of the
Company. TSR is the measure of the returns that a company has provided for its shareholders, re\ufb02ecting share price movements and
assuming reinvestment of dividends.
Vesuvius\u2019 total
Vesuvius plc
FTSE 250 Index (excluding investment trusts)
shareholder
200
return
compared
against total
150
shareholder
return of the
FTSE 250 Index
(excluding
100
Investment
Trusts) over the
past ten years
50
0
\n \n
Chief Executive pay \u2013
Fran\u00e7ois Wanecq
1
Patrick Andr\u00e9
2
\ufb01nancial year ended
31/12/16
31/12/17
31/12/18
31/12/19
31/12/20
31/12/21
31/12/22
31/12/23
31/12/24
31/12/25
Total remuneration
\u00a31,675
1
(single \ufb01gure (\u00a3000))
\u00a31,173
\u00a3465
2
\u00a32,022
\u00a31,220
\u00a3936
\u00a31,706
\u00a32,225
\u00a32,473
\u00a32,409
\u00a31,700
Annual variable pay
81%
1
(% of maximum)
50%
85%
2
83%
11%
20%
94%
76%
75%
37%
37%
Long-term variable pay
43.7%
1
(% of maximum)
0%
n/a
2
100%
63%
0%
0%
48%
50%
65%
28%
1.
Amounts shown in respect of Fran\u00e7ois Wanecq for 2017 re\ufb02ect payments in respect of his service as Chief Executive from 1 January 2017 to 31 August 2017 and the full
value of his VSP award in relation to the performance period 2015-2017.
2.
Amounts shown in respect of Patrick Andr\u00e9 for 2017 re\ufb02ect payments in respect of his service as Chief Executive from 1 September 2017 to 31 December 2017.
Shareholder voting on remuneration resolutions
The 2024 Directors\u2019 Remuneration Report (excluding the Directors\u2019 Remuneration Policy) was approved by shareholders at the AGM
held on 16 May 2025, and the 2023 Directors\u2019 Remuneration Policy was approved by Shareholders at the AGM held on 18 May 2023,
with the following votes:
\n \n
Votes for
Votes against
Votes withheld
Approval of the Directors\u2019 Remuneration Policy 2023 AGM
234,279,589 (96.7%)
7,890,060 (3.3%)
8,514
Approval of the Directors\u2019 Remuneration Report (excluding
the Directors\u2019 Remuneration Policy) 2025 AGM
221,182,193 (99.7%)
714,502 (0.3%)
8,722
The Directors\u2019 Remuneration Report has been approved by the Board and is signed on its behalf by:
Italia Boninelli
Chair of the Remuneration Committee
11 March 20267.
Employees
7.1
Employee expenses
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2025
2024
\u00a0
Note
\u00a3m
\u00a3m
Wages and salaries
\u00a0
386.0
390.8
Social security costs
\u00a0
60.2
60.5
Share-based payments
28
3.0
6.2
Pension costs \u2013 de\ufb01ned contribution pension plans
27
11.5
11.8
\u2013 de\ufb01ned bene\ufb01t pension plans
27
5.1
4.8
Other post-retirement bene\ufb01ts
27
(0.1)
0.2
Total employee expenses
\u00a0
465.7
474.3
\n
7.2
Monthly average number of employees
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
no.
no.
Steel
8,744
9,061
Foundry
2,183
2,214
Total monthly average number of employees
10,927
11,275
\n
As at 31 December 2025, the Group had 10,925 employees (2024: 11,133).
7.3
Remuneration of key management personnel
The remuneration of the Directors, who are the key management personnel of the Group, is set out below. Details of the Directors\u2019
remuneration are disclosed in the Directors\u2019 Remuneration Report on pages 97 to 124.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Short-term employee bene\ufb01ts
1.7
2.0
Post-employment bene\ufb01ts
0.1
0.2
Share-based payments
0.2
1.5
Total remuneration of key management personnel
2.0
3.7
\n27.
Employee Bene\ufb01ts
27.1
Group post-retirement plans
The Group operates a number of pension plans around the world, both de\ufb01ned bene\ufb01t and de\ufb01ned contribution, and accounts
for them in accordance with IAS 19. There are also some jubilee arrangements (other long-term bene\ufb01ts plans) which, while
they do not need to be included in the detailed disclosures under IAS 19, have been included in the analysis below.
The Group\u2019s principal de\ufb01ned bene\ufb01t pension plans are in the UK and the US, the bene\ufb01ts of which are based upon the \ufb01nal
pensionable salaries of plan members. The assets of these plans are held separately from the Group in trustee-administered
funds. The Trustees are required to act in the best interests of the plans\u2019 bene\ufb01ciaries. The Group also has de\ufb01ned bene\ufb01t pension
plans in other territories but, except for those in Germany, these are not individually material in relation to the Group.
(a) De\ufb01ned bene\ufb01t pension plans \u2013 UK
The Group\u2019s main de\ufb01ned bene\ufb01t pension plan in the UK (\u2018the UK Plan\u2019) is closed to new members and to future bene\ufb01t accrual.
The existing plan was established under a trust deed and is subject to the Pensions Act 2004 and guidance issued by the UK
Pensions Regulator.
In November 2021, the Trustee of the Vesuvius Pension Plan signed a pension insurance buy-in agreement with Pension Insurance
Corporation plc (PIC). This buy-in secured an insurance asset from PIC that matches the remaining pension liabilities of the UK
Plan, with the result that the Company no longer bears any investment, longevity, interest rate or in\ufb02ation risks in respect of the
UK Plan. All bene\ufb01ts in the UK Plan (with the exception of an immaterial amount of bene\ufb01ts expected to arise in future as a result
of guaranteed minimum pensions (GMP) equalisation) are now insured with PIC.
Following the buy-in referred to above, no further contributions are expected to be paid to the UK Plan by the Company, and the
cost of GMP equalisation will be met out of the surplus UK Plan assets.
The amounts disclosed in the \ufb01nancial statements relating to the UK Plan are based on the latest funding valuation carried out
with an e\ufb00ective date of 31 December 2024. The results of the funding valuation have then been updated to 31 December 2025 by
a quali\ufb01ed independent actuary to re\ufb02ect experience over the period (including the buy-in) and revised assumptions that are
consistent with the de\ufb01nitions set out in IAS 19 Employee Bene\ufb01ts.
(b) De\ufb01ned bene\ufb01t pension plans \u2013 US
The Group has several de\ufb01ned bene\ufb01t pension plans in the US, providing retirement bene\ufb01ts based on \ufb01nal salary or a \ufb01xed
bene\ufb01t. The Group\u2019s principal US de\ufb01ned bene\ufb01t pension plans are closed to new members and to future bene\ufb01t accrual for
existing members. Actuarial valuations of the US de\ufb01ned bene\ufb01t pension plans are carried out every year and the last full
valuation was carried out as at 31 December 2025. At that date, the market value of the plan assets was $51.7m, representing
a funding level of 90.7% of funded accrued plan bene\ufb01ts at that date (using the projected unit method of valuation) of $57.0m.
Funding levels for the Group\u2019s US de\ufb01ned bene\ufb01t pension plans are based upon annual valuations carried out by independent
quali\ufb01ed actuaries and are governed by US Government regulations.
The Group\u2019s US quali\ufb01ed de\ufb01ned bene\ufb01t pension plan is subject to the minimum contribution requirements of the Internal Revenue
Code Sections 412 and 430. Contributions are determined by trustees, in consultation with the Company, based on the annual
valuations which are submitted to the Internal Revenue Service. During the \ufb01scal year beginning 1 January 2025, total minimum
required contributions were $1.7m. Under these funding laws and based on the plan de\ufb01cit, the required minimum annual
contribution for the 2026 \ufb01scal year is expected to be $1.4m and the required annual contributions for the period 2027\u20132028
are expected to be in the $0.7m to $1.0m range. Contributions of $1.7m (2024: $3.2m) were made during 2025.
(c) De\ufb01ned bene\ufb01t pension plans \u2013 Germany
The Group has several de\ufb01ned bene\ufb01t pension arrangements in Germany which are unfunded, as is common practice in that
country. The main plan was closed to new entrants on 31 December 2016 and replaced by a de\ufb01ned contribution plan for new
joiners. The German de\ufb01ned bene\ufb01t plan contains mainly direct pension promises based on works council agreements as well
as on some individual pension promises. The legal framework is the German Company Pensions Act (\u2018Betriebsrentengesetz\u2019).
The plan is unfunded and the Company pays all bene\ufb01t payments when they fall due.
(d) De\ufb01ned bene\ufb01t pension plans \u2013 rest of the world and other post-retirement bene\ufb01ts
The Group has several de\ufb01ned bene\ufb01t pension arrangements across the rest of the world (ROW), the largest of which are in
Belgium. The net liability of the ROW plans at 31 December 2025 was \u00a37.3m (2024: \u00a38.7m). The Group also has liabilities relating
to medical insurance arrangements and termination plans which provide for bene\ufb01ts to be paid to employees on retirement.
The net liability of these other post-retirement bene\ufb01ts as at 31 December 2025 was \u00a39.0m (2024: \u00a39.3m).
e) De\ufb01ned contribution pension plans
The total expense for the Group\u2019s de\ufb01ned contribution plans in the Group Income Statement amounted to \u00a311.5m (2024: \u00a311.8m)
and represents the contributions payable for the year by the Group to the plans.
(f) Multi-employer plans
Due to collective agreements, Vesuvius in the US participates, together with other enterprises, in union-run multi-employer
pension plans for temporary workers hired on sites. These are accounted for as de\ufb01ned contribution plans.27.2
Post-retirement liability valuation
The main assumptions used in calculating the costs and obligations of the Group\u2019s de\ufb01ned bene\ufb01t pension plans, as detailed
below, are set by the Directors after consultation with independent professionally quali\ufb01ed actuaries and include those used
to determine regular service costs and the \ufb01nancing elements related to the plans\u2019 assets and liabilities. It is the Directors\u2019
responsibility to set the assumptions used in determining the key elements of the costs of meeting such future obligations.
Whilst the Directors believe that the assumptions used are appropriate, a change in the assumptions used could a\ufb00ect the
Group\u2019s pro\ufb01t and \ufb01nancial position.
(a) Mortality assumptions
The mortality assumptions used in the actuarial valuations of the Group\u2019s UK, US and German de\ufb01ned bene\ufb01t pension liabilities
are summarised in the table below and have been selected to re\ufb02ect the characteristics and experience of the membership of
those plans.
For the UK Plan, the assumptions used have been derived from the Self-Administered Pension Schemes (\u2018SAPS S4\u2019) All table, with
future longevity improvements in line with the \u2018core\u2019 mortality improvement tables published in 2024 by the Continuous Mortality
Investigation (CMI), with a long-term rate of improvement of 1.25% per year. For the Group\u2019s US plans, the assumptions used have
been based on the Pri-2012 mortality tables and MP-2021 projection scale. The Group\u2019s major plans in Germany have been valued
using the modi\ufb01ed Heubeck Richttafeln 2018G mortality tables. In respect of the life expectancy tables below, current pensioners
are assumed to be 65 years old, while future pensioners are assumed to be 45 years old.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
UK
US
Germany
UK
US
Germany
Life expectancy of pension plan members
years
years
years
years
years
years
Age to which current pensioners are expected to live:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u2013 Men
87.4
85.8
86.0
86.8
85.7
85.9
\u2013 Women
88.9
87.7
89.4
88.6
87.7
89.3
Age to which future pensioners are expected to live:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u2013 Men
87.6
87.3
88.7
87.0
87.2
88.6
\u2013 Women
90.4
89.2
91.6
90.1
89.1
91.5
\n
(b) Other main actuarial valuation assumptions
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
UK
US
Germany
UK
US
Germany
\u00a0
% p.a.
% p.a.
% p.a.
% p.a.
% p.a.
% p.a.
Discount rate
5.40
5.00
4.10
5.50
5.35
3.40
Price in\ufb02ation \u2013 using RPI for UK
2.75
2.50
2.00
3.10
2.50
2.00
\u2013 using CPI for UK
2.25
n/a
n/a
2.60
n/a
n/a
Rate of increase in pensionable salaries
n/a
n/a
2.75
n/a
n/a
2.75
Rate of increase to pensions in payment
2.65
n/a
2.00
2.90
n/a
2.00
\n
The discount rate used to determine the liabilities of the UK Plan for IAS 19 accounting purposes is required to be determined by
reference to market yields on high-quality corporate bonds.
The assumptions for UK price in\ufb02ation are set by reference to the di\ufb00erence between yields on longer-term conventional
government bonds and index-linked bonds, except for CPI, for which no appropriate bonds exist, which is assumed to be 0.5 points
lower (2024: 0.5 points lower) than RPI-based in\ufb02ation.
(c) Sensitivity analysis of the impact of changes in signi\ufb01cant IAS 19 actuarial assumptions
\n
The US pensions are not in\ufb02ation linked. The rate of increase in pensionable salaries and of pensions in payment is therefore not
\n
signi\ufb01cant to the valuation of the Group\u2019s overall pension liabilities.
\n
The sensitivity of the de\ufb01ned bene\ufb01t obligation to changes in the weighted principal assumptions is:
\n\n \n
Assumption
Change in assumption
UK
1
US
Germany
Discount rate
Increase/decrease by 0.1%
\u2013 impact on plan liabilities
Decrease/increase by
Decrease/increase by
Decrease/increase by
\u00a32.7m (2024: \u00a33.1m)
\u00a30.4m (2024: \u00a30.4m)
\u00a30.4m (2024: \u00a30.6m)
\u2013 impact on plan assets
Decrease/increase by
n/a
n/a
\u00a32.7m (2024: \u00a33.1m)
Price in\ufb02ation
Increase/decrease by 0.1%
\u2013 impact on plan liabilities
Increase/decrease by
n/a
Increase/decrease by
\u00a31.9m (2024: \u00a32.2m)
\u00a30.1m (2024: \u00a30.2m)
\u2013 impact on plan assets
Increase/decrease by
n/a
n/a
\u00a31.9m (2024: \u00a32.2m)
Mortality
Increase by one year
\u2013 impact on plan liabilities
Increase by \u00a311.1m
Increase by \u00a31.9m
Increase by \u00a31.0m
(2024: \u00a312.0m)
(2024: \u00a31.9m)
(2024: \u00a31.2m)
\u2013 impact on plan assets
Increase by \u00a311.1m
n/a
n/a
(2024: \u00a312.0m)
\n
1.
The UK Plan Trustee has entered into a pension insurance buy-in agreement with the Pension Insurance Corporation (PIC). This buy-in secured an insurance asset
\n
from PIC that matches the remaining pension liabilities of the UK Plan, with the result that the Company no longer bears any investment, longevity, interest rate or
\n
in\ufb02ation risks in respect of the UK Plan.
\n
27.3
De\ufb01ned bene\ufb01t obligation
\n
The average duration of the obligations to which the liabilities of the Group\u2019s principal pension plans relate is 9.6 years for the UK,
\n
13.6 years for Germany and 8.5 years for the US.
\n\n \n
Other post-
De\ufb01ned bene\ufb01t pension plans
retirement &
long-term
bene\ufb01t
UK
US
Germany
ROW
Total
plans
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Present value as at 1 January 2025
289.5
52.1
38.1
43.8
423.5
9.3
432.8
Exchange di\ufb00erences
\u2013
(3.7)
2.0
0.5
(1.2)
0.5
(0.7)
Current service cost
\u2013
\u2013
1.0
3.3
4.3
0.1
4.4
Past service gain
\u2013
\u2013
(0.5)
\u2013
(0.5)
\u2013
(0.5)
Interest cost
15.8
2.5
1.3
1.6
21.2
0.6
21.8
Gains arising over the year that are
recognised in P&L
\u2013
\u2013
\u2013
\u2013
\u2013
(0.2)
(0.2)
Remeasurement of liabilities:
\u2013 demographic changes
6.8
\u2013
\u2013
\u2013
6.8
\u2013
6.8
\u2013 \ufb01nancial assumptions
(3.5)
1.3
(3.6)
(1.1)
(6.9)
0.4
(6.5)
\u2013 experience losses/(gains)
0.5
0.6
(0.2)
0.9
1.8
(0.4)
1.4
Business acquisition
\u2013
\u2013
0.5
0.7
1.2
\u2013
1.2
Bene\ufb01ts paid
(21.2)
(4.3)
(1.8)
(2.3)
(29.6)
(1.3)
(30.9)
Present value as at 31 December 2025
287.9
48.5
36.8
47.4
420.6
9.0
429.6
\n \n
Other post-
De\ufb01ned bene\ufb01t pension plans
retirement &
long-term
bene\ufb01t
UK
US
Germany
ROW
Total
plans
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Present value as at 1 January 2024
328.4
56.4
41.3
43.1
469.2
9.9
479.1
Exchange di\ufb00erences
\u2013
1.0
(1.9)
(2.0)
(2.9)
(0.7)
(3.6)
Current service cost
\u2013
\u2013
0.4
3.2
3.6
0.6
4.2
Past service gain
\u2013
\u2013
\u2013
(0.1)
(0.1)
(0.4)
(0.5)
Settlement gain
\u2013
\u2013
\u2013
\u2013
\u2013
(0.2)
(0.2)
Interest cost
14.5
2.5
1.3
1.7
20.0
0.5
20.5
Losses arising over the year that are
recognised in P&L
\u2013
\u2013
\u2013
\u2013
\u2013
0.2
0.2
Remeasurement of liabilities:
\u2013 demographic changes
(1.4)
\u2013
\u2013
0.1
(1.3)
(0.1)
(1.4)
\u2013 \ufb01nancial assumptions
(28.8)
(2.8)
(0.9)
0.5
(32.0)
0.1
(31.9)
\u2013 experience losses/(gains)
(1.1)
(0.7)
(0.3)
0.3
(1.8)
(0.1)
(1.9)
Bene\ufb01ts paid
(22.1)
(4.3)
(1.8)
(3.0)
(31.2)
(0.5)
(31.7)
Present value as at 31 December 2024
289.5
52.1
38.1
43.8
423.5
9.3
432.8
\n
27.4
Fair value of plan assets
\n\n \n
2025
2024
UK
US
Germany
ROW
Total
UK
US
Germany
ROW
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 1 January
320.3
40.0
\u2013
35.1
395.4
359.8
38.2
\u2013
34.8
432.8
Exchange di\ufb00erences
\u2013
(2.8)
\u2013
0.5
(2.3)
\u2013
0.8
\u2013
(1.9)
(1.1)
Interest income
17.5
2.0
\u2013
1.1
20.6
15.9
1.7
\u2013
1.3
18.9
Return on plan assets
3.1
2.0
\u2013
1.0
6.1
(32.7)
0.9
\u2013
0.2
(31.6)
Contributions from employer
0.2
1.3
\u2013
3.8
5.3
\u2013
2.5
\u2013
3.4
5.9
Administration expenses paid
(0.7)
(0.6)
\u2013
\u2013
(1.3)
(0.7)
(0.6)
\u2013
\u2013
(1.3)
Business acquisition
\u2013
\u2013
0.2
0.5
0.7
\u2013
\u2013
\u2013
\u2013
\u2013
Bene\ufb01ts paid
(21.1)
(3.5)
\u2013
(1.9)
(26.5)
(22.0)
(3.5)
\u2013
(2.7)
(28.2)
As at 31 December
319.3
38.4
0.2
40.1
398.0
320.3
40.0
\u2013
35.1
395.4
\n
The Group\u2019s pension plans in Germany are unfunded, as is common practice in that country, and accordingly there are no assets
\n
associated with these plans.
\n
27.5
Remeasurement of de\ufb01ned bene\ufb01t liabilities/assets
\n\n \n
2025
2024
total
total
\u00a3m
\u00a3m
Remeasurement of liabilities/assets:
\u2013 demographic changes
(6.8)
1.4
\u2013 \ufb01nancial assumptions
6.5
31.9
\u2013 experience gains/(losses)
(1.4)
1.9
Return on plan assets
6.1
(31.6)
Total movement
4.4
3.6
\n
The remeasurement of de\ufb01ned bene\ufb01t liabilities and assets is recognised in the Group Statement of Comprehensive Income.
27.6
Balance sheet recognition
\n
The amount recognised in the Group Balance Sheet in respect of the Group\u2019s de\ufb01ned bene\ufb01t pension plans and other post-
\n
retirement and long-term bene\ufb01t plans is analysed in the following tables, which all relate to continuing operations. All assets have
\n
quoted prices in active markets with the exception of annuity insurance contracts in the UK, \u00a3280.9m (2024: \u00a3282.5m) and ROW,
\n
\u00a33.7m (2024 \u00a33.2m).
\n\n \n
Other post-
De\ufb01ned bene\ufb01t pension plans
retirement &
long-term
bene\ufb01t
2025
UK
US
Germany
ROW
Total
plans
total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Equities
21.1
5.6
\u2013
3.0
29.7
\u2013
29.7
Bonds
\u2013
30.6
0.2
2.1
32.9
\u2013
32.9
Annuity insurance contracts
280.9
\u2013
\u2013
33.2
314.1
\u2013
314.1
Other assets
17.3
2.2
\u2013
1.8
21.3
\u2013
21.3
Fair value of plan assets
319.3
38.4
0.2
40.1
398.0
\u2013
398.0
Present value of funded obligations
(286.9)
(42.3)
(0.5)
(43.9)
(373.6)
\u2013
(373.6)
32.4
(3.9)
(0.3)
(3.8)
24.4
\u2013
24.4
Present value of unfunded obligations
(1.0)
(6.2)
(36.3)
(3.5)
(47.0)
(9.0)
(56.0)
Total net surpluses/(liabilities)
31.4
(10.1)
(36.6)
(7.3)
(22.6)
(9.0)
(31.6)
Recognised in the Group Balance Sheet as:
Net surpluses
32.4
\u2013
\u2013
3.1
35.5
\u2013
35.5
Net liabilities
(1.0)
(10.1)
(36.6)
(10.4)
(58.1)
(9.0)
(67.1)
Total net surpluses/(liabilities)
31.4
(10.1)
(36.6)
(7.3)
(22.6)
(9.0)
(31.6)
\n\n \n
Other post-
De\ufb01ned bene\ufb01t pension plans
retirement &
long-term
bene\ufb01t
2024
UK
US
Germany
ROW
Total
plans
total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Equities
19.3
4.2
\u2013
2.6
26.1
\u2013
26.1
Bonds
\u2013
33.6
\u2013
2.4
36.0
\u2013
36.0
Annuity insurance contracts
282.5
\u2013
\u2013
28.4
310.9
\u2013
310.9
Other assets
18.5
2.2
\u2013
1.7
22.4
\u2013
22.4
Fair value of plan assets
320.3
40.0
\u2013
35.1
395.4
\u2013
395.4
Present value of funded obligations
(288.5)
(45.3)
\u2013
(40.3)
(374.1)
\u2013
(374.1)
31.8
(5.3)
\u2013
(5.2)
21.3
\u2013
21.3
Present value of unfunded obligations
(1.0)
(6.8)
(38.1)
(3.5)
(49.4)
(9.3)
(58.7)
Total net surpluses/(liabilities)
30.8
(12.1)
(38.1)
(8.7)
(28.1)
(9.3)
(37.4)
Recognised in the Group Balance Sheet as:
Net surpluses
31.8
\u2013
\u2013
2.3
34.1
\u2013
34.1
Net liabilities
(1.0)
(12.1)
(38.1)
(11.0)
(62.2)
(9.3)
(71.5)
Total net surpluses/(liabilities)
30.8
(12.1)
(38.1)
(8.7)
(28.1)
(9.3)
(37.4)
(a) UK Plan asset allocation
\n
As at 31 December 2025, of the UK Plan\u2019s total assets, 88.0% (2024: 88.2%) were represented by the annuity insurance contracts
\n
covering the UK Plan\u2019s pension liabilities; 6.6% (2024: 6.0%) were allocated to equities and 5.4% (2024: 5.8%) to cash.
\n
As at 31 December 2025, the IAS 19 valuation of the PIC insurance contract value associated with the bought-in liabilities was
\n
\u00a3280.9m (2024: \u00a3282.5m). The policy and the associated valuation are updated annually to re\ufb02ect retirements and mortality.
\n
(b) US Plan asset allocation
\n
All of the assets in the main US Plan have a quoted market price in an active market. The Plan mitigates exposure to interest rates
\n
by employing a liability matching investment strategy. All non-derivative assets are invested in liability matching bonds with
\n
a similar average duration to the liabilities of the Plan. The Plan retains equity risk through use of equity derivative contracts,
\n
which provide equity market exposure with some level of equity downside protection.
\n
(c) De\ufb01ned bene\ufb01t contributions in 2026
\n
In 2026, the Group is expected to make direct bene\ufb01t payments and contributions into its de\ufb01ned bene\ufb01t pension and other
\n
post-retirement and long-term bene\ufb01ts plans of around \u00a39.8m. Speci\ufb01c payments and contributions of approximately \u00a31.9m,
\n
\u00a32.1m and \u00a32.4m are anticipated for the US Plans, German Plans and Belgian Plans respectively.
\n
27.7
Income statement recognition
\n
The expense recognised in the Group Income Statement in respect of the Group\u2019s de\ufb01ned bene\ufb01t retirement plans and other
\n
post-retirement and long-term bene\ufb01t plans is shown below:
\n\n \n
2025
2024
Other post-
Other post-
De\ufb01ned
retirement &
De\ufb01ned
retirement &
bene\ufb01t
long-term
bene\ufb01t
long-term
pension
bene\ufb01t
pension
bene\ufb01t
plans
plans
Total
plans
plans
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Current service cost
4.3
0.1
4.4
3.6
0.6
4.2
Past service gain
(0.5)
\u2013
(0.5)
(0.1)
(0.4)
(0.5)
Settlement gain
\u2013
\u2013
\u2013
\u2013
(0.2)
(0.2)
Losses arising over the year that are recognised in P&L
\u2013
(0.2)
(0.2)
\u2013
0.2
0.2
Administration expenses
1.3
\u2013
1.3
1.3
\u2013
1.3
Net interest cost
0.6
0.6
1.2
1.1
0.5
1.6
Total net charge
5.7
0.5
6.2
5.9
0.7
6.6
\n
The total net charge of \u00a36.2m (2024: \u00a36.6m), recognised in the Group Income Statement in respect of the Group\u2019s de\ufb01ned bene\ufb01t
\n
pension plans and other post-retirement and long-term bene\ufb01ts plans, is analysed in the following table:
\n\n \n
2025
2024
\u00a3m
\u00a3m
In arriving at trading pro\ufb01t (adjusted operating pro\ufb01t)
\u2013 within other cost of sales
1.0
1.1
\u2013 within administration, selling and
distribution costs
4.0
3.9
In arriving at pro\ufb01t before tax
\u2013 within net \ufb01nance costs
1.2
1.6
Total net charge
6.2
6.6
\n
Virgin Media vs NTL Pension Trustee case
\n
In June 2023, the High Court judged in the Virgin Media vs NTL Pension Trustee case that certain amendments made to the NTL
\n
Pension Plan were invalid because the scheme\u2019s actuary had not provided the necessary con\ufb01rmations (Section 37 Certi\ufb01cates).
\n
This decision was upheld in July 2024. It could have wider ranging implications a\ufb00ecting other schemes that were contracted-out
\n
on a salary-related basis and made amendments between April 1997 and April 2016.
\n
The DWP has recently announced that it will introduce legislation to allow retrospective con\ufb01rmation of historic bene\ufb01t changes.
\n
This announcement should signi\ufb01cantly reduce the impact on pension schemes and mean that for most schemes the existence of
\n
con\ufb01rmations is no longer the relevant issue, but whether con\ufb01rmation was obtained or can be provided now. The Trustee of the
\n
Vesuvius Pension Plan has taken legal advice on the impact of the Virgin Media case on the Plan and intends to keep the position
\n
under review, taking into account any further legal developments during 2026. Management are aware of recent developments
\n
and have concluded that there is no requirement for further investigation at this stage.
GMP equalisation
A UK High Court ruling was made on 26 October 2018 in respect of the gender equalisation of guaranteed minimum pensions
(GMPs) for occupational pension schemes (impact estimated to be \u00a34.5m at 31 December 2018). A further ruling was issued on
20 November 2020 (impact estimated to be \u00a30.8m at 31 December 2020). As in prior years, the UK disclosures continue to include
an appropriate allowance for the increase in pension liabilities resulting from these rulings.
27.8
Risks to which the de\ufb01ned bene\ufb01t pension plans expose the Group
The principal risks faced by these plans comprise: (i) the risk that the value of the plan assets is not su\ufb03cient to meet all plan
liabilities as they fall due; (ii) the risk that plan bene\ufb01ciaries live longer than envisaged, causing liabilities to exceed the available
plan assets; and (iii) the risk that the market-based factors used to value plan liabilities and assets change materially adversely
to increase plan liabilities over the value of available plan assets.
Following the UK Plan pension insurance buy-in agreement, the in\ufb02ation, interest rate, investment and longevity risks for
Vesuvius in respect of the UK Plan are virtually eliminated.
The Group continues to monitor risks in respect of the other plans, including counterparty risk, asset volatility, changes in bond
yields, in\ufb02ation and life expectancy.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00336": { "value": "Annual Report on Directors\u2019 Remuneration
Executive Directors\u2019 remuneration in the year ahead
The table below sets out the phasing of receipt of the various elements of Executive Director remuneration for 2026.
\n \n
2026
2027
2028
2029
2030
2031
Description and link to strategy
S
Base salary
Salaries are set at an appropriate level to enable the Company
to recruit and retain key employees, and re\ufb02ect the individual\u2019s
experience, role and contribution within the Company.
B
Bene\ufb01ts
Provides normal market practice bene\ufb01ts.
P
Pension
The pension bene\ufb01t helps to recruit and retain key employees
and ensures income in retirement.
AI
Annual
The Annual Incentive incentivises the Executive Directors
Incentive
to achieve key short-term \ufb01nancial and strategic targets of
the Group.
AI
Deferred
The deferral of a portion of the Annual Incentive increases
Annual
alignment with shareholders.
Incentive
VSP
Vesuvius
Holding
Awards under the Vesuvius Share Plan align Executive
Share Plan
period
Directors\u2019 interests with those of shareholders through the
delivery of shares and assist in the retention of the Executive
Directors. The VSP rewards the Executive Directors for
achieving the strategic objectives of growth in shareholder
value and earnings and of our three priority long-term
ESG targets.
\n
The table below sets out how the Remuneration Policy will be applied to the Executive Directors\u2019 remuneration for 2026. Further details
\n
about each of the elements of remuneration are set out in the Remuneration Policy.
\n
S
\n
Base salary
\n
Patrick Andr\u00e9
\n
\u00a3794,300
\n
Mark Collis
\n
\u00a3477,800
\n
2025: \u00a3778,680
2025: \u00a3455,000
\n
As explained in the Committee
\n
Chair\u2019s Introductory Statement to
\n
this Directors\u2019 Remuneration
\n
Report, the Chief Executive was
\n
awarded a 2% increase, e\ufb00ective
\n
1 January 2026.
\n
As explained in the Committee
\n
Chair\u2019s Introductory Statement
\n
to this Directors\u2019 Remuneration
\n
Report, the CFO was awarded
\n
a 5% increase, e\ufb00ective
\n
1 January 2026.
\n
B
\n
Bene\ufb01ts
\n
Bene\ufb01ts for Executive
\n
Directors may include:
\n
\u2013
Car allowance
\n
\u2013
Private medical care
\n
\u2013
Relocation expenses
\n
\u2013
Tax advice and tax
\n
reimbursement
\n
\u2013
Commuting costs
\n
\u2013
School fees
\n
\u2013
Directors\u2019 spouses\u2019 travel
\n
\u2013
Administrative expenses
\n
P
\n
Pension
\n
17% of base salary, in line with the average received by the majority of the global workforce.
\n
AI
\n
Annual Incentive
\n
Annual Incentive potential for
\n
Patrick Andr\u00e9, maximum value
175%
\n
of base salary
Annual Incentive potential for
\n
Mark Collis, maximum value
150%
\n
of base salary
\n
For 2026, the maximum Annual Incentive potential for Patrick Andr\u00e9 will remain at the level previously available, i.e. 175% of base
\n
salary with target Annual Incentive potential being 87.5% of base salary for the achievement of target performance in all elements.
\n
For Mark Collis, the potential will also remain at the level previously available, i.e. 75% at target, and 150% at maximum. Payouts will
\n
commence and increase incrementally from 0% once the threshold performance for any of the elements has been met. As detailed
\n
in the Chair\u2019s Introductory Statement to this Directors\u2019 Remuneration Report, the performance ranges that will apply to the 2026
\n
\ufb01nancial targets have been re-calibrated vis-\u00e0-vis the approach taken in prior years to better re\ufb02ect our focus on growth in 2026 at the
\n
same time as recognising the need to set a realistic but stretching incentive in the context of highly cyclical end-markets and current
\n
market conditions.
\n
33% of any Annual Incentive earned will be deferred into awards over shares, which will vest after a holding period of three years, except
\n
in cases of dismissal for cause. Subject to shareholder approval of our 2026 Remuneration Policy at the 2026 AGM, where shareholding
\n
requirements have been met, or exceeded, the Committee retains the discretion to reduce the deferral amount to 20% of any Annual
\n
Incentive earned, for a period of two years.
\n
These incentives are based 50% on Group Headline EPS, 30% on the Group\u2019s working capital to sales ratio (based on the 12-month
\n
moving average) and 20% on speci\ufb01ed personal objectives.
\n
The Company will not be disclosing the targets set until after the relevant performance period has ended because of commercial
\n
sensitivities. Targets will be set and performance assessed so as to exclude approved restructuring costs and any unbudgeted
\n
M&A costs.
\n
The personal objectives for 2026 are focused on long-term strategic objectives or are job-speci\ufb01c in nature and track performance
\n
against the Group\u2019s key strategic, organisational and operational goals with a speci\ufb01c focus on ESG outcomes.
\n\n \n
VSP
Vesuvius Share Plan
(VSP)
Patrick Andr\u00e9, maximum value
200%
of base salary
Share awards with a maximum value of 200% of salary will be
granted to Patrick Andr\u00e9 and, for Mark Collis a maximum value
of 150% of salary will be granted. The grant price for the awards
Mark Collis, maximum value
150%
of base salary
will be determined by reference to the average share price over
the 30 calendar days prior to grant.
Vesting of 40% of shares
awarded will be based upon the Company\u2019s TSR performance
relative to that of the constituent companies of the FTSE 250
(excluding Investment Trusts), 40% on post-tax return on invested
capital (ROIC) and 20% on ESG. Targets are set out overleaf.
Performance will be measured over three years with awards
vesting after three years. There will then be a further two-year
holding period applicable to the awards.
\n
Targets for the VSP Awards for the year 2026
\n
Weighting
\n
40%
\n
TSR ranking relative to FTSE 250
\n
excluding Investment Trusts
\n\n \n
Vesting percentage
(of total LTIP)
Below median
0%
Median
10%
Between median and
Pro rata between
upper quintile
10% and 40%
Upper quintile and above
40%
\n
Weighting
\n
40%
\n
Post-tax ROIC
\n
1
\n\n \n
Average ROIC over
Vesting percentage
three-year
(of total LTIP)
2
performance period
Threshold and below
0%
11.0%
Maximum
40%
14.5%
\n
1.
ROIC is de\ufb01ned as Net Operating Pro\ufb01t After Tax (NOPAT), divided by invested
\n
capital (IC). NOPAT is de\ufb01ned as Group trading pro\ufb01t, plus post-tax share of JV
\n
results, less amortisation of intangible assets calculated as an average over the
\n
target period. (The inclusion of amortisation charges serves to reduce the
\n
calculation of ROIC returns though we believe this to be the most appropriate
\n
de\ufb01nition.) Invested capital is de\ufb01ned as total assets excluding cash and
\n
non-interest-bearing liabilities, less the goodwill and intangibles that arose
\n
under IFRS 3 in respect of the Foseco acquisition in 2008, calculated as the
\n
average of IC at the start and the end of the target period at constant currency.
\n
2.
Vesting between these points will be on a straight-line basis.
\n
Weighting
\n
20%
\n
Environment, Social and Governance
\n
Safety: Average Lost Time Injury Frequency Rate (LTIFR)\u00b9
\n
2026-2028
\n\n \n
Vesting percentage
(of total LTIP)
2
Range
Threshold and below
0%
0.80
Maximum
5%
0.50
\n
Energy: CO
\n
2
\n
e: Reduction in Scope 1 and 2 CO
\n
2
\n
e emission intensity
\n
excluding the dolime process (vs 2019 baseline) in 2028\u00b3
\n\n \n
Vesting percentage
(of total LTIP)
2
Range
Threshold and below
0%
-46%
Maximum
10%
-50%
\n
Diversity: Gender diversity in Senior Leadership Group\u2074 on
\n
31 Dec 2028
\n\n \n
Vesting percentage
(of total LTIP)
2
Range
Threshold and below
0%
21%
Maximum
5%
24%
\n
1.
LTIFR is the Lost Time Injury Frequency Rate, based on the number of lost time
\n
injuries that occur during the performance period per million hours worked.
\n
2.
Straight-line vesting between threshold and maximum.
\n
3. Reduction of CO
\n
2
\n
e emissions per metric tonne of product packed for shipment.
\n
4.
Senior Leadership Group is de\ufb01ned as the Group Executive Committee plus the
\n
most senior Vesuvius managers worldwide, in terms of their contribution to the
\n
Group\u2019s overall results and to the execution of the Group\u2019s strategy.
\n
Explaining the ROIC target range
\n
The Committee has considered the Group strategy over the
\n
period, market conditions, and historic and current estimates
\n
of WACC provided by our \ufb01nancial advisers in determining the
\n
target range. The ROIC target excludes goodwill and intangibles
\n
that arose upon the historic acquisition of Foseco in 2008, as the
\n
Committee believes that this approach removes the distortive
\n
e\ufb00ects of that acquisition, and provides a clearer measure of
\n
management performance. This measure is one of the
\n
Company\u2019s KPIs, as set out on page 17.
The targets have been set,
\n
and performance will be assessed, excluding approved
\n
restructuring costs. The threshold payout level remains at 0% this
\n
year, but may change for future awards.
\n
As detailed in the Chair\u2019s Introductory Statement to this Directors\u2019
\n
Remuneration Report, the 2026 awards ROIC targets have been
\n
re-calibrated vis-a-vis the approach taken in 2025 having had
\n
regard to the \ufb01nancial information noted above as well as
\n
reviewing the performance achieved in 2025 and forecast market
\n
conditions for the next three-year period. In this context, the range
\n
set is considered to achieve the objective of setting a realistic but
\n
stretching incentive in our business context, with the targets
\n
viewed as being at least as challenging as those set in 2025 given
\n
where we are in the business cycle.
\n
Adjustments to the ROIC target range may be required should
\n
the Board approve certain mergers, acquisitions or disposals.
\n
For any such event that requires Board approval then
\n
management will assess the potential impact on ROIC as part
\n
of their broader submission, and the Committee will determine
\n
whether any adjustment to targets should be made. In general,
\n
the Committee will have regard to the materiality of the event
\n
and the timing in the life of the award cycle. The intention will
\n
be to maintain fair, stretching but achievable targets, whilst not
\n
providing a disincentive to management to bring forward
\n
proposals for mergers, acquisitions or disposals that are in the
\n
Company\u2019s interest.
\n
Explaining the ESG metrics
\n
The Environment, Social and Governance targets for the 2026
\n
awards represent key strategic priorities for the management
\n
team as well as the Board.
\n
Safety continues to be of paramount cultural importance to
\n
Vesuvius and progressive improvement has been made in
\n
recent years. The targets are considered stretching in the
\n
context of an operationally challenging environment with many
\n
employees working remotely at customer sites and noting that,
\n
the better our performance outcome, the exponentially harder it is
\n
to make further progress. Lost Time Injury Frequency Rate is a
\n
recognised metric, and is measured per million hours worked.
\n
Energy \u2013 the reduction in Scope 1 and 2 emissions is a key feature
\n
of the Company\u2019s sustainability strategy (see pages 36 to 56) and
\n
as such a measure of CO
\n
2
\n
e emission intensity is used (CO
\n
2
\n
e
\n
emissions per tonne of product packed for shipment). Baseline
\n
and current emissions have been veri\ufb01ed by Carbon Footprint Ltd.
\n
The targets have been set relative to the 2025 outturn of -46%
\n
(versus the 2019 baseline) which, as outlined on page 53, re\ufb02ected
\n
actual performance excluding the dolime process.
\n
Diversity \u2013 a focus on gender diversity has seen improvements in
\n
the Senior Leadership Group of c. 150 individuals in recent years.
\n
The Committee notes that the market for female talent in the
\n
sector remains extremely tight and, following a review of
\n
estimated market talent pipelines in our industry, it believes
\n
that the target range is appropriately stretching.
\n
Single total \ufb01gure table \u2013 audited
\n
The table below sets out the total remuneration received by Executive Directors in the \ufb01nancial year under review:
\n\n \n
Patrick Andr\u00e9
Mark Collis
2025
2024
2025
2024
(\u00a3000)
(\u00a3000)
(\u00a3000)
(\u00a3000)
Total salary
779
756
455
441
Taxable bene\ufb01ts
1
53
78
28
27
Pension
2
132
129
77
75
Total \ufb01xed pay
3
964
963
561
543
Annual Incentive
4
288
483
145
240
Long-Term Incentives
5,6,7,8
449
963
180
\u2013
Buy-out awards
9,10
\u2013
\u2013
\u2013
14
Total variable pay
11
736
1,446
326
254
Total
12
1,700
2,409
886
797
\n
1.
Standard bene\ufb01ts for the Executive Directors include car allowance and private
\n
medical care. In 2024, Patrick Andr\u00e9 also received external professional services
\n
support, funded by the Company, in relation to clarifying his status and assessing
\n
his liabilities associated with the forthcoming implementation of the Foreign
\n
Income and Gains regime.
\n
2.
The pension \ufb01gures for 2024 and 2025 for Patrick Andr\u00e9 and Mark Collis
\n
represent the value of all cash allowances and contributions received in respect
\n
of pension bene\ufb01ts, at a rate of 17% of base salary, implemented in line with the
\n
Remuneration Policy from 1 January 2023. In 2024 and 2025, for both Patrick
\n
Andr\u00e9 and Mark Collis, pension bene\ufb01t comprised \u00a310,000 contribution into
\n
pension, with the remainder provided as a pension cash supplement.
\n
3.
The sum of total salary, taxable bene\ufb01ts and pension.
\n
4.
This \ufb01gure includes the Annual Incentive payments to be made to the Executive
\n
Directors in relation to the year under review. 33% of any Annual Incentive
\n
payments will be deferred into awards over shares, subject to a three-year
\n
vesting period, and subject to no further performance measures. See page 105
\n
for more details. Leaver and change of control provisions in relation to these
\n
shares are set out in the Policy on page 109.
\n
5.
The 2024 \ufb01gure represents the Performance Share awards granted to Patrick
\n
Andr\u00e9 in 2022 under the VSP, which vested in 2025.
\n
6.
The value of the 2024 Long-Term Incentive, relating to the Performance Share
\n
award granted to Patrick Andr\u00e9 under the VSP in 2022, is re\ufb02ective of a share
\n
price depreciation of 2.99% between the share price used at grant (402.0p),
\n
versus the vesting share price of 390.0p. The values also include dividend vesting
\n
at 67.35p per vested share.
\n
7.
The 2025 \ufb01gures represent the Performance Share awards granted to Patrick
\n
Andr\u00e9 and Mark Collis in 2023 under the VSP, which will vest in 2026.
\n
8.
The values of the 2025 Long-Term Incentive, relating to the Performance Share
\n
awards granted to Patrick Andr\u00e9 and Mark Collis under the VSP in 2023, are
\n
re\ufb02ective of a share price depreciation of 6.20% between the share price used at
\n
grant (405.0p), versus the Q4 2025 average share price (379.9p) used as a proxy
\n
for the vesting price. The values also include dividend vesting at 69.35p per
\n
vested share.
\n
9.
As detailed on page 126 of the 2023 Annual Report, Mark Collis received
\n
a one-o\ufb00 payment to compensate for the 2022 annual incentive payment
\n
forfeited when leaving his former employer, as well as a combination of
\n
Restricted Share awards and Performance Shares to compensate for forfeited
\n
equity incentives, which the Committee resolved to make in line with the
\n
Remuneration Policy.
\n
10.The \ufb01gure quoted here for 2024 comprises the two Performance Share awards,
\n
for which the performance period ended on 31 December 2023, but for which the
\n
vesting performance (aligned with that of Mark Collis\u2019s former employer) was not
\n
as yet known at the time of publication of the 2023 Annual Report. The awards,
\n
granted on 20 June 2023, comprised 23,820 shares due to vest at earliest on
\n
8 April 2024, and 5,955 shares due to vest at earliest on 9 March 2026, as detailed
\n
further on page 129 of the 2023 Annual Report. The resulting vesting performance
\n
of these awards, as detailed on page 142 of the John Wood Group plc 2023
\n
Annual report, was 10% of maximum. The value shown here re\ufb02ects the vested
\n
value of the \ufb01rst of these awards based on the vesting share price of 491.5p on
\n
8 April 2024 (re\ufb02ecting a share price appreciation of 26.9% versus the share price
\n
used at grant, 387.3p, that being the average closing share price for the
\n
30 dealing days prior to the Board\u2019s con\ufb01rmation of his appointment on
\n
4 January 2023), plus dividend vesting at 6.8p per vested share; plus the vested
\n
value of the second of these awards, due to vest on 9 March 2026, for which
\n
the Q4 2025 average share price (379.9p) has been used as a proxy for the
\n
vesting price.
\n
11. The sum of the value of the Annual Incentive, Long-Term Incentives and Buy-out
\n
awards where the performance period ended during the \ufb01nancial year.
\n
12.The sum of base salary, bene\ufb01ts, pension, Annual Incentive, Long-Term
\n
Incentives and buy-out awards where the performance period ended during the
\n
\ufb01nancial year.
\n
Additional note:
\n
13. Total 2025 Directors\u2019 Remuneration (Executive Directors and Non-executive
\n
Directors) is \u00a33.431m. 2024 Directors\u2019 Remuneration for the current Directors who
\n
served during 2024 was \u00a33.967m.
\n
Executive Directors\u2019 remuneration in year under review
\n
Incentive for 2025 performance \u2013 audited
\n
The Executive Directors are eligible to receive an Annual Incentive
\n
calculated as a percentage of base salary, based on achievement
\n
against speci\ufb01ed \ufb01nancial targets and personal objectives. Each
\n
year, the Remuneration Committee establishes the performance
\n
criteria for the forthcoming year. The \ufb01nancial targets are set by
\n
reference to the Company\u2019s \ufb01nancial budget. The target range is
\n
set to ensure that Annual Incentives are only paid out at maximum
\n
for signi\ufb01cantly exceeding performance expectations. The
\n
Remuneration Committee considers that the setting and
\n
attainment of these targets is important in the context of
\n
achievement of the Company\u2019s longer-term strategic goals.
\n
Payouts will commence and increase incrementally from 0%
\n
once the threshold performance for any of the elements has
\n
been met.
\n
The Annual Incentive has a target level at which 50% of the
\n
maximum opportunity is payable, and a maximum performance
\n
level at which 100% of the maximum opportunity is earned,
\n
on a pro rata basis.
\n
For 2025, the maximum Annual Incentive potential for the
\n
Executive Directors was 175% of base salary for Patrick Andr\u00e9
\n
and 150% for Mark Collis, with their target Annual Incentive
\n
potential being 87.5% and 75% of base salary respectively.
\n
For the Financial Year 2025, the Executive Directors\u2019 Annual
\n
Incentives were based 50% on Group Headline EPS, 30% on the
\n
Group\u2019s working capital to sales ratio (based on the 12-month
\n
moving average) and 20% on speci\ufb01ed personal objectives.
\n
Financial targets and outcomes for the Annual Incentive in 2025
\n
The 2025 Vesuvius Group Headline EPS performance targets set out below were set at the December 2024 full-year average foreign
\n
exchange rates, being the rates used for the 2025 budget process.
\n
In assessing the Group\u2019s performance against these targets, the Committee has applied adjustments to ensure a constant currency
\n
approach, including retranslating the full-year 2025 EPS performance at December 2024 full-year average foreign exchange rates to
\n
establish performance, consistent with practice in previous years.
\n\n \n
2025 Financial targets
2025 Outcomes
Incentive outturns
Metric
(% of salary)
Metric
Threshold
Target
Maximum
outcome
CEO
CFO
Group Headline EPS
38.9p
43.1p
47.3p
36.9p
0.0%
0.0%
Group Working Capital/Sales
23.6%
22.8%
22.0%
23.4%
6.5%
5.6%
\n
Based on the above outcomes, the total incentive outturns related
\n
purely to \ufb01nancial objectives were 6.5% of base salary and 5.6%
\n
of base salary for the Chief Executive and CFO respectively.
\n
Personal objectives
\n
In 2025, a proportion (20%) of the Annual Incentive for Executive
\n
Directors (representing 35% of salary for the Chief Executive, and
\n
30% of salary for the CFO) was based on the achievement of
\n
personal objectives. The Committee sets speci\ufb01c target ranges
\n
for such objectives, against which actual performance is then
\n
measured. A summary of 2025 performance is detailed in the
\n
following tables.
\n
Patrick Andr\u00e9
\n\n \n
Summary of objective
Key objective details
Summary of outcome
Review and implement
\u2013
Drive Company\u2019s role in consolidation of the Steel and
\u2013
Action plan developed and initiated to precipitate enhanced performance
Group strategy
Foundry industries
of the Foundry business
\u2013
Conduct top-down review of asset portfolio, and
\u2013
Group exposure in EMEA signi\ufb01cantly reduced to 20%, compared with
formulate plans to address under-performance
30% in 2023, ahead of internal plans
\u2013
Close at least one attractive external acquisition
\u2013
Acquisitions ahead of plan, with that of Morgan Molten Metal Systems
in 2025
business signed and \ufb01nalised following complex and protracted legal and
regulatory challenges and the PiroMET acquisition consolidated into the
global business
\u2013
Overall objective outcome was close to maximum
Drive operational
\u2013
Maximise pace of revised annualised cash savings, in line
\u2013
Exit rate at over \u00a337m, above maximum in relation to cash savings targets
performance
with the framework presented during the 2023 Capital
set at the start of the year
Markets Day
\u2013
New quality dashboard fully deployed, with improvement plans
\u2013
Signi\ufb01cantly progress the Group\u2019s quality journey,
successfully deployed in three out of four \ufb02agship plants and in all six other
particularly in relation to deployment of a quality
VISO plants
dashboard and improvement plans at \ufb02agship plants
\u2013
Overall objective outcome was close to maximum
and VISO plants
Prepare GEC
\u2013
Ensure successful induction of two new BU Presidents
\u2013
Successful induction of both Nitin Jain and Manuel Del\ufb01no in their new BU
succession and
during 2025
President roles, including signi\ufb01cant management of the Foundry business
reinforce talent
\u2013
Continue to develop internal succession pipelines
for \ufb01ve months to facilitate smooth transition of Manuel Del\ufb01no
management
for other GEC roles including CE, CFO and
\u2013
Ongoing development of multiple succession candidates for CE, CFO and
BU Presidents
BU President roles
\u2013
Overall objective outcome was close to maximum
Improve Vesuvius\u2019
\u2013
Drive further reduction in CO
2
emission intensity
\u2013
Continued, signi\ufb01cant improvements in energy e\ufb03ciency across the
sustainability
and drive targeted initiatives to improve gender diversity
business
performance
in the Senior Leadership Group
\u2013
SLG gender diversity below targeted improvement levels
\u2013
Overall objective outcome was at target
\n
In summary, the scores against each objective target, summarised above (disclosures tailored allowing for commercial sensitivity),
\n
resulted in a formulaic outcome of 30.5% of contractual base salary, out of the maximum potential 35%.
\n
Mark Collis
\n\n \n
Summary of objective
Key objective details
Summary of outcome
Deliver progress on key
\u2013
Drive Company\u2019s role in consolidation of the Steel and
\u2013
Action plan developed and initiated to precipitate enhanced performance
strategic initiatives
Foundry industries
of the Foundry business
\u2013
Conduct top-down review of asset portfolio, and
\u2013
Group exposure in EMEA signi\ufb01cantly reduced to 20%, compared with
formulate plans to address under-performance
30% in 2023, ahead of internal plans
\u2013
Close at least one attractive external acquisition
\u2013
Acquisitions ahead of plan, with that of Morgan Molten Metal Systems
in 2025
business signed and \ufb01nalised following complex and protracted legal and
\u2013
Develop roadmap for delivering enhanced return on
regulatory challenges and the PiroMET acquisition consolidated into the
sales in Foundry
global business
\u2013
Strong roadmap developed and instrumental guidelines set for the
Business Units
\u2013
Overall objective outcome was close to maximum
Drive operational
\u2013
Maximise pace of revised annualised cash savings, in line
\u2013
Exit rate at over \u00a337m, above maximum in relation to cash savings targets
performance
with the framework presented during the 2023 Capital
set at the start of the year
Markets Day
\u2013
Review of IT e\ufb03ciencies ongoing and subject to \ufb01nalisation in relation to
\u2013
Implement identi\ufb01ed cybersecurity improvements whilst
cybersecurity improvements
ensuring IT e\ufb03ciencies and minimising need for
\u2013
SAP A1 completed in all Steel division in EMEA, all Canada and 80%
additional resources
complete in Mexico
\u2013
Ensure SAP A1 go live throughout Steel Division in EMEA,
\u2013
Overall objective outcome was determined at maximum
Canada, Mexico
Strengthen e\ufb03ciency
\u2013
Optimise global \ufb01nance headcount
\u2013
Finance headcount optimisation ahead of target
in the global \ufb01nance
\u2013
Implement Finance Target Operating Model across
\u2013
FTOM fully implemented in EMEA and North America, and organisation
organisation and
EMEA, North America and Asia and ensure high quality
design completed for Asia
reinforce talent
\ufb01nance leadership in each Group Business Unit
\u2013
Oversight of the successful selection and appointment of key BU \ufb01nance
management
personnel to strengthen talent
\u2013
Overall objective outcome was between target and maximum
\n
In summary, the scores against each objective target, summarised above (disclosures tailored allowing for commercial sensitivity),
\n
resulted in a formulaic outcome of 26.4% of contractual base salary, out of the maximum potential 30%.
\n
The total Annual Incentive awards payable to Patrick Andr\u00e9 and Mark Collis, in respect of their service as Executive Directors during
\n
2025, are therefore 36.9% and 32.0% of salary respectively, of which 33% will be deferred into awards over shares, to be held for a
\n
period of three years, with vesting in accordance with the Remuneration Policy. Other than in cases of dismissal for cause, deferred
\n
awards will vest in full. The Committee considered the appropriateness of this overall AIP payment in the context of the experience of
\n
our various stakeholders during 2025 and was satis\ufb01ed that no discretionary adjustments were required. The non-\ufb01nancial outcomes,
\n
in particular, were considered to be fully re\ufb02ective of the strategic progress delivered during the year.
\n
2023 VSP Awards (vesting in 2026) \u2013 audited
\n
The performance period applicable to these awards ended on 31 December 2025. Further details on the number of shares awarded
\n
are shown on page 124.
\n\n \n
Payout level
(% of total
Weighting
0% vesting
25% vesting
50% vesting
100% vesting
Performance achieved
award)
TSR relative to FTSE 250
40%
Below
Median
\u2013
Upper
Between median
12.3%
excluding Investment Trusts
1,2
median
quintile
and upper quintile
(Ranked 68th)
Post-tax ROIC
1
40%
8.5%
\u2013
\u2013
11.0%
7.9%4
0.0%
Safety: Average Lost Time
5%
1.05
\u2013
\u2013
0.85
0.61
5.0%
Injury Frequency Rate (LTIFR)
2023-2025
Energy: CO
2
e: Reduction in Scope
10%
-17%
\u2013
\u2013
-23%
-46%\u00b3
10.0%
1 and 2 CO
2
e emission intensity
(vs 2019 baseline) in 2025
3
Diversity: Gender diversity in
5%
20%
\u2013
\u2013
26%
21%
0.8%
the Senior Leadership Group
on 31 Dec 2025
\n
1.
Straight-line vesting applies between the vesting points.
\n
2.
TSR vesting percentage begins at 25% of maximum for median TSR outcome, with straight-line vesting applying from 25% to maximum.
\n
3.
Performance in relation to the Energy target re\ufb02ects a change in the way CO2e statistics were calculated from 2024 onwards, and now shows the actual performance
\n
excluding the dolime process. The targets for the 2023 VSP award were set based on the normal operation of the dolime process. If the dolime process had continued to
\n
operate normally in 2025 (based on average production levels for 2019-2022), i.e. the same basis for modelling \u2018normal\u2019 performance, and the basis upon which the 2023
\n
VSP targets were de\ufb01ned, this would show a proforma outturn of -31%, still beyond maximum. See page 53 for further information.
\n
4.
Adjusted for separately reported approved restructuring costs and acquisition expenses.
\n
Share awards granted during the \ufb01nancial year \u2013 audited
\n
VSP award
\n
An award was granted under the VSP to selected senior executives in April 2025. UK executives receive awards in the form of nil-cost
\n
options with a \ufb02exible exercise date. This award is subject to the performance conditions described below and will vest in April 2028
\n
(with a subsequent two-year holding period for any vested shares to April 2030).
\n\n \n
Maximum
number of
Face value
Face value
Threshold
End of
Type of award
Date of grant
shares
1
(\u00a3)
(% of salary)
vesting
performance period
Patrick Andr\u00e9
7 April 2025
399,589
\u00a31,557,358
200%
Nil-cost option
25% of award
31 December 2027
Mark Collis
7 April 2025
175,116
\u00a3682,497
150%
\n
1.
In 2025, Patrick Andr\u00e9 and Mark Collis were entitled to receive allocations of Performance Shares worth 200% and 150% of their base salaries respectively. Awards were
\n
calculated based on the average closing mid-market price of Vesuvius\u2019 shares on the 30 dealing days prior to grant, of \u00a33.8974. The maximum number of shares quoted
\n
excludes any additional shares that may be awarded in relation to dividends accruing during the vesting and holding periods.
\n
Vesting of the VSP awards is subject to satisfaction of the following performance conditions. Any LTIP vesting is at the discretion of the
\n
Remuneration Committee.
\n\n \n
Weighting
Threshold
100% vesting
TSR relative to FTSE 250 excluding Investment Trusts
1
40%
Median
Upper quintile
Group Post-tax ROIC
1
40%
13.1%
15.4%
ESG: Safety: Average Lost Time Injury Frequency Rate (LTIFR) 2025-2027
1,2
5%
0.80
0.50
ESG: Energy: CO
2
e: Reduction in Scope 1 and 2 energy CO
2
e
emissions intensity excluding the dolime process (vs 2019 baseline) in 2027
1,3
10%
-42%
-45%
ESG: Diversity: Gender diversity in Senior Leadership Group on 31 December 2027
1,4
5%
20%
24%
\n
1.
Straight-line vesting applies between the vesting points. Threshold vesting for the TSR element is 25% of maximum, and 0% of maximum for all other elements.
\n
2. LTIFR is the Lost Time Injury Frequency Rate, based on the number of Lost Time Injuries that occur during the performance period. The calculation rate is the number of
\n
lost time injuries that occur during the performance period per million hours worked.
\n
3. Reduction of CO
2
e emissions per metric tonne of product packed for shipment.
\n
4. Senior Leadership Group is de\ufb01ned as the Group Executive Committee plus the most senior Vesuvius managers worldwide, in terms of their contribution to the Group\u2019s
\n
overall results and to the execution of the Group\u2019s strategy. This group comprises c. 150 members (number may \ufb02uctuate slightly from one year to the next based on
\n
organisational changes).
\n
Each of the VSP performance measures operates independently. The use of these measures is intended to align Executive Director
\n
remuneration with shareholders\u2019 interests. Prior to vesting, the Remuneration Committee reviews the underlying \ufb01nancial and
\n
non-\ufb01nancial performance of the Company and individuals over the performance period to ensure that the vesting is justi\ufb01ed,
\n
and to consider whether to exercise its discretion including consideration of any potential windfall gains.
\n
Deferred Share Bonus Plan award
\n
33% of the Annual Incentive earned by Patrick Andr\u00e9 and Mark Collis in respect of performance in 2024 was deferred into a share
\n
award granted in April 2025 under the Company\u2019s Deferred Share Bonus Plan. There are no additional performance conditions
\n
applicable to these awards. Leaver and change of control provisions in relation to these shares are set out in the Policy on page 109.
\n\n \n
Number of
Face value
Type of award
Date of grant
shares
(\u00a3)
Vesting date
Patrick Andr\u00e9
Conditional
7 April 2025
41,300
\u00a3160,963
7 April 2028
Mark Collis
award
7 April 2025
20,537
\u00a380,041
7 April 2028
\n
1. The number of shares has been calculated using the share price of \u00a33.8974
\n
(average closing share price for the 30 dealing days prior to grant) and excludes
\n
any additional shares that may be awarded in relation to dividends accruing
\n
during the vesting period.
\n
Statement of Executive Directors\u2019
\n
shareholding \u2013 audited
\n
The interests of Executive Directors and their closely associated
\n
persons in ordinary shares as at 31 December 2025, including any
\n
interests in share options and shares provisionally awarded under
\n
the VSP, are set out below:
\n\n \n
Outstanding share incentive awards
Conditional
Nil-cost options
awards
Bene\ufb01cial
With
Without
Without
holding in
performance
performance
performance
shares
4
conditions
1
conditions
2
conditions
3
Patrick Andr\u00e9
611,247
1,065,909
0
166,039
Mark Collis
97,972
453,855
595
44,391
\n
1.
These are Performance Shares granted under the VSP.
\n
2.
These are the remaining, as yet unvested buy-out share awards, awarded to
\n
Mark Collis, which are not subject to any additional performance conditions,
\n
as detailed on page 129 of the 2023 Annual Report. These 595 shares were
\n
granted subject to John Wood Group plc vesting performance, for which the
\n
performance period ended at the end of 2023, but which are not due to vest
\n
until 9 March 2026.
\n
3.
These are awards granted under the Deferred Share Bonus Plan.
\n
4.
Mark Collis\u2019s bene\ufb01cial shareholding includes 31,387 shares, awarded
\n
as part of his buy-out share awards, and comprising: 1,349 shares plus
\n
21 dividend-equivalent shares, which vested on 20 June 2023, which were
\n
exercised on 25 August 2023 at a market value of 432.8 pence per share;
\n
835 shares plus 12 dividend-equivalent shares, which vested and were exercised
\n
on 11 March 2024 at a market value of 480.8 pence per share; 4,044 shares
\n
plus 56 dividend-equivalent shares, which vested and were exercised on
\n
8 April 2024 at a market value of 491.5 pence per share; 23,129 shares plus
\n
1,776 dividend-equivalent shares, which vested and were exercised on
\n
10 March 2025 at a market value of 392.0 pence per share; and 145 shares
\n
plus 20 dividend-equivalent shares, which vested and were exercised on
\n
28 April 2025 at a market value of 331.8 pence per share.
\n
Additional notes:
\n
5.
All outstanding share incentive awards are nil-cost options except awards made
\n
under the Deferred Share Bonus Plan which are conditional awards.
\n
6.
No awards vested without being exercised during the year, and indeed no nil-cost
\n
options at all have vested without being exercised. For further details please see
\n
the Appendix: Supplementary share-related information section on pages 123
\n
and 124.
\n
7.
None of the other Directors, nor their spouses, nor their minor children, held
\n
non-bene\ufb01cial interests in the ordinary shares of the Company during the year.
\n
8.
There were no changes in the interests of Patrick Andr\u00e9 and Mark Collis in the
\n
ordinary shares of the Company in the period from 1 January 2026 to the date of
\n
this Report.
\n
9.
All awards under the VSP are subject to performance conditions and continued
\n
employment until the relevant vesting date. Full details of VSP award allocations
\n
are set out on page 124.
\n
10.Full details of Directors\u2019 shareholdings and incentive awards are given in the
\n
Company\u2019s Register of Directors\u2019 Interests, which is open to inspection at the
\n
Company\u2019s registered o\ufb03ce during normal business hours.
\n
Shareholding guidelines \u2013 audited
\n
The Remuneration Committee encourages Executive Directors
\n
to build and hold a shareholding in the Company. Under the
\n
Remuneration Policy, the required holding is 200% of salary for all
\n
Executive Directors. Executive Directors are required to retain at
\n
least 50% (measured as the value after tax) of any shares received
\n
through the operation of share schemes; in addition, permission to
\n
sell shares held \u2013 whether acquired through the operation of share
\n
schemes or otherwise \u2013 will not be given, other than in exceptional
\n
circumstances, if, following the disposal, the shareholding
\n
requirement is not achieved or is not maintained.
\n
Compliance with the shareholding policy is tested at the end of
\n
each year for application in the following year. Under the 2023
\n
Remuneration Policy, the valuation of any holding is taken at the
\n
higher of: (1) the share price on the date of vesting of any shares
\n
derived from a share award, in respect of those shares only; and
\n
(2) the average of the closing prices of a Vesuvius ordinary share
\n
for the trading days in that December.
\n
As at 31 December 2025, the Executive Directors\u2019 shareholdings
\n
against the shareholding guidelines contained in the Directors\u2019
\n
Remuneration Policy in force on that date (using the Company\u2019s
\n
share price averaged over the trading days of the period
\n
1 December to 31 December 2025, of 389.4 pence per share)
\n
were as follows:
\n\n \n
Actual share
ownership
Policy share
as a percentage
ownership as a
of salary at
percentage
Director
31 Dec 2025
of salary
Policy met?
Patrick Andr\u00e9
337%
200%
Yes
In the build-up
Mark Collis
85%
200%
period
\n
Payments to past Directors and
\n
loss of o\ufb03ce payments \u2013 audited
\n
There were no payments made to any Director for loss of o\ufb03ce,
\n
nor any payments to past Directors, during the year ended
\n
31 December 2025.
\n
Non-executive Directors
\n
Single total \ufb01gure table \u2013 audited
\n
The table below sets out the total remuneration received by
\n
Non-executive Directors in the \ufb01nancial year under review:
\n\n \n
2025
2024
Total
Taxable
Total
Taxable
(\u00a3000)
fees
1
bene\ufb01ts
2
Total
fees
1
bene\ufb01ts
2
Total
Carl-Peter
Forster
282
2
284
279
3
281
Carla Bailo
100
4
104
97
6
103
Italia Boninelli
3
105
3
108
62
3
65
Dinggui Gao
88
5
93
86
7
93
Friederike
Helfer
72
1
73
74
1
76
Eva Lindqvist
4
85
5
90
53
2
55
Robert
MacLeod
89
4
93
84
4
88
Total Non-
executive
Director
remuneration
821
24
845
735
26
761
\n
1.
E\ufb00ective from 2023, total fees for Non-executive Directors now include any
\n
stipend fees paid as a result of intercontinental travel on Vesuvius business.
\n
2.
The UK regulations require the inclusion of bene\ufb01ts for Directors where these
\n
would be taxable in the UK on the assumption that the Director is tax resident in
\n
the UK. The \ufb01gures in the table therefore include expense reimbursement and
\n
associated tax relating to travel, accommodation and subsistence for the
\n
Director (and, where appropriate, their spouse) in connection with attendance at
\n
Board meetings and other corporate business during the year, which are
\n
considered by HMRC to be taxable in the UK.
\n
3.
Italia Boninelli joined the Board on 1 June 2024.
\n
4.
Eva Lindqvist joined the Board on 15 May 2024.
\n
Additional note:
\n
5.
The table excludes Kath Durrant and Douglas Hurt, who retired from the Board
\n
in 2024. For further details please see the 2024 Annual Report.
\n
Fee structure in 2026
\n
The fee for the Chairman was also reviewed by the Committee
\n
during the year and the fees for the Non-executive Directors by
\n
the Board. It was decided that no increases would be applied and
\n
as such the fees would remain at 2025 levels with e\ufb00ect from
\n
1 January 2026. The Chairman\u2019s fee therefore remains
\n
\u00a3270,375; the Non-executive Directors\u2019 fees remain at \u00a368,150.
\n
Supplementary fees also remain at 2025 levels, with the
\n
supplementary Senior Independent Director fee being \u00a313,000;
\n
supplementary fee for the Chairs of the Audit and Remuneration
\n
Committees being \u00a317,000; and supplementary fee for the
\n
Non-executive Director responsible for workforce engagement
\n
being \u00a312,000. The stipend of \u00a34,000, payable to Non-executive
\n
Directors in respect of each overseas, intercontinental trip they
\n
undertake on Vesuvius business, remains in place, with the stipend
\n
continuing to be payable for a maximum of \ufb01ve such trips in any
\n
calendar year.
\n
Statement of Non-executive Directors\u2019
\n
shareholding \u2013 audited
\n
The interests of Non-executive Directors and their closely
\n
associated persons in ordinary shares as at 31 December 2025
\n
are set out below:
\n\n \n
Bene\ufb01cial
holding in
shares
Carl-Peter Forster
\u2013
Carla Bailo
\u2013
Italia Boninelli
\u2013
Dinggui Gao
\u2013
Friederike Helfer
1
\u2013
Eva Lindqvist
\u2013
Robert MacLeod
14,338
\n
1. Friederike Helfer is a Partner of, and has a \ufb01nancial interest in, Cevian Capital
\n
which held 57,249,896 ordinary shares (23.07% of Vesuvius\u2019 issued share capital)
\n
as at 31 December 2025 and remains 23.07% as at the date of this Report.
\n
Additional notes:
\n
2.
None of the other Directors, nor their spouses, nor their minor children, held
\n
non-bene\ufb01cial interests in the ordinary shares of the Company during the year.
\n
3.
There were no changes in the interests of the Non-executive Directors in the
\n
ordinary shares of the Company in the period from 1 January 2026 to the date of
\n
this Report.
\n
4.
Full details of Directors\u2019 shareholdings are given in the Company\u2019s Register of
\n
Directors\u2019 Interests, which is open to inspection at the Company\u2019s registered o\ufb03ce
\n
during normal business hours.
\n
Annual changes in Executive Directors\u2019 pay versus employee pay
\n
Executive Directors\u2019 pay comparison
\n
The London headquartered salaried employee workforce is presented as a voluntary disclosure of the representative comparator
\n
group for the Vesuvius Group Parent Company as there is only one non-Director employee in the Parent Company.
\n
Year-on-year change in pay for Directors compared to the London headquartered employee average
\n\n \n
2025
2024
2023
2022
2021
Salary
2
Bonus
3
Bene\ufb01ts
5
Salary
2
Bonus
3
Bene\ufb01ts
5
Salary
2
Bonus
3
Bene\ufb01ts
5
Salary
2
Bonus
3
Bene\ufb01ts
5,6
Salary
2,4
Bonus
3
Bene\ufb01ts
5
London
headquartered
employee
average\u00b9
(1%) (55%)
27%
8% (40%)
90%
13%
14%
33%
(8%)
(12%)
3%
19% 236%
120%
Executive
Directors
Patrick Andr\u00e9
3% (40%)
(11%)
5% (49%)
13%
12%
29%
(22%)
4%
(16%)
11%
11% 469%
(6%)
Mark Collis
3% (39%)
5%
5% (31%)
22%
n/a
\u2013
n/a
n/a
\u2013
n/a
n/a
\u2013
n/a
Non-executive
Directors\u00b9\u00b3
Fees
2
Bene\ufb01ts
5
Fees
2
Bene\ufb01ts
5
Fees
2
Bene\ufb01ts
5
Fees
2
Bene\ufb01ts
5,6
Fees
2
Bene\ufb01ts
5
Carl-Peter
Forster\u2077
1%
(31%)
6%
(35%)
0%
97%
n/a
n/a
n/a
n/a
Carla Bailo\u2078
3%
(38%)
4%
36%
n/a
n/a
n/a
n/a
n/a
n/a
Italia Boninelli\u2079
28%
(9%)
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Dinggui Gao\u00b9\u2070
2%
(31%)
4%
1%
38%
121%
20%
100%
n/a
n/a
Friederike
Helfer
(3%)
0%
11%
16%
12%
(36%)
20%
(31%)
11%
969%
Eva Lindqvist\u00b9\u00b9
5%
119%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Robert
MacLeod\u00b9\u00b2
(1%)
9%
35%
364%
n/a
n/a
n/a
n/a
n/a
n/a
\n
1.
This is the average percentage change, excluding the Executive Directors. Salaries, bonus and bene\ufb01ts relate to the relevant \ufb01nancial reporting year.
\n
2.
Calculated using annualised salaries/fees. Note that, as of 2023, Non-executive Director fees re\ufb02ect the inclusion of travel stipends payable for up to \ufb01ve intercontinental
\n
trips on Vesuvius business per year.
\n
3.
Calculated using data from the single \ufb01gure table in the Annual Report. Note that for Mark Collis, the 2023 \ufb01gure used for calculation is exclusive of any buy-out
\n
incentives paid in 2023.
\n
4.
During 2020, all Executive and Non-executive Directors took a voluntary 20% pay reduction for six months. Other senior employees in London headquarters also took a
\n
pay reduction between 10% and 20%, depending on their level of seniority. Therefore, the total percentage increase for Patrick Andr\u00e9 in 2021 was higher than his agreed
\n
salary increases, as this increase is compared with actual, partly-reduced salary paid during 2020 rather than full, contractual base salary.
\n
5.
Bene\ufb01ts relate to taxable travel bene\ufb01ts, and Company pensions in the case of the Directors. It is calculated as the percentage increase or decrease on the actual \ufb01gures
\n
year-on-year and not annualised or pro-rated for any new starters. A correction has been made in this year\u2019s report in relation to the annual change quoted in relation to
\n
Patrick Andr\u00e9 for the year 2024: In the 2024 Annual Report this was quoted as 12%, and is now corrected to 13%.
\n
6.
Calculations of 2021 bene\ufb01ts changes have been restated as compared with the 2021 Annual Report, to ensure correct alignment with single \ufb01gure remuneration tables.
\n
7.
Carl-Peter Forster joined the Board on 1 November 2022 and took over as Chairman on 1 December 2022.
\n
8.
Carla Bailo joined the Board on 1 February 2023.
\n
9.
Italia Boninelli joined the Board on 1 June 2024 and took over as Remuneration Committee Chair on 31 July 2024.
\n
10. Dinggui Gao joined the Board on 1 April 2021.
\n
11.
Eva Lindqvist joined the Board on 15 May 2024.
\n
12.
Robert MacLeod joined the Board on 1 September 2023 and took over as Audit Committee Chair on 15 May 2024, and it is that change which accounts for the
\n
proportionally higher increase in his fees and bene\ufb01ts in 2024 and his fees in 2025.
\n
13.
The Non-executive Directors\u2019 fees were reviewed and increased in 2022, 2023, 2024 and 2025.
\n
Other regulatory disclosure requirements
\n
CEO pay ratio
\n
The UK employee workforce is the representative comparator
\n
group to the Chief Executive, Patrick Andr\u00e9, who is based in the
\n
UK (albeit with a global role and responsibilities). Levels of pay
\n
vary widely across the Group depending on geography and
\n
local market conditions.
\n\n \n
50th
25th
percentile
75th
Year
Method
percentile
(median)
percentile
2019
Option A ratio
35:1
28:1
17:1
2020
Option A ratio
32:1
24:1
13:1
2021
Option A ratio
53:1
41:1
21:1
2022
Option A ratio
60:1
46:1
24:1
2023
Option A ratio
57:1
43:1
22:1
2024
Option A ratio
50:1
34:1
14:1
2025
Option A ratio
34:1
20:1
8:1
Total pay and
2025
bene\ufb01ts (\u00a3)
50,739
85,072
212,014
2025
Salary (\u00a3)
44,681
74,627
149,376
\n
The table above shows the Chief Executive pay ratios versus our
\n
UK employees since 2019. The pay ratios compare amounts
\n
disclosed in the single total \ufb01gure table for the Group Chief
\n
Executive to the annual full-time equivalent remuneration of our
\n
UK employees for 2019, 2020, 2021, 2022, 2023, 2024 and 2025.
\n
The Remuneration Committee is comfortable that the ratios
\n
reported re\ufb02ect the remuneration principles applied and
\n
represent a valid basis for comparison of remuneration.
\n
A signi\ufb01cant proportion of the Chief Executive\u2019s remuneration
\n
is based on performance-related pay, which a\ufb00ects said
\n
remuneration disproportionately when compared with others.
\n
This is re\ufb02ected in the year-on-year variation in pay ratio.
\n
The data has been calculated in accordance with \u2018Option A\u2019 in the
\n
Companies (Miscellaneous Reporting) Regulations 2018, because
\n
it allows the Company to show the total annualised full-time
\n
equivalent remuneration (salary, incentives, allowances, fees,
\n
taxable bene\ufb01ts) and percentiles across the \ufb01nancial year as at
\n
31 December of each year.
\n
Amounts have been annualised for those who joined part way
\n
through the year or who are on part-time arrangements
\n
and exclude those who left the organisation during the
\n
reporting period.
\n
The approach to calculating the pay ratios is consistent with
\n
the prior year and there have not been any changes to the
\n
compensation models in the reporting period.
\n
The Committee is comfortable that the principles applied and the
\n
quantum of compensation are appropriate across the Group\u2019s
\n
employee base. These are regularly benchmarked to ensure
\n
market competitiveness. There is a consistent approach of
\n
measuring against both business and personal performance for
\n
all those who participate in incentive programmes. The Group
\n
continues to monitor the e\ufb00ectiveness of all compensation
\n
practices to identify future opportunities to ensure they remain
\n
fair, consistent and in line with best practice.
\n
Annual spend on employee pay
\n
1
\n
versus shareholder distributions
\n
2
\n
The charts below show the annual spend on all employees (including Executive Directors) compared with distributions made to
\n
shareholders for 2024 and 2025:
\n\n \n
2025
2024
(\u00a3m)
(\u00a3m)
Change
Employee pay
1
465.7
474.3
(1.8%)
Dividends
2
and share buybacks
92.7
123.4
(24.9%)
\n
1.
Employee pay includes wages and salaries, social security, share-based payments and pension costs, and other post-retirement bene\ufb01ts. See Note 7 to the Group
\n
Financial Statements.
\n
2.
Shareholder distributions/dividends includes interim and \ufb01nal dividends paid in respect of each \ufb01nancial year. In addition, \ufb01gures quoted for both 2024 and 2025 also
\n
re\ufb02ect share buybacks. See Note 9 of the Company Financial Statements and Note 24 of the Group Financial Statements.
TSR performance and Chief Executive pay
The TSR performance graph compares Vesuvius\u2019 TSR performance with that of the same investment in the FTSE 250 Index (excluding
Investment Trusts). This index has been chosen as the comparator index to re\ufb02ect the size, international scope and diversity of the
Company. TSR is the measure of the returns that a company has provided for its shareholders, re\ufb02ecting share price movements and
assuming reinvestment of dividends.
Vesuvius\u2019 total
Vesuvius plc
FTSE 250 Index (excluding investment trusts)
shareholder
200
return
compared
against total
150
shareholder
return of the
FTSE 250 Index
(excluding
100
Investment
Trusts) over the
past ten years
50
0
\n \n
Chief Executive pay \u2013
Fran\u00e7ois Wanecq
1
Patrick Andr\u00e9
2
\ufb01nancial year ended
31/12/16
31/12/17
31/12/18
31/12/19
31/12/20
31/12/21
31/12/22
31/12/23
31/12/24
31/12/25
Total remuneration
\u00a31,675
1
(single \ufb01gure (\u00a3000))
\u00a31,173
\u00a3465
2
\u00a32,022
\u00a31,220
\u00a3936
\u00a31,706
\u00a32,225
\u00a32,473
\u00a32,409
\u00a31,700
Annual variable pay
81%
1
(% of maximum)
50%
85%
2
83%
11%
20%
94%
76%
75%
37%
37%
Long-term variable pay
43.7%
1
(% of maximum)
0%
n/a
2
100%
63%
0%
0%
48%
50%
65%
28%
1.
Amounts shown in respect of Fran\u00e7ois Wanecq for 2017 re\ufb02ect payments in respect of his service as Chief Executive from 1 January 2017 to 31 August 2017 and the full
value of his VSP award in relation to the performance period 2015-2017.
2.
Amounts shown in respect of Patrick Andr\u00e9 for 2017 re\ufb02ect payments in respect of his service as Chief Executive from 1 September 2017 to 31 December 2017.
Shareholder voting on remuneration resolutions
The 2024 Directors\u2019 Remuneration Report (excluding the Directors\u2019 Remuneration Policy) was approved by shareholders at the AGM
held on 16 May 2025, and the 2023 Directors\u2019 Remuneration Policy was approved by Shareholders at the AGM held on 18 May 2023,
with the following votes:
\n \n
Votes for
Votes against
Votes withheld
Approval of the Directors\u2019 Remuneration Policy 2023 AGM
234,279,589 (96.7%)
7,890,060 (3.3%)
8,514
Approval of the Directors\u2019 Remuneration Report (excluding
the Directors\u2019 Remuneration Policy) 2025 AGM
221,182,193 (99.7%)
714,502 (0.3%)
8,722
The Directors\u2019 Remuneration Report has been approved by the Board and is signed on its behalf by:
Italia Boninelli
Chair of the Remuneration Committee
11 March 20267.
Employees
7.1
Employee expenses
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2025
2024
\u00a0
Note
\u00a3m
\u00a3m
Wages and salaries
\u00a0
386.0
390.8
Social security costs
\u00a0
60.2
60.5
Share-based payments
28
3.0
6.2
Pension costs \u2013 de\ufb01ned contribution pension plans
27
11.5
11.8
\u2013 de\ufb01ned bene\ufb01t pension plans
27
5.1
4.8
Other post-retirement bene\ufb01ts
27
(0.1)
0.2
Total employee expenses
\u00a0
465.7
474.3
\n
7.2
Monthly average number of employees
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
no.
no.
Steel
8,744
9,061
Foundry
2,183
2,214
Total monthly average number of employees
10,927
11,275
\n
As at 31 December 2025, the Group had 10,925 employees (2024: 11,133).
7.3
Remuneration of key management personnel
The remuneration of the Directors, who are the key management personnel of the Group, is set out below. Details of the Directors\u2019
remuneration are disclosed in the Directors\u2019 Remuneration Report on pages 97 to 124.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Short-term employee bene\ufb01ts
1.7
2.0
Post-employment bene\ufb01ts
0.1
0.2
Share-based payments
0.2
1.5
Total remuneration of key management personnel
2.0
3.7
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00376": { "value": "Annual Report on Directors\u2019 Remuneration
Executive Directors\u2019 remuneration in the year ahead
The table below sets out the phasing of receipt of the various elements of Executive Director remuneration for 2026.
\n \n
2026
2027
2028
2029
2030
2031
Description and link to strategy
S
Base salary
Salaries are set at an appropriate level to enable the Company
to recruit and retain key employees, and re\ufb02ect the individual\u2019s
experience, role and contribution within the Company.
B
Bene\ufb01ts
Provides normal market practice bene\ufb01ts.
P
Pension
The pension bene\ufb01t helps to recruit and retain key employees
and ensures income in retirement.
AI
Annual
The Annual Incentive incentivises the Executive Directors
Incentive
to achieve key short-term \ufb01nancial and strategic targets of
the Group.
AI
Deferred
The deferral of a portion of the Annual Incentive increases
Annual
alignment with shareholders.
Incentive
VSP
Vesuvius
Holding
Awards under the Vesuvius Share Plan align Executive
Share Plan
period
Directors\u2019 interests with those of shareholders through the
delivery of shares and assist in the retention of the Executive
Directors. The VSP rewards the Executive Directors for
achieving the strategic objectives of growth in shareholder
value and earnings and of our three priority long-term
ESG targets.
\n
The table below sets out how the Remuneration Policy will be applied to the Executive Directors\u2019 remuneration for 2026. Further details
\n
about each of the elements of remuneration are set out in the Remuneration Policy.
\n
S
\n
Base salary
\n
Patrick Andr\u00e9
\n
\u00a3794,300
\n
Mark Collis
\n
\u00a3477,800
\n
2025: \u00a3778,680
2025: \u00a3455,000
\n
As explained in the Committee
\n
Chair\u2019s Introductory Statement to
\n
this Directors\u2019 Remuneration
\n
Report, the Chief Executive was
\n
awarded a 2% increase, e\ufb00ective
\n
1 January 2026.
\n
As explained in the Committee
\n
Chair\u2019s Introductory Statement
\n
to this Directors\u2019 Remuneration
\n
Report, the CFO was awarded
\n
a 5% increase, e\ufb00ective
\n
1 January 2026.
\n
B
\n
Bene\ufb01ts
\n
Bene\ufb01ts for Executive
\n
Directors may include:
\n
\u2013
Car allowance
\n
\u2013
Private medical care
\n
\u2013
Relocation expenses
\n
\u2013
Tax advice and tax
\n
reimbursement
\n
\u2013
Commuting costs
\n
\u2013
School fees
\n
\u2013
Directors\u2019 spouses\u2019 travel
\n
\u2013
Administrative expenses
\n
P
\n
Pension
\n
17% of base salary, in line with the average received by the majority of the global workforce.
\n
AI
\n
Annual Incentive
\n
Annual Incentive potential for
\n
Patrick Andr\u00e9, maximum value
175%
\n
of base salary
Annual Incentive potential for
\n
Mark Collis, maximum value
150%
\n
of base salary
\n
For 2026, the maximum Annual Incentive potential for Patrick Andr\u00e9 will remain at the level previously available, i.e. 175% of base
\n
salary with target Annual Incentive potential being 87.5% of base salary for the achievement of target performance in all elements.
\n
For Mark Collis, the potential will also remain at the level previously available, i.e. 75% at target, and 150% at maximum. Payouts will
\n
commence and increase incrementally from 0% once the threshold performance for any of the elements has been met. As detailed
\n
in the Chair\u2019s Introductory Statement to this Directors\u2019 Remuneration Report, the performance ranges that will apply to the 2026
\n
\ufb01nancial targets have been re-calibrated vis-\u00e0-vis the approach taken in prior years to better re\ufb02ect our focus on growth in 2026 at the
\n
same time as recognising the need to set a realistic but stretching incentive in the context of highly cyclical end-markets and current
\n
market conditions.
\n
33% of any Annual Incentive earned will be deferred into awards over shares, which will vest after a holding period of three years, except
\n
in cases of dismissal for cause. Subject to shareholder approval of our 2026 Remuneration Policy at the 2026 AGM, where shareholding
\n
requirements have been met, or exceeded, the Committee retains the discretion to reduce the deferral amount to 20% of any Annual
\n
Incentive earned, for a period of two years.
\n
These incentives are based 50% on Group Headline EPS, 30% on the Group\u2019s working capital to sales ratio (based on the 12-month
\n
moving average) and 20% on speci\ufb01ed personal objectives.
\n
The Company will not be disclosing the targets set until after the relevant performance period has ended because of commercial
\n
sensitivities. Targets will be set and performance assessed so as to exclude approved restructuring costs and any unbudgeted
\n
M&A costs.
\n
The personal objectives for 2026 are focused on long-term strategic objectives or are job-speci\ufb01c in nature and track performance
\n
against the Group\u2019s key strategic, organisational and operational goals with a speci\ufb01c focus on ESG outcomes.
\n\n \n
VSP
Vesuvius Share Plan
(VSP)
Patrick Andr\u00e9, maximum value
200%
of base salary
Share awards with a maximum value of 200% of salary will be
granted to Patrick Andr\u00e9 and, for Mark Collis a maximum value
of 150% of salary will be granted. The grant price for the awards
Mark Collis, maximum value
150%
of base salary
will be determined by reference to the average share price over
the 30 calendar days prior to grant.
Vesting of 40% of shares
awarded will be based upon the Company\u2019s TSR performance
relative to that of the constituent companies of the FTSE 250
(excluding Investment Trusts), 40% on post-tax return on invested
capital (ROIC) and 20% on ESG. Targets are set out overleaf.
Performance will be measured over three years with awards
vesting after three years. There will then be a further two-year
holding period applicable to the awards.
\n
Targets for the VSP Awards for the year 2026
\n
Weighting
\n
40%
\n
TSR ranking relative to FTSE 250
\n
excluding Investment Trusts
\n\n \n
Vesting percentage
(of total LTIP)
Below median
0%
Median
10%
Between median and
Pro rata between
upper quintile
10% and 40%
Upper quintile and above
40%
\n
Weighting
\n
40%
\n
Post-tax ROIC
\n
1
\n\n \n
Average ROIC over
Vesting percentage
three-year
(of total LTIP)
2
performance period
Threshold and below
0%
11.0%
Maximum
40%
14.5%
\n
1.
ROIC is de\ufb01ned as Net Operating Pro\ufb01t After Tax (NOPAT), divided by invested
\n
capital (IC). NOPAT is de\ufb01ned as Group trading pro\ufb01t, plus post-tax share of JV
\n
results, less amortisation of intangible assets calculated as an average over the
\n
target period. (The inclusion of amortisation charges serves to reduce the
\n
calculation of ROIC returns though we believe this to be the most appropriate
\n
de\ufb01nition.) Invested capital is de\ufb01ned as total assets excluding cash and
\n
non-interest-bearing liabilities, less the goodwill and intangibles that arose
\n
under IFRS 3 in respect of the Foseco acquisition in 2008, calculated as the
\n
average of IC at the start and the end of the target period at constant currency.
\n
2.
Vesting between these points will be on a straight-line basis.
\n
Weighting
\n
20%
\n
Environment, Social and Governance
\n
Safety: Average Lost Time Injury Frequency Rate (LTIFR)\u00b9
\n
2026-2028
\n\n \n
Vesting percentage
(of total LTIP)
2
Range
Threshold and below
0%
0.80
Maximum
5%
0.50
\n
Energy: CO
\n
2
\n
e: Reduction in Scope 1 and 2 CO
\n
2
\n
e emission intensity
\n
excluding the dolime process (vs 2019 baseline) in 2028\u00b3
\n\n \n
Vesting percentage
(of total LTIP)
2
Range
Threshold and below
0%
-46%
Maximum
10%
-50%
\n
Diversity: Gender diversity in Senior Leadership Group\u2074 on
\n
31 Dec 2028
\n\n \n
Vesting percentage
(of total LTIP)
2
Range
Threshold and below
0%
21%
Maximum
5%
24%
\n
1.
LTIFR is the Lost Time Injury Frequency Rate, based on the number of lost time
\n
injuries that occur during the performance period per million hours worked.
\n
2.
Straight-line vesting between threshold and maximum.
\n
3. Reduction of CO
\n
2
\n
e emissions per metric tonne of product packed for shipment.
\n
4.
Senior Leadership Group is de\ufb01ned as the Group Executive Committee plus the
\n
most senior Vesuvius managers worldwide, in terms of their contribution to the
\n
Group\u2019s overall results and to the execution of the Group\u2019s strategy.
\n
Explaining the ROIC target range
\n
The Committee has considered the Group strategy over the
\n
period, market conditions, and historic and current estimates
\n
of WACC provided by our \ufb01nancial advisers in determining the
\n
target range. The ROIC target excludes goodwill and intangibles
\n
that arose upon the historic acquisition of Foseco in 2008, as the
\n
Committee believes that this approach removes the distortive
\n
e\ufb00ects of that acquisition, and provides a clearer measure of
\n
management performance. This measure is one of the
\n
Company\u2019s KPIs, as set out on page 17.
The targets have been set,
\n
and performance will be assessed, excluding approved
\n
restructuring costs. The threshold payout level remains at 0% this
\n
year, but may change for future awards.
\n
As detailed in the Chair\u2019s Introductory Statement to this Directors\u2019
\n
Remuneration Report, the 2026 awards ROIC targets have been
\n
re-calibrated vis-a-vis the approach taken in 2025 having had
\n
regard to the \ufb01nancial information noted above as well as
\n
reviewing the performance achieved in 2025 and forecast market
\n
conditions for the next three-year period. In this context, the range
\n
set is considered to achieve the objective of setting a realistic but
\n
stretching incentive in our business context, with the targets
\n
viewed as being at least as challenging as those set in 2025 given
\n
where we are in the business cycle.
\n
Adjustments to the ROIC target range may be required should
\n
the Board approve certain mergers, acquisitions or disposals.
\n
For any such event that requires Board approval then
\n
management will assess the potential impact on ROIC as part
\n
of their broader submission, and the Committee will determine
\n
whether any adjustment to targets should be made. In general,
\n
the Committee will have regard to the materiality of the event
\n
and the timing in the life of the award cycle. The intention will
\n
be to maintain fair, stretching but achievable targets, whilst not
\n
providing a disincentive to management to bring forward
\n
proposals for mergers, acquisitions or disposals that are in the
\n
Company\u2019s interest.
\n
Explaining the ESG metrics
\n
The Environment, Social and Governance targets for the 2026
\n
awards represent key strategic priorities for the management
\n
team as well as the Board.
\n
Safety continues to be of paramount cultural importance to
\n
Vesuvius and progressive improvement has been made in
\n
recent years. The targets are considered stretching in the
\n
context of an operationally challenging environment with many
\n
employees working remotely at customer sites and noting that,
\n
the better our performance outcome, the exponentially harder it is
\n
to make further progress. Lost Time Injury Frequency Rate is a
\n
recognised metric, and is measured per million hours worked.
\n
Energy \u2013 the reduction in Scope 1 and 2 emissions is a key feature
\n
of the Company\u2019s sustainability strategy (see pages 36 to 56) and
\n
as such a measure of CO
\n
2
\n
e emission intensity is used (CO
\n
2
\n
e
\n
emissions per tonne of product packed for shipment). Baseline
\n
and current emissions have been veri\ufb01ed by Carbon Footprint Ltd.
\n
The targets have been set relative to the 2025 outturn of -46%
\n
(versus the 2019 baseline) which, as outlined on page 53, re\ufb02ected
\n
actual performance excluding the dolime process.
\n
Diversity \u2013 a focus on gender diversity has seen improvements in
\n
the Senior Leadership Group of c. 150 individuals in recent years.
\n
The Committee notes that the market for female talent in the
\n
sector remains extremely tight and, following a review of
\n
estimated market talent pipelines in our industry, it believes
\n
that the target range is appropriately stretching.
\n
Single total \ufb01gure table \u2013 audited
\n
The table below sets out the total remuneration received by Executive Directors in the \ufb01nancial year under review:
\n\n \n
Patrick Andr\u00e9
Mark Collis
2025
2024
2025
2024
(\u00a3000)
(\u00a3000)
(\u00a3000)
(\u00a3000)
Total salary
779
756
455
441
Taxable bene\ufb01ts
1
53
78
28
27
Pension
2
132
129
77
75
Total \ufb01xed pay
3
964
963
561
543
Annual Incentive
4
288
483
145
240
Long-Term Incentives
5,6,7,8
449
963
180
\u2013
Buy-out awards
9,10
\u2013
\u2013
\u2013
14
Total variable pay
11
736
1,446
326
254
Total
12
1,700
2,409
886
797
\n
1.
Standard bene\ufb01ts for the Executive Directors include car allowance and private
\n
medical care. In 2024, Patrick Andr\u00e9 also received external professional services
\n
support, funded by the Company, in relation to clarifying his status and assessing
\n
his liabilities associated with the forthcoming implementation of the Foreign
\n
Income and Gains regime.
\n
2.
The pension \ufb01gures for 2024 and 2025 for Patrick Andr\u00e9 and Mark Collis
\n
represent the value of all cash allowances and contributions received in respect
\n
of pension bene\ufb01ts, at a rate of 17% of base salary, implemented in line with the
\n
Remuneration Policy from 1 January 2023. In 2024 and 2025, for both Patrick
\n
Andr\u00e9 and Mark Collis, pension bene\ufb01t comprised \u00a310,000 contribution into
\n
pension, with the remainder provided as a pension cash supplement.
\n
3.
The sum of total salary, taxable bene\ufb01ts and pension.
\n
4.
This \ufb01gure includes the Annual Incentive payments to be made to the Executive
\n
Directors in relation to the year under review. 33% of any Annual Incentive
\n
payments will be deferred into awards over shares, subject to a three-year
\n
vesting period, and subject to no further performance measures. See page 105
\n
for more details. Leaver and change of control provisions in relation to these
\n
shares are set out in the Policy on page 109.
\n
5.
The 2024 \ufb01gure represents the Performance Share awards granted to Patrick
\n
Andr\u00e9 in 2022 under the VSP, which vested in 2025.
\n
6.
The value of the 2024 Long-Term Incentive, relating to the Performance Share
\n
award granted to Patrick Andr\u00e9 under the VSP in 2022, is re\ufb02ective of a share
\n
price depreciation of 2.99% between the share price used at grant (402.0p),
\n
versus the vesting share price of 390.0p. The values also include dividend vesting
\n
at 67.35p per vested share.
\n
7.
The 2025 \ufb01gures represent the Performance Share awards granted to Patrick
\n
Andr\u00e9 and Mark Collis in 2023 under the VSP, which will vest in 2026.
\n
8.
The values of the 2025 Long-Term Incentive, relating to the Performance Share
\n
awards granted to Patrick Andr\u00e9 and Mark Collis under the VSP in 2023, are
\n
re\ufb02ective of a share price depreciation of 6.20% between the share price used at
\n
grant (405.0p), versus the Q4 2025 average share price (379.9p) used as a proxy
\n
for the vesting price. The values also include dividend vesting at 69.35p per
\n
vested share.
\n
9.
As detailed on page 126 of the 2023 Annual Report, Mark Collis received
\n
a one-o\ufb00 payment to compensate for the 2022 annual incentive payment
\n
forfeited when leaving his former employer, as well as a combination of
\n
Restricted Share awards and Performance Shares to compensate for forfeited
\n
equity incentives, which the Committee resolved to make in line with the
\n
Remuneration Policy.
\n
10.The \ufb01gure quoted here for 2024 comprises the two Performance Share awards,
\n
for which the performance period ended on 31 December 2023, but for which the
\n
vesting performance (aligned with that of Mark Collis\u2019s former employer) was not
\n
as yet known at the time of publication of the 2023 Annual Report. The awards,
\n
granted on 20 June 2023, comprised 23,820 shares due to vest at earliest on
\n
8 April 2024, and 5,955 shares due to vest at earliest on 9 March 2026, as detailed
\n
further on page 129 of the 2023 Annual Report. The resulting vesting performance
\n
of these awards, as detailed on page 142 of the John Wood Group plc 2023
\n
Annual report, was 10% of maximum. The value shown here re\ufb02ects the vested
\n
value of the \ufb01rst of these awards based on the vesting share price of 491.5p on
\n
8 April 2024 (re\ufb02ecting a share price appreciation of 26.9% versus the share price
\n
used at grant, 387.3p, that being the average closing share price for the
\n
30 dealing days prior to the Board\u2019s con\ufb01rmation of his appointment on
\n
4 January 2023), plus dividend vesting at 6.8p per vested share; plus the vested
\n
value of the second of these awards, due to vest on 9 March 2026, for which
\n
the Q4 2025 average share price (379.9p) has been used as a proxy for the
\n
vesting price.
\n
11. The sum of the value of the Annual Incentive, Long-Term Incentives and Buy-out
\n
awards where the performance period ended during the \ufb01nancial year.
\n
12.The sum of base salary, bene\ufb01ts, pension, Annual Incentive, Long-Term
\n
Incentives and buy-out awards where the performance period ended during the
\n
\ufb01nancial year.
\n
Additional note:
\n
13. Total 2025 Directors\u2019 Remuneration (Executive Directors and Non-executive
\n
Directors) is \u00a33.431m. 2024 Directors\u2019 Remuneration for the current Directors who
\n
served during 2024 was \u00a33.967m.
\n
Executive Directors\u2019 remuneration in year under review
\n
Incentive for 2025 performance \u2013 audited
\n
The Executive Directors are eligible to receive an Annual Incentive
\n
calculated as a percentage of base salary, based on achievement
\n
against speci\ufb01ed \ufb01nancial targets and personal objectives. Each
\n
year, the Remuneration Committee establishes the performance
\n
criteria for the forthcoming year. The \ufb01nancial targets are set by
\n
reference to the Company\u2019s \ufb01nancial budget. The target range is
\n
set to ensure that Annual Incentives are only paid out at maximum
\n
for signi\ufb01cantly exceeding performance expectations. The
\n
Remuneration Committee considers that the setting and
\n
attainment of these targets is important in the context of
\n
achievement of the Company\u2019s longer-term strategic goals.
\n
Payouts will commence and increase incrementally from 0%
\n
once the threshold performance for any of the elements has
\n
been met.
\n
The Annual Incentive has a target level at which 50% of the
\n
maximum opportunity is payable, and a maximum performance
\n
level at which 100% of the maximum opportunity is earned,
\n
on a pro rata basis.
\n
For 2025, the maximum Annual Incentive potential for the
\n
Executive Directors was 175% of base salary for Patrick Andr\u00e9
\n
and 150% for Mark Collis, with their target Annual Incentive
\n
potential being 87.5% and 75% of base salary respectively.
\n
For the Financial Year 2025, the Executive Directors\u2019 Annual
\n
Incentives were based 50% on Group Headline EPS, 30% on the
\n
Group\u2019s working capital to sales ratio (based on the 12-month
\n
moving average) and 20% on speci\ufb01ed personal objectives.
\n
Financial targets and outcomes for the Annual Incentive in 2025
\n
The 2025 Vesuvius Group Headline EPS performance targets set out below were set at the December 2024 full-year average foreign
\n
exchange rates, being the rates used for the 2025 budget process.
\n
In assessing the Group\u2019s performance against these targets, the Committee has applied adjustments to ensure a constant currency
\n
approach, including retranslating the full-year 2025 EPS performance at December 2024 full-year average foreign exchange rates to
\n
establish performance, consistent with practice in previous years.
\n\n \n
2025 Financial targets
2025 Outcomes
Incentive outturns
Metric
(% of salary)
Metric
Threshold
Target
Maximum
outcome
CEO
CFO
Group Headline EPS
38.9p
43.1p
47.3p
36.9p
0.0%
0.0%
Group Working Capital/Sales
23.6%
22.8%
22.0%
23.4%
6.5%
5.6%
\n
Based on the above outcomes, the total incentive outturns related
\n
purely to \ufb01nancial objectives were 6.5% of base salary and 5.6%
\n
of base salary for the Chief Executive and CFO respectively.
\n
Personal objectives
\n
In 2025, a proportion (20%) of the Annual Incentive for Executive
\n
Directors (representing 35% of salary for the Chief Executive, and
\n
30% of salary for the CFO) was based on the achievement of
\n
personal objectives. The Committee sets speci\ufb01c target ranges
\n
for such objectives, against which actual performance is then
\n
measured. A summary of 2025 performance is detailed in the
\n
following tables.
\n
Patrick Andr\u00e9
\n\n \n
Summary of objective
Key objective details
Summary of outcome
Review and implement
\u2013
Drive Company\u2019s role in consolidation of the Steel and
\u2013
Action plan developed and initiated to precipitate enhanced performance
Group strategy
Foundry industries
of the Foundry business
\u2013
Conduct top-down review of asset portfolio, and
\u2013
Group exposure in EMEA signi\ufb01cantly reduced to 20%, compared with
formulate plans to address under-performance
30% in 2023, ahead of internal plans
\u2013
Close at least one attractive external acquisition
\u2013
Acquisitions ahead of plan, with that of Morgan Molten Metal Systems
in 2025
business signed and \ufb01nalised following complex and protracted legal and
regulatory challenges and the PiroMET acquisition consolidated into the
global business
\u2013
Overall objective outcome was close to maximum
Drive operational
\u2013
Maximise pace of revised annualised cash savings, in line
\u2013
Exit rate at over \u00a337m, above maximum in relation to cash savings targets
performance
with the framework presented during the 2023 Capital
set at the start of the year
Markets Day
\u2013
New quality dashboard fully deployed, with improvement plans
\u2013
Signi\ufb01cantly progress the Group\u2019s quality journey,
successfully deployed in three out of four \ufb02agship plants and in all six other
particularly in relation to deployment of a quality
VISO plants
dashboard and improvement plans at \ufb02agship plants
\u2013
Overall objective outcome was close to maximum
and VISO plants
Prepare GEC
\u2013
Ensure successful induction of two new BU Presidents
\u2013
Successful induction of both Nitin Jain and Manuel Del\ufb01no in their new BU
succession and
during 2025
President roles, including signi\ufb01cant management of the Foundry business
reinforce talent
\u2013
Continue to develop internal succession pipelines
for \ufb01ve months to facilitate smooth transition of Manuel Del\ufb01no
management
for other GEC roles including CE, CFO and
\u2013
Ongoing development of multiple succession candidates for CE, CFO and
BU Presidents
BU President roles
\u2013
Overall objective outcome was close to maximum
Improve Vesuvius\u2019
\u2013
Drive further reduction in CO
2
emission intensity
\u2013
Continued, signi\ufb01cant improvements in energy e\ufb03ciency across the
sustainability
and drive targeted initiatives to improve gender diversity
business
performance
in the Senior Leadership Group
\u2013
SLG gender diversity below targeted improvement levels
\u2013
Overall objective outcome was at target
\n
In summary, the scores against each objective target, summarised above (disclosures tailored allowing for commercial sensitivity),
\n
resulted in a formulaic outcome of 30.5% of contractual base salary, out of the maximum potential 35%.
\n
Mark Collis
\n\n \n
Summary of objective
Key objective details
Summary of outcome
Deliver progress on key
\u2013
Drive Company\u2019s role in consolidation of the Steel and
\u2013
Action plan developed and initiated to precipitate enhanced performance
strategic initiatives
Foundry industries
of the Foundry business
\u2013
Conduct top-down review of asset portfolio, and
\u2013
Group exposure in EMEA signi\ufb01cantly reduced to 20%, compared with
formulate plans to address under-performance
30% in 2023, ahead of internal plans
\u2013
Close at least one attractive external acquisition
\u2013
Acquisitions ahead of plan, with that of Morgan Molten Metal Systems
in 2025
business signed and \ufb01nalised following complex and protracted legal and
\u2013
Develop roadmap for delivering enhanced return on
regulatory challenges and the PiroMET acquisition consolidated into the
sales in Foundry
global business
\u2013
Strong roadmap developed and instrumental guidelines set for the
Business Units
\u2013
Overall objective outcome was close to maximum
Drive operational
\u2013
Maximise pace of revised annualised cash savings, in line
\u2013
Exit rate at over \u00a337m, above maximum in relation to cash savings targets
performance
with the framework presented during the 2023 Capital
set at the start of the year
Markets Day
\u2013
Review of IT e\ufb03ciencies ongoing and subject to \ufb01nalisation in relation to
\u2013
Implement identi\ufb01ed cybersecurity improvements whilst
cybersecurity improvements
ensuring IT e\ufb03ciencies and minimising need for
\u2013
SAP A1 completed in all Steel division in EMEA, all Canada and 80%
additional resources
complete in Mexico
\u2013
Ensure SAP A1 go live throughout Steel Division in EMEA,
\u2013
Overall objective outcome was determined at maximum
Canada, Mexico
Strengthen e\ufb03ciency
\u2013
Optimise global \ufb01nance headcount
\u2013
Finance headcount optimisation ahead of target
in the global \ufb01nance
\u2013
Implement Finance Target Operating Model across
\u2013
FTOM fully implemented in EMEA and North America, and organisation
organisation and
EMEA, North America and Asia and ensure high quality
design completed for Asia
reinforce talent
\ufb01nance leadership in each Group Business Unit
\u2013
Oversight of the successful selection and appointment of key BU \ufb01nance
management
personnel to strengthen talent
\u2013
Overall objective outcome was between target and maximum
\n
In summary, the scores against each objective target, summarised above (disclosures tailored allowing for commercial sensitivity),
\n
resulted in a formulaic outcome of 26.4% of contractual base salary, out of the maximum potential 30%.
\n
The total Annual Incentive awards payable to Patrick Andr\u00e9 and Mark Collis, in respect of their service as Executive Directors during
\n
2025, are therefore 36.9% and 32.0% of salary respectively, of which 33% will be deferred into awards over shares, to be held for a
\n
period of three years, with vesting in accordance with the Remuneration Policy. Other than in cases of dismissal for cause, deferred
\n
awards will vest in full. The Committee considered the appropriateness of this overall AIP payment in the context of the experience of
\n
our various stakeholders during 2025 and was satis\ufb01ed that no discretionary adjustments were required. The non-\ufb01nancial outcomes,
\n
in particular, were considered to be fully re\ufb02ective of the strategic progress delivered during the year.
\n
2023 VSP Awards (vesting in 2026) \u2013 audited
\n
The performance period applicable to these awards ended on 31 December 2025. Further details on the number of shares awarded
\n
are shown on page 124.
\n\n \n
Payout level
(% of total
Weighting
0% vesting
25% vesting
50% vesting
100% vesting
Performance achieved
award)
TSR relative to FTSE 250
40%
Below
Median
\u2013
Upper
Between median
12.3%
excluding Investment Trusts
1,2
median
quintile
and upper quintile
(Ranked 68th)
Post-tax ROIC
1
40%
8.5%
\u2013
\u2013
11.0%
7.9%4
0.0%
Safety: Average Lost Time
5%
1.05
\u2013
\u2013
0.85
0.61
5.0%
Injury Frequency Rate (LTIFR)
2023-2025
Energy: CO
2
e: Reduction in Scope
10%
-17%
\u2013
\u2013
-23%
-46%\u00b3
10.0%
1 and 2 CO
2
e emission intensity
(vs 2019 baseline) in 2025
3
Diversity: Gender diversity in
5%
20%
\u2013
\u2013
26%
21%
0.8%
the Senior Leadership Group
on 31 Dec 2025
\n
1.
Straight-line vesting applies between the vesting points.
\n
2.
TSR vesting percentage begins at 25% of maximum for median TSR outcome, with straight-line vesting applying from 25% to maximum.
\n
3.
Performance in relation to the Energy target re\ufb02ects a change in the way CO2e statistics were calculated from 2024 onwards, and now shows the actual performance
\n
excluding the dolime process. The targets for the 2023 VSP award were set based on the normal operation of the dolime process. If the dolime process had continued to
\n
operate normally in 2025 (based on average production levels for 2019-2022), i.e. the same basis for modelling \u2018normal\u2019 performance, and the basis upon which the 2023
\n
VSP targets were de\ufb01ned, this would show a proforma outturn of -31%, still beyond maximum. See page 53 for further information.
\n
4.
Adjusted for separately reported approved restructuring costs and acquisition expenses.
\n
Share awards granted during the \ufb01nancial year \u2013 audited
\n
VSP award
\n
An award was granted under the VSP to selected senior executives in April 2025. UK executives receive awards in the form of nil-cost
\n
options with a \ufb02exible exercise date. This award is subject to the performance conditions described below and will vest in April 2028
\n
(with a subsequent two-year holding period for any vested shares to April 2030).
\n\n \n
Maximum
number of
Face value
Face value
Threshold
End of
Type of award
Date of grant
shares
1
(\u00a3)
(% of salary)
vesting
performance period
Patrick Andr\u00e9
7 April 2025
399,589
\u00a31,557,358
200%
Nil-cost option
25% of award
31 December 2027
Mark Collis
7 April 2025
175,116
\u00a3682,497
150%
\n
1.
In 2025, Patrick Andr\u00e9 and Mark Collis were entitled to receive allocations of Performance Shares worth 200% and 150% of their base salaries respectively. Awards were
\n
calculated based on the average closing mid-market price of Vesuvius\u2019 shares on the 30 dealing days prior to grant, of \u00a33.8974. The maximum number of shares quoted
\n
excludes any additional shares that may be awarded in relation to dividends accruing during the vesting and holding periods.
\n
Vesting of the VSP awards is subject to satisfaction of the following performance conditions. Any LTIP vesting is at the discretion of the
\n
Remuneration Committee.
\n\n \n
Weighting
Threshold
100% vesting
TSR relative to FTSE 250 excluding Investment Trusts
1
40%
Median
Upper quintile
Group Post-tax ROIC
1
40%
13.1%
15.4%
ESG: Safety: Average Lost Time Injury Frequency Rate (LTIFR) 2025-2027
1,2
5%
0.80
0.50
ESG: Energy: CO
2
e: Reduction in Scope 1 and 2 energy CO
2
e
emissions intensity excluding the dolime process (vs 2019 baseline) in 2027
1,3
10%
-42%
-45%
ESG: Diversity: Gender diversity in Senior Leadership Group on 31 December 2027
1,4
5%
20%
24%
\n
1.
Straight-line vesting applies between the vesting points. Threshold vesting for the TSR element is 25% of maximum, and 0% of maximum for all other elements.
\n
2. LTIFR is the Lost Time Injury Frequency Rate, based on the number of Lost Time Injuries that occur during the performance period. The calculation rate is the number of
\n
lost time injuries that occur during the performance period per million hours worked.
\n
3. Reduction of CO
2
e emissions per metric tonne of product packed for shipment.
\n
4. Senior Leadership Group is de\ufb01ned as the Group Executive Committee plus the most senior Vesuvius managers worldwide, in terms of their contribution to the Group\u2019s
\n
overall results and to the execution of the Group\u2019s strategy. This group comprises c. 150 members (number may \ufb02uctuate slightly from one year to the next based on
\n
organisational changes).
\n
Each of the VSP performance measures operates independently. The use of these measures is intended to align Executive Director
\n
remuneration with shareholders\u2019 interests. Prior to vesting, the Remuneration Committee reviews the underlying \ufb01nancial and
\n
non-\ufb01nancial performance of the Company and individuals over the performance period to ensure that the vesting is justi\ufb01ed,
\n
and to consider whether to exercise its discretion including consideration of any potential windfall gains.
\n
Deferred Share Bonus Plan award
\n
33% of the Annual Incentive earned by Patrick Andr\u00e9 and Mark Collis in respect of performance in 2024 was deferred into a share
\n
award granted in April 2025 under the Company\u2019s Deferred Share Bonus Plan. There are no additional performance conditions
\n
applicable to these awards. Leaver and change of control provisions in relation to these shares are set out in the Policy on page 109.
\n\n \n
Number of
Face value
Type of award
Date of grant
shares
(\u00a3)
Vesting date
Patrick Andr\u00e9
Conditional
7 April 2025
41,300
\u00a3160,963
7 April 2028
Mark Collis
award
7 April 2025
20,537
\u00a380,041
7 April 2028
\n
1. The number of shares has been calculated using the share price of \u00a33.8974
\n
(average closing share price for the 30 dealing days prior to grant) and excludes
\n
any additional shares that may be awarded in relation to dividends accruing
\n
during the vesting period.
\n
Statement of Executive Directors\u2019
\n
shareholding \u2013 audited
\n
The interests of Executive Directors and their closely associated
\n
persons in ordinary shares as at 31 December 2025, including any
\n
interests in share options and shares provisionally awarded under
\n
the VSP, are set out below:
\n\n \n
Outstanding share incentive awards
Conditional
Nil-cost options
awards
Bene\ufb01cial
With
Without
Without
holding in
performance
performance
performance
shares
4
conditions
1
conditions
2
conditions
3
Patrick Andr\u00e9
611,247
1,065,909
0
166,039
Mark Collis
97,972
453,855
595
44,391
\n
1.
These are Performance Shares granted under the VSP.
\n
2.
These are the remaining, as yet unvested buy-out share awards, awarded to
\n
Mark Collis, which are not subject to any additional performance conditions,
\n
as detailed on page 129 of the 2023 Annual Report. These 595 shares were
\n
granted subject to John Wood Group plc vesting performance, for which the
\n
performance period ended at the end of 2023, but which are not due to vest
\n
until 9 March 2026.
\n
3.
These are awards granted under the Deferred Share Bonus Plan.
\n
4.
Mark Collis\u2019s bene\ufb01cial shareholding includes 31,387 shares, awarded
\n
as part of his buy-out share awards, and comprising: 1,349 shares plus
\n
21 dividend-equivalent shares, which vested on 20 June 2023, which were
\n
exercised on 25 August 2023 at a market value of 432.8 pence per share;
\n
835 shares plus 12 dividend-equivalent shares, which vested and were exercised
\n
on 11 March 2024 at a market value of 480.8 pence per share; 4,044 shares
\n
plus 56 dividend-equivalent shares, which vested and were exercised on
\n
8 April 2024 at a market value of 491.5 pence per share; 23,129 shares plus
\n
1,776 dividend-equivalent shares, which vested and were exercised on
\n
10 March 2025 at a market value of 392.0 pence per share; and 145 shares
\n
plus 20 dividend-equivalent shares, which vested and were exercised on
\n
28 April 2025 at a market value of 331.8 pence per share.
\n
Additional notes:
\n
5.
All outstanding share incentive awards are nil-cost options except awards made
\n
under the Deferred Share Bonus Plan which are conditional awards.
\n
6.
No awards vested without being exercised during the year, and indeed no nil-cost
\n
options at all have vested without being exercised. For further details please see
\n
the Appendix: Supplementary share-related information section on pages 123
\n
and 124.
\n
7.
None of the other Directors, nor their spouses, nor their minor children, held
\n
non-bene\ufb01cial interests in the ordinary shares of the Company during the year.
\n
8.
There were no changes in the interests of Patrick Andr\u00e9 and Mark Collis in the
\n
ordinary shares of the Company in the period from 1 January 2026 to the date of
\n
this Report.
\n
9.
All awards under the VSP are subject to performance conditions and continued
\n
employment until the relevant vesting date. Full details of VSP award allocations
\n
are set out on page 124.
\n
10.Full details of Directors\u2019 shareholdings and incentive awards are given in the
\n
Company\u2019s Register of Directors\u2019 Interests, which is open to inspection at the
\n
Company\u2019s registered o\ufb03ce during normal business hours.
\n
Shareholding guidelines \u2013 audited
\n
The Remuneration Committee encourages Executive Directors
\n
to build and hold a shareholding in the Company. Under the
\n
Remuneration Policy, the required holding is 200% of salary for all
\n
Executive Directors. Executive Directors are required to retain at
\n
least 50% (measured as the value after tax) of any shares received
\n
through the operation of share schemes; in addition, permission to
\n
sell shares held \u2013 whether acquired through the operation of share
\n
schemes or otherwise \u2013 will not be given, other than in exceptional
\n
circumstances, if, following the disposal, the shareholding
\n
requirement is not achieved or is not maintained.
\n
Compliance with the shareholding policy is tested at the end of
\n
each year for application in the following year. Under the 2023
\n
Remuneration Policy, the valuation of any holding is taken at the
\n
higher of: (1) the share price on the date of vesting of any shares
\n
derived from a share award, in respect of those shares only; and
\n
(2) the average of the closing prices of a Vesuvius ordinary share
\n
for the trading days in that December.
\n
As at 31 December 2025, the Executive Directors\u2019 shareholdings
\n
against the shareholding guidelines contained in the Directors\u2019
\n
Remuneration Policy in force on that date (using the Company\u2019s
\n
share price averaged over the trading days of the period
\n
1 December to 31 December 2025, of 389.4 pence per share)
\n
were as follows:
\n\n \n
Actual share
ownership
Policy share
as a percentage
ownership as a
of salary at
percentage
Director
31 Dec 2025
of salary
Policy met?
Patrick Andr\u00e9
337%
200%
Yes
In the build-up
Mark Collis
85%
200%
period
\n
Payments to past Directors and
\n
loss of o\ufb03ce payments \u2013 audited
\n
There were no payments made to any Director for loss of o\ufb03ce,
\n
nor any payments to past Directors, during the year ended
\n
31 December 2025.
\n
Non-executive Directors
\n
Single total \ufb01gure table \u2013 audited
\n
The table below sets out the total remuneration received by
\n
Non-executive Directors in the \ufb01nancial year under review:
\n\n \n
2025
2024
Total
Taxable
Total
Taxable
(\u00a3000)
fees
1
bene\ufb01ts
2
Total
fees
1
bene\ufb01ts
2
Total
Carl-Peter
Forster
282
2
284
279
3
281
Carla Bailo
100
4
104
97
6
103
Italia Boninelli
3
105
3
108
62
3
65
Dinggui Gao
88
5
93
86
7
93
Friederike
Helfer
72
1
73
74
1
76
Eva Lindqvist
4
85
5
90
53
2
55
Robert
MacLeod
89
4
93
84
4
88
Total Non-
executive
Director
remuneration
821
24
845
735
26
761
\n
1.
E\ufb00ective from 2023, total fees for Non-executive Directors now include any
\n
stipend fees paid as a result of intercontinental travel on Vesuvius business.
\n
2.
The UK regulations require the inclusion of bene\ufb01ts for Directors where these
\n
would be taxable in the UK on the assumption that the Director is tax resident in
\n
the UK. The \ufb01gures in the table therefore include expense reimbursement and
\n
associated tax relating to travel, accommodation and subsistence for the
\n
Director (and, where appropriate, their spouse) in connection with attendance at
\n
Board meetings and other corporate business during the year, which are
\n
considered by HMRC to be taxable in the UK.
\n
3.
Italia Boninelli joined the Board on 1 June 2024.
\n
4.
Eva Lindqvist joined the Board on 15 May 2024.
\n
Additional note:
\n
5.
The table excludes Kath Durrant and Douglas Hurt, who retired from the Board
\n
in 2024. For further details please see the 2024 Annual Report.
\n
Fee structure in 2026
\n
The fee for the Chairman was also reviewed by the Committee
\n
during the year and the fees for the Non-executive Directors by
\n
the Board. It was decided that no increases would be applied and
\n
as such the fees would remain at 2025 levels with e\ufb00ect from
\n
1 January 2026. The Chairman\u2019s fee therefore remains
\n
\u00a3270,375; the Non-executive Directors\u2019 fees remain at \u00a368,150.
\n
Supplementary fees also remain at 2025 levels, with the
\n
supplementary Senior Independent Director fee being \u00a313,000;
\n
supplementary fee for the Chairs of the Audit and Remuneration
\n
Committees being \u00a317,000; and supplementary fee for the
\n
Non-executive Director responsible for workforce engagement
\n
being \u00a312,000. The stipend of \u00a34,000, payable to Non-executive
\n
Directors in respect of each overseas, intercontinental trip they
\n
undertake on Vesuvius business, remains in place, with the stipend
\n
continuing to be payable for a maximum of \ufb01ve such trips in any
\n
calendar year.
\n
Statement of Non-executive Directors\u2019
\n
shareholding \u2013 audited
\n
The interests of Non-executive Directors and their closely
\n
associated persons in ordinary shares as at 31 December 2025
\n
are set out below:
\n\n \n
Bene\ufb01cial
holding in
shares
Carl-Peter Forster
\u2013
Carla Bailo
\u2013
Italia Boninelli
\u2013
Dinggui Gao
\u2013
Friederike Helfer
1
\u2013
Eva Lindqvist
\u2013
Robert MacLeod
14,338
\n
1. Friederike Helfer is a Partner of, and has a \ufb01nancial interest in, Cevian Capital
\n
which held 57,249,896 ordinary shares (23.07% of Vesuvius\u2019 issued share capital)
\n
as at 31 December 2025 and remains 23.07% as at the date of this Report.
\n
Additional notes:
\n
2.
None of the other Directors, nor their spouses, nor their minor children, held
\n
non-bene\ufb01cial interests in the ordinary shares of the Company during the year.
\n
3.
There were no changes in the interests of the Non-executive Directors in the
\n
ordinary shares of the Company in the period from 1 January 2026 to the date of
\n
this Report.
\n
4.
Full details of Directors\u2019 shareholdings are given in the Company\u2019s Register of
\n
Directors\u2019 Interests, which is open to inspection at the Company\u2019s registered o\ufb03ce
\n
during normal business hours.
\n
Annual changes in Executive Directors\u2019 pay versus employee pay
\n
Executive Directors\u2019 pay comparison
\n
The London headquartered salaried employee workforce is presented as a voluntary disclosure of the representative comparator
\n
group for the Vesuvius Group Parent Company as there is only one non-Director employee in the Parent Company.
\n
Year-on-year change in pay for Directors compared to the London headquartered employee average
\n\n \n
2025
2024
2023
2022
2021
Salary
2
Bonus
3
Bene\ufb01ts
5
Salary
2
Bonus
3
Bene\ufb01ts
5
Salary
2
Bonus
3
Bene\ufb01ts
5
Salary
2
Bonus
3
Bene\ufb01ts
5,6
Salary
2,4
Bonus
3
Bene\ufb01ts
5
London
headquartered
employee
average\u00b9
(1%) (55%)
27%
8% (40%)
90%
13%
14%
33%
(8%)
(12%)
3%
19% 236%
120%
Executive
Directors
Patrick Andr\u00e9
3% (40%)
(11%)
5% (49%)
13%
12%
29%
(22%)
4%
(16%)
11%
11% 469%
(6%)
Mark Collis
3% (39%)
5%
5% (31%)
22%
n/a
\u2013
n/a
n/a
\u2013
n/a
n/a
\u2013
n/a
Non-executive
Directors\u00b9\u00b3
Fees
2
Bene\ufb01ts
5
Fees
2
Bene\ufb01ts
5
Fees
2
Bene\ufb01ts
5
Fees
2
Bene\ufb01ts
5,6
Fees
2
Bene\ufb01ts
5
Carl-Peter
Forster\u2077
1%
(31%)
6%
(35%)
0%
97%
n/a
n/a
n/a
n/a
Carla Bailo\u2078
3%
(38%)
4%
36%
n/a
n/a
n/a
n/a
n/a
n/a
Italia Boninelli\u2079
28%
(9%)
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Dinggui Gao\u00b9\u2070
2%
(31%)
4%
1%
38%
121%
20%
100%
n/a
n/a
Friederike
Helfer
(3%)
0%
11%
16%
12%
(36%)
20%
(31%)
11%
969%
Eva Lindqvist\u00b9\u00b9
5%
119%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Robert
MacLeod\u00b9\u00b2
(1%)
9%
35%
364%
n/a
n/a
n/a
n/a
n/a
n/a
\n
1.
This is the average percentage change, excluding the Executive Directors. Salaries, bonus and bene\ufb01ts relate to the relevant \ufb01nancial reporting year.
\n
2.
Calculated using annualised salaries/fees. Note that, as of 2023, Non-executive Director fees re\ufb02ect the inclusion of travel stipends payable for up to \ufb01ve intercontinental
\n
trips on Vesuvius business per year.
\n
3.
Calculated using data from the single \ufb01gure table in the Annual Report. Note that for Mark Collis, the 2023 \ufb01gure used for calculation is exclusive of any buy-out
\n
incentives paid in 2023.
\n
4.
During 2020, all Executive and Non-executive Directors took a voluntary 20% pay reduction for six months. Other senior employees in London headquarters also took a
\n
pay reduction between 10% and 20%, depending on their level of seniority. Therefore, the total percentage increase for Patrick Andr\u00e9 in 2021 was higher than his agreed
\n
salary increases, as this increase is compared with actual, partly-reduced salary paid during 2020 rather than full, contractual base salary.
\n
5.
Bene\ufb01ts relate to taxable travel bene\ufb01ts, and Company pensions in the case of the Directors. It is calculated as the percentage increase or decrease on the actual \ufb01gures
\n
year-on-year and not annualised or pro-rated for any new starters. A correction has been made in this year\u2019s report in relation to the annual change quoted in relation to
\n
Patrick Andr\u00e9 for the year 2024: In the 2024 Annual Report this was quoted as 12%, and is now corrected to 13%.
\n
6.
Calculations of 2021 bene\ufb01ts changes have been restated as compared with the 2021 Annual Report, to ensure correct alignment with single \ufb01gure remuneration tables.
\n
7.
Carl-Peter Forster joined the Board on 1 November 2022 and took over as Chairman on 1 December 2022.
\n
8.
Carla Bailo joined the Board on 1 February 2023.
\n
9.
Italia Boninelli joined the Board on 1 June 2024 and took over as Remuneration Committee Chair on 31 July 2024.
\n
10. Dinggui Gao joined the Board on 1 April 2021.
\n
11.
Eva Lindqvist joined the Board on 15 May 2024.
\n
12.
Robert MacLeod joined the Board on 1 September 2023 and took over as Audit Committee Chair on 15 May 2024, and it is that change which accounts for the
\n
proportionally higher increase in his fees and bene\ufb01ts in 2024 and his fees in 2025.
\n
13.
The Non-executive Directors\u2019 fees were reviewed and increased in 2022, 2023, 2024 and 2025.
\n
Other regulatory disclosure requirements
\n
CEO pay ratio
\n
The UK employee workforce is the representative comparator
\n
group to the Chief Executive, Patrick Andr\u00e9, who is based in the
\n
UK (albeit with a global role and responsibilities). Levels of pay
\n
vary widely across the Group depending on geography and
\n
local market conditions.
\n\n \n
50th
25th
percentile
75th
Year
Method
percentile
(median)
percentile
2019
Option A ratio
35:1
28:1
17:1
2020
Option A ratio
32:1
24:1
13:1
2021
Option A ratio
53:1
41:1
21:1
2022
Option A ratio
60:1
46:1
24:1
2023
Option A ratio
57:1
43:1
22:1
2024
Option A ratio
50:1
34:1
14:1
2025
Option A ratio
34:1
20:1
8:1
Total pay and
2025
bene\ufb01ts (\u00a3)
50,739
85,072
212,014
2025
Salary (\u00a3)
44,681
74,627
149,376
\n
The table above shows the Chief Executive pay ratios versus our
\n
UK employees since 2019. The pay ratios compare amounts
\n
disclosed in the single total \ufb01gure table for the Group Chief
\n
Executive to the annual full-time equivalent remuneration of our
\n
UK employees for 2019, 2020, 2021, 2022, 2023, 2024 and 2025.
\n
The Remuneration Committee is comfortable that the ratios
\n
reported re\ufb02ect the remuneration principles applied and
\n
represent a valid basis for comparison of remuneration.
\n
A signi\ufb01cant proportion of the Chief Executive\u2019s remuneration
\n
is based on performance-related pay, which a\ufb00ects said
\n
remuneration disproportionately when compared with others.
\n
This is re\ufb02ected in the year-on-year variation in pay ratio.
\n
The data has been calculated in accordance with \u2018Option A\u2019 in the
\n
Companies (Miscellaneous Reporting) Regulations 2018, because
\n
it allows the Company to show the total annualised full-time
\n
equivalent remuneration (salary, incentives, allowances, fees,
\n
taxable bene\ufb01ts) and percentiles across the \ufb01nancial year as at
\n
31 December of each year.
\n
Amounts have been annualised for those who joined part way
\n
through the year or who are on part-time arrangements
\n
and exclude those who left the organisation during the
\n
reporting period.
\n
The approach to calculating the pay ratios is consistent with
\n
the prior year and there have not been any changes to the
\n
compensation models in the reporting period.
\n
The Committee is comfortable that the principles applied and the
\n
quantum of compensation are appropriate across the Group\u2019s
\n
employee base. These are regularly benchmarked to ensure
\n
market competitiveness. There is a consistent approach of
\n
measuring against both business and personal performance for
\n
all those who participate in incentive programmes. The Group
\n
continues to monitor the e\ufb00ectiveness of all compensation
\n
practices to identify future opportunities to ensure they remain
\n
fair, consistent and in line with best practice.
\n
Annual spend on employee pay
\n
1
\n
versus shareholder distributions
\n
2
\n
The charts below show the annual spend on all employees (including Executive Directors) compared with distributions made to
\n
shareholders for 2024 and 2025:
\n\n \n
2025
2024
(\u00a3m)
(\u00a3m)
Change
Employee pay
1
465.7
474.3
(1.8%)
Dividends
2
and share buybacks
92.7
123.4
(24.9%)
\n
1.
Employee pay includes wages and salaries, social security, share-based payments and pension costs, and other post-retirement bene\ufb01ts. See Note 7 to the Group
\n
Financial Statements.
\n
2.
Shareholder distributions/dividends includes interim and \ufb01nal dividends paid in respect of each \ufb01nancial year. In addition, \ufb01gures quoted for both 2024 and 2025 also
\n
re\ufb02ect share buybacks. See Note 9 of the Company Financial Statements and Note 24 of the Group Financial Statements.
TSR performance and Chief Executive pay
The TSR performance graph compares Vesuvius\u2019 TSR performance with that of the same investment in the FTSE 250 Index (excluding
Investment Trusts). This index has been chosen as the comparator index to re\ufb02ect the size, international scope and diversity of the
Company. TSR is the measure of the returns that a company has provided for its shareholders, re\ufb02ecting share price movements and
assuming reinvestment of dividends.
Vesuvius\u2019 total
Vesuvius plc
FTSE 250 Index (excluding investment trusts)
shareholder
200
return
compared
against total
150
shareholder
return of the
FTSE 250 Index
(excluding
100
Investment
Trusts) over the
past ten years
50
0
\n \n
Chief Executive pay \u2013
Fran\u00e7ois Wanecq
1
Patrick Andr\u00e9
2
\ufb01nancial year ended
31/12/16
31/12/17
31/12/18
31/12/19
31/12/20
31/12/21
31/12/22
31/12/23
31/12/24
31/12/25
Total remuneration
\u00a31,675
1
(single \ufb01gure (\u00a3000))
\u00a31,173
\u00a3465
2
\u00a32,022
\u00a31,220
\u00a3936
\u00a31,706
\u00a32,225
\u00a32,473
\u00a32,409
\u00a31,700
Annual variable pay
81%
1
(% of maximum)
50%
85%
2
83%
11%
20%
94%
76%
75%
37%
37%
Long-term variable pay
43.7%
1
(% of maximum)
0%
n/a
2
100%
63%
0%
0%
48%
50%
65%
28%
1.
Amounts shown in respect of Fran\u00e7ois Wanecq for 2017 re\ufb02ect payments in respect of his service as Chief Executive from 1 January 2017 to 31 August 2017 and the full
value of his VSP award in relation to the performance period 2015-2017.
2.
Amounts shown in respect of Patrick Andr\u00e9 for 2017 re\ufb02ect payments in respect of his service as Chief Executive from 1 September 2017 to 31 December 2017.
Shareholder voting on remuneration resolutions
The 2024 Directors\u2019 Remuneration Report (excluding the Directors\u2019 Remuneration Policy) was approved by shareholders at the AGM
held on 16 May 2025, and the 2023 Directors\u2019 Remuneration Policy was approved by Shareholders at the AGM held on 18 May 2023,
with the following votes:
\n \n
Votes for
Votes against
Votes withheld
Approval of the Directors\u2019 Remuneration Policy 2023 AGM
234,279,589 (96.7%)
7,890,060 (3.3%)
8,514
Approval of the Directors\u2019 Remuneration Report (excluding
the Directors\u2019 Remuneration Policy) 2025 AGM
221,182,193 (99.7%)
714,502 (0.3%)
8,722
The Directors\u2019 Remuneration Report has been approved by the Board and is signed on its behalf by:
Italia Boninelli
Chair of the Remuneration Committee
11 March 202628. Share-based Payments
28.1
Income statement recognition
The total expense recognised in the Group Income Statement is shown below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Long-Term Incentive Plan
(0.1)
1.8
Other plans
3.1
4.4
Total expense
3.0
6.2
\n
The Group operates a number of di\ufb00erent share-based payment plans, the most signi\ufb01cant of which is the Long-Term Incentive
Plan (LTIP), details of which can be found in the Directors\u2019 Remuneration Report.
28.2
Details of outstanding options
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Number of outstanding awards
\u00a0
As at
\u00a0 \u00a0
Forfeited/
\u00a0
As at
\u00a0
1 Jan 2025
Granted
Exercised
lapsed
Expired
31 Dec 2025
LTIP
2,485,451
1,067,733
(461,309)
(430,823)
nil
2,661,052
Weighted average exercise price
nil
nil
nil
nil
nil
nil
Other plans
2,467,098
1,057,890
(1,170,921)
(207,958)
nil
2,146,109
Weighted average exercise price
nil
nil
nil
nil
nil
nil
\n
For the awards exercised during 2025, the market value at the date of exercise ranged from 328.4 pence to 412.3 pence per share.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Number of outstanding awards
\u00a0
As at
\u00a0\u00a0
Forfeited/
\u00a0
As at
\u00a0
1 Jan 2024
Granted
Exercised
lapsed
Expired
31 Dec 2024
LTIP
2,181,881
935,066
(259,607)
(371,889)
nil
2,485,451
Weighted average exercise price
nil
nil
nil
nil
nil
nil
Other plans
2,566,949
1,300,623
(1,182,573)
(217,901)
nil
2,467,098
Weighted average exercise price
nil
nil
nil
nil
nil
nil
\n
For the options exercised during 2024, the market value at the date of exercise ranged from 365.5 pence to 491.5 pence per share.
Details of market performance conditions are included in the Directors\u2019 Remuneration Report.
\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
\u00a0\u00a0
Weighted
\u00a0 \u00a0
Weighted
\u00a0
\u00a0\u00a0
average
\u00a0 \u00a0
average
\u00a0
\u00a0
Awards
outstanding
\u00a0
Awards
outstanding
\u00a0
\u00a0
exercisable
contractual
Range of
exercisable
contractual
Range of
\u00a0
as at
life of
exercise
as at
life of
exercise
\u00a0
31 Dec 2025
awards
prices
31 Dec 2024
awards
prices
\u00a0
no.
years
pence
no.
years
pence
LTIP
\u2013
8.2
\u00a0
\u2013
8.4
\u00a0
Weighted average exercise price
\u2013
\u00a0
n/a
\u2013
\u00a0
n/a
Other plans
\u2013
0.6
\u00a0
\u2013
0.6
\u00a0
Weighted average exercise price
\u2013
\u00a0
n/a
\u2013
\u00a0
n/a
\n
28.3
Options granted during the year
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
\u00a0
LTIP ROIC/
LTIP TSR
\u00a0
\u00a0
ESG element
element
Other plans
Fair value of options granted
333.2p
155.0p
333.2p
Share price on date of grant
333.2p
333.2p
333.2p
Expected volatility
n/a
27.9%
n/a
Risk-free interest rate
n/a
3.8%
n/a
Exercise price (per share)
nil
nil
nil
Expected term (years)
3
3
2
Expected dividend yield
nil
nil
nil
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
\u00a0
LTIP ROIC/
LTIP TSR
\u00a0
\u00a0
ESG element
element
Other plans
Fair value of options granted
492p
290p
492p
Share price on date of grant
492p
492p
492p
Expected volatility
n/a
29.2%
n/a
Risk-free interest rate
n/a
4.1%
n/a
Exercise price (per share)
nil
nil
nil
Expected term (years)
3
3
2
Expected dividend yield
nil
nil
nil
\n
For the LTIP awards, vesting of 40% of shares awarded is based on the Group\u2019s three-year total shareholder return (TSR)
performance relative to that of the constituent companies of the FTSE 250 (excluding investment trusts) and vesting of the
remaining 60% of shares awarded is based on ROIC and ESG targets.
Expected volatility was determined by calculating the historical volatility of the Group\u2019s share price over the 2.8 years
(2024: 2.8 years) prior to the grant date for the April 2024 grant. The risk-free rate of return was assumed to be the yield to maturity
on a UK \ufb01xed gilt with the term to maturity equal to the expected life of the option. At the discretion of the Remuneration
Committee, award holders receive the value of dividends that would have been paid on their vested shares in the period between
grant and vesting. Accordingly, there is no discount to the valuation for dividends foregone during the vesting period.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "GroupIncomeStatement_Label_006": { "value": "1809500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "vsvs:ComponentsOfIncomeAxis": "vsvs:AdjustedPerformanceMember", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_Label_004": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "vsvs:ComponentsOfIncomeAxis": "vsvs:SeparatelyReportedItemsMember", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_Label_002": { "value": "1809500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_Label_001": { "value": "1820100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "vsvs:ComponentsOfIncomeAxis": "vsvs:AdjustedPerformanceMember", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_Label_003": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "vsvs:ComponentsOfIncomeAxis": "vsvs:SeparatelyReportedItemsMember", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_Label_005": { "value": "1820100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_0010": { "value": "1348800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "vsvs:ComponentsOfIncomeAxis": "vsvs:AdjustedPerformanceMember", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_007": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "vsvs:ComponentsOfIncomeAxis": "vsvs:SeparatelyReportedItemsMember", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_009": { "value": "1348800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_0012": { "value": "1316400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "vsvs:ComponentsOfIncomeAxis": "vsvs:AdjustedPerformanceMember", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_008": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "vsvs:ComponentsOfIncomeAxis": "vsvs:SeparatelyReportedItemsMember", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_0011": { "value": "1316400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_0017": { "value": "309600000.0", "decimals": -5, "dimensions": { "concept": "vsvs:AdministrationSellingAndDistributionsCosts", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "vsvs:ComponentsOfIncomeAxis": "vsvs:AdjustedPerformanceMember", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_0015": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "vsvs:AdministrationSellingAndDistributionsCosts", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "vsvs:ComponentsOfIncomeAxis": "vsvs:SeparatelyReportedItemsMember", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_0013": { "value": "309600000.0", "decimals": -5, "dimensions": { "concept": "vsvs:AdministrationSellingAndDistributionsCosts", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_0018": { "value": "315700000.0", "decimals": -5, "dimensions": { "concept": "vsvs:AdministrationSellingAndDistributionsCosts", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "vsvs:ComponentsOfIncomeAxis": "vsvs:AdjustedPerformanceMember", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_0014": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "vsvs:AdministrationSellingAndDistributionsCosts", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "vsvs:ComponentsOfIncomeAxis": "vsvs:SeparatelyReportedItemsMember", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_0016": { "value": "315700000.0", "decimals": -5, "dimensions": { "concept": "vsvs:AdministrationSellingAndDistributionsCosts", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_TotalLabel_0022": { "value": "151100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradingIncomeExpense", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "vsvs:ComponentsOfIncomeAxis": "vsvs:AdjustedPerformanceMember", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_TotalLabel_0020": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:TradingIncomeExpense", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "vsvs:ComponentsOfIncomeAxis": "vsvs:SeparatelyReportedItemsMember", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_TotalLabel_0019": { "value": "151100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradingIncomeExpense", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_TotalLabel_0023": { "value": "188000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradingIncomeExpense", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "vsvs:ComponentsOfIncomeAxis": "vsvs:AdjustedPerformanceMember", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_TotalLabel_0021": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:TradingIncomeExpense", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "vsvs:ComponentsOfIncomeAxis": "vsvs:SeparatelyReportedItemsMember", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_TotalLabel_0024": { "value": "188000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradingIncomeExpense", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_0026": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "vsvs:CostReductionProgrammeExpenses", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "vsvs:ComponentsOfIncomeAxis": "vsvs:AdjustedPerformanceMember", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_0028": { "value": "15000000.0", "decimals": -5, "dimensions": { "concept": "vsvs:CostReductionProgrammeExpenses", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "vsvs:ComponentsOfIncomeAxis": "vsvs:SeparatelyReportedItemsMember", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_0029": { "value": "15000000.0", "decimals": -5, "dimensions": { "concept": "vsvs:CostReductionProgrammeExpenses", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_0025": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "vsvs:CostReductionProgrammeExpenses", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "vsvs:ComponentsOfIncomeAxis": "vsvs:AdjustedPerformanceMember", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_0030": { "value": "13000000.0", "decimals": -5, "dimensions": { "concept": "vsvs:CostReductionProgrammeExpenses", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "vsvs:ComponentsOfIncomeAxis": "vsvs:SeparatelyReportedItemsMember", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_0027": { "value": "13000000.0", "decimals": -5, "dimensions": { "concept": "vsvs:CostReductionProgrammeExpenses", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_0036": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "vsvs:AssetImpairments", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "vsvs:ComponentsOfIncomeAxis": "vsvs:AdjustedPerformanceMember", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_0033": { "value": "3900000.0", "decimals": -5, "dimensions": { "concept": "vsvs:AssetImpairments", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "vsvs:ComponentsOfIncomeAxis": "vsvs:SeparatelyReportedItemsMember", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_0031": { "value": "3900000.0", "decimals": -5, "dimensions": { "concept": "vsvs:AssetImpairments", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_0035": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "vsvs:AssetImpairments", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "vsvs:ComponentsOfIncomeAxis": "vsvs:AdjustedPerformanceMember", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_0034": { "value": "1600000.0", "decimals": -5, "dimensions": { "concept": "vsvs:AssetImpairments", "entity": "scheme:213800ORZ521W585SY02", "period": 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"decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00313": { "value": "The Financial Statements on pages 140 to 201 were approved and authorised for issue by the Directors on 11 March 2026 and signed
on their behalf by:
Patrick Andr\u00e9
Mark Collis
Chief Executive
Chief Financial O\ufb03cer", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "GroupStatementOfChangesInEquity_PeriodStartLabel_00237": { "value": "27700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_PeriodStartLabel_00238": { "value": "-1464600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_PeriodStartLabel_00239": { "value": "2691200000.0", "decimals": -5, "dimensions": { 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"2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_Label_00419": { "value": "23800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_Label_00422": { "value": "55600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00453": { "value": "900000.0", "decimals": -5, "dimensions": { "concept": "vsvs:ShareBuyback", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00455": { "value": "-900000.0", "decimals": -5, "dimensions": { "concept": "vsvs:ShareBuyback", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00459": { "value": "34800000.0", "decimals": -5, "dimensions": { "concept": "vsvs:ShareBuyback", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00454": { "value": "34800000.0", "decimals": -5, "dimensions": { "concept": "vsvs:ShareBuyback", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00456": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "vsvs:ShareBuyback", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00460": { "value": "34800000.0", "decimals": -5, "dimensions": { "concept": "vsvs:ShareBuyback", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00491": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00496": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00492": { "value": "57900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00489": { "value": "57900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00490": { "value": "1700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00495": { "value": "59600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_TotalLabel_00498": { "value": "-900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ChangesInEquity", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_TotalLabel_00501": { "value": "32700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ChangesInEquity", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_TotalLabel_00497": { "value": "-89700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ChangesInEquity", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_TotalLabel_00504": { "value": "-57900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ChangesInEquity", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_TotalLabel_00503": { "value": "36000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ChangesInEquity", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_TotalLabel_00502": { "value": "-21900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ChangesInEquity", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00310": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "GroupStatementOfChangesInEquity_PeriodEndLabel_00431": { "value": "25500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ORZ521W585SY02", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_PeriodEndLabel_00436": { "value": "-1511700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ORZ521W585SY02", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_PeriodEndLabel_00432": { "value": "2610400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ORZ521W585SY02", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_PeriodEndLabel_00429": { "value": "1124200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ORZ521W585SY02", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_PeriodEndLabel_00430": { "value": "114400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ORZ521W585SY02", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_PeriodEndLabel_00435": { "value": "1238600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ORZ521W585SY02", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00316": { "value": "1.
Basis of Preparation
1.1
General information
Vesuvius plc (\u2018Vesuvius\u2019 or \u2018the Company\u2019) is a public company limited by shares. It is incorporated and domiciled in England and
Wales, United Kingdom, and listed on the London Stock Exchange. The nature of the operations and principal activities of the
Company and its subsidiary and joint venture companies (\u2018the Group\u2019) is set out in the Strategic Report on pages 3 to 72. The
address of its registered o\ufb03ce is 165 Fleet Street, London EC4A 2AE.
1.2
Basis of accounting
The Group \ufb01nancial statements have been prepared in accordance with UK-adopted international accounting standards (IFRS)
and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The \ufb01nancial
statements have been prepared under the historical cost convention, with the exception of fair value measurement applied to
de\ufb01ned bene\ufb01t pension plans, investments, share-based payments and derivative \ufb01nancial instruments.
1.3
Basis of consolidation
The Group \ufb01nancial statements incorporate the \ufb01nancial statements of the Company and entities controlled directly and
indirectly by the Company (its \u2018subsidiaries\u2019). Control exists when the Company has the power to direct the relevant activities of an
entity that signi\ufb01cantly a\ufb00ect the entity\u2019s return so as to have rights to the variable return from its activities. In assessing whether
control exists, potential voting rights that are currently exercisable are taken into account. The results of subsidiaries acquired
or disposed of during the year are included in the Group Income Statement from the e\ufb00ective date of acquisition or up to the
e\ufb00ective date of disposal, as appropriate.
The principal accounting policies applied in the preparation of these Group \ufb01nancial statements are set out in the Notes. These
policies have been consistently applied to all of the years presented, unless otherwise stated. Where necessary, adjustments are
made to the \ufb01nancial statements of subsidiaries to bring their accounting policies into line with those detailed herein to ensure that
the Group \ufb01nancial statements are prepared on a consistent basis. All intra-Group transactions, balances, income and expenses
are eliminated on consolidation.
Non-controlling interests in the net assets of consolidated subsidiaries are identi\ufb01ed separately from the Group\u2019s interest therein.
Non-controlling interests consist of the amount of those interests at the date of the original business combination together with
the non-controlling interests\u2019 share of pro\ufb01t or loss, each component of other comprehensive income, less dividends paid since
the date of the combination. Total comprehensive income is attributed to the non-controlling interests, even if this results in the
non-controlling interests having a de\ufb01cit balance.
1.4
Going concern
The Group\u2019s available liquidity stood at \u00a3386.1m at 31 December 2025, down from \u00a3389.0m at 31 December 2024.
The Directors have prepared cash \ufb02ow forecasts for the Group for the period to 30 June 2027. These forecasts re\ufb02ect an
assessment of current and future end-market conditions, and their impact on the Group\u2019s future trading performance.
The Directors have also considered a severe but plausible downside scenario, based on a combination of lower business activity
and lower pro\ufb01tability over the going concern period. This downside scenario assumes:
\u2013
a decline in business activity level in 2026 and 2027 by 5% compared to 2025 performance
\u2013
a decline in pro\ufb01tability (Return on Sales) of 1.5% compared to 2025 performance
\u2013
working capital intensity increases by 1.5% vs 2025
On a full-year basis relative to 2025, this implies a c. 22% decline in Trading Pro\ufb01t.
The Group has two covenants; net debt/EBITDA (under 3.25x) and an interest cover requirement of at least 4.0x. In this downside
scenario, the forecasts show that the Group\u2019s maximum net debt/EBITDA (pre-IFRS 16 in-line with the covenant calculation) does
not exceed 1.9x, compared to a leverage covenant of 3.25x, and the minimum interest cover reached is 17x compared to a
covenant minimum of 4.0x.
The forecasts, including the severe but plausible downside scenario, show that the Group will be able to operate within its current
committed debt facilities and continue to comply with its debt covenants. On the basis of the exercise described above and the
Group\u2019s available committed debt facilities, the Directors consider that the Group and the Company have adequate resources to
continue in operational existence for the period at least to 30 June 2027. Accordingly, they continue to adopt a going concern basis
in preparing the \ufb01nancial statements.
1.5
Presentational currency
The \ufb01nancial statements are presented in millions of pounds sterling, which is the presentational currency of the Group and
rounded to one decimal place. Foreign operations are included in accordance with the policies set out in Note 2.10.
Notes to the Group Financial Statements
1.6
Disclosure of separately reported items
The Group separately discloses certain items on the face of the income statement using a columnar presentation, as the Directors
consider that this assists in understanding the trading performance of the business and in making projections of future results.
Such items may include signi\ufb01cant items which occur infrequently, such as major restructuring activity, and those that are not
closely related to trading activity, such as amortisation charges relating to acquired intangible assets, costs associated with M&A
activity, pro\ufb01ts or losses arising on the disposal of operations, and the taxation e\ufb00ect of such items.
1.7
New and revised IFRS
Certain new accounting amendments and interpretations have been published that are not mandatory for 31 December 2025
reporting periods and have not been early adopted by the Group. The Group\u2019s assessment of the impact of these amendments
and interpretations is that they are not expected to have a signi\ufb01cant impact on the Group\u2019s \ufb01nancial position, performance, cash
\ufb02ows and disclosures. There have been no changes in accounting policies during the year.
The Group is in the process of assessing the impact of IFRS 18, \u2018Presentation and Disclosure in Financial Statements\u2019, issued in April
2024, which will become e\ufb00ective and be adopted for the \ufb01nancial year beginning on 1 January 2027. The adoption of IFRS 18 will
result in certain changes to the presentation of items in the consolidated income statement and consolidated statement of cash
\ufb02ows; however, the overall impact on the Group\u2019s consolidated \ufb01nancial statements is not expected to be material. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00315": { "value": "1.1
General information
Vesuvius plc (\u2018Vesuvius\u2019 or \u2018the Company\u2019) is a public company limited by shares. It is incorporated and domiciled in England and
Wales, United Kingdom, and listed on the London Stock Exchange. The nature of the operations and principal activities of the
Company and its subsidiary and joint venture companies (\u2018the Group\u2019) is set out in the Strategic Report on pages 3 to 72. The
address of its registered o\ufb03ce is 165 Fleet Street, London EC4A 2AE.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00303": { "value": "Vesuvius plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00306": { "value": "Vesuvius plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00309": { "value": "Vesuvius plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00312": { "value": "public company limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00311": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00307": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00304": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00305": { "value": "165 Fleet Street, London EC4A 2AE.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00317": { "value": "1.2
Basis of accounting
The Group \ufb01nancial statements have been prepared in accordance with UK-adopted international accounting standards (IFRS)
and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The \ufb01nancial
statements have been prepared under the historical cost convention, with the exception of fair value measurement applied to
de\ufb01ned bene\ufb01t pension plans, investments, share-based payments and derivative \ufb01nancial instruments.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00318": { "value": "1.3
Basis of consolidation
The Group \ufb01nancial statements incorporate the \ufb01nancial statements of the Company and entities controlled directly and
indirectly by the Company (its \u2018subsidiaries\u2019). Control exists when the Company has the power to direct the relevant activities of an
entity that signi\ufb01cantly a\ufb00ect the entity\u2019s return so as to have rights to the variable return from its activities. In assessing whether
control exists, potential voting rights that are currently exercisable are taken into account. The results of subsidiaries acquired
or disposed of during the year are included in the Group Income Statement from the e\ufb00ective date of acquisition or up to the
e\ufb00ective date of disposal, as appropriate.
The principal accounting policies applied in the preparation of these Group \ufb01nancial statements are set out in the Notes. These
policies have been consistently applied to all of the years presented, unless otherwise stated. Where necessary, adjustments are
made to the \ufb01nancial statements of subsidiaries to bring their accounting policies into line with those detailed herein to ensure that
the Group \ufb01nancial statements are prepared on a consistent basis. All intra-Group transactions, balances, income and expenses
are eliminated on consolidation.
Non-controlling interests in the net assets of consolidated subsidiaries are identi\ufb01ed separately from the Group\u2019s interest therein.
Non-controlling interests consist of the amount of those interests at the date of the original business combination together with
the non-controlling interests\u2019 share of pro\ufb01t or loss, each component of other comprehensive income, less dividends paid since
the date of the combination. Total comprehensive income is attributed to the non-controlling interests, even if this results in the
non-controlling interests having a de\ufb01cit balance.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00319": { "value": "1.4
Going concern
The Group\u2019s available liquidity stood at \u00a3386.1m at 31 December 2025, down from \u00a3389.0m at 31 December 2024.
The Directors have prepared cash \ufb02ow forecasts for the Group for the period to 30 June 2027. These forecasts re\ufb02ect an
assessment of current and future end-market conditions, and their impact on the Group\u2019s future trading performance.
The Directors have also considered a severe but plausible downside scenario, based on a combination of lower business activity
and lower pro\ufb01tability over the going concern period. This downside scenario assumes:
\u2013
a decline in business activity level in 2026 and 2027 by 5% compared to 2025 performance
\u2013
a decline in pro\ufb01tability (Return on Sales) of 1.5% compared to 2025 performance
\u2013
working capital intensity increases by 1.5% vs 2025
On a full-year basis relative to 2025, this implies a c. 22% decline in Trading Pro\ufb01t.
The Group has two covenants; net debt/EBITDA (under 3.25x) and an interest cover requirement of at least 4.0x. In this downside
scenario, the forecasts show that the Group\u2019s maximum net debt/EBITDA (pre-IFRS 16 in-line with the covenant calculation) does
not exceed 1.9x, compared to a leverage covenant of 3.25x, and the minimum interest cover reached is 17x compared to a
covenant minimum of 4.0x.
The forecasts, including the severe but plausible downside scenario, show that the Group will be able to operate within its current
committed debt facilities and continue to comply with its debt covenants. On the basis of the exercise described above and the
Group\u2019s available committed debt facilities, the Directors consider that the Group and the Company have adequate resources to
continue in operational existence for the period at least to 30 June 2027. Accordingly, they continue to adopt a going concern basis
in preparing the \ufb01nancial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00314": { "value": "2.
Accounting Policies
2.1
Revenue recognition
Where the Group provides consumable products only, one performance obligation is present. The performance obligation is
to deliver consumables to the customer and is satis\ufb01ed upon delivery of these items. Similarly, where a contract is for the supply
of standard equipment, there is one performance obligation and revenue is primarily recognised at a point in time, being upon
delivery of these items.
The Group also enters into some contracts with customers in the steel industry under which it primarily provides consumable items,
but also equipment and/or technical assistance (\u2018service contracts\u2019) to facilitate these customers\u2019 steel production processes.
The customer bene\ufb01ts from the combined output of these contracts, being the use of Vesuvius consumables, equipment and
technicians to support the customer\u2019s production of steel. The individual elements of these contracts are not distinct because
Vesuvius is compensated by the e\ufb03cient use of refractory material, optimised through a combination of the consumable itself
and its application by experienced technicians. The performance obligations are therefore bundled into a single performance
obligation and revenue is recognised at a point in time, based on volume of steel produced by customers.
For service contracts the bundled performance obligation is deemed to be the provision of consumables and, in some cases,
labour to facilitate production of customer steel.
Determining and allocating the transaction price to performance obligations
The transaction price is determined and allocated with reference to the individual prices of consumables or equipment speci\ufb01ed in
the contract or customer purchase orders. If a stand-alone selling price is not available, the Group will estimate the selling price
with reference to the price that would be charged for the goods or services if they were sold separately.
Contracts are to be settled in cash. They do not typically contain any variable consideration, discounts, refunds, rebates,
warranties or signi\ufb01cant \ufb01nancing components.
Duration of contracts
The duration of the Group\u2019s contracts with customers is typically less than one year and accordingly the Group has taken the
practical expedient within IFRS 15 to not disclose the transaction price allocated to unsatis\ufb01ed (whole or partially) performance
obligations as at the end of the reporting period.
Customer credit risk and payment terms
The Group assesses customer credit risk and recognises revenue when such risk is considered low and the consideration cash \ufb02ows
due are reasonably expected to \ufb02ow to the Group. Typically, the Group will not transact with customers where credit risk concerns
are identi\ufb01ed and therefore there is no material unrecognised revenue as a result of credit risk.
Customer payment terms are set out in revenue contracts and do not exceed one year. Accordingly, trade receivables and contract
assets are expected to derive cash in\ufb02ows for the Group within less than 12 months.
2.2
Taxes
Tax expense represents the sum of current tax and deferred tax. Current and deferred tax are recognised in pro\ufb01t or loss except
to the extent that they relate to items charged or credited in the Group Statement of Comprehensive Income or Group Statement
of Changes in Equity, in which case the associated tax is also recognised in those statements.
Current tax
Current tax is based on taxable pro\ufb01t for the year. Taxable pro\ufb01t di\ufb00ers from pro\ufb01t before tax as reported in the Group Income
Statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes
items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates and laws that have been
enacted, or substantively enacted, by the balance sheet date.
A provision is recognised when the Group considers it has a present tax obligation as the result of a past event and it is probable
that the Group will be required to settle that obligation. Provisions established for such uncertain tax positions are made using
a best estimate of the tax expected to be paid, based on a qualitative and quantitative assessment of all relevant information.
Such a provision is typically required where the underlying tax issue is subject to interpretation and remains to be agreed, and
therefore is uncertain as to outcome. Principally, the uncertain tax positions for which a provision is made relate to the
interpretation of tax legislation and guidance regarding transfer pricing arrangements that have been entered into in the normal
course of business. In accordance with IAS 12, tax provisions are included as income tax payable on the face of the Group Balance
Sheet, and movements in tax provisions are included within income tax charges or credits in the Group Income Statement.
In assessing any appropriate provision requirements for uncertain tax items, the Group considers progress made in discussions
with the tax authorities, expert advice on the likely outcome and any recent developments in case law. Due to the uncertainty
associated with such tax items, it is possible that at a future date, on conclusion of the open matters, the \ufb01nal outcome may
vary materially. Any such variations will a\ufb00ect the \ufb01nancial results in the year in which such a determination is made.
Deferred tax
Deferred tax is recognised on di\ufb00erences between the carrying amounts of assets and liabilities in the \ufb01nancial statements and
the corresponding tax bases used in the computation of taxable pro\ufb01t, and is accounted for using the balance sheet liability
method. Deferred tax liabilities are generally recognised for all taxable temporary di\ufb00erences and deferred tax assets are
recognised to the extent that it is probable that taxable pro\ufb01ts will be available against which deductible temporary di\ufb00erences
can be utilised. Such assets and liabilities are not recognised if the temporary di\ufb00erence arises from the initial recognition of
goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that
a\ufb00ects neither the taxable pro\ufb01t nor the accounting pro\ufb01t. Deferred tax is calculated at the tax rates that are expected to apply in
the period when the liability is settled or the asset is realised, based on tax rates and laws that have been enacted, or substantively
enacted, by the balance sheet date.
Deferred tax liabilities are recognised for taxable temporary di\ufb00erences arising on investments in subsidiaries and interests in joint
ventures, except where the Group is able to control the reversal of the temporary di\ufb00erence and it is probable that the temporary
di\ufb00erence will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet
date and reduced to the extent that it is no longer probable that su\ufb03cient taxable pro\ufb01ts will be available to allow all or part of the
asset to be recovered. Deferred tax assets and liabilities are o\ufb00set when there is a legally enforceable right to set o\ufb00 current tax
assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group
intends to settle its current tax assets and liabilities on a net basis.
2.3
Cash and cash equivalents
Cash and short-term deposits in the Group balance sheet consist of cash at bank and in hand, and short-term deposits with
original maturity of three months or less or that can be readily convertible to known amounts of cash with insigni\ufb01cant risk of
changes in value. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are
included as a component of cash and cash equivalents for the purpose of the Group Statement of Cash Flows.
Certain of the Group\u2019s cash and overdrafts are subject to cash pooling arrangements, some of which involve the o\ufb00setting of
credit and debit balances.
2.4
Property, plant and equipment
Freehold land and construction in progress are carried at cost less accumulated impairment losses. The Group recognises a
right-of-use asset at the lease commencement date. The asset is initially measured as the present value of the lease payments that
are not paid at the commencement date, discounted using the interest rate implicit in the lease, and depreciated using the
straight-line method over the lease term. Other items of property, plant and equipment are carried at cost less accumulated
depreciation and accumulated impairment losses. Costs are capitalised only when it is probable that they will result in future
economic bene\ufb01ts \ufb02owing to the Group and when they can be measured reliably. Costs are capitalised to construction in progress
where an asset is being developed. This is then transferred to the relevant asset class and depreciated when the asset is ready for
use. All other repairs and maintenance expenditures are charged to the Group Income Statement in the period in which they are
incurred.
Freehold land is not depreciated as it has an in\ufb01nite life. Depreciation on other items of property, plant and equipment begins
when the asset is available for use and is charged to the Group Income Statement on a straight-line basis so as to write o\ufb00 the cost
less the estimated residual value of the asset over its estimated useful life as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Asset category
\u00a0
Estimated useful life
Freehold property
\u00a0
between 10 and 50 years
Leasehold property
\u00a0
shorter of the asset\u2019s useful life and lease term
Right-of-use assets
\u00a0
shorter of the asset\u2019s useful life and lease term
Plant and equipment
\u2013 motor vehicles and IT equipment
between 1 and 5 years
\u00a0
\u2013 other
between 3 and 15 years
\n
The depreciation method used, residual values and estimated useful lives are reviewed annually and changed, if appropriate. An
asset\u2019s carrying amount is immediately written down to its recoverable amount if its carrying amount is greater than its estimated
recoverable amount. Gains and losses arising on disposals are determined by comparing sales proceeds with carrying amount
and are recognised in the Group Income Statement.
2.5
Intangible assets
Goodwill
Goodwill arising in a business combination is initially recognised as an asset at cost, measured as the excess of the aggregate of
the acquisition-date fair value of the consideration transferred and the amount of any non-controlling interest acquired over the
net of the acquisition-date fair value amounts of the identi\ufb01able assets acquired and liabilities assumed. Goodwill is subsequently
measured at cost less accumulated impairment losses, with impairment testing carried out annually, or more frequently when
there is an indication that the cash-generating unit (CGU) to which the goodwill has been allocated may be impaired. On disposal
of a business, the attributable amount of goodwill is included in the calculation of the pro\ufb01t or loss on disposal.
Other intangible assets
Intangible assets other than goodwill are recognised on business combinations if they are separable, or if they arise from
contractual or other legal rights, and their value can be measured reliably. They are initially measured at cost, which is equal to
the acquisition-date fair value, and subsequently measured at cost less accumulated amortisation charges and accumulated
impairment losses. Other intangible assets are subject to impairment testing when there is an indication that an impairment loss
may have been incurred and are amortised over their estimated useful lives. Amortisation of acquired intangible assets forms part
of Administration, selling and distribution costs on the Income Statement.
Research and development costs
The Group\u2019s research activity involves long-range, \u2018blue sky\u2019 investigation, the \ufb01ndings from which may be used in the future to
develop new or substantially improved products. Expenditure on research activities is recognised in the Group Income Statement
as an expense in the year in which it is incurred.
Development is the application of research \ufb01ndings for the production of new or substantially improved products, processes
and services before the start of commercial production. Development expenditure is capitalised only if the strict intangible asset
recognition criteria set out in IAS 38 Intangible Assets have been met at the time the expenditure is incurred, being when
expenditure can be measured reliably, the product or process is technically and commercially feasible, future economic bene\ufb01ts
are probable and the Group intends to and has su\ufb03cient resources to complete development and to use or sell the asset.
Otherwise, it is recognised in the Group Income Statement as an expense in the year in which it is incurred. In 2025 and 2024, no
projects met the criteria for IAS 38 capitalisation.
Software
The costs of ERP system implementations, including the purchase cost of the software and the time costs of employees directly
involved in the implementation work, is capitalised and amortised over a period of no more than \ufb01fteen years.
2.6
Impairment of tangible and intangible assets
The Directors regularly review the performance of the business and the external business environment to determine whether there
is any indication that the Group\u2019s tangible and intangible assets have su\ufb00ered an impairment loss. If such indication exists, the
higher of the value in use and the fair value less costs to sell of the asset is estimated and compared with the carrying value in order
to determine the extent, if any, of the impairment loss. Where it is not feasible to estimate the recoverable amount of an individual
asset, the Directors estimate the recoverable amount of the CGU to which the asset belongs. In addition, goodwill is tested for
impairment on an annual basis. Goodwill acquired in a business combination is allocated to each of the Group\u2019s CGUs expected to
bene\ufb01t from the synergies of the combination and the Directors carry out annual impairment testing of the carrying value of each
CGU.
For the purpose of impairment testing, the recoverable amount of an asset or CGU is the higher of (i) its fair value less costs to sell
and (ii) its value in use. An impairment loss recognised for goodwill is not reversed in a subsequent period. An impairment loss
recognised in a prior year for an asset other than goodwill may be reversed where there has been a sustained change in the
estimates used to measure the asset\u2019s recoverable amount since the impairment loss was recognised.
2.7
Trade and other receivables
Trade and other receivables are initially recognised at fair value and subsequently measured at amortised cost, using the e\ufb00ective
interest method, less impairment losses. Details on impairment of \ufb01nancial assets are disclosed in Note 25.
2.8
Inventories
Inventories are stated at the lower of cost and net realisable value. Cost comprises expenditure incurred in purchasing or
manufacturing inventories together with all other costs directly incurred in bringing the inventory to its present location and
condition and, where appropriate, attributable production overheads based on normal activity levels.
Net realisable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in
marketing, selling and distribution. The amount of any write-down of inventories to net realisable value is recognised as an
expense in the year in which the write-down occurs.
2.9
Issued share capital
Equity instruments issued by the Company are recorded as the proceeds received, net of direct issue costs.
Where shares are redeemed or purchased as part of a share buyback programme, a sum equal to the amount by which the
Company\u2019s share capital is diminished on cancellation of the shares is transferred to the capital redemption reserve.
2.10
Financial risk management
Valuation of \ufb01nancial assets and liabilities
The Group\u2019s \ufb01nancial assets and liabilities are measured as appropriate either at amortised cost or at fair value through other
comprehensive income or at fair value through pro\ufb01t and loss.
IFRS 13 Fair Value Measurement requires classi\ufb01cation of \ufb01nancial instruments within a hierarchy that prioritises the inputs
to fair value measurement. The three levels of the fair value hierarchy are:
Level 1 \u2013 Unadjusted quoted prices in active markets for identical assets or liabilities
Level 2 \u2013 Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly
Level 3 \u2013 Inputs that are not based on observable market data
Trade receivables and other receivables are amounts due for goods sold or services performed in the ordinary course of business.
Trade receivables are recognised initially at their fair value, which is the amount of consideration that is unconditional. The Group
holds the trade receivables and other receivables with the objective of collecting the contractual cash \ufb02ows (held to collect) and
therefore measures them at amortised cost.
Derivatives which do not meet the hedge accounting criteria are classi\ufb01ed as fair value through pro\ufb01t and loss (held for trading).
The cross-currency interest rate swaps (see Note 25.1) which meet the hedging criteria are measured at fair value through other
comprehensive income.
Loans and borrowings are initially recognised at fair value net of directly attributable transaction costs. After initial recognition,
they are measured at amortised cost, using the e\ufb00ective interest method.
Foreign currencies
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and
liabilities denominated in foreign currencies at the balance sheet date are translated at the exchange rate prevailing at that date.
Foreign exchange di\ufb00erences arising on translation are recognised in the income statement, unless they qualify for cash \ufb02ow or
net investment hedge accounting treatment, in which case the e\ufb00ective portion is recognised directly in other comprehensive
income. Non-monetary items, other than those measured at fair value, are not retranslated subsequent to initial recognition.
Assets and liabilities of foreign operations are translated at the exchange rate prevailing at the balance sheet date. Income and
expenses of foreign operations are translated at average exchange rates with the exception of subsidiaries in hyperin\ufb02ationary
economies that are translated at the closing rate at the end of the year. All resulting exchange di\ufb00erences, including exchange
di\ufb00erences arising from the translation of borrowings and other \ufb01nancial instruments designated as hedges of such balances,
are recognised directly in other comprehensive income and accumulated in the translation reserve. On partial or full disposals
of a non-GBP functional currency subsidiary, joint venture or associate, the related accumulated exchange gains and losses
recognised in equity are reclassi\ufb01ed from equity to the income statement.
Derivative \ufb01nancial instruments
The Group uses derivative \ufb01nancial instruments (\u2018derivatives\u2019) to manage the \ufb01nancial risks associated with some of its underlying
activities and the \ufb01nancing of those activities. Derivatives are measured at fair value using market prices at the balance sheet
date. Any derivatives which form part of a hedge accounting relationship are designated as such on the date on which they
are executed. Any derivatives which do not form part of a designated hedge accounting relationship are classi\ufb01ed as \u2018held for
trading\u2019 for accounting purposes and are accounted for at fair value through pro\ufb01t or loss. They are presented as current assets
or liabilities to the extent they are expected to be settled within 12 months after the end of the reporting period.
Cash \ufb02ow hedges
Changes in the fair value of derivatives designated as cash \ufb02ow hedges are recognised in other comprehensive income to the
extent that the hedges are e\ufb00ective. Any ine\ufb00ective portion would immediately be recognised in net \ufb01nance costs in the pro\ufb01t or
loss. If a forecast transaction is no longer expected to occur, the amounts previously recognised in other comprehensive income
would be transferred to net \ufb01nance costs in the pro\ufb01t or loss.
Net investment hedges
The Group designates certain of its borrowings and derivatives as net investment hedges of its foreign operations. As with cash
\ufb02ow hedges, the e\ufb00ective portion of the gain or loss on hedging instruments is recognised in other comprehensive income whilst
any ine\ufb00ective portion would immediately be recognised in net \ufb01nance costs in the pro\ufb01t or loss. In the event a foreign operation
is disposed of or liquidated, amounts recognised in other comprehensive income are reclassi\ufb01ed from equity to pro\ufb01t or loss.
2.11
Leases
Lease liabilities are recognised at the present value of the remaining lease payments, discounted using the interest rate implicit in
the lease if that rate can be readily determined. If that rate cannot be readily determined, the lessee\u2019s incremental borrowing rate
is used, calculated as the local government bond rate plus an interest rate spread. In cases where there is an option to terminate or
extend a lease, the duration of the lease assumed for this purpose re\ufb02ects the Group\u2019s existing intentions regarding such options.
Lease liabilities include the net present value of the following lease payments:
\u2013
Fixed payments (including in-substance \ufb01xed payments), less any lease incentives receivable
\u2013
Variable lease payments that are based on an index or a rate
\u2013
Amounts expected to be payable by the lessee under residual value guarantees
\u2013
The exercise price of a purchase option if the lessee is reasonably certain to exercise that option
\u2013
Payments of penalties for terminating the lease, if the lease term re\ufb02ects the lessee exercising that option
For leases of low-value assets and short-term leases (shorter than 12 months) the exemptions within IFRS 16 are applied and
neither the asset nor the corresponding liability to the lessor is recognised in the Group Balance Sheet. Rentals payable under
these leases are charged to the Group Income Statement on a straight-line basis over the term of the lease. Bene\ufb01ts received and
receivable as an incentive to enter these leases are also spread on a straight-line basis over the lease term.
2.12
Employee bene\ufb01ts
The net liability or net surplus recognised in the Group Balance Sheet for the Group\u2019s de\ufb01ned bene\ufb01t plans is the present value of
the de\ufb01ned bene\ufb01t obligation at the balance sheet date, less the fair value of the plan assets. The de\ufb01ned bene\ufb01t obligation is
calculated by independent actuaries using the projected unit credit method and by discounting the estimated future cash \ufb02ows
using interest rates on high-quality corporate bonds that have durations approximating the terms of the related pension liability.
Any asset recognised in respect of a surplus arising from this calculation is limited to the asset ceiling, where this is the present value
of any economic bene\ufb01ts available in the form of refunds or reductions in future contributions in respect of the plans. The Group
has an unconditional right to a refund of the UK surplus, as de\ufb01ned under IFRIC 14, and considers that the possibility that a surplus
could be reduced or extinguished by discretionary actions by the Trustee does not a\ufb00ect the existence of the asset at the end of the
reporting period. The Group therefore recognises a pension asset with respect to the scheme valued on an IAS 19 basis. No liability
is recognised with respect to further funding contributions.
The expense for the Group\u2019s de\ufb01ned bene\ufb01t plans is recognised in the Group Income Statement as shown in Note 27.7. Actuarial
gains and losses arising on the assets and liabilities of the plans are reported within the Group Statement of Comprehensive
Income; and gains and losses arising on settlements and curtailments are recognised in the Group Income Statement in the
same line as the item that gave rise to the settlement or curtailment or, if material, separately reported as a component of
operating pro\ufb01t.
2.13
Share-based payments
The Group operates an equity-settled share-based payment arrangement for its employees. Equity-settled share-based
payments are measured at fair value at the date of grant. For grants with market-based conditions attached to them, fair value is
measured using a form of stochastic option pricing model. For grants with non-market-based conditions, fair value is measured
using the Black-Scholes option pricing model. The fair value is expensed on a straight-line basis over the vesting period with a
corresponding increase in equity. The cumulative expense recognised is adjusted for the best estimate of the shares that will
eventually vest.
2.14
Trade and other payables
Trade and other payables are initially recognised at fair value and subsequently measured at amortised cost, using the e\ufb00ective
interest method.
2.15
Provisions
Provisions are recognised when the Group has a present obligation as a result of a past event and it is probable that the Group
will be required to settle that obligation. Provisions are measured at the Directors\u2019 best estimate of the expenditure required to
settle the obligation at the balance sheet date. Where the e\ufb00ect of the time value of money is material, provisions are discounted
using a pre-tax discount rate that re\ufb02ects both the current market assessment of the time value of money and the speci\ufb01c risks
associated with the obligation. Where discounting is used, the increase in the provision due to the passage of time is recognised
as a \ufb01nance cost.4.1
Business segments
Operating segments for continuing operations
The Group\u2019s operating segments are determined taking into consideration how the Group\u2019s components are reported to the
Group\u2019s Chief Executive, who makes the key operating decisions. The operating segments are Steel Flow Control, Steel Advanced
Refractories, Steel Sensors & Probes, and the Foundry Division. The principal activities of each of these segments are described in
the Strategic Report.
The Steel Flow Control, Steel Advanced Refractories, and Steel Sensors & Probes operating segments are aggregated into the
Steel reportable segment. In determining that aggregation is appropriate, judgement is applied which takes into account the
economic characteristics of these operating segments which include a similar nature of products, customers, production
processes and margins.
Segment revenue represents revenue from external customers (inter-segment revenue is not material). Trading pro\ufb01t includes
items directly attributable to a segment as well as those items that can be allocated on a reasonable basis.17.1
Investment in subsidiaries
A subsidiary is an entity over which the Group has control. The Group controls an entity when the Group is exposed to, or has
rights to, variable returns from its involvement with the entity and can a\ufb00ect those returns through its power over the entity.
Subsidiaries are fully consolidated from the date on which control is transferred to the Group.17.3
Non-controlling interests
Non-controlling interests represent the portion of the equity of a subsidiary not attributable either directly or indirectly to the
Parent Company and are presented separately in the Group Income Statement and within equity in the Group Balance Sheet,
distinguished from Parent Company shareholders\u2019 equity. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00397": { "value": "2.1
Revenue recognition
Where the Group provides consumable products only, one performance obligation is present. The performance obligation is
to deliver consumables to the customer and is satis\ufb01ed upon delivery of these items. Similarly, where a contract is for the supply
of standard equipment, there is one performance obligation and revenue is primarily recognised at a point in time, being upon
delivery of these items.
The Group also enters into some contracts with customers in the steel industry under which it primarily provides consumable items,
but also equipment and/or technical assistance (\u2018service contracts\u2019) to facilitate these customers\u2019 steel production processes.
The customer bene\ufb01ts from the combined output of these contracts, being the use of Vesuvius consumables, equipment and
technicians to support the customer\u2019s production of steel. The individual elements of these contracts are not distinct because
Vesuvius is compensated by the e\ufb03cient use of refractory material, optimised through a combination of the consumable itself
and its application by experienced technicians. The performance obligations are therefore bundled into a single performance
obligation and revenue is recognised at a point in time, based on volume of steel produced by customers.
For service contracts the bundled performance obligation is deemed to be the provision of consumables and, in some cases,
labour to facilitate production of customer steel.
Determining and allocating the transaction price to performance obligations
The transaction price is determined and allocated with reference to the individual prices of consumables or equipment speci\ufb01ed in
the contract or customer purchase orders. If a stand-alone selling price is not available, the Group will estimate the selling price
with reference to the price that would be charged for the goods or services if they were sold separately.
Contracts are to be settled in cash. They do not typically contain any variable consideration, discounts, refunds, rebates,
warranties or signi\ufb01cant \ufb01nancing components.
Duration of contracts
The duration of the Group\u2019s contracts with customers is typically less than one year and accordingly the Group has taken the
practical expedient within IFRS 15 to not disclose the transaction price allocated to unsatis\ufb01ed (whole or partially) performance
obligations as at the end of the reporting period.
Customer credit risk and payment terms
The Group assesses customer credit risk and recognises revenue when such risk is considered low and the consideration cash \ufb02ows
due are reasonably expected to \ufb02ow to the Group. Typically, the Group will not transact with customers where credit risk concerns
are identi\ufb01ed and therefore there is no material unrecognised revenue as a result of credit risk.
Customer payment terms are set out in revenue contracts and do not exceed one year. Accordingly, trade receivables and contract
assets are expected to derive cash in\ufb02ows for the Group within less than 12 months. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00398": { "value": "2.2
Taxes
Tax expense represents the sum of current tax and deferred tax. Current and deferred tax are recognised in pro\ufb01t or loss except
to the extent that they relate to items charged or credited in the Group Statement of Comprehensive Income or Group Statement
of Changes in Equity, in which case the associated tax is also recognised in those statements.
Current tax
Current tax is based on taxable pro\ufb01t for the year. Taxable pro\ufb01t di\ufb00ers from pro\ufb01t before tax as reported in the Group Income
Statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes
items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates and laws that have been
enacted, or substantively enacted, by the balance sheet date.
A provision is recognised when the Group considers it has a present tax obligation as the result of a past event and it is probable
that the Group will be required to settle that obligation. Provisions established for such uncertain tax positions are made using
a best estimate of the tax expected to be paid, based on a qualitative and quantitative assessment of all relevant information.
Such a provision is typically required where the underlying tax issue is subject to interpretation and remains to be agreed, and
therefore is uncertain as to outcome. Principally, the uncertain tax positions for which a provision is made relate to the
interpretation of tax legislation and guidance regarding transfer pricing arrangements that have been entered into in the normal
course of business. In accordance with IAS 12, tax provisions are included as income tax payable on the face of the Group Balance
Sheet, and movements in tax provisions are included within income tax charges or credits in the Group Income Statement.
In assessing any appropriate provision requirements for uncertain tax items, the Group considers progress made in discussions
with the tax authorities, expert advice on the likely outcome and any recent developments in case law. Due to the uncertainty
associated with such tax items, it is possible that at a future date, on conclusion of the open matters, the \ufb01nal outcome may
vary materially. Any such variations will a\ufb00ect the \ufb01nancial results in the year in which such a determination is made.
Deferred tax
Deferred tax is recognised on di\ufb00erences between the carrying amounts of assets and liabilities in the \ufb01nancial statements and
the corresponding tax bases used in the computation of taxable pro\ufb01t, and is accounted for using the balance sheet liability
method. Deferred tax liabilities are generally recognised for all taxable temporary di\ufb00erences and deferred tax assets are
recognised to the extent that it is probable that taxable pro\ufb01ts will be available against which deductible temporary di\ufb00erences
can be utilised. Such assets and liabilities are not recognised if the temporary di\ufb00erence arises from the initial recognition of
goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that
a\ufb00ects neither the taxable pro\ufb01t nor the accounting pro\ufb01t. Deferred tax is calculated at the tax rates that are expected to apply in
the period when the liability is settled or the asset is realised, based on tax rates and laws that have been enacted, or substantively
enacted, by the balance sheet date.
Deferred tax liabilities are recognised for taxable temporary di\ufb00erences arising on investments in subsidiaries and interests in joint
ventures, except where the Group is able to control the reversal of the temporary di\ufb00erence and it is probable that the temporary
di\ufb00erence will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet
date and reduced to the extent that it is no longer probable that su\ufb03cient taxable pro\ufb01ts will be available to allow all or part of the
asset to be recovered. Deferred tax assets and liabilities are o\ufb00set when there is a legally enforceable right to set o\ufb00 current tax
assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group
intends to settle its current tax assets and liabilities on a net basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00399": { "value": "Deferred tax
Deferred tax is recognised on di\ufb00erences between the carrying amounts of assets and liabilities in the \ufb01nancial statements and
the corresponding tax bases used in the computation of taxable pro\ufb01t, and is accounted for using the balance sheet liability
method. Deferred tax liabilities are generally recognised for all taxable temporary di\ufb00erences and deferred tax assets are
recognised to the extent that it is probable that taxable pro\ufb01ts will be available against which deductible temporary di\ufb00erences
can be utilised. Such assets and liabilities are not recognised if the temporary di\ufb00erence arises from the initial recognition of
goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that
a\ufb00ects neither the taxable pro\ufb01t nor the accounting pro\ufb01t. Deferred tax is calculated at the tax rates that are expected to apply in
the period when the liability is settled or the asset is realised, based on tax rates and laws that have been enacted, or substantively
enacted, by the balance sheet date.
Deferred tax liabilities are recognised for taxable temporary di\ufb00erences arising on investments in subsidiaries and interests in joint
ventures, except where the Group is able to control the reversal of the temporary di\ufb00erence and it is probable that the temporary
di\ufb00erence will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet
date and reduced to the extent that it is no longer probable that su\ufb03cient taxable pro\ufb01ts will be available to allow all or part of the
asset to be recovered. Deferred tax assets and liabilities are o\ufb00set when there is a legally enforceable right to set o\ufb00 current tax
assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group
intends to settle its current tax assets and liabilities on a net basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00400": { "value": "2.3
Cash and cash equivalents
Cash and short-term deposits in the Group balance sheet consist of cash at bank and in hand, and short-term deposits with
original maturity of three months or less or that can be readily convertible to known amounts of cash with insigni\ufb01cant risk of
changes in value. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are
included as a component of cash and cash equivalents for the purpose of the Group Statement of Cash Flows.
Certain of the Group\u2019s cash and overdrafts are subject to cash pooling arrangements, some of which involve the o\ufb00setting of
credit and debit balances. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00401": { "value": "2.4
Property, plant and equipment
Freehold land and construction in progress are carried at cost less accumulated impairment losses. The Group recognises a
right-of-use asset at the lease commencement date. The asset is initially measured as the present value of the lease payments that
are not paid at the commencement date, discounted using the interest rate implicit in the lease, and depreciated using the
straight-line method over the lease term. Other items of property, plant and equipment are carried at cost less accumulated
depreciation and accumulated impairment losses. Costs are capitalised only when it is probable that they will result in future
economic bene\ufb01ts \ufb02owing to the Group and when they can be measured reliably. Costs are capitalised to construction in progress
where an asset is being developed. This is then transferred to the relevant asset class and depreciated when the asset is ready for
use. All other repairs and maintenance expenditures are charged to the Group Income Statement in the period in which they are
incurred.
Freehold land is not depreciated as it has an in\ufb01nite life. Depreciation on other items of property, plant and equipment begins
when the asset is available for use and is charged to the Group Income Statement on a straight-line basis so as to write o\ufb00 the cost
less the estimated residual value of the asset over its estimated useful life as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Asset category
\u00a0
Estimated useful life
Freehold property
\u00a0
between 10 and 50 years
Leasehold property
\u00a0
shorter of the asset\u2019s useful life and lease term
Right-of-use assets
\u00a0
shorter of the asset\u2019s useful life and lease term
Plant and equipment
\u2013 motor vehicles and IT equipment
between 1 and 5 years
\u00a0
\u2013 other
between 3 and 15 years
\n
The depreciation method used, residual values and estimated useful lives are reviewed annually and changed, if appropriate. An
asset\u2019s carrying amount is immediately written down to its recoverable amount if its carrying amount is greater than its estimated
recoverable amount. Gains and losses arising on disposals are determined by comparing sales proceeds with carrying amount
and are recognised in the Group Income Statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00403": { "value": "2.4
Property, plant and equipment
Freehold land and construction in progress are carried at cost less accumulated impairment losses. The Group recognises a
right-of-use asset at the lease commencement date. The asset is initially measured as the present value of the lease payments that
are not paid at the commencement date, discounted using the interest rate implicit in the lease, and depreciated using the
straight-line method over the lease term. Other items of property, plant and equipment are carried at cost less accumulated
depreciation and accumulated impairment losses. Costs are capitalised only when it is probable that they will result in future
economic bene\ufb01ts \ufb02owing to the Group and when they can be measured reliably. Costs are capitalised to construction in progress
where an asset is being developed. This is then transferred to the relevant asset class and depreciated when the asset is ready for
use. All other repairs and maintenance expenditures are charged to the Group Income Statement in the period in which they are
incurred.
Freehold land is not depreciated as it has an in\ufb01nite life. Depreciation on other items of property, plant and equipment begins
when the asset is available for use and is charged to the Group Income Statement on a straight-line basis so as to write o\ufb00 the cost
less the estimated residual value of the asset over its estimated useful life as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Asset category
\u00a0
Estimated useful life
Freehold property
\u00a0
between 10 and 50 years
Leasehold property
\u00a0
shorter of the asset\u2019s useful life and lease term
Right-of-use assets
\u00a0
shorter of the asset\u2019s useful life and lease term
Plant and equipment
\u2013 motor vehicles and IT equipment
between 1 and 5 years
\u00a0
\u2013 other
between 3 and 15 years
\n
The depreciation method used, residual values and estimated useful lives are reviewed annually and changed, if appropriate. An
asset\u2019s carrying amount is immediately written down to its recoverable amount if its carrying amount is greater than its estimated
recoverable amount. Gains and losses arising on disposals are determined by comparing sales proceeds with carrying amount
and are recognised in the Group Income Statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00402": { "value": "2.4
Property, plant and equipment
Freehold land and construction in progress are carried at cost less accumulated impairment losses. The Group recognises a
right-of-use asset at the lease commencement date. The asset is initially measured as the present value of the lease payments that
are not paid at the commencement date, discounted using the interest rate implicit in the lease, and depreciated using the
straight-line method over the lease term. Other items of property, plant and equipment are carried at cost less accumulated
depreciation and accumulated impairment losses. Costs are capitalised only when it is probable that they will result in future
economic bene\ufb01ts \ufb02owing to the Group and when they can be measured reliably. Costs are capitalised to construction in progress
where an asset is being developed. This is then transferred to the relevant asset class and depreciated when the asset is ready for
use. All other repairs and maintenance expenditures are charged to the Group Income Statement in the period in which they are
incurred.
Freehold land is not depreciated as it has an in\ufb01nite life. Depreciation on other items of property, plant and equipment begins
when the asset is available for use and is charged to the Group Income Statement on a straight-line basis so as to write o\ufb00 the cost
less the estimated residual value of the asset over its estimated useful life as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Asset category
\u00a0
Estimated useful life
Freehold property
\u00a0
between 10 and 50 years
Leasehold property
\u00a0
shorter of the asset\u2019s useful life and lease term
Right-of-use assets
\u00a0
shorter of the asset\u2019s useful life and lease term
Plant and equipment
\u2013 motor vehicles and IT equipment
between 1 and 5 years
\u00a0
\u2013 other
between 3 and 15 years
\n
The depreciation method used, residual values and estimated useful lives are reviewed annually and changed, if appropriate. An
asset\u2019s carrying amount is immediately written down to its recoverable amount if its carrying amount is greater than its estimated
recoverable amount. Gains and losses arising on disposals are determined by comparing sales proceeds with carrying amount
and are recognised in the Group Income Statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00404": { "value": "2.5
Intangible assets
Goodwill
Goodwill arising in a business combination is initially recognised as an asset at cost, measured as the excess of the aggregate of
the acquisition-date fair value of the consideration transferred and the amount of any non-controlling interest acquired over the
net of the acquisition-date fair value amounts of the identi\ufb01able assets acquired and liabilities assumed. Goodwill is subsequently
measured at cost less accumulated impairment losses, with impairment testing carried out annually, or more frequently when
there is an indication that the cash-generating unit (CGU) to which the goodwill has been allocated may be impaired. On disposal
of a business, the attributable amount of goodwill is included in the calculation of the pro\ufb01t or loss on disposal.
Other intangible assets
Intangible assets other than goodwill are recognised on business combinations if they are separable, or if they arise from
contractual or other legal rights, and their value can be measured reliably. They are initially measured at cost, which is equal to
the acquisition-date fair value, and subsequently measured at cost less accumulated amortisation charges and accumulated
impairment losses. Other intangible assets are subject to impairment testing when there is an indication that an impairment loss
may have been incurred and are amortised over their estimated useful lives. Amortisation of acquired intangible assets forms part
of Administration, selling and distribution costs on the Income Statement.
Research and development costs
The Group\u2019s research activity involves long-range, \u2018blue sky\u2019 investigation, the \ufb01ndings from which may be used in the future to
develop new or substantially improved products. Expenditure on research activities is recognised in the Group Income Statement
as an expense in the year in which it is incurred.
Development is the application of research \ufb01ndings for the production of new or substantially improved products, processes
and services before the start of commercial production. Development expenditure is capitalised only if the strict intangible asset
recognition criteria set out in IAS 38 Intangible Assets have been met at the time the expenditure is incurred, being when
expenditure can be measured reliably, the product or process is technically and commercially feasible, future economic bene\ufb01ts
are probable and the Group intends to and has su\ufb03cient resources to complete development and to use or sell the asset.
Otherwise, it is recognised in the Group Income Statement as an expense in the year in which it is incurred. In 2025 and 2024, no
projects met the criteria for IAS 38 capitalisation.
Software
The costs of ERP system implementations, including the purchase cost of the software and the time costs of employees directly
involved in the implementation work, is capitalised and amortised over a period of no more than \ufb01fteen years.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00405": { "value": "2.5 Intangible assetsOther intangible assets
Intangible assets other than goodwill are recognised on business combinations if they are separable, or if they arise from
contractual or other legal rights, and their value can be measured reliably. They are initially measured at cost, which is equal to
the acquisition-date fair value, and subsequently measured at cost less accumulated amortisation charges and accumulated
impairment losses. Other intangible assets are subject to impairment testing when there is an indication that an impairment loss
may have been incurred and are amortised over their estimated useful lives. Amortisation of acquired intangible assets forms part
of Administration, selling and distribution costs on the Income Statement.
Research and development costs
The Group\u2019s research activity involves long-range, \u2018blue sky\u2019 investigation, the \ufb01ndings from which may be used in the future to
develop new or substantially improved products. Expenditure on research activities is recognised in the Group Income Statement
as an expense in the year in which it is incurred.
Development is the application of research \ufb01ndings for the production of new or substantially improved products, processes
and services before the start of commercial production. Development expenditure is capitalised only if the strict intangible asset
recognition criteria set out in IAS 38 Intangible Assets have been met at the time the expenditure is incurred, being when
expenditure can be measured reliably, the product or process is technically and commercially feasible, future economic bene\ufb01ts
are probable and the Group intends to and has su\ufb03cient resources to complete development and to use or sell the asset.
Otherwise, it is recognised in the Group Income Statement as an expense in the year in which it is incurred. In 2025 and 2024, no
projects met the criteria for IAS 38 capitalisation.
Software
The costs of ERP system implementations, including the purchase cost of the software and the time costs of employees directly
involved in the implementation work, is capitalised and amortised over a period of no more than \ufb01fteen years.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00406": { "value": "Goodwill
Goodwill arising in a business combination is initially recognised as an asset at cost, measured as the excess of the aggregate of
the acquisition-date fair value of the consideration transferred and the amount of any non-controlling interest acquired over the
net of the acquisition-date fair value amounts of the identi\ufb01able assets acquired and liabilities assumed. Goodwill is subsequently
measured at cost less accumulated impairment losses, with impairment testing carried out annually, or more frequently when
there is an indication that the cash-generating unit (CGU) to which the goodwill has been allocated may be impaired. On disposal
of a business, the attributable amount of goodwill is included in the calculation of the pro\ufb01t or loss on disposal.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00408": { "value": "Goodwill
Goodwill arising in a business combination is initially recognised as an asset at cost, measured as the excess of the aggregate of
the acquisition-date fair value of the consideration transferred and the amount of any non-controlling interest acquired over the
net of the acquisition-date fair value amounts of the identi\ufb01able assets acquired and liabilities assumed. Goodwill is subsequently
measured at cost less accumulated impairment losses, with impairment testing carried out annually, or more frequently when
there is an indication that the cash-generating unit (CGU) to which the goodwill has been allocated may be impaired. On disposal
of a business, the attributable amount of goodwill is included in the calculation of the pro\ufb01t or loss on disposal.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00407": { "value": "Research and development costs
The Group\u2019s research activity involves long-range, \u2018blue sky\u2019 investigation, the \ufb01ndings from which may be used in the future to
develop new or substantially improved products. Expenditure on research activities is recognised in the Group Income Statement
as an expense in the year in which it is incurred.
Development is the application of research \ufb01ndings for the production of new or substantially improved products, processes
and services before the start of commercial production. Development expenditure is capitalised only if the strict intangible asset
recognition criteria set out in IAS 38 Intangible Assets have been met at the time the expenditure is incurred, being when
expenditure can be measured reliably, the product or process is technically and commercially feasible, future economic bene\ufb01ts
are probable and the Group intends to and has su\ufb03cient resources to complete development and to use or sell the asset.
Otherwise, it is recognised in the Group Income Statement as an expense in the year in which it is incurred. In 2025 and 2024, no
projects met the criteria for IAS 38 capitalisation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00409": { "value": "2.6
Impairment of tangible and intangible assets
The Directors regularly review the performance of the business and the external business environment to determine whether there
is any indication that the Group\u2019s tangible and intangible assets have su\ufb00ered an impairment loss. If such indication exists, the
higher of the value in use and the fair value less costs to sell of the asset is estimated and compared with the carrying value in order
to determine the extent, if any, of the impairment loss. Where it is not feasible to estimate the recoverable amount of an individual
asset, the Directors estimate the recoverable amount of the CGU to which the asset belongs. In addition, goodwill is tested for
impairment on an annual basis. Goodwill acquired in a business combination is allocated to each of the Group\u2019s CGUs expected to
bene\ufb01t from the synergies of the combination and the Directors carry out annual impairment testing of the carrying value of each
CGU.
For the purpose of impairment testing, the recoverable amount of an asset or CGU is the higher of (i) its fair value less costs to sell
and (ii) its value in use. An impairment loss recognised for goodwill is not reversed in a subsequent period. An impairment loss
recognised in a prior year for an asset other than goodwill may be reversed where there has been a sustained change in the
estimates used to measure the asset\u2019s recoverable amount since the impairment loss was recognised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00353": { "value": "2.6
Impairment of tangible and intangible assets
The Directors regularly review the performance of the business and the external business environment to determine whether there
is any indication that the Group\u2019s tangible and intangible assets have su\ufb00ered an impairment loss. If such indication exists, the
higher of the value in use and the fair value less costs to sell of the asset is estimated and compared with the carrying value in order
to determine the extent, if any, of the impairment loss. Where it is not feasible to estimate the recoverable amount of an individual
asset, the Directors estimate the recoverable amount of the CGU to which the asset belongs. In addition, goodwill is tested for
impairment on an annual basis. Goodwill acquired in a business combination is allocated to each of the Group\u2019s CGUs expected to
bene\ufb01t from the synergies of the combination and the Directors carry out annual impairment testing of the carrying value of each
CGU.
For the purpose of impairment testing, the recoverable amount of an asset or CGU is the higher of (i) its fair value less costs to sell
and (ii) its value in use. An impairment loss recognised for goodwill is not reversed in a subsequent period. An impairment loss
recognised in a prior year for an asset other than goodwill may be reversed where there has been a sustained change in the
estimates used to measure the asset\u2019s recoverable amount since the impairment loss was recognised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00412": { "value": "2.7
Trade and other receivables
Trade and other receivables are initially recognised at fair value and subsequently measured at amortised cost, using the e\ufb00ective
interest method, less impairment losses. Details on impairment of \ufb01nancial assets are disclosed in Note 25.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00413": { "value": "2.8
Inventories
Inventories are stated at the lower of cost and net realisable value. Cost comprises expenditure incurred in purchasing or
manufacturing inventories together with all other costs directly incurred in bringing the inventory to its present location and
condition and, where appropriate, attributable production overheads based on normal activity levels.
Net realisable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in
marketing, selling and distribution. The amount of any write-down of inventories to net realisable value is recognised as an
expense in the year in which the write-down occurs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00424": { "value": "2.9
Issued share capital
Equity instruments issued by the Company are recorded as the proceeds received, net of direct issue costs.
Where shares are redeemed or purchased as part of a share buyback programme, a sum equal to the amount by which the
Company\u2019s share capital is diminished on cancellation of the shares is transferred to the capital redemption reserve.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00511": { "value": "2.10
Financial risk management
Valuation of \ufb01nancial assets and liabilities
The Group\u2019s \ufb01nancial assets and liabilities are measured as appropriate either at amortised cost or at fair value through other
comprehensive income or at fair value through pro\ufb01t and loss.
IFRS 13 Fair Value Measurement requires classi\ufb01cation of \ufb01nancial instruments within a hierarchy that prioritises the inputs
to fair value measurement. The three levels of the fair value hierarchy are:
Level 1 \u2013 Unadjusted quoted prices in active markets for identical assets or liabilities
Level 2 \u2013 Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly
Level 3 \u2013 Inputs that are not based on observable market data
Trade receivables and other receivables are amounts due for goods sold or services performed in the ordinary course of business.
Trade receivables are recognised initially at their fair value, which is the amount of consideration that is unconditional. The Group
holds the trade receivables and other receivables with the objective of collecting the contractual cash \ufb02ows (held to collect) and
therefore measures them at amortised cost.
Derivatives which do not meet the hedge accounting criteria are classi\ufb01ed as fair value through pro\ufb01t and loss (held for trading).
The cross-currency interest rate swaps (see Note 25.1) which meet the hedging criteria are measured at fair value through other
comprehensive income.
Loans and borrowings are initially recognised at fair value net of directly attributable transaction costs. After initial recognition,
they are measured at amortised cost, using the e\ufb00ective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00512": { "value": "2.10
Financial risk management
Valuation of \ufb01nancial assets and liabilities
The Group\u2019s \ufb01nancial assets and liabilities are measured as appropriate either at amortised cost or at fair value through other
comprehensive income or at fair value through pro\ufb01t and loss.
IFRS 13 Fair Value Measurement requires classi\ufb01cation of \ufb01nancial instruments within a hierarchy that prioritises the inputs
to fair value measurement. The three levels of the fair value hierarchy are:
Level 1 \u2013 Unadjusted quoted prices in active markets for identical assets or liabilities
Level 2 \u2013 Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly
Level 3 \u2013 Inputs that are not based on observable market data
Trade receivables and other receivables are amounts due for goods sold or services performed in the ordinary course of business.
Trade receivables are recognised initially at their fair value, which is the amount of consideration that is unconditional. The Group
holds the trade receivables and other receivables with the objective of collecting the contractual cash \ufb02ows (held to collect) and
therefore measures them at amortised cost.
Derivatives which do not meet the hedge accounting criteria are classi\ufb01ed as fair value through pro\ufb01t and loss (held for trading).
The cross-currency interest rate swaps (see Note 25.1) which meet the hedging criteria are measured at fair value through other
comprehensive income.
Loans and borrowings are initially recognised at fair value net of directly attributable transaction costs. After initial recognition,
they are measured at amortised cost, using the e\ufb00ective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00509": { "value": "Valuation of \ufb01nancial assets and liabilities
The Group\u2019s \ufb01nancial assets and liabilities are measured as appropriate either at amortised cost or at fair value through other
comprehensive income or at fair value through pro\ufb01t and loss.
IFRS 13 Fair Value Measurement requires classi\ufb01cation of \ufb01nancial instruments within a hierarchy that prioritises the inputs
to fair value measurement. The three levels of the fair value hierarchy are:
Level 1 \u2013 Unadjusted quoted prices in active markets for identical assets or liabilities
Level 2 \u2013 Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly
Level 3 \u2013 Inputs that are not based on observable market data
Trade receivables and other receivables are amounts due for goods sold or services performed in the ordinary course of business.
Trade receivables are recognised initially at their fair value, which is the amount of consideration that is unconditional. The Group
holds the trade receivables and other receivables with the objective of collecting the contractual cash \ufb02ows (held to collect) and
therefore measures them at amortised cost.
Derivatives which do not meet the hedge accounting criteria are classi\ufb01ed as fair value through pro\ufb01t and loss (held for trading).
The cross-currency interest rate swaps (see Note 25.1) which meet the hedging criteria are measured at fair value through other
comprehensive income.
Loans and borrowings are initially recognised at fair value net of directly attributable transaction costs. After initial recognition,
they are measured at amortised cost, using the e\ufb00ective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00510": { "value": "Valuation of \ufb01nancial assets and liabilities
The Group\u2019s \ufb01nancial assets and liabilities are measured as appropriate either at amortised cost or at fair value through other
comprehensive income or at fair value through pro\ufb01t and loss.
IFRS 13 Fair Value Measurement requires classi\ufb01cation of \ufb01nancial instruments within a hierarchy that prioritises the inputs
to fair value measurement. The three levels of the fair value hierarchy are:
Level 1 \u2013 Unadjusted quoted prices in active markets for identical assets or liabilities
Level 2 \u2013 Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly
Level 3 \u2013 Inputs that are not based on observable market data
Trade receivables and other receivables are amounts due for goods sold or services performed in the ordinary course of business.
Trade receivables are recognised initially at their fair value, which is the amount of consideration that is unconditional. The Group
holds the trade receivables and other receivables with the objective of collecting the contractual cash \ufb02ows (held to collect) and
therefore measures them at amortised cost.
Derivatives which do not meet the hedge accounting criteria are classi\ufb01ed as fair value through pro\ufb01t and loss (held for trading).
The cross-currency interest rate swaps (see Note 25.1) which meet the hedging criteria are measured at fair value through other
comprehensive income.
Loans and borrowings are initially recognised at fair value net of directly attributable transaction costs. After initial recognition,
they are measured at amortised cost, using the e\ufb00ective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00513": { "value": "Loans and borrowings are initially recognised at fair value net of directly attributable transaction costs. After initial recognition, they are measured at amortised cost, using the e\ufb00ective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00514": { "value": "Foreign currencies
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and
liabilities denominated in foreign currencies at the balance sheet date are translated at the exchange rate prevailing at that date.
Foreign exchange di\ufb00erences arising on translation are recognised in the income statement, unless they qualify for cash \ufb02ow or
net investment hedge accounting treatment, in which case the e\ufb00ective portion is recognised directly in other comprehensive
income. Non-monetary items, other than those measured at fair value, are not retranslated subsequent to initial recognition.
Assets and liabilities of foreign operations are translated at the exchange rate prevailing at the balance sheet date. Income and
expenses of foreign operations are translated at average exchange rates with the exception of subsidiaries in hyperin\ufb02ationary
economies that are translated at the closing rate at the end of the year. All resulting exchange di\ufb00erences, including exchange
di\ufb00erences arising from the translation of borrowings and other \ufb01nancial instruments designated as hedges of such balances,
are recognised directly in other comprehensive income and accumulated in the translation reserve. On partial or full disposals
of a non-GBP functional currency subsidiary, joint venture or associate, the related accumulated exchange gains and losses
recognised in equity are reclassi\ufb01ed from equity to the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00515": { "value": "Foreign currencies
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and
liabilities denominated in foreign currencies at the balance sheet date are translated at the exchange rate prevailing at that date.
Foreign exchange di\ufb00erences arising on translation are recognised in the income statement, unless they qualify for cash \ufb02ow or
net investment hedge accounting treatment, in which case the e\ufb00ective portion is recognised directly in other comprehensive
income. Non-monetary items, other than those measured at fair value, are not retranslated subsequent to initial recognition.
Assets and liabilities of foreign operations are translated at the exchange rate prevailing at the balance sheet date. Income and
expenses of foreign operations are translated at average exchange rates with the exception of subsidiaries in hyperin\ufb02ationary
economies that are translated at the closing rate at the end of the year. All resulting exchange di\ufb00erences, including exchange
di\ufb00erences arising from the translation of borrowings and other \ufb01nancial instruments designated as hedges of such balances,
are recognised directly in other comprehensive income and accumulated in the translation reserve. On partial or full disposals
of a non-GBP functional currency subsidiary, joint venture or associate, the related accumulated exchange gains and losses
recognised in equity are reclassi\ufb01ed from equity to the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00516": { "value": "Derivative \ufb01nancial instruments
The Group uses derivative \ufb01nancial instruments (\u2018derivatives\u2019) to manage the \ufb01nancial risks associated with some of its underlying
activities and the \ufb01nancing of those activities. Derivatives are measured at fair value using market prices at the balance sheet
date. Any derivatives which form part of a hedge accounting relationship are designated as such on the date on which they
are executed. Any derivatives which do not form part of a designated hedge accounting relationship are classi\ufb01ed as \u2018held for
trading\u2019 for accounting purposes and are accounted for at fair value through pro\ufb01t or loss. They are presented as current assets
or liabilities to the extent they are expected to be settled within 12 months after the end of the reporting period.
Cash \ufb02ow hedges
Changes in the fair value of derivatives designated as cash \ufb02ow hedges are recognised in other comprehensive income to the
extent that the hedges are e\ufb00ective. Any ine\ufb00ective portion would immediately be recognised in net \ufb01nance costs in the pro\ufb01t or
loss. If a forecast transaction is no longer expected to occur, the amounts previously recognised in other comprehensive income
would be transferred to net \ufb01nance costs in the pro\ufb01t or loss.
Net investment hedges
The Group designates certain of its borrowings and derivatives as net investment hedges of its foreign operations. As with cash
\ufb02ow hedges, the e\ufb00ective portion of the gain or loss on hedging instruments is recognised in other comprehensive income whilst
any ine\ufb00ective portion would immediately be recognised in net \ufb01nance costs in the pro\ufb01t or loss. In the event a foreign operation
is disposed of or liquidated, amounts recognised in other comprehensive income are reclassi\ufb01ed from equity to pro\ufb01t or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00517": { "value": "Derivative \ufb01nancial instruments
The Group uses derivative \ufb01nancial instruments (\u2018derivatives\u2019) to manage the \ufb01nancial risks associated with some of its underlying
activities and the \ufb01nancing of those activities. Derivatives are measured at fair value using market prices at the balance sheet
date. Any derivatives which form part of a hedge accounting relationship are designated as such on the date on which they
are executed. Any derivatives which do not form part of a designated hedge accounting relationship are classi\ufb01ed as \u2018held for
trading\u2019 for accounting purposes and are accounted for at fair value through pro\ufb01t or loss. They are presented as current assets
or liabilities to the extent they are expected to be settled within 12 months after the end of the reporting period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00518": { "value": "Cash \ufb02ow hedges
Changes in the fair value of derivatives designated as cash \ufb02ow hedges are recognised in other comprehensive income to the
extent that the hedges are e\ufb00ective. Any ine\ufb00ective portion would immediately be recognised in net \ufb01nance costs in the pro\ufb01t or
loss. If a forecast transaction is no longer expected to occur, the amounts previously recognised in other comprehensive income
would be transferred to net \ufb01nance costs in the pro\ufb01t or loss.
Net investment hedges
The Group designates certain of its borrowings and derivatives as net investment hedges of its foreign operations. As with cash
\ufb02ow hedges, the e\ufb00ective portion of the gain or loss on hedging instruments is recognised in other comprehensive income whilst
any ine\ufb00ective portion would immediately be recognised in net \ufb01nance costs in the pro\ufb01t or loss. In the event a foreign operation
is disposed of or liquidated, amounts recognised in other comprehensive income are reclassi\ufb01ed from equity to pro\ufb01t or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00522": { "value": "2.11
Leases
Lease liabilities are recognised at the present value of the remaining lease payments, discounted using the interest rate implicit in
the lease if that rate can be readily determined. If that rate cannot be readily determined, the lessee\u2019s incremental borrowing rate
is used, calculated as the local government bond rate plus an interest rate spread. In cases where there is an option to terminate or
extend a lease, the duration of the lease assumed for this purpose re\ufb02ects the Group\u2019s existing intentions regarding such options.
Lease liabilities include the net present value of the following lease payments:
\u2013
Fixed payments (including in-substance \ufb01xed payments), less any lease incentives receivable
\u2013
Variable lease payments that are based on an index or a rate
\u2013
Amounts expected to be payable by the lessee under residual value guarantees
\u2013
The exercise price of a purchase option if the lessee is reasonably certain to exercise that option
\u2013
Payments of penalties for terminating the lease, if the lease term re\ufb02ects the lessee exercising that option
For leases of low-value assets and short-term leases (shorter than 12 months) the exemptions within IFRS 16 are applied and
neither the asset nor the corresponding liability to the lessor is recognised in the Group Balance Sheet. Rentals payable under
these leases are charged to the Group Income Statement on a straight-line basis over the term of the lease. Bene\ufb01ts received and
receivable as an incentive to enter these leases are also spread on a straight-line basis over the lease term. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00520": { "value": "2.12
Employee bene\ufb01ts
The net liability or net surplus recognised in the Group Balance Sheet for the Group\u2019s de\ufb01ned bene\ufb01t plans is the present value of
the de\ufb01ned bene\ufb01t obligation at the balance sheet date, less the fair value of the plan assets. The de\ufb01ned bene\ufb01t obligation is
calculated by independent actuaries using the projected unit credit method and by discounting the estimated future cash \ufb02ows
using interest rates on high-quality corporate bonds that have durations approximating the terms of the related pension liability.
Any asset recognised in respect of a surplus arising from this calculation is limited to the asset ceiling, where this is the present value
of any economic bene\ufb01ts available in the form of refunds or reductions in future contributions in respect of the plans. The Group
has an unconditional right to a refund of the UK surplus, as de\ufb01ned under IFRIC 14, and considers that the possibility that a surplus
could be reduced or extinguished by discretionary actions by the Trustee does not a\ufb00ect the existence of the asset at the end of the
reporting period. The Group therefore recognises a pension asset with respect to the scheme valued on an IAS 19 basis. No liability
is recognised with respect to further funding contributions.
The expense for the Group\u2019s de\ufb01ned bene\ufb01t plans is recognised in the Group Income Statement as shown in Note 27.7. Actuarial
gains and losses arising on the assets and liabilities of the plans are reported within the Group Statement of Comprehensive
Income; and gains and losses arising on settlements and curtailments are recognised in the Group Income Statement in the
same line as the item that gave rise to the settlement or curtailment or, if material, separately reported as a component of
operating pro\ufb01t. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00521": { "value": "2.13
Share-based payments
The Group operates an equity-settled share-based payment arrangement for its employees. Equity-settled share-based
payments are measured at fair value at the date of grant. For grants with market-based conditions attached to them, fair value is
measured using a form of stochastic option pricing model. For grants with non-market-based conditions, fair value is measured
using the Black-Scholes option pricing model. The fair value is expensed on a straight-line basis over the vesting period with a
corresponding increase in equity. The cumulative expense recognised is adjusted for the best estimate of the shares that will
eventually vest. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00532": { "value": "2.14
Trade and other payables
Trade and other payables are initially recognised at fair value and subsequently measured at amortised cost, using the e\ufb00ective
interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00531": { "value": "2.15
Provisions
Provisions are recognised when the Group has a present obligation as a result of a past event and it is probable that the Group
will be required to settle that obligation. Provisions are measured at the Directors\u2019 best estimate of the expenditure required to
settle the obligation at the balance sheet date. Where the e\ufb00ect of the time value of money is material, provisions are discounted
using a pre-tax discount rate that re\ufb02ects both the current market assessment of the time value of money and the speci\ufb01c risks
associated with the obligation. Where discounting is used, the increase in the provision due to the passage of time is recognised
as a \ufb01nance cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00320": { "value": "3.
Critical Accounting Judgements and Estimates
The major sources of judgement and estimation uncertainty are noted below.
3.1
Separately reported items (judgement)
The determination of items to be reported separately as outlined in Note 6 is judgemental. In making this assessment, the Group
considers whether the nature and materiality of such items means that separate disclosure would assist in an understanding of
trading performance and in making projections of future results.
3.2
Deferred tax asset recognition (estimate)
In recognising deferred tax assets, the Group considers the future pro\ufb01tability based upon approved budgets and business plans
to determine future deferred tax recoverability. It is impractical to disclose the extent of the possible e\ufb00ects of pro\ufb01tability
assumptions on the Group\u2019s deferred tax assets. It is reasonably possible that to the extent that actual outcomes di\ufb00er from
management\u2019s estimates, material income tax charges or credits, and changes in current and deferred tax assets, may arise
within future periods.
3.3
Reportable segments for continuing operations (judgement)
The Steel Flow Control, Steel Advanced Refractories, and Steel Sensors & Probes operating segments are aggregated into the
Steel reportable segment. In determining that aggregation is appropriate, judgement is applied which takes into account the
economic characteristics of these operating segments, which include a similar nature of products, customers, production
processes and margins.
The Group\u2019s operating segments are determined taking into consideration how the Group\u2019s components are reported to the
Group\u2019s Chief Executive, who makes the key operating decisions and is responsible for allocating resources and assessing
performance of the component. Taking into account the Group\u2019s management and internal reporting structure, the operating
segments are Steel Flow Control, Steel Advanced Refractories, Steel Sensors & Probes, and the Foundry Division. The principal
activities of each of these segments are described in the Strategic Report.
3.4
Employee bene\ufb01ts (estimate)
The Group\u2019s \ufb01nancial statements include obligations associated with pension and other post-retirement bene\ufb01ts to current and
former employees. It is the Directors\u2019 responsibility to set the assumptions used in determining the key elements of the costs of
meeting such future obligations. These assumptions are set after consultation with the Group\u2019s actuaries and include those used to
determine regular service costs and the \ufb01nancing elements related to the plans\u2019 assets and liabilities. Whilst the Directors believe
that the assumptions used are appropriate, a change in the assumptions could a\ufb00ect the Group\u2019s pro\ufb01t and \ufb01nancial position.
The pension obligations are most sensitive to a change in the mortality assumptions and therefore could materially change in the
next \ufb01nancial year if the mortality assumptions change signi\ufb01cantly. Sensitivity disclosures are included in Note 27.2.
3.5
Impairment testing of goodwill (estimate)
Determining whether goodwill is impaired requires an estimation of the recoverable amount of the cash-generating units to which
these assets have been allocated. The value in use calculation requires estimation of future cash \ufb02ows expected to arise for the
cash-generating unit, the selection of suitable discount rates and the estimation of long-term growth rates. As determining such
assumptions is inherently uncertain and subject to future factors, there is the potential these may di\ufb00er in subsequent periods and
therefore materially change the conclusions reached. Sensitivity disclosures are included in Note 16.2.
3.6
Provisions (judgement and estimate)
Vesuvius has extensive international operations and is subject to various legal and regulatory regimes, including those covering
taxation and environmental matters. Some of the Group\u2019s subsidiaries are parties to legacy matter and other lawsuits, certain
of which are insured claims. Provisions are made for the expected amounts payable. To the extent insurance is in place, an asset is
recognised in other receivables in respect of associated insurance reimbursements.
There is judgement in determining whether a provision is required. For such matters and determining the value of provision needed
requires estimation of the timing, quantum and amount of associated out\ufb02ows. Sensitivity disclosures are included in Note 30.1.
3.7
Business combinations (estimate)
Acquisitions require the determination of fair values of assets and liabilities acquired, including intangible assets. The valuation
of intangible assets is based on assumptions, including future growth rates, expected in\ufb02ation rates, discount rate and useful
economic lives of the assets. The Group engages third-party specialists to assist with the identi\ufb01cation and valuation of acquired
intangible assets. Depending on the nature of the assets, the Group uses di\ufb00erent valuation methodologies to arrive at the fair
value including the excess earnings method, the relief from royalty method and the cost savings method. See Note 20.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00326": { "value": "4.
Segment Information
4.1
Business segments
Operating segments for continuing operations
The Group\u2019s operating segments are determined taking into consideration how the Group\u2019s components are reported to the
Group\u2019s Chief Executive, who makes the key operating decisions. The operating segments are Steel Flow Control, Steel Advanced
Refractories, Steel Sensors & Probes, and the Foundry Division. The principal activities of each of these segments are described in
the Strategic Report.
The Steel Flow Control, Steel Advanced Refractories, and Steel Sensors & Probes operating segments are aggregated into the
Steel reportable segment. In determining that aggregation is appropriate, judgement is applied which takes into account the
economic characteristics of these operating segments which include a similar nature of products, customers, production
processes and margins.
Segment revenue represents revenue from external customers (inter-segment revenue is not material). Trading pro\ufb01t includes
items directly attributable to a segment as well as those items that can be allocated on a reasonable basis.
4.2
Segmental analysis
The reportable segment results from continuing operations are presented below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
2025
\u00a0\u00a0
Flow
Advanced
Sensors
\u00a0 \u00a0 \u00a0
\u00a0\u00a0
Control
Refractories
& Probes
Total Steel
Foundry
Total
\u00a0
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Segment revenue
\u00a0
750.9
555.6
36.1
1,342.6
466.9
1,809.5
Segment adjusted EBITDA
\u00a0 \u00a0 \u00a0 \u00a0
168.0
48.9
216.9
Segment depreciation and amortisation
\u00a0 \u00a0 \u00a0 \u00a0
(48.0)
(17.8)
(65.8)
Segment trading pro\ufb01t
\u00a0 \u00a0 \u00a0 \u00a0
120.0
31.1
151.1
Return on sales
\u00a0 \u00a0 \u00a0 \u00a0
8.9%
6.7%
8.4%
Cost reduction programme expenses
6
\u00a0 \u00a0 \u00a0
(12.3)
(6.6)
(18.9)
Acquisition and integration expenses
6
\u00a0 \u00a0 \u00a0
(3.6)
(3.4)
(7.0)
Amortisation of acquired
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
intangible assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
(10.6)
Operating pro\ufb01t
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
114.6
Net \ufb01nance costs
8
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
(18.4)
Share of post-tax pro\ufb01t of joint ventures
17.2
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
1.0
Pro\ufb01t before tax
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
97.2
Capital expenditure
\u00a0 \u00a0 \u00a0 \u00a0
75.8
23.8
99.6
Inventory
19
\u00a0 \u00a0 \u00a0
231.7
55.6
287.3
Trade receivables
18
\u00a0 \u00a0 \u00a0
273.8
87.4
361.2
Trade payables
29
\u00a0 \u00a0 \u00a0
(183.5)
(64.8)
(248.3)
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
2024
\u00a0\u00a0
Flow
Advanced
Sensors
\u00a0 \u00a0 \u00a0
\u00a0\u00a0
Control
Refractories
& Probes
Total Steel
Foundry
Total
\u00a0
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Segment revenue
\u00a0
769.0
535.6
39.2
1,343.8
476.3
1,820.1
Segment adjusted EBITDA
\u00a0 \u00a0 \u00a0 \u00a0
197.2
53.0
250.2
Segment depreciation and amortisation
\u00a0 \u00a0 \u00a0 \u00a0
(44.2)
(18.0)
(62.2)
Segment trading pro\ufb01t
\u00a0 \u00a0 \u00a0 \u00a0
153.0
35.0
188.0
Return on sales
\u00a0 \u00a0 \u00a0 \u00a0
11.4%
7.4%
10.3%
Cost reduction programme expenses
6
\u00a0 \u00a0 \u00a0
(5.8)
(8.8)
(14.6)
Provision for future water treatment
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
at disused mine
6
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
(9.7)
Amortisation of acquired
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
intangible assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
(10.0)
Operating pro\ufb01t
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
153.7
Net \ufb01nance costs
8
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
(16.2)
Share of post-tax pro\ufb01t of joint ventures
17.2
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
1.1
Pro\ufb01t before tax
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
138.6
Capital expenditure
\u00a0 \u00a0 \u00a0 \u00a0
92.2
23.9
116.1
Inventory
19
\u00a0 \u00a0 \u00a0
241.7
53.7
295.4
Trade receivables
18
\u00a0 \u00a0 \u00a0
259.7
82.0
341.7
Trade payables
29
\u00a0 \u00a0 \u00a0
(180.1)
(61.6)
(241.7)
\n
The Chief Operating Decision Maker does not review non-current assets and non-current liabilities at a segmental level so these
disclosures are not included.
4.3
Geographical analysis
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
External revenue
Non-current assets
\u00a0
2025
2024
2025
2024
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
EMEA
607.7
603.1
546.3
510.7
Asia
595.0
583.5
313.5
244.9
North America
473.1
487.8
418.4
410.7
South America
133.7
145.7
46.0
45.1
\u00a0
1,809.5
1,820.1
1,324.2
1,211.4
\n
External revenue disclosed in the table above is based upon the geographical location from which the products and services are
invoiced. Non-current assets exclude employee bene\ufb01ts net surpluses, deferred tax assets and \ufb01nancial instruments. Information
relating to the Group\u2019s products and services is given in the Strategic Report. The Group is not dependent on any single customer
for its revenue and no single customer, for either of the years presented in the table above, accounts for more than 10% of the
Group\u2019s total external revenue. \u00a324.7m (2024: \u00a350.7m) of revenue was generated from the UK, and total non-current assets in the
UK amounted to \u00a3100.9m (2024: \u00a394.0m).", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00321": { "value": "Operating segments for continuing operations
The Group\u2019s operating segments are determined taking into consideration how the Group\u2019s components are reported to the
Group\u2019s Chief Executive, who makes the key operating decisions. The operating segments are Steel Flow Control, Steel Advanced
Refractories, Steel Sensors & Probes, and the Foundry Division. The principal activities of each of these segments are described in
the Strategic Report.
The Steel Flow Control, Steel Advanced Refractories, and Steel Sensors & Probes operating segments are aggregated into the
Steel reportable segment. In determining that aggregation is appropriate, judgement is applied which takes into account the
economic characteristics of these operating segments which include a similar nature of products, customers, production
processes and margins.
Segment revenue represents revenue from external customers (inter-segment revenue is not material). Trading pro\ufb01t includes
items directly attributable to a segment as well as those items that can be allocated on a reasonable basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00327": { "value": "5.
Operating Pro\ufb01t
5.1
Operating pro\ufb01t is stated after charging/(crediting)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2025
2024
\u00a0
Note
\u00a3m
\u00a3m
Cost of materials recognised as an expense
19
825.5
807.9
Employee expenses
7
465.7
474.3
Depreciation
14
63.5
60.9
Amortisation
15
12.9
11.3
Expected credit loss allowances
25.1
(0.8)
(2.9)
\n
Included within several rows in the disclosure above are research and development expenses totalling \u00a335.3m (2024: \u00a336.9m).
5.2
Amounts payable to PricewaterhouseCoopers LLP and their associates
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Fees payable to the Company\u2019s auditors and their associates for the audit
\u00a0 \u00a0
of the Parent Company and Consolidated Financial Statements
1.2
1.0
Fees payable to the Company\u2019s auditors and their associates for other services:
\u00a0 \u00a0
Audit of the Company\u2019s subsidiaries
1.0
1.1
Audit-related assurance services
0.2
0.2
\u00a0
2.4
2.3
\n
It is the Group\u2019s policy not to use the Group\u2019s auditors for non-audit services other than for audit-related services that are required
to be performed by auditors.
5.3
Amounts payable to Mazars LLP
Mazars LLP acts as external auditors of certain subsidiary entities. Total remuneration for the audit of these entities was \u00a31.0m
(2024: \u00a31.1m). This amount is not included in the table above.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00328": { "value": "5.
Operating Pro\ufb01t
5.1
Operating pro\ufb01t is stated after charging/(crediting)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2025
2024
\u00a0
Note
\u00a3m
\u00a3m
Cost of materials recognised as an expense
19
825.5
807.9
Employee expenses
7
465.7
474.3
Depreciation
14
63.5
60.9
Amortisation
15
12.9
11.3
Expected credit loss allowances
25.1
(0.8)
(2.9)
\n
Included within several rows in the disclosure above are research and development expenses totalling \u00a335.3m (2024: \u00a336.9m).
5.2
Amounts payable to PricewaterhouseCoopers LLP and their associates
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Fees payable to the Company\u2019s auditors and their associates for the audit
\u00a0 \u00a0
of the Parent Company and Consolidated Financial Statements
1.2
1.0
Fees payable to the Company\u2019s auditors and their associates for other services:
\u00a0 \u00a0
Audit of the Company\u2019s subsidiaries
1.0
1.1
Audit-related assurance services
0.2
0.2
\u00a0
2.4
2.3
\n
It is the Group\u2019s policy not to use the Group\u2019s auditors for non-audit services other than for audit-related services that are required
to be performed by auditors.
5.3
Amounts payable to Mazars LLP
Mazars LLP acts as external auditors of certain subsidiary entities. Total remuneration for the audit of these entities was \u00a31.0m
(2024: \u00a31.1m). This amount is not included in the table above.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00329": { "value": "5.
Operating Pro\ufb01t
5.1
Operating pro\ufb01t is stated after charging/(crediting)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2025
2024
\u00a0
Note
\u00a3m
\u00a3m
Cost of materials recognised as an expense
19
825.5
807.9
Employee expenses
7
465.7
474.3
Depreciation
14
63.5
60.9
Amortisation
15
12.9
11.3
Expected credit loss allowances
25.1
(0.8)
(2.9)
\n
Included within several rows in the disclosure above are research and development expenses totalling \u00a335.3m (2024: \u00a336.9m).
5.2
Amounts payable to PricewaterhouseCoopers LLP and their associates
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Fees payable to the Company\u2019s auditors and their associates for the audit
\u00a0 \u00a0
of the Parent Company and Consolidated Financial Statements
1.2
1.0
Fees payable to the Company\u2019s auditors and their associates for other services:
\u00a0 \u00a0
Audit of the Company\u2019s subsidiaries
1.0
1.1
Audit-related assurance services
0.2
0.2
\u00a0
2.4
2.3
\n
It is the Group\u2019s policy not to use the Group\u2019s auditors for non-audit services other than for audit-related services that are required
to be performed by auditors.
5.3
Amounts payable to Mazars LLP
Mazars LLP acts as external auditors of certain subsidiary entities. Total remuneration for the audit of these entities was \u00a31.0m
(2024: \u00a31.1m). This amount is not included in the table above.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00330": { "value": "5.
Operating Pro\ufb01t
5.1
Operating pro\ufb01t is stated after charging/(crediting)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2025
2024
\u00a0
Note
\u00a3m
\u00a3m
Cost of materials recognised as an expense
19
825.5
807.9
Employee expenses
7
465.7
474.3
Depreciation
14
63.5
60.9
Amortisation
15
12.9
11.3
Expected credit loss allowances
25.1
(0.8)
(2.9)
\n
Included within several rows in the disclosure above are research and development expenses totalling \u00a335.3m (2024: \u00a336.9m).
5.2
Amounts payable to PricewaterhouseCoopers LLP and their associates
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Fees payable to the Company\u2019s auditors and their associates for the audit
\u00a0 \u00a0
of the Parent Company and Consolidated Financial Statements
1.2
1.0
Fees payable to the Company\u2019s auditors and their associates for other services:
\u00a0 \u00a0
Audit of the Company\u2019s subsidiaries
1.0
1.1
Audit-related assurance services
0.2
0.2
\u00a0
2.4
2.3
\n
It is the Group\u2019s policy not to use the Group\u2019s auditors for non-audit services other than for audit-related services that are required
to be performed by auditors.
5.3
Amounts payable to Mazars LLP
Mazars LLP acts as external auditors of certain subsidiary entities. Total remuneration for the audit of these entities was \u00a31.0m
(2024: \u00a31.1m). This amount is not included in the table above.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00331": { "value": "5.
Operating Pro\ufb01t
5.1
Operating pro\ufb01t is stated after charging/(crediting)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2025
2024
\u00a0
Note
\u00a3m
\u00a3m
Cost of materials recognised as an expense
19
825.5
807.9
Employee expenses
7
465.7
474.3
Depreciation
14
63.5
60.9
Amortisation
15
12.9
11.3
Expected credit loss allowances
25.1
(0.8)
(2.9)
\n
Included within several rows in the disclosure above are research and development expenses totalling \u00a335.3m (2024: \u00a336.9m).
5.2
Amounts payable to PricewaterhouseCoopers LLP and their associates
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Fees payable to the Company\u2019s auditors and their associates for the audit
\u00a0 \u00a0
of the Parent Company and Consolidated Financial Statements
1.2
1.0
Fees payable to the Company\u2019s auditors and their associates for other services:
\u00a0 \u00a0
Audit of the Company\u2019s subsidiaries
1.0
1.1
Audit-related assurance services
0.2
0.2
\u00a0
2.4
2.3
\n
It is the Group\u2019s policy not to use the Group\u2019s auditors for non-audit services other than for audit-related services that are required
to be performed by auditors.
5.3
Amounts payable to Mazars LLP
Mazars LLP acts as external auditors of certain subsidiary entities. Total remuneration for the audit of these entities was \u00a31.0m
(2024: \u00a31.1m). This amount is not included in the table above.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00332": { "value": "5.1
Operating pro\ufb01t is stated after charging/(crediting)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2025
2024
\u00a0
Note
\u00a3m
\u00a3m
Cost of materials recognised as an expense
19
825.5
807.9
Employee expenses
7
465.7
474.3
Depreciation
14
63.5
60.9
Amortisation
15
12.9
11.3
Expected credit loss allowances
25.1
(0.8)
(2.9)
\nIncluded within several rows in the disclosure above are research and development expenses totalling \u00a335.3m (2024: \u00a336.9m).", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00333": { "value": "5.1
Operating pro\ufb01t is stated after charging/(crediting)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2025
2024
\u00a0
Note
\u00a3m
\u00a3m
Cost of materials recognised as an expense
19
825.5
807.9
Employee expenses
7
465.7
474.3
Depreciation
14
63.5
60.9
Amortisation
15
12.9
11.3
Expected credit loss allowances
25.1
(0.8)
(2.9)
\nIncluded within several rows in the disclosure above are research and development expenses totalling \u00a335.3m (2024: \u00a336.9m).", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00334": { "value": "5.2
Amounts payable to PricewaterhouseCoopers LLP and their associates
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Fees payable to the Company\u2019s auditors and their associates for the audit
\u00a0 \u00a0
of the Parent Company and Consolidated Financial Statements
1.2
1.0
Fees payable to the Company\u2019s auditors and their associates for other services:
\u00a0 \u00a0
Audit of the Company\u2019s subsidiaries
1.0
1.1
Audit-related assurance services
0.2
0.2
\u00a0
2.4
2.3
\n
It is the Group\u2019s policy not to use the Group\u2019s auditors for non-audit services other than for audit-related services that are required
to be performed by auditors.
5.3
Amounts payable to Mazars LLP
Mazars LLP acts as external auditors of certain subsidiary entities. Total remuneration for the audit of these entities was \u00a31.0m
(2024: \u00a31.1m). This amount is not included in the table above.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00335": { "value": "6.
Separately Reported Items
Cost reduction programme expenses
In November 2023, the Group initiated an e\ufb03ciency programme with the aim of realising recurring cash cost savings.
The programme covers all of the Group\u2019s activities worldwide and focuses on operational improvement, lean initiatives,
automation and digitalisation, as well as further optimisation of the manufacturing footprint.
Cost reduction programme expenses are excluded from trading pro\ufb01t (adjusted operating pro\ufb01t), allowing for a clear measure of
the Group\u2019s operating performance.
During 2025, cost reduction programme expenses were \u00a318.9m (2024: \u00a314.6m). The charges re\ufb02ect redundancy costs \u00a310.2m
(2024: \u00a310.8m), plant closure costs \u00a34.8m (2024: \u00a32.2m), and non-cash asset impairments \u00a33.9m (2024: \u00a31.6m). The net tax credit
attributable to these cost reduction programme expenses was \u00a34.7m (2024: \u00a32.6m).
Provision for future water treatment at disused mine
Details on the provision are disclosed in Note 30. In 2024, the forecast annual operating cost is \u00a30.8m and the remaining period
for which water treatment will be required was reassessed to be 20 years, resulting in an increase in the provision and a charge
to the Income Statement for \u00a3nil (2024: \u00a39.7m). The net tax credit attributable to these costs in respect of disused mine was \u00a3nil
(2024: \u00a32.3m).
Acquisition and integration expenses
Acquisition and integration expenses of \u00a37.0m have been drawn out as a separately reported item (2024: \u00a3nil). As these expenses
are not related to current trading, separate disclosure will assist users in better understanding \ufb01nancial performance.", "dimensions": { "concept": "vsvs:DisclosureOfSeparateReportedItemsExplanatoryTextBlock", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00337": { "value": "8.
Net Finance Costs
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Interest payable on borrowings
\u00a0 \u00a0
Loans and overdrafts
18.2
19.3
Interest on lease liabilities
2.7
3.0
Amortisation of capitalised arrangement fees
1.5
1.0
Total interest payable on borrowings
22.4
23.3
Interest on net retirement bene\ufb01t obligations
1.2
1.6
Adjustment to discounts on provisions and other liabilities
3.0
2.2
Adjustment to discounts on receivables
(1.2)
(1.2)
Interest income
(7.0)
(9.7)
Net \ufb01nance costs
18.4
16.2
\nWithin the table above, total \ufb01nance costs are \u00a326.6m (2024: \u00a327.1m) and total \ufb01nance income is \u00a38.2m (2024: \u00a310.9m).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00338": { "value": "8.
Net Finance Costs
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Interest payable on borrowings
\u00a0 \u00a0
Loans and overdrafts
18.2
19.3
Interest on lease liabilities
2.7
3.0
Amortisation of capitalised arrangement fees
1.5
1.0
Total interest payable on borrowings
22.4
23.3
Interest on net retirement bene\ufb01t obligations
1.2
1.6
Adjustment to discounts on provisions and other liabilities
3.0
2.2
Adjustment to discounts on receivables
(1.2)
(1.2)
Interest income
(7.0)
(9.7)
Net \ufb01nance costs
18.4
16.2
\nWithin the table above, total \ufb01nance costs are \u00a326.6m (2024: \u00a327.1m) and total \ufb01nance income is \u00a38.2m (2024: \u00a310.9m).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00339": { "value": "8.
Net Finance Costs
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Interest payable on borrowings
\u00a0 \u00a0
Loans and overdrafts
18.2
19.3
Interest on lease liabilities
2.7
3.0
Amortisation of capitalised arrangement fees
1.5
1.0
Total interest payable on borrowings
22.4
23.3
Interest on net retirement bene\ufb01t obligations
1.2
1.6
Adjustment to discounts on provisions and other liabilities
3.0
2.2
Adjustment to discounts on receivables
(1.2)
(1.2)
Interest income
(7.0)
(9.7)
Net \ufb01nance costs
18.4
16.2
\nWithin the table above, total \ufb01nance costs are \u00a326.6m (2024: \u00a327.1m) and total \ufb01nance income is \u00a38.2m (2024: \u00a310.9m).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00325": { "value": "8.
Net Finance Costs
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Interest payable on borrowings
\u00a0 \u00a0
Loans and overdrafts
18.2
19.3
Interest on lease liabilities
2.7
3.0
Amortisation of capitalised arrangement fees
1.5
1.0
Total interest payable on borrowings
22.4
23.3
Interest on net retirement bene\ufb01t obligations
1.2
1.6
Adjustment to discounts on provisions and other liabilities
3.0
2.2
Adjustment to discounts on receivables
(1.2)
(1.2)
Interest income
(7.0)
(9.7)
Net \ufb01nance costs
18.4
16.2
\nWithin the table above, total \ufb01nance costs are \u00a326.6m (2024: \u00a327.1m) and total \ufb01nance income is \u00a38.2m (2024: \u00a310.9m).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00324": { "value": "8.
Net Finance Costs
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Interest payable on borrowings
\u00a0 \u00a0
Loans and overdrafts
18.2
19.3
Interest on lease liabilities
2.7
3.0
Amortisation of capitalised arrangement fees
1.5
1.0
Total interest payable on borrowings
22.4
23.3
Interest on net retirement bene\ufb01t obligations
1.2
1.6
Adjustment to discounts on provisions and other liabilities
3.0
2.2
Adjustment to discounts on receivables
(1.2)
(1.2)
Interest income
(7.0)
(9.7)
Net \ufb01nance costs
18.4
16.2
\nWithin the table above, total \ufb01nance costs are \u00a326.6m (2024: \u00a327.1m) and total \ufb01nance income is \u00a38.2m (2024: \u00a310.9m).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00323": { "value": "8.
Net Finance Costs
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Interest payable on borrowings
\u00a0 \u00a0
Loans and overdrafts
18.2
19.3
Interest on lease liabilities
2.7
3.0
Amortisation of capitalised arrangement fees
1.5
1.0
Total interest payable on borrowings
22.4
23.3
Interest on net retirement bene\ufb01t obligations
1.2
1.6
Adjustment to discounts on provisions and other liabilities
3.0
2.2
Adjustment to discounts on receivables
(1.2)
(1.2)
Interest income
(7.0)
(9.7)
Net \ufb01nance costs
18.4
16.2
\nWithin the table above, total \ufb01nance costs are \u00a326.6m (2024: \u00a327.1m) and total \ufb01nance income is \u00a38.2m (2024: \u00a310.9m).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00340": { "value": "9.
Income Tax Charge
9.1
Income tax charge
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Current tax
\u00a0 \u00a0
UK taxation
0.7
\u2013
Overseas taxation
37.6
42.1
Adjustments in respect of prior years
(6.8)
(0.6)
Total current tax, continuing operations
31.5
41.5
Deferred tax
\u00a0 \u00a0
Origination and reversal of temporary taxable di\ufb00erences
2.6
0.1
Adjustments in respect of prior years
(1.7)
(3.3)
Total deferred tax, continuing operations
0.9
(3.2)
Total income tax charge
32.4
38.3
Total income tax charge attributable to:
\u00a0 \u00a0
Continuing operations
\u2013 adjusted performance
36.5
47.2
\u2013 separately reported
(4.1)
(8.9)
Total income tax charge
32.4
38.3
\n
The Group will incur top-up taxes due to Pillar Two legislation, and is liable to pay top-up tax for the di\ufb00erences between its GloBE
e\ufb00ective tax rate in each jurisdiction and the 15% minimum rate. The Group has estimated that the e\ufb00ective tax rates exceed 15%
in all jurisdictions in which it operates, except for United Arab Emirates where we have two subsidiaries. However, the amount is
immaterial at \u00a30.1m (2024: \u00a30.1m) and has been included within income tax in the Income Statement. There are no signi\ufb01cant
impacts on the Group\u2019s \ufb01nancial position, performance, cash \ufb02ows and earnings per share.
Included in the Group\u2019s total income tax charge are charges and credits meeting the criteria set out in Note 1.6 to be treated as
separately reported items, as analysed in the following table:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Separately reported items
\u00a3m
\u00a3m
Current tax deductions with respect to restructuring and strategic programmes
(4.4)
(2.6)
Withholding tax on dividends
2.9
\u2013
Amortisation and utilisation of acquired intangibles
(2.1)
(2.6)
Recognition of deferred tax asset on acquired intangibles
\u2013
\u2013
Utilisation of operating losses
(0.5)
(1.3)
Other temporary di\ufb00erences
\u2013
(2.4)
Total tax credit separately reported
(4.1)
(8.9)
\n
The net tax debit re\ufb02ected in the Group Statement of Comprehensive Income in the year amounted to a \u00a32.2m charge
(2024: \u00a30.8m charge) in both years primarily for net actuarial gains and losses on the employee bene\ufb01ts plans.
9.2
Reconciliation of income tax charge to pro\ufb01t before tax
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Pro\ufb01t before tax
97.2
138.6
Tax at the UK corporation tax rate of 25.0% (2024: 25.0%)
24.3
34.6
Overseas tax rate di\ufb00erences
1.3
1.2
Withholding taxes
8.4
5.5
(Income)/expenses not (taxable)/deductible for tax purposes
2.3
3.3
Changes in uncertain tax positions
(2.0)
(2.2)
Foreign Tax Credits expired/written o\ufb00 in the period
5.2
\u2013
Utilisation of previously unrecognised tax losses
\u2013
\u2013
Deferred tax assets not recognised in the period
1.3
(0.2)
Deferred tax rate changes
0.1
\u2013
Adjustments in respect of prior years
(8.5)
(3.9)
Total income tax charge
32.4
38.3
9.3
Deferred tax
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Other
\u00a0 \u00a0
Other
\u00a0
\u00a0 \u00a0
operating
Pension
Intangible
temporary
\u00a0
\u00a0
Interest
losses
costs
assets
di\ufb00erences
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 1 January 2024
33.8
42.7
3.0
(18.1)
29.7
91.1
Exchange adjustments
0.2
(0.5)
(0.2)
0.1
0.5
0.1
Other net charge to Group Statement of
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Comprehensive Income
\u2013
\u2013
(0.8)
\u2013
\u2013
(0.8)
Other net (charge)/credit to Group Income Statement
(5.7)
1.0
(1.9)
1.0
8.8
3.2
As at 31 December 2024
28.3
43.2
0.1
(17.0)
39.0
93.6
Exchange adjustments
1.5
0.1
0.1
\u2013
(4.4)
(2.7)
Acquisitions
\u2013
\u2013
\u2013
(8.1)
(1.0)
(9.1)
Other net charge to Group Statement of
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Changes in Equity
\u2013
\u2013
\u2013
0.3
\u2013
0.3
Other net charge to Group Statement of
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Comprehensive Income
\u2013
\u2013
(1.3)
(0.2)
(0.7)
(2.2)
Other net (charge)/credit to Group Income Statement
(0.9)
9.2
(0.7)
3.0
(11.4)
(0.8)
As at 31 December 2025
28.9
52.5
(1.8)
(22.0)
21.5
79.1
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Recognised in the Group Balance Sheet as:
\u00a0 \u00a0
Non-current deferred tax assets
102.3
109.9
Non-current deferred tax liabilities
(23.2)
(16.3)
Net total deferred tax assets
79.1
93.6
\n
The Group has modelled proportionate increases and decreases in relation to the expected taxable income based on the
approved budget and the results do not have a material impact on the deferred tax asset balance. The Group remains con\ufb01dent
of the recovery of these assets.
Other temporary di\ufb00erences consists of various other items where the accounting and tax basis di\ufb00er at the balance sheet date
and would result in a tax bene\ufb01t/(liability) in the future, including \ufb01xed assets and provisions/accruals.
Tax loss carry-forwards and other temporary di\ufb00erences with a tax value of \u00a317m (2024: \u00a35.6m) were recognised by jurisdictions
reporting a loss. Based on approved business plans of these subsidiaries, the Directors consider it probable that the tax loss
carry-forwards and temporary di\ufb00erences can be o\ufb00set against future taxable pro\ufb01ts of these subsidiaries.
The total deferred tax assets not recognised as at 31 December 2025 were \u00a3155m (2024: \u00a3167.0m), as analysed below. In
accordance with the accounting policy in Note 9.1, these items have not been recognised as deferred tax assets on the basis that
their future economic bene\ufb01t is not probable. In total, there was a decrease of \u00a312m (2024: \u00a35.2m increase) in net unrecognised
deferred tax assets during the year, primarily driven by a prior year true-up to UK deferred tax assets following the conclusion of
a tax enquiry.
Included in these deferred tax assets and liabilities are net amounts expected to be utilised in 2025 of \u00a38.4m (2024: \u00a34.3m estimate
of 2025).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Operating losses (further described below)
97.2
92.6
Unrelieved US interest (may be carried forward inde\ufb01nitely)
\u2013
\u2013
Capital losses available to o\ufb00set future UK capital gains (may be carried forward inde\ufb01nitely)
45.5
45.5
UK ACT credits (may be carried forward inde\ufb01nitely)
\u2013
19.3
Other temporary di\ufb00erences
12.3
9.6
Total deferred tax assets not recognised
155.0
167.0
The Group has signi\ufb01cant net operating losses with a tax value of \u00a3149.7m (2024: \u00a3135.9m), only \u00a352.5m (2024: \u00a343.3m) of which
meet the criteria set out in Note 9.1 to be recognised on the Group Balance Sheet.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Operating
Operating
\u00a0
Operating
Operating
\u00a0
\u00a0
losses
losses not
\u00a0
losses
losses not
\u00a0
\u00a0
recognised
recognised
Total
recognised
recognised
Total
\u00a0
2025
2025
2025
2024
2024
2024
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
UK (may be carried forward inde\ufb01nitely)
40.9
72.2
113.1
35.8
74.2
110.0
US (due to expire 2025-2031)
1.3
\u2013
1.3
1.5
\u2013
1.5
ROW (may be carried forward inde\ufb01nitely)
10.3
25.0
35.3
6.0
18.4
24.4
\u00a0
52.5
97.2
149.7
43.3
92.6
135.9
\n
The \u00a335.3m (2024: \u00a324.4m) operating losses available to set against future income in the rest of the world arise in a number of
countries, re\ufb02ecting the spread of the Group\u2019s operations.
Deferred tax is not recognised in respect of the value of the Group\u2019s unremitted earnings in subsidiaries and interests in joint
ventures where we are able to control the timing of the reversal of the temporary di\ufb00erences and it is probable that such
di\ufb00erences will not reverse in the foreseeable future. The main tax that would apply to unremitted earnings is dividend withholding
tax that would be deducted by the payer of these dividends.
The estimate for dividend WHT on unremitted earnings which has not been recorded in the accounts is \u00a316.5m (2024: \u00a320.7m).
The Group is within the scope of the OECD Pillar Two model rules, and it applies the IAS 12 exception to recognising and disclosing
information about deferred tax assets and liabilities related to Pillar Two income taxes.
9.4
Income tax payable and recoverable
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Liabilities for income tax payable
(3.0)
(2.6)
Provisions for uncertain tax positions
(4.5)
(4.0)
\u00a0
(7.5)
(6.6)
Plus: Income tax recoverable within one year
18.8
12.9
Net asset/(liability)
11.3
6.3
\n
Provisions for uncertain tax positions are calculated in accordance with the policy outlined in Note 9.1 , and are treated as income
tax payable in accordance with IAS 12.
These provisions cover litigated tax matters as well as provisions for other risks where the Group believes it is more likely than not
that there would be a successful challenge by a tax authority to positions it has taken in its tax \ufb01lings. By its nature, litigation can
result in sharp \ufb02uctuations in cash \ufb02ow, both in and out, relating to taxes. Currently, management does not expect any material
adjustments to these provisions in 2026.
During the year, the provisions for uncertain tax positions have increased to \u00a34.5m (2024: \u00a34m). The increase of \u00a30.5m (2024:
\u00a32.3m decrease) can be explained by the acquisition of PiroMET which included an uncertain tax position partially o\ufb00set by the
conclusion of a tax enquiry in the UK.
9.5
Key factors impacting the sustainability of the adjusted e\ufb00ective tax rate are as follows:
Material changes in the geographic mix of pro\ufb01ts
The Group\u2019s headline e\ufb00ective tax rate is sensitive to changes in the geographic mix of pro\ufb01ts and level of pro\ufb01ts and re\ufb02ects
a combination of higher rates in certain jurisdictions such as Brazil, Germany, India, Mexico and the US and a lower headline
e\ufb00ective tax rate in jurisdictions like China and Poland.
Changes in tax rates, tax reform and its interpretation
Changes in tax rates and laws in the jurisdictions in which the Group operates could have a material e\ufb00ect on the Group\u2019s headline
e\ufb00ective tax rate.
Availability of tax advantaged rates
Vesuvius in China quali\ufb01es for a tax advantaged rate of 15% (rather than the headline rate of 25%) on part of its pro\ufb01ts due to the
high-technology nature of its business.
Resolution of tax judgements
At any one time, the Group can be subject to a number of challenges by tax authorities in the jurisdictions in which it operates.
The outcome of these challenges is inherently uncertain, potentially resulting in a di\ufb00erent tax charge from the amounts
initially provided.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00341": { "value": "9.3
Deferred tax
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Other
\u00a0 \u00a0
Other
\u00a0
\u00a0 \u00a0
operating
Pension
Intangible
temporary
\u00a0
\u00a0
Interest
losses
costs
assets
di\ufb00erences
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 1 January 2024
33.8
42.7
3.0
(18.1)
29.7
91.1
Exchange adjustments
0.2
(0.5)
(0.2)
0.1
0.5
0.1
Other net charge to Group Statement of
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Comprehensive Income
\u2013
\u2013
(0.8)
\u2013
\u2013
(0.8)
Other net (charge)/credit to Group Income Statement
(5.7)
1.0
(1.9)
1.0
8.8
3.2
As at 31 December 2024
28.3
43.2
0.1
(17.0)
39.0
93.6
Exchange adjustments
1.5
0.1
0.1
\u2013
(4.4)
(2.7)
Acquisitions
\u2013
\u2013
\u2013
(8.1)
(1.0)
(9.1)
Other net charge to Group Statement of
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Changes in Equity
\u2013
\u2013
\u2013
0.3
\u2013
0.3
Other net charge to Group Statement of
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Comprehensive Income
\u2013
\u2013
(1.3)
(0.2)
(0.7)
(2.2)
Other net (charge)/credit to Group Income Statement
(0.9)
9.2
(0.7)
3.0
(11.4)
(0.8)
As at 31 December 2025
28.9
52.5
(1.8)
(22.0)
21.5
79.1
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Recognised in the Group Balance Sheet as:
\u00a0 \u00a0
Non-current deferred tax assets
102.3
109.9
Non-current deferred tax liabilities
(23.2)
(16.3)
Net total deferred tax assets
79.1
93.6
\n
The Group has modelled proportionate increases and decreases in relation to the expected taxable income based on the
approved budget and the results do not have a material impact on the deferred tax asset balance. The Group remains con\ufb01dent
of the recovery of these assets.
Other temporary di\ufb00erences consists of various other items where the accounting and tax basis di\ufb00er at the balance sheet date
and would result in a tax bene\ufb01t/(liability) in the future, including \ufb01xed assets and provisions/accruals.
Tax loss carry-forwards and other temporary di\ufb00erences with a tax value of \u00a317m (2024: \u00a35.6m) were recognised by jurisdictions
reporting a loss. Based on approved business plans of these subsidiaries, the Directors consider it probable that the tax loss
carry-forwards and temporary di\ufb00erences can be o\ufb00set against future taxable pro\ufb01ts of these subsidiaries.
The total deferred tax assets not recognised as at 31 December 2025 were \u00a3155m (2024: \u00a3167.0m), as analysed below. In
accordance with the accounting policy in Note 9.1, these items have not been recognised as deferred tax assets on the basis that
their future economic bene\ufb01t is not probable. In total, there was a decrease of \u00a312m (2024: \u00a35.2m increase) in net unrecognised
deferred tax assets during the year, primarily driven by a prior year true-up to UK deferred tax assets following the conclusion of
a tax enquiry.
Included in these deferred tax assets and liabilities are net amounts expected to be utilised in 2025 of \u00a38.4m (2024: \u00a34.3m estimate
of 2025).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Operating losses (further described below)
97.2
92.6
Unrelieved US interest (may be carried forward inde\ufb01nitely)
\u2013
\u2013
Capital losses available to o\ufb00set future UK capital gains (may be carried forward inde\ufb01nitely)
45.5
45.5
UK ACT credits (may be carried forward inde\ufb01nitely)
\u2013
19.3
Other temporary di\ufb00erences
12.3
9.6
Total deferred tax assets not recognised
155.0
167.0
The Group has signi\ufb01cant net operating losses with a tax value of \u00a3149.7m (2024: \u00a3135.9m), only \u00a352.5m (2024: \u00a343.3m) of which
meet the criteria set out in Note 9.1 to be recognised on the Group Balance Sheet.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Operating
Operating
\u00a0
Operating
Operating
\u00a0
\u00a0
losses
losses not
\u00a0
losses
losses not
\u00a0
\u00a0
recognised
recognised
Total
recognised
recognised
Total
\u00a0
2025
2025
2025
2024
2024
2024
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
UK (may be carried forward inde\ufb01nitely)
40.9
72.2
113.1
35.8
74.2
110.0
US (due to expire 2025-2031)
1.3
\u2013
1.3
1.5
\u2013
1.5
ROW (may be carried forward inde\ufb01nitely)
10.3
25.0
35.3
6.0
18.4
24.4
\u00a0
52.5
97.2
149.7
43.3
92.6
135.9
\n
The \u00a335.3m (2024: \u00a324.4m) operating losses available to set against future income in the rest of the world arise in a number of
countries, re\ufb02ecting the spread of the Group\u2019s operations.
Deferred tax is not recognised in respect of the value of the Group\u2019s unremitted earnings in subsidiaries and interests in joint
ventures where we are able to control the timing of the reversal of the temporary di\ufb00erences and it is probable that such
di\ufb00erences will not reverse in the foreseeable future. The main tax that would apply to unremitted earnings is dividend withholding
tax that would be deducted by the payer of these dividends.
The estimate for dividend WHT on unremitted earnings which has not been recorded in the accounts is \u00a316.5m (2024: \u00a320.7m).
The Group is within the scope of the OECD Pillar Two model rules, and it applies the IAS 12 exception to recognising and disclosing
information about deferred tax assets and liabilities related to Pillar Two income taxes.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00342": { "value": "9.4
Income tax payable and recoverable
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Liabilities for income tax payable
(3.0)
(2.6)
Provisions for uncertain tax positions
(4.5)
(4.0)
\u00a0
(7.5)
(6.6)
Plus: Income tax recoverable within one year
18.8
12.9
Net asset/(liability)
11.3
6.3
\n
Provisions for uncertain tax positions are calculated in accordance with the policy outlined in Note 9.1 , and are treated as income
tax payable in accordance with IAS 12.
These provisions cover litigated tax matters as well as provisions for other risks where the Group believes it is more likely than not
that there would be a successful challenge by a tax authority to positions it has taken in its tax \ufb01lings. By its nature, litigation can
result in sharp \ufb02uctuations in cash \ufb02ow, both in and out, relating to taxes. Currently, management does not expect any material
adjustments to these provisions in 2026.
During the year, the provisions for uncertain tax positions have increased to \u00a34.5m (2024: \u00a34m). The increase of \u00a30.5m (2024:
\u00a32.3m decrease) can be explained by the acquisition of PiroMET which included an uncertain tax position partially o\ufb00set by the
conclusion of a tax enquiry in the UK.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00343": { "value": "10.
Earnings per Share (EPS)
10.1
Earnings for EPS
Basic and diluted EPS are based upon the pro\ufb01t attributable to owners of the Parent, as reported in the Group Income Statement.
The table below reconciles these di\ufb00erent pro\ufb01t measures.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Pro\ufb01t attributable to owners of the Parent
52.2
87.2
Adjustments for separately reported items:
\u00a0 \u00a0
Cost reduction programme expenses
18.9
14.6
Acquisition and integration expenses
7.0
\u2013
Provision for future water treatment at disused mine
\u2013
9.7
Amortisation of acquired intangible assets
10.6
10.0
Income tax credit
(4.1)
(8.9)
Adjusted pro\ufb01t attributable to owners of the Parent
84.6
112.6
\n
10.2
Weighted average number of shares
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
millions
millions
For calculating basic and adjusted EPS
247.1
260.0
Adjustment for potentially dilutive ordinary shares
3.0
3.7
For calculating diluted and diluted adjusted EPS
250.1
263.7
\n
For the purposes of calculating diluted and diluted adjusted EPS, the weighted average number of ordinary shares is adjusted to
include the weighted average number of ordinary shares that would be issued on the conversion of all potentially dilutive ordinary
shares expected to vest, relating to the Company\u2019s share-based payment plans. Potential ordinary shares are only treated as
dilutive when their conversion to ordinary shares would decrease EPS or increase loss per share.
10.3
Per share amounts
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
pence
pence
Earnings per share
\u00a0 \u00a0
\u2013 reported basic
21.1
33.5
\u2013 reported diluted
20.9
33.1
\u2013 adjusted basic
1
34.2
43.3
\u2013 adjusted diluted
1
33.8
42.7
\n
1.
For de\ufb01nitions of adjusted earnings per share, refer to Note 35.7.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00344": { "value": "11.
Cash Generated from Operations
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2025
2024
\u00a0
Note
\u00a3m
\u00a3m
Operating pro\ufb01t
\u00a0
114.6
153.7
Adjustments for:
\u00a0 \u00a0 \u00a0
Cost reduction programme expenses
6
18.9
14.6
Acquisition and integration expenses
6
7.0
\u2013
Provision for future water treatment at disused mine
6
\u2013
9.7
Amortisation of acquired intangible assets
\u00a0
10.6
10.0
Trading pro\ufb01t (adjusted operating pro\ufb01t)
\u00a0
151.1
188.0
(Pro\ufb01t)/loss relating to \ufb01xed assets
\u00a0
(3.7)
(2.2)
Depreciation
14
63.5
60.9
Amortisation of software
15
2.3
1.3
De\ufb01ned bene\ufb01t retirement plans net charge
27
5.2
5.0
Net (increase)/decrease in inventories
\u00a0
10.8
(14.3)
Net (increase)/decrease in trade receivables
\u00a0
(19.8)
1.9
Net increase in trade payables
\u00a0
7.6
11.8
Net decrease in other working capital
1
\u00a0
(14.2)
(16.6)
De\ufb01ned bene\ufb01t retirement plans cash out\ufb02ows
27
(9.7)
(9.4)
Out\ufb02ow related to cost reduction programme
6
(16.0)
(7.9)
Out\ufb02ow related to restructuring charges
\u00a0
(0.4)
(1.0)
Out\ufb02ow related to acquisition and integration expenses
6
(2.6)
\u2013
Water treatment at disused mine cash out\ufb02ows
6
(0.7)
(0.8)
Cash generated from operations
\u00a0
173.4
216.7
\n
1.
Net increase/(decrease) in other working capital includes a movement in notes receivable of \u00a38.6m in 2025 arising from a reduction in bankers drafts in China.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00345": { "value": "12.
Cash and Cash Equivalents
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Cash and short-term deposits
190.6
186.4
Bank overdrafts
(3.1)
(7.8)
Cash and cash equivalents in the Group Statement of Cash Flows
187.5
178.6
\n
Cash is held both centrally and in operating territories. For certain territories including Argentina, Egypt, and Russia cash is more
readily used locally than for broader Group purposes.
As at 31 December 2025, the Group held \u00a318.0m (INR 2,180m) of cash classi\ufb01ed as restricted. This amount was held in an escrow
account in accordance with the requirements of the Securities and Exchange Board of India. The balance earned interest at
market rates until its release from the escrow account on 27 February 2026.
The cash related to the acquisition of a 75% interest in Morganite Crucible (India) Limited from Morgan Advanced Materials plc,
which was completed during the year. As a result of the acquisition, the Group was required to undertake a mandatory tender
o\ufb00er (MTO) in respect of the remaining 25% of the shares in the target company that are publicly held. In accordance with
Indian regulatory requirements, the Group is required to place funds equal to the maximum potential consideration payable
under the MTO into an escrow account. Accordingly, the amount held in escrow represented the full purchase price of the MTO,
assuming it were taken up by all eligible public shareholders. Under the terms of the escrow arrangement, although the acquisition
has taken place, the Group could not access the funds until the relevant authorities in India granted approval for the release of
the escrow balance.
The full balance held in the escrow account is presented within cash and cash equivalents as it meets the de\ufb01nition of a cash
equivalent. For the purposes of the Group\u2019s Alternative Performance Measures (APMs), no adjustment has been made in respect
of this restricted cash balance.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00346": { "value": "13.
Reconciliation of Movement in Net Debt
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Balance
\u00a0 \u00a0 \u00a0 \u00a0
Balance
\u00a0
as at
Foreign
Fair value
\u00a0 \u00a0
as at
\u00a0
1 January
exchange
gains/
Non-cash
Cash
31 December
\u00a0
2025
adjustments
(losses)
movements*
\ufb02ow**
2025
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash and cash equivalents
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cash at bank and in hand
186.4
(9.9)
\u2013
\u2013
14.1
190.6
Bank overdrafts
(7.8)
(0.2)
\u2013
\u2013
4.9
(3.1)
\u00a0
178.6
(10.1)
\u2013
\u2013
19.0
187.5
Borrowings, excluding bank overdrafts
(513.2)
(2.3)
\u2013
(9.2)
(116.9)
(641.6)
Capitalised arrangement fees
0.8
\u2013
\u2013
(1.5)
3.5
2.8
Derivative \ufb01nancial instruments
4.6
1.2
(5.7)
\u2013
(1.2)
(1.1)
Net debt
(329.2)
(11.2)
(5.7)
(10.7)
(95.6)
(452.4)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Balance
\u00a0 \u00a0 \u00a0 \u00a0
Balance
\u00a0
as at
Foreign
Fair value
\u00a0 \u00a0
as at
\u00a0
1 January
exchange
gains/
Non-cash
Cash
31 December
\u00a0
2024
adjustments
(losses)
movements
*
\ufb02ow
**
2024
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash and cash equivalents
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cash at bank and in hand
164.2
(5.1)
\u2013
\u2013
27.3
186.4
Bank overdrafts
(3.4)
0.1
\u2013
\u2013
(4.5)
(7.8)
\u00a0
160.8
(5.0)
\u2013
\u2013
22.8
178.6
Borrowings, excluding bank overdrafts
(400.6)
9.2
\u2013
(18.2)
(103.6)
(513.2)
Capitalised arrangement fees
1.8
\u2013
\u2013
(1.0)
\u2013
0.8
Derivative \ufb01nancial instruments
0.5
\u2013
4.1
\u2013
\u2013
4.6
Net debt
(237.5)
4.2
4.1
(19.2)
(80.8)
(329.2)
\n
*
\u00a38.4m (2024: \u00a315.2m) of new leases were entered into during the year and \u00a30.7m (2024: \u00a3nil) of leases were acquired (Note 20).
** Borrowings, excluding bank overdrafts include proceeds from borrowings, repayment of borrowings and payment of lease liabilities.
The Group routinely rolls over the principal of borrowings drawn under the committed syndicated bank facility. The procedure
may be repeated, depending on liquidity requirements of the Group, until the maturity date of the credit facility.
During the year, the Group re\ufb01nanced its committed syndicated bank facility. The re\ufb01nancing was contractually structured as
repayment and extinguishment of the existing facility of \u00a3385m and the utilisation of the replacement facility of \u00a3475m, executed
on 21 February 2025. The commitments under the replacement facility were subsequently increased to \u00a3522.5m with e\ufb00ect from
30 May 2025. The settlement of principal amounts was performed by the facility agent on behalf of the participating banks and
did not result in any cash in\ufb02ows or out\ufb02ows through accounts controlled by the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00347": { "value": "14.
Property, Plant and Equipment
14.1
Movement in net book value
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Right-of-use
Right-of-use
\u00a0 \u00a0 \u00a0
\u00a0 \u00a0 \u00a0
assets \u2013 land
assets \u2013 plant
\u00a0 \u00a0 \u00a0
\u00a0
Freehold
Leasehold
& buildings
& equipment
Plant and
Construction
\u00a0
\u00a0
property
property
(Note 26.1)
(Note 26.1)
equipment
in progress
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
As at 1 January 2024
278.8
0.1
53.6
43.5
657.6
83.2
1,116.8
Exchange adjustments
(8.9)
\u2013
(1.6)
(1.6)
(20.8)
(4.0)
(36.9)
Capital expenditure additions
7.5
0.7
4.0
11.2
25.4
54.6
103.4
Disposals
(2.9)
\u2013
(1.6)
(5.4)
(16.6)
(0.5)
(27.0)
Reclassi\ufb01cations
8.5
\u2013
\u2013
\u2013
33.7
(42.2)
\u2013
As at 31 December 2024 and 1 January 2025
283.0
0.8
54.4
47.7
679.3
91.1
1,156.3
Exchange adjustments
(2.5)
(0.5)
(1.6)
0.2
(6.9)
(1.0)
(12.3)
Capital expenditure additions
0.8
0.2
4.2
4.2
12.6
65.3
87.3
Acquisitions through business combinations
21.9
7.5
0.4
0.6
14.5
0.1
45.0
Disposals
(6.7)
\u2013
(7.6)
(6.3)
(19.5)
(0.1)
(40.2)
Reclassi\ufb01cations
15.9
0.5
\u2013
\u2013
70.8
(87.2)
\u2013
As at 31 December 2025
312.4
8.5
49.8
46.4
750.8
68.2
1,236.1
Accumulated depreciation and impairment losses
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
As at 1 January 2024
140.6
0.1
16.5
23.0
475.8
\u2013
656.0
Exchange adjustments
(4.3)
\u2013
(0.6)
(1.0)
(13.5)
\u2013
(19.4)
Depreciation charge
10.4
\u2013
6.1
9.5
34.9
\u2013
60.9
Impairment
\u2013
\u2013
0.8
\u2013
0.8
\u2013
1.6
Disposals
(2.7)
\u2013
(2.2)
(4.7)
(15.8)
\u2013
(25.4)
Reclassi\ufb01cations
(0.2)
\u2013
\u2013
\u2013
0.2
\u2013
\u2013
As at 31 December 2024 and 1 January 2025
143.8
0.1
20.6
26.8
482.4
\u2013
673.7
Exchange adjustments
(0.8)
0.1
(0.3)
0.1
(5.7)
\u2013
(6.6)
Depreciation charge
8.6
0.1
5.8
9.5
39.5
\u2013
63.5
Impairment
\u2013
\u2013
0.1
\u2013
0.8
\u2013
0.9
Disposals
(5.2)
\u2013
(5.3)
(5.8)
(18.3)
\u2013
(34.6)
As at 31 December 2025
146.4
0.3
20.9
30.6
498.7
\u2013
696.9
Net book value as at 31 December 2025
166.0
8.2
28.9
15.8
252.1
68.2
539.2
Net book value as at 31 December 2024
139.2
0.7
33.8
20.9
196.9
91.1
482.6
\nCapital commitments as at 31 December 2025 were \u00a316.7m (31 December 2024: \u00a326.7m).", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00350": { "value": "14.1
Movement in net book value
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Right-of-use
Right-of-use
\u00a0 \u00a0 \u00a0
\u00a0 \u00a0 \u00a0
assets \u2013 land
assets \u2013 plant
\u00a0 \u00a0 \u00a0
\u00a0
Freehold
Leasehold
& buildings
& equipment
Plant and
Construction
\u00a0
\u00a0
property
property
(Note 26.1)
(Note 26.1)
equipment
in progress
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
As at 1 January 2024
278.8
0.1
53.6
43.5
657.6
83.2
1,116.8
Exchange adjustments
(8.9)
\u2013
(1.6)
(1.6)
(20.8)
(4.0)
(36.9)
Capital expenditure additions
7.5
0.7
4.0
11.2
25.4
54.6
103.4
Disposals
(2.9)
\u2013
(1.6)
(5.4)
(16.6)
(0.5)
(27.0)
Reclassi\ufb01cations
8.5
\u2013
\u2013
\u2013
33.7
(42.2)
\u2013
As at 31 December 2024 and 1 January 2025
283.0
0.8
54.4
47.7
679.3
91.1
1,156.3
Exchange adjustments
(2.5)
(0.5)
(1.6)
0.2
(6.9)
(1.0)
(12.3)
Capital expenditure additions
0.8
0.2
4.2
4.2
12.6
65.3
87.3
Acquisitions through business combinations
21.9
7.5
0.4
0.6
14.5
0.1
45.0
Disposals
(6.7)
\u2013
(7.6)
(6.3)
(19.5)
(0.1)
(40.2)
Reclassi\ufb01cations
15.9
0.5
\u2013
\u2013
70.8
(87.2)
\u2013
As at 31 December 2025
312.4
8.5
49.8
46.4
750.8
68.2
1,236.1
Accumulated depreciation and impairment losses
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
As at 1 January 2024
140.6
0.1
16.5
23.0
475.8
\u2013
656.0
Exchange adjustments
(4.3)
\u2013
(0.6)
(1.0)
(13.5)
\u2013
(19.4)
Depreciation charge
10.4
\u2013
6.1
9.5
34.9
\u2013
60.9
Impairment
\u2013
\u2013
0.8
\u2013
0.8
\u2013
1.6
Disposals
(2.7)
\u2013
(2.2)
(4.7)
(15.8)
\u2013
(25.4)
Reclassi\ufb01cations
(0.2)
\u2013
\u2013
\u2013
0.2
\u2013
\u2013
As at 31 December 2024 and 1 January 2025
143.8
0.1
20.6
26.8
482.4
\u2013
673.7
Exchange adjustments
(0.8)
0.1
(0.3)
0.1
(5.7)
\u2013
(6.6)
Depreciation charge
8.6
0.1
5.8
9.5
39.5
\u2013
63.5
Impairment
\u2013
\u2013
0.1
\u2013
0.8
\u2013
0.9
Disposals
(5.2)
\u2013
(5.3)
(5.8)
(18.3)
\u2013
(34.6)
As at 31 December 2025
146.4
0.3
20.9
30.6
498.7
\u2013
696.9
Net book value as at 31 December 2025
166.0
8.2
28.9
15.8
252.1
68.2
539.2
Net book value as at 31 December 2024
139.2
0.7
33.8
20.9
196.9
91.1
482.6
Capital commitments as at 31 December 2025 were \u00a316.7m (31 December 2024: \u00a326.7m).15.1
Movement in net book value
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
Other
\u00a0\u00a0\u00a0
Other
\u00a0\u00a0
\u00a0\u00a0
acquired
\u00a0\u00a0\u00a0
acquired
\u00a0\u00a0
\u00a0\u00a0
intangible
\u00a0
2025
\u00a0
intangible
\u00a0
2024
\u00a0
Goodwill
assets
Software
total
Goodwill
assets
Software
total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
As at 1 January
616.2
281.6
30.4
928.2
630.9
287.3
18.8
937.0
Exchange adjustments
(12.0)
(0.3)
1.8
(10.5)
(14.7)
(5.7)
(1.1)
(21.5)
Capital expenditure additions
\u2013
\u2013
12.3
12.3
\u2013
\u2013
12.7
12.7
Acquisitions (Note 20)
46.2
22.9
\u2013
69.1
\u2013
\u2013
\u2013
\u2013
Disposals
\u2013
\u2013
(0.1)
(0.1)
\u2013
\u2013
\u2013
\u2013
As at 31 December
650.4
304.2
44.4
999.0
616.2
281.6
30.4
928.2
Accumulated amortisation
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
and impairment losses
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
As at 1 January
\u2013
233.1
4.2
237.3
\u2013
228.0
3.0
231.0
Exchange adjustments
\u2013
0.9
0.1
1.0
\u2013
(4.9)
(0.1)
(5.0)
Amortisation charge
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
for the year
\u2013
10.6
2.3
12.9
\u2013
10.0
1.3
11.3
Disposals
\u2013
\u2013
(0.1)
(0.1)
\u2013
\u2013
\u2013
\u2013
As at 31 December
\u2013
244.6
6.5
251.1
\u2013
233.1
4.2
237.3
Net book value as at
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
31 December
650.4
59.6
37.9
747.9
616.2
48.5
26.2
690.9
\n
Of the \u00a344.4m (2024: \u00a330.4m) software cost as at 31 December 2025, \u00a312.8m (2024: \u00a312.5m) was in the course of construction.
Software comprises Enterprise Resource Planning tools in use and being developed. The software is installed on Vesuvius\u2019 servers
and the Group has complete ownership of the assets.
Amortisation charge of \u00a310.6m (2024: \u00a310.0m) in respect of other acquired intangible assets includes \u00a35.0m (2024: \u00a35.1m)
recognised in respect of Foseco customer relationships, \u00a33.6m (2024: \u00a33.6m) in respect of the Foseco trade name and \u00a32.0m
(2024: \u00a31.3m) in respect of Advanced Refractories intangible assets.
During the year the Group made a number of acquisitions resulting in goodwill and intangible assets being recognised as
disclosed in note 20.26.1
Right-of-use assets and lease liabilities
The carrying amounts of right-of-use assets recognised and the movements during the year:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Land &
Plant &
\u00a0
\u00a0
buildings
equipment
\u00a0
\u00a0
(Note 14.1)
(Note 14.1)
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
As at 1 Jan 2024
37.1
20.5
57.6
Exchange adjustments
(1.0)
(0.6)
(1.6)
Capital expenditure additions
4.0
11.2
15.2
Disposals
(0.2)
(0.7)
(0.9)
Depreciation charge
(6.1)
(9.5)
(15.6)
As at 31 Dec 2024 and 1 Jan 2025
33.8
20.9
54.7
Exchange adjustments
(1.3)
0.1
(1.2)
Capital expenditure additions
4.2
4.2
8.4
Acquired through business combinations
0.4
0.6
1.0
Disposals
(2.3)
(0.5)
(2.8)
Depreciation charge
(5.8)
(9.5)
(15.3)
Impairment
(0.1)
\u2013
(0.1)
As at 31 Dec 2025
28.9
15.8
44.7
\nThe following are the amounts recognised in the consolidated income statement: \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Depreciation charge
15.3
15.6
Interest on lease liabilities
2.7
3.0
Expense relating to short-length leases
1.8
2.4
Expense relating to leases of low-value items
0.7
0.6
\u00a0
20.5
21.6
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00348": { "value": "Capital commitments as at 31 December 2025 were \u00a316.7m (31 December 2024: \u00a326.7m).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00349": { "value": "Capital commitments as at 31 December 2025 were \u00a316.7m (31 December 2024: \u00a326.7m).32.
Contingent Liabilities
Details of guarantees given by the Company, on behalf of the Group, are given in Note 11 to the Company Financial Statements.11.
Financial Guarantees
Where the Company enters into \ufb01nancial guarantee contracts to guarantee the indebtedness of other companies within its Group,
the Company applies IFRS 9 Financial Instruments. At the balance sheet date there is nothing to recognise in the Company\u2019s
Financial Statements. Guarantees provided by the Company as at 31 December 2025 in respect of the liabilities of its subsidiary
companies amounted to \u00a3558.0m (2024: \u00a3473.2m), which includes guarantees of $56.0m, \u20ac183.0m and \u00a328.0m (2024: $116.0m,
\u20ac198.0m and \u00a328.0m) in respect of US Private Placement Loan Notes; \u00a3327.0m (2024: \u00a3182.5m) in respect of drawings under
the syndicated bank facility; \u00a31.2m (2024: \u00a30.1m) in respect of guarantees issued to certain banks covering their exposure on
derivative contracts governed by ISDA agreements; and \u00a30.7m (2024: \u00a36.0m) in respect of overdraft facilities utilised by certain of
the Company\u2019s subsidiary companies.
12. Contingent Liabilities
Vesuvius has extensive international operations and is subject to various legal and regulatory regimes, including those covering
taxation and environmental matters. Several of the Company\u2019s subsidiaries are parties to legal proceedings, certain of which
are insured claims arising in the ordinary course of the operations of the company involved, and are aware of a number of issues
which are, or may be, the subject of dispute with tax authorities. Whilst the outcome of litigation and other disputes can never
be predicted with certainty, having regard to legal advice received and the insurance arrangements of the Company and its
subsidiaries, the Directors believe that none of these matters will, either individually or in the aggregate, have a materially
adverse e\ufb00ect on the Company\u2019s \ufb01nancial condition or results of operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00351": { "value": "15. Intangible Assets
Intangible assets comprise goodwill, other intangible assets that have been acquired through business combinations, and
software costs.
15.1
Movement in net book value
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
Other
\u00a0\u00a0\u00a0
Other
\u00a0\u00a0
\u00a0\u00a0
acquired
\u00a0\u00a0\u00a0
acquired
\u00a0\u00a0
\u00a0\u00a0
intangible
\u00a0
2025
\u00a0
intangible
\u00a0
2024
\u00a0
Goodwill
assets
Software
total
Goodwill
assets
Software
total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
As at 1 January
616.2
281.6
30.4
928.2
630.9
287.3
18.8
937.0
Exchange adjustments
(12.0)
(0.3)
1.8
(10.5)
(14.7)
(5.7)
(1.1)
(21.5)
Capital expenditure additions
\u2013
\u2013
12.3
12.3
\u2013
\u2013
12.7
12.7
Acquisitions (Note 20)
46.2
22.9
\u2013
69.1
\u2013
\u2013
\u2013
\u2013
Disposals
\u2013
\u2013
(0.1)
(0.1)
\u2013
\u2013
\u2013
\u2013
As at 31 December
650.4
304.2
44.4
999.0
616.2
281.6
30.4
928.2
Accumulated amortisation
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
and impairment losses
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
As at 1 January
\u2013
233.1
4.2
237.3
\u2013
228.0
3.0
231.0
Exchange adjustments
\u2013
0.9
0.1
1.0
\u2013
(4.9)
(0.1)
(5.0)
Amortisation charge
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
for the year
\u2013
10.6
2.3
12.9
\u2013
10.0
1.3
11.3
Disposals
\u2013
\u2013
(0.1)
(0.1)
\u2013
\u2013
\u2013
\u2013
As at 31 December
\u2013
244.6
6.5
251.1
\u2013
233.1
4.2
237.3
Net book value as at
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
31 December
650.4
59.6
37.9
747.9
616.2
48.5
26.2
690.9
\n
Of the \u00a344.4m (2024: \u00a330.4m) software cost as at 31 December 2025, \u00a312.8m (2024: \u00a312.5m) was in the course of construction.
Software comprises Enterprise Resource Planning tools in use and being developed. The software is installed on Vesuvius\u2019 servers
and the Group has complete ownership of the assets.
Amortisation charge of \u00a310.6m (2024: \u00a310.0m) in respect of other acquired intangible assets includes \u00a35.0m (2024: \u00a35.1m)
recognised in respect of Foseco customer relationships, \u00a33.6m (2024: \u00a33.6m) in respect of the Foseco trade name and \u00a32.0m
(2024: \u00a31.3m) in respect of Advanced Refractories intangible assets.
During the year the Group made a number of acquisitions resulting in goodwill and intangible assets being recognised as
disclosed in note 20.
15.2
Analysis of goodwill by cash-generating unit (CGU)
Goodwill acquired in a business combination is allocated to each of the Group\u2019s CGUs expected to bene\ufb01t from the synergies of
the combination. For the purposes of impairment testing, the Directors consider that the Group has four CGUs: Steel Advanced
Refractories, Steel Flow Control, Steel Sensors & Probes, and the Foundry Division. These CGUs represent the lowest level at which
goodwill is monitored (Note 16.1).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Steel Flow Control
263.8
268.0
Steel Advanced Refractories
151.8
143.8
Foundry
234.8
204.4
Total goodwill
650.4
616.2
\n
15.3
Analysis of other acquired intangible assets
Other acquired intangible assets are amortised on a straight-line basis over their estimated useful lives. The assets acquired are
shown below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Net book
Net book
\u00a0
value as at
value as at
\u00a0
31 Dec 2025
31 Dec 2024
\u00a0
\u00a3m
\u00a3m
Steel Flow Control, Steel Advanced Refractories & Foundry
\u00a0 \u00a0
\u2013 Foseco customer relationships (useful life: 20 years)
11.4
16.3
\u2013 Foseco trade name (useful life: 20 years)
8.1
11.7
Steel Advanced Refractories
\u00a0 \u00a0
\u2013 Refraforce customer relationships (useful life: 20 years)
0.7
\u2013
\u2013 PiroMET customer relationships (useful life: 15 years)
6.9
\u2013
\u2013 PiroMET non-compete arrangements (useful life: 5 years)
0.4
\u2013
\u2013 URI customer relationships (useful life: 20 years)
5.0
5.7
\u2013 URI know-how (useful life: 20 years)
4.0
4.6
\u2013 CCPI customer relationships (useful life: 20 years)
8.8
10.2
Foundry
\u00a0 \u00a0
\u2013 MMS customer relationships (useful life: 15 years)
9.9
\u2013
\u2013 MMS trade name (useful life: 20 years)
4.4
\u2013
Total
59.6
48.5
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00352": { "value": "15. Intangible Assets
Intangible assets comprise goodwill, other intangible assets that have been acquired through business combinations, and
software costs.
15.1
Movement in net book value
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
Other
\u00a0\u00a0\u00a0
Other
\u00a0\u00a0
\u00a0\u00a0
acquired
\u00a0\u00a0\u00a0
acquired
\u00a0\u00a0
\u00a0\u00a0
intangible
\u00a0
2025
\u00a0
intangible
\u00a0
2024
\u00a0
Goodwill
assets
Software
total
Goodwill
assets
Software
total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
As at 1 January
616.2
281.6
30.4
928.2
630.9
287.3
18.8
937.0
Exchange adjustments
(12.0)
(0.3)
1.8
(10.5)
(14.7)
(5.7)
(1.1)
(21.5)
Capital expenditure additions
\u2013
\u2013
12.3
12.3
\u2013
\u2013
12.7
12.7
Acquisitions (Note 20)
46.2
22.9
\u2013
69.1
\u2013
\u2013
\u2013
\u2013
Disposals
\u2013
\u2013
(0.1)
(0.1)
\u2013
\u2013
\u2013
\u2013
As at 31 December
650.4
304.2
44.4
999.0
616.2
281.6
30.4
928.2
Accumulated amortisation
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
and impairment losses
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
As at 1 January
\u2013
233.1
4.2
237.3
\u2013
228.0
3.0
231.0
Exchange adjustments
\u2013
0.9
0.1
1.0
\u2013
(4.9)
(0.1)
(5.0)
Amortisation charge
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
for the year
\u2013
10.6
2.3
12.9
\u2013
10.0
1.3
11.3
Disposals
\u2013
\u2013
(0.1)
(0.1)
\u2013
\u2013
\u2013
\u2013
As at 31 December
\u2013
244.6
6.5
251.1
\u2013
233.1
4.2
237.3
Net book value as at
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
31 December
650.4
59.6
37.9
747.9
616.2
48.5
26.2
690.9
\n
Of the \u00a344.4m (2024: \u00a330.4m) software cost as at 31 December 2025, \u00a312.8m (2024: \u00a312.5m) was in the course of construction.
Software comprises Enterprise Resource Planning tools in use and being developed. The software is installed on Vesuvius\u2019 servers
and the Group has complete ownership of the assets.
Amortisation charge of \u00a310.6m (2024: \u00a310.0m) in respect of other acquired intangible assets includes \u00a35.0m (2024: \u00a35.1m)
recognised in respect of Foseco customer relationships, \u00a33.6m (2024: \u00a33.6m) in respect of the Foseco trade name and \u00a32.0m
(2024: \u00a31.3m) in respect of Advanced Refractories intangible assets.
During the year the Group made a number of acquisitions resulting in goodwill and intangible assets being recognised as
disclosed in note 20.
15.2
Analysis of goodwill by cash-generating unit (CGU)
Goodwill acquired in a business combination is allocated to each of the Group\u2019s CGUs expected to bene\ufb01t from the synergies of
the combination. For the purposes of impairment testing, the Directors consider that the Group has four CGUs: Steel Advanced
Refractories, Steel Flow Control, Steel Sensors & Probes, and the Foundry Division. These CGUs represent the lowest level at which
goodwill is monitored (Note 16.1).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Steel Flow Control
263.8
268.0
Steel Advanced Refractories
151.8
143.8
Foundry
234.8
204.4
Total goodwill
650.4
616.2
\n
15.3
Analysis of other acquired intangible assets
Other acquired intangible assets are amortised on a straight-line basis over their estimated useful lives. The assets acquired are
shown below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Net book
Net book
\u00a0
value as at
value as at
\u00a0
31 Dec 2025
31 Dec 2024
\u00a0
\u00a3m
\u00a3m
Steel Flow Control, Steel Advanced Refractories & Foundry
\u00a0 \u00a0
\u2013 Foseco customer relationships (useful life: 20 years)
11.4
16.3
\u2013 Foseco trade name (useful life: 20 years)
8.1
11.7
Steel Advanced Refractories
\u00a0 \u00a0
\u2013 Refraforce customer relationships (useful life: 20 years)
0.7
\u2013
\u2013 PiroMET customer relationships (useful life: 15 years)
6.9
\u2013
\u2013 PiroMET non-compete arrangements (useful life: 5 years)
0.4
\u2013
\u2013 URI customer relationships (useful life: 20 years)
5.0
5.7
\u2013 URI know-how (useful life: 20 years)
4.0
4.6
\u2013 CCPI customer relationships (useful life: 20 years)
8.8
10.2
Foundry
\u00a0 \u00a0
\u2013 MMS customer relationships (useful life: 15 years)
9.9
\u2013
\u2013 MMS trade name (useful life: 20 years)
4.4
\u2013
Total
59.6
48.5
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00354": { "value": "15.1
Movement in net book value
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
Other
\u00a0\u00a0\u00a0
Other
\u00a0\u00a0
\u00a0\u00a0
acquired
\u00a0\u00a0\u00a0
acquired
\u00a0\u00a0
\u00a0\u00a0
intangible
\u00a0
2025
\u00a0
intangible
\u00a0
2024
\u00a0
Goodwill
assets
Software
total
Goodwill
assets
Software
total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
As at 1 January
616.2
281.6
30.4
928.2
630.9
287.3
18.8
937.0
Exchange adjustments
(12.0)
(0.3)
1.8
(10.5)
(14.7)
(5.7)
(1.1)
(21.5)
Capital expenditure additions
\u2013
\u2013
12.3
12.3
\u2013
\u2013
12.7
12.7
Acquisitions (Note 20)
46.2
22.9
\u2013
69.1
\u2013
\u2013
\u2013
\u2013
Disposals
\u2013
\u2013
(0.1)
(0.1)
\u2013
\u2013
\u2013
\u2013
As at 31 December
650.4
304.2
44.4
999.0
616.2
281.6
30.4
928.2
Accumulated amortisation
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
and impairment losses
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
As at 1 January
\u2013
233.1
4.2
237.3
\u2013
228.0
3.0
231.0
Exchange adjustments
\u2013
0.9
0.1
1.0
\u2013
(4.9)
(0.1)
(5.0)
Amortisation charge
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
for the year
\u2013
10.6
2.3
12.9
\u2013
10.0
1.3
11.3
Disposals
\u2013
\u2013
(0.1)
(0.1)
\u2013
\u2013
\u2013
\u2013
As at 31 December
\u2013
244.6
6.5
251.1
\u2013
233.1
4.2
237.3
Net book value as at
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
31 December
650.4
59.6
37.9
747.9
616.2
48.5
26.2
690.9
\n15.2
Analysis of goodwill by cash-generating unit (CGU)
Goodwill acquired in a business combination is allocated to each of the Group\u2019s CGUs expected to bene\ufb01t from the synergies of
the combination. For the purposes of impairment testing, the Directors consider that the Group has four CGUs: Steel Advanced
Refractories, Steel Flow Control, Steel Sensors & Probes, and the Foundry Division. These CGUs represent the lowest level at which
goodwill is monitored (Note 16.1).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Steel Flow Control
263.8
268.0
Steel Advanced Refractories
151.8
143.8
Foundry
234.8
204.4
Total goodwill
650.4
616.2
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00355": { "value": "16.
Impairment of Tangible and Intangible Assets
16.1
Key assumptions and methodology
The key assumptions in determining value in use are projected cash \ufb02ows, growth rates and discount rates. These are disclosed
as critical accounting estimates in Note 3.5.
Projected cash \ufb02ows for the next \ufb01ve years have been based on the latest Board-approved budgets and strategic plans. They
re\ufb02ect management\u2019s expectations of revenue, EBITDA growth, capital expenditure, working capital and adjusted operating
cash \ufb02ows to derive the annual cash \ufb02ows, based on past experience and future expectations of business performance, and take
into account the cyclicality of the business in which the CGU operates. Cash \ufb02ows from 2030 have been extrapolated using a
perpetuity growth rate of 2.5% (2024: 2.5%). The growth rate has been calculated using GDP growth forecasts published by the
International Monetary Fund for the Group\u2019s end-markets.
The cash \ufb02ows have been discounted to their current value using pre-tax discount rates that re\ufb02ect current market assessments of
the time value of money and the risks speci\ufb01c to the cash-generating unit. The assumptions used in the calculation of the discount
rates for each CGU have been benchmarked to externally available data. These are industry-speci\ufb01c beta coe\ufb03cients, risk-free
rates and equity risk premiums.
The pre-tax discount rates used for the Steel Flow Control and Steel Advanced Refractories CGUs was 12.4% (2024: 12.5%) and
for the Foundry CGU was 13.8% (2024: 13.8%). There is no goodwill or intangible assets in the Steel Sensors & Probes CGU.
The Group carried out its annual goodwill impairment test using the discount rates above and applying them to the latest
Board-approved cash \ufb02ows to calculate a value in use (VIU). The recoverable amount of each CGU exceeded its carrying value,
therefore no impairment charges have been recognised.
The Directors have considered the impact of climate change on expected future cash \ufb02ows. There is no material impact on the
future cash \ufb02ows.
16.2
Sensitivity of impairment reviews
Expected future cash \ufb02ows are inherently uncertain and could change materially over time. They are a\ufb00ected by several factors,
including market and production estimates, together with economic factors such as prices, discount rates, currency exchange
rates, operational costs, and future capital expenditure.
The recoverable amount of all CGUs exceeded their carrying value on the basis of the assumptions set out above and any
reasonably possible changes thereof, except for Steel Advanced Refractories and Foundry, where a reasonably possible change
could lead to an impairment. A sensitivity analysis was carried out using reasonably possible changes to the key assumptions as
set out in the table below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Impairment charge,
Key assumption
Relevant CGU
Sensitivity
\u00a3m
Annual cash \ufb02ows
Steel Advanced Refractories
Decrease the annual cash \ufb02ows by 20%
(40.2)
Annual cash \ufb02ows
Foundry
Decrease the annual cash \ufb02ows by 20%
(32.0)
\n
A 12% decrease in annual cash \ufb02ows would result in the AR CGU having a recoverable amount equal to its carrying value.
A 15% decrease in annual cash \ufb02ows would result in the Foundry CGU having a recoverable amount equal to its carrying value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00384": { "value": "17.
Investments in Subsidiaries, Joint Ventures and Associates
17.1
Investment in subsidiaries
A subsidiary is an entity over which the Group has control. The Group controls an entity when the Group is exposed to, or has
rights to, variable returns from its involvement with the entity and can a\ufb00ect those returns through its power over the entity.
Subsidiaries are fully consolidated from the date on which control is transferred to the Group.
The subsidiaries of Vesuvius plc and the countries in which they are incorporated are set out below. With the exception of
Vesuvius Holdings Limited, whose ordinary share capital was directly held by Vesuvius plc, the ordinary capital of the companies
listed below was wholly owned by a Vesuvius plc subsidiary as at 31 December 2025. Details of the joint ventures and associates
are disclosed in Note 17.2.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Company
\u00a0 \u00a0
legal name
Registered o\ufb03ce address
Jurisdiction
BMI Refractory
600 N 2nd Street, Suite 401,
US
Services Inc.
Harrisburg, PA 17101-1071,
(Pennsylvania)
\u00a0
United States
\u00a0
Brazil 1 Limited
165 Fleet Street, London,
England
\u00a0
EC4A 2AE, England
\u00a0
CCPI Inc.
Suite 201, 910 Foulk Road,
US
\u00a0
Wilmington, New Castle,
(Delaware)
\u00a0
DE 19803, United States
\u00a0
Cookson
Km 7 1/2, Autopista San Isidro,
Dominican
Dominicana,
Edi\ufb01cio Modelo A, Zona Franca
Republic
SRL
San Isidro, Santo Domingo
\u00a0
\u00a0
Oeste, Dominican Republic
\u00a0
Flo-Con
CT Corporation, 1209 Orange
US
Holding, Inc.
Street, The Corporation Trust
(Delaware)
\u00a0
Company, Wilmington,
\u00a0
\u00a0
DE 19801, United States
\u00a0
Foseco (Jersey)
44 Esplanade, St Helier,
Jersey
Limited
JE4 9WG, Jersey
\u00a0
Foseco (UK)
165 Fleet Street, London,
England
Limited
EC4A 2AE, England
\u00a0
Foseco Espanola
5, Barrio Elizalde, Izurza,
Spain
S.A.
Bizkaia, 48213, Spain
\u00a0
Foseco
5, Barrio Elizalde,
Spain
Fundici\u00f3n Holding
Izurza, Bizkaia,
\u00a0
(Espanola), S.L.
48213, Spain
\u00a0
Foseco Holding
165 Fleet Street, London,
England
(Europe) Limited
EC4A 2AE, England
\u00a0
Foseco Holding
12 Bosworth Street,
South Africa
(South Africa)
Alrode, Alberton, 1449,
\u00a0
(Pty) Limited
South Africa
\u00a0
Foseco
Rivium Boulevard 301,
Netherlands
Holding BV
Capelle aan den Ijssel,
\u00a0
\u00a0
Rotterdam 2909LK,
\u00a0
\u00a0
Netherlands
\u00a0
Foseco Holding
165 Fleet Street, London,
England
Limited
EC4A 2AE, England
\u00a0
Foseco Holding
165 Fleet Street, London,
England
International
EC4A 2AE, England
\u00a0
Limited
\u00a0 \u00a0
Foseco Industrial e
Km 15, Rodovia Raposo
Brazil
Comercial Ltda
Tavares, Butanta Cep,
\u00a0
\u00a0
S\u00e3o Paulo, 05577-100, Brazil
\u00a0
Foseco
170/69, 22nd Floor Ocean
Thailand
International
Tower 1, Ratchadapisek Road,
\u00a0
Holding
Klongtoey, Bangkok,
\u00a0
(Thailand) Limited
10110, Thailand
\u00a0
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Company
\u00a0 \u00a0
legal name
Registered o\ufb03ce address
Jurisdiction
Foseco
165 Fleet Street, London,
England
International
EC4A 2AE, England
\u00a0
Limited
\u00a0 \u00a0
Foseco Japan
9th Floor, Orix Kobe Sannomiya
Japan
Limited
Building, 6-1-10, Goko dori,
\u00a0
\u00a0
Chuo-ku, Kobe Hyogo,
\u00a0
\u00a0
651-0087, Japan
\u00a0
Foseco Korea
74 Jeongju-ro, Bucheon-si,
Republic of
Limited
Gyeonggi-do, 14523,
Korea
\u00a0
South Korea
\u00a0
Foseco
165 Fleet Street, London,
England
Limited
EC4A 2AE, England
\u00a0
Foseco
CT Corporation, 1209 Orange
US
Metallurgical Inc.
Street, The Corporation Trust
(Delaware)
Company, Wilmington,
\u00a0 \u00a0
DE 19801, United States
\u00a0 \u00a0
Foseco
Binnenhavenstraat 20, 7553 GJ
Netherlands
Nederland BV
Hengelo (OV), Netherlands
\u00a0
Foseco Overseas
165 Fleet Street, London,
England
Limited
EC4A 2AE, England
\u00a0 \u00a0
Foseco Portugal
Rua Manuel Pinto de Azevedo,
Portugal
Produtos Para
No 626 4100-320 Porto,
\u00a0
Fundi\u00e7\u00e2o Lda
Portugal
\u00a0
Foseco S.A.S.
17 rue Mozart, Batiment A,
France
\u00a0
77185 Lognes, France
\u00a0
Foseco
165 Fleet Street, London,
England
Technology
EC4A 2AE, England
\u00a0
Limited
\u00a0 \u00a0
J.H. France
CT Corporation, 1209 Orange
US
Refractories
Street, The Corporation Trust
(Delaware)
Company
Company, Wilmington,
\u00a0
\u00a0
DE 19801, United States
\u00a0
Mainsail
Victoria Place, 5th Floor,
Bermuda
Insurance
31 Victoria Street, Pembroke,
\u00a0
Company Limited
Hamilton, HM 10, Bermuda
\u00a0
PT Foseco
Jl Rawa Gelam 2/5, Kawasan
Indonesia
Indonesia
Industri, Pulogadung, Jakarta,
\u00a0
\u00a0
13930, Indonesia
\u00a0
PT Foseco
Jl Rawa Gelam 2/5, Kawasan
Indonesia
Trading Indonesia
Industri, Pulogadung, Jakarta,
\u00a0
\u00a0
13930, Indonesia
\u00a0
Realisations 789,
CT Corporation, 1209 Orange
US (Delaware)
LLC
Street, The Corporation Trust
\u00a0
\u00a0
Company, Wilmington,
\u00a0
\u00a0
DE 19801, United States
\u00a0
\n \n
Company
legal name
Registered o\ufb03ce address
Jurisdiction
SIDERMES Inc.
175 mont\u00e9e Calixa-Lavall\u00e9e,
Canada
Vesuvius Sensors
Verch\u00eares, Qu\u00e9bec J0L2R0,
(Ontario)
and Probes
Canada
SIR
Siegener Strasse 152,
Germany
Feuerfestprodukte
Kreuztal, D-57223,
GmbH
Germany
SOLED S.A.S.
68, rue Paul Deudon,
France
Vesuvius Sensors
59750 Feignies, France
and Probes France
Vesuvius
170/69, 22nd Floor Ocean
Thailand
(Thailand)
Tower 1, Ratchadapisek Road,
Co., Limited
Klongtoey, Bangkok,
10110, Thailand
Vesuvius
Street Urquiza, 919,
Argentina
(V.E.A.R.) S.A.
Floor 2, Rosario, Provincia
de Santa F\u00e9, Argentina
Vesuvius Advanced
Xiaotaizi Village, Ningyuan
China
Ceramics (Anshan)
Town, Qianshan District, Anshan,
Co., Limited
Liaoning Province, 114011, China
Vesuvius
221 Xing Ming Street,
China
Advanced
China-Singapore Suzhou Ind
Ceramics (China)
Park, Suzhou, Jiangsu Province,
Co., Limited
215021, China
Vesuvius
1209 Orange Street, Wilmington,
US (Delaware)
America, Inc.
DE 19801, United States
Vesuvius Australia
40\u201346 Gloucester Boulevarde,
Australia
(Holding) Pty
Port Kembla, NSW, 2505,
Limited
Australia
Vesuvius Australia
40\u201346 Gloucester Boulevarde,
Australia
Pty Limited
Port Kembla, NSW, 2505,
Australia
Vesuvius
Zandvoordestraat 366,
Belgium
Belgium N.V.
Oostende, B-8400, Belgium
Vesuvius
181 Bay Street, Suite 1800,
Canada
Canada Inc
Toronto, Ontario, M5J 2T9,
(Ontario)
Canada
Vesuvius Ceramics
165 Fleet Street, London,
England
Limited
EC4A 2AE, England
Vesuvius China
86/F International Commerce
Hong Kong
Holdings
Centre, 1 Austin Road West,
Co. Limited
Kowloon, Hong Kong
Vesuvius
165 Fleet Street, London,
England
China Limited
EC4A 2AE, England
Vesuvius Colombia
Calle 90 No. 13 A 31, Piso 6,
Colombia
S.A.S.
Bogota City, 110911, Colombia
Vesuvius
Via Nassa 17, Lugano,
Switzerland
Corporation S.A.
CH 6900, Switzerland
Vesuvius Crucible
No. 108 Tongsheng Road,
China
Co., Ltd
Shengpu Town, Suzhou
Industrial Park, 215126, China
Vesuvius Crucible
Noltinastr. 29, 37297
Germany
GmbH
Berkatal, Germany
Vesuvius Crucible,
1209 Orange Street, Wilmington,
US
Inc.
DE 19801, United States
(Delaware)
Vesuvius
ul. Ko\u0142owa 8, 30-134 Krak\u00f3w,
Poland
CSD Sp z.o.o.
Poland
Vesuvius
Warehouse No: 1J-09/3,
United Arab
Emirates FZE
P O Box 49261,
Emirates
Hamriyah Free Zone, Sharjah,
United Arab Emirates
Vesuvius
Gelsenkirchener Strasse 10,
Germany
Europe GmbH
Borken, D-46325, Germany
\n\n \n
Company
legal name
Registered o\ufb03ce address
Jurisdiction
Vesuvius
17 Rue de Douvrain, Ghlin,
Belgium
Europe S.A.
7011, Belgium
Vesuvius
41, Boulevard Marcel Sembat,
France
Europe S.A.S.
69200, Venissieux, France
Vesuvius Financial
165 Fleet Street, London,
England
1 Limited
EC4A 2AE, England
Vesuvius
Pajam\u00e4entie 8D7,
Finland
Finland OY
00360 Helsinki, Finland
Vesuvius Foundry
12 Wei Wen Road,
China
Products (Suzhou)
China-Singapore Suzhou Ind
Co. Limited
Park, Suzhou, Jiangsu Province,
215122, China
Vesuvius Foundry
2 Changchun Road,
China
Technologies
Economic Development Area,
(Jiangsu) Co.
Changshu, Jiangsu,
Limited
215537, China
Vesuvius
Rue Paul Deudon 68, Boite
France
France S.A.
Postale 19, Feignies 59750,
France
Vesuvius
Gelsenkirchener Strasse 10,
Germany
GmbH
Borken, D-46325, Germany
Vesuvius
165 Fleet Street, London,
England
Group Limited
EC4A 2AE, England
Vesuvius
17 Rue de Douvrain, Ghlin,
Belgium
Group S.A.
7011, Belgium
Vesuvius Holding
Gelsenkirchener Strasse 10,
Germany
Deutschland
Borken, D-46325,
GmbH
Germany
Vesuvius Holding
68 Rue Paul Deudon, Boite
France
France S.A.S.
Postale 19, Feignies 59750,
France
Vesuvius Holding
Via Mantova 10,
Italy
Italia \u2013 Societ\u00e0 a
20835 Muggio
Responsabilit\u00e0
MB, Italy
Limitata
Vesuvius
165 Fleet Street, London
England
Holdings Limited
EC4A 2AE, England
Vesuvius Ib\u00e9rica
Capit\u00e1n Haya, 56 \u2013 1\u00baH,
Spain
Refractarios S.A.
28020 Madrid, Spain
Vesuvius
165 Fleet Street,
England
Investments
London, EC4A 2AE,
Limited
England
Vesuvius Istanbul
Gebze OSB2 Mh. 1700.,
Turkey
Refrakter Sanayi
Sok No:1704/1, Cayirova,
ve Ticaret AS
Kocaeli, 41420, Turkey
Vesuvius IT and
10th Floor, Unit No. 2,
India
Shared Services
Fountainhead-Tower 3, B Wing,
Private Limited
Phoenix Market City, Viman
nagar, Pune, Pune- 411014,
Maharashtra, India
Vesuvius Italia
Via Mantova 10,
Italy
S.p.A.
20835 Muggio MB, Italy
Vesuvius
9th Floor, Orix Kobe Sannomiya
Japan
Japan Inc.
Building 6-1-10, Goko dori,
Chou-ku, Kobe Hyogo,
651-0087, Japan
Vesuvius Life Plan
165 Fleet Street, London,
England
Trustee Limited
EC4A 2AE, England
Vesuvius LLC
502, 5th \ufb02oor, 1 Myasicsheva
Russia
str., Zhukovsky, Moscow region,
140180, Russian Federation
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Company
\u00a0 \u00a0
legal name
Registered o\ufb03ce address
Jurisdiction
Vesuvius
Unit 30-01, Level 30 Tower A,
Malaysia
Malaysia
Vertical Business Suite Avenue 3,
\u00a0
Sdn Bhd
Bangsar South, No 8 Jalan
\u00a0
\u00a0
Kerinchi, 59200, Kuala Lumpur,
\u00a0
\u00a0
Malaysia
\u00a0
Vesuvius
165 Fleet Street, London,
England
Management
EC4A 2AE, England
\u00a0
Services Limited
\u00a0 \u00a0
Vesuvius Mexico
Av. Ruiz Cortinez, Num. 140,
Mexico
S.A. de C.V.
Colonia Jardines de San Rafael,
\u00a0
\u00a0
Guadalupe, Nuevo Le\u00f3n, CP
\u00a0
\u00a0
67119, Mexico
\u00a0
Vesuvius
56, St 15, Apt 103, Maadi,
Egypt
Mid-East Limited
Cairo, 11728, Egypt
\u00a0
Vesuvius Moravia,
Konska c.p. 740, Trinec,
Czech Republic
s.r.o.
739 61, Czech Republic
\u00a0
Vesuvius Mulheim
Gelsenkirchener Strasse 10,
Germany
GmbH
Borken, D-46325, Germany
\u00a0
Vesuvius NC, LLC
Corporation Trust Center,
US
\u00a0
1209 Orange Street,
(Delaware)
\u00a0
Wilmington, New Castle County,
\u00a0
\u00a0
DE 19801, United States
\u00a0
Vesuvius New
Level 5 Deloitte Centre,
New Zealand
Zealand Limited
1 Queen Street, Auckland,
\u00a0
\u00a0
1010, New Zealand
\u00a0
Vesuvius Overseas
165 Fleet Street, London,
England
Investments
EC4A 2AE, England
\u00a0
Limited
\u00a0 \u00a0
Vesuvius Overseas
165 Fleet Street, London,
England
Limited
EC4A 2AE, England
\u00a0
Vesuvius Pension
165 Fleet Street, London,
England
Plans Trustees
EC4A 2AE, England
\u00a0
Limited
\u00a0 \u00a0
Vesuvius Peru
Calle Dean Valdivia 148, piso 11
Peru
S.A.C.
\u2013 o\ufb01cina 1134, Edi\ufb01cio Platinum
\u00a0
\u00a0
Plaza \u2013 San Isidro, Lima, Peru
\u00a0
Vesuvius Poland
Ul Tyniecka 12, Skawina,
Poland
Sp z.o.o.
32-050, Poland
\u00a0
Vesuvius Process
41, Boulevard Marcel Sembat,
France
Metrix S.A.S.
69200, Venissieux, France
\u00a0
Vesuvius Ras Al
Street No. F14, RAK Investment
United Arab
Khaimah FZ-LLC
Authority Free Zone, Al Hamra,
Emirates
\u00a0
Ras Al Khaimah, PO Box 86408,
\u00a0
\u00a0
United Arab Emirates
\u00a0
Vesuvius
Street San Martin 870,
Chile
Refractarios de
Room 308, Tower B,
\u00a0
Chile S.A.
Concepcion, Chile
\u00a0
Vesuvius
Galati, Marea Unire avenue 107,
Romania
Refractories S.r.l.
Galati county, 800329, Romania
\u00a0
Vesuvius
Room No. 9, 3rd Floor, 7 Ganesh
India
Refractory India
Chandra Avenue, Kolkata,
\u00a0
Private Limited
WB 700013, India
\u00a0
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Company
\u00a0 \u00a0
legal name
Registered o\ufb03ce address
Jurisdiction
Vesuvius
Avenida Brasil 49550, Distrito
Brazil
Refrat\u00e1rios
Industrial de Palmares, Campo
\u00a0
Ltda
Grande, Rio de Janeiro, 23065-
\u00a0
\u00a0
480, Brazil
\u00a0
Vesuvius
4, Forradsgatan, Amal,
Sweden
Scandinavia AB
S-662 34, Sweden
\u00a0
Vesuvius Sensors
10 Via Mantova, Muggio,
Italy
& Probes Europe
Monza e Brianza,
\u00a0
S.p.A.
20835, Italy
\u00a0
Vesuvius Services
Calle Dean Valdivia 148, piso 11
Peru
Peru S.A.C.
\u2013 o\ufb01cina 1134, Edi\ufb01cio Platinum
\u00a0
\u00a0
Plaza \u2013 San Isidro, Lima, Peru
\u00a0
Vesuvius South
Pebble Lane, Private Bag X2,
South Africa
\u00a0
Africa (Pty) Limited
Olifantsfontein, Gauteng
\u00a0
\u00a0
Province, 1665, South Africa
\u00a0
Vesuvius
ul. Ko\u0142owa 8, 30-134
Poland
Sp z.o.o.
Krak\u00f3w, Poland
\u00a0
Vesuvius SSC
ul. Ko\u0142owa 8, 30-134
Poland
Sp z.o.o.
Krak\u00f3w, Poland
\u00a0
Vesuvius UK
165 Fleet Street, London,
England
Limited
EC4A 2AE, England
\u00a0
Vesuvius Ukraine
27, Udarnykiv Street, City of
Ukraine
LLC
Dnipropetrovsk, 49000, Ukraine
\u00a0
Vesuvius USA
CT Corporation, 208 South
US (Illinois)
Corporation
LaSalle Street, Chicago, Cook
\u00a0
\u00a0
County, IL 60604, United States
\u00a0
Vesuvius VA
165 Fleet Street, London,
England
Limited
EC4A 2AE, England
\u00a0
Vesuvius Vietnam
7th Floor, Peakview Tower
Vietnam
Company Limited
Building, 36 Hoang Cau Street,
\u00a0
\u00a0
O Cho Dua Ward, Hanoi City,
\u00a0
\u00a0
Vietnam
\u00a0
Vesuvius Zyarock
1/F, building 3, No. 12, Weiwen
China
Ceramics (Suzhou)
Road China-Singapore Suzhou
\u00a0
Co., Limited
Ind Park, Suzhou, Jiangsu
\u00a0
\u00a0
Province, 215122, China
\u00a0
Vesuvius-Premier
165 Fleet Street, London,
England
Refractories
EC4A 2AE, England
\u00a0
(Holdings)
\u00a0 \u00a0
Limited
\u00a0 \u00a0
Vesuvius-SERT
41, Boulevard Marcel Sembat,
France
S.A.S.
69200, Venissieux, France
\u00a0
Wilkes-Lucas
165 Fleet Street, London,
England
Limited
EC4A 2AE, England
\u00a0
\u00a0
Yingkou Bayuquan
Cui Tun Village, Hai Dong O\ufb03ce,
China
\u00a0
Refractories Co.,
Bayuquan District, Liaoning
\u00a0
Limited
Province, YingKou, 115007,
\u00a0
\u00a0
China
\u00a0
Yingkou YingWei
50 Wanghai New District,
China
Magnesium
Bayuquan District, Yinkou City,
\u00a0
Co., Ltd
Liaoning Province, 115007, China
\u00a0
\n
The following subsidiary companies have branches registered in the named countries: Foseco (Jersey) Limited in England,
Foseco Holding BV in England, Vesuvius LLC in Kazakhstan and Vesuvius UK Limited in Taiwan and Republic of Korea.
17.2
Investment in joint ventures and associates
The Group\u2019s investments in its associates and joint ventures are accounted for using the equity method from the date signi\ufb01cant
in\ufb02uence/joint control is deemed to arise until the date on which signi\ufb01cant in\ufb02uence/joint control ceases to exist or when the
interest becomes classi\ufb01ed as an asset held for sale. The Group Income Statement re\ufb02ects the Group\u2019s share of pro\ufb01t after tax
of the related associates and joint ventures. Investments in associates and joint ventures are carried in the Group Balance Sheet
at cost adjusted in respect of post-acquisition changes in the Group\u2019s share of net assets, less any impairment in value.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
As at 1 January
11.0
11.3
Share of post-tax pro\ufb01t of joint ventures and associates
1.0
1.1
Dividends received from joint ventures and associates
(0.9)
(0.7)
Disposals
\u2013
(0.5)
Foreign exchange
(0.3)
(0.2)
As at 31 December
10.8
11.0
\n
The investment in joint ventures and associates includes \u00a310.8m (2024: \u00a311.0m) in respect of joint ventures and \u00a3nil (2024: \u00a3nil)
in respect of associates. Dividends received from joint ventures consists of \u00a30.1m (2024: \u00a30.1m) from Wuhan Wugang-Vesuvius
Advanced CCR Co., Limited and \u00a30.8m (2024: \u00a30.6m) from Wuhan Wugang-Vesuvius Advanced Ceramics Co., Limited.
Joint ventures
Set out below is the summarised \ufb01nancial information in respect of joint ventures.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Revenue
41.0
44.8
Depreciation
(0.9)
(1.2)
Trading pro\ufb01t
2.7
2.9
Net \ufb01nance costs
\u2013
\u2013
Pro\ufb01t before tax
2.7
2.9
Income tax expense
(0.7)
(0.7)
Pro\ufb01t after tax
2.0
2.2
Non-current assets
6.7
7.5
Current assets
21.2
21.7
Non-current liabilities
\u2013
\u2013
Current liabilities
(6.3)
(7.2)
Net assets
21.6
22.0
Set out below is the summarised \ufb01nancial information for Wuhan Wugang-Vesuvius Advanced Ceramics Co., Limited, a joint
venture that has transactions and balances which are material to the Group.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Revenue
35.5
39.4
Depreciation
(1.1)
(1.1)
Trading pro\ufb01t
2.2
2.4
Net \ufb01nance costs
\u2013
\u2013
Pro\ufb01t before tax
2.2
2.4
Income tax expense
(0.6)
(0.6)
Pro\ufb01t after tax
1.6
1.8
Non-current assets
6.2
6.8
Current assets
1
13.8
14.4
Non-current liabilities
\u2013
(0.1)
Current liabilities
(4.9)
(5.9)
Net assets
15.1
15.2
\n
1.
Included in current assets are cash and cash equivalents of \u00a31.8m (2024: \u00a32.5m).
The purpose of the Chinese joint venture companies is to research, develop, manufacture and sell refractory products. The role of
Vesuvius is to provide technical personnel, training and access to the Group\u2019s international sales network.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
2025
2024
Name of entity
Registered address
Jurisdiction
% ownership
% ownership
Wuhan Wugang-Vesuvius
Gongnong Village Qingshan District, Wuhan,
China
50
50
Advanced CCR Co., Limited
Hubei Province, 430082, China
\u00a0 \u00a0 \u00a0
Wuhan Wugang-Vesuvius
Gongnong Village Qingshan District, Wuhan,
China
50
50
Advanced Ceramics Co.,
Hubei Province, 430082, China
\u00a0 \u00a0 \u00a0
Limited
\u00a0 \u00a0 \u00a0 \u00a0
\n
Associates
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
2025
2024
Name of entity
Registered address
Jurisdiction
% ownership
% ownership
Newshelf 480
144 Oxford Road, Rosebank, Melrose,
South Africa
45
45
Proprietary Limited
Johannesburg, 2196, South Africa
\u00a0 \u00a0 \u00a0
\n
17.3
Non-controlling interests
Non-controlling interests represent the portion of the equity of a subsidiary not attributable either directly or indirectly to the
Parent Company and are presented separately in the Group Income Statement and within equity in the Group Balance Sheet,
distinguished from Parent Company shareholders\u2019 equity.
The total pro\ufb01t attributable to non-controlling interests for the year ended 31 December 2025 is \u00a312.6m (2024: \u00a313.1m) of which
\u00a310.3m relates to Vesuvius India Limited (2024: \u00a311.1m). The pro\ufb01t attributable to non-controlling interests in respect of the Group\u2019s
other subsidiaries is not considered to be material.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
2025
2024
Name of entity
Registered address
Jurisdiction
Shares
% ownership
% ownership
Vesuvius India Limited
P-104 Taratala Road, Kolkata,
India
Ordinary
55.57
55.57
\u00a0
700 088, India
\u00a0 \u00a0 \u00a0 \u00a0
Foseco India Limited
922/923, Gat, Sanaswadi, Taluka,
India
Equity
63.54
74.98
\u00a0
Shirur, Pune, 412208, India
\u00a0 \u00a0 \u00a0 \u00a0
Morganite Crucible (India)
B-11, M.I.D.C. Industrial Area, Waluj,
India
Equity
75
\u2013
Limited
Chh. Sambhaji Nagar
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
(Aurangabad), 431 136,
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
Maharashtra, India
\u00a0 \u00a0 \u00a0 \u00a0
Foseco Golden Gate
6 Kung Yeh 2nd Road, Ping Tung
Taiwan
Ordinary
51
51
Company Limited
Dist, Ping Tung, 90049, Taiwan
\u00a0 \u00a0 \u00a0 \u00a0
Foseco (Thailand) Limited
170/69, 22nd Floor Ocean Tower 1,
Thailand
Group A
100
100
\u00a0
Ratchadapisek Road, Klongtoey,
\u00a0
Group B
49
49
\u00a0
Bangkok, 10110, Thailand
\u00a0 \u00a0 \u00a0 \u00a0
Vesuvius Ceska
Prumyslov\u00e1 726, Konsk\u00e1, Trinec,
Czech
Ordinary
60
60
Republika, a.s.
739 61, Czech Republic
Republic
\u00a0 \u00a0 \u00a0
Vesuvius PiroMET Refrakter
\u00c7erke\u015fli OSB Mah. \u0130mes 2 Cad. No. 3,
Turkey
Ordinary
61.65
\u2013
Sanayi ve Ticaret Anonim
Dilovas\u0131, Kocaeli, Turkey
\u00a0 \u00a0 \u00a0 \u00a0
\u015eirketi
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\n
As with Vesuvius plc, all of the above companies have a 31 December year-end with the exception of Morganite Crucible (India)
Limited which has a 31 March year-end. The summarised \ufb01nancial information for Vesuvius India Limited is presented below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Summarised balance sheet
\u00a0 \u00a0
Current assets
119.7
111.2
Current liabilities
(36.0)
(35.0)
Current net assets
83.7
76.2
Non-current assets
58.2
62.2
Non-current liabilities
(3.8)
(4.1)
Non-current net assets
54.4
58.1
Net assets
138.1
134.3
Accumulated non-controlling interests
(61.8)
(60.0)
Summarised statement of comprehensive income
\u00a0 \u00a0
Revenue
*
207.3
197.2
Pro\ufb01t after tax
23.2
25.0
Pro\ufb01t allocated to non-controlling interests
10.3
11.1
Dividends paid to non-controlling interests
(1.1)
(1.1)
Summarised cash \ufb02ows
\u00a0 \u00a0
Cash \ufb02ows from operating activities
*
16.6
27.0
Cash \ufb02ows from investing activities
*
(6.6)
(22.2)
Cash \ufb02ows from \ufb01nancing activities
*
(1.2)
(3.2)
Net increase in cash and cash equivalents
8.8
1.6
\n
*
The 2024 comparatives for revenue, cash \ufb02ows from operating activities, cash \ufb02ows from investing activities, and cash \ufb02ows from \ufb01nancing activities have been
restated. This restatement did not impact the Income Statement or Balance Sheet; it was purely a disclosure item. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00388": { "value": "17. Investments in Subsidiaries, Joint Ventures and Associates17.2
Investment in joint ventures and associates
The Group\u2019s investments in its associates and joint ventures are accounted for using the equity method from the date signi\ufb01cant
in\ufb02uence/joint control is deemed to arise until the date on which signi\ufb01cant in\ufb02uence/joint control ceases to exist or when the
interest becomes classi\ufb01ed as an asset held for sale. The Group Income Statement re\ufb02ects the Group\u2019s share of pro\ufb01t after tax
of the related associates and joint ventures. Investments in associates and joint ventures are carried in the Group Balance Sheet
at cost adjusted in respect of post-acquisition changes in the Group\u2019s share of net assets, less any impairment in value.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
As at 1 January
11.0
11.3
Share of post-tax pro\ufb01t of joint ventures and associates
1.0
1.1
Dividends received from joint ventures and associates
(0.9)
(0.7)
Disposals
\u2013
(0.5)
Foreign exchange
(0.3)
(0.2)
As at 31 December
10.8
11.0
\n
The investment in joint ventures and associates includes \u00a310.8m (2024: \u00a311.0m) in respect of joint ventures and \u00a3nil (2024: \u00a3nil)
in respect of associates. Dividends received from joint ventures consists of \u00a30.1m (2024: \u00a30.1m) from Wuhan Wugang-Vesuvius
Advanced CCR Co., Limited and \u00a30.8m (2024: \u00a30.6m) from Wuhan Wugang-Vesuvius Advanced Ceramics Co., Limited.
Joint ventures
Set out below is the summarised \ufb01nancial information in respect of joint ventures.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Revenue
41.0
44.8
Depreciation
(0.9)
(1.2)
Trading pro\ufb01t
2.7
2.9
Net \ufb01nance costs
\u2013
\u2013
Pro\ufb01t before tax
2.7
2.9
Income tax expense
(0.7)
(0.7)
Pro\ufb01t after tax
2.0
2.2
Non-current assets
6.7
7.5
Current assets
21.2
21.7
Non-current liabilities
\u2013
\u2013
Current liabilities
(6.3)
(7.2)
Net assets
21.6
22.0
Set out below is the summarised \ufb01nancial information for Wuhan Wugang-Vesuvius Advanced Ceramics Co., Limited, a joint
venture that has transactions and balances which are material to the Group.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Revenue
35.5
39.4
Depreciation
(1.1)
(1.1)
Trading pro\ufb01t
2.2
2.4
Net \ufb01nance costs
\u2013
\u2013
Pro\ufb01t before tax
2.2
2.4
Income tax expense
(0.6)
(0.6)
Pro\ufb01t after tax
1.6
1.8
Non-current assets
6.2
6.8
Current assets
1
13.8
14.4
Non-current liabilities
\u2013
(0.1)
Current liabilities
(4.9)
(5.9)
Net assets
15.1
15.2
\n
1.
Included in current assets are cash and cash equivalents of \u00a31.8m (2024: \u00a32.5m).
The purpose of the Chinese joint venture companies is to research, develop, manufacture and sell refractory products. The role of
Vesuvius is to provide technical personnel, training and access to the Group\u2019s international sales network.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
2025
2024
Name of entity
Registered address
Jurisdiction
% ownership
% ownership
Wuhan Wugang-Vesuvius
Gongnong Village Qingshan District, Wuhan,
China
50
50
Advanced CCR Co., Limited
Hubei Province, 430082, China
\u00a0 \u00a0 \u00a0
Wuhan Wugang-Vesuvius
Gongnong Village Qingshan District, Wuhan,
China
50
50
Advanced Ceramics Co.,
Hubei Province, 430082, China
\u00a0 \u00a0 \u00a0
Limited
\u00a0 \u00a0 \u00a0 \u00a0
\n
Associates
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
2025
2024
Name of entity
Registered address
Jurisdiction
% ownership
% ownership
Newshelf 480
144 Oxford Road, Rosebank, Melrose,
South Africa
45
45
Proprietary Limited
Johannesburg, 2196, South Africa
\u00a0 \u00a0 \u00a0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00385": { "value": "17.1
Investment in subsidiaries
A subsidiary is an entity over which the Group has control. The Group controls an entity when the Group is exposed to, or has
rights to, variable returns from its involvement with the entity and can a\ufb00ect those returns through its power over the entity.
Subsidiaries are fully consolidated from the date on which control is transferred to the Group.
The subsidiaries of Vesuvius plc and the countries in which they are incorporated are set out below. With the exception of
Vesuvius Holdings Limited, whose ordinary share capital was directly held by Vesuvius plc, the ordinary capital of the companies
listed below was wholly owned by a Vesuvius plc subsidiary as at 31 December 2025. Details of the joint ventures and associates
are disclosed in Note 17.2.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Company
\u00a0 \u00a0
legal name
Registered o\ufb03ce address
Jurisdiction
BMI Refractory
600 N 2nd Street, Suite 401,
US
Services Inc.
Harrisburg, PA 17101-1071,
(Pennsylvania)
\u00a0
United States
\u00a0
Brazil 1 Limited
165 Fleet Street, London,
England
\u00a0
EC4A 2AE, England
\u00a0
CCPI Inc.
Suite 201, 910 Foulk Road,
US
\u00a0
Wilmington, New Castle,
(Delaware)
\u00a0
DE 19803, United States
\u00a0
Cookson
Km 7 1/2, Autopista San Isidro,
Dominican
Dominicana,
Edi\ufb01cio Modelo A, Zona Franca
Republic
SRL
San Isidro, Santo Domingo
\u00a0
\u00a0
Oeste, Dominican Republic
\u00a0
Flo-Con
CT Corporation, 1209 Orange
US
Holding, Inc.
Street, The Corporation Trust
(Delaware)
\u00a0
Company, Wilmington,
\u00a0
\u00a0
DE 19801, United States
\u00a0
Foseco (Jersey)
44 Esplanade, St Helier,
Jersey
Limited
JE4 9WG, Jersey
\u00a0
Foseco (UK)
165 Fleet Street, London,
England
Limited
EC4A 2AE, England
\u00a0
Foseco Espanola
5, Barrio Elizalde, Izurza,
Spain
S.A.
Bizkaia, 48213, Spain
\u00a0
Foseco
5, Barrio Elizalde,
Spain
Fundici\u00f3n Holding
Izurza, Bizkaia,
\u00a0
(Espanola), S.L.
48213, Spain
\u00a0
Foseco Holding
165 Fleet Street, London,
England
(Europe) Limited
EC4A 2AE, England
\u00a0
Foseco Holding
12 Bosworth Street,
South Africa
(South Africa)
Alrode, Alberton, 1449,
\u00a0
(Pty) Limited
South Africa
\u00a0
Foseco
Rivium Boulevard 301,
Netherlands
Holding BV
Capelle aan den Ijssel,
\u00a0
\u00a0
Rotterdam 2909LK,
\u00a0
\u00a0
Netherlands
\u00a0
Foseco Holding
165 Fleet Street, London,
England
Limited
EC4A 2AE, England
\u00a0
Foseco Holding
165 Fleet Street, London,
England
International
EC4A 2AE, England
\u00a0
Limited
\u00a0 \u00a0
Foseco Industrial e
Km 15, Rodovia Raposo
Brazil
Comercial Ltda
Tavares, Butanta Cep,
\u00a0
\u00a0
S\u00e3o Paulo, 05577-100, Brazil
\u00a0
Foseco
170/69, 22nd Floor Ocean
Thailand
International
Tower 1, Ratchadapisek Road,
\u00a0
Holding
Klongtoey, Bangkok,
\u00a0
(Thailand) Limited
10110, Thailand
\u00a0
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Company
\u00a0 \u00a0
legal name
Registered o\ufb03ce address
Jurisdiction
Foseco
165 Fleet Street, London,
England
International
EC4A 2AE, England
\u00a0
Limited
\u00a0 \u00a0
Foseco Japan
9th Floor, Orix Kobe Sannomiya
Japan
Limited
Building, 6-1-10, Goko dori,
\u00a0
\u00a0
Chuo-ku, Kobe Hyogo,
\u00a0
\u00a0
651-0087, Japan
\u00a0
Foseco Korea
74 Jeongju-ro, Bucheon-si,
Republic of
Limited
Gyeonggi-do, 14523,
Korea
\u00a0
South Korea
\u00a0
Foseco
165 Fleet Street, London,
England
Limited
EC4A 2AE, England
\u00a0
Foseco
CT Corporation, 1209 Orange
US
Metallurgical Inc.
Street, The Corporation Trust
(Delaware)
Company, Wilmington,
\u00a0 \u00a0
DE 19801, United States
\u00a0 \u00a0
Foseco
Binnenhavenstraat 20, 7553 GJ
Netherlands
Nederland BV
Hengelo (OV), Netherlands
\u00a0
Foseco Overseas
165 Fleet Street, London,
England
Limited
EC4A 2AE, England
\u00a0 \u00a0
Foseco Portugal
Rua Manuel Pinto de Azevedo,
Portugal
Produtos Para
No 626 4100-320 Porto,
\u00a0
Fundi\u00e7\u00e2o Lda
Portugal
\u00a0
Foseco S.A.S.
17 rue Mozart, Batiment A,
France
\u00a0
77185 Lognes, France
\u00a0
Foseco
165 Fleet Street, London,
England
Technology
EC4A 2AE, England
\u00a0
Limited
\u00a0 \u00a0
J.H. France
CT Corporation, 1209 Orange
US
Refractories
Street, The Corporation Trust
(Delaware)
Company
Company, Wilmington,
\u00a0
\u00a0
DE 19801, United States
\u00a0
Mainsail
Victoria Place, 5th Floor,
Bermuda
Insurance
31 Victoria Street, Pembroke,
\u00a0
Company Limited
Hamilton, HM 10, Bermuda
\u00a0
PT Foseco
Jl Rawa Gelam 2/5, Kawasan
Indonesia
Indonesia
Industri, Pulogadung, Jakarta,
\u00a0
\u00a0
13930, Indonesia
\u00a0
PT Foseco
Jl Rawa Gelam 2/5, Kawasan
Indonesia
Trading Indonesia
Industri, Pulogadung, Jakarta,
\u00a0
\u00a0
13930, Indonesia
\u00a0
Realisations 789,
CT Corporation, 1209 Orange
US (Delaware)
LLC
Street, The Corporation Trust
\u00a0
\u00a0
Company, Wilmington,
\u00a0
\u00a0
DE 19801, United States
\u00a0
\n\n \n
Company
legal name
Registered o\ufb03ce address
Jurisdiction
SIDERMES Inc.
175 mont\u00e9e Calixa-Lavall\u00e9e,
Canada
Vesuvius Sensors
Verch\u00eares, Qu\u00e9bec J0L2R0,
(Ontario)
and Probes
Canada
SIR
Siegener Strasse 152,
Germany
Feuerfestprodukte
Kreuztal, D-57223,
GmbH
Germany
SOLED S.A.S.
68, rue Paul Deudon,
France
Vesuvius Sensors
59750 Feignies, France
and Probes France
Vesuvius
170/69, 22nd Floor Ocean
Thailand
(Thailand)
Tower 1, Ratchadapisek Road,
Co., Limited
Klongtoey, Bangkok,
10110, Thailand
Vesuvius
Street Urquiza, 919,
Argentina
(V.E.A.R.) S.A.
Floor 2, Rosario, Provincia
de Santa F\u00e9, Argentina
Vesuvius Advanced
Xiaotaizi Village, Ningyuan
China
Ceramics (Anshan)
Town, Qianshan District, Anshan,
Co., Limited
Liaoning Province, 114011, China
Vesuvius
221 Xing Ming Street,
China
Advanced
China-Singapore Suzhou Ind
Ceramics (China)
Park, Suzhou, Jiangsu Province,
Co., Limited
215021, China
Vesuvius
1209 Orange Street, Wilmington,
US (Delaware)
America, Inc.
DE 19801, United States
Vesuvius Australia
40\u201346 Gloucester Boulevarde,
Australia
(Holding) Pty
Port Kembla, NSW, 2505,
Limited
Australia
Vesuvius Australia
40\u201346 Gloucester Boulevarde,
Australia
Pty Limited
Port Kembla, NSW, 2505,
Australia
Vesuvius
Zandvoordestraat 366,
Belgium
Belgium N.V.
Oostende, B-8400, Belgium
Vesuvius
181 Bay Street, Suite 1800,
Canada
Canada Inc
Toronto, Ontario, M5J 2T9,
(Ontario)
Canada
Vesuvius Ceramics
165 Fleet Street, London,
England
Limited
EC4A 2AE, England
Vesuvius China
86/F International Commerce
Hong Kong
Holdings
Centre, 1 Austin Road West,
Co. Limited
Kowloon, Hong Kong
Vesuvius
165 Fleet Street, London,
England
China Limited
EC4A 2AE, England
Vesuvius Colombia
Calle 90 No. 13 A 31, Piso 6,
Colombia
S.A.S.
Bogota City, 110911, Colombia
Vesuvius
Via Nassa 17, Lugano,
Switzerland
Corporation S.A.
CH 6900, Switzerland
Vesuvius Crucible
No. 108 Tongsheng Road,
China
Co., Ltd
Shengpu Town, Suzhou
Industrial Park, 215126, China
Vesuvius Crucible
Noltinastr. 29, 37297
Germany
GmbH
Berkatal, Germany
Vesuvius Crucible,
1209 Orange Street, Wilmington,
US
Inc.
DE 19801, United States
(Delaware)
Vesuvius
ul. Ko\u0142owa 8, 30-134 Krak\u00f3w,
Poland
CSD Sp z.o.o.
Poland
Vesuvius
Warehouse No: 1J-09/3,
United Arab
Emirates FZE
P O Box 49261,
Emirates
Hamriyah Free Zone, Sharjah,
United Arab Emirates
Vesuvius
Gelsenkirchener Strasse 10,
Germany
Europe GmbH
Borken, D-46325, Germany
\n\n \n
Company
legal name
Registered o\ufb03ce address
Jurisdiction
Vesuvius
17 Rue de Douvrain, Ghlin,
Belgium
Europe S.A.
7011, Belgium
Vesuvius
41, Boulevard Marcel Sembat,
France
Europe S.A.S.
69200, Venissieux, France
Vesuvius Financial
165 Fleet Street, London,
England
1 Limited
EC4A 2AE, England
Vesuvius
Pajam\u00e4entie 8D7,
Finland
Finland OY
00360 Helsinki, Finland
Vesuvius Foundry
12 Wei Wen Road,
China
Products (Suzhou)
China-Singapore Suzhou Ind
Co. Limited
Park, Suzhou, Jiangsu Province,
215122, China
Vesuvius Foundry
2 Changchun Road,
China
Technologies
Economic Development Area,
(Jiangsu) Co.
Changshu, Jiangsu,
Limited
215537, China
Vesuvius
Rue Paul Deudon 68, Boite
France
France S.A.
Postale 19, Feignies 59750,
France
Vesuvius
Gelsenkirchener Strasse 10,
Germany
GmbH
Borken, D-46325, Germany
Vesuvius
165 Fleet Street, London,
England
Group Limited
EC4A 2AE, England
Vesuvius
17 Rue de Douvrain, Ghlin,
Belgium
Group S.A.
7011, Belgium
Vesuvius Holding
Gelsenkirchener Strasse 10,
Germany
Deutschland
Borken, D-46325,
GmbH
Germany
Vesuvius Holding
68 Rue Paul Deudon, Boite
France
France S.A.S.
Postale 19, Feignies 59750,
France
Vesuvius Holding
Via Mantova 10,
Italy
Italia \u2013 Societ\u00e0 a
20835 Muggio
Responsabilit\u00e0
MB, Italy
Limitata
Vesuvius
165 Fleet Street, London
England
Holdings Limited
EC4A 2AE, England
Vesuvius Ib\u00e9rica
Capit\u00e1n Haya, 56 \u2013 1\u00baH,
Spain
Refractarios S.A.
28020 Madrid, Spain
Vesuvius
165 Fleet Street,
England
Investments
London, EC4A 2AE,
Limited
England
Vesuvius Istanbul
Gebze OSB2 Mh. 1700.,
Turkey
Refrakter Sanayi
Sok No:1704/1, Cayirova,
ve Ticaret AS
Kocaeli, 41420, Turkey
Vesuvius IT and
10th Floor, Unit No. 2,
India
Shared Services
Fountainhead-Tower 3, B Wing,
Private Limited
Phoenix Market City, Viman
nagar, Pune, Pune- 411014,
Maharashtra, India
Vesuvius Italia
Via Mantova 10,
Italy
S.p.A.
20835 Muggio MB, Italy
Vesuvius
9th Floor, Orix Kobe Sannomiya
Japan
Japan Inc.
Building 6-1-10, Goko dori,
Chou-ku, Kobe Hyogo,
651-0087, Japan
Vesuvius Life Plan
165 Fleet Street, London,
England
Trustee Limited
EC4A 2AE, England
Vesuvius LLC
502, 5th \ufb02oor, 1 Myasicsheva
Russia
str., Zhukovsky, Moscow region,
140180, Russian Federation
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Company
\u00a0 \u00a0
legal name
Registered o\ufb03ce address
Jurisdiction
Vesuvius
Unit 30-01, Level 30 Tower A,
Malaysia
Malaysia
Vertical Business Suite Avenue 3,
\u00a0
Sdn Bhd
Bangsar South, No 8 Jalan
\u00a0
\u00a0
Kerinchi, 59200, Kuala Lumpur,
\u00a0
\u00a0
Malaysia
\u00a0
Vesuvius
165 Fleet Street, London,
England
Management
EC4A 2AE, England
\u00a0
Services Limited
\u00a0 \u00a0
Vesuvius Mexico
Av. Ruiz Cortinez, Num. 140,
Mexico
S.A. de C.V.
Colonia Jardines de San Rafael,
\u00a0
\u00a0
Guadalupe, Nuevo Le\u00f3n, CP
\u00a0
\u00a0
67119, Mexico
\u00a0
Vesuvius
56, St 15, Apt 103, Maadi,
Egypt
Mid-East Limited
Cairo, 11728, Egypt
\u00a0
Vesuvius Moravia,
Konska c.p. 740, Trinec,
Czech Republic
s.r.o.
739 61, Czech Republic
\u00a0
Vesuvius Mulheim
Gelsenkirchener Strasse 10,
Germany
GmbH
Borken, D-46325, Germany
\u00a0
Vesuvius NC, LLC
Corporation Trust Center,
US
\u00a0
1209 Orange Street,
(Delaware)
\u00a0
Wilmington, New Castle County,
\u00a0
\u00a0
DE 19801, United States
\u00a0
Vesuvius New
Level 5 Deloitte Centre,
New Zealand
Zealand Limited
1 Queen Street, Auckland,
\u00a0
\u00a0
1010, New Zealand
\u00a0
Vesuvius Overseas
165 Fleet Street, London,
England
Investments
EC4A 2AE, England
\u00a0
Limited
\u00a0 \u00a0
Vesuvius Overseas
165 Fleet Street, London,
England
Limited
EC4A 2AE, England
\u00a0
Vesuvius Pension
165 Fleet Street, London,
England
Plans Trustees
EC4A 2AE, England
\u00a0
Limited
\u00a0 \u00a0
Vesuvius Peru
Calle Dean Valdivia 148, piso 11
Peru
S.A.C.
\u2013 o\ufb01cina 1134, Edi\ufb01cio Platinum
\u00a0
\u00a0
Plaza \u2013 San Isidro, Lima, Peru
\u00a0
Vesuvius Poland
Ul Tyniecka 12, Skawina,
Poland
Sp z.o.o.
32-050, Poland
\u00a0
Vesuvius Process
41, Boulevard Marcel Sembat,
France
Metrix S.A.S.
69200, Venissieux, France
\u00a0
Vesuvius Ras Al
Street No. F14, RAK Investment
United Arab
Khaimah FZ-LLC
Authority Free Zone, Al Hamra,
Emirates
\u00a0
Ras Al Khaimah, PO Box 86408,
\u00a0
\u00a0
United Arab Emirates
\u00a0
Vesuvius
Street San Martin 870,
Chile
Refractarios de
Room 308, Tower B,
\u00a0
Chile S.A.
Concepcion, Chile
\u00a0
Vesuvius
Galati, Marea Unire avenue 107,
Romania
Refractories S.r.l.
Galati county, 800329, Romania
\u00a0
Vesuvius
Room No. 9, 3rd Floor, 7 Ganesh
India
Refractory India
Chandra Avenue, Kolkata,
\u00a0
Private Limited
WB 700013, India
\u00a0
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Company
\u00a0 \u00a0
legal name
Registered o\ufb03ce address
Jurisdiction
Vesuvius
Avenida Brasil 49550, Distrito
Brazil
Refrat\u00e1rios
Industrial de Palmares, Campo
\u00a0
Ltda
Grande, Rio de Janeiro, 23065-
\u00a0
\u00a0
480, Brazil
\u00a0
Vesuvius
4, Forradsgatan, Amal,
Sweden
Scandinavia AB
S-662 34, Sweden
\u00a0
Vesuvius Sensors
10 Via Mantova, Muggio,
Italy
& Probes Europe
Monza e Brianza,
\u00a0
S.p.A.
20835, Italy
\u00a0
Vesuvius Services
Calle Dean Valdivia 148, piso 11
Peru
Peru S.A.C.
\u2013 o\ufb01cina 1134, Edi\ufb01cio Platinum
\u00a0
\u00a0
Plaza \u2013 San Isidro, Lima, Peru
\u00a0
Vesuvius South
Pebble Lane, Private Bag X2,
South Africa
\u00a0
Africa (Pty) Limited
Olifantsfontein, Gauteng
\u00a0
\u00a0
Province, 1665, South Africa
\u00a0
Vesuvius
ul. Ko\u0142owa 8, 30-134
Poland
Sp z.o.o.
Krak\u00f3w, Poland
\u00a0
Vesuvius SSC
ul. Ko\u0142owa 8, 30-134
Poland
Sp z.o.o.
Krak\u00f3w, Poland
\u00a0
Vesuvius UK
165 Fleet Street, London,
England
Limited
EC4A 2AE, England
\u00a0
Vesuvius Ukraine
27, Udarnykiv Street, City of
Ukraine
LLC
Dnipropetrovsk, 49000, Ukraine
\u00a0
Vesuvius USA
CT Corporation, 208 South
US (Illinois)
Corporation
LaSalle Street, Chicago, Cook
\u00a0
\u00a0
County, IL 60604, United States
\u00a0
Vesuvius VA
165 Fleet Street, London,
England
Limited
EC4A 2AE, England
\u00a0
Vesuvius Vietnam
7th Floor, Peakview Tower
Vietnam
Company Limited
Building, 36 Hoang Cau Street,
\u00a0
\u00a0
O Cho Dua Ward, Hanoi City,
\u00a0
\u00a0
Vietnam
\u00a0
Vesuvius Zyarock
1/F, building 3, No. 12, Weiwen
China
Ceramics (Suzhou)
Road China-Singapore Suzhou
\u00a0
Co., Limited
Ind Park, Suzhou, Jiangsu
\u00a0
\u00a0
Province, 215122, China
\u00a0
Vesuvius-Premier
165 Fleet Street, London,
England
Refractories
EC4A 2AE, England
\u00a0
(Holdings)
\u00a0 \u00a0
Limited
\u00a0 \u00a0
Vesuvius-SERT
41, Boulevard Marcel Sembat,
France
S.A.S.
69200, Venissieux, France
\u00a0
Wilkes-Lucas
165 Fleet Street, London,
England
Limited
EC4A 2AE, England
\u00a0
\u00a0
Yingkou Bayuquan
Cui Tun Village, Hai Dong O\ufb03ce,
China
\u00a0
Refractories Co.,
Bayuquan District, Liaoning
\u00a0
Limited
Province, YingKou, 115007,
\u00a0
\u00a0
China
\u00a0
Yingkou YingWei
50 Wanghai New District,
China
Magnesium
Bayuquan District, Yinkou City,
\u00a0
Co., Ltd
Liaoning Province, 115007, China
\u00a0
\n
The following subsidiary companies have branches registered in the named countries: Foseco (Jersey) Limited in England,
Foseco Holding BV in England, Vesuvius LLC in Kazakhstan and Vesuvius UK Limited in Taiwan and Republic of Korea.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00386": { "value": "17.1
Investment in subsidiaries
A subsidiary is an entity over which the Group has control. The Group controls an entity when the Group is exposed to, or has
rights to, variable returns from its involvement with the entity and can a\ufb00ect those returns through its power over the entity.
Subsidiaries are fully consolidated from the date on which control is transferred to the Group.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00392": { "value": "17.2
Investment in joint ventures and associates
The Group\u2019s investments in its associates and joint ventures are accounted for using the equity method from the date signi\ufb01cant
in\ufb02uence/joint control is deemed to arise until the date on which signi\ufb01cant in\ufb02uence/joint control ceases to exist or when the
interest becomes classi\ufb01ed as an asset held for sale. The Group Income Statement re\ufb02ects the Group\u2019s share of pro\ufb01t after tax
of the related associates and joint ventures. Investments in associates and joint ventures are carried in the Group Balance Sheet
at cost adjusted in respect of post-acquisition changes in the Group\u2019s share of net assets, less any impairment in value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00391": { "value": "17.2
Investment in joint ventures and associates
The Group\u2019s investments in its associates and joint ventures are accounted for using the equity method from the date signi\ufb01cant
in\ufb02uence/joint control is deemed to arise until the date on which signi\ufb01cant in\ufb02uence/joint control ceases to exist or when the
interest becomes classi\ufb01ed as an asset held for sale. The Group Income Statement re\ufb02ects the Group\u2019s share of pro\ufb01t after tax
of the related associates and joint ventures. Investments in associates and joint ventures are carried in the Group Balance Sheet
at cost adjusted in respect of post-acquisition changes in the Group\u2019s share of net assets, less any impairment in value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00390": { "value": "17.2
Investment in joint ventures and associates
The Group\u2019s investments in its associates and joint ventures are accounted for using the equity method from the date signi\ufb01cant
in\ufb02uence/joint control is deemed to arise until the date on which signi\ufb01cant in\ufb02uence/joint control ceases to exist or when the
interest becomes classi\ufb01ed as an asset held for sale. The Group Income Statement re\ufb02ects the Group\u2019s share of pro\ufb01t after tax
of the related associates and joint ventures. Investments in associates and joint ventures are carried in the Group Balance Sheet
at cost adjusted in respect of post-acquisition changes in the Group\u2019s share of net assets, less any impairment in value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00389": { "value": "17.2
Investment in joint ventures and associates
The Group\u2019s investments in its associates and joint ventures are accounted for using the equity method from the date signi\ufb01cant
in\ufb02uence/joint control is deemed to arise until the date on which signi\ufb01cant in\ufb02uence/joint control ceases to exist or when the
interest becomes classi\ufb01ed as an asset held for sale. The Group Income Statement re\ufb02ects the Group\u2019s share of pro\ufb01t after tax
of the related associates and joint ventures. Investments in associates and joint ventures are carried in the Group Balance Sheet
at cost adjusted in respect of post-acquisition changes in the Group\u2019s share of net assets, less any impairment in value.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
As at 1 January
11.0
11.3
Share of post-tax pro\ufb01t of joint ventures and associates
1.0
1.1
Dividends received from joint ventures and associates
(0.9)
(0.7)
Disposals
\u2013
(0.5)
Foreign exchange
(0.3)
(0.2)
As at 31 December
10.8
11.0
\n
The investment in joint ventures and associates includes \u00a310.8m (2024: \u00a311.0m) in respect of joint ventures and \u00a3nil (2024: \u00a3nil)
in respect of associates. Dividends received from joint ventures consists of \u00a30.1m (2024: \u00a30.1m) from Wuhan Wugang-Vesuvius
Advanced CCR Co., Limited and \u00a30.8m (2024: \u00a30.6m) from Wuhan Wugang-Vesuvius Advanced Ceramics Co., Limited.
Joint ventures
Set out below is the summarised \ufb01nancial information in respect of joint ventures.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Revenue
41.0
44.8
Depreciation
(0.9)
(1.2)
Trading pro\ufb01t
2.7
2.9
Net \ufb01nance costs
\u2013
\u2013
Pro\ufb01t before tax
2.7
2.9
Income tax expense
(0.7)
(0.7)
Pro\ufb01t after tax
2.0
2.2
Non-current assets
6.7
7.5
Current assets
21.2
21.7
Non-current liabilities
\u2013
\u2013
Current liabilities
(6.3)
(7.2)
Net assets
21.6
22.0
Set out below is the summarised \ufb01nancial information for Wuhan Wugang-Vesuvius Advanced Ceramics Co., Limited, a joint
venture that has transactions and balances which are material to the Group.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Revenue
35.5
39.4
Depreciation
(1.1)
(1.1)
Trading pro\ufb01t
2.2
2.4
Net \ufb01nance costs
\u2013
\u2013
Pro\ufb01t before tax
2.2
2.4
Income tax expense
(0.6)
(0.6)
Pro\ufb01t after tax
1.6
1.8
Non-current assets
6.2
6.8
Current assets
1
13.8
14.4
Non-current liabilities
\u2013
(0.1)
Current liabilities
(4.9)
(5.9)
Net assets
15.1
15.2
\n
1.
Included in current assets are cash and cash equivalents of \u00a31.8m (2024: \u00a32.5m).
The purpose of the Chinese joint venture companies is to research, develop, manufacture and sell refractory products. The role of
Vesuvius is to provide technical personnel, training and access to the Group\u2019s international sales network.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
2025
2024
Name of entity
Registered address
Jurisdiction
% ownership
% ownership
Wuhan Wugang-Vesuvius
Gongnong Village Qingshan District, Wuhan,
China
50
50
Advanced CCR Co., Limited
Hubei Province, 430082, China
\u00a0 \u00a0 \u00a0
Wuhan Wugang-Vesuvius
Gongnong Village Qingshan District, Wuhan,
China
50
50
Advanced Ceramics Co.,
Hubei Province, 430082, China
\u00a0 \u00a0 \u00a0
Limited
\u00a0 \u00a0 \u00a0 \u00a0
\n
Associates
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
2025
2024
Name of entity
Registered address
Jurisdiction
% ownership
% ownership
Newshelf 480
144 Oxford Road, Rosebank, Melrose,
South Africa
45
45
Proprietary Limited
Johannesburg, 2196, South Africa
\u00a0 \u00a0 \u00a0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00387": { "value": "17.2
Investment in joint ventures and associates
The Group\u2019s investments in its associates and joint ventures are accounted for using the equity method from the date signi\ufb01cant
in\ufb02uence/joint control is deemed to arise until the date on which signi\ufb01cant in\ufb02uence/joint control ceases to exist or when the
interest becomes classi\ufb01ed as an asset held for sale. The Group Income Statement re\ufb02ects the Group\u2019s share of pro\ufb01t after tax
of the related associates and joint ventures. Investments in associates and joint ventures are carried in the Group Balance Sheet
at cost adjusted in respect of post-acquisition changes in the Group\u2019s share of net assets, less any impairment in value.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
As at 1 January
11.0
11.3
Share of post-tax pro\ufb01t of joint ventures and associates
1.0
1.1
Dividends received from joint ventures and associates
(0.9)
(0.7)
Disposals
\u2013
(0.5)
Foreign exchange
(0.3)
(0.2)
As at 31 December
10.8
11.0
\n
The investment in joint ventures and associates includes \u00a310.8m (2024: \u00a311.0m) in respect of joint ventures and \u00a3nil (2024: \u00a3nil)
in respect of associates. Dividends received from joint ventures consists of \u00a30.1m (2024: \u00a30.1m) from Wuhan Wugang-Vesuvius
Advanced CCR Co., Limited and \u00a30.8m (2024: \u00a30.6m) from Wuhan Wugang-Vesuvius Advanced Ceramics Co., Limited.
Joint ventures
Set out below is the summarised \ufb01nancial information in respect of joint ventures.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Revenue
41.0
44.8
Depreciation
(0.9)
(1.2)
Trading pro\ufb01t
2.7
2.9
Net \ufb01nance costs
\u2013
\u2013
Pro\ufb01t before tax
2.7
2.9
Income tax expense
(0.7)
(0.7)
Pro\ufb01t after tax
2.0
2.2
Non-current assets
6.7
7.5
Current assets
21.2
21.7
Non-current liabilities
\u2013
\u2013
Current liabilities
(6.3)
(7.2)
Net assets
21.6
22.0
Set out below is the summarised \ufb01nancial information for Wuhan Wugang-Vesuvius Advanced Ceramics Co., Limited, a joint
venture that has transactions and balances which are material to the Group.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Revenue
35.5
39.4
Depreciation
(1.1)
(1.1)
Trading pro\ufb01t
2.2
2.4
Net \ufb01nance costs
\u2013
\u2013
Pro\ufb01t before tax
2.2
2.4
Income tax expense
(0.6)
(0.6)
Pro\ufb01t after tax
1.6
1.8
Non-current assets
6.2
6.8
Current assets
1
13.8
14.4
Non-current liabilities
\u2013
(0.1)
Current liabilities
(4.9)
(5.9)
Net assets
15.1
15.2
\n
1.
Included in current assets are cash and cash equivalents of \u00a31.8m (2024: \u00a32.5m).
The purpose of the Chinese joint venture companies is to research, develop, manufacture and sell refractory products. The role of
Vesuvius is to provide technical personnel, training and access to the Group\u2019s international sales network.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
2025
2024
Name of entity
Registered address
Jurisdiction
% ownership
% ownership
Wuhan Wugang-Vesuvius
Gongnong Village Qingshan District, Wuhan,
China
50
50
Advanced CCR Co., Limited
Hubei Province, 430082, China
\u00a0 \u00a0 \u00a0
Wuhan Wugang-Vesuvius
Gongnong Village Qingshan District, Wuhan,
China
50
50
Advanced Ceramics Co.,
Hubei Province, 430082, China
\u00a0 \u00a0 \u00a0
Limited
\u00a0 \u00a0 \u00a0 \u00a0
\n
Associates
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
2025
2024
Name of entity
Registered address
Jurisdiction
% ownership
% ownership
Newshelf 480
144 Oxford Road, Rosebank, Melrose,
South Africa
45
45
Proprietary Limited
Johannesburg, 2196, South Africa
\u00a0 \u00a0 \u00a0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00393": { "value": "17.3
Non-controlling interests
Non-controlling interests represent the portion of the equity of a subsidiary not attributable either directly or indirectly to the
Parent Company and are presented separately in the Group Income Statement and within equity in the Group Balance Sheet,
distinguished from Parent Company shareholders\u2019 equity.
The total pro\ufb01t attributable to non-controlling interests for the year ended 31 December 2025 is \u00a312.6m (2024: \u00a313.1m) of which
\u00a310.3m relates to Vesuvius India Limited (2024: \u00a311.1m). The pro\ufb01t attributable to non-controlling interests in respect of the Group\u2019s
other subsidiaries is not considered to be material.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
2025
2024
Name of entity
Registered address
Jurisdiction
Shares
% ownership
% ownership
Vesuvius India Limited
P-104 Taratala Road, Kolkata,
India
Ordinary
55.57
55.57
\u00a0
700 088, India
\u00a0 \u00a0 \u00a0 \u00a0
Foseco India Limited
922/923, Gat, Sanaswadi, Taluka,
India
Equity
63.54
74.98
\u00a0
Shirur, Pune, 412208, India
\u00a0 \u00a0 \u00a0 \u00a0
Morganite Crucible (India)
B-11, M.I.D.C. Industrial Area, Waluj,
India
Equity
75
\u2013
Limited
Chh. Sambhaji Nagar
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
(Aurangabad), 431 136,
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
Maharashtra, India
\u00a0 \u00a0 \u00a0 \u00a0
Foseco Golden Gate
6 Kung Yeh 2nd Road, Ping Tung
Taiwan
Ordinary
51
51
Company Limited
Dist, Ping Tung, 90049, Taiwan
\u00a0 \u00a0 \u00a0 \u00a0
Foseco (Thailand) Limited
170/69, 22nd Floor Ocean Tower 1,
Thailand
Group A
100
100
\u00a0
Ratchadapisek Road, Klongtoey,
\u00a0
Group B
49
49
\u00a0
Bangkok, 10110, Thailand
\u00a0 \u00a0 \u00a0 \u00a0
Vesuvius Ceska
Prumyslov\u00e1 726, Konsk\u00e1, Trinec,
Czech
Ordinary
60
60
Republika, a.s.
739 61, Czech Republic
Republic
\u00a0 \u00a0 \u00a0
Vesuvius PiroMET Refrakter
\u00c7erke\u015fli OSB Mah. \u0130mes 2 Cad. No. 3,
Turkey
Ordinary
61.65
\u2013
Sanayi ve Ticaret Anonim
Dilovas\u0131, Kocaeli, Turkey
\u00a0 \u00a0 \u00a0 \u00a0
\u015eirketi
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\n
As with Vesuvius plc, all of the above companies have a 31 December year-end with the exception of Morganite Crucible (India)
Limited which has a 31 March year-end. The summarised \ufb01nancial information for Vesuvius India Limited is presented below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Summarised balance sheet
\u00a0 \u00a0
Current assets
119.7
111.2
Current liabilities
(36.0)
(35.0)
Current net assets
83.7
76.2
Non-current assets
58.2
62.2
Non-current liabilities
(3.8)
(4.1)
Non-current net assets
54.4
58.1
Net assets
138.1
134.3
Accumulated non-controlling interests
(61.8)
(60.0)
Summarised statement of comprehensive income
\u00a0 \u00a0
Revenue
*
207.3
197.2
Pro\ufb01t after tax
23.2
25.0
Pro\ufb01t allocated to non-controlling interests
10.3
11.1
Dividends paid to non-controlling interests
(1.1)
(1.1)
Summarised cash \ufb02ows
\u00a0 \u00a0
Cash \ufb02ows from operating activities
*
16.6
27.0
Cash \ufb02ows from investing activities
*
(6.6)
(22.2)
Cash \ufb02ows from \ufb01nancing activities
*
(1.2)
(3.2)
Net increase in cash and cash equivalents
8.8
1.6
\n
*
The 2024 comparatives for revenue, cash \ufb02ows from operating activities, cash \ufb02ows from investing activities, and cash \ufb02ows from \ufb01nancing activities have been
restated. This restatement did not impact the Income Statement or Balance Sheet; it was purely a disclosure item. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00523": { "value": "17.3
Non-controlling interests
Non-controlling interests represent the portion of the equity of a subsidiary not attributable either directly or indirectly to the
Parent Company and are presented separately in the Group Income Statement and within equity in the Group Balance Sheet,
distinguished from Parent Company shareholders\u2019 equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00356": { "value": "18.
Trade and Other Receivables
18.1
Analysis of trade and other receivables (current)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0 \u00a0
ECL
\u00a0
ECL
\u00a0
ECL
\u00a0
ECL
\u00a0
Gross
provision
Net
provision
Gross
provision
Net
provision
\u00a0
\u00a3m
\u00a3m
\u00a3m
coverage
1
\u00a3m
\u00a3m
\u00a3m
coverage
1
Trade receivables
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u2013 current
305.4
(0.1)
305.3
0.0%
287.2
(0.3)
286.9
0.1%
\u2013 1 to 30 days past due
37.0
(0.1)
36.9
0.3%
35.6
(0.2)
35.4
0.6%
\u2013 31 to 60 days past due
7.8
(0.1)
7.7
1.3%
9.9
(0.2)
9.7
2.0%
\u2013 61 to 90 days past due
3.6
(0.2)
3.4
5.6%
3.3
(0.2)
3.1
6.1%
\u2013 over 90 days past due
28.7
(20.8)
7.9
72.5%
27.8
(21.2)
6.6
76.3%
Trade receivables
382.5
(21.3)
361.2
\u00a0
363.8
(22.1)
341.7
\u00a0
Other receivables
\u00a0 \u00a0
62.2
\u00a0 \u00a0 \u00a0
66.6
\u00a0
Prepayments
\u00a0 \u00a0
27.6
\u00a0 \u00a0 \u00a0
30.6
\u00a0
Total trade and other receivables
\u00a0 \u00a0
451.0
\u00a0 \u00a0 \u00a0
438.9
\u00a0
\n
1.
ECL (Note 25.1 (c) (ii)) provision coverage is expected credit loss provision divided by gross trade receivables.
There is no signi\ufb01cant di\ufb00erence between the fair value of the Group\u2019s trade and other receivables balances and the amount at
which they are reported in the Group Balance Sheet.
Details relating to the impairment of trade receivables are disclosed in Note 25.
Included within other receivables are banker\u2019s drafts of \u00a316.3m (2024: \u00a324.9m). The majority of these notes relate to customers in
China and have typical maturities of six months from the issuing date. The full amount of revenue is recognised from the customer
when performance obligations are satis\ufb01ed in accordance with IFRS 15. Other receivables also include VAT receivables of
\u00a335.6m (2024: \u00a331.0m) and insurance reimbursements (see Note 30.2) of \u00a32.0m (2024: \u00a31.9m).
18.2
Other receivables (non-current)
Non-current other receivables of \u00a326.6m (2024: \u00a326.7m) include insurance reimbursements (see Note 30.1) of \u00a322.6m
(2024: \u00a321.1m) and prepaid taxes of \u00a31.2m (2024: \u00a31.9m).
The Group applies the expected credit loss model under IFRS 9 to these other receivables. The expected credit loss for other
receivables is immaterial.
The maximum exposure to credit risk at the end of the reporting period is the net carrying amount of these other receivables. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00357": { "value": "18.
Trade and Other Receivables
18.1
Analysis of trade and other receivables (current)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0 \u00a0
ECL
\u00a0
ECL
\u00a0
ECL
\u00a0
ECL
\u00a0
Gross
provision
Net
provision
Gross
provision
Net
provision
\u00a0
\u00a3m
\u00a3m
\u00a3m
coverage
1
\u00a3m
\u00a3m
\u00a3m
coverage
1
Trade receivables
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u2013 current
305.4
(0.1)
305.3
0.0%
287.2
(0.3)
286.9
0.1%
\u2013 1 to 30 days past due
37.0
(0.1)
36.9
0.3%
35.6
(0.2)
35.4
0.6%
\u2013 31 to 60 days past due
7.8
(0.1)
7.7
1.3%
9.9
(0.2)
9.7
2.0%
\u2013 61 to 90 days past due
3.6
(0.2)
3.4
5.6%
3.3
(0.2)
3.1
6.1%
\u2013 over 90 days past due
28.7
(20.8)
7.9
72.5%
27.8
(21.2)
6.6
76.3%
Trade receivables
382.5
(21.3)
361.2
\u00a0
363.8
(22.1)
341.7
\u00a0
Other receivables
\u00a0 \u00a0
62.2
\u00a0 \u00a0 \u00a0
66.6
\u00a0
Prepayments
\u00a0 \u00a0
27.6
\u00a0 \u00a0 \u00a0
30.6
\u00a0
Total trade and other receivables
\u00a0 \u00a0
451.0
\u00a0 \u00a0 \u00a0
438.9
\u00a0
\n
1.
ECL (Note 25.1 (c) (ii)) provision coverage is expected credit loss provision divided by gross trade receivables.
There is no signi\ufb01cant di\ufb00erence between the fair value of the Group\u2019s trade and other receivables balances and the amount at
which they are reported in the Group Balance Sheet.
Details relating to the impairment of trade receivables are disclosed in Note 25.
Included within other receivables are banker\u2019s drafts of \u00a316.3m (2024: \u00a324.9m). The majority of these notes relate to customers in
China and have typical maturities of six months from the issuing date. The full amount of revenue is recognised from the customer
when performance obligations are satis\ufb01ed in accordance with IFRS 15. Other receivables also include VAT receivables of
\u00a335.6m (2024: \u00a331.0m) and insurance reimbursements (see Note 30.2) of \u00a32.0m (2024: \u00a31.9m).
18.2
Other receivables (non-current)
Non-current other receivables of \u00a326.6m (2024: \u00a326.7m) include insurance reimbursements (see Note 30.1) of \u00a322.6m
(2024: \u00a321.1m) and prepaid taxes of \u00a31.2m (2024: \u00a31.9m).
The Group applies the expected credit loss model under IFRS 9 to these other receivables. The expected credit loss for other
receivables is immaterial.
The maximum exposure to credit risk at the end of the reporting period is the net carrying amount of these other receivables.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00358": { "value": "19. Inventories
19.1
Analysis of inventories
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Raw materials
92.3
93.4
Work in progress
22.8
23.5
Semi-\ufb01nished goods
21.3
23.3
Finished goods
150.9
155.2
Total inventories
287.3
295.4
\n
The cost of materials recognised as an expense and included in manufacturing costs in the Group Income Statement during the
year was \u00a3825.5m (2024: \u00a3807.9m).
The net inventories of \u00a3287.8m (2024: \u00a3295.4m) include a provision for obsolete stock of \u00a315.1m (2024: \u00a316.7m). There were
inventory write-downs of \u00a31.0m (2024: write-downs of \u00a31.3m). There were also inventory asset impairments of \u00a31.6m (2024: \u00a3nil)
reported as separately reported items.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00359": { "value": "20. Acquisitions
PiroMET
On 28 February 2025, the Group acquired a 61.65% stake in PiroMET AS, a Turkish refractory business, for \u00a321.9m. The acquisition
will strengthen the Group\u2019s Advanced Refractory business in the fast-growing region of EEMEA and will also allow the Group to
leverage PiroMET\u2019s expertise in robotics and gunning worldwide.
Fair values of the assets and liabilities recognised as a result of the acquisition are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
\u00a3m
Cash and short term deposits
1.7
Property, plant and equipment
14.3
Intangible assets (customer relationships and non-compete agreements)
7.6
Inventories
3.2
Trade and other receivables
4.2
Trade and other payables
(6.9)
Income tax payable
(2.7)
Deferred tax liabilities
(4.1)
Net identi\ufb01able assets acquired
17.3
Goodwill
11.2
Less: non-controlling interest
(6.6)
Consideration
21.9
\n
The goodwill is attributable to PiroMET\u2019s reputation in the marketplace and the synergies that Vesuvius expects to gain from
integrating its robotics and gunning into the Advanced Refractories cash generating unit.
Identi\ufb01able intangible assets acquired are customer relationships of \u00a37.1m and non-compete arrangements with former Directors
of \u00a30.5m and are expected to be tax deductible.
In the period since acquisition, this business has contributed \u00a314.9m to revenue and \u00a31.2m to operating pro\ufb01t.
The net cash out\ufb02ow on acquisition was \u00a320.2m, being cash consideration of \u00a321.9m less cash and cash equivalents acquired of
\u00a31.7m.
Molten Metal Systems (MMS)
On 12 November 2025 the Group acquired the Molten Metal Systems (MMS) business from Morgan Advanced Materials Plc
(Morgan) for \u00a375.2m. This brings industry-leading technology in crucibles to our Foundry business, accelerating our exposure to
the faster-growing non-ferrous market, together with increased exposure to the fast-growing Indian market. A 75.0% stake of the
MMS business in India was acquired through the issue of 1,150,800 shares in Foseco India Limited (FIL) to the previous
shareholders of Morganite Crucible (India) Limited (MCIL) with a total value of \u00a354.7m.
100% of the MMS businesses in Germany, China and the United States (Rest of World, ROW) were acquired for cash
consideration of \u00a320.5m.
Provisional fair values of the assets and liabilities recognised as a result of the acquisition are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
\u00a3m
Cash and short-term deposits
3.2
Property, plant and equipment
30.2
Intangible assets (customer relationships and brands)
14.7
Inventories
5.1
Trade and other receivables
7.5
Income tax receivable
0.5
Trade and other payables
(7.6)
Interest-bearing borrowings
(0.7)
Deferred tax liabilities
(5.4)
Net identi\ufb01able assets acquired
47.5
Goodwill
34.7
Less: non-controlling interest
(7.0)
Consideration
75.2
\n
The goodwill is attributable to MMS\u2019s reputation in the marketplace and the synergies that Vesuvius expects to gain from
integrating its non-ferrous operations into the Foundry cash generating unit.
Identi\ufb01able intangible assets acquired are customer relationships of \u00a310.2m and brands of \u00a34.5m and are expected to be
tax deductible.
The fair value accounting of this acquisition is provisional pending \ufb01nal determination of the fair value of the assets and liabilities
acquired, as valuations have not yet been \ufb01nalised. Any adjustments to the fair values recognised will be made within 12 months of
the acquisition date.
In the period since acquisition, MMS has contributed \u00a37.6m to revenue and \u00a31.9m to operating pro\ufb01t.
The net cash out\ufb02ow on acquisition was \u00a317.3m, being cash consideration of \u00a320.5m less cash and cash equivalents acquired of \u00a33.2m.
If the acquisitions had occurred on 1 January, consolidated pro-forma revenue and trading pro\ufb01t for the year ended 31 December
2025 would have been \u00a31,849.3m and \u00a3158.2m respectively.
Pursuant to the Mandatory Tender O\ufb00er, which was completed on 13 January 2026, FIL acquired 99,081 additional shares in
MCIL for \u00a31.2m, representing 1.77% of the issued share capital. FIL is required to sell su\ufb03cient shares to reduce its holding in MCIL
below 75% by 23 January 2027. At 31 December 2025 the Group elected not to recognise a liability for this additional share
purchase.
Other acquisitions
A further immaterial acquisition was made in 2025, for cash consideration of \u00a31.4m. The consideration represented \u00a30.8m
intangible assets (customer relationships), \u00a30.3m property, plant and equipment and \u00a30.3m goodwill.
Non-controlling interests
The Group recognises non-controlling interests in an acquired entity either at fair value or at the non-controlling interest\u2019s
proportionate share of the acquired entity\u2019s net identi\ufb01able assets. This decision is made on an acquisition-by-acquisition basis.
For the non-controlling interests in PiroMET AS and Molten Metal Systems, the Group elected to recognise the non-controlling
interests at their proportionate share of the acquired net identi\ufb01able assets.
During the year \u00a313.9m has been recognised in respect of the non-controlling interests share of the identi\ufb01able net assets acquired.
For the MMS acquisition, the issue of shares resulted in a \u00a323.8m increase in non-controlling interest.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00360": { "value": "21.
Issued Share Capital
21.1
Analysis of issued share capital
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0 \u00a0
Nominal
\u00a0
Nominal
\u00a0
Number
value
Number
value
Allotted, issued and fully paid ordinary shares of 10p each
m
\u00a3m
m
\u00a3m
As at 1 January
264.5
26.4
277.9
27.7
Share buyback
(9.1)
(0.9)
(13.4)
(1.3)
As at 31 December
255.4
25.5
264.5
26.4
\nFurther information relating to the Company\u2019s share capital is given in Note 9 to the Company\u2019s Financial Statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00361": { "value": "21.
Issued Share Capital
21.1
Analysis of issued share capital
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0 \u00a0
Nominal
\u00a0
Nominal
\u00a0
Number
value
Number
value
Allotted, issued and fully paid ordinary shares of 10p each
m
\u00a3m
m
\u00a3m
As at 1 January
264.5
26.4
277.9
27.7
Share buyback
(9.1)
(0.9)
(13.4)
(1.3)
As at 31 December
255.4
25.5
264.5
26.4
\n
Further information relating to the Company\u2019s share capital is given in Note 9 to the Company\u2019s Financial Statements.
22. Retained Earnings
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
Other
\u00a0
\u00a0 \u00a0
Reserve
Share
retained
Total
\u00a0 \u00a0
for own
option
earnings
retained
\u00a0 \u00a0
shares
reserve
restated
earnings
\u00a0
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 31 December 2023 and 1 January 2024
\u00a0
(38.1)
12.1
2,717.2
2,691.2
Pro\ufb01t for the year
\u00a0
\u2013
\u2013
87.2
87.2
Remeasurement of de\ufb01ned bene\ufb01t liabilities/assets
\u00a0
\u2013
\u2013
3.6
3.6
Share-based payments
\u00a0
\u2013
6.2
\u2013
6.2
Release of share option reserve on exercised
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
and lapsed options
\u00a0
6.7
(6.7)
\u2013
\u2013
Income tax on items recognised in other
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
comprehensive income
\u00a0
\u2013
\u2013
(0.8)
(0.8)
Purchase of ESOP shares
\u00a0
(17.1)
\u2013
\u2013
(17.1)
Share buyback
\u00a0
\u2013
\u2013
(63.5)
(63.5)
Dividends paid
24
\u2013
\u2013
(61.1)
(61.1)
As at 31 December 2024 and 1 January 2025
\u00a0
(48.5)
11.6
2,682.6
2,645.7
Pro\ufb01t for the year
\u00a0
\u2013
\u2013
52.2
52.2
Remeasurement of de\ufb01ned bene\ufb01t liabilities/assets
\u00a0
\u2013
\u2013
4.4
4.4
Share-based payments
\u00a0
\u2013
3.0
\u2013
3.0
Release of share option reserve on exercised
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
and lapsed options
\u00a0
9.0
(9.0)
\u2013
\u2013
Income tax on items recognised in other
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
comprehensive income
\u00a0
\u2013
\u2013
(2.2)
(2.2)
Share buyback
\u00a0
\u2013
\u2013
(34.8)
(34.8)
Dividends paid
24
\u2013
\u2013
(57.9)
(57.9)
As at 31 December 2025
\u00a0
(39.5)
5.6
2,644.3
2,610.4
23. Other Reserves
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Capital
Cash \ufb02ow
\u00a0 \u00a0
\u00a0
Other
redemption
hedge
Translation
Total other
\u00a0
reserves
reserve
reserve
reserve
reserves
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 31 December 2023 and 1 January 2024
(1,499.3)
\u2013
(0.6)
35.3
(1,464.6)
Exchange di\ufb00erences on translation of the net assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
of foreign operations
\u2013
\u2013
\u2013
(47.8)
(47.8)
Exchange di\ufb00erences on translation of net investment hedges
\u2013
\u2013
\u2013
7.1
7.1
Net change in costs of hedging
\u2013
\u2013
(0.1)
\u2013
(0.1)
Change in the fair value of the hedging instrument
\u2013
\u2013
1.5
\u2013
1.5
Amounts reclassi\ufb01ed from net \ufb01nance costs
\u2013
\u2013
(1.2)
\u2013
(1.2)
Share buyback
\u2013
1.4
\u2013
\u2013
1.4
As at 31 December 2024 and 1 January 2025
(1,499.3)
1.4
(0.4)
(5.4)
(1,503.7)
Exchange di\ufb00erences on translation of the net assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
of foreign operations
\u2013
\u2013
\u2013
(33.4)
(33.4)
Exchange di\ufb00erences on translation of net investment hedges
\u2013
\u2013
\u2013
(7.6)
(7.6)
Net change in costs of hedging
\u2013
\u2013
0.5
\u2013
0.5
Change in the fair value of the hedging instrument
\u2013
\u2013
(1.3)
\u2013
(1.3)
Amounts reclassi\ufb01ed from Net \ufb01nance costs
\u2013
\u2013
1.1
\u2013
1.1
Issue of shares to non-controlling interest
31.8
\u2013
\u2013
\u2013
31.8
Share buyback
\u2013
0.9
\u2013
\u2013
0.9
As at 31 December 2025
(1,467.5)
2.3
(0.1)
(46.4)
(1,511.7)
\n
Within other reserves as at 31 December 2025 is \u00a31,499.0m (2024: \u00a31,499.0m) arising from the demerger of Cookson Group plc.
Of the closing balance in the translation reserve, a \u00a37.4m debit (2024: \u00a311.9m debit) relates to net investment hedging
arrangements put in place on or after 1 January 2018 but discontinued as at the date of the Balance Sheet. The full closing
balance in the cash \ufb02ow hedge reserve relates to continuing hedges.
The cash \ufb02ow hedge reserve balance includes the cost of hedging of \u00a30.1m debit (2024: \u00a30.6m debit).
The issue of 1,150,800 shares in Foseco India Limited (FIL) valued at INR 5,544 per share to the previous shareholders of Morganite
Crucible (India) Limited (MCIL) resulted in a \u00a331.8m increase in other reserves. This re\ufb02ects the di\ufb00erence between the fair value of
the shares issued and the increase in non-controlling interest in Foseco India Limited.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00362": { "value": "23. Other Reserves \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Capital
Cash \ufb02ow
\u00a0 \u00a0
\u00a0
Other
redemption
hedge
Translation
Total other
\u00a0
reserves
reserve
reserve
reserve
reserves
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 31 December 2023 and 1 January 2024
(1,499.3)
\u2013
(0.6)
35.3
(1,464.6)
Exchange di\ufb00erences on translation of the net assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
of foreign operations
\u2013
\u2013
\u2013
(47.8)
(47.8)
Exchange di\ufb00erences on translation of net investment hedges
\u2013
\u2013
\u2013
7.1
7.1
Net change in costs of hedging
\u2013
\u2013
(0.1)
\u2013
(0.1)
Change in the fair value of the hedging instrument
\u2013
\u2013
1.5
\u2013
1.5
Amounts reclassi\ufb01ed from net \ufb01nance costs
\u2013
\u2013
(1.2)
\u2013
(1.2)
Share buyback
\u2013
1.4
\u2013
\u2013
1.4
As at 31 December 2024 and 1 January 2025
(1,499.3)
1.4
(0.4)
(5.4)
(1,503.7)
Exchange di\ufb00erences on translation of the net assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
of foreign operations
\u2013
\u2013
\u2013
(33.4)
(33.4)
Exchange di\ufb00erences on translation of net investment hedges
\u2013
\u2013
\u2013
(7.6)
(7.6)
Net change in costs of hedging
\u2013
\u2013
0.5
\u2013
0.5
Change in the fair value of the hedging instrument
\u2013
\u2013
(1.3)
\u2013
(1.3)
Amounts reclassi\ufb01ed from Net \ufb01nance costs
\u2013
\u2013
1.1
\u2013
1.1
Issue of shares to non-controlling interest
31.8
\u2013
\u2013
\u2013
31.8
Share buyback
\u2013
0.9
\u2013
\u2013
0.9
As at 31 December 2025
(1,467.5)
2.3
(0.1)
(46.4)
(1,511.7)
\n
Within other reserves as at 31 December 2025 is \u00a31,499.0m (2024: \u00a31,499.0m) arising from the demerger of Cookson Group plc.
Of the closing balance in the translation reserve, a \u00a37.4m debit (2024: \u00a311.9m debit) relates to net investment hedging
arrangements put in place on or after 1 January 2018 but discontinued as at the date of the Balance Sheet. The full closing
balance in the cash \ufb02ow hedge reserve relates to continuing hedges.
The cash \ufb02ow hedge reserve balance includes the cost of hedging of \u00a30.1m debit (2024: \u00a30.6m debit).
The issue of 1,150,800 shares in Foseco India Limited (FIL) valued at INR 5,544 per share to the previous shareholders of Morganite
Crucible (India) Limited (MCIL) resulted in a \u00a331.8m increase in other reserves. This re\ufb02ects the di\ufb00erence between the fair value of
the shares issued and the increase in non-controlling interest in Foseco India Limited.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00363": { "value": "24.
Dividends paid to Equity Shareholders
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Amounts recognised as dividends and paid to equity shareholders during the year
\u00a0 \u00a0
Final dividend for the year ended 31 December 2023 of 16.20p per ordinary share
\u2013
42.7
Interim dividend for the year ended 31 December 2024 of 7.10p per ordinary share
\u2013
18.4
Final dividend for the year ended 31 December 2024 of 16.40p per ordinary share
40.4
\u2013
Interim dividend for the year ended 31 December 2025 of 7.10p per ordinary share
17.5
\u2013
\u00a0
57.9
61.1
\n
In addition to the above dividends, since year-end the Directors have recommended the payment of a \ufb01nal dividend of
16.5
pence
(2024:
16.40
pence) per ordinary share (TDIM: VSVS and ISIN: GB00B82YXW83).
This is subject to approval by shareholders at the Company\u2019s Annual General Meeting on 28 May 2026. If approved, the dividend is
expected to be paid on 6 July 2026 to holders of ordinary shares on the register on 29 May 2026. The ordinary shares will be
quoted ex-dividend on 28 May 2026. Any shareholder wishing to participate in the Vesuvius Dividend Reinvestment Plan needs to
have submitted their election to do so by 12 June 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00364": { "value": "0.165", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00365": { "value": "0.164", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00366": { "value": "25.
Financial Risk Management
25.1
Financial risk factors
The Group\u2019s Treasury department, acting in accordance with policies approved by the Board, is principally responsible for
managing the \ufb01nancial risks faced by the Group. The Group\u2019s activities expose it to a variety of \ufb01nancial risks, the most signi\ufb01cant
of which are market risk and liquidity risk.
Analysis of \ufb01nancial instruments
The following table summarises Vesuvius\u2019 \ufb01nancial instruments measured at fair value and shows the level within the fair value
hierarchy in which the \ufb01nancial instruments have been classi\ufb01ed.
\u00a0
2025
2024
\u00a0
Assets
Liabilities
Assets
Liabilities
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Investments (Level 2)
\u2013
\u2013
0.2
\u2013
Derivatives not designated for hedge accounting purposes (Level 2)
0.1
(0.2)
0.1
(0.1)
Derivatives designated for hedge accounting purposes (Level 2)
\u2013
(1.0)
4.6
\u2013
\n
(a) Derivative \ufb01nancial instruments
The Group uses derivatives in the form of forward foreign currency contracts to manage the e\ufb00ects of its exposure to foreign
exchange risk on trade receivables, trade payables and cash. Derivatives are only used for economic hedging purposes and not
as speculative investments.
In 2020, the Group executed a US$86m cross-currency interest rate swap (CCIRS). The e\ufb00ect of this was to convert the $86m
Private Placement Notes issued in 2020 into \u20ac76.6m. US dollar cash \ufb02ows under the CCIRS exactly mirror those of the Private
Placement Notes and the maturity date of the CCIRS matches the repayment date of the Notes. The CCIRS would by default be
revalued through the Income Statement; however, as it is in a designated hedging relationship, it is revalued through other
comprehensive income. The US dollar exposure is designated as a cash \ufb02ow hedge of the Private Placement Notes and the euro
exposure is designated as a net investment hedge of the Group\u2019s foreign operations. The CCIRS is presented as a non-current
asset or liability as it is expected to be settled more than 12 months after the end of the reporting period.
$60m of the Group\u2019s $86m CCIRS matured in June 2025. The remaining $26m is scheduled to mature in June 2027. Upon maturity
of the $60m CCIRS and the corresponding $60m of US Private Placement Loan Notes, amounts previously recognised in the cash
\ufb02ow hedge reserve were reclassi\ufb01ed to the Income Statement. The reclassi\ufb01cation had a net impact on the Income Statement of
nil, as the CCIRS cash \ufb02ows perfectly o\ufb00set those of the US Private Placement Loan Notes.
With the exception of the CCIRS, the fair value of derivatives outstanding at the year-end has been booked through the Income
Statement in 2025. All of the fair values shown in the table above are classi\ufb01ed under IFRS 13 as Level 2 measurements which have
been calculated using quoted prices from active markets, where similar contracts are traded and the quotes re\ufb02ect actual
transactions in similar instruments. All the derivative assets and liabilities not designated for hedge accounting purposes reported
above will mature in 2026.
Derivative \ufb01nancial instruments are subject to International Swaps and Derivatives Association (ISDA) agreements. Derivatives
designated for hedge accounting purposes are presented net \u00a3(1.0)m (2024: \u00a34.6m), of which \u00a30.5m are gross assets and \u00a3(1.5)m
are gross liabilities (2024: gross assets \u00a34.6m and gross liabilities \u00a3nil).
\u00a0
(b) Market risk
Market risk is the risk that either the fair values or the cash \ufb02ows of the Group\u2019s \ufb01nancial instruments may \ufb02uctuate because
of changes in market prices. The Group is principally exposed to market risk through \ufb02uctuations in exchange rates and
interest rates.
Currency risk
The Group Income Statement is exposed to currency risk on monetary items that are denominated in currencies other than the
functional currency of the companies in which they are held. The currency pro\ufb01le of these \ufb01nancial assets and \ufb01nancial liabilities
is shown in the table below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Euro
US dollar
Other
Euro
US dollar
Other
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade and other receivables
54.0
58.6
19.3
40.3
31.3
2.6
Cash at bank
15.0
8.2
1.3
15.9
8.3
1.9
Trade and other payables
(55.2)
(53.6)
(22.9)
(33.6)
(40.4)
(7.9)
Private Placement Notes
(159.5)
(41.6)
\u2013
(163.9)
(92.7)
\u2013
Bank loans and overdrafts
(246.1)
(0.1)
(7.2)
(83.5)
(92.7)
\u2013
Lease liabilities
(1.3)
(0.8)
(1.7)
(0.2)
\u2013
(1.5)
Cross-currency interest rate swaps
(20.2)
19.3
\u2013
(63.4)
68.7
\u2013
Foreign currency forward contracts
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u2013 Buy foreign currency
1.0
2.0
\u2013
1.3
1.2
\u2013
\u2013 Sell foreign currency
(21.3)
(18.0)
\u2013
(23.2)
(16.0)
\u2013
\u00a0
(433.6)
(26.0)
(11.2)
(310.3)
(132.3)
(4.9)
\n
The Group has \u00a3(1.6)m (2024: \u00a3nil) of exchange di\ufb00erences recognised in the Income Statement of which \u00a3(0.2)m arose on the
revaluation of derivatives (2024: \u00a3(0.4)m).
The tables below show the net unhedged monetary assets and liabilities of Group companies that are not denominated in their
functional currency and which could give rise to exchange gains and losses in the Group Income Statement.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Net unhedged monetary (liabilities)/assets
\u00a0
Euro
US dollar
Other
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Functional currency
\u00a0 \u00a0 \u00a0 \u00a0
Sterling
(426.8)
(21.5)
4.2
(444.1)
Other
(6.9)
(4.5)
(7.3)
(18.7)
As at 31 December 2025
(433.7)
(26.0)
(3.1)
(462.8)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Net unhedged monetary (liabilities)/assets
\u00a0
Euro
US dollar
Other
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Functional currency
\u00a0 \u00a0 \u00a0 \u00a0
Sterling
(315.5)
(115.6)
1.0
(430.1)
Other
4.9
(16.0)
(5.7)
(16.8)
As at 31 December 2024
(310.6)
(131.6)
(4.7)
(446.9)
\n
As at 31 December 2025, \u20ac465.0m, $30.0m and \u00a53,598.9m (2024: \u20ac298.0m, $146.0m and \u00a5nil) of borrowings were designated
as hedges of net investments in \u20ac465.0m, $30.0m and \u00a53,598.9m (2024: \u20ac298.0m, $146.0m and \u00a5nil) worth of foreign operations.
In addition, the \u20ac23.2m (2024: \u20ac76.6m) CCIRS liability has been designated as a net investment hedge of a further \u20ac23.2m
(2024: \u20ac76.6m) worth of foreign operations.
As the value of the borrowings and the CCIRS liability exactly matches the designated hedged portion of the net investments, the
relevant hedge ratio is 1:1. The net investment hedges are therefore highly e\ufb00ective. It is noted that hedge ine\ufb00ectiveness would
arise in the event there were insu\ufb03cient euro-denominated foreign operations to be matched against the \u20ac23.2m CCIRS liability.
The total retranslation impact of the borrowings and CCIRS designated as net investment hedges was a loss of \u00a37.6m
(2024: a gain of \u00a37.1m).
The $26.0m CCIRS asset has been designated as a cash \ufb02ow hedge of the $26.0m US Private Placement (USPP) Notes issued in
2020. As all principal and interest cash \ufb02ows under the CCIRS exactly mirror those under the USPP Notes, the cash \ufb02ow hedge is
highly e\ufb00ective. It is noted that hedge ine\ufb00ectiveness would arise in the event of a change in the contractual terms of either the
USPP Notes or the CCIRS.
Hedge e\ufb00ectiveness is determined at inception of the hedge relationship and through periodic e\ufb00ectiveness assessments, to
ensure that an economic relationship exists between the hedged item and hedging instrument.
Interest rate risk
The Group\u2019s interest rate risk principally arises in relation to its borrowings. Where borrowings are held at \ufb02oating rates of interest,
\ufb02uctuations in interest rates expose the Group to variability in the cash \ufb02ows associated with its interest payments, and where
borrowings are held at \ufb01xed rates of interest, \ufb02uctuations in interest rates expose the Group to changes in the fair value of its
borrowings. The Group\u2019s policy is to maintain an appropriate mix of \ufb01xed and \ufb02oating rate borrowings based on the Vesuvius
trading environment, market conditions and other economic factors.
As at 31 December 2025, the Group had $56.0m, \u20ac183.0m and \u00a328.0m (\u00a3229.1m in total) of USPP Notes outstanding
(2024: $116.0m, \u20ac198.0m and \u00a328.0m (\u00a3284.6m in total)), which carry a \ufb01xed rate of interest, representing 38% (2024: 60%)
of the Group\u2019s total borrowings outstanding at that date. The interest rate pro\ufb01le of the Group\u2019s borrowings is detailed in the
tables below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Financial liabilities (net borrowings)
\u00a0
Fixed
Floating
\u00a0
\u00a0
rate
rate
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
Sterling
28.0
74.1
102.1
US dollar
41.6
0.3
41.9
Euro
159.5
246.0
405.5
Renminbi
\u2013
47.2
47.2
Other
\u2013
9.8
9.8
Capitalised arrangement fees
(0.3)
(2.5)
(2.8)
As at 31 December 2025
228.8
374.9
603.7
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Financial liabilities (net borrowings)
\u00a0
Fixed
Floating
\u00a0
\u00a0
rate
rate
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
Sterling
28.0
11.7
39.7
US dollar
92.7
92.8
185.5
Euro
163.9
82.8
246.7
Other
\u2013
2.9
2.9
Capitalised arrangement fees
(0.4)
(0.4)
(0.8)
As at 31 December 2024
284.2
189.8
474.0
\n
Information in respect of the currency risk management of $26.0m of US dollar-denominated \ufb01xed rate \ufb01nancial liabilities is
provided above in Note 25.1(a).
The \ufb02oating rate \ufb01nancial liabilities shown in the tables above bear interest at a market convention reference rate appropriate to
each currency plus a margin. The \ufb01xed rate gross \ufb01nancial liabilities of \u00a3229.1m (2024: \u00a3284.6m) have a weighted average interest
rate of 2.7% (2024: 3.1%) and a weighted average period for which the rate is \ufb01xed of 3.3 years (2024: 3.5 years).
The \ufb01nancial assets attract \ufb02oating rate interest.
Based upon the interest rate pro\ufb01le of the Group\u2019s \ufb01nancial liabilities shown in the tables above, a 1% increase in market interest
rates would increase the \ufb01nance costs charged in the Group Income Statement and the interest paid in the Group Statement of
Cash Flows by \u00a33.8m (2024: \u00a31.9m), and a 1% reduction in market interest rates would decrease the \ufb01nance costs charged in the
Group Income Statement and the interest paid in the Group Statement of Cash Flows by \u00a33.8m (2024: \u00a31.9m).
(c) Credit risk
Credit risk arises from cash and cash equivalents, derivative \ufb01nancial assets and deposits with banks and \ufb01nancial institutions,
as well as credit exposures to customers, including outstanding receivables and other receivables.
(i) Risk management
For banks and \ufb01nancial institutions, apart from certain limited circumstances, Group policy is that only independently rated
entities with a minimum rating of \u2018A-\u2019 are accepted as counterparties. In addition, the Group\u2019s operating companies have policies
and procedures in place to assess the creditworthiness of the customers with whom they do business.
(ii) Impairment of \ufb01nancial assets
The Group subjects trade receivables from sales of inventory and from the provision of services to the expected credit loss model.
Whilst cash and cash equivalents are also subject to the impairment requirements of IFRS 9, the identi\ufb01ed impairment loss
was immaterial.
The Group applies the IFRS 9 simpli\ufb01ed approach to measuring expected credit losses, which uses a lifetime expected loss
allowance for all trade receivables and contract assets. The historical loss rates are adjusted to re\ufb02ect current and forward-
looking information on macroeconomic factors a\ufb00ecting the ability of the customers to settle the receivables. The Group has
identi\ufb01ed the current state of the economy (such as market interest rates or growth rates) and particular industry issues in the
countries in which it sells its goods and services to be the most relevant factors, and accordingly adjusts the historical loss rates
based on expected changes in these factors.
Regardless of the analysis above, a signi\ufb01cant increase in credit risk is presumed if a debtor is more than 30 days past due in
making a contractual payment. Where objective evidence exists that a trade receivable balance may be impaired, provision is
made for the di\ufb00erence between its carrying amount and the present value of the estimated cash that will be recovered.
Evidence of impairment may include such factors as a change in credit risk pro\ufb01le of the customer, the customer being in default
on a contract, or the customer entering bankruptcy or \ufb01nancial reorganisation proceedings. All signi\ufb01cant balances are reviewed
individually for evidence of impairment.
Trade receivables and contract assets are written o\ufb00 when there is no reasonable expectation of recovery.
Where recoveries are made, these are recognised within the Income Statement.
The closing expected credit loss allowance for trade receivables reconciles to the opening loss allowances as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
As at 1 January
22.1
26.6
Decrease in expected credit loss allowance recognised in the Income Statement during the year
(0.8)
(2.9)
Receivables written o\ufb00 during the year as uncollectable
(0.4)
(1.1)
Exchange adjustments
0.4
(0.5)
As at 31 December
21.3
22.1
\n
The credit for the year shown in the table above is recorded within administration, selling and distribution costs in the Group
Income Statement.
Historical experience has shown that the Group\u2019s trade receivable provisions are maintained at levels that are su\ufb03cient to absorb
actual bad debt write-o\ufb00s, without being excessive. The Group considers the credit quality of \ufb01nancial assets that are neither past
due nor impaired as good.
The Group also applies the expected credit loss model under IFRS 9 to other receivables. If, at the reporting date, the credit risk of
the receivables has not increased signi\ufb01cantly since initial recognition, the Group measures the loss allowance at an amount equal
to 12-month expected credit losses. If the credit risk on that receivable has increased signi\ufb01cantly since initial recognition, the
Group measures the loss allowance at an amount equal to the lifetime expected credit losses. The expected credit loss on other
receivables is not material.
(d) Liquidity risk
The Group manages liquidity risk by ensuring it maintains su\ufb03cient levels of committed borrowing facilities and cash, and cash
equivalents to meet its operational cash \ufb02ow requirements and maturing \ufb01nancial liabilities, whilst at all times operating within its
\ufb01nancial covenants. The level of operational headroom provided by the Group\u2019s committed borrowing facilities is reviewed at
least annually as part of the Group\u2019s three-year planning process. Where this process indicates a need for additional \ufb01nance, this is
addressed on a timely basis by means of either additional committed bank facilities or raising \ufb01nance in the capital markets.
With e\ufb00ect from 30 May 2025 commitments under the syndicated bank facility were increased from \u00a3475.0m to \u00a3522.5m. The
Group\u2019s borrowing requirements are met by the USPP and the committed syndicated bank facility of \u00a3522.5m (2024: \u00a3475.0m).
As at 31 December 2025, the Group had committed borrowing facilities of \u00a3751.6m (2024: \u00a3669.6m), of which \u00a3195.5m
(2024: \u00a3202.5m) were undrawn. At December 2025, 100% of these undrawn facilities was due to expire in August 2029; however
in February 2026 the Group exercised its option to request an extension to the committed syndicated bank facility and 100% of
these undrawn facilities is now due to expire in August 2030.
USPP Notes issued as at 31 December 2025 amounted to \u00a3229.1m ($56.0m, \u20ac183.0m and \u00a328.0m) and had a weighted average
period to maturity of 3.3 years (2024: 3.5 years). \u20ac100.0m and $26.0m in 2027, $30.0m in 2028, \u20ac50.0m in 2029 and \u20ac33.0m and
\u00a328.0m in 2031. The maturity analysis of the Group\u2019s gross borrowings (including interest) is shown in the tables below. The cash
\ufb02ows shown are undiscounted.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Between
Between
\u00a0
Total
\u00a0
\u00a0
Within
1 and 2
2 and 5
Over
contractual
Carrying
\u00a0
1 year
years
years
5 years
cash \ufb02ows
amount
As at 31 December 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade and other payables
324.0
\u2013
\u2013
\u2013
324.0
324.0
Loans and overdrafts
20.2
130.5
418.4
57.8
626.9
606.4
Lease liabilities
14.8
10.6
10.6
15.2
51.2
38.3
Capitalised arrangement fees
\u2013
\u2013
\u2013
\u2013
\u2013
(2.8)
Derivative liability
0.1
1.0
\u2013
\u2013
1.1
1.1
Total \ufb01nancial liabilities
359.1
142.1
429.0
73.0
1,003.2
967.0
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Between
Between
\u00a0
Total
\u00a0
\u00a0
Within
1 and 2
2 and 5
Over
contractual
Carrying
\u00a0
1 year
years
years
5 years
cash \ufb02ows
amount
As at 31 December 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade and other payables
*
323.8
\u2013
\u2013
\u2013
323.8
323.8
Loans and overdrafts
76.0
188.7
178.8
57.3
500.8
474.8
Lease liabilities
15.0
11.9
15.7
18.2
60.8
46.2
Capitalised arrangement fees
\u2013
\u2013
\u2013
\u2013
\u2013
(0.8)
Derivative liability
0.1
\u2013
\u2013
\u2013
0.1
0.1
Total \ufb01nancial liabilities
414.9
200.6
194.5
75.5
885.5
844.1
\n
*
Comparative period \ufb01gures were restated to include items classi\ufb01ed as \ufb01nancial liabilities.
Capitalised arrangement fees shown in the tables above, which have been recognised as a reduction in borrowings in the Financial
Statements, amounted to \u00a32.8m as at 31 December 2025 (31 December 2024: \u00a30.8m), of which \u00a30.3m (2024: \u00a30.4m) related to the
USPP and \u00a32.5m (2024: \u00a30.4m) related to the Group\u2019s syndicated bank facility.
The carrying amount of lease liabilities falling due within one year was \u00a312.8m (2024: 15.0m). The carrying amount of lease
liabilities falling due after more than one year was \u00a325.5m (2024: \u00a331.2m).
Presented within interest-bearing borrowings of \u00a3642.0m (2024: \u00a3520.2m) are loans and overdrafts of \u00a3603.7m (2024: \u00a3474.8m),
\ufb01nance lease liabilities of \u00a338.3m (2024: \u00a346.2m) and capitalised arrangement fees of \u00a3(2.8)m (2024: \u00a3(0.8)m).
25.2
Capital management
The Company considers its capital to be equal to the sum of its total equity, disclosed on the Group Balance Sheet, and net debt
(Note 13). It monitors its capital using a number of KPIs, including free cash \ufb02ow, average working capital to sales ratios, net debt
to EBITDA ratios and ROIC (Note 35). The Group\u2019s objectives when managing its capital are:
\u2013
To ensure that the Group and all of its businesses are able to operate as going concerns and ensure that the Group operates
within the \ufb01nancial covenants contained within its debt facilities
\u2013
To have available the necessary \ufb01nancial resources to allow the Group to invest in areas that may deliver acceptable future
returns to investors
\u2013
To maintain su\ufb03cient \ufb01nancial resources to mitigate against risks and unforeseen events
\u2013
To maximise shareholder value through maintaining an appropriate balance between the Group\u2019s equity and net debt
The Group\u2019s committed debt facilities are subject to two covenants \u2013 net debt/EBITDA (under 3.25x) and an interest cover ratio
(at least 4.0x). The Group operated within the requirements of its debt covenants throughout the year and has su\ufb03cient liquidity
headroom within its committed debt facilities. Details of the Group\u2019s covenant compliance and committed debt facilities can be
found in the Strategic Report on page 34 and in the going concern disclosure Note 1.4.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00367": { "value": "The Group\u2019s Treasury department, acting in accordance with policies approved by the Board, is principally responsible for
managing the \ufb01nancial risks faced by the Group. The Group\u2019s activities expose it to a variety of \ufb01nancial risks, the most signi\ufb01cant
of which are market risk and liquidity risk.
Analysis of \ufb01nancial instruments
The following table summarises Vesuvius\u2019 \ufb01nancial instruments measured at fair value and shows the level within the fair value
hierarchy in which the \ufb01nancial instruments have been classi\ufb01ed.
\u00a0
2025
2024
\u00a0
Assets
Liabilities
Assets
Liabilities
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Investments (Level 2)
\u2013
\u2013
0.2
\u2013
Derivatives not designated for hedge accounting purposes (Level 2)
0.1
(0.2)
0.1
(0.1)
Derivatives designated for hedge accounting purposes (Level 2)
\u2013
(1.0)
4.6
\u2013
\n
(a) Derivative \ufb01nancial instruments
The Group uses derivatives in the form of forward foreign currency contracts to manage the e\ufb00ects of its exposure to foreign
exchange risk on trade receivables, trade payables and cash. Derivatives are only used for economic hedging purposes and not
as speculative investments.
In 2020, the Group executed a US$86m cross-currency interest rate swap (CCIRS). The e\ufb00ect of this was to convert the $86m
Private Placement Notes issued in 2020 into \u20ac76.6m. US dollar cash \ufb02ows under the CCIRS exactly mirror those of the Private
Placement Notes and the maturity date of the CCIRS matches the repayment date of the Notes. The CCIRS would by default be
revalued through the Income Statement; however, as it is in a designated hedging relationship, it is revalued through other
comprehensive income. The US dollar exposure is designated as a cash \ufb02ow hedge of the Private Placement Notes and the euro
exposure is designated as a net investment hedge of the Group\u2019s foreign operations. The CCIRS is presented as a non-current
asset or liability as it is expected to be settled more than 12 months after the end of the reporting period.
$60m of the Group\u2019s $86m CCIRS matured in June 2025. The remaining $26m is scheduled to mature in June 2027. Upon maturity
of the $60m CCIRS and the corresponding $60m of US Private Placement Loan Notes, amounts previously recognised in the cash
\ufb02ow hedge reserve were reclassi\ufb01ed to the Income Statement. The reclassi\ufb01cation had a net impact on the Income Statement of
nil, as the CCIRS cash \ufb02ows perfectly o\ufb00set those of the US Private Placement Loan Notes.
With the exception of the CCIRS, the fair value of derivatives outstanding at the year-end has been booked through the Income
Statement in 2025. All of the fair values shown in the table above are classi\ufb01ed under IFRS 13 as Level 2 measurements which have
been calculated using quoted prices from active markets, where similar contracts are traded and the quotes re\ufb02ect actual
transactions in similar instruments. All the derivative assets and liabilities not designated for hedge accounting purposes reported
above will mature in 2026.
Derivative \ufb01nancial instruments are subject to International Swaps and Derivatives Association (ISDA) agreements. Derivatives
designated for hedge accounting purposes are presented net \u00a3(1.0)m (2024: \u00a34.6m), of which \u00a30.5m are gross assets and \u00a3(1.5)m
are gross liabilities (2024: gross assets \u00a34.6m and gross liabilities \u00a3nil).
\u00a0
(b) Market risk
Market risk is the risk that either the fair values or the cash \ufb02ows of the Group\u2019s \ufb01nancial instruments may \ufb02uctuate because
of changes in market prices. The Group is principally exposed to market risk through \ufb02uctuations in exchange rates and
interest rates.
Currency risk
The Group Income Statement is exposed to currency risk on monetary items that are denominated in currencies other than the
functional currency of the companies in which they are held. The currency pro\ufb01le of these \ufb01nancial assets and \ufb01nancial liabilities
is shown in the table below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Euro
US dollar
Other
Euro
US dollar
Other
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade and other receivables
54.0
58.6
19.3
40.3
31.3
2.6
Cash at bank
15.0
8.2
1.3
15.9
8.3
1.9
Trade and other payables
(55.2)
(53.6)
(22.9)
(33.6)
(40.4)
(7.9)
Private Placement Notes
(159.5)
(41.6)
\u2013
(163.9)
(92.7)
\u2013
Bank loans and overdrafts
(246.1)
(0.1)
(7.2)
(83.5)
(92.7)
\u2013
Lease liabilities
(1.3)
(0.8)
(1.7)
(0.2)
\u2013
(1.5)
Cross-currency interest rate swaps
(20.2)
19.3
\u2013
(63.4)
68.7
\u2013
Foreign currency forward contracts
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u2013 Buy foreign currency
1.0
2.0
\u2013
1.3
1.2
\u2013
\u2013 Sell foreign currency
(21.3)
(18.0)
\u2013
(23.2)
(16.0)
\u2013
\u00a0
(433.6)
(26.0)
(11.2)
(310.3)
(132.3)
(4.9)
\n
The Group has \u00a3(1.6)m (2024: \u00a3nil) of exchange di\ufb00erences recognised in the Income Statement of which \u00a3(0.2)m arose on the
revaluation of derivatives (2024: \u00a3(0.4)m).
The tables below show the net unhedged monetary assets and liabilities of Group companies that are not denominated in their
functional currency and which could give rise to exchange gains and losses in the Group Income Statement.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Net unhedged monetary (liabilities)/assets
\u00a0
Euro
US dollar
Other
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Functional currency
\u00a0 \u00a0 \u00a0 \u00a0
Sterling
(426.8)
(21.5)
4.2
(444.1)
Other
(6.9)
(4.5)
(7.3)
(18.7)
As at 31 December 2025
(433.7)
(26.0)
(3.1)
(462.8)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Net unhedged monetary (liabilities)/assets
\u00a0
Euro
US dollar
Other
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Functional currency
\u00a0 \u00a0 \u00a0 \u00a0
Sterling
(315.5)
(115.6)
1.0
(430.1)
Other
4.9
(16.0)
(5.7)
(16.8)
As at 31 December 2024
(310.6)
(131.6)
(4.7)
(446.9)
\n
As at 31 December 2025, \u20ac465.0m, $30.0m and \u00a53,598.9m (2024: \u20ac298.0m, $146.0m and \u00a5nil) of borrowings were designated
as hedges of net investments in \u20ac465.0m, $30.0m and \u00a53,598.9m (2024: \u20ac298.0m, $146.0m and \u00a5nil) worth of foreign operations.
In addition, the \u20ac23.2m (2024: \u20ac76.6m) CCIRS liability has been designated as a net investment hedge of a further \u20ac23.2m
(2024: \u20ac76.6m) worth of foreign operations.
As the value of the borrowings and the CCIRS liability exactly matches the designated hedged portion of the net investments, the
relevant hedge ratio is 1:1. The net investment hedges are therefore highly e\ufb00ective. It is noted that hedge ine\ufb00ectiveness would
arise in the event there were insu\ufb03cient euro-denominated foreign operations to be matched against the \u20ac23.2m CCIRS liability.
The total retranslation impact of the borrowings and CCIRS designated as net investment hedges was a loss of \u00a37.6m
(2024: a gain of \u00a37.1m).
The $26.0m CCIRS asset has been designated as a cash \ufb02ow hedge of the $26.0m US Private Placement (USPP) Notes issued in
2020. As all principal and interest cash \ufb02ows under the CCIRS exactly mirror those under the USPP Notes, the cash \ufb02ow hedge is
highly e\ufb00ective. It is noted that hedge ine\ufb00ectiveness would arise in the event of a change in the contractual terms of either the
USPP Notes or the CCIRS.
Hedge e\ufb00ectiveness is determined at inception of the hedge relationship and through periodic e\ufb00ectiveness assessments, to
ensure that an economic relationship exists between the hedged item and hedging instrument.
Interest rate risk
The Group\u2019s interest rate risk principally arises in relation to its borrowings. Where borrowings are held at \ufb02oating rates of interest,
\ufb02uctuations in interest rates expose the Group to variability in the cash \ufb02ows associated with its interest payments, and where
borrowings are held at \ufb01xed rates of interest, \ufb02uctuations in interest rates expose the Group to changes in the fair value of its
borrowings. The Group\u2019s policy is to maintain an appropriate mix of \ufb01xed and \ufb02oating rate borrowings based on the Vesuvius
trading environment, market conditions and other economic factors.
As at 31 December 2025, the Group had $56.0m, \u20ac183.0m and \u00a328.0m (\u00a3229.1m in total) of USPP Notes outstanding
(2024: $116.0m, \u20ac198.0m and \u00a328.0m (\u00a3284.6m in total)), which carry a \ufb01xed rate of interest, representing 38% (2024: 60%)
of the Group\u2019s total borrowings outstanding at that date. The interest rate pro\ufb01le of the Group\u2019s borrowings is detailed in the
tables below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Financial liabilities (net borrowings)
\u00a0
Fixed
Floating
\u00a0
\u00a0
rate
rate
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
Sterling
28.0
74.1
102.1
US dollar
41.6
0.3
41.9
Euro
159.5
246.0
405.5
Renminbi
\u2013
47.2
47.2
Other
\u2013
9.8
9.8
Capitalised arrangement fees
(0.3)
(2.5)
(2.8)
As at 31 December 2025
228.8
374.9
603.7
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Financial liabilities (net borrowings)
\u00a0
Fixed
Floating
\u00a0
\u00a0
rate
rate
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
Sterling
28.0
11.7
39.7
US dollar
92.7
92.8
185.5
Euro
163.9
82.8
246.7
Other
\u2013
2.9
2.9
Capitalised arrangement fees
(0.4)
(0.4)
(0.8)
As at 31 December 2024
284.2
189.8
474.0
\n
Information in respect of the currency risk management of $26.0m of US dollar-denominated \ufb01xed rate \ufb01nancial liabilities is
provided above in Note 25.1(a).
The \ufb02oating rate \ufb01nancial liabilities shown in the tables above bear interest at a market convention reference rate appropriate to
each currency plus a margin. The \ufb01xed rate gross \ufb01nancial liabilities of \u00a3229.1m (2024: \u00a3284.6m) have a weighted average interest
rate of 2.7% (2024: 3.1%) and a weighted average period for which the rate is \ufb01xed of 3.3 years (2024: 3.5 years).
The \ufb01nancial assets attract \ufb02oating rate interest.
Based upon the interest rate pro\ufb01le of the Group\u2019s \ufb01nancial liabilities shown in the tables above, a 1% increase in market interest
rates would increase the \ufb01nance costs charged in the Group Income Statement and the interest paid in the Group Statement of
Cash Flows by \u00a33.8m (2024: \u00a31.9m), and a 1% reduction in market interest rates would decrease the \ufb01nance costs charged in the
Group Income Statement and the interest paid in the Group Statement of Cash Flows by \u00a33.8m (2024: \u00a31.9m).
(c) Credit risk
Credit risk arises from cash and cash equivalents, derivative \ufb01nancial assets and deposits with banks and \ufb01nancial institutions,
as well as credit exposures to customers, including outstanding receivables and other receivables.
(i) Risk management
For banks and \ufb01nancial institutions, apart from certain limited circumstances, Group policy is that only independently rated
entities with a minimum rating of \u2018A-\u2019 are accepted as counterparties. In addition, the Group\u2019s operating companies have policies
and procedures in place to assess the creditworthiness of the customers with whom they do business.
(ii) Impairment of \ufb01nancial assets
The Group subjects trade receivables from sales of inventory and from the provision of services to the expected credit loss model.
Whilst cash and cash equivalents are also subject to the impairment requirements of IFRS 9, the identi\ufb01ed impairment loss
was immaterial.
The Group applies the IFRS 9 simpli\ufb01ed approach to measuring expected credit losses, which uses a lifetime expected loss
allowance for all trade receivables and contract assets. The historical loss rates are adjusted to re\ufb02ect current and forward-
looking information on macroeconomic factors a\ufb00ecting the ability of the customers to settle the receivables. The Group has
identi\ufb01ed the current state of the economy (such as market interest rates or growth rates) and particular industry issues in the
countries in which it sells its goods and services to be the most relevant factors, and accordingly adjusts the historical loss rates
based on expected changes in these factors.
Regardless of the analysis above, a signi\ufb01cant increase in credit risk is presumed if a debtor is more than 30 days past due in
making a contractual payment. Where objective evidence exists that a trade receivable balance may be impaired, provision is
made for the di\ufb00erence between its carrying amount and the present value of the estimated cash that will be recovered.
Evidence of impairment may include such factors as a change in credit risk pro\ufb01le of the customer, the customer being in default
on a contract, or the customer entering bankruptcy or \ufb01nancial reorganisation proceedings. All signi\ufb01cant balances are reviewed
individually for evidence of impairment.
Trade receivables and contract assets are written o\ufb00 when there is no reasonable expectation of recovery.
Where recoveries are made, these are recognised within the Income Statement.
The closing expected credit loss allowance for trade receivables reconciles to the opening loss allowances as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
As at 1 January
22.1
26.6
Decrease in expected credit loss allowance recognised in the Income Statement during the year
(0.8)
(2.9)
Receivables written o\ufb00 during the year as uncollectable
(0.4)
(1.1)
Exchange adjustments
0.4
(0.5)
As at 31 December
21.3
22.1
\n
The credit for the year shown in the table above is recorded within administration, selling and distribution costs in the Group
Income Statement.
Historical experience has shown that the Group\u2019s trade receivable provisions are maintained at levels that are su\ufb03cient to absorb
actual bad debt write-o\ufb00s, without being excessive. The Group considers the credit quality of \ufb01nancial assets that are neither past
due nor impaired as good.
The Group also applies the expected credit loss model under IFRS 9 to other receivables. If, at the reporting date, the credit risk of
the receivables has not increased signi\ufb01cantly since initial recognition, the Group measures the loss allowance at an amount equal
to 12-month expected credit losses. If the credit risk on that receivable has increased signi\ufb01cantly since initial recognition, the
Group measures the loss allowance at an amount equal to the lifetime expected credit losses. The expected credit loss on other
receivables is not material.
(d) Liquidity risk
The Group manages liquidity risk by ensuring it maintains su\ufb03cient levels of committed borrowing facilities and cash, and cash
equivalents to meet its operational cash \ufb02ow requirements and maturing \ufb01nancial liabilities, whilst at all times operating within its
\ufb01nancial covenants. The level of operational headroom provided by the Group\u2019s committed borrowing facilities is reviewed at
least annually as part of the Group\u2019s three-year planning process. Where this process indicates a need for additional \ufb01nance, this is
addressed on a timely basis by means of either additional committed bank facilities or raising \ufb01nance in the capital markets.
With e\ufb00ect from 30 May 2025 commitments under the syndicated bank facility were increased from \u00a3475.0m to \u00a3522.5m. The
Group\u2019s borrowing requirements are met by the USPP and the committed syndicated bank facility of \u00a3522.5m (2024: \u00a3475.0m).
As at 31 December 2025, the Group had committed borrowing facilities of \u00a3751.6m (2024: \u00a3669.6m), of which \u00a3195.5m
(2024: \u00a3202.5m) were undrawn. At December 2025, 100% of these undrawn facilities was due to expire in August 2029; however
in February 2026 the Group exercised its option to request an extension to the committed syndicated bank facility and 100% of
these undrawn facilities is now due to expire in August 2030.
USPP Notes issued as at 31 December 2025 amounted to \u00a3229.1m ($56.0m, \u20ac183.0m and \u00a328.0m) and had a weighted average
period to maturity of 3.3 years (2024: 3.5 years). \u20ac100.0m and $26.0m in 2027, $30.0m in 2028, \u20ac50.0m in 2029 and \u20ac33.0m and
\u00a328.0m in 2031. The maturity analysis of the Group\u2019s gross borrowings (including interest) is shown in the tables below. The cash
\ufb02ows shown are undiscounted.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Between
Between
\u00a0
Total
\u00a0
\u00a0
Within
1 and 2
2 and 5
Over
contractual
Carrying
\u00a0
1 year
years
years
5 years
cash \ufb02ows
amount
As at 31 December 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade and other payables
324.0
\u2013
\u2013
\u2013
324.0
324.0
Loans and overdrafts
20.2
130.5
418.4
57.8
626.9
606.4
Lease liabilities
14.8
10.6
10.6
15.2
51.2
38.3
Capitalised arrangement fees
\u2013
\u2013
\u2013
\u2013
\u2013
(2.8)
Derivative liability
0.1
1.0
\u2013
\u2013
1.1
1.1
Total \ufb01nancial liabilities
359.1
142.1
429.0
73.0
1,003.2
967.0
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Between
Between
\u00a0
Total
\u00a0
\u00a0
Within
1 and 2
2 and 5
Over
contractual
Carrying
\u00a0
1 year
years
years
5 years
cash \ufb02ows
amount
As at 31 December 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade and other payables
*
323.8
\u2013
\u2013
\u2013
323.8
323.8
Loans and overdrafts
76.0
188.7
178.8
57.3
500.8
474.8
Lease liabilities
15.0
11.9
15.7
18.2
60.8
46.2
Capitalised arrangement fees
\u2013
\u2013
\u2013
\u2013
\u2013
(0.8)
Derivative liability
0.1
\u2013
\u2013
\u2013
0.1
0.1
Total \ufb01nancial liabilities
414.9
200.6
194.5
75.5
885.5
844.1
\n
*
Comparative period \ufb01gures were restated to include items classi\ufb01ed as \ufb01nancial liabilities.
Capitalised arrangement fees shown in the tables above, which have been recognised as a reduction in borrowings in the Financial
Statements, amounted to \u00a32.8m as at 31 December 2025 (31 December 2024: \u00a30.8m), of which \u00a30.3m (2024: \u00a30.4m) related to the
USPP and \u00a32.5m (2024: \u00a30.4m) related to the Group\u2019s syndicated bank facility.
The carrying amount of lease liabilities falling due within one year was \u00a312.8m (2024: 15.0m). The carrying amount of lease
liabilities falling due after more than one year was \u00a325.5m (2024: \u00a331.2m).
Presented within interest-bearing borrowings of \u00a3642.0m (2024: \u00a3520.2m) are loans and overdrafts of \u00a3603.7m (2024: \u00a3474.8m),
\ufb01nance lease liabilities of \u00a338.3m (2024: \u00a346.2m) and capitalised arrangement fees of \u00a3(2.8)m (2024: \u00a3(0.8)m).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00368": { "value": "Analysis of \ufb01nancial instruments
The following table summarises Vesuvius\u2019 \ufb01nancial instruments measured at fair value and shows the level within the fair value
hierarchy in which the \ufb01nancial instruments have been classi\ufb01ed.
\u00a0
2025
2024
\u00a0
Assets
Liabilities
Assets
Liabilities
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Investments (Level 2)
\u2013
\u2013
0.2
\u2013
Derivatives not designated for hedge accounting purposes (Level 2)
0.1
(0.2)
0.1
(0.1)
Derivatives designated for hedge accounting purposes (Level 2)
\u2013
(1.0)
4.6
\u2013
\n
(a) Derivative \ufb01nancial instruments
The Group uses derivatives in the form of forward foreign currency contracts to manage the e\ufb00ects of its exposure to foreign
exchange risk on trade receivables, trade payables and cash. Derivatives are only used for economic hedging purposes and not
as speculative investments.
In 2020, the Group executed a US$86m cross-currency interest rate swap (CCIRS). The e\ufb00ect of this was to convert the $86m
Private Placement Notes issued in 2020 into \u20ac76.6m. US dollar cash \ufb02ows under the CCIRS exactly mirror those of the Private
Placement Notes and the maturity date of the CCIRS matches the repayment date of the Notes. The CCIRS would by default be
revalued through the Income Statement; however, as it is in a designated hedging relationship, it is revalued through other
comprehensive income. The US dollar exposure is designated as a cash \ufb02ow hedge of the Private Placement Notes and the euro
exposure is designated as a net investment hedge of the Group\u2019s foreign operations. The CCIRS is presented as a non-current
asset or liability as it is expected to be settled more than 12 months after the end of the reporting period.
$60m of the Group\u2019s $86m CCIRS matured in June 2025. The remaining $26m is scheduled to mature in June 2027. Upon maturity
of the $60m CCIRS and the corresponding $60m of US Private Placement Loan Notes, amounts previously recognised in the cash
\ufb02ow hedge reserve were reclassi\ufb01ed to the Income Statement. The reclassi\ufb01cation had a net impact on the Income Statement of
nil, as the CCIRS cash \ufb02ows perfectly o\ufb00set those of the US Private Placement Loan Notes.
With the exception of the CCIRS, the fair value of derivatives outstanding at the year-end has been booked through the Income
Statement in 2025. All of the fair values shown in the table above are classi\ufb01ed under IFRS 13 as Level 2 measurements which have
been calculated using quoted prices from active markets, where similar contracts are traded and the quotes re\ufb02ect actual
transactions in similar instruments. All the derivative assets and liabilities not designated for hedge accounting purposes reported
above will mature in 2026.
Derivative \ufb01nancial instruments are subject to International Swaps and Derivatives Association (ISDA) agreements. Derivatives
designated for hedge accounting purposes are presented net \u00a3(1.0)m (2024: \u00a34.6m), of which \u00a30.5m are gross assets and \u00a3(1.5)m
are gross liabilities (2024: gross assets \u00a34.6m and gross liabilities \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00369": { "value": "(a) Derivative \ufb01nancial instruments
The Group uses derivatives in the form of forward foreign currency contracts to manage the e\ufb00ects of its exposure to foreign
exchange risk on trade receivables, trade payables and cash. Derivatives are only used for economic hedging purposes and not
as speculative investments.
In 2020, the Group executed a US$86m cross-currency interest rate swap (CCIRS). The e\ufb00ect of this was to convert the $86m
Private Placement Notes issued in 2020 into \u20ac76.6m. US dollar cash \ufb02ows under the CCIRS exactly mirror those of the Private
Placement Notes and the maturity date of the CCIRS matches the repayment date of the Notes. The CCIRS would by default be
revalued through the Income Statement; however, as it is in a designated hedging relationship, it is revalued through other
comprehensive income. The US dollar exposure is designated as a cash \ufb02ow hedge of the Private Placement Notes and the euro
exposure is designated as a net investment hedge of the Group\u2019s foreign operations. The CCIRS is presented as a non-current
asset or liability as it is expected to be settled more than 12 months after the end of the reporting period.
$60m of the Group\u2019s $86m CCIRS matured in June 2025. The remaining $26m is scheduled to mature in June 2027. Upon maturity
of the $60m CCIRS and the corresponding $60m of US Private Placement Loan Notes, amounts previously recognised in the cash
\ufb02ow hedge reserve were reclassi\ufb01ed to the Income Statement. The reclassi\ufb01cation had a net impact on the Income Statement of
nil, as the CCIRS cash \ufb02ows perfectly o\ufb00set those of the US Private Placement Loan Notes.
With the exception of the CCIRS, the fair value of derivatives outstanding at the year-end has been booked through the Income
Statement in 2025. All of the fair values shown in the table above are classi\ufb01ed under IFRS 13 as Level 2 measurements which have
been calculated using quoted prices from active markets, where similar contracts are traded and the quotes re\ufb02ect actual
transactions in similar instruments. All the derivative assets and liabilities not designated for hedge accounting purposes reported
above will mature in 2026.
Derivative \ufb01nancial instruments are subject to International Swaps and Derivatives Association (ISDA) agreements. Derivatives
designated for hedge accounting purposes are presented net \u00a3(1.0)m (2024: \u00a34.6m), of which \u00a30.5m are gross assets and \u00a3(1.5)m
are gross liabilities (2024: gross assets \u00a34.6m and gross liabilities \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00370": { "value": "(b) Market risk
Market risk is the risk that either the fair values or the cash \ufb02ows of the Group\u2019s \ufb01nancial instruments may \ufb02uctuate because
of changes in market prices. The Group is principally exposed to market risk through \ufb02uctuations in exchange rates and
interest rates.
Currency risk
The Group Income Statement is exposed to currency risk on monetary items that are denominated in currencies other than the
functional currency of the companies in which they are held. The currency pro\ufb01le of these \ufb01nancial assets and \ufb01nancial liabilities
is shown in the table below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Euro
US dollar
Other
Euro
US dollar
Other
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade and other receivables
54.0
58.6
19.3
40.3
31.3
2.6
Cash at bank
15.0
8.2
1.3
15.9
8.3
1.9
Trade and other payables
(55.2)
(53.6)
(22.9)
(33.6)
(40.4)
(7.9)
Private Placement Notes
(159.5)
(41.6)
\u2013
(163.9)
(92.7)
\u2013
Bank loans and overdrafts
(246.1)
(0.1)
(7.2)
(83.5)
(92.7)
\u2013
Lease liabilities
(1.3)
(0.8)
(1.7)
(0.2)
\u2013
(1.5)
Cross-currency interest rate swaps
(20.2)
19.3
\u2013
(63.4)
68.7
\u2013
Foreign currency forward contracts
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u2013 Buy foreign currency
1.0
2.0
\u2013
1.3
1.2
\u2013
\u2013 Sell foreign currency
(21.3)
(18.0)
\u2013
(23.2)
(16.0)
\u2013
\u00a0
(433.6)
(26.0)
(11.2)
(310.3)
(132.3)
(4.9)
\n
The Group has \u00a3(1.6)m (2024: \u00a3nil) of exchange di\ufb00erences recognised in the Income Statement of which \u00a3(0.2)m arose on the
revaluation of derivatives (2024: \u00a3(0.4)m).
The tables below show the net unhedged monetary assets and liabilities of Group companies that are not denominated in their
functional currency and which could give rise to exchange gains and losses in the Group Income Statement.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Net unhedged monetary (liabilities)/assets
\u00a0
Euro
US dollar
Other
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Functional currency
\u00a0 \u00a0 \u00a0 \u00a0
Sterling
(426.8)
(21.5)
4.2
(444.1)
Other
(6.9)
(4.5)
(7.3)
(18.7)
As at 31 December 2025
(433.7)
(26.0)
(3.1)
(462.8)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Net unhedged monetary (liabilities)/assets
\u00a0
Euro
US dollar
Other
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Functional currency
\u00a0 \u00a0 \u00a0 \u00a0
Sterling
(315.5)
(115.6)
1.0
(430.1)
Other
4.9
(16.0)
(5.7)
(16.8)
As at 31 December 2024
(310.6)
(131.6)
(4.7)
(446.9)
\n
As at 31 December 2025, \u20ac465.0m, $30.0m and \u00a53,598.9m (2024: \u20ac298.0m, $146.0m and \u00a5nil) of borrowings were designated
as hedges of net investments in \u20ac465.0m, $30.0m and \u00a53,598.9m (2024: \u20ac298.0m, $146.0m and \u00a5nil) worth of foreign operations.
In addition, the \u20ac23.2m (2024: \u20ac76.6m) CCIRS liability has been designated as a net investment hedge of a further \u20ac23.2m
(2024: \u20ac76.6m) worth of foreign operations.
As the value of the borrowings and the CCIRS liability exactly matches the designated hedged portion of the net investments, the
relevant hedge ratio is 1:1. The net investment hedges are therefore highly e\ufb00ective. It is noted that hedge ine\ufb00ectiveness would
arise in the event there were insu\ufb03cient euro-denominated foreign operations to be matched against the \u20ac23.2m CCIRS liability.
The total retranslation impact of the borrowings and CCIRS designated as net investment hedges was a loss of \u00a37.6m
(2024: a gain of \u00a37.1m).
The $26.0m CCIRS asset has been designated as a cash \ufb02ow hedge of the $26.0m US Private Placement (USPP) Notes issued in
2020. As all principal and interest cash \ufb02ows under the CCIRS exactly mirror those under the USPP Notes, the cash \ufb02ow hedge is
highly e\ufb00ective. It is noted that hedge ine\ufb00ectiveness would arise in the event of a change in the contractual terms of either the
USPP Notes or the CCIRS.
Hedge e\ufb00ectiveness is determined at inception of the hedge relationship and through periodic e\ufb00ectiveness assessments, to
ensure that an economic relationship exists between the hedged item and hedging instrument.
Interest rate risk
The Group\u2019s interest rate risk principally arises in relation to its borrowings. Where borrowings are held at \ufb02oating rates of interest,
\ufb02uctuations in interest rates expose the Group to variability in the cash \ufb02ows associated with its interest payments, and where
borrowings are held at \ufb01xed rates of interest, \ufb02uctuations in interest rates expose the Group to changes in the fair value of its
borrowings. The Group\u2019s policy is to maintain an appropriate mix of \ufb01xed and \ufb02oating rate borrowings based on the Vesuvius
trading environment, market conditions and other economic factors.
As at 31 December 2025, the Group had $56.0m, \u20ac183.0m and \u00a328.0m (\u00a3229.1m in total) of USPP Notes outstanding
(2024: $116.0m, \u20ac198.0m and \u00a328.0m (\u00a3284.6m in total)), which carry a \ufb01xed rate of interest, representing 38% (2024: 60%)
of the Group\u2019s total borrowings outstanding at that date. The interest rate pro\ufb01le of the Group\u2019s borrowings is detailed in the
tables below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Financial liabilities (net borrowings)
\u00a0
Fixed
Floating
\u00a0
\u00a0
rate
rate
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
Sterling
28.0
74.1
102.1
US dollar
41.6
0.3
41.9
Euro
159.5
246.0
405.5
Renminbi
\u2013
47.2
47.2
Other
\u2013
9.8
9.8
Capitalised arrangement fees
(0.3)
(2.5)
(2.8)
As at 31 December 2025
228.8
374.9
603.7
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Financial liabilities (net borrowings)
\u00a0
Fixed
Floating
\u00a0
\u00a0
rate
rate
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
Sterling
28.0
11.7
39.7
US dollar
92.7
92.8
185.5
Euro
163.9
82.8
246.7
Other
\u2013
2.9
2.9
Capitalised arrangement fees
(0.4)
(0.4)
(0.8)
As at 31 December 2024
284.2
189.8
474.0
\n
Information in respect of the currency risk management of $26.0m of US dollar-denominated \ufb01xed rate \ufb01nancial liabilities is
provided above in Note 25.1(a).
The \ufb02oating rate \ufb01nancial liabilities shown in the tables above bear interest at a market convention reference rate appropriate to
each currency plus a margin. The \ufb01xed rate gross \ufb01nancial liabilities of \u00a3229.1m (2024: \u00a3284.6m) have a weighted average interest
rate of 2.7% (2024: 3.1%) and a weighted average period for which the rate is \ufb01xed of 3.3 years (2024: 3.5 years).
The \ufb01nancial assets attract \ufb02oating rate interest.
Based upon the interest rate pro\ufb01le of the Group\u2019s \ufb01nancial liabilities shown in the tables above, a 1% increase in market interest
rates would increase the \ufb01nance costs charged in the Group Income Statement and the interest paid in the Group Statement of
Cash Flows by \u00a33.8m (2024: \u00a31.9m), and a 1% reduction in market interest rates would decrease the \ufb01nance costs charged in the
Group Income Statement and the interest paid in the Group Statement of Cash Flows by \u00a33.8m (2024: \u00a31.9m).", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00371": { "value": "(c) Credit risk
Credit risk arises from cash and cash equivalents, derivative \ufb01nancial assets and deposits with banks and \ufb01nancial institutions,
as well as credit exposures to customers, including outstanding receivables and other receivables.
(i) Risk management
For banks and \ufb01nancial institutions, apart from certain limited circumstances, Group policy is that only independently rated
entities with a minimum rating of \u2018A-\u2019 are accepted as counterparties. In addition, the Group\u2019s operating companies have policies
and procedures in place to assess the creditworthiness of the customers with whom they do business.
(ii) Impairment of \ufb01nancial assets
The Group subjects trade receivables from sales of inventory and from the provision of services to the expected credit loss model.
Whilst cash and cash equivalents are also subject to the impairment requirements of IFRS 9, the identi\ufb01ed impairment loss
was immaterial.
The Group applies the IFRS 9 simpli\ufb01ed approach to measuring expected credit losses, which uses a lifetime expected loss
allowance for all trade receivables and contract assets. The historical loss rates are adjusted to re\ufb02ect current and forward-
looking information on macroeconomic factors a\ufb00ecting the ability of the customers to settle the receivables. The Group has
identi\ufb01ed the current state of the economy (such as market interest rates or growth rates) and particular industry issues in the
countries in which it sells its goods and services to be the most relevant factors, and accordingly adjusts the historical loss rates
based on expected changes in these factors.
Regardless of the analysis above, a signi\ufb01cant increase in credit risk is presumed if a debtor is more than 30 days past due in
making a contractual payment. Where objective evidence exists that a trade receivable balance may be impaired, provision is
made for the di\ufb00erence between its carrying amount and the present value of the estimated cash that will be recovered.
Evidence of impairment may include such factors as a change in credit risk pro\ufb01le of the customer, the customer being in default
on a contract, or the customer entering bankruptcy or \ufb01nancial reorganisation proceedings. All signi\ufb01cant balances are reviewed
individually for evidence of impairment.
Trade receivables and contract assets are written o\ufb00 when there is no reasonable expectation of recovery.
Where recoveries are made, these are recognised within the Income Statement.
The closing expected credit loss allowance for trade receivables reconciles to the opening loss allowances as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
As at 1 January
22.1
26.6
Decrease in expected credit loss allowance recognised in the Income Statement during the year
(0.8)
(2.9)
Receivables written o\ufb00 during the year as uncollectable
(0.4)
(1.1)
Exchange adjustments
0.4
(0.5)
As at 31 December
21.3
22.1
\n
The credit for the year shown in the table above is recorded within administration, selling and distribution costs in the Group
Income Statement.
Historical experience has shown that the Group\u2019s trade receivable provisions are maintained at levels that are su\ufb03cient to absorb
actual bad debt write-o\ufb00s, without being excessive. The Group considers the credit quality of \ufb01nancial assets that are neither past
due nor impaired as good.
The Group also applies the expected credit loss model under IFRS 9 to other receivables. If, at the reporting date, the credit risk of
the receivables has not increased signi\ufb01cantly since initial recognition, the Group measures the loss allowance at an amount equal
to 12-month expected credit losses. If the credit risk on that receivable has increased signi\ufb01cantly since initial recognition, the
Group measures the loss allowance at an amount equal to the lifetime expected credit losses. The expected credit loss on other
receivables is not material. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00519": { "value": "(ii) Impairment of \ufb01nancial assets
The Group subjects trade receivables from sales of inventory and from the provision of services to the expected credit loss model.
Whilst cash and cash equivalents are also subject to the impairment requirements of IFRS 9, the identi\ufb01ed impairment loss
was immaterial.
The Group applies the IFRS 9 simpli\ufb01ed approach to measuring expected credit losses, which uses a lifetime expected loss
allowance for all trade receivables and contract assets. The historical loss rates are adjusted to re\ufb02ect current and forward-
looking information on macroeconomic factors a\ufb00ecting the ability of the customers to settle the receivables. The Group has
identi\ufb01ed the current state of the economy (such as market interest rates or growth rates) and particular industry issues in the
countries in which it sells its goods and services to be the most relevant factors, and accordingly adjusts the historical loss rates
based on expected changes in these factors.
Regardless of the analysis above, a signi\ufb01cant increase in credit risk is presumed if a debtor is more than 30 days past due in
making a contractual payment. Where objective evidence exists that a trade receivable balance may be impaired, provision is
made for the di\ufb00erence between its carrying amount and the present value of the estimated cash that will be recovered.
Evidence of impairment may include such factors as a change in credit risk pro\ufb01le of the customer, the customer being in default
on a contract, or the customer entering bankruptcy or \ufb01nancial reorganisation proceedings. All signi\ufb01cant balances are reviewed
individually for evidence of impairment.
Trade receivables and contract assets are written o\ufb00 when there is no reasonable expectation of recovery.
Where recoveries are made, these are recognised within the Income Statement.
The closing expected credit loss allowance for trade receivables reconciles to the opening loss allowances as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
As at 1 January
22.1
26.6
Decrease in expected credit loss allowance recognised in the Income Statement during the year
(0.8)
(2.9)
Receivables written o\ufb00 during the year as uncollectable
(0.4)
(1.1)
Exchange adjustments
0.4
(0.5)
As at 31 December
21.3
22.1
\n
The credit for the year shown in the table above is recorded within administration, selling and distribution costs in the Group
Income Statement.
Historical experience has shown that the Group\u2019s trade receivable provisions are maintained at levels that are su\ufb03cient to absorb
actual bad debt write-o\ufb00s, without being excessive. The Group considers the credit quality of \ufb01nancial assets that are neither past
due nor impaired as good.
The Group also applies the expected credit loss model under IFRS 9 to other receivables. If, at the reporting date, the credit risk of
the receivables has not increased signi\ufb01cantly since initial recognition, the Group measures the loss allowance at an amount equal
to 12-month expected credit losses. If the credit risk on that receivable has increased signi\ufb01cantly since initial recognition, the
Group measures the loss allowance at an amount equal to the lifetime expected credit losses. The expected credit loss on other
receivables is not material. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00372": { "value": "(d) Liquidity risk
The Group manages liquidity risk by ensuring it maintains su\ufb03cient levels of committed borrowing facilities and cash, and cash
equivalents to meet its operational cash \ufb02ow requirements and maturing \ufb01nancial liabilities, whilst at all times operating within its
\ufb01nancial covenants. The level of operational headroom provided by the Group\u2019s committed borrowing facilities is reviewed at
least annually as part of the Group\u2019s three-year planning process. Where this process indicates a need for additional \ufb01nance, this is
addressed on a timely basis by means of either additional committed bank facilities or raising \ufb01nance in the capital markets.
With e\ufb00ect from 30 May 2025 commitments under the syndicated bank facility were increased from \u00a3475.0m to \u00a3522.5m. The
Group\u2019s borrowing requirements are met by the USPP and the committed syndicated bank facility of \u00a3522.5m (2024: \u00a3475.0m).
As at 31 December 2025, the Group had committed borrowing facilities of \u00a3751.6m (2024: \u00a3669.6m), of which \u00a3195.5m
(2024: \u00a3202.5m) were undrawn. At December 2025, 100% of these undrawn facilities was due to expire in August 2029; however
in February 2026 the Group exercised its option to request an extension to the committed syndicated bank facility and 100% of
these undrawn facilities is now due to expire in August 2030.
USPP Notes issued as at 31 December 2025 amounted to \u00a3229.1m ($56.0m, \u20ac183.0m and \u00a328.0m) and had a weighted average
period to maturity of 3.3 years (2024: 3.5 years). \u20ac100.0m and $26.0m in 2027, $30.0m in 2028, \u20ac50.0m in 2029 and \u20ac33.0m and
\u00a328.0m in 2031. The maturity analysis of the Group\u2019s gross borrowings (including interest) is shown in the tables below. The cash
\ufb02ows shown are undiscounted.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Between
Between
\u00a0
Total
\u00a0
\u00a0
Within
1 and 2
2 and 5
Over
contractual
Carrying
\u00a0
1 year
years
years
5 years
cash \ufb02ows
amount
As at 31 December 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade and other payables
324.0
\u2013
\u2013
\u2013
324.0
324.0
Loans and overdrafts
20.2
130.5
418.4
57.8
626.9
606.4
Lease liabilities
14.8
10.6
10.6
15.2
51.2
38.3
Capitalised arrangement fees
\u2013
\u2013
\u2013
\u2013
\u2013
(2.8)
Derivative liability
0.1
1.0
\u2013
\u2013
1.1
1.1
Total \ufb01nancial liabilities
359.1
142.1
429.0
73.0
1,003.2
967.0
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Between
Between
\u00a0
Total
\u00a0
\u00a0
Within
1 and 2
2 and 5
Over
contractual
Carrying
\u00a0
1 year
years
years
5 years
cash \ufb02ows
amount
As at 31 December 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade and other payables
*
323.8
\u2013
\u2013
\u2013
323.8
323.8
Loans and overdrafts
76.0
188.7
178.8
57.3
500.8
474.8
Lease liabilities
15.0
11.9
15.7
18.2
60.8
46.2
Capitalised arrangement fees
\u2013
\u2013
\u2013
\u2013
\u2013
(0.8)
Derivative liability
0.1
\u2013
\u2013
\u2013
0.1
0.1
Total \ufb01nancial liabilities
414.9
200.6
194.5
75.5
885.5
844.1
\n
*
Comparative period \ufb01gures were restated to include items classi\ufb01ed as \ufb01nancial liabilities.
Capitalised arrangement fees shown in the tables above, which have been recognised as a reduction in borrowings in the Financial
Statements, amounted to \u00a32.8m as at 31 December 2025 (31 December 2024: \u00a30.8m), of which \u00a30.3m (2024: \u00a30.4m) related to the
USPP and \u00a32.5m (2024: \u00a30.4m) related to the Group\u2019s syndicated bank facility.
The carrying amount of lease liabilities falling due within one year was \u00a312.8m (2024: 15.0m). The carrying amount of lease
liabilities falling due after more than one year was \u00a325.5m (2024: \u00a331.2m).
Presented within interest-bearing borrowings of \u00a3642.0m (2024: \u00a3520.2m) are loans and overdrafts of \u00a3603.7m (2024: \u00a3474.8m),
\ufb01nance lease liabilities of \u00a338.3m (2024: \u00a346.2m) and capitalised arrangement fees of \u00a3(2.8)m (2024: \u00a3(0.8)m).", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00373": { "value": "(d) Liquidity risk
The Group manages liquidity risk by ensuring it maintains su\ufb03cient levels of committed borrowing facilities and cash, and cash
equivalents to meet its operational cash \ufb02ow requirements and maturing \ufb01nancial liabilities, whilst at all times operating within its
\ufb01nancial covenants. The level of operational headroom provided by the Group\u2019s committed borrowing facilities is reviewed at
least annually as part of the Group\u2019s three-year planning process. Where this process indicates a need for additional \ufb01nance, this is
addressed on a timely basis by means of either additional committed bank facilities or raising \ufb01nance in the capital markets.
With e\ufb00ect from 30 May 2025 commitments under the syndicated bank facility were increased from \u00a3475.0m to \u00a3522.5m. The
Group\u2019s borrowing requirements are met by the USPP and the committed syndicated bank facility of \u00a3522.5m (2024: \u00a3475.0m).
As at 31 December 2025, the Group had committed borrowing facilities of \u00a3751.6m (2024: \u00a3669.6m), of which \u00a3195.5m
(2024: \u00a3202.5m) were undrawn. At December 2025, 100% of these undrawn facilities was due to expire in August 2029; however
in February 2026 the Group exercised its option to request an extension to the committed syndicated bank facility and 100% of
these undrawn facilities is now due to expire in August 2030.
USPP Notes issued as at 31 December 2025 amounted to \u00a3229.1m ($56.0m, \u20ac183.0m and \u00a328.0m) and had a weighted average
period to maturity of 3.3 years (2024: 3.5 years). \u20ac100.0m and $26.0m in 2027, $30.0m in 2028, \u20ac50.0m in 2029 and \u20ac33.0m and
\u00a328.0m in 2031. The maturity analysis of the Group\u2019s gross borrowings (including interest) is shown in the tables below. The cash
\ufb02ows shown are undiscounted.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Between
Between
\u00a0
Total
\u00a0
\u00a0
Within
1 and 2
2 and 5
Over
contractual
Carrying
\u00a0
1 year
years
years
5 years
cash \ufb02ows
amount
As at 31 December 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade and other payables
324.0
\u2013
\u2013
\u2013
324.0
324.0
Loans and overdrafts
20.2
130.5
418.4
57.8
626.9
606.4
Lease liabilities
14.8
10.6
10.6
15.2
51.2
38.3
Capitalised arrangement fees
\u2013
\u2013
\u2013
\u2013
\u2013
(2.8)
Derivative liability
0.1
1.0
\u2013
\u2013
1.1
1.1
Total \ufb01nancial liabilities
359.1
142.1
429.0
73.0
1,003.2
967.0
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Between
Between
\u00a0
Total
\u00a0
\u00a0
Within
1 and 2
2 and 5
Over
contractual
Carrying
\u00a0
1 year
years
years
5 years
cash \ufb02ows
amount
As at 31 December 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade and other payables
*
323.8
\u2013
\u2013
\u2013
323.8
323.8
Loans and overdrafts
76.0
188.7
178.8
57.3
500.8
474.8
Lease liabilities
15.0
11.9
15.7
18.2
60.8
46.2
Capitalised arrangement fees
\u2013
\u2013
\u2013
\u2013
\u2013
(0.8)
Derivative liability
0.1
\u2013
\u2013
\u2013
0.1
0.1
Total \ufb01nancial liabilities
414.9
200.6
194.5
75.5
885.5
844.1
\n
*
Comparative period \ufb01gures were restated to include items classi\ufb01ed as \ufb01nancial liabilities.
Capitalised arrangement fees shown in the tables above, which have been recognised as a reduction in borrowings in the Financial
Statements, amounted to \u00a32.8m as at 31 December 2025 (31 December 2024: \u00a30.8m), of which \u00a30.3m (2024: \u00a30.4m) related to the
USPP and \u00a32.5m (2024: \u00a30.4m) related to the Group\u2019s syndicated bank facility.
The carrying amount of lease liabilities falling due within one year was \u00a312.8m (2024: 15.0m). The carrying amount of lease
liabilities falling due after more than one year was \u00a325.5m (2024: \u00a331.2m).
Presented within interest-bearing borrowings of \u00a3642.0m (2024: \u00a3520.2m) are loans and overdrafts of \u00a3603.7m (2024: \u00a3474.8m),
\ufb01nance lease liabilities of \u00a338.3m (2024: \u00a346.2m) and capitalised arrangement fees of \u00a3(2.8)m (2024: \u00a3(0.8)m).", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00374": { "value": "25.2
Capital management
The Company considers its capital to be equal to the sum of its total equity, disclosed on the Group Balance Sheet, and net debt
(Note 13). It monitors its capital using a number of KPIs, including free cash \ufb02ow, average working capital to sales ratios, net debt
to EBITDA ratios and ROIC (Note 35). The Group\u2019s objectives when managing its capital are:
\u2013
To ensure that the Group and all of its businesses are able to operate as going concerns and ensure that the Group operates
within the \ufb01nancial covenants contained within its debt facilities
\u2013
To have available the necessary \ufb01nancial resources to allow the Group to invest in areas that may deliver acceptable future
returns to investors
\u2013
To maintain su\ufb03cient \ufb01nancial resources to mitigate against risks and unforeseen events
\u2013
To maximise shareholder value through maintaining an appropriate balance between the Group\u2019s equity and net debt
The Group\u2019s committed debt facilities are subject to two covenants \u2013 net debt/EBITDA (under 3.25x) and an interest cover ratio
(at least 4.0x). The Group operated within the requirements of its debt covenants throughout the year and has su\ufb03cient liquidity
headroom within its committed debt facilities. Details of the Group\u2019s covenant compliance and committed debt facilities can be
found in the Strategic Report on page 34 and in the going concern disclosure Note 1.4.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00379": { "value": "26. Leases
26.1
Right-of-use assets and lease liabilities
The carrying amounts of right-of-use assets recognised and the movements during the year:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Land &
Plant &
\u00a0
\u00a0
buildings
equipment
\u00a0
\u00a0
(Note 14.1)
(Note 14.1)
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
As at 1 Jan 2024
37.1
20.5
57.6
Exchange adjustments
(1.0)
(0.6)
(1.6)
Capital expenditure additions
4.0
11.2
15.2
Disposals
(0.2)
(0.7)
(0.9)
Depreciation charge
(6.1)
(9.5)
(15.6)
As at 31 Dec 2024 and 1 Jan 2025
33.8
20.9
54.7
Exchange adjustments
(1.3)
0.1
(1.2)
Capital expenditure additions
4.2
4.2
8.4
Acquired through business combinations
0.4
0.6
1.0
Disposals
(2.3)
(0.5)
(2.8)
Depreciation charge
(5.8)
(9.5)
(15.3)
Impairment
(0.1)
\u2013
(0.1)
As at 31 Dec 2025
28.9
15.8
44.7
\n
The carrying amounts of lease liabilities and the movements during the year:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
As at 1 Jan
46.2
48.2
Exchange adjustments
(0.3)
(2.0)
Capital expenditure additions
8.4
15.2
Acquired through business combinations
0.7
\u2013
Interest on lease liabilities
2.7
3.0
Payment of lease liabilities
(19.4)
(18.2)
As at 31 December
38.3
46.2
\n
The maturity analysis of lease liabilities is disclosed in Note 25.1.
The following are the amounts recognised in the consolidated income statement:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Depreciation charge
15.3
15.6
Interest on lease liabilities
2.7
3.0
Expense relating to short-length leases
1.8
2.4
Expense relating to leases of low-value items
0.7
0.6
\u00a0
20.5
21.6
\nThe future aggregate minimum lease payments under non-cancellable operating leases are \u00a30.4m (2024: \u00a30.5m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00377": { "value": "29.
Trade and Other Payables
29.1
Analysis of trade and other payables
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Non-current
\u00a0 \u00a0
Accruals and other payables
5.3
6.9
Total non-current other payables
5.3
6.9
Current
\u00a0 \u00a0
Trade payables
248.3
241.7
Other taxes and social security
32.7
36.7
Accruals and other payables
78.7
85.0
Total current trade and other payables
359.7
363.4
\n
There is no signi\ufb01cant di\ufb00erence between the fair value of the Group\u2019s trade and other payables balances and the amount at
which they are reported in the Group Balance Sheet.
29.2
Supplier \ufb01nance arrangements
The Group has supply chain \ufb01nance programmes in place. The programmes act as an alternative source of \ufb01nancing for the
suppliers who have the option to trade their invoices with funding providers in order to receive cash earlier than the invoice due
dates. The payment terms o\ufb00ered to suppliers who are party to the supply chain \ufb01nance programmes are within standard
supplier payment terms and agreed directly with the supplier. The carrying amount of the liabilities for which suppliers have
already received payment from \ufb01nance providers is \u00a318.9m (2024: \u00a323.2m).
Balances outstanding under the supplier \ufb01nancing arrangements are classi\ufb01ed as trade payables, and cash \ufb02ows are included
in operating cash \ufb02ows, since the \ufb01nancing arrangements are agreed between the supplier, the funding providers and the
third-party platform providers. The Group does not provide additional credit enhancement nor obtain any working capital bene\ufb01t
from the arrangements. The Group is not charged any interest cost or fee in respect of the agreements.
Included in trade payables are amounts of \u00a328.7m (2024: \u00a331.2m) drawn by suppliers who are party to the supply chain \ufb01nance
programmes.
The analysis below details the range of payment due dates of trade payables which are part of supplier \ufb01nancing arrangements
and of comparable trade payables which are not part of supplier \ufb01nancing arrangements in the same region.
Trade payables which are part of supplier \ufb01nancing arrangements
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
\u00a0
\u00a3m
\u00a0
30 days
Between 31
Between 61
More than
\u00a0
\u00a0
and less
and 60 days
and 90 days
91 days
Total
Region
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Brazil
3.4
\u2013
\u2013
\u2013
3.4
China
7.4
\u2013
\u2013
\u2013
7.4
Europe
9.5
\u2013
\u2013
\u2013
9.5
India
3.2
\u2013
\u2013
\u2013
3.2
North America
5.2
\u2013
\u2013
\u2013
5.2
Total trade payables which are part of supplier
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\ufb01nancing arrangements
28.7
\u2013
\u2013
\u2013
28.7
\n
Comparable trade payables which are not part of supplier \ufb01nancing arrangements
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
\u00a0
\u00a3m
\u00a0
30 days
Between 31
Between 61
More than
\u00a0
\u00a0
and less
and 60 days
and 90 days
91 days
Total
Region
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Brazil
7.7
\u2013
(0.1)
(0.1)
7.5
China
36.9
0.5
0.1
0.2
37.7
Europe
35.1
0.1
0.7
0.4
36.3
India
22.7
1.6
1.4
1.2
26.9
North America
22.2
0.4
0.1
(0.1)
22.6
Trade payables which are part of supplier \ufb01nancing arrangements
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
\u00a0
\u00a3m
\u00a0
30 days
Between 31
Between 61
More than
\u00a0
\u00a0
and less
and 60 days
and 90 days
91 days
Total
Region
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Brazil
1.9
\u2013
\u2013
\u2013
1.9
China
6.6
\u2013
\u2013
\u2013
6.6
Europe
8.4
\u2013
\u2013
\u2013
8.4
India
3.1
\u2013
\u2013
\u2013
3.1
North America
11.2
\u2013
\u2013
\u2013
11.2
Total trade payables which are part of supplier
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\ufb01nancing arrangements
31.2
\u2013
\u2013
\u2013
31.2
\n
Comparable trade payables which are not part of supplier \ufb01nancing arrangements
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
\u00a0
\u00a3m
\u00a0
30 days
Between 31
Between 61
More than
\u00a0
\u00a0
and less
and 60 days
and 90 days
91 days
Total
Region
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Brazil
5.2
3.1
1.3
0.4
10.0
China
24.3
2.1
1.2
0.5
28.1
Europe
32.0
1.4
0.2
\u2013
33.6
India
18.6
2.9
2.2
2.2
25.9
North America
16.3
4.0
1.5
0.5
22.3
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00378": { "value": "29.1
Analysis of trade and other payables
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Non-current
\u00a0 \u00a0
Accruals and other payables
5.3
6.9
Total non-current other payables
5.3
6.9
Current
\u00a0 \u00a0
Trade payables
248.3
241.7
Other taxes and social security
32.7
36.7
Accruals and other payables
78.7
85.0
Total current trade and other payables
359.7
363.4
\n
There is no signi\ufb01cant di\ufb00erence between the fair value of the Group\u2019s trade and other payables balances and the amount at
which they are reported in the Group Balance Sheet.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00380": { "value": "30. Provisions
30.1
Analysis of provisions
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Disposal,
\u00a0 \u00a0
\u00a0
closure and
\u00a0 \u00a0
\u00a0
environmental
\u00a0 \u00a0
\u00a0
costs
Other
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
As at 31 December 2023 and 1 January 2024
51.9
6.7
58.6
Exchange adjustments
1.2
(0.2)
1.0
(Release)/charge to Group Income Statement \u2013 trading pro\ufb01t
(0.6)
7.5
6.9
Charge to Group Income Statement \u2013 separately reported items
9.7
2.6
12.3
Adjustment to discount
2.2
\u2013
2.2
Cash spend
(5.4)
(10.5)
(15.9)
As at 31 December 2024 and 1 January 2025
59.0
6.1
65.1
Exchange adjustments
(3.9)
\u2013
(3.9)
(Release)/charge to Group Income Statement \u2013 trading pro\ufb01t
2.0
6.8
8.8
Charge to Group Income Statement \u2013 separately reported items
\u2013
22.0
22.0
Adjustment to discount
3.0
\u2013
3.0
Cash spend
(4.7)
(26.9)
(31.6)
Acquisitions
\u2013
0.9
0.9
Transferred (to)/from other balance sheet rows
\u2013
1.3
1.3
As at 31 December 2025
55.4
10.2
65.6
\n
Of the total provision balance as at 31 December 2025 of \u00a365.6m (2024: \u00a365.1m), \u00a354.0m (2024: \u00a354.8m) is recognised in the
Group Balance Sheet within non-current liabilities and \u00a311.6m (2024: \u00a310.3m) within current liabilities.
Disposal, closure and environmental charges
The provision for disposal, closure and environmental costs includes the Directors\u2019 current best estimate of the amounts to be
payable in respect of known or probable costs resulting from third-party claims, including legacy matter lawsuits.
There remains inherent uncertainty associated with estimating the future costs of legacy matter lawsuits. In assessing the
probable costs and realisation certainty of these provisions, or related assets, management has made reasonable assumptions,
including projections of the number of future claims, the approximate average cost of those claims (including legal costs and
infrequent larger value claims) and the length of time taken to resolve such claims. The provision re\ufb02ects the Directors\u2019 best
estimate of the future liability. By nature, these assumptions are uncertain and therefore changes to the assumptions used could
signi\ufb01cantly alter the Directors\u2019 assessment of the costs. Sensitivity analyses have been conducted using variations to the key
assumptions listed above and indicatively show that a 25% increase in the average cost of claims would impact the gross provision
by approximately \u00a36.3m and the corresponding asset for insurance cover by approximately \u00a35.3m.
Changes in discount rates may have a signi\ufb01cant impact on gross provisions and related assets for insurance cover.
As the resolution of many of the obligations for which provision is made is subject to legal or other regulatory process, the timing of
the associated cash out\ufb02ows is also subject to some uncertainty. However, the majority of the amounts provided are expected to
be utilised over the next ten years.
Where insurance cover exists for any of these costs, a related asset is recognised in the Group Balance Sheet only when its value
can be reliably measured and reimbursement is considered to be virtually certain. As at 31 December 2025, \u00a324.6m (2024:
\u00a323.0m) was recorded in other receivables in respect of associated insurance reimbursements, of which \u00a322.6m (2024: \u00a321.1m) is
non-current. A credit of \u00a33.2m was recorded during 2025 (2024: debit \u00a30.4m) to re\ufb02ect the increase (2024: decrease) in assets for
insurance cover which is included in the \u2018Administration, selling and distribution costs\u2019 line in the Income Statement. This is o\ufb00set by
a debit of \u00a33.2m in 2025 (2024: \u00a30.4m) to re\ufb02ect an increase in provisions for related claims in the same line of the Income
Statement.
In 1999, the Group acquired Premier Refractories which owned a disused clay mine in the United States. In 2018, wastewater
containing pollutants was discovered and a provision was established for treatment costs. In 2024, the provision was reassessed,
with the forecast annual operating cost being \u00a30.8m and length of water treatment period being estimated at 20 years resulting in
an increase in the provision and a charge to the Income Statement of \u00a39.7m. The Directors use their judgement to determine both
the annual expected operating cost and the period over which the operating cost will continue to be incurred. Sensitivity analyses
show that if the remaining period for which water treatment is needed is extended by a further 10 years, the provision would
increase by \u00a36.0m.
Other
Other provisions comprise amounts payable in respect of known or probable costs resulting both from legal or other regulatory
requirements, workers\u2019 compensation and medical claims, and from third-party claims. As the settlement of these matters is
subject to legal or other regulatory process, the timing of the associated out\ufb02ows is uncertain but the majority of provisions are
expected to be utilised over the next two years. During 2025, the Group recognised net charges of \u00a36.9m (2024: \u00a37.3m) in the
Group Income Statement to provide for various medical bene\ufb01ts and other claims.
Other provisions includes amounts payable in respect of probable costs relating to the Group\u2019s cost reduction programme of
\u00a33.8m (2024: \u00a32.6m).
The Group has considered the impact of climate change on provisions including decommissioning or environmental rehabilitation
and there have been no material changes needed to amounts already provided. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00381": { "value": "30. Provisions
30.1
Analysis of provisions
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Disposal,
\u00a0 \u00a0
\u00a0
closure and
\u00a0 \u00a0
\u00a0
environmental
\u00a0 \u00a0
\u00a0
costs
Other
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
As at 31 December 2023 and 1 January 2024
51.9
6.7
58.6
Exchange adjustments
1.2
(0.2)
1.0
(Release)/charge to Group Income Statement \u2013 trading pro\ufb01t
(0.6)
7.5
6.9
Charge to Group Income Statement \u2013 separately reported items
9.7
2.6
12.3
Adjustment to discount
2.2
\u2013
2.2
Cash spend
(5.4)
(10.5)
(15.9)
As at 31 December 2024 and 1 January 2025
59.0
6.1
65.1
Exchange adjustments
(3.9)
\u2013
(3.9)
(Release)/charge to Group Income Statement \u2013 trading pro\ufb01t
2.0
6.8
8.8
Charge to Group Income Statement \u2013 separately reported items
\u2013
22.0
22.0
Adjustment to discount
3.0
\u2013
3.0
Cash spend
(4.7)
(26.9)
(31.6)
Acquisitions
\u2013
0.9
0.9
Transferred (to)/from other balance sheet rows
\u2013
1.3
1.3
As at 31 December 2025
55.4
10.2
65.6
\n
Of the total provision balance as at 31 December 2025 of \u00a365.6m (2024: \u00a365.1m), \u00a354.0m (2024: \u00a354.8m) is recognised in the
Group Balance Sheet within non-current liabilities and \u00a311.6m (2024: \u00a310.3m) within current liabilities.
Disposal, closure and environmental charges
The provision for disposal, closure and environmental costs includes the Directors\u2019 current best estimate of the amounts to be
payable in respect of known or probable costs resulting from third-party claims, including legacy matter lawsuits.
There remains inherent uncertainty associated with estimating the future costs of legacy matter lawsuits. In assessing the
probable costs and realisation certainty of these provisions, or related assets, management has made reasonable assumptions,
including projections of the number of future claims, the approximate average cost of those claims (including legal costs and
infrequent larger value claims) and the length of time taken to resolve such claims. The provision re\ufb02ects the Directors\u2019 best
estimate of the future liability. By nature, these assumptions are uncertain and therefore changes to the assumptions used could
signi\ufb01cantly alter the Directors\u2019 assessment of the costs. Sensitivity analyses have been conducted using variations to the key
assumptions listed above and indicatively show that a 25% increase in the average cost of claims would impact the gross provision
by approximately \u00a36.3m and the corresponding asset for insurance cover by approximately \u00a35.3m.
Changes in discount rates may have a signi\ufb01cant impact on gross provisions and related assets for insurance cover.
As the resolution of many of the obligations for which provision is made is subject to legal or other regulatory process, the timing of
the associated cash out\ufb02ows is also subject to some uncertainty. However, the majority of the amounts provided are expected to
be utilised over the next ten years.
Where insurance cover exists for any of these costs, a related asset is recognised in the Group Balance Sheet only when its value
can be reliably measured and reimbursement is considered to be virtually certain. As at 31 December 2025, \u00a324.6m (2024:
\u00a323.0m) was recorded in other receivables in respect of associated insurance reimbursements, of which \u00a322.6m (2024: \u00a321.1m) is
non-current. A credit of \u00a33.2m was recorded during 2025 (2024: debit \u00a30.4m) to re\ufb02ect the increase (2024: decrease) in assets for
insurance cover which is included in the \u2018Administration, selling and distribution costs\u2019 line in the Income Statement. This is o\ufb00set by
a debit of \u00a33.2m in 2025 (2024: \u00a30.4m) to re\ufb02ect an increase in provisions for related claims in the same line of the Income
Statement.
In 1999, the Group acquired Premier Refractories which owned a disused clay mine in the United States. In 2018, wastewater
containing pollutants was discovered and a provision was established for treatment costs. In 2024, the provision was reassessed,
with the forecast annual operating cost being \u00a30.8m and length of water treatment period being estimated at 20 years resulting in
an increase in the provision and a charge to the Income Statement of \u00a39.7m. The Directors use their judgement to determine both
the annual expected operating cost and the period over which the operating cost will continue to be incurred. Sensitivity analyses
show that if the remaining period for which water treatment is needed is extended by a further 10 years, the provision would
increase by \u00a36.0m.
Other
Other provisions comprise amounts payable in respect of known or probable costs resulting both from legal or other regulatory
requirements, workers\u2019 compensation and medical claims, and from third-party claims. As the settlement of these matters is
subject to legal or other regulatory process, the timing of the associated out\ufb02ows is uncertain but the majority of provisions are
expected to be utilised over the next two years. During 2025, the Group recognised net charges of \u00a36.9m (2024: \u00a37.3m) in the
Group Income Statement to provide for various medical bene\ufb01ts and other claims.
Other provisions includes amounts payable in respect of probable costs relating to the Group\u2019s cost reduction programme of
\u00a33.8m (2024: \u00a32.6m).
The Group has considered the impact of climate change on provisions including decommissioning or environmental rehabilitation
and there have been no material changes needed to amounts already provided.32.
Contingent Liabilities
Details of guarantees given by the Company, on behalf of the Group, are given in Note 11 to the Company Financial Statements. 11.
Financial Guarantees
Where the Company enters into \ufb01nancial guarantee contracts to guarantee the indebtedness of other companies within its Group,
the Company applies IFRS 9 Financial Instruments. At the balance sheet date there is nothing to recognise in the Company\u2019s
Financial Statements. Guarantees provided by the Company as at 31 December 2025 in respect of the liabilities of its subsidiary
companies amounted to \u00a3558.0m (2024: \u00a3473.2m), which includes guarantees of $56.0m, \u20ac183.0m and \u00a328.0m (2024: $116.0m,
\u20ac198.0m and \u00a328.0m) in respect of US Private Placement Loan Notes; \u00a3327.0m (2024: \u00a3182.5m) in respect of drawings under
the syndicated bank facility; \u00a31.2m (2024: \u00a30.1m) in respect of guarantees issued to certain banks covering their exposure on
derivative contracts governed by ISDA agreements; and \u00a30.7m (2024: \u00a36.0m) in respect of overdraft facilities utilised by certain of
the Company\u2019s subsidiary companies.
12. Contingent Liabilities
Vesuvius has extensive international operations and is subject to various legal and regulatory regimes, including those covering
taxation and environmental matters. Several of the Company\u2019s subsidiaries are parties to legal proceedings, certain of which
are insured claims arising in the ordinary course of the operations of the company involved, and are aware of a number of issues
which are, or may be, the subject of dispute with tax authorities. Whilst the outcome of litigation and other disputes can never
be predicted with certainty, having regard to legal advice received and the insurance arrangements of the Company and its
subsidiaries, the Directors believe that none of these matters will, either individually or in the aggregate, have a materially
adverse e\ufb00ect on the Company\u2019s \ufb01nancial condition or results of operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00382": { "value": "31.
O\ufb00-Balance Sheet Arrangements
In compliance with current reporting requirements, certain arrangements entered into by the Group in its normal course of
business are not reported in the Group Balance Sheet. Of such arrangements, the largest amounts are future lease payments
in relation to assets used by the Group under non-cancellable operating leases (Note 26). ", "dimensions": { "concept": "vsvs:DisclosureOfOffBalanceSheetArrangementsExplanatoryTextBlock", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00383": { "value": "32.
Contingent Liabilities
Details of guarantees given by the Company, on behalf of the Group, are given in Note 11 to the Company Financial Statements. 11.
Financial Guarantees
Where the Company enters into \ufb01nancial guarantee contracts to guarantee the indebtedness of other companies within its Group,
the Company applies IFRS 9 Financial Instruments. At the balance sheet date there is nothing to recognise in the Company\u2019s
Financial Statements. Guarantees provided by the Company as at 31 December 2025 in respect of the liabilities of its subsidiary
companies amounted to \u00a3558.0m (2024: \u00a3473.2m), which includes guarantees of $56.0m, \u20ac183.0m and \u00a328.0m (2024: $116.0m,
\u20ac198.0m and \u00a328.0m) in respect of US Private Placement Loan Notes; \u00a3327.0m (2024: \u00a3182.5m) in respect of drawings under
the syndicated bank facility; \u00a31.2m (2024: \u00a30.1m) in respect of guarantees issued to certain banks covering their exposure on
derivative contracts governed by ISDA agreements; and \u00a30.7m (2024: \u00a36.0m) in respect of overdraft facilities utilised by certain of
the Company\u2019s subsidiary companies.
12. Contingent Liabilities
Vesuvius has extensive international operations and is subject to various legal and regulatory regimes, including those covering
taxation and environmental matters. Several of the Company\u2019s subsidiaries are parties to legal proceedings, certain of which
are insured claims arising in the ordinary course of the operations of the company involved, and are aware of a number of issues
which are, or may be, the subject of dispute with tax authorities. Whilst the outcome of litigation and other disputes can never
be predicted with certainty, having regard to legal advice received and the insurance arrangements of the Company and its
subsidiaries, the Directors believe that none of these matters will, either individually or in the aggregate, have a materially
adverse e\ufb00ect on the Company\u2019s \ufb01nancial condition or results of operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00394": { "value": "33.
Related Parties
All transactions with related parties are conducted on an arm\u2019s-length basis and in accordance with normal business terms.
Transactions between related parties that are Group subsidiaries are eliminated on consolidation.
The related parties identi\ufb01ed by the Directors include joint ventures, associates and key management personnel. To enable users
of our \ufb01nancial statements to form a view on the e\ufb00ects of related party relationships on the Group, we disclose the related party
relationship irrespective of whether there have been transactions between the related parties.
33.1
Transactions with joint ventures and associates
All transactions with joint ventures and associates are in the normal course of business. Transactions between the Group and
its joint ventures and associates are disclosed below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Sales to joint ventures
3.9
4.2
Purchases from joint ventures
25.3
27.1
Dividends received
0.9
0.7
Trade payables owed to joint ventures
8.5
8.1
Trade receivables due from joint ventures
0.9
1.0
\n
Trade payables owed to joint ventures are settled net of trade receivables due from joint ventures 90 days after the delivery
of goods or services. There are no loans to and from joint ventures.
33.2
Transactions with key management personnel
The Group Executive Committee members, as outlined on page 76, are included in determining who quali\ufb01es as key management
personnel of the Group.
There have been no transactions with key management personnel of the Group or members of their close families, other than
payments in respect of executive remuneration and the reimbursement of business expenses. Directors\u2019 remuneration is disclosed
in Note 7 to the Group Financial Statements and in the Directors\u2019 Remuneration Report.
33.3
Transactions with other related parties
There are no controlling shareholders of the Group as de\ufb01ned by IFRS.
Pension contributions to Group schemes are disclosed in Note 27 to the Group Financial Statements.
Other than the parties disclosed above, the Group has no other material related parties. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00524": { "value": "33.
Related Parties
All transactions with related parties are conducted on an arm\u2019s-length basis and in accordance with normal business terms.
Transactions between related parties that are Group subsidiaries are eliminated on consolidation.
The related parties identi\ufb01ed by the Directors include joint ventures, associates and key management personnel. To enable users
of our \ufb01nancial statements to form a view on the e\ufb00ects of related party relationships on the Group, we disclose the related party
relationship irrespective of whether there have been transactions between the related parties.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00395": { "value": "34.
Events after the Balance Sheet date
There are no items to report. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00322": { "value": "35.
Alternative Performance Measures (unaudited)
The Company uses a number of alternative performance measures (APMs) in addition to those reported in accordance with IFRS.
The Directors believe that these APMs, listed below, are important when assessing the \ufb01nancial and operating performance of the
Group and its divisions, providing management with key insights and metrics in support of the ongoing management of the
Group\u2019s performance and cash \ufb02ow. A number of these align with Key Performance Indicators (KPIs) and other key metrics used in
the business and therefore are considered useful to also disclose to the users of the \ufb01nancial statements. The following APMs do
not have a standard de\ufb01nition prescribed by IFRS and therefore may not be directly comparable with similar measures presented
by other companies. Adjusted measures, (previously disclosed as \u2018Headline\u2019 measures), are presented before items reported
separately on the face of the Group Income Statement.
35.1
Like-for-like measures
Like-for-like (\u2018LFL\u2019) measures, (previously disclosed as \u2018Underlying\u2019 measures), are adjusted to exclude the e\ufb00ects of changes in
exchange rates and business acquisitions and disposals. Reconciliations of like-for-like revenue and like-for-like trading pro\ufb01t
(adjusted operating pro\ufb01t) can be found in the Financial Summary. Like-for-like revenue growth is one of the Group\u2019s KPIs and
provides an important measure of organic growth of the business.
35.2
Return on sales (ROS)
ROS is calculated as trading pro\ufb01t (adjusted operating pro\ufb01t) divided by revenue. It is one of the Group\u2019s KPIs and is used to assess
the operating performance of the business. ROS is disclosed in Note 4.2.
35.3
Trading pro\ufb01t (adjusted operating pro\ufb01t)
Trading pro\ufb01t (adjusted operating pro\ufb01t) is de\ufb01ned as operating pro\ufb01t before separately reported items. It is one of the Group\u2019s
key performance indicators and is used to assess the trading performance of Group businesses.
35.4
Adjusted pro\ufb01t before tax
Adjusted pro\ufb01t before tax is calculated as trading pro\ufb01t (adjusted operating pro\ufb01t), plus the Group\u2019s share of post-tax pro\ufb01t of
joint ventures and net \ufb01nance costs associated with adjusted performance. It is used to assess the \ufb01nancial performance of the
Group as a whole.
35.5
Adjusted e\ufb00ective tax rate (ETR)
The Group\u2019s adjusted ETR is calculated on the income tax costs associated with adjusted performance, divided by adjusted pro\ufb01t
before tax and before the Group\u2019s share of post-tax pro\ufb01t of joint ventures and associates.
35.6
Adjusted earnings
Adjusted earnings is pro\ufb01t after tax before separately reported items attributable to owners of the Parent.
35.7
Adjusted earnings per share
Adjusted earnings per share is calculated by dividing adjusted earnings by the weighted average number of ordinary shares in
issue during the year. It is one of the Group\u2019s key performance indicators and is used to assess the earnings performance of the
Group as a whole. It is also used as one of the targets against which the annual bonuses of certain employees are measured.
Adjusted earnings per share is disclosed in Note 6. Adjusted earnings per share is disclosed in Note 10.
35.8
Adjusted operating cash \ufb02ow
\n
Adjusted operating cash \ufb02ow is cash generated from operations before cash separately reported items, and after deducting
\n
capital expenditure net of proceeds from asset disposals. It is used in calculating the Group\u2019s cash conversion.
\n\n \n
2025
2024
Note
\u00a3m
\u00a3m
Cash generated from operations
11
173.4
216.7
Add: Out\ufb02ows relating to restructuring charges
0.4
1.0
Add: Out\ufb02ows relating to cost reduction programme expenses
16.0
7.9
Add: Out\ufb02ows relating to acquisition and integration expenses
2.6
\u2013
Add: Out\ufb02ows relating to water treatment at disused mine
0.7
0.8
Less: Purchases of property, plant & equipment
(78.1)
(88.1)
Less: Purchases of intangible assets
(12.3)
(12.7)
Add: Proceeds from the sale of property, plant and equipment
9.4
4.3
Add: Proceeds from the sale of investments
1.2
\u2013
Add: Proceeds from the sale of associates
\u2013
0.4
Adjusted operating cash \ufb02ow
113.3
130.3
Trading pro\ufb01t (adjusted operating pro\ufb01t)
151.1
188.0
Cash conversion
75%
69%
\n
35.9
Cash conversion
\n
Cash conversion is calculated as adjusted operating cash \ufb02ow divided by trading pro\ufb01t (adjusted operating pro\ufb01t). It is useful for
\n
measuring the rate at which cash is generated from trading pro\ufb01t (adjusted operating pro\ufb01t). It is also used as one of the targets
\n
against which the annual bonuses of certain employees are measured. The calculation of cash conversion is detailed in Note 35.8
\n
above.
\n
35.10 Free cash \ufb02ow
\n
Free cash \ufb02ow is de\ufb01ned as net cash \ufb02ow from operating activities after net outlays for the purchase and sale of property, plant
\n
and equipment, dividends from joint ventures and dividends paid to non-controlling shareholders. It is one of the Group\u2019s KPIs and
\n
is used to assess the cash generation of the Group and is one of the measures used in monitoring the Group\u2019s capital.
\n\n \n
2025
2024
1
\u00a3m
\u00a3m
Net cash in\ufb02ow from operating activities
116.6
155.7
Purchases of property, plant & equipment
(78.1)
(88.1)
Purchases of intangible assets
(12.3)
(12.7)
Proceeds from the sale of property, plant and equipment
9.4
4.3
Proceeds from the sale of investments
1.2
\u2013
Proceeds from the sale of associates
\u2013
0.4
Dividends received from joint ventures
0.9
0.7
Dividends paid to non-controlling shareholders
(1.7)
(2.5)
Free cash \ufb02ow
36.0
57.8
\n
1.
For the year ended 31 December 2024, Net cash in\ufb02ow from operating activities (Interest paid) and Net cash out\ufb02ow from \ufb01nancing activities (Payment of lease
\n
liabilities (principal)) have been updated as a result of the reclassi\ufb01cation of \u00a33.0m for interest on lease liabilities to be consistent with its presentation in 2025.
35.11 Trade working capital intensity
\n
Trade working capital intensity is calculated as the percentage of average trade working capital balances to the total revenue for
\n
the previous 12 months, at constant currency. Average trade working capital (comprising inventories, trade receivables and trade
\n
payables) is calculated as the average of the 13 previous month-end balances. It is one of the Group\u2019s key performance indicators
\n
and is used to assess the control of working capital, which is a key variable component in achieving our ROIC target. It is also used
\n
as one of the targets against which the annual bonuses of certain employees are measured.
\n\n \n
2025
2024
\u00a3m
\u00a3m
Average trade working capital
424.0
416.5
Total revenue
1,809.5
1,820.1
Trade working capital intensity
23.4%
22.9%
\n
35.12 Adjusted earnings before interest, tax, depreciation and amortisation (adjusted EBITDA)
\n
Adjusted EBITDA is calculated as the total of trading pro\ufb01t (adjusted operating pro\ufb01t) before depreciation and amortisation of
\n
non-acquired intangible assets. It is used in the calculation of the Group\u2019s interest cover and net debt to adjusted EBITDA ratios.
\n
A reconciliation of adjusted EBITDA is included in Note 4.2.
\n
35.13 Net interest payable on borrowings
\n
Net interest payable on borrowings is calculated as total interest payable on borrowings less \ufb01nance income, excluding interest on
\n
net retirement bene\ufb01t obligations, adjustments to discounts and any item separately reported. It is used in the calculation of the
\n
Group\u2019s interest cover ratio.
\n\n \n
2025
2024
Note
\u00a3m
\u00a3m
Total interest payable on borrowings
8
22.4
23.3
Finance income
8
(7.0)
(9.7)
Net interest payable on borrowings
15.4
13.6
\n
35.14 Interest cover
\n
Interest cover is the ratio of adjusted EBITDA for the last 12 months to net interest payable on borrowings for the last 12 months.
\n
It is one of the Group\u2019s KPIs and is used to assess the pro\ufb01t available to service the Group\u2019s interest costs. This measure is also a
\n
component of the Group\u2019s covenant calculations.
\n\n \n
2025
2024
Note
\u00a3m
\u00a3m
Adjusted EBITDA
4
216.9
250.2
Net interest payable on borrowings
15.4
13.6
Interest cover
14.1x
18.4x
\n
35.15 Net debt
\n
Net debt comprises the net total of current and non-current interest-bearing borrowings (including IFRS 16 lease liabilities),
\n
cash and short-term deposits and the fair value of derivative \ufb01nancial instruments. Net debt is a measure of the Group\u2019s net
\n
indebtedness to banks and other external \ufb01nancial institutions. A reconciliation of the movement in net debt is included in Note 13.
\n
35.16 Net debt to adjusted EBITDA
\n
Net debt to adjusted EBITDA is the ratio of net debt at the year-end to adjusted EBITDA for that year. It is one of the Group\u2019s KPIs
\n
and is used to assess the \ufb01nancial position of the Group and its ability to fund future growth and is one of the measures used in
\n
monitoring the Group\u2019s capital.
\n\n \n
2025
2024
Note
\u00a3m
\u00a3m
Net debt
13
452.4
329.2
Adjusted EBITDA
4
216.9
250.2
Net debt to adjusted EBITDA
2.1x
1.3x
\n
On a pro-forma basis, adjusting for the EBITDA contribution from acquisitions made through the year, the balance sheet had a
\n
debt leverage ratio of 2.0x (2024:1.3x).
35.17 Return on invested capital (ROIC)
The Group has adopted ROIC as its key measure of return from the Group\u2019s invested capital. It is also used as one of the targets
against which the annual bonuses of certain employees are measured. In March 2025, the Board re-de\ufb01ned ROIC for the purpose
of remuneration targets, to exclude the impact of goodwill and intangibles that arose on the acquisition of Foseco in 2008, as the
Remuneration Committee believes that this approach removes the distortive e\ufb00ects of that acquisition and provides a clearer
measure of management performance.
ROIC is calculated as trading pro\ufb01t (adjusted operating pro\ufb01t) less amortisation of acquired intangibles (excluding Foseco) plus
share of post-tax pro\ufb01t of joint ventures and associates for the previous 12 months after tax, divided by the average invested
capital. Invested capital is de\ufb01ned as total assets excluding cash and non-interest-bearing liabilities, less the goodwill and
intangibles that arose under IFRS 3 in respect of the Foseco acquisition in 2008. This is calculated as the average of the closing
balance sheet and opening balance sheet, at average foreign exchange rates.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Average invested capital
1,623.0
1,556.2
Less: average Foseco goodwill and intangible assets
(588.5)
(609.5)
Adjusted average invested capital
1,034.5
946.7
Trading pro\ufb01t (adjusted operating pro\ufb01t) (Note 35.4)
151.1
188.0
Amortisation of acquired intangible assets
(10.6)
(10.0)
Share of post-tax pro\ufb01t from joint ventures and associates
1.0
1.1
Tax on trading pro\ufb01t (adjusted operating pro\ufb01t) and amortisation of acquired intangible assets
(38.6)
(48.9)
Return
102.9
130.2
Add: amortisation of Foseco intangible assets
8.7
8.7
Less: tax on amortisation of Foseco intangible assets
(2.4)
(2.4)
Adjusted return
109.2
136.5
ROIC
6.3%
8.4%
ROIC excluding Foseco goodwill and intangible assets
10.5%
14.4%
\n
35.18 Constant currency
Figures presented at constant currency represent 2024 amounts retranslated at average 2025 exchange rates.
35.19 Liquidity
Liquidity is the Group\u2019s cash and short-term deposits plus undrawn committed debt facilities less cash used as collateral on loans
and any gross up of cash in notional cash pools.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Cash
190.6
186.4
Undrawn committed debt facilities
195.5
202.5
Liquidity
386.1
388.9
\n", "dimensions": { "concept": "vsvs:DisclosureOfAlternativePerformanceMeasuresExplanatoryTextBlock", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }