bekb-2025-12-31-en


Bekaert Annual Report 2025	− 7 −

Strengthened operational resilience and

cash generation

Dear Shareholders,

The year 2025 was marked by significant shifts in global trade policies and increasing

geopolitical and economic uncertainty. Tariffs and escalating trade tensions undermined

demand across many of our key markets as customers adopted more cautious approaches.

Despite these challenges, Bekaert delivered a creditable and resilient performance. Our

results demonstrate the benefits of the strategic transformation executed over the past

years which have made Bekaert more agile, cost‑competitive, and future-ready.

Throughout 2025, we continued to optimize our production footprint and further reduced our

cost base. In addition, slower growth in the energy transition end markets required

adjustments across the business. These actions have strengthened operational leverage and

position Bekaert well to improve margins as volumes recover. We also continued to

streamline our business portfolio by prioritizing higher-margin products and exiting

commoditized businesses. These actions reinforce our long-term ambition to make Bekaert

more profitable, more resilient and consistently able to generate profitable returns and

strong cash flows throughout the cycle.

Sustainability remains a core element of our strategy, shaping our product and market

priorities, driving improvements across our operations and fostering a safe, fair and inclusive

working environment. Our efforts were recognized by CDP with an 'A' score for Climate

Change, underscoring our leadership in environmental transparency and our commitment to

creating value through sustainability.

Sales reached €3.7 billion in 2025 and underlying EBIT totaled €297 million, representing an

EBITu margin of 8.0%. Delivering this level of profitability in a challenging environment

evidences the improvements that Bekaert has made in recent years. Our disciplined focus on

cash generation resulted in a net debt to underlying EBITDA ratio of 0.4x at year‑end,

reflecting the strength of our balance sheet. In line with this continued financial resilience,

the Board of Directors will propose to the Annual General Meeting in May 2026 a gross

dividend of €1.95 per share, up 3% versus last year. Additionally, we repurchased around

€100 million of shares for cancellation in 2025 as part of our ongoing share buyback

program.

As we look to the future, we will prioritize reconnecting with growth across our end‑markets.

We intend to develop or acquire innovative products and emerging technologies that support

our long-term growth ambitions and strengthen our position in key markets and regions.

We deeply value the continued trust and support of our customers, business partners and

shareholders throughout such a challenging year. We also want to sincerely thank all our

employees for their unwavering commitment, ambition, and better together spirit. Together,

we are well positioned to embrace the opportunities and challenges that lie ahead in 2026.


	Yves Kerstens		Jürgen Tinggren
Chief Executive Officer		Chairman of the Board of Directors


Bekaert Annual Report 2025	− 9 −

About us

Who we are

What we do

Bekaert’s ambition is to be the

leading partner for shaping the

way we live and move, and to

always do this in a way that is

safe, smart, and sustainable.

Founded in 1880 and

headquartered in Belgium,

Bekaert is a global technology

company whose 19 000

employees worldwide together

generated €3.7 billion in

consolidated sales in 2025.

As a global leader in material

science of steel wire

transformation and coating

technologies, Bekaert also

applies its expertise beyond

steel to create new solutions

with innovative materials and

services for markets including

new mobility, sustainable

construction and energy

transition.

How we work

From making a positive impact

with sustainable solutions and

practices, to building a diverse

and inclusive future, Bekaert is

determined to improve life and

create value for all stakeholders.

Bekaert delivers on its

sustainability strategy by

developing and offering

sustainable solutions, using

materials and energy

responsibly, conducting the

highest business ethics and

safety standards, and engaging

employees and business

partners.


Bekaert Annual Report 2025	− 10 −

Our highlights


Bekaert Annual Report 2025	− 11 −

Our strategy

Our ambition is to be the leading partner for

shaping the way we live and move — safe, smart

and sustainable. We want to be the partner of

choice for our customers by addressing the

critical challenges and opportunities they face.

Whilst many of our markets are facing significant

and fast-paced changes, executing our strategy

is critical to navigate these challenges and to

deliver on our overall ambition. While global

economic and geopolitical factors have caused

some delays in the progress of our growth

platforms, our strategic focus remains the same.

Our strategic priorities

Bekaert has clear strategic priorities focusing on

accelerated value creation and profitable growth.

These strategic priorities will enable us to reach

our mid to long-term ambitions on sales growth,

profitability, return on capital and sustainability.

1. Customer and end-market focus

We are transitioning Bekaert’s businesses to be

more market-driven and customer-focused,

targeting high-growth markets supported by

mega-trends and higher margins. Being closer to

our customers and their ecosystems, will enable

us to drive innovation, unlock market

opportunities, and remain at the cutting edge of

our industry.

2. Implementation of the Target

Operating Model

Rapidly changing markets with stronger

competition requires higher level of agility from

each business unit. We are therefore

implementing a new Target Operating Model

(TOM), starting with the Rubber Reinforcement

(RR) business unit (BU), to create self-sufficient

and empowered business units. The shift to a

BU-centric structure brings decision-making

authority, capabilities and accountability closer to

the business, strengthening their ability to

respond swiftly to market changes. By improving

both efficiency and effectiveness, the new setup

is designed to enhance competitiveness and

ultimately enables us to serve our customers

better.

TOM will ensure resources are being focused on

the frontline to enhance our market connectivity

and understanding. Teams are being

decentralized and embedded into businesses to

improve efficiency and accountability. Lastly, we

are redesigning the structure of our corporate

center to effectively drive active portfolio

management, capital allocation and performance

oversight. The corporate center will also have a

role to selectively support each business unit

based on their needs and business maturity.

3. Performance oriented culture

Our people are at the heart of our success. We

are focused on identifying priority skills and

capabilities to address current and future needs.

We are making sure the fundamentals are right to

be a performance oriented, ambidextrous

organization with the ability to adapt and manage

businesses having different needs, challenges

and technological maturity. A high-performance

mindset and empowered teams are key enablers

to drive our future growth. We will maintain a

strong focus on commercial and operational

excellence to foster and reinforce resilient

performance and ensure we remain competitive

in an uncertain macroeconomic environment

marked by significant shifts in global trade

policies. Our results this year demonstrate the

benefits of the strategic transformation we have

executed over the past decade, especially the

optimization of our manufacturing footprint and

improved cash generation, which have made

Bekaert more agile, cost‑competitive, and future-

ready.

4. Accelerating innovation to strengthen

our market positions

Innovation remains critical to drive Bekaert’s

technological and market leadership. Bekaert is

increasingly embedding innovation within each

individual business unit, ensuring close

connection and understanding of customer

requirements. However, this decentralization

remains supported by capabilities that are shared

across businesses, specifically our metallurgical,

electrochemical and corrosion expertise.

We are building key positions in each specific

business ecosystem. For example, our

collaboration with major tire companies to

increase the use of recycled steel that

contributes to circular economy, our participation

in technology-driven consortia such as Hydrogen

Europe or our on-going collaborations with key

mooring and lifting equipment suppliers to

revolutionize rope inspection which drives

significant benefits such as longer operational

safety, extended lifetime of ropes, increased

productivity and sustainability.

Other innovation examples benefiting strong

ecosystem collaboration include:


Bekaert Annual Report 2025	− 12 −

Our Advanced Steel Cores for High Tensile Low

Sag Conductors in North American market,

helping to increase the capacity on existing

electric corridors to expand electric capacity, or

our high strength engineered synthetic BEXCO

lifting slings, which allow for fast and efficient

installation of XXL Monopile foundations for

bottom-fixed offshore wind.

5. Sustainability

Sustainability remains at the core of our strategy,

with a comprehensive approach across

Environmental, Social and Governance (ESG)

dimensions. Our ambition is to be recognized as

the leading sustainability player in our industry by

meeting critical needs of our customers in their

own sustainability journey. We therefore continue

to accelerate the development and

commercialization of our sustainable solutions, to

support the shift to a cleaner, more sustainable

future.

We ensure that ESG is embedded in all parts of

our businesses and ways of working, from

improving the sustainability and carbon footprint

of our operations, fostering a safe and inclusive

working environment, and committing to ethical,

fair processes and transparent corporate

governance.

Refer to the ESG Statements section for

additional information on sustainability at

Bekaert.

Our markets

Bekaert continues to become a market-driven

organization, aligning to target end-markets,

supported by global megatrends. We hold strong

positions in each of these target end-markets,

both with emerging as well as with established

technologies.


Bekaert Annual Report 2025	− 13 −

Our brands



	Driving growth through global brands

	Our customers recommend Bekaert because of our product quality, high service level and brand reputation. We will continue to strengthen each business unit’s market positioning through our global product brands, enhancing the Bekaert brand, and to better serve our customer needs. Our current global brands include Currento® for green hydrogen production, Dramix® fibers in sustainable construction, Bridon® steel ropes for mission critical segments of lifting and mooring, and Bexco® synthetic rope solutions for offshore energy lifting and mooring and marine applications. Our aim is to support and simplify our customer’s critical decisions with these valued and trusted brands.

Bekaert has a strong global presence in both

production footprint and market coverage. Our

global footprint enables a customer-centric

approach by shortening supply chains while also

providing valuable optionality in an uncertain

geopolitical environment.

Strategy in action: Active portfolio

management and capital allocation

Our strategy is to actively manage our business

portfolio and capital allocation to ensure

competitiveness, differentiation and maximize

future opportunities. We will reduce our exposure

to markets in which we observe limited growth,

lower margin, lower differentiation potential,

higher volatility and capital intensity. We will

continue to review our portfolio to ensure that we

allocate capital to higher growth and margin

areas while maintaining our competitiveness and

remaining fit-for-purpose in the future.

Alongside our organic growth, acquisitions are a

key driver to accelerate our positions in selected

end-markets. We are actively searching for M&A

targets, focusing on three key strategic areas:

Sustainable Construction, Lifting & Mooring and

Energy Transition.

In 2025, we acquired Twincon and Flexofibers,

two key players in the second-life fiber market,

expanding our solutions offerings in Sustainable

Construction.



	Bekaert significantly reducing its exposure to commoditized and more cyclical markets

	In line with our strategy to transform our business portfolio by repositioning into higher margin markets while reducing exposure to more commoditized and volatile markets, Bekaert has sold its businesses in Costa Rica, Ecuador and Venezuela. The transaction valued the entities at a consolidated enterprise value of US$ 73 million, corresponding to an implied EV/EBITDA multiple of 6.3x. After the divestments of our Steel Wire Solutions businesses in Latin America in 2023 and 2025, Bekaert will now generate around 4% of its consolidated sales in Latin America, down from 18% in 2022.

Our growth is supported by a well-balanced

capital allocation strategy. Thanks to our very low

financial leverage, strong cash flow, significant

liquidity and balanced debt maturity, we are well-

positioned to pursue both organic and inorganic

growth while progressively growing shareholder

returns.


Bekaert Annual Report 2025	− 14 −

Our business units

Bekaert’s Rubber Reinforcement business unit

develops, manufactures, and supplies high quality steel

cord and bead wire reinforcement solutions for the tire

sector.

The business unit supplies all of the top 30 tire makers

around the globe as well as other customers, backed

by a global presence of manufacturing plants in EMEA,

US, India, Southeast Asia, China, and Brazil.

About one out of four tires around the world is

reinforced with Bekaert steel cord.

Value drivers and strategic focus

• Global footprint with strong local presence

– Supply chain security

– Cost competitiveness

• Market leadership through innovation

– Strong market share in global tire cord market

– Joint development programs and long-term

supply agreements with its customers

• Solutions provider to new mobility and sustainability

transformation

– Safer, lighter, and sustainable materials

– Increased recycled steel content

• Selective growth and mix optimization

– Agility and resilience to changing market

dynamics with selective growth in target regions

– Product mix and footprint optimization

• Resilience and efficiency

– Drive cash generation and margin performance

– Cost focus and pricing discipline

Rubber Reinforcement (RR)


Bekaert Annual Report 2025	− 15 −

Bekaert’s SWS business unit develops, manufactures,

and supplies a broad range of steel wire products and

solutions for customers in sectors including energy and

utilities, mining, construction, agriculture, automotive,

and medical and consumer goods. The business unit

has a global presence with manufacturing plants in

EMEA, US, Latin America, and Asia, and a sales and

distribution network worldwide.

Value drivers and strategic focus

• Transformational portfolio management

– Focus on target industries including energy and

utilities, and high-performance applications to

drive margin expansion

– Move beyond commodity markets by divesting

from lower performing, cyclical business

segments

• Enhance margin improvement and cash conversion

– Leverage Bekaert's expertise in steel, chemistry

and processing to develop and industrialize

advanced wire solutions in high value-added

segments

– Strong pricing discipline supported by AI

– Operational excellence and asset-light operations

– Product mix and footprint optimization

• Accelerate innovation

– Sales growth from innovation

– Scale up incubation projects

Steel Wire Solutions (SWS)


Bekaert Annual Report 2025	− 16 −

BBRG provides high-performance solutions for lifting

and mooring applications in a wide range of sectors,

including offshore and onshore energy, surface and

underground mining, crane and industrial, fishing and

marine.

Bridon® and Bexco® product portfolios offer steel and

synthetic ropes for mission-critical lifting, hoisting, and

mooring.

For elevators, our Flexisteel® line provides advanced

lifting solutions for elevators offering compacted,

sheave-friendly steel ropes designed for high traction,

low elongation, and superior bending-fatigue life in

both conventional and machine-room-less systems.

Value drivers and strategic focus

• Advanced lifting solutions for the elevator industry

with elevator hoisting cord, belt and Flexisteel®

• Advanced digital services based on superior

VisionTek optical measurement technology for

predictive critical rope performance

• Decarbonization of the energy mix:

– Lifting ropes and slings for offshore wind

– Steel mooring ropes and Bexco® synthetic rope

solutions for offshore energy lifting and mooring

and marine applications

– Floating offshore wind (FOW) innovative mooring

solutions with Flintstone connectors and

tensioners

• Successful turnaround driven by footprint and

business-mix optimization

Bridon-Bekaert Ropes Group (BBRG)


Bekaert Annual Report 2025	− 17 −

The business unit Specialty Businessescomprises several

sub-segmentsthat have a high-end portfolio of advanced

technologies, lightweight solutions, and environmentally

friendly applications in common.

The Sustainable Construction sub-segment is focused on

the decarbonization of construction markets and develops

and manufactures sustainable products that reinforce

concrete, masonry, plaster, and asphalt. The sub-segments

hose and belt reinforcement, fiber technologies, heating

technologies, ultra-fine wire, and hydrogen, serve markets

related to the energy transition.

Value drivers and strategic focus

• Innovation and geographic expansion in sustainable

construction with Dramix® steel fibers, Synmix® synthetic

fibers, and SigmaSlab^TM for concrete reinforcement and a

wide range of other products and services, all enabling:

– Safe installation conditions

– Reduction of CO2e emissions by lowering the quantity

of steel and concrete used

– Lower total cost of ownership by using less materials,

labor, and time

– Higher asset durability

• Innovation in energy transition with a product and service

offering for the production, distribution and end-use of

low carbon and green energy solutions:

– Currento® porous transport layers for hydrogen

electrolysis

– Low NOx and zero-emission (H2) gas burners and heat

exchangers

– Green steel and light weight solutions for hose

reinforcement wire applications

– Ultra-fine wire for semicon (chip) and semicon carbide

(e-mobility) wafer production

– High-end filtration solutions for gas, liquid and polymer

applications

Specialty Businesses (SB)


Bekaert Annual Report 2025	− 18 −

Our stakeholders

Bekaert creates value for its

stakeholders by delivering on

the company’s strategy and

objectives, both in terms of

financial performance and by

helping to address society’s

environmental and social

opportunities and challenges.

Bekaert has an international

customer base in established

and emerging markets. We

serve global and local

customers with a rich portfolio

of value added products and

services. Our global footprint

enables a customer-centric

approach by shortening supply

chains while also providing

valuable optionality in an

uncertain geopolitical

environment.

Our investments in Research &

Innovation, and in digital and

sustainable solutions, lead to

advanced technologies that

enable our customers to meet

their challenges and ambitions,

and hence create customer

value.

Bekaert is a trusted partner in

offering quality products and

solutions, and demonstrates a

high degree of agility in all

possible circumstances.

Our higher ambition is to be

the leading partner for shaping

the way we live and move. We

want to be the partner of

choice to customers

developing solutions in new

mobility, sustainable

construction, green energy,

and advanced lifting and

mooring. Together, we can

drive and accelerate the shift

toward sustainable solutions in

the end markets.

19 000 Bekaert employees

work together as one global

team to deliver quality

products and services and

contribute to our performance

in safety, digital, sustainability,

and innovation.

United through our values of

integrity, trust, agility, and

boldness, we work better

together to grow the business,

to inspire and engage, and to

deliver results.

As a company and as

individuals, we act with

integrity and commit to the

highest standards of ethics.

We promote equal opportunity,

foster diversity and inclusion,

and create a caring and safe

working environment across

our organization.

This way, we engage our

people to dare to go beyond in

unlocking their full potential,

have an impact on the

company’s performance, and

in establishing the new

possible.

This employer value

proposition is not only relevant

to our current employees: it

also aims to inspire future

talents to join us in our

purpose and ambition.


Bekaert Annual Report 2025	− 19 −

Bekaert supports economic

development and employment

through the business relations

and activities with suppliers

worldwide. We work together

with key suppliers in the

development of new products

and services.

We require a formal

commitment of our suppliers

to comply with human rights

and ethical business conduct

standards.

Bekaert works together with

business partners in joint

ventures and in consolidated

entities co-owned with

minority shareholders. With or

without partners, Bekaert

adopts the same high

standards in business ethics,

health and safety at the

workplace, and high-

performance teams and

culture.

Bekaert collaborates with

technology partners to drive

innovations in target markets.

Several forms of cooperation

exist: through business

partnerships and consortia

with industry leaders and

associations, by investing in

companies that scale up

promising new technologies,

and by collaborating with

research and academic

institutes.

Bekaert is committed to

provide clear, timely and

accurate information on the

company’s strategy,

performance, and business

outlook to all of our financial

stakeholders.

Those financial stakeholders

include shareholders,

institutional and retail

investors, and equity research

analysts. They have access to

information about Bekaert via

our website, frequent press

releases, presentations and

webcasts, and individual and

group meetings.

In 2025, these meetings

included live and virtual

roadshows, investor

conferences, analyst

presentations and the annual

General Meeting of

Shareholders.

Currently, eight sell-side

analysts publish equity

research reports on Bekaert.

We strive to be a good

corporate citizen in the

communities where we

operate. We promote and

apply responsible and

sustainable business practices

in our community relations and

business operations.

We are committed to

minimizing the environmental

impact of our activities. We

invest in green energy sources

and other emission-saving

measures to decarbonize the

impact of our operations.

We do not support political

institutions and adopt a

neutral position in political

issues. We do condemn any

act of violence and aggression

against people and any breach

of human rights.

We stimulate the economic

activity and employment in the

locations where we are active.

Our tax payments contribute

to the development of

communities worldwide. Our

teams in 36 countries are

proud to give back to

community. We advocate and

fund initiatives that help

improve the social and

environmental conditions in

communities all around the

world. We support community

engagement initiatives and

disaster relief programs that

make a difference to people’s

lives, particularly in the

communities where we are

active.


Bekaert Annual Report 2025	− 20 −

Recognized by sustainability

standards

This report is produced in accordance with the

Corporate Sustainability Reporting Directive

(CSRD) and its ESRS standards and in reference

with the Global Reporting Initiative (GRI)

Standards.

Over the past years, Bekaert has continually

made progress in improving its scores awarded

by major sustainability standards such as MSCI,

ISS-ESG, EthiFinance and EcoVadis.

Bekaert has been granted an ‘A’ score for Climate

Change in CDP’s 2025 disclosure cycle. This top

rating places Bekaert on CDP’s respected annual

‘A’ list, among a select group of high-performing

companies worldwide demonstrating

comprehensive disclosure, mature environmental

governance, and meaningful progress towards

environmental resilience.

Bekaert maintained a stable 'B' score for Water in

CDP's 2025 disclosure cycle.

An overview of our scores is available on our

website.

From making a positive impact with our

sustainable solutions and practices, to building a

diverse and inclusive future, Bekaert is

determined to improve life and create value for all

stakeholders. We are proud to see our

sustainability performance and progress

recognized.


Bekaert Annual Report 2025	− 21 −

Our knowledge and

innovation

• Our research and innovation activities are aimed at creating value for our customers, for our business,

and for all our stakeholders to prosper in the long term.

• We co-create with customers and suppliers around the globe to develop, implement, upgrade, and

protect both current and future technologies.

• We listen to our customers to understand their innovation and processing needs.

• We accelerate our innovation agenda and upgrade the innovation pipeline. We deploy Industrial Internet

of Things (IIoT) in our manufacturing and modeling innovations.

• We extend the scope of our innovation activities beyond steel to grow into new materials, new markets,

services, and solutions.

• We build key positions in specific business ecosystems to accelerate our innovation progress and

leverage the benefits of collaboration between technology leaders.

Innovation is one of the key focus areas of the

Bekaert business strategy. The Technology and

Innovation (T&I) pipeline is well aligned with the

priorities Bekaert has set for its growth

platforms, by expanding the product portfolio of

sustainable solutions in the large and growing

end-markets of sustainable construction, energy

transition, advanced lifting and mooring, and e-

mobility.

In 2025, the gross R&D expenses, before

deduction of grants, tax credits, and capitalized

spend, amounted to €69 million, compared to

€74 million in 2024.

Highlights in 2025

Partnership with EMSTEEL to advance

high-end, sustainable solutions

In November 2025, Bekaert and EMSTEEL

Building Materials PJSC (“EMSTEEL”) entered a

partnership to advance the production and go-to-

market of high-end, sustainable products and

solutions with steel made in the UAE by

EMSTEEL.


Bekaert Annual Report 2025	− 22 −

Partnership with IKK Mateenbar to

advance hybrid GFRP and fiber-

reinforced concrete solutions

In October 2025, Bekaert and IKK Mateenbar

signed a Memorandum of Understanding (MoU)

to collaborate on lower-carbon concrete

reinforcement solutions that combine Saudi-

made glass fiber-reinforced polymer (GFRP)

rebar with Bekaert’s Dramix® steel fibers and

Synmix® synthetic fibers.

Under the MoU, the parties agreed to jointly

develop, engineer, and promote reinforcement

systems for industrial floors, outdoor/port

pavements, rafts, concrete roads, and precast

elements in the Middle East and North-African

countries.

By coupling Dramix® and Synmix® fibers with

Mateenbar™ GFRP, designers can meet

demanding structural and sustainability targets

with confidence. Steel fibers provide toughness

and crack control while GFRP eliminates

corrosion risk and reduces weight resulting in a

more durable, lower-carbon concrete at

competitive cost.



	Inhera® sustainability label — certified innovative solutions for a net-zero future

	In November 2025, Bekaert launched inhera®, a sustainability label showcasing our commitment to accelerating the transition to a net-zero world. Inhera® highlights top- performing innovative solutions that meet rigorous criteria, including alignment with leading industry standards, and contributes to reducing carbon emissions, improving resource efficiency, and supporting circularity. More information is available in the ESG Statements in section E1-3 on page 225

Dramix® Loop™ — an innovative

solution addressing one of the tire

industry's biggest challenges

Bekaert unveiled Dramix® Loop™, its next-

generation sustainable concrete reinforcement

solution, at World of Concrete 2026 in Las Vegas.

This innovative concrete reinforcement steel fiber

is made entirely from steel recovered from end-

of-life tires. Steel tire cord often originates from

Bekaert, turning this solution into a true example

of circularity. The fibers deliver exceptional

tensile strength while achieving near-zero carbon

emissions, helping to address one of the tire

industry's biggest challenges.

Dyform® 8 PI Max

In September 2025, Bekaert introduced Dyform®

8 PI MAX, a high-performance rope utilizing

Dyform® compacted strands and MAX-

technology double compaction process for

enhanced durability and best-in-class multi-layer

spooling (MLS) lifetime. Plastic injection (PI) also

provides internal cushioning between the internal

Independent Wire Rope Core (IWRC) and the

outer rope, offering several advantages:


Bekaert Annual Report 2025	− 23 −

• Improved corrosion resistance: The plastic

layer prevents water and corrosive substances

from penetrating the core of the rope.

• Reduced internal friction: The plastic

material reduces friction between individual

strands and the core, which can significantly

reduce wear over time. This leads to smoother

rope operation and a longer service life.

• Improved stability: Plastic injection ensures

the stability of the rope, allowing for better

load distribution and reduced bending fatigue.

This is particularly beneficial in applications

where the rope undergoes frequent bending or

flexing.

Bridon® Steel Wire Ropes by Bekaert has

extensive experience in offshore lifting

applications for the oil and gas industry, where

safety, reliability, and performance are critical.

This deep knowledge base, developed through

years of tackling complex offshore challenges,

positions Bridon® Steel Wire Ropes by Bekaert as

the perfect partner to solve the future challenges

presented by offshore wind installation projects.

These projects involve complex lifts of large

components including foundations, towers,

blades, and nacelles, requiring ropes that ensure

longevity and efficiency.

As turbines grow larger, installation vessels face

higher loads, longer crane booms, and increased

lifts per project — making rope durability critical.

Dyform® 8 PI MAX was specifically engineered to

meet these demands, ensuring reliability and

performance for the evolving offshore wind

sector.

Elyta® — Next-generation ultra and

Mega Tensile tire reinforcement

solutions

Launched at Tire Tech Expo 2025, Elyta® is

Bekaert's portfolio of innovative and sustainable

next-generation reinforcement solutions for

passenger car and light truck tires.

These solutions deliver higher tensile strength for

lighter, more efficient premium tires, improving

fuel economy and range through better rolling

resistance. By reducing steel and rubber use,

Elyta® supports our customers' sustainability

goals by lowering the carbon footprint while also

improving fuel efficiency and range with better

rolling resistance.


	Bekaert won the Material Innovation Award at Tire Tech Expo 2025 for its Mega Tensile tire reinforcement solutions

Green Point China — Sustainable Case

Award for advancing low-carbon tire

manufacturing

Green Point China (CGP), an initiative launched by

Shanghai Yi Cai (China's Authoritative Financial

News Media), recognizes enterprises that

advance sustainable consumption and lifestyles.

As part of this mission, CGP created the "Green

Point China — Sustainable Case Awards" to honor

outstanding B2B projects that accelerate green

momentum across industries and enable

sustainability upgrades across supply chains.

This year, Bekaert was recognized for its Ultra

and Mega Tensile solutions, which help reduce

raw material consumption supporting low-carbon

tire manufacturing.

ISO certifications

At the end of 2025, based on the number of

Bekaert manufacturing plants, 99% have

ISO 9001 certification (quality) and 88% have

ISO 14001 certification (environment), both under

the umbrella of a corporate integrated

management system.

As a recognized supplier to the automotive

industry, Bekaert chose to have its relevant

manufacturing plants certified against IATF


Bekaert Annual Report 2025	− 24 −

16949 quality management requirements. At the

end of 2025, 34% of our plants have IATF 16949

certification and are subject to a corporate audit

scheme. Moreover, 48% of our manufacturing

plants have ISO 45001 certification,

demonstrating our commitment to provide safe

and healthy workplaces. In addition, 9% of our

plants have ISO 50001 certification, which

demonstrates to stakeholders the ambition of

Bekaert to be more energy efficient.

Engineering

Bekaert's in-house engineering department takes

up a leading role in equipment technology

development. To do that, we further increased

the collaboration with other technology

departments and external partners. At the same

time, we are creating an ecosystem of knowledge

clusters in engineering solutions and services

with the purpose to support the plants in their

journey toward world class manufacturing.

Our proximity to customers and to Bekaert

production plants, combined with extensive

market knowledge, allow us to investigate

opportunities quickly and be ready for capacity

needs driven by demand.

Intellectual property

In 2025, Bekaert has further strategically

refocused its IP portfolio of more than 1 650

patents, utility models and design files and more

than 1 250 trademark files. The Bekaert Group

continues to drive innovation as well as a holistic

approach to the protection of its intellectual

property regarding new product and process

technology developments, including digital assets

and sustainable solutions. At the same time,

refocusing our IP portfolio ensures it is fully

aligned with our strategy as well as key markets,

so as to leverage our IP in the most optimal and

effective way.

Digital@Bekaert

At Bekaert, we are committed to leveraging

cutting-edge technologies to drive business value

and optimize our operations. By harnessing the

power of Data, AI, Automation, IoT, and Cloud, we

enhance our processes and ensure a secure and

efficient structure for delivering exceptional value

to our customers.

Driving productivity, efficiency and

predictability

Our operational strategic initiatives focus on

leveraging digital technology to enhance

efficiency and drive long-term value. We continue

to roll out Manufacturing Execution System (MES)

implementations across priority plants,

integrating advanced features to strengthen

process control and optimize resource utilization.

We are also expanding our Sales and Operations

Planning (S&OP) capabilities through the

implementation of forecasting tools powered by

statistical optimization and AI. Our commitment

to operational excellence was further

demonstrated by achieving a 99.99% Service

Level Agreement (SLA) for deployed systems.

Bringing value to our customers

We made significant progress in advancing our

digital sales channels across various business

units, with the objective of driving sales growth

while reducing the cost to serve. Through the

deployment of innovative digital tools and

platforms, we enhance customer engagement

and streamline sales processes. As a result of all

our efforts in digital customer channels we saw a

meaningful improvement in our NPS results this

year.

Leveraging AI and Automation:

Building a future-proof ERP and

driving productivity at Bekaert

The future of productivity at Bekaert will be

supported by the integration of AI, Generative AI,

and automation into our processes. These

technologies offer opportunities to streamline

operations, enhance decision-making, and

improve efficiency. In order to leverage these

technologies in the future we are planning to

transition our ERP system to SAP S/4HANA in Q2

2026. This upgrade will provide a modern and

robust ERP foundation that will also open

opportunities for future process improvements.

The combination of SAP S/4HANA and AI

capabilities are expected to support more

proactive decision‑making, increased automation

of routine activities, and continuous process

optimization.


Bekaert Annual Report 2025	− 25 −



	Cybersecurity — securing our digital assets

	Bekaert has implemented a comprehensive cybersecurity program that adheres to top industry standards like ISO 27001, NIST CSF, IEC 62443, and COBIT (Control Objectives for Information Technologies). This Information security management program ensures compliance with legal, regulatory, and contractual requirements, safeguarding intellectual property, trade secrets, and employee data. It ensures appropriate data access, protects customer information, and builds trust among customers, partners, and stakeholders by demonstrating a strong commitment to security. Additionally, it supports the creation of secure and sustainable products and services.

Research & Innovation

partnerships

In 2025, our focus was to build on the progress

achieved in 2024 and expand the pipeline of

growth opportunities for Bekaert. Aligned with

the three key strategic focus areas of Sustainable

Construction, Lifting & Mooring and Energy

Transition we identified new external partners

and institutions capable of accelerating

innovation for Bekaert. This resulted in strong

progress across several core technology areas,

enabling the Business Units and Strategy teams

to leverage Core Technology & Innovation (T&I)

capabilities.

Overall, these collaborations strengthen our

strategic development efforts by utilizing

external expertise within our research &

innovation activities.

¹ EBITu = underlying EBIT, EBITDAu = underlying EBITDA, EPSu = underlying earnings per share and FCF = Free Cash Flow and all are

defined Alternative Performance Measures (APMs). The full list of all APMs can be found at the end of Part II: Financial Statements.

² Like-for-like comparisons are excluding the impacts of currency translation, acquisitions, disposals and discontinued operations. These

relate to the acquisition of BEXCO, the discontinued production in Indonesia and India in Steel Wire Solutions (SWS) (relevant for H1

2025 only) and to the disposal of SWS businesses in Costa Rica, Ecuador and Venezuela which was finalized on 30 June 2025

(relevant for H2 2025 only).


Bekaert Annual Report 2025	− 26 −

Our financial performance

Financial highlights FY2025 1

• Q4 2025 stable like-for-like 2 sales versus Q4 2024

• Like-for-like volume growth of +2% (€+16 million)

• Effects from pass-through of lower input costs and price-mix of -2% (€-15 million)

• Total consolidated sales of €873 million (-7%) through currency impact of -4% (€-42 million) and exit

of commoditized businesses in Latin America (-3% or €-29 million)

• Full year 2025 consolidated sales of €3.7 billion (-6%) and like-for-like sales² down -2% (€-95 million)

▪ With stable volumes (€+10 million) and a combined effect from pass-through of lower input costs

and price-mix of -3% (€-105 million)

▪ Impact of acquisitions, disposals and discontinued operations of -1% (€-55 million) and currency

translation impact of -3% (€-102 million)

• Underlying gross profit margin reduced to 16.0% versus 17.3% in FY 2024 primarily through weaker

demand in construction and energy transition end markets

• Structural improvements in cost base and footprint

• €40 million reduction in overhead costs

• €39 million operational efficiency improvements through structural cost savings in production

entities and improved capacity utilization in Asian footprint of Rubber Reinforcement

• €-162 million one-off restructuring and impairment charges to adjust footprint in line with demand,

of which only €-8 million cash impact

• Creditable margin performance with structural actions and cost pass-through mitigating impacts from

tariffs, unfavorable product and regional mix, currencies and disposals

▪ EBITDAu of €469 million (-10%), EBITDAu margin on sales of 12.7% (vs 13.1% in FY 2024)

▪ EBITu of €297 million (-15%), EBITu margin of 8.0% (vs 8.8% in FY 2024)

• EPSu of €4.52 (-19% vs €5.55 in FY 2024) while lower reported EPS of €1.33 (-71% vs €4.56 in FY

2024) as a consequence of restructuring and impairment costs

• Very strong cash generation through disciplined working capital and capital expenditure management

▪ Free Cash Flow (FCF) of €314 million, up 63% compared to €193 million in FY 2024

▪ Limited net €-8 million cash impact from the €-162 million one-off charges

▪ Further net debt reduction (€180 million vs €283 million at FY 2024) resulting in a net debt to

EBITDAu of 0.4x (vs 0.5x at FY 2024)

• Proposed dividend increase from €1.90 to €1.95 per share, alongside ongoing €200 million share

buyback


Bekaert Annual Report 2025	− 27 −

Resilient results and strong cash flow supported by

cost management and restructuring

Bekaert delivered a resilient performance in 2025. The year was marked by shifts in global trade policies

which created uncertainty and undermined demand. In addition, slower growth in the hydrogen end

market required adjustment to bring footprint in line with demand outlook. At the same time, Bekaert has

translated robust demand from investments in power and data transmission networks into increased

sales and order books. Within these mixed global market dynamics, sales volumes remained flat versus

2024, while pass-through of lower input costs, currency and mix impacts and the strategic exit of lower

margin business in Latin America reduced sales. Cost savings and tactical footprint utilization mitigated

to large extent the impact of lower sales on the EBITu margin which reached 8.0% versus 8.8% last year.

Cash generation was very strong with a Free Cash Flow of €314 million supported by working capital and

cost reductions.

Segment reports

Rubber Reinforcement: stable margin in challenging environment

Operational and financial performance

Against the backdrop of weaker truck tire end markets, particularly in Europe, and challenges from tariffs

and weaker currencies, the division has delivered a stable margin versus last year. Sustained high levels

of plant utilization and efficiency improvements across the full cost base contributed to this solid

performance.

The division reported stable volumes (+0.2%) with an increase in the second half of the year versus the

first supported by strong activity levels in China. Volumes were lower in Europe and in India, while in

North America, volumes increased versus last year in the second half of the year after a low first half

when tariffs impacted demand in the region. Consolidated third party sales decreased by -5.2%, driven by

a significant currency impact (-2.8%) and the combined impact from lower raw material costs and

regional and product mix (-2.7%).

Within a competitive environment, the division delivered an underlying EBITu margin of 8.6%, broadly

similar to last year (-10 bps), through sustained cost improvements in production plants and overheads

combined with tactical capacity management. The underlying EBITDA margin was 13.2% compared with

13.5% last year and underlying ROCE was 14.1%. Capital expenditure (PP&E) amounted to €61 million and

included additional equipment investments in India. The one-off elements were €-40 million and were

primarily linked to restructuring costs in China and Europe. Reported EBIT was €102 million.

Post balance sheet date, Bekaert announced in January 2026 that it reached an agreement with

Bridgestone to acquire two of their captive tire cord plants. This consolidation further strengthens the

division’s leading position in the global tire reinforcement market. Alongside the acquisition, a long-term

supply agreement was signed.

Joint venture performance

The Rubber Reinforcement joint venture in Brazil achieved €148 million in sales in 2025, down -14%,

driven by currency (-7%) and volume (-7%) impacts related to increased import of Asian tires. Cost

efficiencies have offset the impact of lower volumes leading to a stable margin performance of the joint

venture.

Market perspectives

Global tire markets remain subdued at the start of 2026, particularly in Europe and North America. In

China, market dynamic is robust, especially in tires for all electric vehicles (cars, trucks and buses). The

division focuses on high-value tire segments and on further optimizing its cost base and key account

management. With the recently announced acquisition of two Bridgestone tire cord entities, which is

expected to close in the first half of 2026, alongside recently renewed long-term supply agreements, the

division continues to ensure supplying high-quality tire reinforcement to its customers around the globe.


Bekaert Annual Report 2025	− 28 −

Steel Wire Solutions: strong volume growth in North America driven by Energy & Utilities

demand

Operational and financial performance

The Steel Wire Solutions division delivered another year of strong sales performance and solid

profitability, supported by continued growth in power and data transmission end markets. Following the

disposals in Latin America, the division has upgraded its product portfolio, with 30% of sales now

generated from the higher-margin energy and utilities segment. Cash flow generation has also improved

as a result of prior footprint optimization and cost and working capital reductions.

Like-for-like sales increased by +4.0%, driven by volume growth of +3.1% and a positive combined impact

from lower raw material costs and improved global mix (+0.9%). Growth was primarily driven by strong

demand from the energy & utilities sector in North America, where double-digit volume growth was

recorded. Volumes also increased in China supported by strong automotive demand. In Europe sales

volumes were up slightly but more agriculture and construction wire deliveries versus a phased-out

energy and utilities demand led to lower average sales prices. Total third party sales decreased by -4.7%,

mainly due to the exit of the Latin American businesses (-6.6%) and currency impacts (-2.1%).

The division’s strategic transformation actions around footprint optimization, structural cost savings and

business selection have structurally improved its profitability and cash generation. The EBITu margin

remained very strong at 9.7%, and only just below the 10.4% of 2024, reflecting a less favorable sales mix

in Europe and a temporary delay in passing through raw material price increases linked to tariffs in North

America. The underlying EBITDA margin was 12.7% (vs 13.1% last year) and underlying ROCE remained

strong at 27.5%.

Capital expenditure (PP&E) amounted to €33 million and included capacity investments to meet strong

demand from energy and utility customers. One-off elements were €-50 million mainly reflecting a

€-37 million one-off impact linked to the disposals in Latin America primarily relating to a non-cash,

cumulative translation adjustment from historic currency devaluations in Venezuela.

Joint venture performance

The Steel Wire Solutions joint venture in Brazil reported sales of €654 million, -12% compared with 2024,

impacted by significant currency movements of -7% and increased competition from imports. The joint

venture delivered another year of strong margin performance.

Market perspectives

Order books for 2026 remain strong in the energy and utilities end market across Europe and North

America although some project delays are expected to impact sales in Europe, especially in the first half

of 2026. Automotive markets continue to be strong in China while less so in Europe. Overall, the division

has made significant progress in executing its transformation strategy, with a strong focus on cost,

pricing and portfolio optimization.

Bridon-Bekaert Ropes Group: steel ropes impacted by tariff uncertainty; synthetics

business secured two of its largest-ever contracts

Operational and financial performance

BBRG recorded €518 million in consolidated third party sales, -6.2% versus 2024. Unfavorable currency

movements accounted for -2.4% while impact from acquisitions (BEXCO) added +2.9%. Organic growth of

-6.7% was driven by lower volumes (-2.7%) and the combined effect of pass-through of lower input costs

and price-mix (-4.0%).

Volumes were mainly impacted by lower demand for steel ropes, particularly in North America amid

continued tariff uncertainty and in Europe due to lower mining activity. The performance in Asian and

Latin American markets was resilient. The synthetics ropes business completed the consolidation of its

manufacturing footprint after last year’s acquisition of BEXCO. BEXCO and Flintstone also secured two of

the largest contracts in the division’s history in 2025.

In advanced cords, volumes were slightly lower, reflecting weaker elevator hoisting demand in China and

Europe in a subdued construction environment. Demand growth in the smaller timing belt and automotive

applications has partially offset the lower elevator hoisting volumes.

Despite lower volumes, primarily in steel ropes, cost and footprint actions supported an underlying EBIT

margin of 8.7%, slightly below 9.0% in 2024. Underlying EBITDA margin improved to 15.2%, up from 15.0%

last year and underlying ROCE was 8.3%. The €-14 million one-off costs related mainly to restructuring of


Bekaert Annual Report 2025	− 29 −

synthetic ropes activities in Scotland. BBRG invested €18 million in PP&E, across all sites and regions.

Market perspectives

Subdued demand in steel ropes is expected to continue into Q1 2026. The synthetic ropes business has a

strong order book for deep water mooring projects. In advanced cords, demand is expected to remain

stable as a recovery in the largest elevator hoisting end-market is not anticipated at this stage.

Specialty Businesses: slower growth developments prompted adjustments across the

business

Operational and financial performance

Specialty Businesses recorded €550 million in consolidated third party sales, -12.7% versus 2024, of

which -3.0% was related to unfavorable currency movements. Sales in Sustainable Construction were

impacted by a weak H1 2025 in the flooring market in North America from tariff uncertainty and intense

competition in the larger flooring market in Europe impacting volumes and prices. Sales in most other

sub-segments were down driven by weaker end markets.

The Sustainable Construction business reported a -9.6% drop in organic revenues. Volumes decreased by

-6.8% primarily in the larger flooring business with volume decreases in Europe, Australia and in North

America, with the latter region impacted in H1 2025 by low investment following uncertainties around

tariffs. Volumes recovered in North America in H2 2025 with flooring projects picking up again,

particularly from data centers. Growth in flooring in the Middle East and India, where adoption of steel

fiber reinforced concrete (Dramix®) is increasing, has partly offset the global volume decrease. Tunneling

and mining volumes were stable year-on-year and renovation volumes for the smaller plastering and

masonry reinforcement end markets increased supported by the start-up of a second production line in

Slovakia.

Business conditions had different dynamics in the other subsegments. In Hose and Conveyor Belts

volumes picked up in H2 2025 based on project wins and higher hose reinforcement sales in India where

Bekaert is leveraging its local production footprint. Combustion Technologies recorded flat sales year-on-

year with increasing demand in North America and Asia that was offset by lower demand in Europe,

where regulations are increasing uncertainty. Deliveries into filtration and fiber end markets have

weakened in 2025 and sales in ultra fine wires dropped versus last year following a technology shift in

solar applications. In the Hydrogen subsegment, markets are developing much slower due to delays in

implementation of hydrogen regulation in Europe and in the US.

Bekaert has consolidated its hydrogen activities into one plant due to deteriorated markets and weaker

customer forecasts which led to a one-off asset impairment cost of €-55 million. The other subsegments

have also taken actions to reduce costs and optimize footprint to mitigate partly the impact of the

headwinds in 2025. Nevertheless, the underlying EBIT margin came down to 8.4% versus 13.8% last year.

The underlying EBITDA margin reached 13% and underlying ROCE was 12.9%. Including total one-off

write-downs (€-61 million), reported EBIT was negative at €-15 million. Capital expenditure (PP&E)

amounted to €24 million and related partly to additional production equipment for renovation applications

in Sustainable Construction.

Market perspectives

In Sustainable Construction, the flooring business is expected to normalize in North America after a weak

2025 and the growth in India and Middle East will continue. In Europe, there are no signs yet of higher

flooring activity going into 2026. In the smaller subsegments of infrastructure and tunneling, project wins

indicate growth in 2026 while phased-out start ups can have a delaying impact on deliveries. The

hydrogen market is expected to remain slow due to delays in implementation of regulation. Bekaert will

be able to leverage its leading position again when regulation and government incentives become clearer.

Most other end markets remain subdued and uncertain.

Financial review

Sales performance

Bekaert’s consolidated sales were €3 706 million in 2025, -6.4% lower than last year. On a like-for-like

basis, volumes were broadly stable (+0.3%) and the combined impact from pass-through of lower input

costs and price-mix was -2.7%. Currency effects were -2.6% mainly through US and Chinese currency

depreciation. Impact from portfolio change was -1.4% related to the disposal of Steel Wire Solutions

(SWS) businesses in Costa Rica, Ecuador and Venezuela, finalized on 30 June 2025, to the discontinued

production in SWS in Indonesia and India and to the acquisition of BEXCO.


Bekaert Annual Report 2025	− 30 −

The sales from Bekaert’s joint ventures in Brazil amounted to €802 million, or -12.2% versus last year. The

currency impact in the joint ventures was -7.3% and organic sales decreased by -4.9% as volumes

decreased related to increased imports.

Profit performance

The underlying gross profit of the Group was down €-92 million to €592 million and this impacted the

gross profit margin which was 16.0% versus 17.3% for 2024. Weaker demand in construction and energy

transition end markets had a bigger gross profit impact than the extra sold volumes in Steel Wire

Solutions and regional mix had an additional unfavorable impact. The Group has mitigated the gross profit

impact through structural pro-active cost reductions in production plants in combination with better

utilization in tire reinforcement plants in China.

Underlying overheads decreased by €-49 million versus 2024 to €305 million through cost reductions on

all categories. As a percentage on sales, overheads were 8.2% (vs 8.9% in 2024). Other operating

revenues and expenses amounted to €+9 million versus €+18 million in 2024 when other operating

revenues included significant gains on sales of land and buildings.

Bekaert achieved an operating result (EBITu) of €297 million (versus €348 million last year). This resulted

in an EBITu margin on sales of 8.0% (vs 8.8% in 2024). The decrease in absolute amount relates to

disposal (€-4 million) and currency (€-13 million) impacts as well as volume (€-18 million) and price-mix

impacts (€-79 million) that were partly offset by efficiency improvements in production entities

(€+39 million) and overheads (€+40 million). Other impacts were €-17 million and related to lower other

operating revenues and write-downs.

One off charges for restructuring and impairments amounted to €-162 million (vs €-52 million in 2024) as

the Group adjusted its footprint and cost base in line with market demand. In Specialty Business, one-off

cost was €-61 million of which €-55 million related to Hydrogen as the end market deteriorated and

production was consolidated in China. In Steel Wire Solutions, one-off costs were €-50 million, of which

€-37 million related to the disposal of the Steel Wire Solutions businesses in Costa Rica, Ecuador and

Venezuela (which consists of a €+20 million gain on disposal and a €-57 million non-cash, cumulative

translation adjustment from historic devaluations in Venezuela). One off charges in Rubber

Reinforcement were €-40 million and related mainly to restructuring in China and Europe. In Bridon-

Bekaert Ropes Group, the €-14 million one-off cost was primarily due to charges for the consolidation of

manufacturing of synthetic ropes in Belgium.

Including one-off items, reported EBIT was €135 million, representing an EBIT margin on sales of 3.6%

(versus €296 million or 7.5% in 2024). Underlying EBITDA was €469 million (12.7% margin) compared

with €520 million (13.1%) and reported EBITDA reached €406 million, or a margin on sales of 10.9%

(versus 11.6%).

Interest income and expenses were almost stable at €-21 million (vs €-20 million in 2024) with reduced

interest expenses from lower gross debt levels offset by lower interest income. Other financial income

and expenses were €-28 million (vs €-19 million in 2024) driven by a lower fair value of Virtual Power

Purchase Agreements (VPPA’s).

Income taxes decreased to €-59 million (vs €-63 million in 2024). The overall effective tax rate was 69%.

When adjusting for one-off charges where tax impacts are expected to be immaterial, the normalized

effective tax rate calculation is approximately 24%.

The share in the result of joint ventures and associated companies was €+38 million (vs €+49 million in

2024). While the sales in the joint ventures in Brazil for Steel Wire Solutions and Rubber Reinforcement

were lower because of more imports into the country, the underlying margin percentage was close to that

of last year.

The result for the period thus totaled €+65 million, compared with €+244 million in 2024 because of the

higher restructuring and impairment one off charges. The result attributable to non-controlling interests

was €-3 million (vs €+5 million in 2024). After non-controlling interests, the result for the period

attributable to equity holders of Bekaert was €+67 million. Earnings per share amounted to €+1.33 versus

€+4.55 last year. Earnings per share on an underlying basis came down from €+5.55 last year to €+4.52

in 2025, reflecting lower underlying EBIT, a lower contribution from the share in the result of the joint

ventures and higher other financial expenses.

Cash flow statement

Cash flows from operating activities were up +20% to €450 million compared with €374 million in 2024

because of the significantly lower working capital.


Bekaert Annual Report 2025	− 31 −

The Free Cash Flow (FCF) was up strongly +63% to €314 million versus €193 million last year, driven by

lower working capital in combination with reduced capital expenditure.

Cash flows attributable to investing activities amounted to €-79 million (versus €-200 million in 2024).

Cash out for property, plant and equipment and intangible assets was €-52 million lower than last year,

while there was a net cash in from the disposal of the Steel Wire Solutions plants in Latin America in

2025 (€+28 million in 2025) versus a cash out last year related to the acquisition of BEXCO (€-39 million

in 2024).

Cash flows from financing activities totaled €-316 million, compared with €-307 million last year. Cash out

for share buy back transactions was higher in 2025 while debt movements were partly offsetting this

impact.

Balance sheet

Working capital decreased strongly from €653 million last year to €524 million at the end of 2025. This

was the result of disciplined focus and actions to reduce overdue receivables and optimize inventory

levels. Both inventories and accounts receivables decreased, which was partly offset by a decrease in

accounts payable. The organic decrease of working capital was €-70 million and impacts from currencies

(€-40 million) and the disposal of the Steel Wire Solutions plants in Latin America (€-15 million) further

contributed to the lower end balance. Off balance sheet factoring decreased from €221 million in 2024 to

€210 million in 2025. The working capital on sales improved significantly and was 15.0% versus 17.3% in

2024.

Gross debt reduced with €-86 million compared to 2024, due to repayment of part of the Schuldschein

loans (€111 million). Cash on hand was €527 million at the end of the period, an increase of €+23 million

compared with the €504 million at the close of 2024.

This resulted in net debt of €180 million, down €-103 million from €283 million last year, and a further

reduction in the net debt on underlying EBITDA ratio from 0.54x at the end of 2024 to 0.38x now.

Committed to return value to our shareholders

The Board of Directors is committed to maintaining a strategic capital allocation policy, balancing

investment in future growth and innovation, while maintaining a strong balance sheet and progressively

growing shareholder returns over time. Supported by strong cash flow generation, the group announces

today a gross dividend of €1.95 per share (an increase of 3% versus last year), to be proposed by the

Board at the Annual General Meeting of Shareholders in May 2026. Alongside this proposed dividend to

shareholders, the group intends to continue with its two year share buyback program of up to €200

million that was announced in November 2024.

Operational and strategic highlights

• Rubber Reinforcement

• Strong volume growth in China offsetting lower demand in Europe

• Sustained profitability with efficiency improvements offsetting price and mix impacts

• Steel Wire Solutions

• Strong volume growth in energy and utilities end markets, particularly in North America

• Unfavorable mix in Europe mostly offset by cost savings

• BBRG

• Large contract wins in synthetic ropes

• Weaker steel rope end markets in Europe and North America

• Specialty Businesses

• Sustainable Construction: growth in India and Middle East and recovery in H2 2025 in North America

partly mitigated the challenging market in Europe and a weak H1 2025 flooring market in North

America

• Slower growth in energy transition end markets required adjustments across the business

• Proactive actions in 2025 to optimize portfolio and adjust the footprint in line with market outlook

• Reposition Steel Wire Solutions into higher margin markets by exiting commoditized Latin American

businesses (€-37 million one-off charges)

• Pause of hydrogen production activities in Belgium and consolidation into one plant to adjust to the

delayed market, while maintaining flexibility to scale up when demand improves (€-55 million one-off

charges)


Bekaert Annual Report 2025	− 32 −

• Consolidation of synthetic ropes manufacturing into Belgium (€-14 million one-off charges in BBRG)

• Footprint restructuring in tire reinforcement activities (€-40 million one-off charges in RR)

• Focus on operational improvements and cost savings in all divisions and functions

• Bekaert’s sustainability efforts were recognized by CDP with an 'A' score for Climate Change in 2025,

underscoring our leadership in environmental transparency and our commitment to creating value

through sustainability

Outlook

Going into 2026, demand recovery in Sustainable Construction, particularly in North America, is expected

to continue. Growth is also expected in energy and utilities end markets supported by recent contract

wins and higher order books. The business environment in the bigger and more mature markets of tire

reinforcement, steel ropes and non-transmission wires remains challenging due to geopolitical

uncertainty and competitive pressure. Therefore, the group expects revenues and margins at similar

levels of 2025 on a like-for-like basis.

Summary financial statement


	Underlying						Reported
in millions of €	2024	H1 2024	H2 2024	2025	H1 2025	H2 2025	2024	2025
Consolidated sales	3 958	2 060	1 898	3 706	1 953	1 753	3 958	3 706
Operating result (EBIT)	348	204	144	297	171	126	296	135
EBIT margin on sales	8.8%	9.9%	7.6%	8.0%	8.8%	7.2%	7.5%	3.6%
Depreciation, amortization and impairment losses	172	84	88	172	88	85	161	271
EBITDA	520	288	232	469	259	210	457	406
EBITDA margin on sales	13.1%	14.0%	12.2%	12.7%	13.3%	12.0%	11.6%	10.9%
ROCE	15.9%			14.1%			13.5%	6.4%

Consolidated Financial Statements are included in Part II of this report.


Bekaert Annual Report 2025	− 33 −

Our leadership

Board of Directors

The main tasks of the Board of

Directors are to determine the

Group’s strategy and general

policy, and to monitor

Bekaert’s operations. This

includes the Group's

sustainability strategy and

progress monitoring. The

Board of Directors is the

company’s prime decision-

making body except for

matters reserved by law or by

the articles of association to

the General Meeting of

Shareholders. The Board of

Directors currently consists of

eleven members. Their

professional profiles cover

different areas of expertise,

such as law, business,

industrial operations, finance

and investment banking,

HR, consultancy, ESG,

innovation and compliance.

All information about the

Board of Directors (nomination

and selection, committees,

remuneration) is available in

Part II: Corporate Governance

Statements of this report.

Composition of the

Board of Directors

Jürgen Tinggren, Chairman¹

Yves Kerstens, CEO

Nicolas D'heygere

Henriette Fenger Ellekrog¹

Toralf Haag¹

Christophe Jacobs van Merlen

Maxime Parmentier

Eriikka Söderström¹

Caroline Storme

Emilie van de Walle de Ghelcke

Henri Jean Velge

¹Independent Directors

Changes in 2025

The independent Directors

Henriette Fenger Ellekrog and

Eriikka Söderström were

reappointed for a four-year

term, based on the

recommendation of the

Nomination and Remuneration

Committee.

Additionally, Nicolas D'heygere

was appointed as Director for

a one-year term and Toralf

Haag was appointed as

independent Director for a

one-year term.

As a result of these changes,

the number of Directors

increased from nine to eleven

in 2025.


Bekaert Annual Report 2025	− 34 −


	Jürgen
	Jürgen		Nationality: Swedish Year of birth: 1958 First appointed: May 2019 Education: Joint MBA from Stockholm School of Economics and New York University Leonard N Stern School of Business Experience: Jürgen Tinggren started his career in 1981 as Senior Associate with Booz Allen & Hamilton. He joined Sika AG in 1985 to take on various managerial and executive functions of increasingly broader scope and responsibility. In 1997 he joined the Executive Committee of Schindler Holding AG, initially with responsibility for the European region, thereafter for the Asia-Pacific region, and later for Technology and Procurement. In 2007 he was appointed Chief Executive Officer and President of the Group Executive Committee of Schindler. Jürgen Tinggren stepped down as CEO of Schindler end of 2013 and continued to serve the company as a member of the Board of Directors from 2014 to 2016. Other mandates: Member of the Board of Johnson Controls, Inc. Appointed until: Annual General Meeting of 2027 Committees: Chairman of the Nomination and Remuneration Committee. Member of the Audit, Risk and Finance Committee
	Tinggren
	Tinggren
	Chairman of the Board
	Independent Director


	Yves
	Yves		Nationality: Belgian Year of birth: 1966 First appointed: September 2023 Education: MSc in Engineering - Industrial Management from Katholieke Universiteit Leuven. INSEAD - Certified International Director Experience: Yves Kerstens started his career in supply chain roles in the manufacturing industry before he moved to Ernst & Young in 1996 and later Capgemini in 2001 as an advisor to the trade & industry sector. In 2005 Yves joined Bridgestone Corporation where he took on executive functions of increasingly broader scope and responsibility in EMEA and Asia Pacific, as well as global corporate governance roles as Vice President & Senior Officer of Bridgestone Corporation and Chairman of the global digital solutions and supply chain committee. In 2018 Yves joined Axalta Coating Systems, where he most recently held the role of Vice President Axalta and President EMEA. Yves Kerstens joined Bekaert on 1 April 2021 as Divisional CEO Specialty Businesses and COO. He became CEO of Bekaert on 1 September 2023. Appointed until: Annual General Meeting of 2028
	Kerstens
	Kerstens
	Chief Executive Officer


Bekaert Annual Report 2025	− 35 −


	Nicolas
	Nicolas		Nationality: Belgian Year of birth: 1985 First appointed: May 2025 Education: MSc in Commercial Engineering from Katholieke Universiteit Leuven. MBA from INSEAD (Singapore and France) Experience: Nicolas D’heygere started his career in 2008 with McKinsey & Company. In 2010 he moved to China to work as Business Development Manager for Vandemoortele Group and as General Manager of PR Interiors. In 2013 he moved back to Belgium to join Waterland Private Equity Investments where he became a Managing Partner in 2023. He has held numerous roles in Waterland with a focus on portfolio management and M&A. Appointed until: Annual General Meeting of 2026
	D'heygere
	D'heygere


	Henriette
	Henriette		Nationality: Danish Year of birth: 1966 First appointed: May 2020 Education: Master's degree from Copenhagen Business School Experience: Henriette Fenger Ellekrog started her career at Peptech A/S where she became Director of Administration and Personnel. In 1995 she took up consultancy and management functions at Mercuri Urval A/S. From 1998 she continued her career at TDC A/S where she held several executive HR roles before moving to SAS AB in 2007 as Executive VP HR. From 2014 to 2019 she served as CHRO at Danske Bank A/S. Since 2019 she is a member of the Executive Board at Ørsted A/S where she serves as Executive Vice President, Chief Human Resources Officer. Other mandates: Member of the Board and Chair of the Remuneration Committee of SAS AB Appointed until: Annual General Meeting of 2029 Committees: Member of the Nomination and Remuneration Committee
	Fenger Ellekrog
	Fenger Ellekrog
	Independent Director


Bekaert Annual Report 2025	− 36 −


	Toralf
	Toralf		Nationality: German Year of birth: 1966 First appointed: May 2025 Education: Master’s in Business Administration from University of Augsburg. Doctorate in Business from University of Kiel Experience: Dr Toralf Haag started his career in 1994 with Thyssen Handelsunion AG in Düsseldorf. In 1997 he became the Director of Corporate Finance and Development at ThyssenKrupp Budd Company in Detroit where, in 2000, he was appointed as CEO of the Stamping & Frame Division. From 2002 to 2005 he was the CFO of Norddeutsche Affinerie AG (now Aurubis AG) in Hamburg until he was appointed as CFO and a member of the Management Board of Lonza Group AG in 2005. In 2016, he became the CFO of Voith Group and in 2018, he was appointed as President and CEO of Voith Group. In 2024, he was appointed Chief Executive Officer of Aurubis AG. Other mandates: Member of the Supervisory Board of Qiagen N.V. Appointed until: Annual General Meeting of 2026 Committees: Member of the Audit, Risk and Finance Committee
	Haag
	Haag
	Independent Director


	Christophe
	Christophe		Nationality: Belgian Year of birth: 1978 First appointed: May 2016 Education: Master’s degree in Civil Engineering from Free University of Brussels. Ecole Centrale Lille (Ingénieur Généraliste) Experience: Christophe Jacobs van Merlen was previously a Consultant at Bain & Company in Brussels, Amsterdam, and Boston, where he provided strategic and operational advice to private equity, business services, industrial, and financial services clients. He joined Bain Capital Europe, LLP (London) in 2004, where he is currently Managing Director at Bain Capital Europe and member of the Leadership team and member of different board, audit, operating and M&A committees. Appointed until: Annual General Meeting of 2028 Committees: Member of the Nomination and Remuneration Committee
	Jacobs van Merlen
	Jacobs van Merlen


Bekaert Annual Report 2025	− 37 −


	Maxime
	Maxime		Nationality: Belgian Year of birth: 1982 First appointed: May 2022 Education: MSc in Management from Université Catholique de Louvain. MSc in International Management from Esade-CEMS Business School of Barcelona. Master’s in International Economic Policy from Columbia University of New York Experience: Maxime Parmentier started his career with McKinsey & Company in 2008 s a consultant on international advisory and strategic projects across Europe, the US, the Middle-East and Africa. He then joined Riaktr in 2012 as Project Manager. In 2013 he moved to The Global Fund to fight AIDS, tuberculosis and malaria, one of the largest global health organizations. Appointed as Chief of Staff to the CFO, he subsequently became Head of Sourcing Strategy and Supply Chain, and then Founder and CEO of Wambo, the world’s largest global health e-marketplace. Maxime Parmentier founded Birdie Care Services Ltd in 2017, a London-based health technology scale-up aimed at improving the lives and care for the elderly, he is the CEO. Appointed until: Annual General Meeting of 2027 Lead Director on Digital & Cybersecurity
	Parmentier
	Parmentier


	Eriikka
	Eriikka		Nationality: Finnish Year of birth: 1968 First appointed: May 2020 Education: MSc in Economics from University of Vaasa Experience: Eriikka Söderström started her career in Nokia where she spent 14 years in different finance roles in Nokia Networks. Her last positions there were as the interim CFO of Nokia Networks and a Corporate Controller of Nokia Siemens Networks. She has served as Chief Financial Officer of Nautor, Vacon, Kone and F-Secure. She has extensive experience as a board member and Audit Committee Chair, having served at Valmet (2017-2024) and Comptel (2012-2017). Other mandates: Member of the Board of Directors and Chair of the Audit Committee of Kempower, member of the Board of Directors and Chair of the Audit Committee of Amadeus IT Group and member of the Board of Directors of Metso. Appointed until: Annual General Meeting of 2029 Committees: Chair of the Audit, Risk and Finance Committee
	Söderström
	Söderström
	Independent Director
	Chair of the Audit, Risk and Finance Committee


Bekaert Annual Report 2025	− 38 −


	Caroline
	Caroline		Nationality: Belgian Year of birth: 1977 First appointed: May 2019 Education: MSc in Business Engineering from Solvay Brussels School. MBA from INSEAD (France and Singapore) Experience: Caroline Storme started her career with Deloitte Consulting in 2000 in Belgium. She worked at Bekaert as financial controller from 2004-2006 before she moved to Amtech, IGW based in Suzhou, China where she was appointed CFO. Caroline Storme joined UCB in 2012, first in controlling functions before heading Asian global business services, based in Shanghai, China, and since 2017 in various R&D financial functions at UCB Headquarters in Brussels, Belgium. Caroline Storme currently holds the position of R&D Finance Lead Neurology at UCB in Belgium. Appointed until: Annual General Meeting of 2027 Committees: Member of the Audit, Risk and Finance Committee
	Storme
	Storme


	Emilie
	Emilie		Nationality: Belgian Year of birth: 1981 First appointed: May 2016 Education: Master’s degree in Laws from UCLouvain. Master’s degree in Economic Law from Free University of Brussels. LLM in Corporate Law from London School of Economics Experience: Emilie van de Walle de Ghelcke serves as Head of Legal at Sofina, a family-controlled investment company listed on Euronext Brussels. Her work primarily involves M&A transactions, corporate governance, issues related to listed companies, compliance, legal matters, sustainability, and portfolio oversight. Prior to joining Sofina, Emilie was part of the corporate and finance practice at Freshfields Bruckhaus Deringer, where she advised Belgian and international clients on public and private M&A transactions, corporate restructurings, joint ventures, governance frameworks, and financial law. Appointed until: Annual General Meeting of 2028 Lead Director for ESG matters
	van de Walle de Ghelcke
	van de Walle de Ghelcke


Bekaert Annual Report 2025	− 39 −


	Henri Jean
	Henri Jean		Nationality: Belgian Year of birth: 1956 First appointed: May 2016 Education: Electro-Mechanical Engineering degree from Katholieke Universiteit Leuven. MBA from IMD Experience: Henri Jean Velge started his career in 1981 at Shell (The Netherlands) as Well-site petroleum Engineer. He moved to Brunei in 1982 as Operations Manager and resigned from Shell in 1985 to obtain a MBA degree. In 1987 Henri Jean Velge joined Bekaert as Executive Director of Industrias Chilenas de Alambre (Chile). In 1991 he moved to the United States and became Corporate Vice President Wire Americas in June 1994. In 2001 he was appointed Executive Vice President and became a member of the Bekaert Group Executive, responsible for the Global Wire activities. From 2009 till 2012 he was also responsible for Specialty Businesses and from 2013 till mid 2014 he was also responsible for Rubber Reinforcement. Other mandates: Chairman of Stichting Administratiekantoor Bekaert, representing the interests of the reference shareholder of Bekaert. Appointed until: Annual General Meeting of 2028 Committees: Member of the Audit, Risk and Finance Committee
	Velge
	Velge

New Graphs: Age diversity, Gender Diversity, Nationality Diversity

From left to right: Henriette Fenger Ellekorg, Emilie van de Walle de Ghelcke, Toralf Haag, Jürgen Tinggren, Maxime Parmentier, Yves

Kerstens, Christophe Jacobs van Merlen, Henri Jean Velge, Nicolas D'heygere and Caroline Storme. Insert picture: Eriikka Söderström


Bekaert Annual Report 2025	− 40 −

Executive Management

Bekaert's organizational structure consists of four Business Units and Global Functional Domains. The

Executive Management, led by Yves Kerstens, CEO, focuses on value growth and higher-level

performance, and acts under the supervision of the Board of Directors

Organizational structure

The composition of Bekaert's Executive

Management reflects the organizational structure

with four Business Units and five Global

Functional Domains. In 2025, the Business Units

and Global Functions were led by the following

Executives.

Business Units

• The Business Unit Rubber Reinforcement

(serving the tire industries that use tire cord

and bead wire) is led by Curd Vandekerckhove,

CEO Rubber Reinforcement.

• The Business Unit Steel Wire Solutions

(serving energy & utility, industrial, agricultural,

consumer and construction markets with a

broad range of steel wire products and

solutions) is led by François Desné, Divisional

CEO Steel Wire Solutions.

• The Business Unit Specialty Businesses has

several subdivisions. The subdivision

Sustainable Construction is led by Eric Peeters,

Divisional CEO Sustainable Construction. The

other subdivisions (including fiber

technologies, combustion technology and hose

reinforcement wire) are led by Yves Kerstens,

CEO.

• The Business Unit Bridon-Bekaert Ropes

Group (including the steel ropes, synthetic

ropes and advanced cords businesses) is led

by François Desné, Divisional CEO Bridon-

Bekaert Ropes Group (BBRG).

The Business Units have global P&L

accountability for strategy and delivery in their

distinct areas, with dedicated production facilities

and commercial and technology teams. This

helps them develop a customer-centric approach

aligned with the specific needs and dynamics of

their markets.

Global Functions

• Seppo Parvi, Chief Financial Officer

• Barry Snyder, Chief Operating Officer

• Kerstin Artenberg, Chief Human Resources

Officer

• Gunter Van Craen, Chief Digital and

Information Officer

The Functions take a role as strategic business

partners, providing specific expertise and

services across the Group, and ensuring the

business has the right capability to deliver on

short- and long-term goals.

Changes during 2025

On 1 October 2025, Curd Vandekerckhove was

appointed as CEO Rubber Reinforcement.

Annie Xu-Huhmann, previously Divisional CEO

Rubber Reinforcement, has taken up the role of

President of Rubber Reinforcement. Juan Carlos

Alonso, Chief Strategy Officer, left Bekaert at the

end of March 2025.

Changes during 2026

Kerstin Artenberg, Chief Human Resources

Officer, left Bekaert at the end of February 2026.

Anthony Huyghebaert joined Bekaert as interim

Chief Human Resources Officer on 4 February

2026.


Bekaert Annual Report 2025	− 41 −


	Yves
	Yves		Nationality: Belgian Year of birth: 1966 Joined Bekaert: 2021 Education: MSc in Engineering - Industrial Management from Katholieke Universiteit Leuven. INSEAD - Certified International Director Experience: Yves Kerstens started his career in supply chain roles in the manufacturing industry before he moved to Ernst & Young in 1996 and later Capgemini in 2001 as an advisor to the trade & industry sector. In 2005 Yves joined Bridgestone Corporation where he took on executive functions of increasingly broader scope and responsibility in EMEA and Asia Pacific, as well as global corporate governance roles as Vice President & Senior Officer of Bridgestone Corporation and Chairman of the global digital solutions and supply chain committee. In 2018 Yves joined Axalta Coating Systems, where he most recently held the role of Vice President Axalta and President EMEA. Yves Kerstens joined Bekaert on 1 April 2021 as Divisional CEO Specialty Businesses and COO. He became CEO of Bekaert on 1 September 2023.
	Kerstens
	Kerstens
	Chief Executive Officer


	Seppo
	Seppo		Nationality: Finnish Year of birth: 1964 Joined Bekaert: 2024 Education: Master of Science in Economics - University of Vaasa Experience: Seppo started his financial career with Ahlstrom Corporation in 1989 in treasury. Following a move to Huhtamaki (1993-2006), where he initially worked in finance and sourcing roles in Finland, Poland and Türkiye, and later as VP Operations and General Manager. He joined the Metsa Board as CFO in 2006. He then returned to Ahlstrom in 2009. For the next five years, Seppo extended his career experience and became a member of Ahlstrom's executive management team, holding Group CFO and business division head roles with the company. In 2014, he joined Stora Enso where he was CFO, Deputy to the CEO and country manager for their business in Finland. Seppo Parvi joined Bekaert on 1 November 2024 as Chief Financial Officer.
	Parvi
	Parvi
	Chief Financial Officer


Bekaert Annual Report 2025	− 42 −


	Kerstin
	Kerstin		Nationality: German Year of birth: 1972 Joined Bekaert: 2021 Education: East Asian Economics - Strategic HR Management / University of Duisburg-Essen / University of Applied Sciences of Zürich Experience: Kerstin Artenberg began her career in communication and marketing roles, holding several leadership positions at Körber AG and Daimler AG. In 2007, Kerstin joined Borealis in Austria as External Communications Manager and soon after assumed the role of Director Communications. From 2010 onwards, she gradually expanded her responsibilities towards HR functions and in 2016, she took on the role of Vice President Human Resources & Communications. In 2020, she joined the newly established Executive Committee. Throughout her career, Kerstin has driven cultural transformations with a focus on developing organizations which provide purpose and deep development opportunities for their employees. Note: Kerstin Artenberg, Chief Human Resources Officer, left Bekaert at the end of February 2026.
	Artenberg
	Artenberg
	Chief Human Resources Officer


	François
	François		Nationality: French, Belgian Year of birth: 1971 Joined Bekaert: 2022 Education: MS degree in Physics, University of Paris VII - Joint MBA-MA degrees from the Wharton School and the Lauder Institute, University of Pennsylvania Experience: François Desné started his career in 1996 at RHODIA where he held management roles in quality and development. In 2003, he moved to BASF where he took on several regional and global leadership positions across Europe and Asia with increasingly broader scope and responsibility as SVP of Global Business units. In 2016, François Desné joined Recticel as Group General Manager of Recticel Engineered Foams and member of the Recticel Group Executive Committee.
	Desné
	Desné
	Divisional CEO Steel Wire Solutions and Bridon-Bekaert Ropes Group


Bekaert Annual Report 2025	− 43 −


	Eric
	Eric		Nationality: Belgian Year of birth: 1969 Joined Bekaert: 2024 Education: Master of Science in Chemical Engineering - University of Leuven Experience: Eric Peeters began his career in 1992 with Dow Corning with a focus on process engineering. In 2002, he moved into the first of a series of general management and executive leadership roles which would extend his experience across multiple end markets and business units in the company’s portfolio. In 2020 he was appointed Vice President for Sustainability, Coatings & Performance Materials at Dow.
	Peeters
	Peeters
	Divisional CEO Sustainable Construction
	Sustainable Construction is a subdivision of the business unit Specialty Businesses.


	Barry
	Barry		Nationality: American Year of birth: 1962 Joined Bekaert: 2023 Education: Master of Science and PhD in Chemistry – MBA / Emory University of Atlanta / Harvard University in Cambridge / Temple University in Philadelphia Experience: Barry Snyder has a strong track record of global executive leadership with extensive industry experience in specialty chemicals and materials. Barry began his career in 1990 with Rohm and Haas Company where he held roles of increasing responsibility in marketing and research, across different geographies. From 2007 to 2014 he took on technology and innovation leadership positions at Celanese Corporation and HB Fuller Company (US) and at Orion Engineered Carbons (Germany). In 2015, Barry Snyder joined Axalta Coating Systems in the US, first as Chief Technology Officer and subsequently as Chief Operations and Supply Chain Officer. He also held operational responsibilities at Axalta as Regional Leader EMEA, based in Switzerland.
	Snyder
	Snyder
	Chief Operating Officer


Bekaert Annual Report 2025	− 44 −


	Gunter
	Gunter		Nationality: Belgian Year of birth: 1970 Joined Bekaert: 2020 Education: Commercial Engineering - Accountancy and Auditing - Computer Auditing / Catholic University of Louvain / University of Antwerp Experience: Gunter Van Craen started his career in internal auditing at KBC. In 2003, he joined Johnson & Johnson where he took on several IT and finance management functions of increasingly broader scope and responsibility. Initially in finance roles, Gunter moved to global IT functions and became CIO for the integration of Crucell into Janssen Pharmaceutica and subsequently global VP IT Pharma R&D. His last position before joining Bekaert was SVP IT for technology services at J&J, covering all IT related services across EMEA, Latin America and Asia.
	Van Craen
	Van Craen
	Chief Digital and Information Officer


	Curd
	Curd		Nationality: Belgian Year of birth: 1965 Joined Bekaert: 1989 Education: Master of Science in Engineering and Master in Applied Economics, both from the Catholic University of Louvain. Experience: Curd began his career at Bekaert as a Total Quality Management consultant in 1989. He spent 13 years in Asia, where he held multiple general management leadership roles. Returning to Europe in 2004, he led the Carding Solutions and Sawing Wire businesses. In 2012, he joined the Bekaert Group Executive and moved again to Asia where he served as Executive VP for North and South-East Asia, later serving as EVP Global Operations and Chief Operations Officer. In 2019, he became Divisional CEO of Bridon-Bekaert Ropes Group. After leaving Bekaert in 2022, he took up a number of non-executive board positions in both for profit as well as non-profit companies and organizations. Curd rejoined Bekaert in 2025 as CEO of Rubber Reinforcement.
	Vandekerckhove
	Vandekerckhove
	CEO Rubber Reinforcement


Bekaert Annual Report 2025	− 45 −

Top, from left to right: Curd Vandekerckhove, Gunter Van Craen and Seppo Parvi.

Bottom, from left to right: Eric Peeters, Yves Kerstens and François Desné.

Insert picture, from left to right: Barry Snyder and Kerstin Artenberg

Part 2

Statements


Bekaert Annual Report 2025	− 47 −


6.5.	Investments in joint ventures and associates	123
6.6.	Other non-current assets	125
6.7.	Deferred tax assets and liabilities	126
6.8.	Operating working capital	130
6.9.	Other receivables	132
6.10.	Cash & cash equivalents and short- term deposits	132
6.11.	Other current assets	132
6.12.	Assets classified as held for sale and liabilities associated with those assets	133
6.13.	Ordinary shares, treasury shares and equity-settled share-based payments	133
6.14.	Retained earnings and other Group reserves	137
6.15.	Non-controlling interests	139
6.16.	Employee benefit obligations	140
6.17.	Provisions	149
6.18.	Interest-bearing debt	149
6.19.	Other non-current liabilities	152
6.20.	Other current liabilities	152
6.21.	Tax positions	152

7. Miscellaneous items		153
7.1.	Notes to the cash flow statement	153
7.2.	Effect of business combinations and business disposals	155
7.3.	Financial risk management and financial instruments	156
7.4.	Contingencies, commitments, secured liabilities and assets pledged as security	167
7.5.	Related parties	168

Corporate

governance

statement


Bekaert Annual Report 2025	− 49 −

NV Bekaert SA (the “Company”) attaches great

importance to sound corporate governance. The

Company recognizes that good governance of

listed companies is a key factor in investment

decisions and contributes to the confidence of all

stakeholders.

The Board of Directors adopted the 2020 Belgian

Code on Corporate Governance (the “CG Code”)

as Bekaert’s reference code and aligned the

Bekaert Corporate Governance Charter (the “CG

Charter”) accordingly on 19 December 2019. The

CG Charter has since been revised by the Board

on 12 May 2020, 5 October 2021, 17 November

2022, 30 July 2025 and 14 January 2026. On

14 January 2026, the Board approved updates to

the Corporate Governance Charter, clarifying that

the executive management role may be exercised

collectively or individually.

The Company complies with the provisions of the

CG Code, except for provision 7.6. According to

provision 7.6, a non-executive board member

should receive part of their remuneration in the

form of shares in the company and these shares

should be held until at least one year after the

non-executive board member leaves the board

and at least three years after the moment of

award. At Bekaert, non-executive Directors have

the opportunity, but not the obligation, to receive

part of their remuneration in Company shares.

These shares are not subject to any holding or

vesting requirements. Despite the non-mandatory

character of this shareholding principle, the

Company believes that the long-term view of

shareholders is fairly represented at the Board of

Directors considering that the Chairman is

remunerated in Bekaert shares, and that the non-

executive Directors who are nominated by the

reference shareholder already hold Bekaert

shares (or certificates relating thereto).

The CG Code is available at

www.corporategovernancecommittee.be/en/.

The CG Charter is available at www.bekaert.com.

Board of Directors

The Company has adopted the one-tier

governance structure. On 21 November 2024, the

Board of Directors reviewed and confirmed that

this structure remains appropriate for Bekaert.

The primary decision-making body is the Board of

Directors. The Board is authorized to carry out all

actions that are necessary or useful to achieve

the Company’s purpose, except for those for

which the General Meeting of Shareholders is

authorized by law or by the

Articles of Association.

The Board of Directors consists of eleven

members, who are appointed by the General

Meeting of Shareholders. Six of the Directors are

appointed from among candidates nominated by

the principal shareholder.

All Directors are selected and nominated based

upon a Board skills matrix. The purpose of the

matrix is to ensure that the Board has meaningful

diversity, skills, and experience to meet the

current and future challenges of Bekaert, and to

identify any gaps which potentially can be filled

by future Directors. The skills matrix covers

following areas: experience from other public

companies, global CEO/C-suite experience,

financial expertise, leadership/people expertise,

information technology/digital expertise,

sustainability/ESG expertise, M&A experience,

manufacturing/industry experience.

The Chairman and the Chief Executive Officer are

never the same individual. The Chief Executive

Officer is the only Board member with an

executive function. All other members are non-

executive Directors. Four of the Directors are

independent in accordance with the criteria of

Article 7:87, §1 of the Belgian Code on Companies

and Associations (the "BCCA'") and

provision 3.5 of the CG Code: Henriette Fenger

Ellekrog (first appointed in 2020), Toralf Haag

(first appointed in 2025), Eriikka Söderström

(first appointed in 2020), and Jürgen Tinggren

(first appointed in 2019).

The Board of Directors met on eight occasions in

2025 (seven regular meetings and one

extraordinary meeting). In addition to its

statutory powers and powers under the Articles

of Association and the CG Charter, the Board of

Directors discussed the following matters, among

others, in 2025:

• Corporate strategy and strategic projects

• IT and digital strategy, including cybersecurity

• Technology and innovation strategy

• Sustainability and ESG

• Governance, risk and compliance, including

major risks and related mitigation plans under

Bekaert’s enterprise risk management

program

• Establishment of Rubber Reinforcement

Committee


Bekaert Annual Report 2025	− 50 −

• Objectives of the principal shareholder of the

Company

• Budget for 2026

• Succession planning at Board and Executive

Management levels

• Remuneration and short-term and long-term

incentives for Chief Executive Officer and

other members of the Executive Management

• Share buyback program and liquidity

agreement

The oversight responsibility with respect to

sustainability/ESG and cybersecurity has been

integrated into the existing Board and Board

Committees structure. The overall responsibility

rests with the Board of Directors, supported by

specific responsibilities assigned to the Audit,

Risk and Finance Committee (process and

controls; assurance; disclosures and reporting)

and the Nomination and Remuneration

Committee (Board skills; talent and culture;

accountability and link to executive pay). While

the full Board of Directors retains oversight

responsibility, the Board has appointed one lead

Director for ESG matters and one lead Director

for digital and cybersecurity matters. These

Directors provide support and act as a sounding

board for Executive Management in preparation

for Board meetings.


Name	First appointed	End of (current) Board term	Principal occupation²	Number of meetings attended	Attendance rate
Chairman
Jürgen Tinggren¹	May 2019	May 2027	NV Bekaert SA	8/8	100%
Chief Executive Officer
Yves Kerstens	September 2023	May 2028	NV Bekaert SA	8/8	100%
Members nominated by the principal shareholder
Nicolas D'heygere	May 2025	May 2026	Managing Partner, Waterland Private Equity (Belgium)	4/5	80%
Christophe Jacobs van Merlen	May 2016	May 2028	Partner, Bain Capital (UK)	8/8	100%
Maxime Parmentier	May 2022	May 2027	Chief Executive Officer, Birdie Care Services Ltd (UK)	8/8	100%
Caroline Storme	May 2019	May 2027	Finance Business Partner, UCB (Belgium)	7/8	88%
Emilie van de Walle de Ghelcke	May 2016	May 2028	Head of Legal at Sofina (Belgium)	8/8	100%
Henri Jean Velge	May 2016	May 2028	Director of Companies	8/8	100%
Independent Directors
Henriette Fenger Ellekrog	May 2020	May 2029	Chief Human Resources Officer, Ørsted (Denmark)	8/8	100%
Toralf Haag	May 2025	May 2026	Chief Executive Officer, Aurubis AG (Germany)	5/5	100%
Eriikka Söderström	May 2020	May 2029	Independent Director of companies	8/8	100%

¹ Jürgen Tinggren is an independent Director.

² The detailed résumés of the Board members are available in Part I: Leadership of this report.

Committees of the Board of

Directors

The Board of Directors has two standing advisory

Committees: the Audit, Risk and Finance

Committee and the Nomination and

Remuneration Committee.

Pursuant to Article 19 of the Articles of

Association, the Board of Directors has the

authority to establish additional advisory

committees from among its members to support

its work. It established in September 2025 an ad

hoc advisory committee dedicated to the Rubber

Reinforcement business, consisting of five

directors.


Bekaert Annual Report 2025	− 51 −

Audit, Risk and Finance Committee

The Audit, Risk and Finance Committee is

composed in accordance with Article 7:99 of the

BCCA and provision 4.3 of the CG Code. All its

members are non-executive Directors and three

of its members, Toralf Haag, Eriikka Söderström

and Jürgen Tinggren, are independent. The

Chairperson of the Committee, Eriikka

Söderström, was appointed by the members of

the Committee. Eriikka Söderström’s competence

in accounting and auditing is demonstrated by

her former position as Chief Financial Officer of

F-Secure Corporation, Kone Corporation, and

Vacon Plc, all stock-listed on Nasdaq Helsinki.

Additionally, she holds audit committee chair

experience from mandates at Comptel, Valmet,

Kempower, and Amadeus IT Group. The

members of the Committee have a collective

expertise relevant to the sector in which the

Company is operating.

The Chief Executive Officer and the Chief

Financial Officer are invited to attend the

Committee meetings as a guest, without being a

member. This arrangement guarantees the

essential interaction between the Board of

Directors and the Executive Management.

The Committee had five regular meetings and

one extraordinary meeting in 2025. The Statutory

Auditor attended all of them. In addition to its

statutory powers and its powers under the CG

Charter, the Committee discussed the following

main subjects:

• Financing structure of the Group

• Debt and liquidity situation

• Share buyback program and liquidity

agreement

• Activity reports of internal audit department

• Reports of Statutory Auditor

• Sustainability reporting and related

governance framework, data control

framework and independent assurance

• Governance, risk and compliance, including

major risks and related mitigation plans under

Bekaert’s enterprise risk management

program


Name	Expiry of current Board term	Number of meetings attended	Attendance rate
Toralf Haag	2026	3/3	100%
Eriikka Söderström	2029	6/6	100%
Caroline Storme	2027	6/6	100%
Jürgen Tinggren	2027	6/6	100%
Henri Jean Velge	2028	6/6	100%

Nomination and Remuneration

Committee

The Nomination and Remuneration Committee is

composed as required by Article 7:100 of the

BCCA and provision 4.3 of the CG Code: all its

three members are non-executive Directors, and

the majority of the members is independent. It is

chaired by the Chairman of the Board. The

Committee’s competence in the field of

remuneration policy is demonstrated by the

relevant experience of its members.


Name	Expiry of current Board term	Number of meetings attended	Attendance rate
Jürgen Tinggren	2027	6/6	100%
Henriette Fenger Ellekrog	2029	6/6	100%
Christophe Jacobs van Merlen	2028	6/6	100%

One of the Directors nominated by the principal

shareholder, the Chief Executive Officer, and the

Chief Human Resources Officer were invited to

attend the Committee meetings as a guest,

without being a member.

The Committee had five regular meetings and

one extraordinary meeting in 2025. In addition to

its statutory powers and its powers under the CG

Charter, the Committee discussed the following

main subjects:

• Leadership development and talent strategy

• Succession planning at Board and Executive

Management levels

• Remuneration report 2024

• Remuneration policy

• Remuneration for Chief Executive Officer and

other members of Executive Management

• Short-term and long-term incentive targets for

Group, Chief Executive Officer and other

members of Executive Management

• Company's target operating model


Bekaert Annual Report 2025	− 52 −

Evaluation

The main features of the process for evaluating

the Board of Directors, its Committees and the

individual Directors, are described in this section

and in paragraph II.3.4 of the CG Charter.

The Board of Directors, under the lead of the

Chairman, assesses at least every three years its

own performance and its interaction with the

Executive Management, as well as its size,

composition, functioning and that of its

Committees. The evaluation is conducted using a

formal process, which may be facilitated

externally and follows a methodology approved

by the Board.

Prior to the end of each Board member’s term,

the Nomination and Remuneration Committee,

under the lead of the Chairman, evaluates the

Board member’s presence at the Board or Board

Committee meetings, and his or her commitment

and constructive involvement in discussions and

decision-making, in accordance with a pre-

established and transparent procedure. The

Nomination and Remuneration Committee also

assesses whether the contribution of each Board

member is adapted to changing circumstances.

The Board acts on the results of the performance

evaluation. Where appropriate, this involves

proposing new Board members for appointment,

proposing not to re-appoint existing Board

members or taking any measure deemed

appropriate for the effective operation of the

Board.

The Chairman always remains available to

consider suggestions for improvement of the

functioning of the Board or the Board

Committees.

The non-executive Directors meet at least once

per year in the absence of the Chief Executive

Officer to assess their interaction with Executive

Management.

In 2025, the Board of Directors undertook a self-

assessment. The review covered the Board’s

composition and structure, its performance and

responsibilities, the effectiveness of meetings,

and the progress made on action items identified

during the 2024 self-assessment.

Executive Management

The Board of Directors has delegated special

operational powers to the Executive Management

under the leadership of the Chief Executive

Officer (“CEO”). The responsibilities of the

Executive Management comprise the running of

the Company and the implementation of internal

controls, being the mechanisms to identify,

assess, manage and monitor financial and other

risks, without prejudice to the Board of Director’s

supervisory role and in accordance with the

framework approved by the Board of Directors.

The Executive Management is further responsible

for presenting complete, timely, reliable and

accurate financial statements to the Board of

Directors in accordance with the applicable

accounting standards and the Company's

policies, and for preparing the requisite

disclosures of such financial statements and

other material financial and non-financial

information. It must also provide the Board of

Directors with a balanced and comprehensible

assessment of the Company’s financial position,

and ensure that all information necessary for the

Board of Directors to perform its duties is

supplied in a timely manner.

At the end of 2025, the Executive Management

consisted of eight members, including the CEO,

representing the various businesses and global

functions.

Juan Carlos Alonso, Chief Strategy Officer, left

Bekaert on 31 March 2025. On 1 October 2025,

Curd Vandekerckhove joined Bekaert as CEO

Rubber Reinforcement. Annie Xu-Huhmann,

previously Divisional CEO Rubber Reinforcement,

assumed the role of President of Rubber

Reinforcement. Kerstin Artenberg, Chief Human

Resources Officer, left Bekaert at the end of

February 2026. Anthony Huyghebaert joined

Bekaert as interim Chief Human Resources

Officer on 4 February 2026.


Bekaert Annual Report 2025	− 53 −


Name	Position	Appointed as Executive Manager
Yves Kerstens	Chief Executive Officer	2021
Gunter Van Craen¹	Chief Digital and Information Officer	2022
Seppo Parvi	Chief Financial Officer	2024
Kerstin Artenberg²	Chief Human Resources Officer	2021
Barry Snyder	Chief Operating Officer	2023
Juan Carlos Alonso³	Chief Strategy Officer	2019
Annie Xu-Huhmann⁴	Divisional CEO Rubber Reinforcement	2023
Curd Vandekerckhove⁵	CEO Rubber Reinforcement	2025
Eric Peeters	Divisional CEO Sustainable Construction	2024
François Desne	Divisional CEO Steel Wire Solutions and Bridon-Bekaert Ropes Group	2022

¹ Until 31 January 2026.

² Until 28 February 2026.

³ Until 31 March 2025.

⁴ Until 30 September 2025.

⁵ As of 1 October 2025.

Diversity

As a truly global company, Bekaert embraces diversity across all levels in the organization, which is

considered a major source of strength. This applies to diversity in terms of nationality, cultural

background, age, and gender, but also in terms of capabilities, business experience, insights, and views.

Nationality diversity

Bekaert employs people of 71 different nationalities in 36 countries around the world. This diversity is

mirrored in all levels of the organization, as well as in the composition of the Board of Directors and the

Executive Management.


31 December 2025	# people	# nationalities	# non-Belgian nationality	% non-Belgian nationality
Board of Directors	11	5	4	36%
Executive Management	8	5	4	67%

Gender diversity

The Company is compliant with the legal requirement that at least one third of the members of the Board

of Directors are of the opposite gender.

Bekaert adopts a recruitment and promotion policy that aims to gradually generate more diversity,

including gender diversity. The target in support of gender diversity is included in the ESG Statements in

section S1-5 on page 257.


31 December 2025	# people	% male	% female
Board of Directors	11	64%	36%
Executive Management	8	87%	13%

Age diversity


31 December 2025	# people	30-50 years old	over 50 years old
Board of Directors	11	45%	55%
Executive Management	8	—%	100%


Bekaert Annual Report 2025	− 54 −

Conduct policies

Statutory conflicts of interest in the

Board of Directors

In accordance with Article 7:96 of the BCCA, a

member of the Board of Directors should give the

other members prior notice of any agenda items

in respect of which he/she has a direct or indirect

conflict of interest of a financial nature with the

Company and should refrain from participating in

the discussion of and voting on those items.

A conflict of interest arose on one occasion in

2025. The provisions of Article 7:96 of the BCCA

were complied with.

On 27 February 2025, Yves Kerstens had a

conflict of interest when the Board discussed and

had to vote on his short-term variable

remuneration on account of his performance as

CEO in 2024 (€347 065).

Excerpt from the minutes:

RESOLUTION

Upon the recommendation of the Nomination and

Remuneration Committee, the Board approves

the proposed short-term variable remuneration

payable to the Chief Executive Officer on account

of his 2024 performance.

Other transactions with Directors and

Executive Management

The CG Charter contains conduct guidelines with

respect to direct and indirect conflicts of interest

of the members of the Board of Directors and the

Executive Management that fall outside the

scope of Article 7:96 of the BCCA. Those

members are deemed to be related parties to

Bekaert and must report their direct or indirect

transactions with Bekaert or its subsidiaries.

Bekaert is not aware of any potential conflict of

interest concerning such transactions occurring

in 2025 (cf. Note 7.5 to the consolidated financial

statements).

Code of Conduct

The Board of Directors has approved the Bekaert

Code of Conduct, which was first issued on

1 December 2004 and last updated in July 2025.

The Bekaert Code of Conduct describes how the

Bekaert values are put into practice. It provides

principles to follow when confronted with ethical

choices and compliance matters.

Bekaert requires all employees, Executive

Managers, and Directors to comply with the Code

of Conduct. Bekaert's contractors, suppliers, and

other business partners are expected to uphold

the same standards.

The Bekaert Code of Conduct is included in its

entirety in the Bekaert Corporate Governance

Charter as Appendix 3.

Market abuse

The Board of Directors has adopted the Bekaert

Dealing Code on 28 July 2016, which became

effective on 3 July 2016. The Bekaert Dealing

Code is included in its entirety in the Bekaert

Corporate Governance Charter as Appendix 4.

The Bekaert Dealing Code restricts transactions

in Bekaert financial instruments by members of

the Board of Directors and the Executive

Management, senior management and certain

other persons during closed and prohibited

periods. The Code also contains rules concerning

the disclosure of executed transactions by

leading managers and their closely associated

persons through a notification to the Company

and to the Belgian Financial Services and Markets

Authority (FSMA). The Company Secretary is the

Dealing Code Officer for purposes of the Bekaert

Dealing Code.


Bekaert Annual Report 2025	− 55 −

Remuneration report

Description of the procedure used in 2025 for (i) developing

a remuneration policy for the non-executive Directors and

Executive Management and (ii) setting the remuneration of

the individual Directors and Executive Managers

In accordance with article 7:89/1 of the Belgian Code on Companies and Associations, the remuneration

policy for the members of the Board of Directors and the Executive Management was submitted to the

vote of its shareholders at the General Meeting of Shareholders on 14 May 2025. The remuneration

policy succeeds the previous version which was applicable as of 2021.

The latest remuneration policy is applicable as of 1 January 2025 and is submitted to the General

Meeting of Shareholders for approval whenever there is a material change and at least every four years.

In accordance with the remuneration policy, the 2025 remuneration for the non-executive Directors

(other than the Chairman) has been determined by the General Meeting of Shareholders on 14 May 2025,

acting upon the motion of the Board of Directors. The remuneration of the Chairman of the Board of

Directors for the performance of all his duties in the Company for the period June 2023–May 2027 has

been determined by the General Meeting of Shareholders on 10 May 2023 and is a fixed amount of

€650 000 per year (for the period June–May).

In accordance with the remuneration policy, the remuneration for the Chief Executive Officer has been

determined by the Board of Directors, acting upon proposals from the Nomination and Remuneration

Committee ("NRC"). The Chief Executive Officer is absent from this process and does not take part in the

voting nor the deliberations in this regard. The NRC ensures that the Chief Executive Officer’s contract

with the Company reflects the remuneration policy. A copy of the Chief Executive Officer’s contract is

available to any Director upon request to the Chairman.

In accordance with the remuneration policy, the remuneration for Executive Management other than the

Chief Executive Officer has been determined by the Board of Directors acting upon proposals from the

NRC. The Chief Executive Officer has an advisory role in this process. The NRC ensures that the contract

of each member of the Executive Management with the Company reflects the remuneration policy. A copy

of each such contract is available to any Director upon request to the Chairman.

Statement of the remuneration policy used in 2025 for the

Board of Directors and Executive Management

Board of Directors

Purpose and link to strategy

Remuneration is set at a level that is sufficient to attract non-executive Directors with competences

required to match the Company’s international ambition. They are set to reward non-executive Directors

for their role as Board member and specific role as Chairman of the Board, or Chair or member of the

Board Committees, as well as their resulting responsibilities and commitments in time.

Operation

Chairman of the Board of Directors

• The remuneration of the Chairman is determined at the beginning of his term of office and is in

principle set for the duration of such term.

• The remuneration of the Chairman is determined by the General Meeting of Shareholders on the

motion of the Board of Directors, acting upon proposals from the NRC.

• Fees are paid 100% in cash, but with the option each year to receive part (0%, 25%, 50%, 75% or 100%)

in Company shares. Those are not subject to any holding or vesting requirements.


Bekaert Annual Report 2025	− 56 −

Other non-executive Directors

• The remuneration of the other non-executive Directors is determined by the General Meeting of

Shareholders on the motion of the Board of Directors, acting upon proposals from the NRC, for the

running financial year.

• Fees are paid 100% in cash, but with the option each year to receive part (0%, 25% or 50%) in Company

shares. Those are not subject to any holding or vesting requirements.

The Board of Directors may entrust specific tasks to one or more Directors (such as in relation to ESG or

cybersecurity). The additional remuneration of such Director(s) in relation to these specific tasks is

determined by the Board, on the motion of the NRC, and is subject to the approval of the General Meeting

of Shareholders for the running calendar year.

The remuneration of the Chairman and of the other non-executive Directors is regularly benchmarked

with a selected peer group of relevant publicly traded Belgian and international references.

Executive Director

Without prejudice to his remuneration in his capacity as Executive Manager, the Chief Executive Officer is

not entitled to receive remuneration for his mandate as executive Director.

Fee structure

A modular fee structure is applied for non-executive Directors to ensure that the remuneration fairly

reflects their role as Board member and specific role as Chairman of the Board of Directors, or Chair or

member of the Board Committees, as well as their resulting responsibilities and commitment in time.

The remuneration of the Chairman of the Board of Directors is set as follows:

• a fixed amount of €650 000 gross per year converted into a number of Company shares.

The remuneration of each non-executive Director, except the Chairman, is set as follows:

• a fixed amount of €80 000 gross for the performance of the duties as a member of the Board;

• a fixed amount of €20 000 gross for the performance of the duties as member or Chair of a Board

Committee, and an additional fixed amount of €5 000 gross for the Chair of the Audit, Risk and

Finance Committee.

• a fixed amount of €10 000 gross for those Directors entrusted with specific tasks in relation to ESG

and cybersecurity.

• The fixed amounts for Board Committee membership, Board Committee chairing or for specific tasks

are paid on top of the fixed amount for performance of duties as a member of the Board.

Performance measures

The Chairman and the other non-executive Directors do not receive any performance-related

remuneration that is directly related to the results of the Company. They are not entitled to participate in

any of the Company’s incentive plans and do not receive stock options or pension benefits.

Shareholding

The Company complies with the provisions of the CG Code, except for provision 7.6. According to

provision 7.6, a non-executive board member should receive part of their remuneration in the form of

shares in the company and these shares should be held until at least one year after the non-executive

board member leaves the board and at least three years after the moment of award. At Bekaert, non-

executive Directors have the opportunity, but not the obligation, to receive part of their remuneration in

Company shares. These shares are not subject to any holding or vesting requirements. Despite the non-

mandatory character of this shareholding principle, the Company believes that the long-term view of

shareholders is fairly represented at the Board of Directors considering that the Chairman is remunerated

in Bekaert shares, and that the non-executive Directors who are nominated by the reference shareholder

already hold Bekaert shares (or certificates relating thereto).

Other items

Expenses that are reasonably incurred in the performance of their duties are reimbursed to Directors,

upon submission of suitable justification. In making such expenses, the Directors should take into account

the Board Member Expense Policy.


Bekaert Annual Report 2025	− 57 −

Executive Management

Purpose and link to strategy

Bekaert has a pay for performance compensation philosophy whereby the goal is to reward Executive

Managers for performance that creates positive short-term and long-term business results and value

creation for the Company; and to attract, retain and engage high-performing Executive Managers to

realize the Company’s objectives in accordance with the Company’s risk appetite and behavioral norms

and to promote sustainable value creation.

Executive remuneration consists out of fixed pay, benefits and allowance, short-term incentives and long-

term incentives. In addition, Executive Managers are required to build and retain a minimum personal

holding in Company shares.

• Fixed pay is the fixed remuneration paid to an Executive Manager for responsibilities of the job.

The Company aims to ensure fixed pay is competitive compared with median market practice.

The Executive Manager’s potential for further growth, as well as sustained past performance, drive

how fixed pay evolves over time.

• Short-term incentives aim to motivate Executive Managers to support and drive the Company’s short-

term goals considering a one-year performance horizon. Company overall performance, business unit

performance (for Divisional CEOs) and individual performance drive the ultimate outcome.

• Long-term incentives reward Executive Managers for contributing to the achievement of the

Company’s long-term strategy considering a three-year performance horizon. Performance metrics are

objective metrics aligned with the Company strategy.

• Benefits and allowances are aligned with local practice and local policies; they are designed to be

competitive and cost effective. This includes pension benefits aiming to support Executive Managers in

their retirement planning.

• A minimum personal shareholding requirement aims to align the interest of the Executive Managers

with those of the long-term shareholders by creating a link between their personal wealth and the

Company’s long-term performance. This is facilitated by a voluntary share-matching program.

To ensure that executive compensation remains competitive and aligned with market practices, the

Company benchmarks total remuneration against a carefully selected peer group of comparable

companies. The peer group is determined based on factors such as industry, revenue size, geographic

presence, and complexity of operations. Regular reviews are conducted to maintain relevance, and

adjustments may be made to reflect market changes and evolving business needs. The benchmarking

results determine base salary levels, STI and LTI, ensuring a balance between external competitiveness

and internal fairness. The Company aims to position its executive management’s fixed salary at the

median of the executive benchmark peer group and to position total remuneration at third quartile of the

market.

Executive remuneration is aligned with the remuneration policy of the Group.

Operation

The remuneration of the Executive Management is determined by the Board of Directors acting on a

reasoned recommendation from the NRC.

Fixed pay

• Fixed pay is set by the Board on the recommendation of the NRC with reference to a selected peer

group.

• Fixed pay increases might be decided by the Board on the recommendation of the NRC and are

generally aligned with the average salary increases applying to the broader employee population unless

there were significant changes to an individual’s role and/or responsibilities during the year.

Short-term incentives (STI)

• STI for Executive Managers are fully aligned with the Bekaert Variable Pay Plan for all managers

worldwide.

• STI is earned by reference to performance from 1 January to 31 December and is paid after the year-

end of the financial year to which it relates.


Bekaert Annual Report 2025	− 58 −

• Objectives are set by the Board of Directors at the beginning of the year upon the recommendation of

the NRC. Those objectives include Group, business unit (for Divisional CEOs) and individual targets,

both financial and non-financial, which are relevant in evaluating the annual performance of the Group

and progress achieved against the agreed strategic objectives. They are evaluated annually by the

Board of Directors, upon recommendation of the NRC.

Long-term incentives (LTI)

• Executive Managers participate in the Bekaert Performance Share Plan for all senior managers

worldwide.

• Performance share units are granted each year and represent a conditional Company share that vest

after three years upon achievement of pre-set performance conditions.

• At the beginning of each three-year performance period, the NRC recommends a set of performance

criteria based on objective metrics derived from the long-term business plan. Those three-year

performance criteria are documented and submitted by the NRC to the full Board of Directors for

approval.

• The precise vesting level of the performance share units will depend upon the actual achievement level

of the vesting criterion, with no vesting at all if the actual performance is below the defined minimum

threshold. Upon achievement of said threshold, there will be a minimum vesting of 50% of the granted

performance share units; full achievement of the agreed vesting criterion will lead to a par vesting of

100% of the granted performance share units, whereas there will be a maximum vesting of 300% of the

granted performance share units in case of exceptional performance.

• Vested performance share units are delivered in the financial year following the performance period. In

Europe, this is delivered in Company shares whereas in the rest of the world this is paid in cash.

• Upon vesting, the beneficiaries will also receive the value of the dividends relating to the previous three

years with respect to such (amount of) performance shares to which the effectively vested

performance share units relate.

Performance measures

Short-term incentives (STI)

Company performance driving STI in 2025 is based on the below metrics:


Business Objective Bekaert Group	Weight	Threshold	Target	Maximum	Actual Performance
Gross Profit	20%	16.7%	17.6%	18.7%	16.0%
Underlying EBITDA	50%	€ 487 mln	€ 542 mln	€ 597 mln	€ 469 mln
Working Capital as % of Sales	20%	21.4%	19.9%	18.4%	20.9%
Net Promotor Score Customers	10%	43	53	63	65
Overall assessment					33.6%

The Board, acting upon recommendation of the NRC, assessed the overall company performance

at 33.6%.

For 2026 the following metrics will apply: gross profit, underlying EBITDA and working capital, with an

equal weight. Given the commercial sensitivity of our short-term goals, the performance goals will be

disclosed in the 2026 remuneration report.

Long-term incentives (LTI)

The vesting criteria and outcome with regard to the performance share units issued in 2023 in relation to

the 2023-2025 performance horizon for the Executive Management were as follows:


Business Objective Bekaert Group	Weight	Threshold	Target	Maximum	Actual Performance	Vesting
Underlying EBITDA as % of sales ¹	20%	12.6%	14.1%	15.6%	12.7%	—%
Cumulative operational Cash Flow	20%	€ 838 mln	€ 1, 038 mln	€ 1,238 mln	€ 1,104 mln	26.6%
TSR relative to peer index ²	50%	≥25th pct	≥50th pct	≥75th pct	71%	35.5%
Energy Improvement	10.0%	-2.0%	-4.0%	-6.0%	73%	7.3%
Overall assessment						69%


Bekaert Annual Report 2025	− 59 −

¹ The EBITDA underlying as a percentage of sales threshold, target and outstanding are only achieved if the absolute EBITDA-U of 2025

is at least €594 mln.

² The starting price of the peer index is based on the 30-trading-day average preceding the start of the performance cycle, and the

ending price is based on the 30-trading-day average preceding the end of the performance cycle.

Aligned with the grant for the performance period 2025–2027, for the performance period 2026–2028,

specific company financials have been selected, more in particular underlying EBITDA as a percentage of

sales, cumulative operational cash flow, TSR relative to peer index, and safety (while energy and CO2

improvement remains a company focus, it is not included as an objective for the 2026–2028 performance

share grant, as safety improvement was designated the top priority). Given the commercial sensitivity of

our long-term goals, the 2026–2028 performance goals will be disclosed at the conclusion of the three-

year performance period.

Opportunity

• The target value of the STI of the Chief Executive Officer is 75% of fixed pay, and 60% of fixed pay for

the other members of the Executive Management. The maximum opportunity is 200% of this target.

• The target value of the LTI of the Chief Executive Officer is 85% of fixed pay, and 65% of fixed pay for

the other members of the Executive Management. The maximum vesting is 300% of the target.

At par level, the value of the variable remuneration elements of the Executive Management exceeds 25%

of their total remuneration. More than half of this variable remuneration is based on criteria over a period

of three years.

Minimum shareholding requirement

The Executive Management are required to build a personal shareholding in Company shares within five

years from the time of appointment, and to maintain this level for the full period of appointment.

The following minimum shareholding requirements apply:

• The CEO must establish and maintain a level of shareholding ownership equal to 125% of fixed pay.

• The other members of the Executive Management must establish and maintain a level of shareholding

ownership equal to 75% of fixed pay.

To facilitate this, the Company offers a voluntary share-matching plan. The Company matches a personal

investment in Company shares each year (up to a maximum 15% of actual gross STI) with a direct grant of

Company shares in the third calendar year following this investment, provided the Executive Manager

holds on to the personal shares.

In case the Executive Manager leaves the Company before the end of the holding period, the Company

will match 1/3rd per started calendar year. No matching occurs in case of resignation or termination for

cause.

The retention period for matching shares expires three years after granting these shares in so far the

minimum shareholding requirement has been met.


Bekaert Annual Report 2025	− 60 −

Remuneration of the non-executive Directors in

respect of 2025

The amount of the remuneration granted directly or indirectly to the non-executive Directors, by the

Company or its subsidiaries, in respect of 2025 is set forth on an individual basis below. The non-

executive Directors only receive fixed remuneration, partially paid out in cash and partially in shares (cfr.

section 4).


in €	Period covering fixed amount	Fixed amount for performance of duties as a member of the Board	Fixed amount for Board Committee membership and/or chairing and/or specific matters⁷	Total
Jürgen Tinggren^{1, 5}	01.01.2025 - 31.12.2025	650 000	n.a.	650 000
Toralf Haag²	14.05.2025 - 31.12.2025	60 000	15 000	75 000
Nicolas D'heygere	14.05.2025 - 31.12.2025	60 000		60 000
Emilie van de Walle de Ghelcke ⁶	01.01.2025 - 31.12.2025	80 000	10 000	90 000
Christophe Jacobs van Merlen⁴	01.01.2025 - 31.12.2025	80 000	20 000	100 000
Henri Jean Velge²	01.01.2025 - 31.12.2025	80 000	20 000	100 000
Caroline Storme²	01.01.2025 - 31.12.2025	80 000	20 000	100 000
Henriette Fenger Ellekrog⁴	01.01.2025 - 31.12.2025	80 000	20 000	100 000
Eriikka Söderström^{2, 3}	01.01.2025 - 31.12.2025	80 000	25 000	105 000
Maxime Parmentier⁶	01.01.2025 - 31.12.2025	80 000	10 000	90 000
Total Directors’ Remuneration				1 470 000

¹ Chairman, Chairman of the Nomination and Remuneration Committee, member of the Audit, Risk and Finance Committee.

² Member of the Audit, Risk and Finance Committee.

³ Chair of the Audit, Risk and Finance Committee.

⁴ Member of the Nomination and Remuneration Committee.

⁵ Share grant of €650 000 on 31 May 2025 relating to the period June 2025–May 2026.

⁶ Lead Director for specific matters (respectively ESG and cybersecurity).

⁷ There is no committee fee for the members of the ad hoc advisory committee dedicated to the Rubber Reinforcement business.

Share-based remuneration for non-executive

Directors

The fixed fee of the Chairman is paid 100% in Company shares.

For the other non-executive Directors, the fixed fee for performance of duties as a member of the Board

are paid in cash, but with the opportunity each year to receive part of the fixed fee for duties as a

member of the Board (0%, 25% or 50%) in Company shares. Fixed fees for performance of duties as

member or Chair of a Board Committee are paid in cash.

Set out below are the number of Company shares granted to non-executive Directors in 2025. For the

avoidance of doubt, the below amounts are included in the remuneration overview of the non-executive

Directors in section 3.


Non-executive Directors	Percentage shares	Gross amount in €	Number of shares¹
Chairman
Jürgen Tinggren²	100%	650 000	18 764
Non-executive Directors nominated by the principal shareholder
Christophe Jacobs van Merlen	50%	40 000	577
Maxime Parmentier	50%	40 000	521
Caroline Storme	50%	40 000	577
Emilie van de Walle de Ghelcke	50%	40 000	577
Henri Jean Velge	50%	40 000	586


Bekaert Annual Report 2025	− 61 −


Non-executive Directors	Percentage shares	Gross amount in €	Number of shares¹
Independent non-executive Directors
Henriette Fenger Ellekrog	50%	40 000	586
Eriikka Söderström	50%	40 000	586
Total		930 000	22 774

¹ The shares for the Chairman are gross shares before taxes, the shares for the other Directors are net shares, after taxes.

² The share grant of €650 000 covers the period June 2025 - May 2026.

As per 31 December 2025, the Stichting Administratiekantoor Bekaert and parties acting in concert

owned 37.65% of the shares of Bekaert. Six members of the Board of Directors are appointed from

among candidates nominated by the Stichting Administratiekantoor Bekaert. The independent non-

executive Directors held the following number of Bekaert shares:


Director	Number of Bekaert shares
Jürgen Tinggren	70 539
Henriette Fenger Ellekrog	3 885
Eriikka Söderström	4 806
Toralf Haag	0

Remuneration of the Chief Executive Officer in

respect of 2025 in his capacity as executive Director

Without prejudice to the remuneration in the capacity as Executive Manager, the Chief Executive Officer

did not receive remuneration for the mandate as executive Director.

Remuneration of the Chief Executive Officer in

respect of 2025

The amount of the remuneration and other benefits granted directly or indirectly to the Chief Executive

Officer, by the Company or its subsidiaries, in respect of 2025 for his role as Chief Executive Officer is

set forth below:


	Chief Executive Officer	Comments
	Yves Kerstens
Period	01.01.2025-31.12.2025
Fixed pay	870 000	Includes base remuneration and foreign director fees
STI	197 316	Annual variable remuneration, based on 2025 CEO performance
LTI	278 785	Value of vested performance share units (performance period 2023-2025)
Pension	217 500	Cash balance pension plan
Share-matching	53 800	2025 Company matching of 2023 personal investment in Company shares
Other remuneration elements	32 464	Includes company car and risk insurances
Total remuneration	1 649 865
Variable remuneration expressed as % of total	32%	Sum of STI, LTI and Share-Matching
Fixed remuneration expressed as % of total	68%	Sum of Fixed Pay, Pension and Other

The evaluation of STI performance criteria over 2025 leads to a payout of 30.2% versus target for the

CEO.

There has been an LTI vesting at 69% versus target for the performance share units issued in March

2023 covering performance period 2023–2025.


Bekaert Annual Report 2025	− 62 −

The Remuneration Policy stipulates that the target LTI is 85% of fixed pay for the CEO. In March 2025,

performance share units have been granted with respect to performance period 2025–2027 considering

a 85% LTI target.

There has been a Company matching in 2025 of the personal investment of shares done in 2023 in

accordance with the share-matching plan .

Remuneration of the other members of the Executive

Management in respect of 2025

The amount of the remuneration and other benefits granted directly or indirectly to the members of

Executive Management other than the Chief Executive Officer, by the Company or its subsidiaries, in

respect of 2025 is set forth below on a global basis.


	Remuneration	Comments
Fixed pay	3 390 940	Includes base remuneration as well as foreign director fees
STI	858 637	Annual variable remuneration, based on 2025 performance
LTI	1 272 348	Value of vested performance share units (performance period 2023-2025)
Pension	757 261	Employer contribution into pension plan
Share-matching	38 564	2025 Company matching of 2023 personal investment in Company shares
Other remuneration elements	355 403	Includes company car, risk insurances and school fees
Total remuneration	6 673 153
Variable remuneration expressed as % of total	33%	Sum of STI, LTI and Share-Matching
Fixed remuneration expressed as % of total	67%	Sum of Fixed Pay, Pension and Other

The remuneration includes pro rata remuneration of Juan Carlos Alonso (until 31 March 2025),

Annie Xu-Huhmann (until 30 September 2025) and of Curd Vandekerckhove (as of 1 October 2025).

The evaluation of STI performance criteria over 2025 leads to an average payout of 42.2% versus target.

For the qualifying Executive Managers, there has been an LTI vesting at 69% versus target for the

performance share units issued in March 2023 covering performance period 2023-2025 (we refer to

section 8).

The pension expense captures the accrued pay credit for the cash balance plan.

Share-based remuneration for members of the

Executive Management

The long-term incentives are delivered solely through performance share units granted under the

Performance Share Plan. In addition, the Executive Management participates in a voluntary share-

matching plan.

Performance Share Units

Performance share units related to the performance period 2025–2027 have been granted to the

Executive Management in March 2025.

Company financials retained as performance targets covering the 2025–2027 performance period are

EBITDA Underlying as a percentage of sales, elements of cumulative cash flow, TSR relative to a peer

group (a selection of 19 listed industrial companies, European based with global reach, similar in size,

employees and market cap) and an ESG metric (CO2e reduction and safety).

The tables below set forth the overview of share-based remuneration of the Executive Management,

including the main characteristics of each plan.


Plan name	Performance period	Performance measures	Grant Date	Vesting Date	Number of PSU granted	Number of unvested PSU start of year	Granted	Forfeited/ Expired	Vested	Number of unvested PSU end of year
Kerstin Artenberg - Chief Human Resources Officer
PSP 2022-2024	2022-2024	EBITDA-U & Cum. CF & TSR	04/03/2022	31/12/2024	6 314	6 314			3 978
PSP 2023-2025	2023-2025	EBITDA-U, Cum. CF, TSR & ESG	10/03/2023	31/12/2025	7 296	7 296			5 034
PSP 2024-2026	2024-2026	EBITDA-U, Cum. CF, TSR & ESG	08/03/2024	31/12/2026	6 037	6 037				6 037
PSP 2025-2027	2025-2027	EBITDA-U, Cum. CF, TSR & ESG	07/03/2025	31/12/2027			8 128			8 128
					TOTAL	19 647	8 128	0	9 012	14 165
Juan Carlos Alonso - Chief Strategy Officer
PSP 2022-2024	2022-2024	EBITDA-U & Cum. CF & TSR	04/03/2022	31/12/2024	5 956	5 956			3 752
PSP 2023-2025	2023-2025	EBITDA-U, Cum. CF, TSR & ESG	10/03/2023	31/12/2025	6 887	6 887			4 752
					TOTAL	12 843	0	0	8 504	0
Yves Kerstens - Chief Executive Officer
PSP 2022-2024	2022-2024	EBITDA-U & Cum. CF & TSR	04/03/2022	31/12/2024	7 783	7 783			4 903
PSP 2023-2025	2023-2025	EBITDA-U, Cum. CF, TSR & ESG	10/03/2023	31/12/2025	8 988	8 988			6 202
PSP 2024-2026	2024-2026	EBITDA-U, Cum. CF, TSR & ESG	08/03/2024	31/12/2026	16 555	16 555				16 555
PSP 2025-2027	2025-2027	EBITDA-U, Cum. CF, TSR & ESG	07/03/2025	31/12/2027			22 288			22 288
					TOTAL	33 326	22 288	0	11 105	38 843
Eric Peeters - Divisional CEO Sustainable Construction
PSP 2024-2026	2024-2026	EBITDA-U, Cum. CF, TSR & ESG	14/05/2024	31/12/2026	6 092	6 092				6 092
PSP 2024-2026	2024-2026	EBITDA-U, Cum. CF, TSR & ESG	20/08/2024	31/12/2026	5 645	5 645				5 645
PSP 2025-2027	2025-2027	EBITDA-U, Cum. CF, TSR & ESG	07/03/2025	31/12/2027			9 305			9 305
					TOTAL	11 737	9 305	0	0	21 042
François Desné - Divisional CEO SWS and BBRG
PSP 2022-2024	2022-2024	EBITDA-U, Cum. CF & TSR	26/09/2022	31/12/2024	12 864	12 864			8 104
PSP 2023-2025	2023-2025	EBITDA-U, Cum. CF, TSR & ESG	10/03/2023	31/12/2025	7 967	7 967			5 497
PSP 2024-2026	2024-2026	EBITDA-U, Cum. CF, TSR & ESG	08/03/2024	31/12/2026	7 276	7 276				7 276
PSP 2025-2027	2025-2027	EBITDA-U, Cum. CF, TSR & ESG	07/03/2025	31/12/2027			9 795			9 795
					TOTAL	28 107	9 795	0	13 601	17 071


Plan name	Performance period	Performance measures	Grant Date	Vesting Date	Number of PSU granted	Number of unvested PSU start of year	Granted	Forfeited/ Expired	Vested	Number of unvested PSU end of year
Gunter Van Craen - Chief Digital & Information Officer
PSP 2022-2024	2022-2024	EBITDA-U, Cum. CF & TSR	04/03/2022	31/12/2024	2 379	2 379			1 499
PSP 2022-2024	2022-2024	EBITDA-U, Cum. CF & TSR	25/08/2022	31/12/2024	1 926	1 926			1 213
PSP 2023-2025	2023-2025	EBITDA-U, Cum. CF, TSR & ESG	10/03/2023	31/12/2025	6 115	6 115			4 219
PSP 2024-2026	2024-2026	EBITDA-U, Cum. CF, TSR & ESG	08/03/2024	31/12/2026	5 066	5 066				5 066
PSP 2025-2027	2025-2027	EBITDA-U, Cum. CF, TSR & ESG	07/03/2025	31/12/2027			6 820			6 820
					TOTAL	15 486	6 820	0	6 931	11 886
Annie Xu-Huhmann - former Divisional CEO RR
PSP 2023-2025	2023-2025	EBITDA-U, Cum. CF, TSR & ESG	10/03/2023	31/12/2025	9 264	9 264			6 392
PSP 2024-2026	2024-2026	EBITDA-U, Cum. CF, TSR & ESG	08/03/2024	31/12/2026	7 663	7 663				7 663
PSP 2025-2027	2025-2027	EBITDA-U, Cum. CF, TSR & ESG	07/03/2025	31/12/2027			10 317			10 317
					TOTAL	16 927	10 317	0	6 392	17 980
Barry Snyder - Chief Operating Officer
PSP 2023-2025	2023-2025	EBITDA-U, Cum. CF, TSR & ESG	22/08/2023	31/12/2025	3 495	3 495			2 412
PSP 2024-2026	2024-2026	EBITDA-U, Cum. CF, TSR & ESG	08/03/2024	31/12/2026	6 548	6 548				6 548
PSP 2025-2027	2025-2027	EBITDA-U, Cum. CF, TSR & ESG	07/03/2025	31/12/2027			8 816			8 816
					TOTAL	10 043	8 816	0	2 412	15 364
Seppo Parvi - Chief Financial Officer
PSP 2024-2026	2024-2026	EBITDA-U, Cum. CF, TSR & ESG	25/11/2024	31/12/2026	9 826	9 826				9 826
PSP 2025-2027	2025-2027	EBITDA-U, Cum. CF, TSR & ESG	07/03/2025	31/12/2027			10 775			10 775
					TOTAL		10 775	0	0	20 601


Bekaert Annual Report 2025	− 65 −

Share-matching Plan

The table below sets forth the number of shares matched by the Company for the Executive

Management. There has been a Company Share Matching in 2025 relating to the personal investment in

shares in March 2023 following the three-year retention period.


	Date personal investment	End holding period	Number of acquired shares	Acquired in 2025	Matched in 2025	Forfeited for matching
Kerstin Artenberg - Chief Human Resources Officer
	31/3/2023	31/12/2025	561		561
	31/3/2024	31/12/2026	809
	31/3/2025	31/12/2027		604
Juan Carlos Alonso - former Chief Strategy Officer
	31/3/2023	31/12/2025	529		529
Yves Kerstens - Chief Executive Officer
	31/3/2023	31/12/2025	1 476		1 476
	31/3/2024	31/12/2026	1 349
	31/3/2025	31/12/2027		1 426
François Desné - Divisional CEO SWS and BBRG
	31/3/2023	31/12/2025	154		154
Gunter Van Craen - Chief Digital & Information Officer
	31/3/2023	31/12/2025	343		343
	31/3/2024	31/12/2026	608
	31/3/2025	31/12/2027		482
Annie Xu-Huhmann - former Divisional CEO RR
	31/3/2024	31/12/2026	952
	31/3/2025	31/12/2027		746
Barry Snyder - Chief Operating Officer
	31/3/2024	31/12/2026	400
	31/3/2025	31/12/2027		688
Seppo Parvi - Chief Financial Officer
	31/3/2025	31/12/2027		134
Eric Peeters - Divisional CEO Sustainable Construction
	31/3/2025	31/12/2027		530

Departure of Executive Managers

On 31 March 2025 Juan Carlos Alonso, Chief Strategy Officer, left the company following the completion

of a 12 months' notice period.

Company’s right of reclaim

All variable remuneration paid out, awarded or vested under the Remuneration Policy is subject to malus

and claw-back. The Board, acting on recommendation of the NRC, has the right to adjust the award, and

to fully or partially reclaim the pay-outs and awarded or vested shares in case of:

• significant downward restatement of the financial results of Bekaert,

• material breach of the Bekaert Code of Conduct or any other Bekaert compliance policies,

• breach of restrictive covenants by which the individual has agreed to be bound,

• fraud, gross misconduct or gross negligence by the individual which results in significant losses or

serious reputation damage to Bekaert.

The Board did not make use of this right in 2025.


Bekaert Annual Report 2025	− 66 −

Executive remuneration in a wider context

The main difference in remuneration policy between the Executive Management and employees in

general, is the balance between fixed and performance-related remuneration such as short-term and

long-term incentives. Overall, the percentage of performance related remuneration, in particular longer-

term incentives, is greater for the Executive Management. This reflects that Executive Managers have

greater freedom to act and that the consequences of their decisions are likely to have a broader and

more far-reaching time span of effect.

The remuneration for Executive Managers is however aligned with the remuneration structures of the

broader group of employees:

• The Group’s managers share the same scorecard as the Executive Management for measuring the

Group and business unit performance with an impact on their STI.

• In addition, around 100 of the Group’s senior managers receive performance share awards on terms

that are similar to the conditions that apply to the Executive Management.

The ratio of the Chief Executive Officer to the lowest remuneration of the employees of NV Bekaert SA in

Belgium is 33:1.

The table below sets forth the average remuneration of the members of the Board of Directors and the

Executive Management, the average remuneration of other employees (on a full-time equivalent basis)

and some key financial Company metrics over the last 5 calendar years.


	2021	2022	2023	2024	2025
Company remuneration
Non-executive Directors
Average remuneration (€)	111 458	132 273	140 609	158 235	160 541
Year-on-year difference (%)	+7.2%	18.7%	+6.3%	+12.5%	+1.5%
CEO¹
Average remuneration (€)	2 356 337	2 911 964	5 903 833	1 728 626	1 649 864
Year-on-year difference (%)	+92.3%	+23.6%	+102.7%	-70.7%	-4.6%
Executive Management
Average remuneration (€)	1 611 657	1 288 128	1 692 404	913 687	923 324
Year-on-year difference (%)	+91.9%	-20.1%	+31.4%	-46.0%	+1.1%
Other employees
Average remuneration (€)	87 727	88 402	98 471	103 638	104 538
Year-on-year difference (%)	+9.9%	+0.8%	+11.4%	+5.2%	+0.9%
Key Company metrics
EBITDA-underlying²
Amount in million (€)	686	591	561	520	469
Year-on-year difference (%)	+43.2%	-13.8%	-5.1%	-7.3%	-9.8%
Sales²
Amount in million (€)	4 840	5 004	4 328	3 958	3 706
Year-on-year difference (%)	+28.3%	+3.4%	-13.5%	-8.6%	-6.4%
Working Capital²
Amount in million (€)	678	676	641	653	524
Year-on-year difference (%)	+26.6%	-0.3%	-5.2%	+1.9%	-19.8%
Company share price (as at 31 December)
Share price (€)	39.14	36.28	46.52	33.46	37.90

¹ CEO remuneration in 2023 includes €4.4 million related to the former CEO Oswald Schmid and €1.5 million related to current CEO

Yves Kerstens

² The 2022 and 2023 data have been restated due to the divestment of the Steel Wire Solutions business activities in Chile and Peru

The total remuneration of the non-executive Directors is described in detail in section 3 of this

remuneration report. It is set as a fixed amount for the performance of the duties for the Chairman and

for a member of the board, and as a fixed amount for the performance of the duties as a member or Chair

of a Board Committee.


Bekaert Annual Report 2025	− 67 −

The remuneration of the Executive Management includes the compensation elements of the remuneration

tables in section 6 and 7 of this remuneration report. The variations from year to year are mainly

influenced by the annual variable remuneration as well as by the vesting performance share units which

are linked to company performance and share price of a vested performance share unit.

The average remuneration of the other employees of the Company is based on the average gross annual

income of all employees of NV Bekaert SA in Belgium, excluding Executive Management and senior

management. This gross annual income includes the base salary, variable pay, benefits and performance

share units for the qualifying managers. Changes from one year to another are explained by employee

population composition and is influenced by annual variable remuneration as well by the vesting

performance share units which are linked to company performance and share price of a vested

performance share unit.

Derogations from the procedures for implementing

the remuneration policy

There were no derogations in 2025.


Bekaert Annual Report 2025	− 68 −

The Bekaert share in 2025

The Bekaert share outperformed the reference index, Euronext Brussels BEL Mid, by +4.0% in 2025 and

gained +13.3% comparing to the year-end closing price of 2024.

Share identification

The Bekaert share is listed on Euronext Brussels as ISIN BE0974258874 (BEKB) and was first listed in

December 1972. The ICB sector code is 2727 Diversified Industrials.

Share performance


	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Price as at 31 December (in €)	38.48	36.45	21.06	26.50	27.16	39.14	36.28	46.52	33.46	37.90
Price high (in €)	42.45	49.92	40.90	28.26	28.50	42.56	45.60	46.72	50.35	40.30
Price low (in €)	26.56	33.50	17.41	19.38	13.61	27.34	24.84	36.32	31.40	27.30
Price average closing (in €)	37.06	42.05	28.21	23.96	19.95	36.33	34.02	41.56	40.30	35.67
Daily volume	123 268	121 686	154 726	96 683	72 995	68 749	69 296	49 812	38 331	46 147
Daily turnover (in millions of €)	4.5	5.0	4.4	2.3	1.5	2.5	2.4	2.1	1.5	1.6
Annual turnover (in millions of €)	1 147	1 279	1 121	592	386	641	615	528	392	416
Velocity (% annual)	53	51	65	41	31	29	30	22	18	22
Velocity (% adjusted free float)	88	86	109	68	52	49	50	34	28	34
Free float (%)	59.2	59.6	59.3	59.3	59.5	58.7	55.6	60.3	60.1	58.7

Share trading

The average daily trading volume was 46 147 shares in 2025. The volume peaked on 14 October, when

222 885 shares were traded.

On 31 December 2025, Bekaert had a market capitalization of €1.9 billion and a free float market

capitalization of €1.1 billion. The free float was 58.7% and the free float band 65%.

Shareholding and notifications

In connection with the entry into force of the Act of 2 May 2007 on the disclosure of significant

participations (the Transparency Act) Bekaert has, in its Articles of Association, set the thresholds of 3%

and 7.50% in addition to the legal thresholds of 5% and each multiple of 5%. An overview of the

notifications of participations of 3% or more, if any, can be found in the Parent Company Information

section of this Annual Report (Interests in share capital).

On 8 December 2007, Stichting Administratiekantoor Bekaert disclosed in accordance with Article 74 of

the Act of 1 April 2007 on public takeover bids that it was holding individually more than 30% of the

securities with voting rights of the Company on 1 September 2007.

Based on recent shareholder identification analysis, transparency notifications and treasury share

movements, as per 31 December 2025, the Stichting Administratiekantoor Bekaert and parties acting in

concert owned 37.65% of the shares of Bekaert and treasury shares represented 3.61%. The remaining

free float of approximately 59% was held by a combination of institutional investors and private investors.


Bekaert Annual Report 2025	− 69 −

Capital structure

Per 31 December 2025, the capital of the Company amounted to €159 782 000 and is represented by

51 315 868 shares without par value. The shares are in registered or non-material form. All shares have

the same rights.

Authorized capital

The Board of Directors has been authorized by the General Meeting of Shareholders of 25 February 2025

to increase the capital, in one or more times, including by issuing convertible debentures or subscription

rights, with a maximum amount (exclusive of the issue premium) of (i) €79 891 000 for capital increases

with (statutory or non-statutory) preferential subscription rights for the shareholders, and

(ii) €15 978 200 for any other capital increases. The authority is valid for five years beginning from the

publication of this authorization.

Treasury shares, stock option plans, performance share plan and share-matching

plan

On 31 December 2024, the Company held 2 235 087 own shares. Between 1 January 2025 and

31 December 2025, a total of 31 666 treasury shares were transferred to (former) employees following

the exercise of stock options under SOP 2015-2017. Additionally, 45 050 treasury shares were disposed

of following the vesting of performance share units under the Bekaert performance share plan. Bekaert

also sold 3 922 shares to members of the Executive Management as part of the personal shareholding

requirement and transferred 2 150 shares to members of the Executive Management under the share-

matching plan. A total of 22 774 shares were granted to the Chairman of the Board of Directors and other

non-executive Directors as part of their remuneration. During the same period Bekaert bought back

2 707 682 shares and canceled 2 917 118 shares (see below). Including the transactions exercised under

the liquidity agreement with Kepler Cheuvreux which started on 1 July 2024, the balance of own shares

held by the Company on 31 December 2025 was 1 850 137 (3.61% of the total share capital).

A grant of 155 815 equity settled performance share units was made on 7 March 2025. In addition, a

grant of 14 980 equity settled performance share units was made on 26 August 2025 to starting or

promoted executives. Each performance share unit entitles the beneficiary to acquire one performance

share subject to the conditions of the underlying Performance Share Plan.

These performance share units will vest following a vesting period of three years, conditional to the

achievement of preset performance targets. The precise vesting level of the performance share units

depends on the actual achievement level of the vesting criterion, with no vesting at all if the actual

performance is below the defined minimum threshold. Upon achievement of said threshold, there will be a

minimum vesting of 50% of the granted performance share units; full achievement of the agreed vesting

criterion will lead to a par vesting of 100% of the granted performance share units, whereas there will be a

maximum vesting of 300% of the granted performance share units in case of exceptional performance.

Detailed information about capital, shares, stock option plans and performance share plans is given in the

Financial Statements (Note 6.13 to the consolidated financial statements).

Share buyback programs and liquidity agreement

On 25 June 2024, Bekaert entered into a new liquidity agreement with Kepler Cheuvreux. This liquidity

agreement provides for the purchase and sale of Bekaert shares by Kepler Cheuvreux on the regulated

market of Euronext Brussels, with the purpose of supporting the liquidity of Bekaert shares. The liquidity

agreement started on 1 July 2024 for a 12-month renewable period and was renewed for an additional

12‑month period in July 2025. To execute the liquidity agreement, Bekaert provided €3.5 million to Kepler

Cheuvreux.

On 22 November 2024, Bekaert announced that its Board of Directors had approved a new share

buyback program for a total amount of up to €200 million over a period of up to 24 months, under the

authorization granted by Bekaert’s Extraordinary General Meeting of 8 May 2024. The purpose of the

program is to cancel all shares repurchased. Between 1 January 2025 and 31 December 2025, Bekaert

bought back 2 707 682 shares pursuant to this share buyback program and and canceled 2 917 118

shares.


Bekaert Annual Report 2025	− 70 −

Dividend distribution

The Board of Directors will propose that the Annual General Meeting to be held on 13 May 2026 approve

the distribution of a gross dividend of €1.95 per share, up 3% versus last year.

The Board of Directors reconfirms the Dividend Policy which, subject to profit generation, targets a stable

or growing dividend while maintaining an adequate level of cash flow in the Company for investment and

self-financing in order to support future growth. In practice, this means that the Company seeks to

maintain a pay-out ratio of around 40% of the result for the period attributable to the Group over the

longer term.


in €	2018	2019	2020	2021	2022	2023	2024	2025
Total gross dividend	0.700	0.350	1.000	1.500	1.650	1.800	1.900	1.950¹
Net dividend²	0.490	0.245	0.700	1.050	1.155	1.260	1.330	1.365
Coupon number	10	11	12	13	14	15	16	17

¹ The dividend is subject to approval by the Annual General Meeting of Shareholders 2026.

² Subject to the applicable tax legislation.

General Meetings of Shareholders 2025

The Annual General Meeting was held on 14 May 2025.

An Extraordinary General Meeting was held on 25 February 2025. The meeting amended the Articles of

Association, thereby authorizing the Board of Directors to increase the capital.

The resolutions of the meetings are available at www.bekaert.com.

Investor Relations

Bekaert is committed to provide clear, timely, and accurate information to all of its financial stakeholders.

Bekaert’s Investor Relations team is available to share information and updates on the Company’s

strategy, business outlook, financial performance, and sustainability progress. Key information can be

found in the Investor Relations section of the website www.bekaert.com/investors

Elements pertinent to a take-over bid

Restrictions on the transfer of securities

The Articles of Association contain no restrictions on the transfer of Bekaert shares, except in the case of

a change of control, for which the prior approval of the Board of Directors must be requested in

accordance with Article 9 of the Articles of Association.

Subject to the foregoing, the shares are freely transferable.

The Board of Directors is not aware of any restrictions imposed by law on the transfer of shares by any

shareholder.

Restrictions on the exercise of voting rights

According to the Articles of Association, each share entitles the holder to one vote. The Articles of

Association contain no restrictions on the voting rights, and each shareholder can exercise his voting

rights if he was validly admitted to the General Meeting and his rights had not been suspended. The

admission rules to the General Meeting are laid down in the BCCA and in the Articles of Association.

Pursuant to the Articles of Association, the Company is entitled to suspend the exercise of rights

attaching to securities belonging to several owners.


Bekaert Annual Report 2025	− 71 −

No person can vote at a General Meeting of Shareholders using voting rights attached to securities that

had not been timely reported in accordance with the law.

The Board of Directors is not aware of any other restrictions imposed by law on the exercise of voting

rights.

Agreements among shareholders

The Board of Directors is not aware of any agreements among shareholders that may result in

restrictions on the transfer of securities or the exercise of voting rights, except those disclosed in the

notifications referred to in the Parent Company Information section (interests in share capital).

Appointment and replacement of Directors

The Articles of Association and the CG Charter contain specific rules concerning the (re)appointment,

induction and evaluation of Directors.

Directors are appointed for a term not exceeding four years by the General Meeting of Shareholders,

which can also dismiss them at any time. An appointment or dismissal requires a simple majority of votes.

The candidates for the office of Director who have not previously held that position in the Company must

inform the Board of Directors of their candidacy at least two months before the Annual General Meeting.

Only when a position of Director prematurely becomes vacant, can the remaining Directors appoint (co-

opt) a new Director. In such a case, the next General Meeting will make the definitive appointment.

The appointment process for Directors is led by the Nomination and Remuneration Committee, which

submits a reasoned recommendation to the full Board of Directors. Based on such recommendation, the

Board of Directors decides which candidates will be nominated to the General Meeting for appointment.

Directors can, as a rule, be reappointed for an indefinite number of terms, provided they are at least 30

and at most 66 years of age at the time of their initial appointment. They retire in the year in which they

reach the age of 69.

Amendments to the Articles of Association

The Articles of Association can be amended by an Extraordinary General Meeting in accordance with the

BCCA. Each amendment to the Articles requires a quorum of at least 50% of the capital (if the quorum is

not met, a second meeting with the same agenda should be called, for which no quorum requirement

applies) and a qualified majority of 75% of the votes cast at the meeting (a majority of 80% applies for

changes to the corporate purpose of the company).

Authority of the Board of Directors to issue, acquire, cancel and transfer shares

The Board of Directors is authorized by Article 41 of the Articles of Association to increase the capital, in

one or more times, including by issuing convertible debentures or subscription rights, with a maximum

amount (exclusive of the issue premium) of (i) €79 891 000 for capital increases with (statutory or non-

statutory) preferential subscription rights for the shareholders, and (ii) €15 978 200 for any other capital

increases. The authority is valid for five years beginning from the publication of this authorization granted

on 25 February 2025.

The Board of Directors is authorized by Article 10 of the Articles of Association to acquire and to accept

in pledge own shares and certificates relating thereto and to subscribe for certificates following the issue

of the corresponding shares, in compliance with the applicable conditions prescribed by law, without the

total number of own shares and certificates relating thereto (counting each certificate in proportion to the

number of shares to which it relates) held or accepted in pledge by the Company pursuant to this

authorization exceeding 20% of the total number of shares, at a price ranging between minimum €1.00

and maximum 30% above the arithmetic average of the closing price of the Company’s share during the

last thirty trading days preceding the Board of Directors’ resolution to acquire, to accept in pledge or to

subscribe for. This authorization is granted for a period of five years beginning on 17 May 2024.

The authorization set forth above does not affect the possibilities, pursuant to the applicable legal

provisions, for the Board of Directors to acquire or accept in pledge own shares and certificates relating

thereto or to subscribe for certificates following the issue of the corresponding shares if no authorization

in the Articles of Association or authorization of the General Meeting is required.

The Board of Directors is authorized by Article 10 of the Articles of Association to cancel own shares or

certificates relating thereto.


Bekaert Annual Report 2025	− 72 −

The Company may transfer its own shares, profit-sharing bonds or certificates relating thereto only in

compliance with the applicable conditions prescribed by law.

The Board of Directors is authorized by Article 11 of the Articles of Association to transfer own shares,

profit-sharing bonds or certificates relating thereto to one or more specified persons whether or not

member of the personnel.

The authorizations set forth above do not affect the possibilities, pursuant to the applicable legal

provisions, for the Board of Directors to transfer own shares, profit-sharing bonds and certificates

relating thereto, if no authorization in the Articles of Association or authorization of the General Meeting

is required.

The powers of the Board of Directors are more fully described in the applicable legal provisions, the

Articles of Association and the CG Charter.

Change of control

The Company is a party to several significant agreements that take effect, alter or terminate upon a

change of control of the Company following a public takeover bid or otherwise.

To the extent that those agreements grant rights to third parties that significantly affect the assets of the

Company or that give rise to a significant debt or obligation of the Company, those rights were granted by

the Special General Meetings held on 13 April 2006, 16 April 2008, 15 April 2009, 14 April 2010 and

7 April 2011 and by the Annual General Meetings held on 9 May 2012, 8 May 2013, 14 May 2014, 13 May

2015, 11 May 2016, 10 May 2017, 9 May 2018, 8 May 2019, 13 May 2020, 12 May 2021, 10 May 2023, 8 May

2024 and 14 May 2025 in accordance with Article 7:151 of the BCCA; the minutes of those meetings were

filed with the Registry of the Commercial Court of Gent, division Kortrijk on 14 April 2006, 18 April 2008,

17 April 2009, 16 April 2010, 15 April 2011, 30 May 2012, 23 May 2013, 20 June 2014, 19 May 2015,

18 May 2016, 2 June 2017, 7 February 2019, 23 May 2019, 23 June 2020, 24 June 2021, 20 February

2024, 2 July 2024, and 20 June 2025 respectively and are available at www.bekaert.com.

Most agreements are joint venture contracts (describing the relationship between the parties in the

context of a joint venture company), contracts whereby financial institutions, retail investors or other

investors commit funds to the Company or one of its subsidiaries, and contracts for the supply of

products or services by or to the Company. Each of those contracts contains clauses that, in the case of a

change of control of the Company, entitle the other party, in certain cases and under certain conditions, to

terminate the contract prematurely and, in the case of financial contracts, also to demand early

repayment of the loan funds. The joint venture contracts provide that, in the case of a change of control

of the Company, the other party can acquire the Company’s shareholding in the joint venture (except for

the Chinese joint ventures, where the parties have to agree whether one of them will continue the joint

venture on its own, whereupon that party has to purchase the other party’s shareholding), whereby the

value for the transfer of the shareholding is determined in accordance with contractual formulas that aim

to ensure a transfer at an arm’s length price.

Other elements

• The Company has not issued securities with special control rights.

• The control rights attaching to the shares acquired by employees pursuant to the long-term incentive

plans are exercised directly by the employees.

• No agreements have been concluded between the Company and its Directors or employees providing

for compensation if, because of a takeover bid, the Directors resign or are made redundant without

valid reason or if the employment of the employees is terminated.


Bekaert Annual Report 2025	− 73 −

Control and ERM

Internal control and risk management systems in

relation to the preparation of the consolidated

financial statements

The following description of Bekaert’s internal control and risk management systems is based on the

Internal Control Integrated Framework (1992) and the Enterprise Risk Management Framework (2004)

published by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

The Board of Directors has approved a framework of internal control and risk management for the

Company and the Group set up by the BGE and monitors the implementation thereof. The Audit, Risk and

Finance Committee monitors the effectiveness of the internal control and risk management systems, with

a view to ensuring that the main risks are properly identified, managed and disclosed according to the

framework adopted by the Board of Directors. The Audit, Risk and Finance Committee also makes

recommendations to the Board of Directors in this respect.

Control environment

The local Financial Controller is responsible for the legal entity financial statements, and the Group

Finance Department is responsible for the final review of the financial information of the different legal

entities and for the preparation of the consolidated financial statements.

The Internal Audit Department conducts a risk-based audit program to validate the internal control

effectiveness in the different processes at legal entity, regional and group level to assure a reliable

financial reporting.

Bekaert’s consolidated financial statements are prepared in accordance with the International Financial

Reporting Standards (IFRS), which have been endorsed by the European Union. These financial

statements are also in compliance with the IFRS as issued by the International Accounting Standards

Board.

All IFRS accounting principles, guidelines and interpretations, to be applied by all legal entities, are

grouped in the Bekaert Accounting Manual, which is available on the Bekaert intranet to all employees

involved in financial reporting. Such manual is regularly updated by Group Finance in the case of relevant

changes in IFRS, or interpretations thereof, and the users are informed of any such changes. IFRS

trainings take place in the different regions when deemed necessary or appropriate.

The internal control and risk management systems for the statutory accounts of NV Bekaert SA are

similar to the internal control and risk management systems of the consolidated accounts.

Most of the Group companies use Bekaert’s global enterprise resource planning (ERP) system, and the

accounting transactions are registered in a common operating chart of accounts, whereby accounting

manuals describe the standard way of booking of the most relevant transactions. Such accounting

manuals are explained to the users during training sessions and are available on the Bekaert intranet.

All Group companies use the same software to report the financial data for consolidation and external

reporting purposes. A reporting manual is available on the Bekaert intranet and trainings take place when

deemed necessary or appropriate.

Risk assessment

Appropriate measures are taken to assure a timely and qualitative reporting and to reduce the potential

risks related to the financial and ESG reporting process, including: (i) proper coordination between the

Investor Relations, ESG reporting and Group Finance departments, (ii) careful planning of all activities,

including owners and timings, (iii) guidelines which are distributed by Group Finance to the owners prior

to the quarterly reporting, including relevant points of attention, and (iv) follow-up and feedback of the

timeliness, quality and lessons learned in order to strive for continuous improvement.


Bekaert Annual Report 2025	− 74 −

Material changes to the IFRS accounting principles are coordinated by Group Finance, reviewed by the

Statutory Auditor, reported to the Audit, Risk and Finance Committee, and acknowledged by the Board of

Directors of the Company.

Material changes to the statutory accounting principles of a Group company are approved by its Board of

Directors.

Control activities

The proper application by the legal entities of the accounting principles as described in the Bekaert

Accounting Manual, as well as the accuracy, consistency and completeness of the reported information, is

reviewed on an ongoing basis by the finance organization (as described above).

In addition, all relevant entities are controlled by the Internal Audit Department on a periodic basis.

Policies and procedures are in place for the most important underlying processes (sales, procurement,

investments, treasury, etc.).

A close monitoring of potential segregation of duties conflicts in the ERP system is carried out.

Information and communication

Bekaert has deployed in most of the Group companies a global ERP system platform to support the

efficient processing of business transactions and provide its management with transparent and reliable

management information to monitor, control and direct its business operations.

The provision of information technology services to run, maintain and develop those systems is to large

extent outsourced to professional IT service delivery organizations, which are directed and controlled

through appropriate IT governance structures and monitored on their delivery performance through

comprehensive service level agreements.

Together with its IT providers, Bekaert has implemented adequate management processes to assure that

appropriate measures are taken daily to sustain the performance, availability and integrity of its IT

systems. At regular intervals the adequacy of those procedures is reviewed and audited and where

needed further optimized.

Proper assignment of responsibilities, and coordination between the pertinent departments, assures an

efficient and timely communication process of periodic financial information to the market. In the first and

third quarters, a trading update is released, whereas at mid-year and year-end all relevant financial

information is disclosed. Prior to the external reporting, the sales and financial information is subject to (i)

the appropriate controls by the above-mentioned control organization, (ii) review by the Audit, Risk and

Finance Committee, and (iii) approval by the Board of Directors of the Company.

Monitoring

Any significant change of the IFRS accounting principles as applied by Bekaert is subject to review by the

Audit, Risk and Finance Committee and approval by the Company’s Board of Directors.

On a periodic basis, the members of the Board of Directors are updated on the evolution and important

changes in the underlying IFRS standards. All relevant financial information is presented to the Audit, Risk

and Finance Committee and the Board of Directors to enable them to analyze the financial statements. All

related press releases are approved prior to communication to the market.

Relevant findings by the Internal Audit Department and/or the Statutory Auditor on the application of the

accounting principles, as well as the adequacy of the policies and procedures, and segregation of duties,

are reported to the Audit, Risk and Finance Committee.

In addition, a periodic treasury update is submitted to the Audit, Risk and Finance Committee.

A procedure is in place to convene the appropriate governing body of the Company on short notice when

circumstances so dictate.


Bekaert Annual Report 2025	− 75 −

General internal control and ERM

The Board of Directors has approved the Bekaert Code of Conduct, which was first issued on 1 December

2004 and last updated in July 2025. The Code of Conduct sets forth the Bekaert mission and values as

well as the basic principles of how Bekaert wants to do business.

Implementation of the Code of Conduct is mandatory for all subsidiaries of the Group and all managerial

and salaried employees renew their commitment annually. The Raising Integrity Concern (whistleblowing)

procedure enforces and underpins its implementation. The Code of Conduct is included in the Bekaert

Corporate Governance Charter as Appendix 3 and available at www.bekaert.com.

In addition, higher management plus specific functional teams follow a governance training and are

required to report potential concerns about the integrity of the company’s financial and ESG statement,

as a sub-certification step to the "statement from the responsible persons" in the annual report.

More detailed policies and guidelines are developed as considered necessary to ensure consistent

implementation of the Code of Conduct throughout the Group.

Bekaert’s internal control framework consists of a set of group policies for the main business processes

and applies Group wide. Bekaert has different tools in place to constantly monitor the effectiveness and

efficiency of the design and the operation of the internal control framework.

The Internal Audit and Risk Management Department monitors the internal control performance and risks

based on the global framework and reports to the Audit, Risk and Finance Committee at each of its

meetings. The Compliance Department reports to the Audit, Risk and Finance Committee at each of its

meetings on compliance matters.

The BGE regularly evaluates the Group’s exposure to risk, the potential financial impact thereof and the

actions to monitor, mitigate and control the exposure.

At the request of the Board of Directors and the Audit, Risk and Finance Committee, management has

developed a permanent global enterprise risk management (ERM) framework.

A global approach

Bekaert’s Enterprise Risk Management (ERM) approach is integrated within the company’s strategy and

the resulting decisions and activities that drive its implementation.

This permanent ERM framework helps managing uncertainty in Bekaert’s value creation model. It also

contributes to achieving the company’s objectives, both financial and non-financial, and complying with

laws and regulations as well as with the Bekaert Code of Conduct.

The framework consists of the identification, assessment and prioritization of the major risks confronting

Bekaert, and of the continuous reporting and monitoring of those major risks, including the development

and implementation of risk mitigation plans.

The risks are identified in seven risk categories: strategic, people/organization, operational, legal/

compliance, financial, corporate and geopolitical/country risks.

The identified risks are classified on two axes: probability and impact or consequence. To assess impact

and probability, we use the following heatmap.


Bekaert Annual Report 2025	− 76 −


	Probability	Impact
Very low	Not expected to occur but may do so in very exceptional circumstances	Very limited No loss of confidence by key stakeholders
Low	Not expected to occur but may do so in exceptional circumstances	Below €1 mln Minor loss of confidence by key stakeholders
Medium	Little probability of event occurring	Between €1 mln - €10 mln Moderate loss of confidence by key stakeholders
High	Reasonable to expect event to occur	Between €10 mln - €50 mln Moderate loss of confidence by key stakeholders
Very High	Indication of imminent occurrence	Above €50 mln Significant loss of confidence by key stakeholders

3390_ERM model_EN_CMYK_zonder bollen.svg


Bekaert Annual Report 2025	− 77 −

Decisions are made and action plans defined to mitigate the identified risks. Also, the risk sensitivity

evolution (decreasing, increasing, stable) is evaluated.

The table below summarizes Bekaert's principal risks and mitigation actions, but it is not an exhaustive

list. Other risks, not currently identified or considered material, may also affect the company's

performance.


Risk	Trend	Mitigation
Strategic risk / Corporate
Under-delivery of anticipated growth and returns The corporate strategy includes both organic expansion investments and an inorganic growth strategy. Inorganic growth via M&A projects entails the risk of acquiring or merging with businesses that may not be a strategic fit or where the acquired businesses might not meet original business case assumptions, taking into account that such projects are typically larger in scope and hence have a higher risk potential if the anticipated returns are not achieved. At the same time, organic expansion investments are subject to the risk of delays and cost overruns resulting from unforeseen roadblocks and, as such, the anticipated returns might not be reached within the intended timeframe. Major investments with a delay in generating the anticipated returns may also affect the cash position and funding cost. Not achieving the strategic benefits underlying its corporate strategy may adversely impact its business, and its expected financial and operational results.		Bekaert has established a robust framework for managing inorganic and organic growth. This framework includes strict criteria and close governance, which ensures high-quality defense measures in the preparation, execution, and monitoring of growth projects. The implementation of our new target operating model will allow Bekaert to increase our portfolio optionality and build the necessary capabilities to deliver the portfolio transformation.
Technology and Innovative solutions Impactful technology changes as well as increased competition in this respect in combination with low cost competition may affect sectors that are relevant to Bekaert, such as mobility, energy and utility markets, and the mining, construction & infrastructure sectors. Bekaert is also subject to uncertain market growth in sectors, such as green energy, which may further negatively affect the growth strategy and execution. As an example, growth in the market for green hydrogen production has significantly slowed down due to uncertainties around policies and funding of the hydrogen industry. Bekaert is also attentive to avoid infringing third-party rights when introducing new products to the market.		Bekaert has implemented an innovation project management framework and developed product technology roadmaps, enabling the organization to anticipate and respond effectively to evolving market and customer needs. Our innovation pipeline is periodically reviewed, while customer and market developments are actively monitored to ensure alignment with emerging trends. Innovation is increasingly embedded within individual business units, reinforcing our commitment to growth and differentiation. In addition, Bekaert actively engages in scouting and technology intelligence networks and establishes strategic technology partnerships that are deployed to strengthen our innovation ecosystem.
Under-delivery of sustainability targets Underperformance on sustainability targets may cause reputational damage and affect Bekaert’s position as a preferred partner to customers and investors. However, Bekaert observes a slower-than-anticipated pace of decarbonization in certain regions, influenced by factors such as technological progress, energy transition dynamics, and government policy. The aforementioned are fundamental prerequisites beyond the Bekaert’s control next to advancements in technology, diversification of the energy mix, market demand for green solutions, evolving customer preferences, and effective government leadership and policy frameworks.		Bekaert has established an ambitious sustainability strategy supported by a clear roadmap and an investment plan to ensure effective execution. The strategy is periodically reviewed to fully embed stakeholder interests and the outcomes of the double materiality assessment. To enable accurate monitoring of sustainability performance, Bekaert has implemented a robust data framework and stringent governance measures, ensuring high-quality data and transparency throughout the process.
People risk
People risk The competitive labor market can lead to shortages of specific talent capabilities, particularly in regions where the talent pool is limited and where our offices and factories are in remote areas. This situation could result in cost inflation or disrupt business continuity.		Bekaert has implemented a framework of strategic talent pools and conducted a skill gap analysis to align with the company's key capabilities. Compensation and benefits benchmark study are regularly performed with a key focus on critical job families. Talent acquisition and leadership programs remain top priorities. Diversity & Inclusion initiatives and targets are put in place to structurally enhance performance and foster an inclusive workplace culture.


Bekaert Annual Report 2025	− 78 −


Risk	Trend	Mitigation
Operational risk
Supply chain risk Bekaert is exposed to risks from continuous changes in trade policy worldwide, and trade tensions between certain countries and regions. Bekaert also faces potential supply chain disruptions caused by insolvency of key suppliers, shortages of raw materials and of logistics services. Increased source dependency may lead to supply chain changes, higher raw material prices and therefore may impact the business activities and Bekaert's profitability.		Bekaert’s global presence reduces the risk of source dependency and a lack of alternatives to continue its business activities, should a supplier fail to deliver or become too expensive. A proactive supplier risk management approach further minimizes both the probability and impact of potential disruptions. Early assessment of regulatory changes and preparation of action plans enable effective risk management. As part of the Group’s commitment to pricing discipline, passing on cost inflation through selling prices remains a key priority to safeguard profitability.
Environmental laws Bekaert is subject to environmental laws and regulations, which become more stringent all over the world. Changes in policies could increase the environmental liabilities of the company or could require process changes to comply with the stricter regulation.		Prevention and risk management are central to Bekaert’s environmental policy. This includes measures against soil and ground water contamination, responsible use of water and worldwide ISO14001 certification. Bekaert’s global procedure for precautionary measures against soil and ground water contamination (ProSoil) is continuously monitored in relation to regulations, ISO certification, best practices, and effective implementation. In addition, the company maps upcoming or changing legislation to identify potential gaps and develops roadmaps to address these gaps.
Cyber-security risk Since the Bekaert's operational activities rely on IT systems developed and maintained by internal and external experts such as SAP and MES, a cyberattack on critical IT systems could disrupt the Company's business continuity and adversely affect its profitability. It may also give rise to risks related to data privacy and confidentiality. Remote working has increased the number of endpoints and connection channels. The increasing development or use of AI may increase the risk of data leakage which could result in financial loss or reputational damage.		Bekaert implemented a comprehensive cybersecurity roadmap over the past years to mitigate risk and ensure the safety of our assets and data. This includes the establishment of a robust security governance model, continuous enhancements to our cybersecurity solutions, and a focus on improving our response and recovery capabilities. We have also invested in next-generation threat management to stay ahead of the evolving cybersecurity landscape. These efforts serve to ensure the ongoing protection of our company and our stakeholders.
Legal / Compliance
Regulatory and compliance risk As a global company, Bekaert is subject to many laws and regulations across all countries where it is active or does business. Such laws and regulations are becoming more complex, more stringent and change faster and more frequently than before. These numerous laws and regulations include, among others, data privacy requirements (such as the European General Data Protection Regulation and California Consumer Privacy Act), intellectual property laws, labor relation laws, tax laws, anti-competition regulations, import and trade restrictions (for example the trade policies in the US and the EU), exchange laws, anti-bribery and anti-corruption regulations, health and safety regulations. Compliance efforts may require additional costs or capital expenditures, which could negatively impact the profit performance of the group. In addition, given the high level of complexity of these laws, there is a risk that Bekaert may inadvertently not (timely) comply. Violations could result in fines, criminal sanctions, cessation of business activities, and a reputation risk.		The Bekaert Code of Conduct has a whistleblowing procedure, and all managers and other salaried professionals worldwide annually commit to the Code after a mandatory test. The company also has anti- bribery and anti-corruption, sanction, anti-trust, equipment safety standard policies in place. The company regularly organizes trainings on anti- bribery, anti-trust, safety and other legal awareness matters. Bekaert steers compliance with laws and regulations through a Compliance Committee that monitors and manages the actions that are needed to ensure compliance. In addition, around 195 managers (higher management plus specific functional teams) are required to report potential concerns about the integrity of the company’s financial and ESG statements, as a sub-certification step to the ‘statement from the responsible persons’ in the annual report.
Intellectual property risk Intellectual property leakages can harm Bekaert and help the competition, both in terms of product development, process innovation and machine engineering. Bekaert cannot assure that its intellectual property will not be objected to, infringed upon or circumvented by third parties. Furthermore, Bekaert may fail to successfully obtain patent authorization, complete patent registration or protect such patents, which may materially and adversely affect our business position.		At year-end 2025, Bekaert had more than 1 650 patents, utility models and design files and more than 1 250 trademark files. Bekaert also initiates patent infringement proceedings against competitors when such cases are observed or reported. In addition, Bekaert has an IP policy in place and organizes trainings.


Bekaert Annual Report 2025	− 79 −


Risk	Trend	Mitigation
Financial risks
Currency exchange risk Bekaert’s assets, income, earnings and cash flows are influenced by movements in exchange rates of several currencies. The Group’s currency risk can be split into two categories: translational and transactional currency risk. A translational currency risk arises when the financial data of foreign subsidiaries are converted into the Group’s consolidation currency, the euro. The Group is also exposed to transactional currency risks resulting from its investing, financing, sales and operating activities.		Bekaert has a hedging policy in place to limit the impact of currency exchange risks.
Credit risk Bekaert is subject to the risk that commercial counterparties delay or do not pay their liabilities. While Bekaert has a credit policy in place that considers the risk profiles of the customers and the markets to which they belong, this policy cannot fully exclude the credit risk. This risk may impact the cash position and the profitability of the Group.		Bekaert has credit management processes and risk transfer solutions in place to monitor overdue and exposure and limit credit risks. Bekaert has a credit insurance program in place to limit such risks. The group has also strengthened its credit procedures, reporting and IT-tools.
Risk of increased funding costs Increasing interest rates might lead to increasing funding costs. Also deteriorating financial performance of the company might lead to higher financing cost and/or (more) restrictive covenants and/or more securities		Bekaert continuously manages its net debt by reducing working capital (Accounts Receivable, Inventory), controlling Capex and controlling Expenses.
Uninsured risks Insurance coverage restrictions and insurance premium cost adjustment are applicable for most risks, which creates a risk of uninsured losses and higher costs.		Bekaert focuses on operational risk management to reduce the risks and is continuously looking for new and alternative insurance solutions to reduce the impact.
Margin erosion due to cost inflation and increasing tariffs Wire rod, Bekaert’s main raw material, is purchased from steel mills from all over the world. If Bekaert is unsuccessful in passing on cost increases to customers in due time, this may negatively influence the profit margins of Bekaert. Also, the opposite price trend entails profit risks: if raw materials prices drop significantly and Bekaert has higher priced material in stock, then the profitability may be hit by (non-cash) inventory valuation corrections at the balance sheet date of a reporting period.		In principle, price movements are passed on in the selling prices as soon as possible, through contractually agreed pricing mechanisms or through individual negotiation. Bekaert also has tools in place to mitigate the risk.
Tax risks The international nature of Bekaert’s activities and the rapidly changing international tax environment encompass some tax risks. Bekaert is subject to different tax laws in many countries. Bekaert seeks to structure its operations in a tax-efficient manner, while complying with the applicable tax laws and regulations. This does not exclude the risk that a subsidiary of Bekaert may incur higher than anticipated tax liabilities, which could adversely affect the effective tax rate, results of operations and financial position. Bekaert subsidiaries can be subject to government-mandated tax investigations. Such investigations have in recent years become more regular and may result in increased advisory costs and additional liabilities.		Although supported by tax consultants and specialists, Bekaert cannot guarantee that changes in tax laws, varying interpretations and inconsistent enforcement, will not adversely affect Bekaert’s effective tax rate, results of operations and financial condition. It is Bekaert’s practice to recognize provisions (per entity) for potential tax liabilities.
Geopolitical / Country
Political / regulatory risks Bekaert is subject to risks stemming from (i) the increasing global trend of protectionism, (ii) the continuous changes in trade policy worldwide, and trade tensions between specific countries and regions, such as between the US, Europe and China, and more specifically the ever-changing US steel tariffs and EU initiatives (CBAM and EU Steel and Metals Action Plan); (iii) the increasing regional conflicts in China, the situation in Russia, taking into account the Russia-Ukraine war.		To mitigate these risks, Bekaert implements measures to be cost-competitive, to flex costs, to increase agility of the business units, active portfolio management and to pass on cost inflation. Bekaert builds alliances, coalitions, and strategic relationships to better understand regulatory developments and mitigate their impact. The company defines and implements flexible sourcing strategies and assesses the potential impact of new regulations on business units, enabling timely and appropriate measures to reduce the impact. Bekaert also mitigates these risks by operating production sites in different regions and serving a diversified set of customers across several sectors.


Bekaert Annual Report 2025	− 80 −


Risk	Trend	Mitigation
Geopolitical risk Bekaert is also present in countries with political and economic risks, including China, Russia and Turkey. In case a major political, social, or asset damage incident would occur, then an impact on the profit is possible.		As part of a business continuity plan, Bekaert performs scenario analyzes and has measures in place to reduce this risk through back-up scenarios and delivery approvals from other locations.
Climate change impact Damage caused by climate change impact (heavy rains/ flooding, drought/water shortages, heat-stress, fire weather, extreme storms/wind damage) may affect the continuity of Bekaert’s activities in affected locations.		Bekaert is assessing the possible impact of climate change and implements adaptation measures such as adequate water run-off and/or collection, flood defenses, provision of adequate firefighting facilities, water management programs, and employee working condition provisions in the event of extreme temperatures. As part of Bekaert’s climate risk management strategy, an in-depth climate risk study has been conducted to assess the possible impact of physical climate change on Bekaert’s global assets and operations. The summary of the conclusions of this study are included in the ESG Statements under E1 Climate Change.

An effective internal control and ERM framework is necessary to reach a reasonable level of assurance

related to Bekaert’s financial and ESG reports and to prevent fraud. Internal control on financial and ESG

reporting cannot prevent or trace all errors due to limits peculiar for control, such as possible human

errors, misleading or circumventing controls, or fraud. That is why an effective internal control only

generates reasonable assurance for the preparation and the fair presentation of the financial information.

Failure to pick up an error due to human errors, misleading or circumventing controls, or fraud could

negatively impact Bekaert’s reputation and financial results. This may also result in Bekaert failing to

comply with its ongoing disclosure obligations.

Financial

statements


Bekaert Annual Report 2025	− 82 −

Consolidated financial

statements

Consolidated income statement


in thousands of € - Year ended 31 December	Note	2024	2025
Sales	5.1	3 957 814	3 705 815
Cost of sales	5.2	-3 302 558	-3 223 571
Gross profit	5.2	655 256	482 244
Selling expenses	5.2	-158 521	-140 757
Administrative expenses	5.2	-150 878	-127 056
Research and development expenses	5.2	-56 670	-59 260
Other operating revenues	5.2	29 487	56 556
Other operating expenses	5.2	-22 496	-76 902
Operating result (EBIT)	5.2 & 5.3	296 178	134 826
of which
EBIT - Underlying	5.2	348 156	296 710
One-off items	5.2	-51 978	-161 884
Interest income	5.4	18 299	10 882
Interest expense	5.4	-37 998	-31 997
Other financial income and expenses	5.5	-18 857	-28 083
Result before taxes		257 622	85 627
Income taxes	5.6	-62 856	-59 186
Result after taxes (consolidated companies)		194 767	26 441

Share in the results of joint ventures and associates	5.7	48 799	38 294

RESULT FOR THE PERIOD		243 566	64 735

Attributable to
equity holders of Bekaert		238 904	67 356
non-controlling interests	6.15	4 661	-2 621

Earnings per share
in € per share	5.8	2024	2025
Result for the period attributable to equity holders of Bekaert
Basic		4.559	1.329
Diluted		4.548	1.326

The accompanying notes are an integral part of this income statement.


Bekaert Annual Report 2025	− 83 −

Consolidated statement of comprehensive income


in thousands of € - Year ended 31 December	Note	2024	2025
Result for the period		243 566	64 735
Other comprehensive income (OCI)	6.14

Other comprehensive income reclassifiable to income statement in subsequent periods
Exchange differences
Exchange differences arising during the year on subsidiaries		43 497	-84 258
Exchange differences arising during the year on joint ventures and associates		-32 393	-12
OCI reclassifiable to income statement in subsequent periods, after tax		11 104	-84 270

Other comprehensive income non-reclassifiable to income statement in subsequent periods
Remeasurement gains and losses on defined-benefit plans		20 502	11 243
Net fair value gain (+) / loss (-) on investments in equity instruments designated as at fair value through OCI		8 985	-1 074
Share of non-reclassifiable OCI of joint ventures and associates		80	-3
Deferred taxes relating to non-reclassifiable OCI	6.7	-4 469	-2 741
OCI non-reclassifiable to income statement in subsequent periods, after tax		25 099	7 424

Other comprehensive income for the period		36 202	-76 846

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD		279 768	-12 111
Attributable to
equity holders of Bekaert		274 054	-7 340
non-controlling interests	6.15	5 714	-4 771

The accompanying notes are an integral part of this statement of comprehensive income.


Bekaert Annual Report 2025	− 84 −

Consolidated balance sheet


Assets as at 31 December
in thousands of €	Note	2024	2025
Intangible assets	6.1	92 877	92 827
Goodwill	6.2	166 406	164 587
Property, plant and equipment	6.3	1 199 961	1 028 860
RoU Property, plant and equipment	6.4	145 154	132 340
Investments in joint ventures and associates	6.5	188 620	180 193
Other non-current assets	6.6	101 010	100 612
Deferred tax assets	6.7	116 291	107 454
Non-current assets		2 010 319	1 806 872
Inventories	6.8	833 987	735 164
Bills of exchange received	6.8	29 110	19 680
Trade receivables	6.8	580 663	525 622
Other receivables	6.9 / 6.21	134 240	129 052
Short-term deposits	6.10	2 312	1 045
Cash and cash equivalents	6.10	504 384	526 601
Other current assets	6.11	57 047	48 580
Assets classified as held for sale	6.12	9 825	9 325
Current assets		2 151 568	1 995 070
Total		4 161 887	3 801 942


Equity and liabilities as at 31 December
in thousands of €	Note	2024	2025
Share capital	6.13	159 782	159 782
Share premium		39 517	39 517
Retained earnings	6.14	2 249 232	2 102 592
Treasury shares	6.14	-81 502	-68 538
Other Group reserves	6.14	-108 950	-171 153
Equity attributable to equity holders of Bekaert		2 258 079	2 062 200
Non-controlling interests	6.15	53 689	35 139
Equity		2 311 768	2 097 339
Employee benefit obligations	6.16	46 463	38 270
Provisions	6.17	26 135	22 610
Interest-bearing debt	6.18	496 222	372 364
Other non-current liabilities	6.19	1 356	2 116
Deferred tax liabilities	6.7	31 321	36 185
Non-current liabilities		601 497	471 545
Interest-bearing debt	6.18	306 309	344 061
Trade payables	6.8	668 111	637 670
Employee benefit obligations	6.8 / 6.16	126 820	107 495
Provisions	6.17	11 387	8 406
Income taxes payable	6.21	71 530	62 226
Other current liabilities	6.20	64 465	73 199
Liabilities associated with assets classified as held for sale	6.12	—	—
Current liabilities		1 248 622	1 233 058
Total		4 161 887	3 801 942

The accompanying notes are an integral part of this balance sheet.

Consolidated statement of changes in equity


	Attributable to equity holders of Bekaert ¹
in thousands of €	Share capital	Share premium	Retained earnings	Treasury shares	Cumulative translation adjust- ments	Revaluation reserve for non- consolidated equity invest- ments	Remea- surement reserve for DB plans	Deferred tax reserve	Other revaluation reserves	Total	Non- controlling interests ²	Total equity
Balance as at 1 January 2024	161 145	39 517	2 131 937	-76 897	-124 533	-11 175	-27 820	22 381	-1 692	2 112 865	53 164	2 166 029
Result for the period			238 904							238 904	4 661	243 566
Other comprehensive income					10 422	8 985	20 289	-4 546		35 150	1 053	36 202
Effect of other changes in Group structure			1 262		—	-1 262				—		—
Equity-settled share-based payment plans			-15 170							-15 170		-15 170
Creation of new shares	—	—	—							—		—
Treasury shares transactions	-1 363		-13 943	-4 606						-19 912		-19 912
Dividends			-93 758							-93 758	-5 189	-98 947
Balance as at 31 December 2024	159 782	39 517	2 249 232	-81 502	-114 111	-3 452	-7 531	17 836	-1 692	2 258 079	53 689	2 311 768

¹ See note 6.14. "Retained earnings and other Group reserves".

² See note 6.15. "Non-controlling interests".


	Attributable to equity holders of Bekaert ¹
in thousands of €	Share capital	Share premium	Retained earnings	Treasury shares	Cumulative translation adjust- ments	Revaluation reserve for non- consolidated equity invest- ments	Remea- surement reserve for DB plans	Deferred tax reserve	Other revaluation reserves	Total	Non- controlling interests ²	Total equity
Balance as at 1 January 2025	159 782	39 517	2 249 232	-81 502	-114 111	-3 452	-7 531	17 836	-1 692	2 258 079	53 689	2 311 768
Result for the period			67 356							67 356	-2 621	64 735
Other comprehensive income					-82 121	-1 074	11 238	-2 739		-74 696	-2 150	-76 846
Reclassifications			-4 047	-2		-92	5 551	-1 399		10		10
Effect of other changes in Group structure³			-8 434				12 782	-4 348		—	-10 138	-10 138
Equity-settled share-based payment plans			1 387							1 387		1 387
Treasury shares transactions			-104 973	12 966						-92 007		-92 007
Dividends			-97 929							-97 929	-3 640	-101 570
Balance as at 31 December 2025	159 782	39 517	2 102 592	-68 538	-196 232	-4 618	22 039	9 349	-1 692	2 062 200	35 139	2 097 339

¹ See note 6.14. "Retained earnings and other Group reserves".

² See note 6.15. "Non-controlling interests".

³See note 7.2. "Effect of business combinations and business disposals".


Bekaert Annual Report 2025	− 87 −

Consolidated cash flow statement


in thousands of € - Year ended 31 December	Note	2024	2025

Operating activities
Operating result (EBIT)		296 178	134 826
Non-cash items included in operating result	7.1	188 911	353 378
Investing items included in operating result	7.1	-4 630	-30 997
Amounts used on provisions and employee benefit obligations	7.1	-36 596	-25 824
Income taxes paid	5.6 / 7.1	-69 421	-61 128
Gross cash flows from operating activities		374 441	370 255
Change in operating working capital	6.8	37 139	66 260
Other operating cash flows	7.1	-37 610	13 230
Cash flows from operating activities		373 971	449 744

Investing activities
New business combinations	7.1	-39 170	19
Other portfolio investments	7.1	-1 443	-1 221
Proceeds from disposals of investments	7.2	1 262	27 921
Dividends received	6.5	50 939	48 389
Purchase of intangible assets	6.1	-25 664	-30 031
Purchase of property, plant and equipment	6.3	-196 074	-139 249
Purchase of RoU Land	6.4	-13	—
Proceeds from disposals of fixed assets	7.1	9 809	15 168
Cash flows from investing activities		-200 355	-79 005

Financing activities
Interest received	5.4	18 273	11 169
Interest paid	5.4	-28 608	-25 524
Gross dividend paid to shareholders of NV Bekaert SA		-93 758	-99 506
Gross dividend paid to non-controlling interests		-420	—
Proceeds from long-term interest-bearing debt	6.18	2 383	80 847
Repayment of long-term interest-bearing debt	6.18	-107 839	-192 857
Cash flows from / to (-) short-term interest-bearing debt	6.18	-47 545	10 753
Treasury shares transactions	6.13	-30 065	-93 558
Other financing cash flows	7.1	-19 277	-7 362
Cash flows from financing activities		-306 855	-316 038

Net increase or decrease (-) in cash and cash equivalents		-133 239	54 701

Cash and cash equivalents at the beginning of the period		631 687	504 384
Effect of exchange rate fluctuations		5 936	-32 485
Cash and cash equivalents at the end of the period		504 384	526 601

The accompanying notes are an integral part of this cash flow statement.


Bekaert Annual Report 2025	− 88 −

Notes to the consolidated

financial statements

1. General information

NV Bekaert SA (the "Company") is a company incorporated and domiciled in Belgium and a world market

and technology leader in steel wire transformation and coating technologies. The Company’s consolidated

financial statements include those of the Company and its subsidiaries (together referred to as the

"Group" or "Bekaert") and the Group’s interest in joint ventures and associates accounted for using the

equity method. The consolidated financial statements were authorized for issue by the Board of Directors

of the Company on 19 March 2026.

2. Summary of principal accounting policies

2.1. Statement of compliance

The consolidated financial statements have been

prepared in accordance with and comply with the

International Financial Reporting Standards

(IFRS) which have been endorsed by the

European Union.

New and amended standards

and interpretations

Standards, interpretations and

amendments effective in 2025

In the current year, the Group has applied the

below amendments to IFRS standards and

Interpretations issued by the Board that are

effective for an annual period that begins on or

after 1 January 2025. Their adoption has not had

any material impact on the disclosures or on the

amounts reported in these financial statements.

• Amendments to IAS 21 "The effects of changes

in foreign exchange rates" - Lack of

exchangeability, effective on 1 January 2025.

Standards, amendments and

interpretations that are not yet effective in

2025 and have not been early adopted

The Group has not early adopted any other

standards, interpretations or amendments that

have been issued but are not yet effective in

2025. These new, and amendments to, standards

and interpretations effective after 2025 are not

expected to have a material impact on the

financial statements, except for IFRS 18.

• Amendments to the Classification and

Measurement of Financial Instruments

(Amendments to IFRS 9, Financial Instruments

and IFRS 7, Financial Instruments:

Disclosures), effective on 1 January 2026.

• Amendments to IFRS 9 and to IFRS 7:

Contracts Referencing Nature-dependent

Electricity Amendments to IFRS 9 and IFRS 7,

effective 1 January 2026.

• Annual Improvements to IFRS Accounting

Standards – Amendments, effective on

1 January 2026 to:

• IFRS 1 First-time Adoption of International

Financial Reporting Standards;

• IFRS 7 Financial Instruments: Disclosures

and the accompanying implementation

guidance for IFRS 7;

• IFRS 9 Financial Instruments;

• IFRS 10 Consolidated Financial Statements;

• IAS 7 Statement of Cash Flows.

The Group will adopt these standards and

interpretations, if applicable, when they come

effective.

• IFRS 18 Presentation and Disclosure in

Financial Statements, effective 1 January 2027

In April 2024, the IASB issued IFRS 18, which

replaces IAS 1 Presentation of Financial

Statements. IFRS 18 introduces new

requirements for presentation within the

statement of profit or loss, including specified

totals and subtotals. Furthermore, entities are

required to classify all income and expenses

within the statement of profit or loss into one of

five categories: operating, investing, financing,

income taxes and discontinued operations,

whereof the first three are new.

The standard requires disclosure of newly

defined management-defined performance

measures, subtotals of income and expenses,

and it also includes new requirements for


Bekaert Annual Report 2025	− 89 −

aggregation and disaggregation of financial

information based on the identified "roles" of the

primary financial statements (PFS) and the notes.

In addition, narrow-scope amendments have

been made to IAS 7 Statement of Cash Flows,

which include changing the starting point for

determining cash flows from operations under

the indirect method, from "profit or loss" to

"operating profit or loss" and removing the

optionality around classification of cash flows

from dividends and interest. In addition, there are

consequential amendments to several other

standards.

IFRS 18 will be effective on January 1, 2027, and

is expected to have a material impact on the

primary financial statements and related

disclosures of Bekaert.

The Group is in the process of determining the

impact of applying IFRS 18. The Group is on track

to report the first IFRS 18 compliant interim

financial statements for the period ending

30 June 2027 and annual financial statements

for the period ending 31 December 2027.

Based on the initial assessment, which is still

ongoing, the group expects that the most

significant presentation changes may relate to

the reclassification of foreign exchange

differences related to trade receivables and

payables and factoring costs from finance

income and expense per IAS 1 to operating profit

per IFRS 18. Next to that there will be a

reclassification of income related to share in the

results of joint ventures and associates and

foreign exchange differences related to cash and

cash equivalents to a new investing category

under IFRS 18.

New disclosures will be added: (a) management-

defined performance measures; and (b) a

reconciliation for each line item in the statement

of profit or loss between the restated amounts

presented applying IFRS 18 and the amounts

previously presented applying IAS 1. Interest

received will be classified in the investing

activities on the statement of cash flows which is

currently presented under financing category.

Based on our initial assessment—which is still

ongoing—certain APMs are expected to meet the

definition of management‑defined performance

measures (MPMs) under IFRS 18, depending on

the conclusions of the ongoing analysis.

2.2. General principles

Basis of preparation

The consolidated financial statements are

presented in thousands of euro (unless otherwise

stated), under the historical cost convention,

except for derivatives, financial assets at Stock

and financial assets at FVTPL, which are stated

at their fair value. Financial assets which do not

have a quoted price in an active market or the fair

value of which cannot be reliably measured are

carried at cost. Unless explicitly stated, the

accounting policies are applied consistently with

the previous year. The Group has prepared the

financial statements on the basis that it will

continue to operate as a going concern.

Principles of consolidation

Subsidiaries

All subsidiaries are following the calendar year as

accounting year, except for the Indian companies

(from April to March) and Scheldestroom NV

(from October to September). The latter do report

to the Group according the calendar year. The

subsidiaries apply the same accounting policies

as the Group.

Joint arrangements and associates

The financial statements of joint ventures are

prepared according to the accounting and

valuation principles of the Group and for the

same reporting period as the Group. Currently

Bekaert does not have shareholdings in entities

to be considered as associates.

Foreign currency translation

Items included in the financial statements of each

of the Group’s entities are measured using the

currency of the primary economic environment in

which the entity operates (the "functional

currency"). The consolidated financial statements

are presented in euro, which is the Company’s

functional and the Group’s presentation currency.

Financial statements of foreign entities are

translated as follows:

• assets and liabilities are translated at the

closing exchange rate of the European Central

Bank;

• income, expenses and cash flows are

translated at the average exchange rate for the

year;

• shareholders’ equity is translated at historical

exchange rates.

2.3. Balance sheet items

Intangible assets

Intangible assets acquired in a business

combination are initially measured at fair value;

intangible assets acquired separately are initially

measured at cost. After initial recognition,

intangible assets are measured at cost or fair

value less accumulated amortization and any

accumulated impairment losses. Intangible

assets are amortized on a straight-line basis over


Bekaert Annual Report 2025	− 90 −

the best estimate of their useful lives. The

amortization period and method are reviewed at

each financial year-end. A change in the useful

life of an intangible asset is accounted for

prospectively as a change in estimate.

Licenses, patents and similar rights

Expenditure on acquired licenses, patents,

trademarks and similar rights is capitalized and

amortized on a straight-line basis over the

contractual period, if any, or the estimated useful

life, which is normally considered not to be longer

than 10 years.

Computer software on-premises

Purchased on-premises software is installed and

runs on computers on the premises of the

company using the software, rather than at a

remote facility such as a server farm or cloud.

Generally, such costs are directly associated with

the acquisition and implementation of acquired

ERP software and are recognized as intangible

assets. ERP Software is amortized over ten years

on a straight-line basis; all other software is

amortized in a range of three to five years.

External (relating to third party providers and

consultants) and internal (relating to Bekaert

personnel) implementation costs are eligible for

capitalization.

Website development

An intangible asset should be recognized for

website development costs if and only if, it meets

the general recognition requirements in IAS 38

and the six conditions for recognition as

development costs. Most important of these is

the requirement to demonstrate how the website

will generate probable future economic benefits.

Costs linked to website development solely or

primarily for promoting and advertising own

products and services will be expensed as

incurred. When the website is used directly or

indirectly in the income generating process, the

costs are eligible for capitalization.

Cloud computing arrangements

In a cloud computing arrangement, a customer

pays a fee to a vendor in exchange for access to

software over the internet. The software is

hosted by the vendor on the vendor’s computing

infrastructure. Examples of cloud computing

arrangements are Software-as-a-Service (SaaS),

platform as a service, infrastructure as a service.

This differs from an "on-premise" arrangement

where a company licenses or purchases a copy of

the software from a vendor and operates the

software on its own computing infrastructure.

Up-front costs are often incurred in cloud

computing arrangements to implement the

software. To be eligible for capitalization as an

intangible asset, the Group determines if the

company is in control of the software or is in

control of the configuration or implementation

itself. The Group distinguishes the following

types of cloud computing arrangements:

• private cloud arrangements: these are in

nature comparable to on-premise

arrangements and are accounted for equally;

• public cloud arrangements: configuration or

implementation expenses linked to these

arrangements are only eligible for

capitalization if the Group is in control of the

configuration or implementation itself.

Commercial assets

Commercial assets mainly include customer lists,

customer contracts and brand names, mostly

acquired in a business combination, with useful

lives ranging between 8 and 15 years.

Emission rights

In the absence of any IASB standard or

interpretation regulating the accounting

treatment of CO2e emission rights, the Group has

applied the "net approach", according to which:

• the allowances are recognized as intangible

assets and measured at cost (the cost of

allowances issued free of charge being

therefore zero); and

• any short position is recognized as a liability at

the fair value of the allowances required to

cover the shortfall at the balance sheet date.

Research and development

Expenditure on research activities undertaken

with the prospect of gaining new scientific or

technological knowledge and understanding is

recognized in the income statement as an

expense when it is incurred.

Expenditure on development activities where

research findings are applied to a plan or design

for the production of new or substantially

improved products and processes prior to

commercial production or use is capitalized if,

and only if, all of the recognition criteria set out

below are met:

• project passed the concept freeze; which

means that the requirements as well as the

concept on how to realize these requirements

are clear and fixed. In practice, this confirms

both the technical feasibility of completing the

intangible asset so that it will be available for

use or sale as well as the intention to complete

the intangible asset.

• the development expenditure is more than

100k EUR;


Bekaert Annual Report 2025	− 91 −

• the assets are expected to generate future

economic benefits (e.g. a potential market

exists for the product or, if for internal use, its

usefulness is demonstrated), and the

estimated future benefits are longer than

1 year; and

• adequate technical, financial and other

resources required for completion of the

project are available.

Capitalized development costs are amortized

from the commencement of commercial

production of the product on a straight-line basis

over the period during which benefits are

expected to accrue. The depreciation period is

normally a maximum of five years. An in-process

research and development project acquired in a

business combination is recognized as an asset

separately from goodwill if its fair value can be

measured reliably.

Goodwill and business combinations

Acquisitions of businesses are accounted for

using the acquisition method. The consideration

transferred in a business combination is

measured at fair value, which is calculated as the

sum of the acquisition-date fair values of the

assets transferred by the Group, liabilities

incurred by the Group to the former owners of

the acquiree and the equity interests issued by

the Group in exchange for control of the acquiree.

Acquisition-related costs are recognized in profit

or loss as incurred. The identifiable assets

acquired and the liabilities assumed are

recognized at their fair value at the acquisition

date.

Non-controlling interests are initially measured

either at fair value or at their proportionate share

of the recognized amounts of the acquiree’s

identifiable net assets. The choice of

measurement basis is made on a transaction-by-

transaction basis. When the consideration

transferred by the Group in a business

combination includes assets or liabilities resulting

from a contingent consideration arrangement, the

contingent consideration is measured at its

acquisition-date fair value and included as part of

the consideration transferred in a business

combination. Subsequent changes in the fair

value of the contingent consideration are

recognized in profit or loss.

When a business combination is achieved in

stages, the Group’s previously held equity

interest in the acquiree is remeasured to fair

value at the acquisition date (i.e. the date when

the Group obtains control) and any resulting gain

or loss is recognized in profit or loss. Amounts

arising from interests in the acquiree prior to the

acquisition date that have previously been

recognized in other comprehensive income are

reclassified to profit or loss where such

treatment would be appropriate if that interest

was disposed of.

Impairment of goodwill

For the purpose of impairment testing, goodwill is

allocated to each of the Group’s cash-generating

units that are expected to benefit from the

synergies of the combination. Cash-generating

units to which goodwill has been allocated are

tested for impairment annually, or more

frequently when there is an indication that the

unit’s value may be impaired. If the recoverable

amount of the cash-generating unit is less than

the carrying amount of the unit, the impairment

loss is allocated first to reduce the carrying

amount of any goodwill allocated to the unit and

then to the other assets of the unit in proportion

to the carrying amount of each asset in the unit.

An impairment loss recognized for goodwill is not

reversed in a subsequent period.

Property, plant and equipment

The Group has opted for the historical cost model

and not for the revaluation model. When

significant parts of plant and equipment are

required to be replaced at intervals, the Group

depreciates them separately based on their

specific useful lives. Likewise, when a major

inspection is performed, its cost is recognized in

the carrying amount of the property, plant and

equipment as a replacement if the recognition

criteria are satisfied. All other repairs and

maintenance costs are recognized in profit or

loss as incurred.

Depreciation is provided over the estimated

useful lives of the various classes of property,

plant and equipment on a straight-line basis. The

useful life and depreciation method are reviewed

at least at each financial year-end. Unless revised

due to specific changes in the estimated

economic useful life, annual depreciation rates

are as follows:

• land: 0%

• buildings: 5%

• plant, machinery and equipment: 8%-25%

• R&D testing equipment: 16.7%-25%

• furniture and vehicles: 20%

• computer hardware: 20%

The residual values, useful lives and methods of

depreciation of property, plant and equipment are

reviewed at each financial year-end and adjusted

prospectively, if appropriate.


Bekaert Annual Report 2025	− 92 −

Right-of-Use (RoU) property,

plant & equipment

The Group as lessee

The Group assesses whether a contract is or

contains a lease, at inception of the contract. The

Group recognizes a right-of-use asset and a

corresponding lease liability with respect to all

lease arrangements in which it is the lessee,

except for short-term leases (defined as leases

with a lease term of 12 months or less) and

leases of low value assets (such as printers,

copiers and small office equipment). For these

leases, the Group recognizes the lease payments

as an operating expense on a straight-line basis

over the term of the lease.

Right-of-use assets are depreciated over the

shorter period of the lease term and the useful

life of the underlying asset. If a lease transfers

ownership of the underlying asset, or the cost of

the right-of-use asset reflects that the Group

expects to exercise a purchase option, the

related right-of-use asset is depreciated over the

useful life of the underlying asset. Rights to use

land are amortized over the contractual period

which can vary between 30 and 100 years, but is

in most cases 50 years. The depreciation starts

at the commencement date of the lease.

The right-of-use assets are presented as a

separate line in the consolidated statement of

financial position. The Group applies IAS 36 to

determine whether a right-of-use asset is

impaired.

Variable rents that do not depend on an index or

rate are not included in the measurement of the

lease liability and the right-of-use asset. The

related payments are recognized as an expense

in the period in which the event or condition that

triggers those payments occurs. As a practical

expedient, IFRS 16 permits a lessee not to

separate non-lease components, and instead

accounts for any lease and associated non-lease

components as a single arrangement. The Group

applies this practical expedient on contracts for

company cars and industrial vehicles, where non-

lease components such as maintenance and

replacement of tires are not separated but

included in the lease component.

Financial assets

The Group classifies its financial assets in the

following categories: measured at amortized

cost, at fair value through profit or loss (FVTPL)

or at fair value through other comprehensive

income (FVTOCI). The classification depends on

the contractual characteristics of the financial

assets and the business model under which they

are held. Management determines the

classification of its financial assets at initial

recognition.

Financial assets at amortized cost

Financial assets are classified at amortized cost

when the contract has the characteristics of a

basic lending arrangement and they are held with

the intention of collecting the contractual cash

flows until their maturity. The Group’s financial

assets at amortized cost comprises, unless

stated otherwise, trade and other receivables,

bills of exchange received, short-term deposits

and cash and cash equivalents in the balance

sheet. They are measured at amortized cost

using the effective interest method, less any

impairment.

A financial asset (or, where applicable, a part of a

financial asset or part of a group of similar

financial assets) is primarily derecognized

(i.e., removed from the Group’s consolidated

statement of financial position) when:

• the rights to receive cash flows from the asset

have expired

• the Group has transferred its rights to receive

cash flows from the asset or has assumed an

obligation to pay the received cash flows in full

without material delay to a third party under a

"pass-through arrangement"; and either (a) the

Group has transferred substantially all the

risks and rewards of the asset, or (b) the

Group has neither transferred nor retained

substantially all the risks and rewards of the

asset, but has transferred control of the asset.

When the Group has transferred its rights to

receive cash flows from an asset or has entered

into a pass-through arrangement, it evaluates if,

and to what extend, it has retained the risks and

rewards of ownership. When it has neither

transferred nor retained substantially all of the

risks and rewards of the asset, nor transferred

control of the asset, the Group continues to

recognize the transferred asset to the extend of

its continuing involvement. in that case, the

Group also recognizes an associated liability. The

transferred asset and the associated liability are

measured on a basis that reflects the rights and

obligations that the Group has retained.

Continuing involvement that takes the form of a

guarantee over the transferred asset is measured

at the lower of the original carrying amount of the

asset and the maximum amount of consideration

that the Group could be required to repay.

Financial assets at fair value

Other debt instruments and all equity

investments are measured at fair value. In

principle, Bekaert will carry its main non-

consolidated strategic equity investments at


Bekaert Annual Report 2025	− 93 −

FVTOCI. Derivatives are categorized as at FVTPL

unless they are designated and effective as

hedges.

Bills of exchange received

Payment by means of bills of exchange (bank

acceptance drafts) is a widespread practice in

China. Bills of exchange received are either

settled at maturity date, discounted before the

maturity date or transferred to a creditor to

settle a liability. Discounting is done either with or

without recourse. With recourse means that the

discounting bank can claim reimbursement of the

amount paid in case the issuer defaults. When a

bill is discounted with recourse, the amount

received is not deducted from the outstanding

bills of exchange received, but a liability is

recognized in "current interest-bearing debt" until

the maturity date of that bill.

There may be an exception when the bill of

exchange with recourse, that is provided by a

trust worthy financial institution, is being

endorsed by a vendor, meaning the vendor upon

acceptance takes over all the risks and rewards

linked to that bill of exchange – in that case upon

consideration and agreement on transfer of risks

and rewards, trade receivables can be

derecognized upon endorsement by the vendor.

Impairment of financial assets

Financial assets that are debt instruments, other

than those measured at FVTPL, are tested for

impairment using the expected credit loss model

(ECL). The amount of expected credit losses is

updated at each reporting date to reflect changes

in credit risk since initial recognition of the

respective financial instrument. When

determining whether the credit risk of a financial

asset has increased significantly since initial

recognition and when estimating ECLs, Bekaert

considers reasonable and supportable

information that is relevant and available without

undue cost or effort. This includes both

quantitative and qualitative information and

analysis, based on the Group’s historical

experience and informed credit assessment and

including forward-looking information. The Group

always recognizes lifetime ECL for trade

receivables.

At each reporting date, Bekaert measures the

impairment loss for financial assets measured at

amortized cost (e.g. trade receivables and bills of

exchange received) as the present value of the

expected cash shortfalls (discounted at the

original effective interest rate). Amounts deemed

uncollectible are written off against the

corresponding allowance account at each balance

sheet date. In assessing collective impairment,

the Group uses historical information on the

amount of loss incurred, and makes an

adjustment if current economic and credit

conditions were such that the actual losses were

likely to be greater or lesser than suggested by

historical trends. Additions to and recoveries

from the bad debt allowance account related to

trade receivables are reported under "selling

expenses" in the income statement.

Inventories

Inventories are valued at the lower of cost and

net realizable value. Cost is determined by the

first-in, first-out (FIFO) method. For processed

inventories, cost means full cost including all

direct and indirect production costs required to

bring the inventory items to the stage of

completion at the balance sheet date. Net

realizable value is the estimated selling price in

the ordinary course of business, less the costs of

completion and costs necessary to make the sale.

Share capital

When shares are repurchased, the amount of the

consideration paid, including directly attributable

costs, is recognized as a change in equity.

Repurchased shares (treasury shares) are

presented in the balance sheet as a deduction

from equity. The result on the disposal of

treasury shares sold or canceled is recognized in

retained earnings.

Provisions

Provisions are recognized in the balance sheet

when the Group has a present obligation (legal or

constructive) as a result of a past event, which is

expected to result in an outflow of resources

embodying economic benefits which can be

reliably estimated. Each provision is based on the

best estimate of the expenditure required to

settle the present obligation at the balance sheet

date. When appropriate, provisions are measured

on a discounted basis.

Restructuring

A provision for restructuring is only recognized

when the Group has approved a detailed and

formal restructuring plan, and the restructuring

has either commenced or has been announced

publicly before the balance sheet date.

Restructuring provisions only include the direct

expenditure arising from the restructuring which

is necessarily incurred on the restructuring and is

not associated with the ongoing activities of the

entity.

Site remediation

A provision for site remediation in respect of

contaminated land is recognized in accordance

with the Group’s published environmental policy

and applicable legal requirements.


Bekaert Annual Report 2025	− 94 −

Claims

A provision for claims related to product warranty

programs, or related various product quality

claims is recognized in accordance with the

Group’s published policy.

Employee benefit obligations

The parent company and several of its

subsidiaries have pension, death benefit and

health care benefit plans covering a substantial

part of their workforce.

Defined-benefit plans

In the income statement, current and past service

cost, including gains or losses from settlements,

are included in the operating result (EBIT), and

the net interest on the net defined-benefit liability

(asset) is included in interest expense, under

interest on interest-bearing provisions. Pre-

retirement pensions in Belgium and plans for

medical care in the United States are also treated

as defined-benefit plans.

Defined-contribution plans

By law, defined-contribution pension plans in

Belgium are subject to minimum guaranteed

rates of return. Before 2015, the defined-

contribution plans in Belgium were basically

accounted for as defined-contribution plans. New

legislation dated December 2015 however

triggered the qualification. As a consequence, the

defined-contribution plans are reported as

defined-benefit obligations, whereby as from year

end 2016 an actuarial valuation was performed.

Share-based payment plans

The Group issues equity-settled and cash-settled

share-based payments to certain employees.

Equity-settled plans allow Group employees to

acquire shares of NV Bekaert SA, and include

stock option plans (SOP), performance share

plans (PSP), personal shareholding requirement

plans (PSR) and stock grants, all of which are

operated in Belgium. Cash-settled plans entitle

Group employees to receive payment of cash

bonuses based on the price of the Bekaert share

on the Euronext stock exchange, and include

share appreciation rights (SAR) and performance

share unit plans (PSU), all of which are operated

outside Belgium.

Equity-settled share-based payments are

recognized at fair value (excluding the effect of

non-market-based vesting conditions) at the date

of grant. The fair value determined at the grant

date of the equity-settled share-based payments

is expensed, with a corresponding increase in

equity, on a straight-line basis over the vesting

period, based on the Group’s estimate of the

number of equity instruments granted that will

eventually vest and adjusted for the effect of non

market-based vesting conditions.

Cash-settled share-based payments are

recognized as liabilities over the vesting period at

fair value, which is remeasured at each reporting

date and at the date of settlement. Changes in

fair value are recognized in the income statement

over the vesting period, taking into account the

number of units or rights expected to vest.

The Group uses binomial models or Monte Carlo

simulations to determine the fair value of the

share-based payment plans.

Interest-bearing debt

Lease liabilities

The lease liability is initially measured at the

present value of the lease payments that are not

paid at the commencement date, discounted by

using the rate implicit in the lease. If this rate

cannot be readily determined, the Group uses its

incremental borrowing rate.

The Group remeasures the lease liability (and

makes a corresponding adjustment to the related

right-of-use asset) whenever:

• The lease term has changed or there is a

significant event or change in circumstances

resulting in a change in assessment of exercise

of a purchase option, in which case the lease

liability is remeasured by discounting the

revised lease payments using a revised

discount rate.

• The lease payments change due to changes in

an index or rate or a change in expected

payment under a guaranteed residual value, in

which cases the lease liability is remeasured by

discounting the revised lease payments using

an unchanged discount rate.

• A lease contract is modified and the lease

modification is not accounted for as a separate

lease, in which case the lease liability is

remeasured based on the lease term of the

modified lease by discounting the revised lease

payments using a revised discount rate at the

effective date of the modification.

Trade payables and other current

liabilities

Trade payables and other current liabilities,

except derivatives, are initially measured at cost,

which is the fair value of the consideration

payable, and subsequently carried at amortized

cost. The Group recognizes a liability to pay a

dividend when the distribution is authorized, and

the distribution is no longer at the discretion of

the Company.


Bekaert Annual Report 2025	− 95 −

Income taxes

In evaluating the potential income tax liabilities,

the Group assumes that the tax authorities will

examine amounts they have a right to examine

and have full knowledge of all related information

when making those examinations. The Group

takes into account both the assessments,

decisions and verdicts received from tax audits

and other kinds of information sources as well as

the potential sources of challenge from tax

authorities. The Group recognizes a liability when

the Group assesses it is not probable for the tax

authorities to accept the position that the Group

takes regarding the tax treatment in question.

The Group measures the income tax liability

according to the most likely amount of the

potential economic outflow. However, Bekaert

continues to believe that its positions on all these

audits are robust.

In assessing the recoverability of deferred tax

assets, the Group relies on the forecast

assumptions used elsewhere in the financial

statements and in other management reports.

Deferred tax on temporary differences arising on

investments in subsidiaries, associates and joint

ventures is provided for, except where the Group

is able to control the timing of the reversal of the

temporary difference and it is probable that the

temporary difference will not be reversed in the

foreseeable future.

Derivatives, hedging and hedging

reserves

The Group uses derivatives to hedge its exposure

to foreign-exchange and interest-rate risks

arising from operating, financing and investing

activities. The net exposure of all subsidiaries is

managed on a centralized basis by Group

Treasury in accordance with the aims and

principles laid down by general management. As

a policy, the Group does not engage in

speculative or leveraged transactions.

Derivatives are initially and subsequently

measured and carried at fair value. The fair value

of traded derivatives is equal to their market

value. If no market value is available, the fair

value is calculated using standard financial

valuation models, based upon the relevant

market rates at the reporting date.

The Group may apply hedge accounting in

accordance with IFRS 9 to reduce income

statement volatility. Depending on the nature of

the hedged risk, a distinction is made between

fair value hedges, cash flow hedges and hedges

of a net investment in a foreign entity.

The Group uses derivatives that do not satisfy

the hedge accounting criteria of IFRS 9 but

provide effective economic hedges under the

Group’s risk management policies. Changes in

the fair value of any such derivatives are

recognized immediately in the income statement.

Derivatives embedded in non-derivative host

contracts that are not financial assets are treated

as separate derivatives when they meet the

definition of a derivative, their risks and

characteristics are not closely related to those of

the host contract and the host contract is not

measured at fair value through profit or loss. The

Group identified such embedded derivatives in

the virtual power purchase agreements (VPPA).

Virtual Power Purchase Agreements

(VPPA)

The embedded derivative is a component of a

financial instrument that modifies the cash flows

of a host contract in a way similar to a standalone

derivative according to a specified interest rate,

index of prices or rates, credit rating or credit

index, or other variable, provided in the case of a

non-financial variable that the variable is not

specific to a party to the contract. The valuation

of the embedded derivative in the VPPA's is

based on a valuation model using a Monte Carlo

simulation with Geometric Brownian Motion

simulating production output and power prices

throughout the term of the VPPA. The valuation

technique includes all material inputs that are

consistent with the characteristics of the VPPA

and that market participants would take into

account in setting a transaction price for the

embedded derivative in an orderly market

transaction. These VPPA contracts include the

delivery of Renewable Energy Credits (RECs) for

which the valuation is included in the valuation

model of the embedded derivative. The RECs

received are not accounted for as individual

financial assets as the Group applies the "own

use" exemption.

2.4. Income statement items

Revenue recognition

The Group recognizes revenue mainly from the

sale of products. Revenue is measured based on

the consideration to which the Group expects to

be entitled in a contract with a customer and

excludes amounts collected on behalf of third

parties. The Group recognizes revenue from the

sale of products when it transfers control over

the corresponding product to a customer.

Revenue from the sale of products is recognized

at a point in time. Sales are recognized net of

sales taxes and discounts. Interest is recognized

on a time-proportional basis that reflects the

effective yield on the asset. The Group

recognizes revenue for a sales-based or usage-

based royalty only when (or as) the later of the

following events occurs: the subsequent sale or

usage occurs; and the performance obligation to


Bekaert Annual Report 2025	− 96 −

which some or all of the sales-based or usage-

based royalties has been allocated has been

satisfied. Revenues from synthetic ropes projects

are recognized over time because its

performance under those projects does not

create an asset with an alternative use to the

Group and the Group has the enforceable right to

payment for performance completed to date. The

group uses an input method in measuring

progress of the project because there is a direct

relationship between the Group Efforts and the

transfer of the project to the customer. Royalties

are recognized on an accrual basis in accordance

with the terms of agreements and are linked to

technology and management support. Dividends

are recognized when the shareholder’s right to

receive payment is established.

2.5. Statement of comprehensive

income and statement of changes

in equity

The statement of comprehensive income

presents an overview of all income and expenses

recognized both in the income statement and in

equity. In accordance with IAS 1 "Presentation of

Financial Statements", an entity can elect to

present either a single statement of

comprehensive income or two statements, i.e. an

income statement immediately followed by a

comprehensive income statement. The Group

elected to do the latter. A further consequence of

presenting a statement of comprehensive income

is that the content of the statement of changes in

equity is confined to owner-related changes only.

2.6. Alternative performance

measures

To analyze the financial performance of the

Group, Bekaert consistently uses various non-

GAAP metrics or Alternative Performance

Measures (APMs) as defined in the European

Securities and Markets Authority’s (ESMA)

Guidelines on Alternative Performance Measures.

In accordance with these ESMA Guidelines, the

definition and reason for use of each of the APMs

as well as reconciliation tables are provided in the

"Alternative performance measures" section of

the Financial Statements. The main APMs used in

the Financial Statements relate to underlying

performance measures.

Underlying performance measures

Operating income and expenses that are related

to restructuring programs, impairment losses, the

initial accounting for business combinations,

business disposals, environmental provisions or

other events and transactions that have a one-off

effect are excluded from Underlying EBIT(DA)

measures.

Restructuring programs mainly include lay-off

costs, gains and losses on disposal, and

impairment losses of assets involved in a shut-

down, major reorganization or relocation of

operations. When not related to restructuring

programs, only impairment losses resulting from

testing cash-generating units qualify as one-off

effects.

One-off effects from business combinations

mainly include: acquisition-related expenses,

negative goodwill, gains and losses on step

acquisition, and recycling of CTA on the interest

previously held. One-off effects from business

disposals include gains and losses on the sale of

businesses that do not qualify as discontinued

operations. These disposed businesses may

consist of integral, or parts (disposal groups) of

subsidiaries, joint ventures and associates.

Besides environmental provisions, other events

or transactions that are not inherent to the

business and have a one-off effect mainly include

disasters and sales of investment property.

2.7. Miscellaneous

Non-current assets held for sale and

discontinued operations

A non-current asset or disposal group is

classified as held for sale if its carrying amount

will be recovered principally through a sale

transaction rather than through continuing use.

This condition is regarded as met only when the

sale is highly probable and the asset (or disposal

group) is available for immediate sale in its

present condition. A discontinued operation is a

component of an entity which the entity has

disposed of or which is classified as held for sale,

which represents a separate major line of

business or geographical area of operations and

which can be distinguished operationally and for

financial reporting purposes.

For a sale to be highly probable, the entity should

be committed to a plan to sell the asset (or

disposal group), an active program to locate a

buyer and complete the plan should be initiated,

and the asset (or disposal group) should be

actively marketed at a price which is reasonable

in relation to its current fair value, and the sale

should be expected to be completed within one

year from the date of classification. Assets

classified as held for sale are measured at the

lower of their carrying amount and fair value less

costs necessary to make the sale. Any excess of

the carrying amount over the fair value less costs

to sell is included as an impairment loss.

Depreciation of such assets is discontinued as

from their classification as held for sale.

Comparative balance sheet information for prior

periods is not restated to reflect the new

classification in the balance sheet.


Bekaert Annual Report 2025	− 97 −

3. Significant accounting judgements and key sources

of estimation uncertainty

In the application of the Group’s accounting

policies, management is required to make

judgments, estimates and assumptions about the

carrying amounts of assets and liabilities that are

not readily apparent from other sources. These

judgments, estimates and assumptions are

reviewed on an ongoing basis.

3.1. Significant judgements in

applying the entity's accounting

policies

The following are the significant judgments made

by management, apart from those involving

estimations (see note 3.2. "Key sources of

estimation uncertainty" below), that have a

significant effect on the amounts reported in the

consolidated financial statements.

• Management concluded that the criteria for

capitalization of development expenditure

were met for several projects and capitalized a

total of € 11.3 million in 2025 (2024:

€ 9.3 million). The research and development

expenditure for which the criteria were not

met, were recognized through profit or loss.

• When management incurs implementation and

customization costs when entering into cloud

computing arrangements, management makes

judgments to determine which costs can be

recognized as intangible asset. Management

first assess if the arrangement provides a

resource it can control. When making this

judgment, it considers the IFRS Interpretation

Committee (IFRIC) agenda decision of March

2019 on Customer’s Right to Receive Access

to the Supplier’s Software Hosted on the

Cloud. Thereafter, it assess which fees and

implementation costs can be capitalized,

Management considered the IFRS

Interpretation Committee (IFRIC) agenda

decision of April 2021 on the clarification of

accounting in relation to these costs.

• Management makes judgments in defining the

functional currency of Group entities based on

economic substance of the transactions

relevant to these entities. By default the

functional currency is the one of the country in

which the entity is operating. See note 7.8.

"Subsidiaries, joint ventures and associates"

for a comprehensive list of entities and their

functional currency.

• Deferred tax assets were recognized to the

extent that it is considered probable that

sufficient future taxable profits would be

available, taking into account both positive and

negative evidence. This assessment relied on

prudent assumptions derived from the

business plan for the entity, typically over a

five-year horizon. In certain jurisdictions,

deferred tax assets relating to capital losses,

trade losses and tax credits were recognized

up to the amount of uncertain tax provisions.

This reflects that potential tax audit

adjustments would likely reduce the available

tax losses rather than result in a cash tax

outflow for the entity concerned.

• As Belgium enacted the law of 19 December

2023 implementing a minimum taxation (at an

effective minimum tax rate of 15%) for

multinational groups as from 1 January 2024,

NV Bekaert and its subsidiaries are in scope of

the OECD Pillar 2 model rules. In May 2023,

the IASB published amendments to IAS 12 that,

provide a temporary exception to the

requirements regarding deferred tax assets

and liabilities related to legislation that is

enacted to implement the OECD’s Pillar 2

model rules, and introduce additional

disclosure requirements. Bekaert has applied

the exception to recognizing and disclosing

information about deferred tax assets and

liabilities related to Pillar 2 income taxes.

Bekaert has performed a qualitative and

quantitative preliminary assessment of the

Group’s potential exposure to Pillar 2 top-up

taxes. Based on the relevant 2025 country-by-

country reporting information, most of the

jurisdictions are expected to be eligible for

transitional safe harbor relief. Based on the

actual assessment, a material impact of the

Pillar 2 legislation is not to be expected for

2025.

3.2. Key sources of estimation

uncertainty

The following are the key assumptions

concerning the future, and the other key sources

of estimation uncertainty at the end of the

reporting period that have a risk of causing

material adjustments to the carrying amounts of

assets and liabilities within the next financial

year.

• Management performed the annual impairment

test on the goodwill related to BBRG on the

basis of the latest business plan. Following the

realized turnaround performance of the

business in 2020, headroom has become very

solid, reducing the likelihood of an impairment

loss (see note 6.2. "Goodwill").

• Impairment analyzes are based upon

assumptions such as market evolution, margin

evolution and discount rates. The ability of an

entity to pass on changes in raw material

prices to its customers (either through

contractual arrangements or through


Bekaert Annual Report 2025	− 98 −

commercial negotiations) is included in the

margin evolution assumption. Sensitivity

analyzes for reasonable changes in these

assumptions are presented as part of note

6.2. "Goodwill".

• Given its global presence, Bekaert is exposed

to tax risks in many jurisdictions. On the one

hand, the application of tax law in the different

jurisdictions can be complex and requires

judgment to assess risk and estimate

outcomes, which is a major source of

uncertainty. On the other hand, tax authorities

of the jurisdictions conduct regular tax audits

that may reveal potential tax issues. As the tax

audits can take many years to resolve, this

further adds to the uncertainty. While the

outcome of such tax audits is not certain,

Bekaert has considered the merits of its filing

positions of the matters subject to each tax

audit in an overall evaluation of potential tax

liabilities, and concludes that the Group has

adequate liabilities recorded in its consolidated

financial statements for exposures on these

matters. Accordingly, Bekaert considers it

unlikely that potential tax exposures over and

above the amounts currently recorded as

liabilities in the consolidated financial

statements will be material to its financial

condition. Both the timing and the position

taken by the tax authorities in the different

jurisdictions give rise to uncertainty and can

result in an adjustment to the carrying

amounts of income tax payable related to

uncertain tax positions within the next financial

year. At year-end 2025 Bekaert has uncertain

tax positions recognized as income taxes

payable amounting to € 30.4 million (2024:

€ 42.6 million). See note 6.21. "Tax positions".

3.3. Impact of macro-economic

environment and climate

Impact of the macroeconomic

environment

The evolution in the macroeconomic environment

has affected businesses all over the world. The

Group has identified the risks linked to these

evolutions and has implemented mitigating

actions, as described in the Corporate

Governance Statements - chapter "Control and

ERM" of this report.

Increasing political and regulatory risks

Increasing global trends of protectionism,

continuous changes in trade policies worldwide,

and trade tensions between specific countries

and regions are creating both risks and

opportunities for Bekaert. In 2025, the ever-

changing US steel tariffs created tensions and

uncertainty. Navigating the challenges of tariffs,

Bekaert has leveraged its global presence by

utilizing local production footprint and adapting

supply chain flows from supplier and to

customers. As tariffs created uncertainty and

undermined demand, Bekaert took measures to

be cost-competitive, and to increase agility. Amid

this context, Bekaert delivered a resilient

performance in 2025. Cash generation was very

strong (Free Cash Flow of € 314 million)

supported by working capital and cost

reductions. Overhead cost savings and

operational efficiency improvements mitigated to

large extent the impact of lower sales on the

EBITu margin which reached 8.0%.

Increasing risks arising from demand

impact and inflationary cost pressure

from economic crises as well as impacts

on discount rates

Impactful demand changes can affect sectors

that are relevant to Bekaert. A crisis, recession or

changing demand trends can lead to a demand

decline driven by weak consumer confidence and

postponed investments. The resulting upstream

and downstream overcapacity can lead to price

erosion across the supply chain. To mitigate

these risks, Bekaert continues the re-positioning

of its businesses towards segments with higher

value propositions that are much less impacted

by cyclicality. In addition, the Group has taken

necessary measures to remain cost-competitive,

to flex costs, and to pass on cost inflation.

In the valuation of the Group’s defined-benefit

plans, the principal actuarial assumptions are

also influenced by the macroeconomic evolution.

The details of those valuations are included in

note 6.16. "Employee benefit obligations".

Changes recognized in equity amounted in 2025

to € 11.2 million and were driven by € 5.7 million

gain on plan assets reflecting positive asset

return and € 5.5 million gains in defined benefit

obligation. The latter can be broken down into

€ 8.6 million gain due to changes in financial

assumptions reflecting increased discount rates,

€ 0.4 million loss due to changes in demographic

assumptions and € 2.7 million loss in liabilities

due to experience adjustments.

Increasing risk from technology changes

Impactful technology changes as well as

increased competition in this respect in

combination with low cost competition may

affect sectors that are relevant to Bekaert, such

as mobility, energy and utility markets, and the

mining, construction and infrastructure sectors.

Bekaert is also subject to uncertain market

growth in sectors such as green energy, which

may further negatively affect the growth strategy

and execution. As an example, growth in the

market for green hydrogen production has


Bekaert Annual Report 2025	− 99 −

significantly slowed down due to delays in

implementation of regulation in Europe and in

North America. As a consequence it was required

to adjust the Group’s footprint in line with

demand outlook. This led to a one-off asset

impairment of € -55 million in the Specialty

Businesses segment in 2025 (see note

5.2 ."Operating result (EBIT) by function").

Impact of climate changes

and environmental footprint

In order to further support the market and

technology positioning in green energy and

sustainable end markets, Bekaert is building key

positions in each specific business ecosystem.

For example, our collaboration with major tire

companies to increase the use of high recycled

content steel that contributes to circular

economy, our participation in technology- and

innovation-driven ECO2Fuel project aimed at

advancing decarbonization efforts or our on-

going collaborations with key mooring and lifting

equipment suppliers to revolutionize rope

inspection which drives significant benefits such

as longer operational safety, extended lifetime of

ropes, increased productivity and sustainability.

The Group will further investigate and evaluate

electrification, the use of biofuels and/or green

hydrogen as technology advances.

The Group has installed solar panels at our site in

Suzhou (China) with a total capacity of

1 Megawatt peak (MWp) to help reduce and offset

its carbon greenhouse emissions, and is in the

progress of installing solar panels at three other

sites in China, Belgium and Italy by mid 2026.

The Group also invested in capital expenditure in

2025 supporting environmental sustainable

activities (see note 6.3. "Property, plant and

equipment" as well as the chapter "EU Taxonomy

Key Performance Indicators" in the

Environmental Statements). Based on current

data models and available insights over a mid-

term horizon, the Group doesn't expect that

climate change will impact the valuation or useful

life of current fixed assets.


Bekaert Annual Report 2025	− 100 −

4. Segment reporting

Transforming steel wire and applying unique coating technologies form our core business. Depending on

our customers’ requirements, we draw wire in different diameters and strengths, even as thin as ultrafine

fibers of one micron. We group the wires into cords, ropes and strands, weave or knit them into fabric, or

process them into an end product. The coatings we apply reduce friction, improve corrosion resistance, or

enhance adhesion with other materials. We also develop products and solutions that are made of other

metals and materials. This is part of our strategy to drive creativity beyond steel.

Bekaert uses a business segmentation to evaluate the nature and financial performance of the business

as a whole, in line with the way financial performance is reported to the chief operating decision maker

(Bekaert Group Executive (BGE)). The Group’s business units (BU) are characterized by BU-specific

product and market profiles, industry trends, cost drivers, and technology needs tailored to specific

industry requirements. More information on the segments can be found in the part "Our business units" of

this report.

The following four business units are presented:

1. Rubber Reinforcement (RR): 44% of consolidated third party sales (2024: 43%)

2. Steel Wire Solutions (SWS): 27% of consolidated third party sales (2024: 27%)

3. Bridon-Bekaert Ropes Group (BBRG): 14% of consolidated third party sales (2024: 16%)

4. Specialty Businesses (SB): 15% of consolidated third party sales (2024: 14%)

The business unit Specialty Businesses (SB) is an aggregation of subdivision Sustainable Construction

and other subdivisions (including fiber technologies, combustion technology and hose reinforcement

wire). All sub-segments share similar economic characteristics as they serve and manage a high-end

portfolio of advanced technologies, lightweight solutions and environmentally friendly applications in

common.

Segment Reporting 2024_EN_Background.svg

15%

Specialty Businesses

14%

44%

Rubber Reinforcement

Bridon-Bekaert Ropes Group

27%

Steel Wire Solutions


Bekaert Annual Report 2025	− 101 −

4.1. Key data by reporting segment

Capital employed elements (intangible assets, goodwill, property, plant and equipment, RoU property,

plant and equipment and the elements of the operating working capital) are allocated to the various

segments. All other assets and liabilities are reported as unallocated assets or liabilities. "Group" mainly

consists of the functional units Innovation & Technology, Engineering and unallocated expenses for group

management and services; it does not constitute a reportable segment in itself. Any sales between

segments are transacted at prices which reflect the arm’s length principle. Intersegment mainly includes

eliminations of receivables and payables, of sales and of margin on transfers of inventory items and of

PP&E and related adjustments to depreciation and amortization.

No other material reporting items then the ones mentioned below are provided to the chief operating

decision maker.


2024
in thousands of €	Rubber Reinforcement	Steel Wire Solutions	BBRG	Specialty Businesses	Group	Intersegment	Consolidated
Consolidated third party sales	1 703 011	1 067 530	552 245	629 939	5 090	—	3 957 814
Consolidated sales	1 725 858	1 095 538	555 232	638 036	95 597	-152 448	3 957 814
Operating result (EBIT)	132 143	110 328	41 804	72 925	-61 899	877	296 178
EBIT - Underlying	149 942	113 768	49 929	87 912	-54 973	1 577	348 156
Depreciation and amortization¹	86 113	27 958	30 278	2 592	14 545	-10 074	151 411
Impairment losses	-165	1 444	3 016	5 483	—	—	9 779
EBITDA	218 091	139 730	75 098	81 000	-47 354	-9 197	457 368
Segment assets	1 378 076	634 217	688 978	500 412	-13 608	-114 421	3 073 654
Unallocated assets							1 088 233
Total assets							4 161 887
Segment liabilities	314 515	228 406	115 613	105 329	99 073	-46 815	816 120
Unallocated liabilities							1 033 999
Total liabilities							1 850 119
Capital employed	1 063 562	405 811	573 365	395 083	-112 681	-67 605	2 257 534
Average capital employed^³	1 047 020	403 174	542 907	378 180	-117 152	-67 926	2 186 204
Return on average capital employed (ROCE)³	12.6%	27.4%	7.7%	19.3%	—	—	13.5%
Capital expenditure – PP&E	84 009	34 776	23 083	46 259	6 491	-8 450	186 168
Capital expenditure – intangible assets	4 922	754	4 171	6 807	9 527	-517	25 664
Share in the results of joint ventures and associates	1 218	47 581	—	—	—	—	48 799
Investments in joint ventures and associates	43 568	145 052	—	—	—	—	188 620
Number of employees (year-end)²	10 023	3 877	2 437	2 030	1 276	—	19 643


Bekaert Annual Report 2025	− 102 −


2025
in thousands of €	Rubber Reinforcement	Steel Wire Solutions	BBRG	Specialty Businesses	Group	Intersegment	Consolidated
Consolidated third party sales	1 614 177	1 017 502	517 861	550 010	6 265	—	3 705 815
Consolidated sales	1 654 430	1 037 206	520 145	555 597	96 631	-158 193	3 705 815
Operating result (EBIT)	102 312	50 926	31 363	-14 626	-45 509	10 359	134 826
EBIT - Underlying	141 992	100 882	45 060	46 853	-44 479	6 401	296 710
Depreciation and amortization¹	76 893	31 497	33 273	25 643	17 929	-15 953	169 281
Impairment losses	26 805	10 048	8 108	51 795	4 762	—	101 518
EBITDA	206 011	92 471	72 743	62 812	-22 818	-5 594	405 625
Segment assets	1 303 449	545 218	629 748	430 018	-18 020	-170 851	2 719 562
Unallocated assets							1 082 380
Total assets							3 801 942
Segment liabilities	348 926	216 182	122 533	100 297	87 750	-98 842	776 846
Unallocated liabilities							927 757
Total liabilities							1 704 603
Capital employed	954 523	329 037	507 215	329 720	-105 771	-72 009	1 942 715
Average capital employed³	1 009 042	367 424	540 290	362 402	-109 226	-69 807	2 100 125
Return on average capital employed (ROCE)³	10.1%	13.9%	5.8%	(4.0%)	—	—	6.4%
Capital expenditure – PP&E	61 202	33 241	18 311	24 445	5 006	-2 955	139 249
Capital expenditure – intangible assets	3 546	2 744	3 658	6 643	13 595	-155	30 031
Share in the results of joint ventures and associates	-2 104	40 398	—	—	—	—	38 294
Investments in joint ventures and associates	39 388	140 805	—	—	—	—	180 193
Number of employees (year-end)²	10 303	3 169	2 251	1 480	1 186	—	18 389

¹ Depreciation and amortization included write-downs / (reversals of write-downs) on inventories and trade receivables.

² Number of employees: full-time equivalents on Bekaert payroll (excluding contingent workers) in consolidated entities.

³ Definition of ROCE has been changed. See "Alternative performance measures".

4.2. Revenue by country

The table below shows the relative importance of Belgium (i.e. the country of domicile), China, India, the

USA and Slovakia for Bekaert in terms of sales and selected non-current assets (i.e. intangible assets;

goodwill; property, plant and equipment; RoU property, plant and equipment; investments in joint ventures


Bekaert Annual Report 2025	− 103 −

and associates). "Other countries" includes multiple countries with none meeting the threshold of 10%

of total revenues.


in thousands of €	2024	% of total	2025	% of total
Consolidated third party sales
from Belgium	420 886	11%	408 176	11%
from China	752 946	19%	711 359	19%
from India	194 300	5%	169 892	4%
from USA	746 116	19%	767 112	21%
from Slovakia	381 840	9%	366 201	10%
from other countries	1 461 726	37%	1 283 076	35%
Total third party consolidated sales	3 957 814	100%	3 705 815	100%
Selected non-current assets
in Belgium	247 792	14%	217 328	14%
in China	277 359	15%	224 644	14%
in India	71 753	4%	65 845	4%
in USA	177 997	10%	152 317	9%
in Slovakia	136 139	8%	140 292	9%
in other countries	881 979	49%	798 381	50%
Total selected non-current assets	1 793 018	100%	1 598 806	100%

Bekaert’s top-5 customers together represented 21% (2024: 21%) of the Group’s total consolidated sales,

while the next 5 customers represented another 6% (2024: 6%) of the Group’s total consolidated sales.

No individual customer contributed 10% to consolidated sales.


Bekaert Annual Report 2025	− 104 −

5. Income statement items

5.1. Net sales

The Group recognizes sales from the following sources: delivery of products and, to a lesser extent, of

services and projects. Bekaert assessed that the delivery of products represents the main performance

obligation. The Group recognizes sales at a point in time when it transfers control over a product to a

customer. Customers obtain control when the products are delivered (based on the related inco terms in

place). The amount of sales recognized is adjusted for variable compensation such as volume discounts.

No adjustment is made for returns nor for warranty as the impact is deemed immaterial based on

historical information. The group recognizes the revenue of projects over time, using an input method in

measuring the progress of the project. For 2025 the revenues of projects are immaterial compared to the

total sales number.

Disaggregating sales by timing of sales recognition, i.e. at a point in time vs over time (as is customary for

engineering activities) does not add much value, as sales of machines to third parties contribute very little

to total sales.


in thousands of €	2024	% of total	2025	% of total
Sales of products	3 956 894	100.0%	3 704 561	100.0%
Sales of machines by engineering	910	—%	1 048	—%
Other sales	9	—%	207	—%
Net sales	3 957 814	100.0%	3 705 815	100.0%

In the following table, net sales is disaggregated by industry including a reconciliation of the net sales by

industry with the Group’s operating segments (see note 4.1. "Key data by reporting segment"¹).


2024¹
in thousands of €	RR	SWS	BBRG	SB	Group	Consolidated
Industry
Tire & Automotive	1 698 691	162 652	14 734	38 011	—	1 914 088
Energy & Utilities	—	293 789	130 816	25 105	—	449 710
Construction	—	206 155	70 047	399 850	—	676 052
Consumer Goods	—	86 001	—	3 831	—	89 832
Agriculture	—	180 636	41 122	—	—	221 758
Equipment	—	57 909	129 286	99 527	5 090	291 812
Basic Materials	4 320	80 388	166 240	63 614	—	314 562
Total	1 703 011	1 067 530	552 245	629 938	5 090	3 957 814


2025¹
in thousands of €	RR	SWS	BBRG	SB	Group	Consolidated
Industry
Tire & Automotive	1 614 177	138 789	15 450	28 871	—	1 797 287
Energy & Utilities	—	309 371	120 085	38 812	—	468 268
Construction	—	132 746	58 704	330 515	—	521 965
Consumer Goods	—	82 407	—	—	—	82 407
Agriculture	—	204 520	36 314	—	—	240 834
Equipment	—	74 053	146 626	97 968	6 265	324 912
Basic Materials	—	75 616	140 682	53 844	—	270 142
Total	1 614 177	1 017 502	517 861	550 010	6 265	3 705 815

¹RR = Rubber Reinforcement; SWS = Steel Wire Solutions; BBRG = Bridon-Bekaert Ropes Group; SB = Specialty Businesses


Bekaert Annual Report 2025	− 105 −

5.2. Operating result (EBIT) by function


Sales and gross profit
in thousands of €	2024	2025	variance (%)
Sales	3 957 814	3 705 815	-6.4%
Cost of sales	-3 302 558	-3 223 571	-2.4%
Gross profit	655 256	482 244	-26.4%
Gross profit in % of sales	16.6%	13.0%

Bekaert achieved consolidated sales of € 3.71 billion in 2025, a decrease of -6.4% compared to 2024,

driven primarily by the negative impact from passed-through of lower input costs and price-mix, an

unfavorable impact from exchange rate movements and the negative impact of disposals and

discontinued operations. The organic sales decrease (-2.7%) was driven by the combined negative impact

from the passed-on cost inflation and price-mix (-2.5%) and slightly decreased volumes (-0.2%). The

currency movements were -2.6% negative (mainly related to movements in Chinese renminbi and US

Dollar). The negative impact of disposals and discontinued operations was -1.1%.

Gross profit of the Group decreased by € -173.0 million in absolute terms (-26.4%), and the gross profit

margin on sales decreased to 13.0% (2024: 16.6%). The decrease was mainly imposed by weaker demand

in construction and energy transition end markets.


Overheads
in thousands of €	2024	2025	variance (%)
Selling expenses	-158 521	-140 757	-11.2%
Administrative expenses	-150 878	-127 056	-15.8%
Research and development expenses	-56 670	-59 260	4.6%
Total	-366 070	-327 072	-10.7%

The overhead expenses decreased by € -39.0 million to € 327.1 million (8.8% on sales). The decrease in

absolute value of the admin expenses (€ 127.0 million in 2025; € 150.9 million in 2024) was mainly linked

to the decrease of the labor, consultancy costs and IT costs, partially offset with an increase of the

administrative one-offs costs. The decrease in absolute value of the selling expenses (€ 141.0 million in

2025; € 159.0 million in 2024) was mainly linked to lower labor costs. The decrease was also partially

related to foreign exchange impact of € -4.3 million (mainly related to exchange effects in Chinese

renminbi and US dollar) and the effect of the outgoing entities. In 2025, selling expenses included bad

debt allowances recognized (excluding one-offs) for € -1.9 million (2024: € -4.1 million) and reversal of

bad debt allowances (excluding one-offs) for amounts used and not used for

€ 4.9 million (2024: € 4.1 million). The increase in research and development expenses was linked to

impairments on capitalized R&D projects, partially offset by lower labor costs.


Other operating revenues
in thousands of €	2024	2025	variance
Royalties received	12 990	11 453	-1 536
Gains on disposal of PP&E and intangible assets	6 508	476	-6 032
Government grants	3 333	1 680	-1 653
Compensations received for claims	1 261	1 302	41
Restructuring	1 062	15 020	13 958
Environmental	60	187	127
Gains on business disposals (portion sold)	—	20 010	20 010
Other revenues	4 274	6 429	2 155
Total	29 487	56 556	27 069

The royalty income decreased by -11.8% due to lower sales. Government grants mainly related to

subsidies in China. There are no indications that the conditions attached to those grants will not be

complied with in the future and therefore it is not expected that subsidies may have to be refunded.

In 2024, the gain on the disposal of PP&E and intangible assets contained the revenues from the sale of

assets not included in restructuring programs, primarily in Belgium.


Bekaert Annual Report 2025	− 106 −


Other operating expenses
in thousands of €	2024	2025	variance
Royalties paid	-834	-801	33
Losses on disposal of PP&E and intangible assets	-1 617	-977	640
Amortization of intangible assets	-1 500	—	1 500
Bank charges	-2 227	-2 104	123
Tax related expenses (other than income taxes)	584	-393	-977
Impairment losses	-677	-2 006	-1 329
Restructuring	-6 453	-7 685	-1 233
Environmental	-5 664	—	5 664
Losses on business disposals	—	-56 600	-56 600
Other expenses	-4 108	-6 335	-2 226
Total	-22 496	-76 902	-54 406

In 2025, "Restructuring - revenues" mainly related to restructuring in Belgium and China and gain of

disposal of property in Belgium. "Restructuring - expenses" on the other hand mainly included part of the

cost related to the restructuring program in the UK, in Belgium and in China.

In 2024, "Restructuring - revenues" mainly related to restructuring in Indonesia and closure of Figline

plant (Italy). "Restructuring - expenses" on the other hand mainly included part of the cost related to the

restructuring program in the UK and plant closure in Italy.

The 2025 loss of € -36.6 million (gain of € 20.0 million and CTA loss of € -56.6 million) on business

disposals was related to the disposal of the Steel Wire Solutions businesses in Costa Rica, Ecuador and

Venezuela in 2025 (see also note 7.2. "Effect of business combinations and business disposals").

The environmental costs in 2024 were mainly related to environmental provisions for the closure of the

Figline plant (Italy).

The following tables reconcile reported and underlying results and present an analysis of one-off items by

category (as defined in note 2.6. "Alternative performance measures"), operating segment and income

statement line item.


EBIT Reported and Underlying	2024			2025
in thousands of €	reported	of which underlying	of which one- offs	reported	of which underlying	of which one- offs
Sales	3 957 814	3 957 814	—	3 705 815	3 705 815	—
Cost of sales	-3 302 558	-3 274 039	-28 518	-3 223 571	-3 113 574	-109 997
Gross profit	655 256	683 775	-28 518	482 244	592 241	-109 997
Selling expenses	-158 521	-157 427	-1 094	-140 757	-138 560	-2 197
Administrative expenses	-150 878	-142 601	-8 277	-127 056	-117 113	-9 943
Research and development expenses	-56 670	-53 409	-3 262	-59 260	-48 936	-10 324
Other operating revenues	29 487	28 177	1 310	56 556	21 340	35 217
Other operating expenses	-22 496	-10 360	-12 136	-76 902	-12 261	-64 641
Operating result (EBIT)	296 178	348 156	-51 978	134 826	296 710	-161 884


Bekaert Annual Report 2025	− 107 −


One-off items 2024
in thousands of €	Cost of Sales	Selling expenses	Administrative expenses	R&D	Other operating revenues	Other operating expenses	Total
Restructuring programs by segment
Rubber Reinforcement¹	-8 010	541	-1 284	-2 019	991	-2 786	-12 566
Steel Wire Solutions²	-2 954	-357	-766	—	767	-130	-3 440
Bridon-Bekaert Ropes Group (BBRG)³	-4 374	-281	-504	—	—	-2 966	-8 125
Specialty Businesses⁴	-12 816	-869	-527	-306	—	-471	-14 988
Group⁵	-366	-127	-2 311	-938	4	-100	-3 837
Intersegment	—	—	—	—	-700	—	-700
Total restructuring programs	-28 518	-1 094	-5 392	-3 262	1 062	-6 453	-43 657
Environmental provisions/(reversals of provisions)
Rubber Reinforcement⁶	—	—	—	—	—	-5 232	-5 232
Group	—	—	—	—	60	-432	-371
Total environmental provisions/ (reversals)	—	—	—	—	60	-5 664	-5 604
Other events and transactions
Group⁷	—	—	-2 886	—	188	-20	-2 717
Total other events and transactions	—	—	-2 886	—	188	-20	-2 717
Total	-28 518	-1 094	-8 277	-3 262	1 310	-12 136	-51 978

¹ Related mainly to the closure of the Figline plant (Italy), to closure and lay-off costs in China and lay-off costs in Belgium.

² Related mainly to impairment losses in China, restructuring in Indonesia and lay-off costs in Latin-America and Belgium.

³ Related to the restructuring in UK.

⁴ Related mainly to restructuring in China, the Netherlands and Belgium.

⁵ Related mainly to lay-off costs in China and Belgium.

⁶ Related to the closure of the Figline plant (Italy).

⁷ Acquisition-related administrative expenses.


Bekaert Annual Report 2025	− 108 −


One-off items 2025
in thousands of €	Cost of Sales	Selling expenses	Administrative expenses	R&D	Other operating revenues	Other operating expenses	Total
Restructuring programs by segment
Rubber Reinforcement¹	-34 815	-621	-2 377	44	494	-180	-37 455
Steel Wire Solutions²	-10 576	11	-345	-2 460	—	6	-13 365
Bridon-Bekaert Ropes Group (BBRG)³	-6 501	-600	-296	-1 962	400	-4 743	-13 702
Specialty Businesses⁴	-59 818	-754	-1 189	-115	2 579	-2 166	-61 463
Group⁵	-413	-232	-4 135	-5 831	11 548	-602	335
Intersegment	3 958	—	—	—	—	—	3 958
Total restructuring programs	-108 165	-2 197	-8 342	-10 324	15 020	-7 685	-121 692
Impairment losses/(reversals of impairment losses) other than restructuring
Rubber Reinforcement⁶	-1 653	—	—	—	—	—	-1 653
Total other impairment losses/ (reversals)	-1 653	—	—	—	—	—	-1 653
Business disposals
Steel Wire Solutions⁷	—	—	—	—	20 010	-56 600	-36 591
Total business disposals	—	—	—	—	20 010	-56 600	-36 591
Environmental provisions/(reversals of provisions)
Group	—	—	—	—	187	—	187
Total environmental provisions/ (reversals)	—	—	—	—	187	—	187
Other events and transactions
Rubber Reinforcement	-171	—	-62	—	—	-339	-572
Bridon-Bekaert Ropes Group (BBRG)	—	—	5	—	—	—	5
Specialty Businesses	-8	—	-7	—	—	—	-15
Group⁸	—	—	-1 537	—	—	-16	-1 553
Total other events and transactions	-180	—	-1 601	—	—	-355	-2 135
Total	-109 997	-2 197	-9 943	-10 324	35 217	-64 641	-161 884

¹ Related mainly to closure and lay-off costs (including impairments) in China and restructuring in Europe (see note 6.1. "Intangible

assets" and note 6.3. "Property, plant and equipment").

² Related mainly to restructuring costs (including impairments) in Belgium (see note 6.1. "Intangible assets" and note 6.3. "Property,

plant and equipment").

³ Related to the restructuring in UK.

⁴ Related mainly to the hydrogen footprint adjustment in Belgium and restructuring in China (see note 6.1. "Intangible assets" and note

6.3. "Property, plant and equipment").

⁵ Related mainly to restructuring costs and gain on disposal of property in Belgium.

⁶ Related to the plant in Russia.

⁷ Related to the sale of the Steel Wire businesses in Costa Rica, Ecuador and Venezuela (see note 7.2. "Effect of business combinations

and business disposals").

⁸ Related mainly to acquisition-related administrative expenses.


Bekaert Annual Report 2025	− 109 −

5.3. Operating result (EBIT) by nature

The Group’s major operating revenues and charges by function in 2025 were as follows:


in thousands of €	Sales	Goods & materials	Handling and Freight costs	Services and other costs	Personnel costs	Depreciation, Amortization & Impairment	Others	TOTAL
Sales	3 705 815							3 705 815
Cost of sales		-1 722 295	-185 103	-409 636	-591 056	-232 542	-82 940	-3 223 571
Selling expenses		278	-1 742	-35 493	-89 419	-4 051	-10 329	-140 757
General & Administrative expenses		-251	-683	-63 628	-104 469	-14 749	56 725	-127 056
R&D expenses		-3 833	-175	-9 550	-39 281	-14 165	7 744	-59 260
Other operating items		-460	-183	-16 174	-5 586	-5 577	7 634	-20 346
TOTAL 2025	3 705 815	-1 726 561	-187 887	-534 480	-829 811	-271 084	-21 167	134 826


TOTAL 2024	3 957 814	-1 816 367	-208 561	-567 298	-871 625	-161 191	-36 593	296 178

Due to change of reporting tool, the group is able to disclose, as of 2025, the operating charges by

function.

The impairment losses of 2025 mainly related to the impairment of PP&E in China, Italy and Belgium. For

2024 the losses were related to impairment of PP&E in China, United Kingdom and The Netherlands. The

amortization included write-downs / (reversals of write-downs) on inventories and trade receivables.

5.4. Interest income and expense


in thousands of €	2024	2025
Interest income on financial assets not measured at FVTPL	18 299	10 882
Interest income	18 299	10 882
Interest expense on interest-bearing debt not measured at FVTPL	-33 476	-28 294
Other debt-related interest expense	-983	-1 790
Debt-related interest expense	-34 459	-30 084
Interest on the net defined benefit liability	-3 539	-1 913
Interest expense	-37 998	-31 997
Total	-19 699	-21 115

The interest income decreased compared to the revenues of 2024, due to the decreased interest rates

and lower cash position of the group. The interest expenses decreased compared to the costs of 2024,

due to a lower outstanding debt position of the group.

Interest expense on interest-bearing debt, not classified as at fair value through profit or loss (FVTPL),

relates to all debt instruments of the Group, other than interest-rate risk mitigating derivatives entered

into as economic hedges.

The interest on the net defined benefit liability in 2025 was € -1.9 million (2024: € -3.5 million) (see note

6.16. "Employee benefit obligations"). There were no interest costs in 2025 related to other provisions

(2024: nil) (see note 6.17. "Provisions").


Bekaert Annual Report 2025	− 110 −

5.5. Other financial income and expenses


in thousands of €	2024	2025
Value adjustments to derivatives	8 346	3 226
Exchange results on hedged items	-914	-6 410
Net impact of derivatives and hedged items	7 432	-3 185
Other exchange results	-11 326	-14 152
Gains and losses on disposal of financial assets	—	13
Dividends from non-consolidated equity investments	490	1 281
Bank charges and taxes on financial transactions	-14 379	-11 332
Impairments of other receivables	11	—
Other	-1 085	126
Total	-18 857	-28 083

Value adjustments include changes in the fair value of all derivatives, other than those designated as cash

flow hedges. Exchange results on hedged items also relate to economic hedges only. The net impact of

derivatives and hedged items presented here does not include any impacts recognized in other income

statement elements, such as interest expense, cost of sales or other operating revenues and expenses.

In 2025 value adjustments to derivatives included a fair value gain of € +4.1 million, partially offset with

the loss related to Virtual Power Purchase Agreement (VPPA) of € -0.9 million. In 2024 the value

adjustments to derivatives included a fair value loss of € -5.9 million, offset with a gain of € +14.2 million,

related to a Virtual Power Purchase Agreement (VPPA). For more details on the impact of derivatives and

hedged items, see note 7.3. "Financial risk management and financial derivatives".

Other exchange results in 2025 amounted to € -14.1 million and were mainly related to the devaluation of

the Turkish lira, the Indian rupee and the Chilean peso, resulting in unrealized and realized FX results on

working capital items and intercompany loans. The bank charges and taxes on financial transactions

include charges linked to the factoring programs (€ -11.3 million).

All dividends from non-consolidated equity investments related to interests still held at reporting date as

no shares were sold during the year.

5.6. Income taxes


in thousands of €	2024	2025
Current income taxes - current year	-71 846	-70 466
Current income taxes - prior periods	1 036	6 353
Current income taxes - uncertain tax positions	94	12 252
Deferred taxes - due to changes in temporary differences	-16 464	-14 412
Deferred taxes - due to changes in tax rates	-337	652
Deferred taxes - adjustments to tax losses of prior periods	-2 920	-1 117
Deferred taxes - utilization of deferred tax assets not previously recognized	27 582	7 552
Total tax expense	-62 856	-59 186


Bekaert Annual Report 2025	− 111 −

Relationship between tax expense and accounting profit

In the table below, accounting profit is defined as the result before taxes.


in thousands of €	2024	2025
Result before taxes	257 622	85 627
Tax expense at the theoretical domestic rates applicable to results of taxable entities in the countries concerned	-64 292	-20 986
Theoretical tax rate ¹	-25.0%	-24.5%
Tax effect of:
Non-deductible items	-13 072	-10 846
Other tax rates, tax credits and special tax regimes ²	15 129	4 744
Non-recognition of deferred tax assets ³	-11 673	-23 025
Utilization or recognition of deferred tax assets not previously recognized ⁴	27 582	7 552
Deferred tax due to change in tax rates	-337	652
Tax relating to prior periods ⁵	-1 884	5 236
Exempted income	3 552	—
Withholding taxes on dividends, royalties, interests & services	-13 409	-11 548
Other⁶	-4 452	-10 964
Total tax expense	-62 856	-59 186
Effective tax rate	-24.4%	-69.1%

¹ The theoretical tax rate is computed as a weighted average taking into account the results before taxes in different countries at

different rates.

² In 2025, the special tax regimes and tax credits mainly related to tax incentives in Belgium, similar as in 2024.

³ In 2025, same as in 2024, the non-recognition of deferred tax assets mainly related to non-recognition of deferred tax assets above

the recoverability assessment in Belgium and the non-recognition in plants of which the closure was announced.

⁴ In 2025, the movement was mainly triggered by the recognition in China, Canada and the Netherlands of deferred tax assets

previously not recognized as well as by the usage of losses carried forward.

⁵ In 2025, the prior year tax adjustments mainly related to the settlement of tax audits in Indonesia and China, while in 2024 the prior

year tax adjustments related to miscellaneous countries.

⁶ In 2025, the other amounts mainly relate to the impact of the loss on the disposal of the Steel Wire Solutions businesses in Costa

Rica, Ecuador and Venezuela. See also note 7.2. "Effect of business combinations and business disposals".

5.7. Share in the results of joint ventures and associates

In 2025, the share in the result of joint ventures and associates reflected the performance decrease of

the Rubber Reinforcement business in Brazil compared to the stronger performance in 2024, as well as

the drop in performance of the Steel Wire Solutions business in Brazil compared to 2024. The overall

decrease in performance was amplified by the decrease in value of the Brazilian real against the euro

(average rate decreased by 8.3% from 2024 to 2025). This decrease in YTD average rate 2025 versus

2024 was caused by a significant decrease in the course of 2025, further building on the decrease that

occurred in 2024.

Additional information relating to the Brazilian joint ventures is provided under note 6.5. "Investments in

joint ventures and associates".


in thousands of €		2024	2025
Joint ventures
Belgo Bekaert Arames Ltda	Brazil	47 751	40 461
BMB-Belgo Mineira Bekaert Artefatos de Arame Ltda	Brazil	1 218	-2 104
Servicios Ideal AGF Inttegra Cía Ltda	Ecuador	-170	-63
Total		48 799	38 294


Bekaert Annual Report 2025	− 112 −

5.8. Earnings per share


2024		Number
Weighted average number of ordinary shares (basic)		52 403 989
Dilution effect of share-based payment arrangements		127 778
Weighted average number of ordinary shares (diluted)		52 531 767


in thousands of €	Basic	Diluted
Result for the period attributable to ordinary shareholders	238 904	238 904
Earnings	238 904	238 904
Earnings per share (in €)	4.559	4.548


2025		Number
Weighted average number of ordinary shares (basic)		50 700 732
Dilution effect of share-based payment arrangements		93 320
Weighted average number of ordinary shares (diluted)		50 794 052


in thousands of €	Basic	Diluted
Result for the period attributable to ordinary shareholders	67 356	67 356
Earnings	67 356	67 356
Earnings per share (in €)	1.329	1.326

Earnings per share (EPS) is the amount of post-tax profit attributable to each share. Basic EPS is

calculated as the result for the period attributable to equity holders of Bekaert divided by the weighted

average number of shares outstanding during the year. Diluted EPS reflects any commitments of the

Group to issue shares in the future. These comprise shares to be issued for equity-settled share-based

payment plans (subscription rights, options, performance shares and matching shares, see note

6.13. "Ordinary shares, treasury shares and equity-settled share-based payments"). Subscription rights,

options and other share-based payment arrangements are only dilutive to the extent that their issue price

is lower than the average closing price of the period, in which the issue price includes the fair value of any

services to be rendered during the remainder of the vesting period. Contingently issuable shares (e.g.

performance shares) are only dilutive if the conditions are satisfied at the balance sheet date. The dilution

effect of share-based payment arrangements is limited to the weighted average number of shares to be

used in the denominator of the EPS ratio; there is no effect on the earnings to be used in the numerator

of the EPS ratio.

To calculate the dilution impact, it is assumed that all dilutive potential shares are issued at the beginning

of the period, or, if the instruments were granted during the period, at the grant date. This resulted in a

total dilution effect of € -0.002 per share (2024: € -0.01).

The average closing price during 2025 was € 35.67 per share (2024: € 40.30 per share). The following

table presents all anti-dilutive instruments for the period presented. Options and subscription rights were

out of the money because their issue price exceeded the average closing price, while performance shares

were anti-dilutive because the performance condition was not fulfilled or insufficient services had been

rendered.


Anti-dilutive instruments	Date granted	Issue price (in €)	Number granted	Number outstanding
SOP 2015-2017 - options	13.01.2017	39.43	273 325	117 175
PSP 2022-2025	26.08.2025	44.78	14 980	14 980


Bekaert Annual Report 2025	− 113 −

6. Balance sheet items

6.1. Intangible assets


Cost
in thousands of €	Licenses, patents & similar rights	Computer software	Commercial assets	Other	Total
As at 1 January 2024	27 584	113 251	57 119	22 189	220 143
Expenditure	117	16 128	—	9 419	25 664
Disposals and retirements	—	-275	—	—	-275
Transfers ¹	33	1 674	-862	-646	199
New consolidations	10 425	—	1 125	—	11 550
Exchange gains and losses (-)	185	1 079	2 779	1 191	5 233
As at 31 December 2024	38 343	131 857	60 160	32 153	262 513
As at 1 January 2025	38 343	131 857	60 160	32 153	262 513
Expenditure	126	18 606	—	11 299	30 031
Disposals and retirements	—	-5 517	—	-162	-5 679
Transfers ¹	8 860	-5 763	—	-1 995	1 102
New consolidations	74	61	—	626	762
Deconsolidations	-46	-983	-1 638	-393	-3 060
Exchange gains and losses (-)	-258	-2 385	-3 756	-2 208	-8 608
As at 31 December 2025	47 099	135 875	54 766	39 321	277 061

¹ Total transfers equal zero when aggregating the balances of "Intangible assets" and "Property, plant and equipment" (see note

6.3. "Property, plant and equipment" and 6.4. "Right-of-use (RoU) property, plant and equipment").

The newly acquired intangible assets related to capitalized R&D expenditures in Belgium (see note

5.2. "Operating result (EBIT) by function"), the Twincon license for fiber recycling and software

expenditures related to the extensive implementation of the digital roadmap in various domains

(commercial, supply chain, manufacturing, procurement, finance, HR, etc.) and included € 8.3 million

internally developed software while the remainder was externally purchased. The deconsolidated

intangibles related to the disposal of the Steel Wire Solutions businesses in Costa Rica, Ecuador and

Venezuela. See also note 7.2. "Effect of business combinations and business disposals".

In 2025, impairment losses have been recorded on Hydrogen (Specialty Businesses) and capitalized R&D

within Steel Wire Solutions, mainly due to temporary production halts (see note 5.2. "Operating result

(EBIT) by function").

No intangible assets have been identified as having an indefinite useful life at the balance sheet date.


Bekaert Annual Report 2025	− 114 −


Accumulated amortization and impairment
in thousands of €	Licenses, patents & similar rights	Computer software	Commercial assets	Other	Total
As at 1 January 2024	23 082	81 765	32 976	13 649	151 473
Charge for the year	2 663	7 271	3 691	537	14 163
Impairment losses	—	—	—	447	447
Disposals and retirements	—	-275	—	—	-275
Exchange gains (-) and losses	48	990	1 712	1 077	3 828
As at 31 December 2024	25 793	89 752	38 379	15 711	169 636
As at 1 January 2025	25 793	89 752	38 379	15 711	169 636
Charge for the year	1 578	8 510	3 476	1 386	14 951
Impairment losses	9 615	363	—	5 375	15 353
Disposals and retirements	—	-5 509	—	-78	-5 587
Deconsolidations	-46	-983	-1 638	-393	-3 060
Exchange gains (-) and losses	-157	-2 134	-2 748	-2 019	-7 058
As at 31 December 2025	36 783	89 998	37 470	19 983	184 234
Carry amount as at 31 December 2024	12 550	42 105	21 781	16 442	92 877
Carry amount as at 31 December 2025	10 316	45 877	17 297	19 338	92 827

6.2. Goodwill

This note mainly relates to goodwill on acquisition of subsidiaries. Goodwill in respect of joint ventures

and associates is disclosed in note 6.5. "Investments in joint ventures and associates".


Cost
in thousands of €	2024	2025
As at 1 January	157 318	171 608
New consolidations	13 967	560
Exchange gains and losses (-)	323	-2 773
As at 31 December	171 608	169 395


Impairment losses
in thousands of €	2024	2025
As at 1 January	5 246	5 202
Exchange gains (-) and losses	-45	-393
As at 31 December	5 202	4 808


Carrying amount as at 31 December	166 406	164 587

Goodwill by cash-generating unit (CGU)

Goodwill acquired in a business combination is allocated on acquisition to the cash-generating units

(CGU) that are expected to benefit from that business combination. The carrying amount of goodwill

allocated and any related movements of the period are as follows:


Bekaert Annual Report 2025	− 115 −


2024
in thousands of €	Group of cash-generating units	Carrying amount 1 January	Increases	Disposals	Exchange differences	Carrying amount 31 December
Subsidiaries
SWS	Bekaert Bradford UK Ltd	2 575	—	—	124	2 699
SB	Combustion - heating EMEA	3 027	—	—	—	3 027
SB	Building Products	71	—	—	—	71
RR	Rubber Reinforcement	4 255	—	—	—	4 255
SWS	Orrville plant (USA)	10 616	—	—	675	11 291
SWS	Bekaert Ideal SL companies	871	—	—	—	871
SWS	Bekaert (Qingdao) Wire Products Co Ltd	385	—	—	—	385
SWS	Bekaert Jiangyin Wire Products Co Ltd	47	—	—	—	47
BBRG	BBRG	130 224	13 967	—	-432	143 759
Subtotal		152 072	13 967	—	368	166 406
Joint ventures and associates
SWS	Belgo Bekaert Arames Ltda	2 803	—	—	-464	2 339
RR	BMB-Belgo Mineira Bekaert Artefatos de Arame Ltda	1 714	—	—	-284	1 430
Subtotal		4 517	—	—	-748	3 769
Total		156 589	13 967	—	-380	170 175


2025
in thousands of €	Group of cash-generating units	Carrying amount 1 January	Increases	Disposals	Exchange differences	Carrying amount 31 December
Subsidiaries
SWS	Bekaert Bradford UK Ltd	2 699	—	—	-134	2 565
SB	Combustion - heating EMEA	3 027	—	—	—	3 027
SB	Building Products	71	560	—	—	631
RR	Rubber Reinforcement	4 255	—	—	—	4 255
SWS	Orrville plant (USA)	11 291	—	—	-1 308	9 983
SWS	Bekaert Ideal SL companies	871	—	—	—	871
SWS	Bekaert (Qingdao) Wire Products Co Ltd	385	—	—	-18	367
SWS	Bekaert Jiangyin Wire Products Co Ltd	47	—	—	-2	45
BBRG	BBRG	143 759		—	-918	142 842
Subtotal		166 406	560	—	-2 380	164 587
Joint ventures and associates
SWS	Belgo Bekaert Arames Ltda	2 339	—	—	-4	2 335
RR	BMB-Belgo Mineira Bekaert Artefatos de Arame Ltda	1 430	—	—	-2	1 428
Subtotal		3 769	—	—	-7	3 763
Total		170 175	560	—	-2 386	168 349

The increase in goodwill related to the acquisition of Flexofibers Spain SL (see note 7.2. "Effect of

business combinations and business disposals").

The discount factor for all impairment tests is based on a (long-term) post-tax cost of capital, the risks

being implicit in the cash flows. A weighted average cost of capital (WACC) is determined for euro, US

dollar and Chinese renminbi regions. For countries or businesses with a higher perceived risk, the WACC

is raised with a country or business specific risk factor. The WACC is post-tax based, since relevant cash

flows are also post-tax based. In determining the weight of the cost of debt vs the cost of equity, a target

gearing (net debt relative to equity) of 50% is used. For cash flow models stated in real terms (without

inflation), the nominal WACC is adjusted for the expected inflation rate. For cash flow models in nominal


Bekaert Annual Report 2025	− 116 −

terms, the nominal WACC is used. All parameters used for the calculation of the discount factors are

reviewed at least annually.

In relation to the impairment testing of goodwill arising from the BBRG business combination, the

following model characteristics have been used:

• a 5-year forecast timeframe of cash flows based on the latest business plan, followed by a terminal

value assumption based on a nominal perpetual growth rate of 2% (in 2024: 2%), which mainly is based

on a conservative industrial GDP evolution assumption;

• the cash flows reflect the evolution taking into account agreed action plans and are based on the

assets in their current condition, without including the impacts of future restructuring not yet

committed;

• only capital expenditure required to maintain the assets in good working order are included; future

capital expenditures improving or enhancing the assets in excess of their originally assessed standard

of performance are not considered;

• no cost structure improvements are taken into account unless they can be substantiated; and

• the cash outflows relating to working capital are calculated as a percentage of incremental sales based

on the past performance of BBRG.

Management is considering sustainability impacts during the creation of the business plan.

The headroom for impairment, i.e., the excess of the recoverable amount over the carrying amount of the

BBRG CGU is estimated at € 242.6 million (2024: € 345.3 million). The decrease is the combined result

of an updated business plan in view of the current expected market projections partially offset by

decreased discount rates (€ -168.8 million) and a decrease of the capital employed of the business

(€ 66.1 million).

The following scenario’s illustrate the sensitivity of this headroom to changes in the key assumptions of

the business plan:

• If the underlying EBITDA would be € 5.0 million short from the forecasted level in all periods of the

business plan, then headroom would be € 55.8 million lower (remaining € 186.8 million);

• If the nominal perpetual growth rate would be 1%, then headroom would be € 70.0 million lower

(remaining € 172.6 million);

• If the percentage underlying EBITDA on sales would be 1% short from the forecasted level in all periods

of the business plan, then headroom would be € 76.5 million lower (remaining € 166.1 million);

• If the discount factor would be 1% higher, then headroom would be € 100.1 million lower (remaining

€ 142.5 million);

• If the sales level would be 10% lower in all periods of the business plan, then headroom would be

€ 108.7 million lower (remaining € 134.0 million);

• The combined effect of a lower sales level by 10% and a lower underlying EBITDA margin by 1%, in all

periods of the business plan would result in a drop of € 177.5 million in headroom (remaining

€ 65.1 million);


Bekaert Annual Report 2025	− 117 −

Based on current knowledge, reasonable changes in key assumptions (including discount rate, sales and

margin evolution) would not generate impairments for any of the cash-generating units for which goodwill

has been allocated.


Discount rates for impairment testing
2024			EUR region	USD region	CNY region
Group target ratios
Gearing: net debt / equity		50.0%
% debt		33.0%
% equity		67.0%
% LT debt		75.0%
% ST debt		25.0%

Cost of Bekaert debt			2.4%	4.1%	4.6%
Long term interest rate			2.6%	4.4%	4.7%
Short term interest rate			1.8%	3.2%	4.2%

Cost of Bekaert equity (post tax)	= Rf + b * Em + S		11.9%	13.2%	12.5%
Risk free rate = Rf			3.0%	4.3%	3.6%
Beta = b		1.3
Market equity risk premium = Em		5.8%
Size premium = S		1.4%

Corporate tax rate		27.0%

Bekaert WACC - nominal			8.5%	9.8%	9.5%
Expected inflation			2.0%	2.2%	2.0%

Bekaert WACC in real terms			6.5%	7.6%	7.5%


Bekaert Annual Report 2025	− 118 −


Discount rates for impairment testing
2025			EUR region	USD region	CNY region
Group target ratios
Gearing: net debt / equity		50.0%
% debt		33.3%
% equity		66.7%
% LT debt		75.0%
% ST debt		25.0%

Cost of Bekaert debt			2.7%	4.5%	4.3%
Long term interest rate			2.9%	4.7%	4.5%
Short term interest rate			2.3%	3.8%	3.9%

Cost of Bekaert equity (post tax)	= Rf + b * Em + S		11.7%	12.6%	12.0%
Risk free rate = Rf			3.2%	4.1%	3.5%
Beta = b		1.3
Market equity risk premium = Em		5.5%
Size premium = S		1.4%

Corporate tax rate		27.0%

Bekaert WACC - nominal			8.5%	9.5%	9.1%
Expected inflation			2.0%	2.3%	1.1%

Bekaert WACC in real terms			6.5%	7.2%	8.0%

6.3. Property, plant and equipment


Cost
in thousands of €	Land and buildings	Plant, machinery and equipment	Furniture and vehicles	Other PP&E	Assets under construction	Total
As at 1 January 2024	1 162 167	2 909 272	103 879	17 079	180 427	4 372 824
Expenditure	36 280	119 601	6 038	329	23 920	186 168
Disposals and retirements	-8 228	-30 664	-3 839	-408	—	-43 139
New consolidations	9 207	990	118	8	982	11 304
Transfers ¹	—	—	—	—	-199	-199
Reclassification to (-) / from held for sale ²	4 588	55	521	210	—	5 374
Exchange gains and losses (-)	26 494	68 377	2 023	41	3 642	100 578
As at 31 December 2024	1 230 508	3 067 631	108 739	17 259	208 772	4 632 910
As at 1 January 2025	1 230 508	3 067 631	108 739	17 259	208 772	4 632 910
Expenditure³	20 782	180 421	4 550	1 906	-63 572	144 086
Disposals and retirements	-5 646	-68 635	-4 187	-392	-1 180	-80 039
New consolidations	—	727	3	—	285	1 015
Deconsolidations	-27 338	-47 516	-2 715	—	-1 280	-78 848
Transfers ¹	—	-2 497	—	—	-1 102	-3 599
Reclassification to (-) / from held for sale ²	1 193	—	—	—	—	1 193
Exchange gains and losses (-)	-68 839	-172 045	-5 137	-106	-6 880	-253 007
As at 31 December 2025	1 150 660	2 958 085	101 254	18 667	135 044	4 363 710

¹ Total transfers equal zero when aggregating the balances of "Intangible assets" (see note 6.1. "Intangible assets") and "Right-of-use

property, plant and equipment" (see note 6.4. "Rights-of-use (RoU) property, plant and equipment") and "Property, plant and

equipment".


Bekaert Annual Report 2025	− 119 −

² In 2024, the reclassification to held for sale related to the Ingelmunster (Belgium) site and part of the Deerlijk (Belgium) site; in 2025

this related to a large part of the Ingelmunster site (see note 6.12. "Assets classified as held for sale and liabilities associated with

those assets").

³In 2025, the Group implemented a portfolio of energy-efficiency, water-saving and waste-reduction projects. Total capital expenditure

allocated to these initiatives exceeded € 9.5 million. See notes ESRS E1-3 on page 221, ESRS E3-2 on page 238 and ESRS E5-2 on

page 244.


Accumulated depreciation and impairment
in thousands of €	Land and buildings	Plant, machinery and equipment	Furniture and vehicles	Other PP&E	Assets under construction	Total
As at 1 January 2024	724 050	2 426 900	92 774	6 844	—	3 250 568
Charge for the year	41 765	82 891	4 815	807	—	130 279
Impairment losses	619	8 857	12	—	—	9 488
Disposals and retirements	-4 455	-29 477	-3 802	-133	—	-37 868
Reclassification to (-) / from held for sale ²	2 209	48	491	103	—	2 852
Exchange gains (-) and losses	17 407	54 567	1 724	15	—	73 714
As at 31 December 2024	781 596	2 543 786	96 015	7 636	—	3 429 033
As at 1 January 2025	781 596	2 543 786	96 015	7 636	—	3 429 033
Charge for the year	39 704	82 984	4 954	805	—	128 447
Impairment losses	14 314	63 343	45	9	—	77 711
Disposals and retirements	-5 016	-62 304	-4 175	-334	—	-71 828
Transfers¹	—	27	—	—		27
Deconsolidations	-12 544	-36 732	-2 397	—	—	-51 674
Reclassification to (-) / from held for sale ²	943	—	—	—	—	943
Exchange gains (-) and losses	-42 577	-134 368	-4 356	-55	—	-181 356
As at 31 December 2025	776 420	2 456 736	90 086	8 062	—	3 331 303

¹ Total transfers equal zero when aggregating the balances of "Intangible assets" (see note 6.1. "Intangible assets") and "Right-of-use

property, plant and equipment" (see note 6.4. "Rights-of-use (RoU) property, plant and equipment") and "Property, plant and

equipment".

² In 2024, the reclassification to held for sale related to the Ingelmunster (Belgium) site and part of the Deerlijk (Belgium) site, while in

2025 this related to the Ingelmunster site (see note 6.12. "Assets classified as held for sale and liabilities associated with those

assets").


Cost
in thousands of €	Land and buildings	Plant, machinery and equipment	Furniture and vehicles	Other PP&E	Assets under construction	Total
Carrying amount as at 31 December 2024 before investment grants	448 912	523 845	12 724	9 624	208 772	1 203 877
Net investment grants	-3 469	-447	—	—	—	-3 916
Carry amount as at 31 December 2024	445 443	523 398	12 724	9 624	208 772	1 199 961
Carrying amount as at 31 December 2025 before investment grants	374 241	501 349	11 168	10 605	135 044	1 032 406
Net investment grants	-2 756	-790	—	—	—	-3 546
Carry amount as at 31 December 2025	371 485	500 559	11 168	10 605	135 044	1 028 860

Capital expenditure included capacity expansions and equipment upgrades across the group, but

particularly in Rubber Reinforcement (in its plants in EMEA, India and China). Capital expenditure in the

Steel Wire Solutions business was mainly in Central Europe, and to a lesser extent also in the US,

Latin America and China.

In the Specialty Businesses segment, expansion capital expenditure was in Central Europe (Sustainable

Construction and Fiber Technologies) and in Indonesia (Sustainable Construction), while improvement

capital expenditure was in the European plants of Fiber Technologies, Sustainable Construction and Hose

and Conveyor Belt Solutions. Finally, capital expenditure in BBRG was mainly in its UK- and US-based

Ropes entities and in Advanced Cords plants.


Bekaert Annual Report 2025	− 120 −

The ending balance of Assets under Construction per year-end 2025 related to a few larger projects

(such as the expansions and improvements in the Steel Wire Solutions and Rubber Reinforcement plants

in Central Europe, and in the Steel Wire Solutions plants in the US) but predominantly to a series of

smaller capital expenditure projects not yet completed in various Bekaert entities.

The disposals and retirements were in 2025 mainly linked to organic asset renewals.

In 2024, impairment losses have been recorded in BBRG (United Kingdom), Steel Wire Solutions (China)

and Specialty Businesses (Sawing Wire China and Combustion Technologies Netherlands).

In 2025, impairment losses have been recorded in Rubber Reinforcement (China and Italy), Steel Wire

Solutions (Belgium) and Specialty Businesses (Sawing Wire China and Hydrogen Belgium), mainly due to

plant closures and temporary production halts (see note 5.2. "Operating result (EBIT) by function"). For

the main impairments, the recoverable amount was determined using the 'value in use' approach.

The newly consolidated property, plant and equipment in 2024 related to the acquisition of BEXCO, while

the deconsolidated property, plant and equipment in 2025 related to the disposal of the Steel Wire

Solutions businesses in Costa Rica, Ecuador and Venezuela. See also note 7.2. "Effect of business

combinations and business disposals".

No items of PP&E were pledged as securities.

6.4. Right-of-use (RoU) property, plant and equipment

This note provides information for leases where the group is a lessee. In principal, the Group does not act

as a lessor.

The balance sheet showed the following roll-forward during the year relating to right-of-use assets:


Cost
in thousands of €	RoU land	RoU buildings	RoU plant, machinery and equipment	RoU industrial vehicles	RoU company cars	RoU office equipment	RoU other PP&E	Total
As at 1 January 2024	73 590	69 141	13 614	25 613	29 095	2 086	986	214 126
New leases / addtions in contract term	13	12 091	784	7 160	12 421	425	—	32 894
Ending contracts / reductions in contract term	—	-5 623	-640	-5 055	-7 950	-361	—	-19 629
New consolidations	1 446	2 675	488	—	—	—	—	4 608
Exchange gains and losses (-)	3 215	1 918	23	474	-65	37	44	5 646
As at 31 December 2024	78 264	80 201	14 269	28 192	33 501	2 188	1 030	237 645
As at 1 January 2025	78 264	80 201	14 269	28 192	33 501	2 188	1 030	237 645
New leases / additions in contract term	—	12 075	4 285	11 000	7 187	383	—	34 930
Ending contracts / reductions in contract term	—	-17 049	-974	-8 059	-7 019	-344	-234	-33 679
Deconsolidations	—	—	-38	-2 097	-228	—	—	-2 362
Transfers ¹	2 675	-2 675	2 497	—	-40	40	—	2 497
Exchange gains and losses (-)	-6 940	-4 915	-62	-1 058	-569	-80	-56	-13 679
As at 31 December 2025	73 999	67 637	19 977	27 979	32 832	2 187	740	225 351


Bekaert Annual Report 2025	− 121 −


Accumulated depreciation and impairment
in thousands of €	RoU land	RoU buildings	RoU plant, machinery and equipment	RoU industrial vehicles	RoU company cars	RoU office equipment	RoU other PP&E	Total
As at 1 January 2024	21 582	26 965	3 548	13 286	12 519	1 008	309	79 216
Charge for the year	1 419	11 107	2 430	6 500	7 735	453	105	29 749
Ending contracts	—	-5 464	-472	-4 795	-7 193	-361	—	-18 284
Exchange gains (-) and losses	907	643	26	259	-59	19	15	1 810
As at 31 December 2024	23 908	33 251	5 532	15 250	13 002	1 118	429	92 490
As at 1 January 2025	23 908	33 251	5 532	15 250	13 002	1 118	429	92 490
Charge for the year	1 603	9 980	2 762	6 386	7 955	420	75	29 182
Impairment losses	4 401	—	—	—	—	—	—	4 401
Ending contracts	—	-12 959	-879	-6 288	-5 527	-329	-234	-26 217
Transfers ¹	148	-148	-27	—	-40	40	—	-27
Deconsolidations	—	—	-9	-1 627	-28	—	—	-1 664
Exchange gains (-) and losses	-2 125	-2 148	-47	-542	-228	-37	-27	-5 155
As at 31 December 2025	27 934	27 976	7 332	13 180	15 134	1 211	243	93 011


in thousands of €	RoU land	RoU buildings	RoU plant, machinery and equipment	RoU industrial vehicles	RoU company cars	RoU office equipment	RoU other PP&E	Total
Carrying amount as at 31 December 2024	54 356	46 950	8 737	12 942	20 499	1 070	601	145 154
Carrying amount as at 31 December 2025	46 064	39 661	12 645	14 799	17 698	976	497	132 340

The Group leases various plants, offices, warehouses, equipment, industrial vehicles, company cars,

servers and small office equipment like printers and computers. Contracts may contain both lease and

non-lease components. The Group allocates the consideration in the contract to the lease and non-lease

components based on their relative stand-alone prices. However, for leases of company cars and

industrial vehicles for which the Group is a lessee, it has elected not to separate lease and non-lease

components and instead account for these as a single lease component. The main non-lease components

included in the lease component relate to costs for maintenance and for replacement of tires. The Group

applied the practical expedient for low value assets to leases of printers, computers and other small

office equipment. The Group also applied the practical expedient for short term leases (defined as leases

with a lease term of 12 months or less). There were no contracts with dismantling costs, residual value

guarantees or initial direct costs, nor contracts with variable lease expenses other than those linked to an

index or rate.

No extension and terminations options have been considered in the lease contracts and as such

there were no future cash outflows arising from these.

Additions to RoU buildings included new contracts for offices, plants and warehouses, mainly in India,

Spain and United States. Main countries where contracts ended were United Kingdom, United States,

India, New Zealand and Belgium.

Most new contracts for company cars were concluded in Belgium.

The average lease term for the RoU assets (excluding the RoU land) was 9.5 years (2024: 9.6 years).

RoU buildings had an average lease term of 14 years (2024: 14 years) and the other categories of PP&E

(excluding land) had an average lease term between 4 and 7 years.

RoU land relates mainly to land use rights that were paid in advance and had an average useful life

of 54 years.

The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be

readily determined, which is generally the case for leases in the Group, the lessee’s incremental

borrowing rate is used to discount the future lease payments. The incremental borrowing rate is the rate

that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar

value to the right-of-use asset in a similar economic environment with similar terms, security and

conditions.


Bekaert Annual Report 2025	− 122 −

The incremental borrowing rate is determined by Group Treasury, taking into account the market rate per

currency for different relevant time buckets and the credit margin for each individual company based on

its credit rating. The incremental borrowing rate is calculated as the total of both elements. The weighted

average discount rate at the end of 2025 was 4.95% (2024: 4.78%).

The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic

rate of interest on the remaining balance of the liability for each period. For further information on the

lease liability, we refer to note 6.18. "Interest-bearing debt".

The Group is exposed to potential future increases in variable lease payments, based on an index or rate,

which are not included in the lease liability until they take effect. When adjustments to lease payments

based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-

use asset.

Right-of-use assets were generally depreciated over the shorter of the asset’s useful life and the lease

term on a straight-line basis.

The income statement showed the following amounts relating to leases:


2024
in thousands of €	RoU land	RoU buildings	RoU plant, machinery and equipment	RoU industrial vehicles	RoU company cars	RoU office equipment	RoU other PP&E	Total
Depreciation charge of right-of- use assets	-1 419	-11 107	-2 430	-6 500	-7 735	-453	-105	-29 749
Interest expense (included in finance cost)								-4 731
Expense relating to short-term leases								-2 563
Expense relating to low-value leases								-1 898
Total								-38 940


2025
in thousands of €	RoU land	RoU buildings	RoU plant, machinery and equipment	RoU industrial vehicles	RoU company cars	RoU office equipment	RoU other PP&E	Total
Depreciation charge of right-of- use assets	-1 603	-9 980	-2 762	-6 386	-7 955	-420	-75	-29 182
Interest expense (included in finance cost)								-4 788
Expense relating to short-term leases								-2 997
Expense relating to low-value leases								-1 847
Total								-38 814

The remaining operating lease expenses in the operating result mainly related to costs linked to leased

assets such as fuel for company cars, non-deductible VAT on company car contracts and property taxes

on buildings.

The total cash outflow for leases in 2025 was € 36.8 million (2024: € 36.2 million).


Bekaert Annual Report 2025	− 123 −

6.5. Investments in joint ventures and associates

The Group had no investments in entities qualified as associates in 2025 and 2024.

Investments excluding related goodwill


Carrying amount
in thousands of €	2024	2025
As at 1 January	219 106	184 851
Result for the year	48 799	38 294
Dividends	-49 270	-48 988
Discontinued equity method consolidations	—	130
Exchange gains and losses	-33 865	2 147
Other comprehensive income	80	-3
As at 31 December	184 851	176 430

For an analysis of the result for the year, please refer to note 5.7. "Share in the results of joint ventures

and associates".

Exchange gains and losses related mainly to the evolution of the Brazilian real versus the euro. In 2025,

the Brazilian real remained rather stable in value against the euro (6.4 BRL/EUR end 2025) while it

decreased significantly in value against the euro in 2024 (6.4 BRL/EUR end 2024 vs 5.4 BRL/EUR end

2023).

In 2025, the discontinued equity method consolidations related to the disposal of the Steel Wire Solutions

businesses in Costa Rica, Ecuador and Venezuela. See also note 7.2. "Effect of business combinations

and business disposals".

Related goodwill


Cost
in thousands of €	2024	2025
As at 1 January	4 517	3 769
Exchange gains and losses	-748	-7
As at 31 December	3 769	3 763
Carrying amount of related goodwill as at 31 December	3 769	3 763
Total carrying amount of investments in joint ventures as at 31 December	188 620	180 193

See note 6.2 "Goodwill" for details per entity.

The Group’s share in the equity of joint ventures is analyzed as follows:


in thousands of €		2024	2025
Joint ventures
Belgo Bekaert Arames Ltda	Brazil	142 793	138 470
BMB-Belgo Mineira Bekaert Artefatos de Arame Ltda	Brazil	42 138	37 960
Servicios Ideal AGF Inttegra Cía Ltda	Ecuador	-80	—
Total for joint ventures excluding related goodwill		184 850	176 430
Carrying amount of related goodwill		3 769	3 763
Total for joint ventures including related goodwill		188 620	180 193

In accordance with IFRS 12 "Disclosures of Interests in Other Entities", following information is provided

on material joint ventures. The two Brazilian joint ventures have been aggregated in order to emphasize

the predominance of the partnership with ArcelorMittal when analyzing the relative importance of the

joint ventures.


Bekaert Annual Report 2025	− 124 −

Proportion of ownership interest (and voting rights) held by the Group at year-end



Name of joint venture	Country	2024	2025
Belgo Bekaert Arames Ltda	Brazil	45.0% (50.0%)	45.0% (50.0%)
BMB-Belgo Mineira Bekaert Artefatos de Arame Ltda	Brazil	44.5% (50.0%)	44.5% (50.0%)

Belgo Bekaert Arames Ltda manufactures and sells a wide variety of steel wire products for various

sectors and BMB manufactures and sells steel cord and bead wire for the reinforcement of tires.


Brazilian joint ventures: income statement
in thousands of €	2024	2025
Sales	926 798	817 758
Operating result (EBIT)	152 894	126 454
Interest income	10 738	20 028
Interest expense	-10 351	-15 343
Other financial income and expenses	-2 638	-2 695
Income taxes	-30 276	-34 207
Result for the period	120 366	94 237
Other comprehensive income for the period	79	-3
Total comprehensive income for the period	120 446	94 234
Depreciation and amortization	20 908	21 081
EBITDA	173 801	147 535
Dividends received from the entities	49 270	48 988


Brazilian joint ventures: balance sheet
in thousands of €	2024	2025
Current assets	308 671	295 180
Non-current assets	326 996	312 756
Current liabilities	-121 144	-116 960
Non-current liabilities	-106 380	-102 728
Net assets	408 143	388 247


Brazilian joint ventures: net debt elements
in thousands of €	2024	2025
Non-current interest-bearing debt	71 099	68 097
Current interest-bearing debt	21 144	17 724
Total financial debt	92 243	85 821
Non-current financial receivables and cash guarantees	-80 188	-77 763
Cash and cash equivalents	-17 139	-22 678
Net debt	-5 085	-14 621

The Brazilian joint ventures have been facing claims relating to indirect tax credits (ICMS) totaling

€ 5.8 million (2024: € 5.6 million). Several other tax claims, most of which date back several years, were

filed for a total nominal amount of € 26.9 million (2024: € 24.1 million). Evidently, any potential gains and

losses resulting from the above mentioned contingencies would only affect the Group to the extent of

their interest in the joint ventures involved (i.e. 45%).

Unrecognized commitments to acquire property, plant and equipment amounted to € 6.0 million (2024:

€ 4.5 million), including € 2.8 million (2024: € 1.8 million) from other Bekaert companies. Furthermore, the

Brazilian joint ventures have unrecognized commitments to purchase electricity over the next five years

for an aggregate amount of € 6.8 million (2024: € 8.0 million).


Bekaert Annual Report 2025	− 125 −

There were no restrictions to transfer funds in the form of cash and dividends. Bekaert had no

commitments or contingent liabilities versus its Brazilian joint ventures.


Brazilian joint ventures: reconciliation with carrying amount
in thousands of €	2024	2025
Net assets of Belgo Bekaert Arames Ltda	316 111	305 583
Proportion of the Group's ownership interest	45.0%	45.0%
Proportionate net assets	142 250	137 512
Consolidation adjustments	543	958
Carrying amount of the Group's interest in Belgo Bekaert Arames Ltda	142 793	138 470
Net assets of BMB-Belgo Mineira Bekaert Artefatos de Arame Ltda	92 032	82 665
Proportion of the Group's ownership interest	44.5%	44.5%
Proportionate net assets	40 954	36 786
Consolidation adjustments	1 184	1 174
Carrying amount of the Group's interest in BMB-Belgo Mineira Bekaert Artefatos de Arame Ltda	42 138	37 960
Carrying amount of the Group's interest in the Brazilian joint ventures	184 931	176 430

The following table reflects aggregate information for the other joint ventures which were not deemed

material in this context.


Aggregate information of the other joint ventures
in thousands of €	2024	2025
The Group's share in the result	-170	-63
The Group's share of other comprehensive income	-1	13
The Group's share of total comprehensive income	-171	-50
Aggregate carrying amount of the Group's interests in these joint ventures	-80	—

6.6. Other non-current assets


in thousands of €	2024	2025
Non-current financial receivables and cash guarantees	11 186	9 252
Reimbursement rights and other non-current amounts receivable	886	697
Derivatives (cf. note 7.3.)	28 100	23 995
Overfunded employee benefit plans - non-current	20 217	26 995
Equity investments at FVTOCI	40 621	39 672
Total other non-current assets	101 010	100 612

The overfunded employee benefit plans related to the US, UK and Belgian pension plans (see note

6.16. "Employee benefit obligations"). The surplus of assets can be used to offset future contributions or

there is an option to have the surplus returned to the company.

Equity investments at FVTOCI


Carrying amount
in thousands of €	2024	2025
As at 1 January	31 060	40 621
Expenditure	1 443	1 221
Disposals	-1 262	-92
Fair value changes	9 380	-2 078
As at 31 December	40 621	39 672


Bekaert Annual Report 2025	− 126 −

The equity investments designated as at fair value through OCI (FVTOCI) in accordance with IFRS 9

"Financial Instruments" mainly consisted of:

• Shougang Concord Century Holdings Ltd, a Hong Kong Stock Exchange listed company (€ 17.0 million).

On this investment, an increase in fair value of € 3.8 million was recognized through OCI (2024:

increase of € 7.8 million).

• Bekaert Xinyu Metal Products Co Ltd (€ 8.0 million). On this investment, an increase in fair value of

€ 1.1 million was recognized through OCI (2024: an increase of € 1.1 million).

• Pajarito Powder LLC (€ 3.5 million), an investment held by Bekaert Corporation (US).

• Zacua Ventures Builders Fund I, LP (€ 2.2 million), an investment held by Bekaert Corporation (US).

• Ionomr Innovations Inc, an investment held by NV Bekaert SA (€ 4.6 million).

• For TFI Marine, a decrease in fair value of € -6.0 million has been recognized through OCI.

The Group decided to value its equity investments at fair value through OCI as these are strategic

investments, not held for trading. For more information on the revaluation reserve for investments

designated as at fair value through equity, see note 6.14. "Retained earnings and other Group reserves".

6.7. Deferred tax assets and liabilities


Carrying amount	Assets		Liabilities
in thousands of €	2024	2025	2024	2025
As at 1 January	120 779	116 291	35 618	31 321
Increase or decrease via income statement	-260	8 648	-8 121	15 973
Increase or decrease via OCI	-2 134	-272	2 335	2 469
New consolidations	361	176	5 224	—
Deconsolidations	—	-1 669	—	-769
Reclassifications	—	-3 583	—	-3 583
Exchange gains and losses	3 265	-8 060	1 986	-5 150
Change in set-off of assets and liabilities	-5 720	-4 076	-5 720	-4 076
As at 31 December	116 291	107 454	31 321	36 185

Recognized deferred tax assets and liabilities

Deferred tax assets and liabilities were attributable to the following items:


	Assets		Liabilities		Net assets
in thousands of €	2024	2025	2024	2025	2024	2025
Intangible assets	18 816	16 041	15 163	17 230	3 653	-1 189
Property, plant and equipment	48 443	49 949	38 778	46 219	9 666	3 731
Financial assets	—	—	32 700	32 522	-32 700	-32 522
Inventories	8 745	7 786	11 959	12 246	-3 214	-4 460
Receivables	984	1 365	3 117	2 701	-2 133	-1 336
Other current assets	614	232	3 919	3 793	-3 305	-3 561
Employee benefit obligations	16 547	19 131	273	5 502	16 275	13 629
Other provisions	1 945	2 507	3 972	3 839	-2 027	-1 332
Other liabilities	27 418	21 208	6 821	1 591	20 597	19 617
Tax deductible losses carried forward, tax credits and recoverable income taxes	78 158	78 692	—	—	78 158	78 692
Tax assets / liabilities	201 671	196 910	116 701	125 642	84 970	71 268
Set-off of assets and liabilities	-85 380	-89 457	-85 380	-89 457	—	—
Net tax assets / liabilities	116 291	107 454	31 321	36 185	84 970	71 268


Bekaert Annual Report 2025	− 127 −

The deferred taxes on property, plant and equipment mainly related to differences in depreciation method

between IFRS and tax books, whereas the deferred taxes on intangible assets were mainly generated by

intercompany gains which have been eliminated in the consolidated statements. The deferred taxes on

employee benefit obligations were mainly generated by temporary differences arising from recognition of

liabilities in accordance with IAS 19 "Employee Benefits". The deferred tax liabilities on financial assets

mainly related to temporary differences arising from undistributed profits from subsidiaries, joint

ventures and equity investments.

Movements in deferred tax assets and liabilities arose from the following:


2024
in thousands of €	As at 1 January	Recognized via income statement	Recognized via OCI	Acquisitions and disposals	Exchange gains and losses	As at 31 December
Temporary differences
Intangible assets	10 214	-3 542	—	-2 888	-131	3 653
Property, plant and equipment	-864	12 270	—	-2 235	495	9 666
Financial assets	-25 537	-4 250	-2 569	—	-344	-32 700
Inventories	-4 664	2 365	—	-101	-813	-3 214
Receivables	-1 881	-244	—	—	-8	-2 133
Other current assets	-2 775	-500	—	—	-30	-3 305
Employee benefit obligations	18 720	-865	-1 899	—	319	16 275
Other provisions	-2 303	255	—	—	21	-2 027
Other liabilities	28 273	-8 377	—	361	339	20 597
Tax deductible losses carried forward, tax credits and recoverable income taxes	65 979	10 748	—	—	1 431	78 158
Total	85 161	7 861	-4 469	-4 862	1 279	84 970


2025
in thousands of €	As at 1 January	Recognized via income statement	Recognized via OCI	Acquisitions and disposals	Exchange gains and losses	As at 31 December
Temporary differences
Intangible assets	3 653	-4 757	—	—	-85	-1 189
Property, plant and equipment	9 666	-6 393	—	398	60	3 731
Financial assets	-32 700	1 480	-2 438	439	698	-32 522
Inventories	-3 214	-2 314	—	-326	1 394	-4 460
Receivables	-2 133	871	—	-8	-66	-1 336
Other current assets	-3 305	-388	—	107	24	-3 561
Employee benefit obligations	16 275	189	-302	-1 334	-1 199	13 629
Other provisions	-2 027	762	—	—	-67	-1 332
Other liabilities	20 597	-317	—	-46	-617	19 617
Tax deductible losses carried forward, tax credits and recoverable income taxes	78 158	3 542	—	45	-3 053	78 692
Total	84 970	-7 326	-2 741	-724	-2 911	71 268

Deferred taxes related to other comprehensive income (OCI)


2024
in thousands of €	Before tax	Tax impact	After tax
Exchange differences	11 104	—	11 104
Net fair value gain (+) / loss (-) on investments in equity instruments designated as at fair value through OCI	8 985	—	8 985
Remeasurement gains and losses on defined-benefit plans	20 502	-4 469	16 034
Share of OCI of joint ventures and associates	121	-41	80
Total	40 712	-4 510	36 202


Bekaert Annual Report 2025	− 128 −


2025
in thousands of €	Before tax	Tax impact	After tax
Exchange differences	-84 270	—	-84 270
Net fair value gain (+) / loss (-) on investments in equity instruments designated as at fair value through OCI	-1 074	—	-1 074
Remeasurement gains and losses on defined-benefit plans	11 243	-2 741	8 502
Share of OCI of joint ventures and associates	-5	2	-3
Total	-74 107	-2 739	-76 846

Unrecognized deferred tax assets

Deferred tax assets, related to deductible temporary differences, have not been recognized for a gross

amount of € 201.7 million (2024: € 191.7 million). The unrecognized deferred tax assets in respect of tax

losses and tax credits are presented in the table by expiry date below.

Capital losses, trade losses and tax credits by expiry date

The following table presents the gross amounts of the tax losses and tax credits generating deferred tax

assets of which some were unrecognized.


2024
in thousands of €		Expiring within 1 year	Expiring between 1 and 5 years	Expiring after more than 5 years	Not expiring	Total
Capital losses	Gross value	—	—	—	65 308	65 308
	Allowance	—	—	—	-63 496	-63 496
	Net balance	—	—	—	1 812	1 812
Trade losses	Gross value	21 516	68 809	36 757	772 350	899 431
	Allowance	-12 700	-68 459	-35 975	-469 007	-586 141
	Net balance	8 816	350	782	303 343	313 290
Tax credits	Gross value	29	10	—	5 384	5 422
	Allowance	—	—	—	-3 214	-3 214
	Net balance	29	10	—	2 169	2 208
Total	Gross value	21 545	68 818	36 757	843 042	970 162
	Allowance	-12 700	-68 459	-35 975	-535 717	-652 851
	Net balance	8 844	359	782	307 324	317 310


2025
in thousands of €		Expiring within 1 year	Expiring between 1 and 5 years	Expiring after more than 5 years	Not expiring	Total
Capital losses	Gross value	—	—	—	34 764	34 764
	Allowance	—	—	—	-34 764	-34 764
	Net balance	—	—	—	—	—
Trade losses	Gross value	12 843	71 227	—	861 298	945 367
	Allowance	-12 843	-66 129	—	-556 944	-635 916
	Net balance	—	5 097	—	304 354	309 451
Tax credits	Gross value	9	3 131	—	13 604	16 745
	Allowance	—	-3 131	—	-4 595	-7 726
	Net balance	9	—	—	9 009	9 019
Total	Gross value	12 853	74 358	—	909 666	996 876
	Allowance	-12 843	-69 260	—	-596 303	-678 406
	Net balance	9	5 097	—	313 363	318 469


Bekaert Annual Report 2025	− 129 −

The net deferred tax assets corresponding to these base amounts were € 78.7 million in 2025

(2024: € 78.2 million).

Deferred tax assets were recognized to the extent that it is considered probable that sufficient future

taxable profits would be available, taking into account both positive and negative evidence. This

assessment relied on prudent assumptions derived from the business plan for the entity, typically over a

five-year horizon.

In certain jurisdictions, deferred tax assets relating to capital losses, trade losses and tax credits were

recognized up to the amount of uncertain tax provisions. This reflects that potential tax audit

adjustments would likely reduce the available tax losses rather than result in a cash tax outflow for the

entity concerned.

Capital losses, trade losses and tax credits by country


2025
in thousands of €	Capital losses	Trade losses	Tax credits	Total
Australia	—	2 862	9	2 871
Belgium	—	379 148	2 974	382 122
Brazil	—	7 000	—	7 000
Canada	—	28 257	—	28 257
Chile	—	10 518	—	10 518
China	—	52 399	—	52 399
Germany	—	104 788	—	104 788
Indonesia	—	5 918	—	5 918
Italy	—	27 800	—	27 800
Malaysia	—	25 737	3 131	28 868
Netherlands	—	20 865	—	20 865
New Zealand	—	190	—	190
Norway	—	18 454	—	18 454
Russian Federation	—	129	—	129
Singapore	—	448	—	448
Spain	—	43 591	1 441	45 032
United Kingdom	—	115 338	—	115 338
United States	34 764	75 486	9 189	119 440
Vietnam	—	26 440	—	26 440
Total	34 764	945 367	16 745	996 876


Bekaert Annual Report 2025	− 130 −

6.8. Operating working capital


2024
in thousands of €	As at 1 January	Organic increase or decrease ¹	Write- downs and write- down reversals	New consolidations	Deconsolidations	Exchange gains and losses	Other	As at 31 December
Raw materials	115 453	12 988	1 020	5 526	—	1 782	—	136 770
Consumables and spare parts	103 502	-10 565	1 431	79	—	1 491	—	95 938
Work in progress	151 185	8 911	177	7 706	—	3 027		171 006
Finished goods	295 606	-1 648	208	1 025	—	4 960	—	300 150
Goods purchased for resale	122 760	4 583	2 375	138	—	267	—	130 123
Inventories	788 506	14 270	5 212	14 473	—	11 527	—	833 987
Trade receivables	552 989	-9 123	19 927	9 765	—	7 105	—	580 663
Bills of exchange received	55 507	-27 563	—	—	—	1 166	—	29 110
Advances paid	28 712	-1 737	-2 783	749	—	554		25 495
Trade payables	-632 950	-18 030	—	-5 671	—	-11 461	—	-668 111
Advances received	-17 935	7 416	—	-7 230	—	-417	—	-18 166
Remuneration and social security payables	-124 793	9 362	—	-1 215	—	-1 579	105	-118 121
Employment-related taxes	-8 876	-1 829	—	-938	—	-78	—	-11 722
Operating working capital	641 161	-27 234	22 356	9 932	—	6 817	105	653 136

¹ The organic increase or decrease represents the cash movements of the working capital, which are adjusted in the cash flow

statement against purchase of intangible assets and property, plant and equipment for the variation of outstanding trade payables at

year-end related to capital expenditure (2024: decrease of outstanding payables by € 9.9 million)..


2025
in thousands of €	As at 1 January	Organic increase or decrease ¹	Write- downs and write- down reversals	New consolidations	Deconsolidations	Exchange gains and losses	Other	As at 31 December
Raw materials	136 770	-2 308	19	5	-10 028	-5 678	6	118 785
Consumables and spare parts	95 938	-2 587	-552	—	-2 681	-4 258	—	85 859
Work in progress	171 006	-9 994	-1 548	—	-2 806	-8 223	—	148 435
Finished goods	300 150	-300	-1 354	—	-8 071	-16 198	-6	274 222
Goods purchased for resale	130 123	-12 726	-361	—	-1 625	-7 547	—	107 863
Inventories	833 987	-27 916	-3 796	5	-25 210	-41 905	—	735 164
Trade receivables	580 663	-2 138	2 954	50	-17 800	-38 108	—	525 622
Bills of exchange received	29 110	-7 248	—	—	—	-2 181	—	19 680
Advances paid	25 495	-2 533	-751	—	-711	-1 018	—	20 482
Trade payables	-668 111	-26 591	—	-27	25 691	31 368	—	-637 670
Advances received	-18 166	-13 667	—	—	727	936	—	-30 171
Remuneration and social security payables	-118 121	11 472	—	-83	2 616	4 263	—	-99 852
Employment-related taxes	-11 722	2 360	—	—	16	191		-9 154
Operating working capital	653 136	-66 260	-1 593	-55	-14 671	-46 454	—	524 102

¹ The organic increase or decrease represents the cash movements of the working capital.

The average working capital represented 15.0% of sales (2024: 17.3%).

• Inventories

The inventories decreased by € -98.8 million compared to end last year, of which € -25.2 million due to

the divestment of the Steel Wire Solutions businesses in Costa Rica, Ecuador and Venezuela, the rest

was mainly due to organic decreases and currency effects. The cost of sales included expenses related

to transport and handling of finished goods amounting to € 187.9 million (2024: € 208.6 million), which

have never been capitalized in inventories. Movements in inventories in 2025 included write-downs of

€ -40.4 million (2024: € -43.5 million) and reversals of write-downs of € 36.6 million


Bekaert Annual Report 2025	− 131 −

(2024: € 48.7 million). Similar as in 2024, in 2025, no inventories were pledged as security for

liabilities.

• Trade receivables and bills of exchange received

The € -64.5 million decrease in trade receivables and bills of exchange received in 2025 included

€ -17.8 million due to the divestment of the Steel Wire Solutions businesses in Costa Rica, Ecuador and

Venezuela. The carrying amount of the trade receivables involved in the factoring program amounted to

€ 210.5 million (2024: € 221.0 million). The rest of the movement related to organic decreases and

currency effects.

The following table presents the movements in the allowance for bad debt on trade receivables. No

allowance was posted for bills of exchange received.


Trade receivables and bills of exchange received
in thousands of €	2024	2025
Gross amount	619 786	551 418
Allowance for bad debts (impaired)	-10 013	-6 116
specific allowance for bad debts	-7 276	-3 780
ECL allowance IFRS 9 for bad debts	-2 737	-2 336
Net carrying amount	609 773	545 302

More information about allowances of receivables is provided in the following table:


Allowance for bad debt
in thousands of €	2024	2025
As at 1 January	-29 669	-10 013
Losses recognized in current year	-4 149	-1 915
Losses recognized in prior years - amounts used	193	2 345
Losses recognized in prior years - reversal of amounts not used	23 883	2 524
New consolidations	-37	—
Deconsolidations	—	487
Exchange gains and losses (-)	-283	456
Other	48	—
As at 31 December	-10 013	-6 116

In accordance with the IFRS 9 "expected credit loss" model for financial assets, a ECL allowance IFRS 9

is made for trade receivables to cover the unknown bad debt risk at each reporting date. This ECL

allowance IFRS 9 constitutes of a percentage on outstanding trade receivables at each reporting date.

The percentages are taking into account historical information on losses on trade receivables and are

reviewed year-on-year. For more information on credit enhancement techniques, see note 7.3. "Financial

risk management and financial derivatives".

Trade payables decreased by € -30.4 million compared to end last year and mainly reflected an organic

evolution of € +27 million and FX translation effect of € -31 million. Effect of divestment of the Steel Wire

Solutions businesses in Costa Rica, Ecuador and Venezuela was € -26 million.

As part of the Company's ongoing efforts to improve its working capital position, it continuously

negotiates with its customers and suppliers on pricing, payment conditions and other terms.

The purchase conditions that are agreed upon, are obtained in function of the Group's presence in

the market, the Group's weight as a customer and its competitive position. In general, the Group's trade

payables have a wide range of maturities depending on the type of material, the geographical area in

which the purchase transaction occurs and the various contractual agreements. The invoice amounts

arise from good and services in the normal cash operating cycle of the Group and are therefore an

integral part of the working capital.

The Group offers for selected suppliers to participate in different supply chain finance models.

This involves giving suppliers the option to receive early payment by selling their receivables to a financial

institution at a discount. The Group pays at the time the invoice under the reverse factoring agreement

is due. At year-end 2025, the outstanding trade payables linked to supply chain finance models amounted

to € 40.0 million. The payments are presented in the cash flows from operating activities because they

are considered a part of the Group's ordinary operating cycle and continue to be elements of its operating

costs.


Bekaert Annual Report 2025	− 132 −

6.9. Other receivables


Carrying amount
in thousands of €	2024	2025
As at 1 January	103 089	134 240
Increase or decrease	31 764	6 255
Write-downs (-) and write-down reversals	23	—
New consolidations	1 129	244
Deconsolidations	—	-4 368
Reclassifications	122	—
Exchange gains and losses	-1 887	-7 319
As at 31 December	134 240	129 052

Other receivables mainly related to income taxes (€ 50.1 million (2024: € 48.7 million)), VAT and other

taxes (€ 70.4 million (2024: € 76.2 million)), loans to employees (€ 1.3 million (2024: € 1.8 million)) and

dividends from joint ventures (€ 4.2 million (2024: € 2.3 million)). See also note 6.21. "Tax positions".

Write-downs of other receivables are included in note 5.5. "Other financial income and expense". The

deconsolidated other receivables in 2025 related to the disposal of the Steel Wire Solutions businesses

in Costa Rica, Ecuador and Venezuela. See also note 7.2. "Effect of business combinations and business

disposals".

6.10. Cash & cash equivalents and short term deposits


Carrying amount
in thousands of €	2024	2025
Cash & cash equivalents	504 384	526 601
Short-term deposits	2 312	1 045

The cash balance within the Russian entity amounted to € 21.5 million (in 2024: € 7.3 million) and was

primarily used within the day to day cash flow and treasury activities in the local operational activities,

and needs to comply with local Russian legislation in case the cash would be used in cross border

transactions.

For the changes in cash & cash equivalents, please refer to the consolidated cash flow statement and

to note 7.1. "Notes to the cash flow statement".

Cash equivalents and short-term deposits did not include any listed securities or equity instruments at

the balance sheet date.

6.11. Other current assets


Carrying amount
in thousands of €	2024	2025
Financial receivables and cash guarantees	1 633	-579
Advances paid	25 495	20 482
Derivatives (cf.note 7.3.)	437	2 530
Deferred charges and accrued income	29 481	26 146
As at 31 December	57 047	48 580

The accrued interest revenues amounted to € 0.7 million (2024: €1.0 million). The cash guarantees

amounted to € 0.6 million (2024: € 0.6 million).

The advances paid in the context of large capex projects and advance payments for deliveries of wire rod

could be found in the Belgium, China, India and the United States.


Bekaert Annual Report 2025	− 133 −

6.12. Assets classified as held for sale and liabilities associated with those assets


Carrying amount (net)
in thousands of €	2024	2025
As at 1 January	12 337	9 825
Increases and decreases (-)	-2 522	-249
Deconsolidations	—	-226
Exchange gains and losses	9	-24
As at 31 December	9 825	9 325


in thousands of €	2024	2025
Property, plant and equipment	9 825	9 325
Total assets classified as held for sale	9 825	9 325
Total liabilities associated with assets classified as held for sale	—	—

The change in assets classified as held for sale included the removal from held for sale of a large part of

the property in Ingelmunster (Belgium) for which the external sale was realized during the course of 2025

(€ -0.2 million) as well as the removal from held for sale of the property in Ecuador (€ -0.2 million) related

to the disposal of the Steel Wire Solutions businesses in Ecuador in 2025 (see also notes 6.20. "Other

current liabilities" and 7.2. "Effect of business combinations and business disposals").

As at 31 December 2025, fair value less costs to sell of the assets held for sale did not fall below the

carrying value, hence no write-downs to the carrying amount of the assets were required.

6.13. Ordinary shares, treasury shares and equity-settled share-based payments


Issued capital		2024		2025
in thousands of €		Nominal value	Number of shares	Nominal value	Number of shares
1	As at 1 January	161 145	54 750 174	159 782	54 286 986
	Movements in the year
	Issue of new shares	—	—	—	—
	Cancellation of shares	-1 363	-463 188	—	-2 971 118
	As at 31 December	159 782	54 286 986	159 782	51 315 868
2	Structure
2.1	Classes of ordinary shares
	Ordinary shares without par value	159 782	54 286 986	159 782	51 315 868
2.2	Registered shares		21 732 198		21 376 704
	Dematerialized shares		32 554 788		29 939 164
	Authorized capital not issued	177 792		177 792

On 31 December 2024, Bekaert held 2 235 087 own shares. Between 1 January 2025 and 31 December

2025, a total of 31 666 treasury shares were transferred to (former) employees following the exercise of

stock options under SOP 2015-2017. Additionally, 45 050 treasury shares were disposed of following the

vesting of performance share units under the Bekaert performance share plan. Bekaert also sold

3 922 shares to executive managers as part of the personal shareholding requirement and transferred

2 150 shares to executive managers under the share-matching plan. A total of 22 774 shares were

granted to the Chairman of the Board of Directors and other non-executive Directors as part of their

remuneration.

On 22 November 2024, Bekaert announced that its Board of Directors had approved a new share

buyback program for a total amount of up to € 200 million over a period of up to 24 months, under the

authorization granted by Bekaert’s Extraordinary General Meeting of 8 May 2024. The purpose of the

program is to cancel all shares repurchased. Between 1 January 2025 and 31 December 2025, Bekaert

bought back 2 707 682 shares pursuant to this share buyback program and canceled 2 917 118 shares.

Including the transactions exercised under the liquidity agreement with Kepler Cheuvreux which started

on 1 July 2024, the balance of own shares held by the Company on 31 December 2025 was 1 850 137

(3.61% of the total share capital).


Bekaert Annual Report 2025	− 134 −

Stock option plans (SOP)

Details of the stock option plans which showed an outstanding balance either at the balance sheet date

or at the previous balance sheet date, are as follows:


Overview of SOP 2015-2017 Stock Option Plan
Date offered	Date granted	Exercise price (in €)	Number of options				First exercise period	Last exercise period
Date offered	Date granted	Exercise price (in €)	Granted	Exercised	Forfeited	Outstanding	First exercise period	Last exercise period
17.12.2015	15.02.2016	26.375	227 250	197 500	29 750	—	End Feb. - 07.04.2019	Mid Nov. - 16.12.2025
15.12.2016	13.02.2017	39.426	273 325	102 025	54 125	117 175	End Feb. - 12.04.2020	Mid Nov. - 14.12.2026
21.12.2017	20.02.2018	34.600	225 475	171 875	8 375	45 225	End Feb. - 11.04.2021	Mid Nov. - 20.12.2027
			726 050	471 400	92 250	162 400


SOP 2010-2014 Stock Option Plan	2024		2025
	Number of options	Weighted average exercise price (in €)	Number of options	Weighted average exercise price (in €)
Outstanding as at 1 January	2 100	26.055	—	—
Exercised during the year	-2 100	26.055	—	—
Outstanding as at 31 December	—	—	—	—


SOP 2015-2017 Stock Option Plan	2024		2025
	Number of options	Weighted average exercise price (in €)	Number of options	Weighted average exercise price (in €)
Outstanding as at 1 January	216 025	36.418	195 566	36.504
Exercised during the year	-20 459	35.625	-31 666	28.875
Outstanding as at 31 December	195 566	36.504	163 900	37.975


Weighted average remaining contractual life
in years	2024	2025
SOP 2015-2017	2.1	1.2

The weighted average share price at the date of exercise in 2025 was € 28.88 for the SOP 2015-2017

options (2024: € 35.63). The exercise price of the subscription rights and options is equal to the lower of

(i) the average closing price of the Company’s share during the thirty days preceding the date of the offer,

and (ii) the last closing price preceding the date of the offer.

The options granted under SOP 2015-2017 are recognized at fair value at grant date in accordance with

IFRS 2 (see note 6.14. "Retained earnings and other Group reserves"). The fair value of the options is

determined using a binomial pricing model.

During 2025, no options (2024: no options) were granted under SOP 2015-2017. No expense against

equity has been recorded in 2025 (2024: none).


Bekaert Annual Report 2025	− 135 −

Performance Share Plan (PSP)

The members of the Bekaert Group Executive, the senior management and a limited number of

management staff members of the Company and a number of its subsidiaries received Performance

Share Units entitling the beneficiary to receive the value of Performance Share units under the conditions

of the Performance Share Plan. These Performance Share Units will vest following a vesting period of

three years, conditional to the achievement of a pre-set of performance targets. The performance targets

were set by the Board of Directors, in line with the Company strategy. The vesting percentage can vary

from 0% to 300%. At granting date, the assumption is taken that the grant will vest at a vesting

percentage of 100%, the vesting percentage is reassessed for the expected performance at each balance

sheet date, if needed the vesting percentage is adjusted based on that assessment. For more information

we refer to the "Remuneration Report" in the "Corporate Governance Statements" section of this report.


Overview of Performance Share Plan	Number of units
Date granted	Granted	Delivered	Forfeited	Outstanding	Expiry date
04.03.2022	131 407	105 060	26 347	—	31.12.2024
25.08.2022	3 209	2 971	238	—	31.12.2024
26.09.2022	12 864	12 864	—	—	31.12.2024
10.03.2023	139 141	—	19 297	119 844	31.12.2025
22.08.2023	4 843	—	1 128	3 715	31.12.2025
08.03.2024	107 976	—	14 131	93 845	31.12.2026
14.05.2024	6 092	—	—	6 092	31.12.2026
20.08.2024	7 714	—	—	7 714	31.12.2026
25.11.2024	9 826	—	—	9 826	31.12.2026
07.03.2025	155 816		7 724	148 092	31.12.2027
26.08.2025	14 980	—	—	14 980	31.12.2027
	593 868	120 895	68 865	404 108

The Performance Share Units granted under these plans are recognized at fair value at grant date in

accordance with IFRS 2 (see note 6.14. "Retained earnings and other Group reserves"). The fair value of

the Performance Share Units under the terms of the PSP plan is determined using a binomial pricing

model, since the performance conditions are both market conditions (TSR) and non-market conditions

(underlying EBITDA, ESG and operational cash flow). The ESG target includes CO2 reduction and safety

(see ESRS 2 GOV-3). Inputs and outcome of this pricing model for the units granted in 2025 are detailed

below:


	Vesting in December 2027	Vesting in December 2027
Pricing model details - Performance Share Plan	Grant date March 2025	Grant date Nov 2025
Inputs to the model
Share price at start date (in €)	36.20	39.00
Historical volatility	24.6%	23.16%
Expected dividend yield	6.21%	4.43%
Vesting period (years)	3.00	3.00
Employee exit rate	0%	0%
Risk-free interest rate	2.34%	2.03%
Outcome of the model
Fair value (in €)	40.61	44.78
Outstanding performance share units	148 092	14 980


Bekaert Annual Report 2025	− 136 −

The grant in 2025 represented a fair value of € 5.3 million (2024: € 6.3 million). The Group has recorded

an expense against equity of € 4.5 million in 2025 (2024: € 5.1 million).


	2024		2025
PSP	Number of units	Weighted average exercise price (in €)	Number of units	Weighted average exercise price (in €)
Outstanding as at 1 January	387 143	35.51	368 505	46.53
Granted during the year	132 348	48.00	170 796	40.98
Delivered during the year	-131 679	30.74	-120 895	39.05
Forfeited during the year	-19 307	51.48	-14 298	45.89
Outstanding as at 31 December	368 505	46.53	404 108	46.45

Personal Shareholding Requirement Plan (PSR)

In March 2016, the Company introduced a Personal Shareholding Requirement Plan for the Chief

Executive Officer and the other members of the Bekaert Group Executive (BGE), pursuant to which they

can build and maintain a personal shareholding in Company shares and whereby the acquisition of the

number of Company shares is supported by a so-called Company matching mechanism. The Company

matching mechanism provides that the Company will match the BGE member’s investment in Company

shares in year x, with a direct grant of a similar number of Company shares as acquired by the BGE

member (such grant to be made at the end of year x + 2). These PSR units will vest following a vesting

period of three years, conditional to a service condition subject to bad or good leaver conditions. For more

information we refer to the "Remuneration Report" in the "Corporate Governance Statements" section of

this report.

Overview of Personal Shareholding Requirement Plan


	Number of units
Date acquired	Acquired	Matched	Forfeited	Outstanding	Expiry date
31.03.2023	4 742	3 399	1 343	—	31.12.2025
27.03.2024	4 958	146	694	4 118	31.12.2026
18.03.2025	3 922	—	—	3 922	31.12.2027
	13 622	3 545	2 037	8 040

The matching shares to be granted under the Personal Shareholding Requirement Plan 2016 are

recognized at fair value at start date in accordance with IFRS 2 (see note 6.14. "Retained earnings

and other Group reserves"). The fair value of the matching shares is determined using a binomial pricing

model. Inputs and outcome of this pricing model are detailed below:


	To be matched in December 2025	To be matched in December 2026	To be matched in December 2027
Pricing model details - Personal Shareholding Requirement plan	Start date March 2023	Start date March 2024	Start date March 2025
Inputs to the model
Share price at start date (in €)	41.60	47.22	36.60
Expected volatility	—%	—%	—%
Expected dividend yield	4.17%	4.45%	6.22%
Vesting period (years)	2.75	2.75	2.75
Employee exit rate	—%	—%	—%
Risk-free interest rate	3.19%	2.83%	2.28%
Outcome of the model
Fair value (in €)	37.02	41.68	30.70
Outstanding PSR Units	—	4 118	3 922


Bekaert Annual Report 2025	− 137 −

The matching shares to be granted represented a fair value of € 0.3 million (2024: € 0.3 million). The

Group has recorded an expense against equity of € 0.1 million (2024: € 0.1 million) for the matching

shares to be granted, based on their fair value and vesting period.


Number of units - PSR	2024	2025
Outstanding as at 1 January	16 902	7 181
Matched during the year	-11 482	-2 534
Forfeited during the year	-3 197	-529
Acquired during the year	4 958	3 922
Outstanding as at 31 December	7 181	8 040

Stock grant Board members

The fixed fee of the Chairman of the Board is paid in Company shares, subject to a three-year holding

period from grant date. For the other non-executive Directors, the fixed fee for performance of duties as

a member of the Board are paid in cash, but with the option each year to receive part (0%, 25% or 50%) in

Company shares. In accordance with IFRS 2 this is treated as a share-based payment award with a cash

alternative. The fair value of the stock grant are equal to the share price at grant date, being 30 May

2025 (€ 35.70) (being 31 May 2024: € 43.24). This stock grant vested immediately and represented a fair

value of € 0.8 million (2024: € 0.4 million). The Group has recorded an expense against equity of

€ 0.8 million (2024: € 0.4 million).

6.14. Retained earnings and other group reserves


Carrying amount
in thousands of €	2024	2025
Revaluation reserve for non-consolidated equity investments	-3 452	-4 618
Remeasurement reserve for defined-benefit plans	-7 531	22 038
NCI put option reserve	-1 691	-1 691
Deferred tax reserve	17 836	9 349
Other reserves	5 161	25 079
Cumulative translation adjustments	-114 111	-196 232
Total other Group reserves	-108 950	-171 153
Treasury shares	-81 502	-68 538
Retained earnings	2 249 232	2 102 592

In the following sections of this disclosure, the movements in the Group reserves and in retained earnings

are presented and commented.


Revaluation reserve for non-consolidated equity investments
in thousands of €	2024	2025
As at 1 January	-11 175	-3 452
Changes in Group structure	-1 262	—
Fair value changes	8 985	-1 074
Equity reclassification	—	-92
As at 31 December	-3 452	-4 618
Of which
Investment in Xinyu Xinsteel Metal Products Co Ltd	-1 093	—
Investment in Technology From Ideas Ltd	—	-6 000
Investment in Shougang Concord Century Holdings Ltd	-2 674	1 159
Other investments	315	223


Bekaert Annual Report 2025	− 138 −

The revaluation of the investment in Shougang Concord Century Holdings Ltd is based on the closing

price of the share on the Hong Kong Stock Exchange. See also note 6.6. "Other non-current assets".


Remeasurement reserve for defined-benefit plans
in thousands of €	2024	2025
As at 1 January	-27 820	-7 532
Remeasurements of the period	20 289	11 238
Equity reclassification	—	5 551
Changes in Group structure	—	12 782
As at 31 December	-7 532	22 038

The remeasurements originate from using different actuarial assumptions in calculating the defined-

benefit obligation, from differences with actual returns on plan assets at the balance sheet date and any

changes in unrecognized assets due to the asset ceiling principle (see note 6.16. "Employee benefit

obligations").

NCI put option reserve

The "NCI put option reserve" consists of a liability of € 1.7 million that has been set up at fair value versus

equity, which represents the put option granted to the remaining shareholders of Flintstone Technology

Ltd on their remaining non-controlling interests in that same entity. Any subsequent changes in fair value

of this financial liability are recognized through income statement in accordance with IFRS.


Deferred tax reserve
in thousands of €	2024	2025
As at 1 January	22 381	17 836
Deferred taxes relating to other comprehensive income	-4 546	-2 739
Equity reclassification	—	-1 399
Changes in Group structure	—	-4 348
As at 31 December	17 836	9 349

Deferred taxes relating to other comprehensive income are also recognized in OCI (see note 6.7.

"Deferred tax assets and liabilities").


Cumulative translation adjustments
in thousands of €	2024	2025
As at 1 January	-124 533	-114 111
Exchange differences on dividends declared	-10 870	-15 232
Recycled to income statement - relating to disposed entities or liquidations	—	56 600
Movements arising from exchange rate fluctuations	21 292	-123 489
As at 31 December	-114 111	-196 232
Of which relating to entities with following functional currencies
Chinese renminbi	113 777	74 449
US dollar	59 047	-1 711
Brazilian real	-220 739	-221 392
Chilean peso	-9 192	-11 264
Venezuelan bolivar soberano	-59 691	—
Indian rupee	-10 863	-26 398
Czech koruna	10 542	12 476
British pound	5 747	-7 962
Russian ruble	7 766	3 993
Romenian leu	-4 234	-5 707
Other currencies	-6 272	-12 716


Bekaert Annual Report 2025	− 139 −

The volatility in CTA reflected both the exchange rate evolution and the relative importance of the net

assets denominated in the presented currencies.


Treasury shares
in thousands of €	2024	2025
As at 1 January	-76 896	-81 502
Shares purchased	-37 178	-103 144
Shares sold	17 266	11 137
Price difference on shares sold	-5 921	692
Cancellations	21 228	104 281
Equity reclassification	—	-2
As at 31 December	-81 502	-68 538

The number of shares on hand were sufficient, both to anticipate any dilution and to hedge the cash flow

risk on share-based payment plans. In 2025 a total of 2 906 853 additional shares were bought back

including the transactions exercised under the liquidity agreement with Kepler Cheuvreux (2024:

961 228). A total of 2 971 118 were canceled. A total of 320 685 treasury shares were sold to the

beneficiaries of the share-based payment plans of the Group and under the liquidity agreement with

Kepler Cheuvreux (2024: 419 090). Treasury shares are accounted for using the FIFO principle (first-in,

first-out). Gains and losses on disposals of treasury shares are directly recognized through retained

earnings (see movements in retained earnings below). See also note 6.13. "Ordinary shares, treasury

shares and equity-settled share-based payments".


Retained earnings
in thousands of €	Note	2024	2025
As at 1 January		2 131 937	2 249 232
Equity-settled share-based payments	6.13	-15 170	1 387
Result for the period attributable to equity holders of Bekaert		238 904	67 356
Dividends		-93 758	-97 929
Equity reclassification		—	-4 048
Treasury shares transactions	6.13	-13 943	-104 973
Changes in Group structure		1 262	-8 434
As at 31 December		2 249 232	2 102 592

Treasury shares transactions (€ -105.0 million vs € -13.9 million in 2024) represented the difference

between the proceeds and the FIFO book value of the shares that were sold and canceled. Changes in

Group structure in 2025 related to the disposal of the Steel Wire Solutions businesses in Costa Rica,

Ecuador and Venezuela (see also note 7.2. "Effect of business combinations and business disposals").

6.15. Non-controlling interests


Carrying amount
in thousands of €	2024	2025
As at 1 January	53 164	53 689
Changes in Group structure	—	-10 138
Share of the result for the period	4 661	-2 621
Share of other comprehensive income excluding CTA	371	—
Dividend pay-out	-5 189	-3 640
Exchange gains and losses (-)	682	-2 150
As at 31 December	53 689	35 139

The changes in Group structure in 2025 mainly related to the disposal of the Steel Wire Solutions

businesses in Costa Rica, Ecuador and Venezuela. See also note 7.2. "Effect of business combinations

and business disposals". And to a much lesser extent the minority interest related to the acquisition

of Flexofibers Spain SL (Spain).

The share in the result of the period for entities in which NCI are held, decreased significantly.

The main contributing entities were located in China.


Bekaert Annual Report 2025	− 140 −

After the disposal of the Steel Wire Solutions businesses in Costa Rica, Ecuador and Venezuela, the

Group can no longer identify a material, non-wholly owned group of entities which are interconnected

through their line of business and shareholder structure. Bekaert has several partnerships across the

world, which individually do not meet any reasonable materiality criterion.

6.16. Employee benefit obligations

The total net liabilities for employee benefit obligations, which amounted to € 118.8 million as at

31 December 2025 (€ 153.1 million as at year-end 2024), are as follows:


in thousands of €	2024	2025
Liabilities for
Post-employment defined-benefit plans	43 436	33 195
Other long-term employee benefits	7 252	6 763
Cash-settled share-based payment employee benefits	1 324	1 345
Short-term employee benefits	118 121	99 852
Termination benefits	3 151	4 610
Total liabilities in the balance sheet	173 283	145 765
of which
Non-current liabilities	46 463	38 270
Current liabilities	126 820	107 495
Assets for
Defined-benefit pension plans	-20 217	-26 995
Total assets in the balance sheet	-20 217	-26 995
Total net liabilities	153 066	118 770

Post-employment benefit plans

In accordance with IAS 19, "Employee benefits", plans are classified as either defined-contribution plans

or defined-benefit plans.

Defined-contribution plans

For defined-contribution plans, Bekaert pays contributions to publicly or privately administered pension

funds or insurance companies. Once the contributions have been paid, the Group has no further payment

obligation. These contributions constitute an expense for the year in which they are due.

The Belgian defined-contribution pension plans are by law subject to minimum guaranteed rates of

return. Pension legislation defines the minimum guaranteed rate of return as a variable percentage linked

to government bond yields observed in the market as from 1 January 2016 onwards. As of 2016 the

minimum guaranteed rate of return became 1.75% on both employer contributions and employee

contributions. As per 1 January 2025, the guaranteed interest rate has increased to 2.5%. The old rates

(3.25% on employer contributions and 3.75% on employee contributions) continue to apply to the

accumulated past contributions in the group insurance as at 31 December 2015. As a consequence, the

defined-contribution plans are reported as defined-benefit obligations at year-end, whereby an actuarial

valuation was performed.

Bekaert participates in a multi-employer defined-benefit plan in the Netherlands funded through the

Pensioenfonds Metaal & Techniek (PMT). This plan is treated as a defined-contribution plan because no

sufficient information is available with respect to the plan assets attributable to Bekaert to apply defined-

benefit accounting. Contributions for the plan amounted to € 0.5 million (2024: € 0.7 million). Employer

contributions are set periodically by PMT, they are equal for all participating companies and are

expressed as a percentage of pensionable salary. Bekaert’s total contribution represents less than 0.1%

of the overall PMT contribution. The financing rules specify that an employer is not obliged to pay any

further contributions in respect of previously accrued benefits. The funded status of PMT was 122.6% at

31 December 2025 (2024: 108.6%). There is no obligation for participating companies to fund any deficit

of PMT (nor to receive any surplus).


Bekaert Annual Report 2025	− 141 −

Defined-contribution plans


in thousands of €	2024	2025
Expenses recognized	15 551	14 088

Defined-benefit plans

Several Bekaert companies operate retirement benefit and other post-employment benefit plans. These

plans generally cover all employees and provide benefits which are related to salary and length of service.

The latest actuarial valuations under IAS 19 were carried out as of 31 December 2025 for all significant

post-employment defined-benefit plans by independent actuaries. The Group’s largest defined-benefit

obligations were in Belgium, the United States and the United Kingdom. They accounted for 91.2%

(2024: 89.9%) of the Group’s defined-benefit obligations and 99.2% (2024: 99.4%) of the Group’s plan

assets.

Plans in Belgium

The funded plans in Belgium mainly related to retirement plans representing a defined-benefit obligation

of € 174.4 million (2024: € 187 million) and € 198.2 million assets (2024: € 204.9 million). This is including

the related plans funded through a group insurance.

The traditional defined-benefit plans foresee in a lump sum payment upon retirement and in risk benefits

in case of death or disability prior to retirement. The plans are externally funded through two self-

administrated institutions for occupational retirement provision (IORP). On a regular basis, an Asset

Liability Matching (ALM) study is performed in which the consequences of strategic investment policies

are analyzed in terms of risk-and-return profiles. The last ALM study was performed in 2024. Statement

of investment principles and funding policy are derived from this study. The purpose is to have a well-

diversified asset allocation to control the risk. Investment risk and liability risk are monitored on a

quarterly basis. Funding policy targets to be at least fully funded in terms of the technical provision (this

is a prudent estimate of the pension liabilities).

Plans in the United States

The funded plans in the United States mainly related to pension plans representing a defined-benefit

obligation of € 85.9 million (2024: € 96.1 million) and assets of € 84.9 million (2024: € 93.3 million).

The plans provide for benefits for the life of the plan members but have been closed. Plan assets are

invested, in fixed-income funds. Funding policy targets to be sufficiently funded in terms of Pension

Protection Act requirements and thus to avoid benefit restrictions or at-risk status of the plans.

Unfunded plans included medical care plans (defined-benefit obligation € 1.9 million (2024: € 2.5 million)).

Plans in the United Kingdom

The funded plan in the United Kingdom related to a pension scheme closed for new entrants and further

accrual representing a defined-benefit obligation of € 48.7 million (2024: € 51.3 million) and assets of

€ 51 million (2024: € 54 million). As of January 1st 2023, the governance set up has been changed and a

Sole Trustee has been appointed. The Sole Trustee is required by law to act in the interest of all relevant

beneficiaries and is responsible for the investment policy with regard to the assets plus the day-to-day

administration of the benefits.

The defined-benefit obligation solely includes benefits for deferred vested members (members whose

employment has terminated and have not yet reached the eligible retirement age for drawing a pension)

and pensioners (members who are already receiving pension as they have reached the eligible retirement

age). Broadly, about 60% of the liabilities are attributable to deferred vested members and 40% to

pensioners (2024: 40% pensioners).

No allowance was made for the potential impact of the Virgin Media case since Legal Advice shows that

amendments made to the scheme are in compliance with the requirements of section 37 of the Pension

Schemes Act 1993.

UK legislation requires that pension schemes are funded prudently. The last funding valuation of the

scheme carried out as at 31 December 2022 and finalized in 2024, by a qualified actuary showed a

surplus of € 0.8 million. Based on the outcome of the valuation, no deficit repair contributions are payable

by the Company to the Scheme.


Bekaert Annual Report 2025	− 142 −

The Trustee and the Company have agreed on a long-term funding target for the Scheme. Per Dec 31st,

the scheme was still on track, thus no Company contributions were due to meet this long term funding

target.

Administration costs are reported separately from IAS 19.

The amounts recognized in the balance sheet are as follows:


in thousands of €	2024	2025
Belgium
Present value of funded obligations	187 037	174 388
Fair value of plan assets	-204 948	-198 199
Deficit / surplus (-) of funded obligations	-17 911	-23 812
Present value of unfunded obligations	816	693
Total deficit / surplus (-) of obligations	-17 095	-23 119
United States
Present value of funded obligations	96 148	85 896
Fair value of plan assets	-93 340	-84 935
Deficit / surplus (-) of funded obligations	2 807	960
Present value of unfunded obligations	4 143	3 268
Total deficit / surplus (-) of obligations	6 950	4 229
United Kingdom
Present value of funded obligations	51 290	48 739
Fair value of plan assets	-53 964	-50 960
Deficit / surplus (-) of funded obligations	-2 674	-2 221
Present value of unfunded obligations	—	—
Total deficit / surplus (-) of obligations	-2 674	-2 221
Other
Present value of funded obligations	5 101	4 963
Fair value of plan assets	-2 301	-2 833
Deficit / surplus (-) of funded obligations	2 801	2 131
Present value of unfunded obligations	33 237	25 180
Total deficit / surplus (-) of obligations	36 038	27 311
Total
Present value of funded obligations	339 576	313 986
Fair value of plan assets	-354 553	-336 927
Deficit / surplus (-) of funded obligations	-14 977	-22 942
Present value of unfunded obligations	38 196	29 141
Total deficit / surplus (-) of obligations	23 219	6 200


Bekaert Annual Report 2025	− 143 −

The movement in the defined-benefit obligation, plan assets, net liability and asset over the year were as

follows:


in thousands of €	Defined- benefit obligation	Plan assets	Net liability / asset (-)
As at 1 January 2024	385 861	-341 800	44 061
Current service cost	14 857	—	14 857
Past service cost	1 056	—	1 056
Gains (-) / losses from settlements	-1 426	1 086	-340
Interest expense / income (-)	16 086	-13 398	2 688
Net benefit expense / income (-) recognized in profit and loss	30 573	-12 313	18 260
Components recognized in EBIT			15 573
Components recognized in financial result			2 688

Remeasurements
Return on plan assets, excluding amounts included in interest expense / income (-)	—	-9 476	-9 476
Gain (-) / loss from change in demographic assumptions	1 279	—	1 279
Gain (-) / loss from change in financial assumptions	-16 179	—	-16 179
Experience gains (-) / losses	3 873	—	3 873
Changes recognized in equity	-11 026	-9 476	-20 502

Contributions
Employer contributions / direct benefit payments	—	-18 757	-18 757
Employee contributions	81	-81	—
Payments from plans
Benefit payments	-36 207	36 207	—
Foreign-currency translation effect	8 491	-8 334	157
Per 31 December 2024	377 773	-354 554	23 219


Bekaert Annual Report 2025	− 144 −


in thousands of €	Defined- benefit obligation	Plan assets	Net liability / asset (-)
As at 1 January 2025	377 773	-354 554	23 219
Current service cost	14 297	—	14 297
Past service cost	-67	—	-67
Gains (-) / losses from settlements	-792	1 727	935
Interest expense / income (-)	15 666	-14 351	1 315
Net benefit expense / income (-) recognized in profit and loss	29 104	-12 624	16 479
Components recognized in EBIT			15 164
Components recognized in financial result			1 315

Remeasurements
Return on plan assets, excluding amounts included in interest expense / income (-)		-5 716	-5 716
Gain (-) / loss from change in demographic assumptions	433	—	433
Gain (-) / loss from change in financial assumptions	-8 645	—	-8 645
Experience gains (-) / losses	2 686	—	2 686
Changes recognized in equity	-5 526	-5 716	-11 242

Contributions
Employer contributions / direct benefit payments		-11 910	-11 910
Employee contributions	77	-77	—
Payments from plans
Benefit payments	-33 938	33 938	—
Disposals	-6 026	—	-6 026
Foreign-currency translation effect	-18 336	14 016	-4 320
As at 31 December 2025	343 128	-336 927	6 200

Gains and losses from settlements in 2025 mainly related to the early retirement wave in Turkey driven

by less stringent eligibility requirements for state pension published in 2023. This has lead to a large

group of employees applying for early retirement. In addition, there were settlement payments in Belgium

and Turkey linked to restructuring.

In the income statement, current and past service cost, including gains or losses from settlements are

included in the operating result (EBIT), and interest expense or income is included in interest expense,

under interest element of interest-bearing provisions.

Changes recognized in equity amounted in 2025 to € 11.2 million and were driven by € 5.7 million gain on

plan assets reflecting positive asset return and € 5.5 million gains in defined benefit obligation. The latter

can be broken down into € 8.6 million gain due to changes in financial assumptions reflecting increased

discount rates, € 0.4 million loss due to changes in demographic assumptions and € 2.7 million loss in

liabilities due to experience adjustments.

Reimbursement rights arising from reinsurance contracts covering retirement pensions, death and

disability benefits in Germany amounted to less than € 0.1 million (2024: less than € 0.1 million).

The Government of India has announced that the new labor codes came into effect at the end of 2025.

As the detailed government notifications required for interpretation have not yet been issued, the

valuation of the plans has been performed under the existing regulations.

Estimated contributions and direct benefit payments for 2026 are as follows:


Estimated contributions and direct benefit payments
in thousands of €	2026
Pension plans	11 580


Bekaert Annual Report 2025	− 145 −

Fair values of plan assets at 31 December were as follows:


in thousands of €	2024	2025
Belgium
Bonds	59 911	63 425
Equity	81 496	78 420
Cash	5 993	1 395
Insurance contracts	57 548	54 959
Total Belgium	204 948	198 199
United States
Bonds
USD Long Duration Bonds	35 275	29 056
USD Fixed Income	18 142	52 666
USD Guaranteed Deposit	1 581	3 213
Equity
USD Equity	15 393	—
Non-USD Equity	7 720	—
Real estate	15 229	—
Total United States	93 340	84 935
United Kingdom
Bonds	19 138	15 254
Derivatives	29 918	31 273
Equity	4 735	4 091
Cash	174	342
Total United Kingdom	53 965	50 960
Other
Bonds	2 301	2 833
Total Other	2 301	2 833
Total	354 554	336 927

In the US, investments are primarily made through mutual fund investments and insurance company

separate accounts, in bonds and guaranteed deposits. In Belgium, the investments are made through

mutual fund investments in quoted equity and debt instruments. Investments are well-diversified so that

the failure of any single investment would not have a material impact on the overall level of assets. In UK,

a large proportion of assets is invested in liability driven investments and bonds.

The Group’s plan assets include no direct positions in Bekaert shares or bonds, nor do they include any

property used by a Bekaert entity.

The principal actuarial assumptions on the balance sheet date (weighted averages based on outstanding

DBO) were:


Actuarial assumptions	2024	2025
Discount rate	4.6%	4.8%
Future salary increases	3.7%	3.7%
Underlying inflation rate	2.5%	2.4%
Health care cost increases (initial)	7.5%	7.5%
Health care cost increases (ultimate)	5.0%	5.0%
Health care (years to ultimate rate)	9	8


Bekaert Annual Report 2025	− 146 −

The discount rate for the UK, the US and Belgium is reflective both of the current interest rate

environment and the plan’s distinct liability characteristics. The plan’s projected cash flows are matched

to spot rates, after which an associated present value is developed. A single equivalent discount rate is

then determined that produces that same present value. The underlying yield curve for deriving spot rates

is based on high quality AA-credit rated corporate bonds issues denominated in the currency of the

applicable regional market.

This resulted into the following discount rates:


Discount rates	2024	2025
Belgium	3.4%	4.0%
United States	5.5%	5.2%
United Kingdom	5.6%	5.6%
Other	7.1%	7.3%

This resulted into the following inflation rates:


Inflation rates	2024	2025
Belgium	2.0%	2.0%
United States	N/A	N/A
United Kingdom	3.3%	2.9%
Other	4.3%	4.7%
Total	2.5%	2.4%

Assumptions regarding future mortality are based on actuarial advice in accordance with published

statistics and experience in each territory. These assumptions translated into the following average life

expectancy in years for a pensioner retiring at age 65.


	2024	2025
Life expectancy of a man aged 65 (years) at balance sheet date	20	20
Life expectancy of a woman aged 65 (years) at balance sheet date	23	23
Life expectancy of a man aged 65 (years) ten years after balance sheet date	21	21
Life expectancy of a woman aged 65 (years) ten years after balance sheet date	24	24

Sensitivity analyzes show the following effects:


Sensitivity analysis
in thousands of €	Change in assumption	Impact on defined-benefit obligation
Discount rate	-0.50%	Increase by	13 724	4.0%
Salary growth rate	0.50%	Increase by	3 279	1.0%
Health care cost	0.50%	Increase by	90	—%
Life expectancy	1 year	Increase by	4 026	1.2%

The above analyzes were done on a mutually exclusive basis, while holding all other assumptions

constant.

Through its defined-benefit plans, the Group is exposed to a number of risks, the most significant of

which are detailed below:


Asset volatility	The plan liabilities are calculated using a discount rate set with reference to corporate bond yields; if plan assets underperform this yield, this will create a deficit.
Changes in bond yields	A decrease in corporate bond yields will increase plan liabilities, although this will be partially offset by an increase in the value of the plans’ bond holdings.
Salary risk	The majority of the plans’ benefit obligations are calculated by reference to the future salaries of plan members. As such, a salary increase of plan members higher than expected will lead to higher liabilities.
Longevity risk	Belgian pension plans provide for lump sum payments upon retirement. As such, there is limited or no longevity risk. Pension plans in the USA and UK provide for benefits for the life of the plan members, so increases in life expectancy will result in an increase in the plans’ liabilities.


Bekaert Annual Report 2025	− 147 −

The weighted average durations of the defined-benefit obligations were as follows:


Weighted average durations of the DBO
in years	2024	2025
Belgium	11	10
United States	9	9
United Kingdom	14	14
Other	9	10
Total	11	10

Termination benefits

Termination benefits are cash and other services paid to employees when their employment has been

terminated.

Other long-term employee benefits

The other long-term employee benefits related to service awards.

Cash-settled share-based payment employee benefits

Stock appreciation rights (SAR)

The Group issues stock appreciation rights (SARs) for certain managers, granting them the right to

receive the intrinsic value of the SARs at the date of exercise. These SARs are accounted for as cash-

settled share-based payments in accordance with IFRS 2. The fair value of each grant is recalculated at

balance sheet date, using a binomial pricing model. Based on local regulations, the exercise price for any

grant under the USA SAR plan is equal to the average closing price of the Company’s share during the

thirty days following the date of the offer. The exercise price for the other SAR plans is determined in the

same way as for the equity-settled stock option plans: it is equal to the lower of (i) the average closing

price of the Company’s share during the thirty days preceding the date of the offer, and (ii) the last

closing price preceding the date of the offer.

Following inputs to the model are used for all grants: share price at balance sheet date: € 37.90 (2024:

€ 33.46), expected volatility in a range between 25% and 31% (2024: 20%-27%), expected dividend yield

in a range between 5.5% and 6.0% (2024: 6.0%-7.0%), vesting period of 3 years and a contractual life of

10 years. Inputs for risk-free interest rates vary by grant and are based on the return of Belgian OLO’s

(Obligation Linéaire / Lineaire Obligatie) with a term equal to the maturity of the SAR grant under

consideration.

Exercise prices and fair values of outstanding SARs by grant are shown below:


USA SAR Plan details by grant
in €	Granted	Exercise price	Fair value as at 31 December 2024	Fair value as at 31 December 2025
Grant 2015	40 200	25.45	—	—
Grant 2016	20 250	28.38	5.27	—
Grant 2017	26 375	38.86	1.32	3.50
Grant 2018	16 875	37.06	3.14	4.68


Other SAR Plans details by grant
in €	Granted	Exercise price	Fair value as at 31 December 2024	Fair value as at 31 December 2025
Grant 2015	44 700	26.06	—	—
Grant 2016	38 500	26.38	7.09	—
Grant 2017	53 000	39.43	1.22	3.30
Grant 2018	37 500	34.60	3.86	5.81


Bekaert Annual Report 2025	− 148 −

At 31 December 2025, the total liability for the US SAR plan amounted to € 0.01 million (2024:

€ 0.03 million), while the total liability for the other SAR plans amounted to € 0.01 million (2024:

€ 0.03 million).

The Group recorded a total income of € 0.0 million (2024: income of € 0.2 million) during the year

in respect of SARs.

Performance Share Units (PSU)

Certain managers received cash-settled Performance Share Units entitling the beneficiary to receive

the value of Performance Share units under the conditions of the Performance Share Plan.

These Performance Share Units will vest following a vesting period of three years, conditional to the

achievement of a pre-set performance target. The performance target was set by the Board of Directors,

in line with the Company strategy, and can vary from 0% to 300%. At granting date, the assumption is

taken that the grant will vest at a vesting percentage of 100%, the performance target is reassessed for

the expected performance at each balance sheet date, if needed the vesting percentage is adjusted

based on that assessment.

These Performance Share Units are accounted for as cash-settled share-based payments in accordance

with IFRS 2. The fair value of each grant is a weighted combination of the fair value of the non-market

performance conditions and the fair value of the market conditions. The fair value of the non-market

performance conditions (Underlying EBITDA, ESG and operational cash flow) is equal to the share price

at balance sheet date. The fair value of the market condition (TSR) is recalculated at balance sheet data

using the same binomial pricing model as for the equity-settled share-based payments (see note

6.12. "Ordinary shares, treasury shares and equity settled share based payments").


Performance Share Units details by grant
in €	Granted	Fair value as at 31 December 2024	Fair value as at 31 December 2025
Grant 2021	4 567	—	—
Grant 2022	24 832	31.12	37.90
Grant 2023	33 974	33.36	32.40
Grant 2024	29 336	23.84	23.02
Grant 2025	32 466	—	39.74

At 31 December 2025, the total liability for the US PSUs amounted to € 0.6 million (2024: € 0.5 million),

while the total liability for the other PSUs amounted to € 0.8 million (2024: € 0.8 million).

The Group recorded a total cost of € 0.6 million (2024: cost of € 0.7 million) during the year in respect

of PSUs.

Short-term employee benefit obligations

Short-term employee benefit obligations relate to liabilities for remuneration and social security that are

due within twelve months after the end of the period in which the employees render the related service.


Bekaert Annual Report 2025	− 149 −

6.17. Provisions


in thousands of €	Restructuring	Claims	Environment	Other	Total
As at 1 January 2024	319	6 077	19 733	4 010	30 138
Additional provisions	9 012	6 135	2 872	2 655	20 674
Unutilized amounts released	-327	-2 524	-2 988	-772	-6 611
Increase in present value	—	—	—	—	—
Charged to the income statement	8 685	3 611	-116	1 883	14 063
Amounts utilized during the year	-1 442	-3 645	-493	-1 164	-6 744
Deconsolidations	—	—	—	—	—
Exchange gains (-) and losses	26	132	-19	-74	65
As at 31 December 2024	7 588	6 175	19 105	4 655	37 522
Of which
current	6 398	4 148	705	136	11 387
non-current - between 1 and 5 years	1 189	2 027	7 500	4 519	15 235
non-current - more than 5 years	—	—	10 900	—	10 900


in thousands of €	Restructuring	Claims	Environment	Other	Total
As at 1 January 2025	7 588	6 175	19 105	4 655	37 522
Additional provisions	1 860	3 594	9	1 273	6 735
Unutilized amounts released	—	-2 509	-554	-305	-3 368
Increase in present value	—	—	—	—	—
Charged to the income statement	1 860	1 084	-544	967	3 367
Amounts utilized during the year	-5 313	-1 676	-1 121	-1 161	-9 270
Deconsolidations	—	—	—	—	—
Exchange gains (-) and losses	-38	-290	-48	-227	-603
As at 31 December 2025	4 096	5 293	17 392	4 235	31 016
Of which
current	3 148	3 756	1 208	294	8 406
non-current - between 1 and 5 years	948	1 537	9 287	3 746	15 519
non-current - more than 5 years	—	—	6 896	195	7 091

The decline in restructuring provisions was predominantly attributable to the utilization of existing

provisions, primarily associated with layoff costs at the UK, Netherlands, and Belgium sites (see details

one-off items in note 5.2 "Operating result (EBIT) by function").

Provisions for claims mainly related to product warranty programs and various product quality claims in

several entities, mainly in the US, China and Turkey. Utilization during the period was mainly driven by

settlements in the UK, Germany, Slovakia and Turkey.

The environmental provisions mainly related to sites in EMEA. The expected soil sanitation costs are

reviewed at each balance sheet date, based on external expert assessments. Timing of settlement is

uncertain as it is often triggered by decisions on the destination of the premises. The decrease in the

environmental provisions mainly related to the utilization and release of environmental provisions linked

to sites in Italy, Canada and Belgium.

6.18. Interest-bearing debt

An analysis of the carrying amount of the Group’s interest-bearing debt by contractual maturity

is presented below:


Bekaert Annual Report 2025	− 150 −


2024
in thousands of €	Due within 1 year	Due between 1 and 5 years	Due after 5 years	Total
Interest-bearing debt
Lease liability	24 262	52 972	21 977	99 212
Cash guarantees received	—	78	57	135
Credit institutions	171 550	195	—	171 745
Schuldschein loans	110 500	20 939	—	131 439
Bonds	—	400 000	—	400 000
Total financial debt	306 313	474 184	22 034	802 531


2025
in thousands of €	Due within 1 year	Due between 1 and 5 years	Due after 5 years	Total
Interest-bearing debt
Lease liability	23 692	44 981	25 841	94 514
Cash guarantees received	—	29	94	122
Credit institutions	120 369	21 277	159	141 805
Schuldschein loans	—	20 984	—	20 984
Bonds	200 000	200 000	59 000	459 000
Total financial debt	344 061	287 270	85 094	716 425

An analysis of the undiscounted outflows relating to the Group’s financial liabilities by contractual

maturity is presented in note 7.3. "Financial risk management and financial derivatives". The financial debt

due within one year increased with € 37.7 million mainly due to upcoming partial repayment of the bond

which will take place in 2026, but offset with lower repayment of long term loans due in 2026.

As a general principle, loans are entered into by Group companies in their local currency to avoid currency

risk. If funding is in another currency without an offsetting position on the balance sheet, the companies

hedge the currency risk through derivatives (cross-currency interest-rate swaps (CCIRS) or forward

exchange contracts). Bonds, commercial paper and debt towards credit institutions are unsecured,

except for the factoring programs.

For further information on financial risk management, we refer to note 7.3. "Financial risk management

and financial derivatives".

Net debt calculation

The following table summarizes the calculation of the net debt.


in thousands of €	2024	2025
Non-current interest-bearing debt	496 222	372 364
Current interest-bearing debt	306 309	344 061
Total financial debt	802 531	716 425
Non-current financial receivables and cash guarantees	-11 186	-9 252
Current financial receivables and cash guarantees	-1 633	579
Short-term deposits	-2 312	-1 045
Cash and cash equivalents	-504 384	-526 601
Net debt	283 015	180 106

Changes in liabilities arising from financing activities

In accordance with the disclosure requirements of IAS 7 "Statement of Cash Flows", this section presents

an overview of the changes in liabilities arising from financing activities. The qualification as long-term vs

short-term debt is based on the initial maturity of the debt. In the consolidated cash flow statement, the

cash flows from long-term interest-bearing debt are analyzed between proceeds and repayments.

Acquisitions and disposals in 2025 mainly related to the acquisition of Flexofibers Spain SL and the

disposal of the Steel Wire Solutions businesses in Costa Rica, Ecuador and Venezuela. Other changes in

financial debt mainly related to the non-cash movements on the lease liability (€ 32.1 million) (see note


Bekaert Annual Report 2025	− 151 −

6.4. "Right-of-use (RoU) property, plant and equipment"). The cash flows contained mainly repayment of

the Schuldschein loan which took place in June 2025 (€ -110.5 million). Derivatives held to hedge financial

debt included swaps and options that provide (economic) hedges for interest-rate risk, see note

7.3. "Financial risk management and financial derivatives".

Acquisitions and disposals in 2024 mainly related to the acquisition of Bexco NV. Other changes in

financial debt mainly related to the non-cash movements on the lease liability (€ 36.7 million) (see note

6.4. "Right-of-use (RoU) property, plant and equipment"). The cash flows contained mainly repayment of

the long term loans in the Belgian entity, Bekaert NV (€ -75.0 million). Derivatives held to hedge financial

debt included swaps and options that provide (economic) hedges for interest-rate risk, see note

7.3. "Financial risk management and financial derivatives".


2024			Non-cash changes
in thousands of €	As at 1 January	Cash flows	Acquisitions & disposals	Cumulative translation adjustments	Fair value changes	Other changes	As at 31 December
Financial debt
Long-term interest-bearing debt ¹	743 221	-105 456	4 873	1 551	—	36 829	681 018
Cash guarantees received	160	-30	—	5	—	—	135
Lease liability	86 710	-30 401	4 619	1 546	—	36 738	99 212
Credit institutions	125 000	-75 025	253	—	—	4	50 233
Schuldschein loans	131 352	—	—	—	—	87	131 439
Bonds	400 000	—	—	—	—	—	400 000
Convertible bonds	—	—	—	—	—	—	—
Short-term interest bearing debt	155 713	-47 545	2 641	10 704	—	—	121 512
Total financial debt	898 934	-153 001	7 514	12 255	—	36 829	802 531
Derivatives held to hedge financial debt
Interest-rate swaps	-3 359	—	—	—	2 399	—	-961
Cross-currency interest-rate swaps	-583	—	—	—	3 238	—	2 655
Other liabilities from financing activities	—	—	—	—	—	—	—
Put options of NCI	1 726	—	—	71	-591	—	1 206
Total liabilities from financing activities	896 718	-153 001	7 514	12 325	5 046	36 829	805 432

¹ Including the current portion of non-current interest-bearing debt of € 96.6 million as at 1 January and € 184.8 million as at

31 December.


2025			Non-cash changes
in thousands of €	As at 1 January	Cash flows	Acquisitions & disposals	Cumulative translation adjustments	Fair value changes	Other changes	As at 31 December
Financial debt
Long-term interest-bearing debt ¹	681 018	-111 919	-466	-4 635	—	32 093	596 092
Cash guarantees received	135	-2	—	-11	—	—	122
Lease liability	99 212	-31 665	-731	-4 354	—	32 052	94 514
Credit institutions	50 233	-28 752	265	-271	—	-4	21 471
Schuldschein loans	131 439	-110 500	—	—	—	46	20 984
Bonds	400 000	59 000	—	—	—	—	459 000
Convertible bonds	—	—	—	—	—	—	—
Short-term interest bearing debt	121 512	10 753	940	-12 871	—	—	120 334
Total financial debt	802 531	-101 166	474	-17 506	—	32 093	716 425
Derivatives held to hedge financial debt
Interest-rate swaps	-961	—	—	—	961	—	—
Cross-currency interest-rate swaps	2 655	—	—	—	-4 444	—	-1 789
Other liabilities from financing activities	—	—	—	—	—	—	—
Put options of NCI	1 206	—	—	-75	835	—	1 966
Total liabilities from financing activities	805 432	-101 166	474	-17 581	-2 648	32 093	716 603

¹ Including the current portion of non-current interest-bearing debt of € 184.8 million as at 1 January and € 223.7 million as at

31 December.


Bekaert Annual Report 2025	− 152 −

6.19. Other non-current liabilities


Carrying amount
in thousands of €	2024	2025
Other non-current amounts payable	150	150
Derivatives (cf. note 7.3.)	—	—
Put options on NCI (cf. note 7.3.)	1 206	1 966
Total	1 356	2 116

The derivatives related to an interest-rate swap to hedge the variable interest in some of the

Schuldschein loans were nil in 2025 (2024: nil). CCIRSs were also nil in 2025. (2024: nil) (see notes

6.18. "Interest-bearing debt" and 7.3. "Financial risk management and financial derivatives"). The put

option (€ 2.0 million) related to a non-controlling interest in an investment.

6.20. Other current liabilities


Carrying amount
in thousands of €	2024	2025
Other amounts payable	5 257	8 480
Derivatives (cf. note 7.3.)	3 470	560
Advances received	18 166	30 171
Other taxes	29 596	27 642
Accruals and deferred income	7 975	6 347
Total	64 464	73 199

The increase in 2025 of Other amounts payable was due to higher dividends payable and payables

relating to the tax consolidation regime in Italy.

The derivatives included forward-exchange contracts (€ 0.4 million (2024: € 0.6 million)) and CCIRSs

(€ 0.2 million (2024: € 2.8 million)).

The main increase in Advances received in 2025 was found in Bridon-Bekaert Ropes Group (BBRG)

(project business).

Other taxes related to VAT payable (€ 10.4 million (2024: € 9.7 million)), employment-related taxes

withheld (€ 9.2 million (2024: € 11.7 million)) and other non-income taxes payable

(€ 8.0 million (2024: € 8.2 million)).

6.21. Tax positions

The table below provides an overview of the tax receivables, tax payables and uncertain tax positions

recognized at balance sheet closing date. The tax receivables and payables include both current income

taxes, VAT and other taxes.


in thousands of €	2024	2025
Tax receivables	119 301	112 051
Certain tax liabilities	58 516	59 510
Uncertain tax positions	42 610	30 358

The certain tax liabilities include the balances of other taxes presented in the table of note "6.20. Other

current liabilities". The reduction in uncertain tax positions primarily reflects favorable outcomes from tax

audits and the expiration of certain statutory limitation periods, which together have lowered the

company’s overall tax risk exposure.


Bekaert Annual Report 2025	− 153 −

7. Miscellaneous items

7.1. Notes to the cash flow statement

Summary


in thousands of €	2024	2025
Operating result (EBIT)	296 178	134 826
Non-cash items added back to operating result (EBIT)	161 190	270 800
EBITDA	457 368	405 625
Other gross cash flows from operating activities	-82 927	-35 371
Gross cash flows from operating activities	374 441	370 255
Changes in operating working capital ¹	37 139	66 260
Other operating cash flows	-37 610	13 230
Cash from operating activities	373 971	449 744
Cash from investing activities	-200 355	-79 005
Cash from financing activities	-306 855	-316 038
Net increase or decrease in cash and cash equivalents	-133 239	54 701

¹ For reconciliation of the changes in operating working capital with the organic variation of the working capital, see note 6.8. "Operating

working capital".

The cash flow from operating activities is presented using the indirect method.

Cash from operating activities


Details of selected operating items
in thousands of €	2024	2025
Non-cash items included in operating result (EBIT)
Depreciation and amortization ¹	151 411	173 619
Impairment losses on assets	9 779	97 181
Non-cash items added back to operating result (EBIT)	161 190	270 800
Employee benefits: set-up / reversal (-) of amounts not used	18 676	19 673
Provisions: set-up / reversal (-) of amounts not used	14 063	3 367
CTA recycled on business disposals	—	56 600
Equity-settled share-based payments	-5 017	2 938
Other non-cash items included in operating result (EBIT)	27 722	82 578
Total	188 911	353 378
Investing items included in operating result (EBIT)
Gains (-) and losses on business disposals (portion sold)	—	-20 010
Gains (-) and losses on disposals of intangible assets + PP&E	-4 630	-10 987
Total	-4 630	-30 997
Amounts used on provisions and employee benefit obligations
Employee benefits: amounts used	-29 852	-16 554
Provisions: amounts used	-6 744	-9 270
Total	-36 596	-25 824
Income taxes paid
Current income tax expense	-70 716	-51 860
Increase or decrease (-) in net income taxes payable	1 295	-9 268
Total	-69 421	-61 128
Other operating cash flows
Movements in other receivables and payables	-35 429	8 628
Other	-2 181	4 601
Total	-37 610	13 230

¹ Including €+1.6 million (2024: € -22.4 million) write-downs / (reversals of write-downs) on inventories and trade receivables (see note

6.8. "Operating working capital").


Bekaert Annual Report 2025	− 154 −

Gross cash flows from operating activities decreased by € -4.2 million as a result of lower EBITDA of

€ -51.7 million, partially offset with CTA recycling on business disposal of Steel Wire Solutions businesses

in Costa Rica, Ecuador and Venezuela (€ 56.6 million), change in reversal of investment elements in

operating result (€ -26.4 million), the positive cash impact on taxes paid (€ 8.3 million), equity-settled

share based payments (€ 8.0 million) and changes setup, reversal and amounts used of provisions

(€ 1.0 million).

The decrease in working capital, mainly driven by lower trade receivables, trade payables and lower

inventories, generated a cash-in for a total amount of € 66.3 million in 2025 (2024: cash-in of

€ 37.1 million) (see organic decrease in note 6.8. "Operating working capital").

Other operating cash flows mainly related to swings in other receivables and payables not included in

working capital and not arising from investing or financing activities.

In 2025, the cash-out from income taxes was € -61.1 million. Most taxes were paid in China

(€ 21.9 million), Belgium (€ 11.7 million), India (€ 5.0 million), Australia (€ 4.1 million), Chile (€ 3.7 million),

Slovakia (€ 3.6 million), Brazil (€ 2.7 million), United States (€ 1.7 million), Spain (€ 1.2 million) and Ecuador

(€ 1.0 million).

Cash from investing activities

The following table presents more details on selected investing cash flows:


Details of selected investing items
in thousands of €	2024	2025
Other portfolio investments
New business combinations	-39 170	19
Other investments	-1 443	-1 221
Total	-40 614	-1 203
Proceeds from disposals of fixed assets
Proceeds from disposals of intangible assets	—	—
Proceeds from disposals of property, plant and equipment	9 809	15 168
Total	9 809	15 168

The other investments in 2025 related mainly to the investments in Zacua Ventures Builders Fund I, LP

(€ 0.6 million), Hyve BV (€ 0.3 million) and Emerald Industrial Innovation Fund, LP (€ 0.3 million). New

business combinations related to the investments in new subsidiaries in 2025 (Flexofibers Spain SL).

New business combinations related to the investments in new subsidiaries in 2024 (Bexco NV).

Cash-outs from capital expenditure for property, plant and equipment decreased from € 196.1 million

in 2024 to € 139.2 million in 2025.

The proceeds from sales of fixed assets in 2025 related mainly to sales transactions in Belgium and

Brazil. The proceeds from sales of fixed assets in 2024 related mainly to sales transactions in Belgium

and Ecuador.

Cash from financing activities

The following table presents more details about selected financing items:


Details of selected financing items
in thousands of €	2024	2025
Other financing cash flows
Increase (-) or decrease in current and non-current receivables	-2 193	2 934
Increase (-) or decrease in current financial assets	-1 032	883
Other financial income and expenses	-16 051	-11 179
Total	-19 277	-7 362

New long-term debt issued was € 80.8 million in 2025 (2024: € 2.4 million) of which € 21.6 million is a

new loan in India, and € 59.0 million is related to European private placement. Repayments of long-term

debt (€ -192.9 million) consists mainly of the repayment of the Schuldschein loan (€ -110.5 million) and

other long term loans in the Belgian entity (€ -50.0 million) and repayment of current portion of the non-

current lease liability (€ -31.9 million). Cash-ins from short-term debt amounted to € 10.8 million in 2025

¹ CTA = cumulative translation adjustments (non-cash) from historic currency devaluations in Venezuela. Excluding this, the gain on

disposal for the Steel Wire Solutions businesses in Costa Rica, Ecuador and Venezuela was € 20 million.


Bekaert Annual Report 2025	− 155 −

(2024: cash-outs of € -47.5 million). For an overview of the movements in liabilities arising from financing

activities, see note 6.18. "Interest-bearing debt".

In 2025 amounted the impact of treasury share transactions to € -93.6 million (2024: € -30.1 million) and

mainly related to the share buy-back program.

As for other financing cash flows, there were cash-ins related to an increase from loans and receivables

(€ +2.9 million vs € -2.2 million in 2024) and cash-ins from current financial assets, mainly short-term

deposits (€ +0.9 million vs € cash-outs of -1.0 million in 2024). Other financial income and expenses

mainly related to taxes and bank charges on financial transactions (€ -11.1 million vs € -16.1 million in

2024).

7.2. Effect of business combinations and business disposals

Business disposals: Steel Wire Solutions businesses in Costa Rica, Ecuador

and Venezuela

On 30 June 2025, in line with our strategy to transform our business portfolio by repositioning into higher

margin markets while reducing exposure to more commoditized and volatile markets, Bekaert sold its

Steel Wire Solutions businesses in Costa Rica, Ecuador and Venezuela to Grupo AG.

The transaction covers the production and distribution facilities of the Steel Wire Solutions activities in

Costa Rica, Ecuador and Venezuela. These facilities manufactured and sold steel wire products primarily

for construction and agricultural applications. The completed transaction included the sale of the shares

held by Bekaert in the following entities: BIA Alambres Costa Rica SA in Alajueala, Costa Rica; Ideal

Alambrec SA in Quito, Ecuador; and Vicson SA in Valencia, Venezuela; along with their subsidiaries in

Guatemala, Ecuador and Venezuela.

The table below presents the net assets disposed by balance sheet caption. It also clarifies the amount

shown in the consolidated cash flow statement as "Proceeds from disposals of investments".


in thousands of €	Total disposals
Property, plant and equipment	27 873
Investments in joint ventures	-130
Other non-current assets	22
Deferred tax assets	1 669
Inventories	25 210
Trade receivables	17 800
Advances paid	711
Other receivables	4 368
Short-term deposits	256
Cash and cash equivalents	11 066
Other current assets	660
Non-current employee benefit obligations	-5 363
Non-current interest-bearing debt	-244
Deferred tax liabilities	-769
Current financial liabilities	-20 355
Trade payables	-25 691
Current employee benefit obligations	-3 326
Income taxes payable	-1 605
Other current liabilities	-2 238

Total net assets disposed	29 914
Total gain or loss (-) on business disposals	-36 591	Gain on the deal excluding CTA : € 20 million
CTA recycled on disposal (non-cash) 1	56 600	Gain on the deal excluding CTA : € 20 million
Cash disposed	-11 066
NCI disposed	-11 042
Proceeds from disposals of investments	27 815

The table below presents the impact included in the consolidated income statement coming from the


Bekaert Annual Report 2025	− 156 −

disposed Steel Wire Solutions business in Costa Rica, Ecuador and Venezuela in 2025 compared to 2024,

for the first half as well as for the second half of the year and for the full year.


(in thousands of €)	H1 2024	H2 2024	FY 2024	H1 2025	H2 2025	FY 2025

Sales	60 978	58 902	119 880	62 527	—	62 527
Cost of sales	-51 695	-50 537	-102 232	-52 222	—	-52 222
Gross profit	9 282	8 365	17 648	10 305	—	10 305
Operating result (EBIT)	4 918	2 787	7 705	3 822	—	3 822
of which
EBIT - Underlying	4 918	3 188	8 107	3 822	—	3 822
One-off items	—	-401	-401	—	—	—
Financial result	-2 052	-2 482	-4 534	-3 155	—	-3 155
Result before taxes	2 866	305	3 172	668	—	668
Income taxes	-141	-632	-773	-727	—	-727
Result after taxes (consolidated companies)	2 726	-327	2 399	-59	—	-59
Share in the results of joint ventures and associates	-52	-118	-170	-63	—	-63
RESULT FOR THE PERIOD	2 673	-445	2 228	-122	—	-122

Business combinations: acquisition of Flexofibers Spain SL

In 2025 Bekaert acquired 51% of shares in Flexofibers Spain SL. The company, based in Toledo Spain,

provides sustainable construction materials specializing in transforming recycled steel from end-of-life

tires into high-performance, low-carbon concrete reinforcement fibers.

The accounting for the business combination resulted in a goodwill of € 0.6 million. The non-controlling

interest (€ 0.9 million) arising on the acquiree has been measured at their share in the fair value of the

net assets acquired (€ 1.8 million).

7.3. Financial risk management and financial instruments

Principles of financial risk management

The Group is exposed to risks from movements in exchange rates, interest rates and market risks that

affect its assets and liabilities. Financial risk management within the Group aims at reducing the impact

of these market risks through ongoing operational and financing activities. Selected derivative hedging

instruments are used depending on the assessment of risk involved. The Group mainly hedges the risks

that affect the Group’s cash flows. Derivatives are used exclusively as hedging instruments and not for

trading or other speculative purposes. To reduce the credit risk, hedging transactions are generally only

concluded with financial institutions whose long term credit rating is at least A according to Moody’s

Investors Service Inc., Fitch and S&P.

The guidelines and principles of the Bekaert financial risk policy are defined by the Audit, Risk and

Finance Committee and overseen by the Board of the Group. Group Treasury is responsible for

implementing the financial risk policy. This encompasses defining appropriate policies and setting up

effective control and reporting procedures. The Audit, Risk and Finance Committee is regularly kept

informed on the exposures.

Currency risk

The Group’s currency risk can be split into two categories: translational and transactional currency risk.

Translational currency risk

A translational currency risk arises when the financial data of foreign subsidiaries are converted into the

Group’s presentation currency, the euro. The main currencies are Chinese renminbi, US dollar, Czech

koruna, Brazilian real, Indian rupee and pound sterling. Since there is no impact on the cash flows, the

Group usually does not hedge against such risk.


Bekaert Annual Report 2025	− 157 −

Transactional currency risk

The Group is exposed to transactional currency risks resulting from its operating, investing and financing

activities.

Foreign currency risk in the area of operating activities arises from commercial activities with sales and

purchases in foreign currencies, as well as payments and receipts of royalties. The Group uses forward-

exchange contracts to limit the currency risk on the forecasted cash inflows and outflows for the coming

three months. Significant exposures and firm commitments beyond that time frame may also be covered.

Foreign currency risk in the area of investment results from the acquisition and disposal of investments in

foreign companies, and sometimes also from dividends receivable from foreign investments. If material,

these risks are hedged by means of forward exchange contracts.

Foreign currency risk in the financing area results from financial liabilities in foreign currencies. In line

with its policy, Group Treasury hedges these risks using cross-currency interest-rate swaps and forward

exchange contracts to convert financial obligations denominated in foreign currencies into the entity’s

functional currency. At the reporting date, the foreign currency liabilities for which currency risks were

hedged mainly consisted of intercompany loans in euro and US dollar.

Currency sensitivity analysis

Currency sensitivity relating to the operating, investing and financing activities

The following table summarizes the Group’s net foreign currency positions of operating, investing and

financing receivables and payables at the reporting date for the most important currency pairs. The net

currency positions are presented before intercompany eliminations. Positive amounts indicate that the

Group has a net future cash inflow in the first currency. In the table, the "Total exposure" column

represents the position on the balance sheet, while the "Total derivatives" column includes all financial

derivatives hedging those balance sheet positions as well as forecasted transactions.


Currency pair - 2024
in thousands of €	Total exposure	Total derivatives	Open position
BRL/EUR	37 302	—	37 302
CZK/EUR	8 257	—	8 257
EUR/CNY	23 110	-18 289	4 822
EUR/GBP	45 942	-4 790	41 152
EUR/INR	-11 352	26 532	15 180
EUR/MYR	10 055	—	10 055
EUR/RON	-46 238	—	-46 238
EUR/RUB	-11 470	2 876	-8 594
IDR/USD	-7 885	742	-7 143
JPY/CNY	-21 929	8 845	-13 083
JPY/USD	-40 988	—	-40 988
NOK/GBP	-4 651	—	-4 651
NZD/USD	7 996	—	7 996
USD/CNY	9 361	-12 706	-3 345
USD/EUR	-13 133	-97 256	-110 388
USD/GBP	5 243	—	5 243


Bekaert Annual Report 2025	− 158 −


Currency pair - 2025
in thousands of €	Total exposure	Total derivatives	Open position
AED/EUR	-5 900	—	-5 900
AUD/EUR	-23 400	-3 600	-27 000
BRL/EUR	22 700	—	22 700
CZK/EUR	-29 200	—	-29 200
EUR/CAD	5 700	—	5 700
EUR/CNY	36 800	-4 100	32 700
EUR/GBP	52 300	-25 200	27 100
EUR/HKD	10 200	—	10 200
EUR/INR	-37 700	—	-37 700
EUR/JPY	-13 000	2 100	-10 900
EUR/MXN	-7 100	—	-7 100
EUR/RON	-6 300	-44 000	-50 300
EUR/RUB	-42 000	—	-42 000
USD/BRL	-5 700	—	-5 700
USD/CAD	18 100	—	18 100
USD/EUR	-108 300	66 400	-41 900
USD/INR	-20 300	—	-20 300

The reasonably possible changes used in this calculation were based on annualized volatility relating to

the daily movement of the exchange rate of the reported year, with a 95% confidence interval.

If rates had weakened/strengthened by such changes with all other variables constant, the result for the

period before taxes would have been € 20.7 million lower/higher (2024: € 15.7 million).

Interest rate risk

The Group is exposed to interest rate risk, mainly on debt denominated in US dollar, Chinese renminbi

and euro. To minimize the effects of interest-rate fluctuations in these regions, the Group manages the

interest rate risk for net debt denominated in the respective currencies of these countries separately.

General guidelines are applied to cover interest-rate risk:

• The target average life of long-term debt is four years.

• The allocation of long-term debt between floating and fixed interest rates must remain within the

defined limits approved by the Audit, Risk and Finance Committee.

Group Treasury uses interest-rate swaps and cross-currency interest-rate swaps to ensure that the

floating and fixed portions of the long-term debt remain within the defined limits.

The following table summarizes the weighted average interest rates, excluding the effects of any swaps,

at the balance sheet date.


2024	Long-term
2024	Fixed rate	Floating rate	Total	Short-term	Total
US dollar	–%	–%	–%	5.39%	5.39%
Chinese renminbi	–%	–%	–%	2.61%	2.61%
Euro	2.11%	4.23%	2.46%	–%	2.46%
Other	–%	–%	–%	8.21%	8.21%
Total	2.11%	4.23%	2.46%	4.64%	2.99%


2025	Long-term
2025	Fixed rate	Floating rate	Total	Short-term	Total
US dollar	–%	–%	–%	4.78%	4.78%
Chinese renminbi	–%	–%	–%	2.32%	2.32%
Euro	2.90%	3.92%	2.93%	2.81%	2.91%
Other	–%	–%	–%	6.56%	6.56%
Total	2.90%	3.92%	2.93%	3.93%	3.22%


Bekaert Annual Report 2025	− 159 −

Interest rate sensitivity analysis

Interest rate sensitivity of the financial debt

As disclosed in note 6.18. "Interest-bearing debt", the total financial debt of the Group as of 31 December

2025 decreased to € 716 million (2024: € 803 million). The following table shows the currency and

interest rate profile, i.e. the percentage distribution of the total financial debt by currency and by type of

interest rate (fixed, floating), including the effect of any swaps.


2024	Long-term		Short-term
2024	Fixed rate	Floating rate	Floating rate	Total
US dollar	–%	–%	13.50%	13.50%
Chinese renminbi	–%	–%	8.90%	8.90%
Euro	63.20%	12.20%	–%	75.40%
Other	–%	–%	2.20%	2.20%
Total	63.20%	12.20%	24.60%	100.00%


2025	Long-term		Short-term
2025	Fixed rate	Floating rate	Floating rate	Total
US dollar	–%	–%	15.00%	15.00%
Chinese renminbi	–%	–%	2.70%	2.70%
Euro	68.80%	2.00%	10.30%	81.10%
Other	–%	–%	1.20%	1.20%
Total	68.80%	2.00%	29.20%	100.00%

On the basis of the annualized daily volatility of the 3-month Interbank Offered Rate in 2025 and 2024,

the reasonable estimates of possible interest rate changes, with a 95% confidence interval, are set out

for the main currencies in the table below.


2024	Interest rate at 31 December	Reasonably possible changes (+/-)
Chinese renminbi ¹	1.71%	0.28%
Euro	2.75%	0.45%
US dollar	4.69%	0.75%


2025	Interest rate at 31 December	Reasonably possible changes (+/-)
Chinese renminbi ¹	1.54%	0.25%
Euro	2.06%	0.34%
US dollar	4.36%	0.07%

¹ For the Chinese renminbi, the interest rate is the PBOC benchmark interest rate for loans up to six months.

Applying the estimated possible changes in the interest rates to the floating rated debt, with all other

variables constant, the result for the period before tax would have been € 0.0 million higher/lower (2024:

€ 0.1 million higher/lower).

Credit risk

Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or

customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating

activities and certain financing activities, including deposits with banks and financial institutions. In

respect of its operating activities, the Group has a credit policy in place, which takes into account the risk

profiles of the customers in terms of the market segment to which they belong. Based on activity

platform, product sector and geographical area, a credit risk analysis is made of customers and a decision

is taken regarding the covering of the credit risk. The exposure to credit risk is monitored on an ongoing

basis and credit evaluations are made of all customers. In terms of the characteristics of some steel wire

activities with a limited number of global customers, the concentration risk is closely monitored and, in

combination with the existing credit policy, appropriate action is taken when needed. In accordance with

IFRS 8 §34, none of the specified disclosures on individual customers (or groups of customers under

common control) are required, since none of the Group’s customers accounts for more than 10% of its

revenues. At 31 December 2025, 76.73% (2024: 74.05%) of the credit risk exposure was covered by


Bekaert Annual Report 2025	− 160 −

credit insurance policies and by trade finance techniques such as letters of credit, cash against

documents and bank guarantees. In respect of financing activities, transactions are normally concluded

with counterparties that have at least an A credit rating. There are also limits allocated to each

counterparty which depend on their rating. Due to this approach, the Group considers the risk of

counterparty default to be limited in both operating and financing activities. In accordance with the IFRS

9 "expected credit loss" model for financial assets, a bad debt allowance is made for trade receivables to

cover the unknown bad debt risk at each reporting date. This ECL allowance IFRS 9 constitutes of a

percentage on outstanding trade receivables at each reporting date. The percentages reflect the

probability-weighted outcome, the time value of money and reasonable and supportable information that

is available at reporting date about past events, current conditions and forecasts of future economic

conditions and are reviewed year-on-year.

Liquidity risk

Liquidity risk is the risk that the Group will be unable to meet its obligations as they come due because of

an inability to liquidate assets or obtain adequate funding. To ensure liquidity and financial flexibility at all

times, the Group, in addition to its available cash, has several uncommitted short-term credit lines at its

disposal in the major currencies and in amounts considered adequate for current and near-future

financing needs. These facilities are generally of the mixed type and may be utilized, for example, for

advances, overdrafts, acceptances and discounting. The Group also has committed credit facilities at its

disposal up to a maximum equivalent of € 400 million (2024: € 250 million) at floating interest rates with

fixed margins. At year-end, € 70 million was outstanding under these facilities (2024: nil). In addition, the

Group has a commercial paper and medium-term note program available for a maximum of

€ 123.9 million (2024: € 123.9 million). At the end of 2025, no commercial paper notes were outstanding

(2024: nil). At year-end, no external bank debt was subject to debt covenants (2024: nil). The Group has

discounted outstanding receivables per 31 December 2025 for a total amount of € 210.5 million (2024:

€ 221.0 million) under its existing factoring agreements. Under these agreements, substantially all risks

and rewards of ownership of the receivables are transferred to the factor. As a consequence, at the end

of 2025, the factored receivables are derecognized.

The following table shows the Group’s contractually agreed (undiscounted) outflows in relation to

financial liabilities (including financial liabilities reclassified as liabilities associated with assets held for

sale). Only net interest payments and principal repayments are included.


2024
in thousands of €	2025	2026	2027-2029	2030 and thereafter
Financial liabilities - principal
Trade payables	-668 111	—	—	—
Other payables	-5 257	-1 356	—	—
Interest-bearing debt	-306 313	-217 075	-257 109	-22 034
Derivatives - gross settled	-118 900	—	—	—
Financial liabilities - interests
Trade and other payables	—	—	—	—
Interest-bearing debt	-16 490	-11 651	-5 904	—
Derivatives - gross settled	-4 160	—	—	—
Total undiscounted cash flow	-1 119 231	-230 082	-263 013	-22 034


Bekaert Annual Report 2025	− 161 −


2025
in thousands of €	2026	2027	2028-2030	2031 and thereafter
Financial liabilities - principal
Trade payables	-637 670	—	—	—
Other payables	-8 480	-2 116	—	—
Interest-bearing debt	-344 061	-232 245	-55 025	-85 094
Derivatives - gross settled	-118 886	—	—	—
Financial liabilities - interests
Trade and other payables	—	—	—	—
Interest-bearing debt	-16 414	-8 472	-7 675	-5 116
Derivatives - gross settled	-3 426	—	—	—
Total undiscounted cash flow	-1 128 938	-242 833	-62 700	-90 210

All instruments held at the reporting date and for which payments had been contractually agreed are

included. Forecasted data relating to future, new liabilities have not been included. Amounts in foreign

currencies have been translated at the closing rate at the reporting date. The variable interest payments

arising from the financial instruments were calculated using the applicable forward interest rates.

Hedging

All financial derivatives the Group enters into, relate to an underlying transaction or forecasted exposure.

In function of the expected impact on the income statement and if the stringent IFRS 9 criteria are met,

the Group decides on a case-by-case basis whether hedge accounting will be applied. The following

sections describe the transactions whereby hedge accounting is applied and transactions which do not

qualify for hedge accounting but constitute an economic hedge.

Hedge accounting

The Group did not apply hedge accounting in 2025 (2024: none) so there were no fair value hedges nor

cash flow hedges in 2025 (2024: none).

Economic hedging and other derivatives

The Group also uses financial instruments that represent an economic hedge but for which no hedge

accounting is applied, either because the criteria to qualify for hedge accounting defined in IFRS 9

"Financial Instruments" are not met or because the Group has elected not to apply hedge accounting.

These derivatives are treated as free-standing instruments held for trading.

• The Group uses cross-currency interest-rate swaps and forward-exchange contracts to hedge the

currency risk on intercompany loans involving two entities with different functional currencies. Until

now, the Group has elected not to apply hedge accounting as defined in IFRS 9. Since nearly all cross-

currency interest-rate swaps are floating-to-floating, the fair value gain or loss on the financial

instruments is expected to offset the foreign-exchange result arising from the remeasurement of the

intercompany loans. The major currencies involved are US dollar and British pound.

• To manage its interest-rate exposure, the Group uses interest-rate swaps to convert its floating-rate

debt to a fixed rate debt. The Group has no longer outstanding interest-rate swaps at year-end 2025 to

hedge the Schuldschein loans with floating interest rates (2024: € 80.5 million).

• The Group uses forward exchange contracts to limit currency risks on its various operating and

financing activities. For all forward exchange contracts, the fair value change is recorded immediately

under other financial income and expenses.

• In June 2019, the Group entered into a renewable energy Virtual Power Purchase Agreement (VPPA)

for a wind generation facility located in the US. In July 2022 the group entered into an additional

contract for a solar project located in Texas (US). In July 2024, the group entered into a new contract

for an onshore wind farm project, located in Romania. See note ESRS E1-3. The characteristics of the

contracts are such that the VPPA constitutes a derivative in accordance with IFRS 9. The fair value of

the derivative amounted to € 24.0 million at 31 December 2025 (2024: € 27.1 million), as a result of

which a loss of € -3.2 million was recognized in other financial costs.

• The put option relating to the 2023 business combination with Flintstone qualifies as a non-current

financial liability measured at fair value through profit or loss.


Bekaert Annual Report 2025	− 162 −

Derivatives

The following table analyzes the notional amounts of the derivatives according to their maturity date. In

the case that derivatives are designated for hedge accounting as set out in IFRS 9, a distinction will be

made depending on whether these are part of a fair value hedge (FVH) or cash flow hedge (CFH). At

31 December 2025, Bekaert does not apply hedge accounting:


2024
in thousands of €	Due within one year	Due between one and 5 years	Due after more than 5 years
Held for trading
Forward exchange contracts	67 102	—	—
Interest-rate swaps	80 500	—	—
Cross-currency interest-rate swaps	118 900	—	—
Total	266 502	—	—


2025
in thousands of €	Due within one year	Due between one and 5 years	Due after more than 5 years
Held for trading
Forward exchange contracts	62 186	—	—
Interest-rate swaps	—	—	—
Cross-currency interest-rate swaps	118 886	—	—
Total	181 073	—	—

The following table summarizes the fair values of the various derivatives carried. In the case that

derivatives are designated for hedge accounting as set out in IFRS 9, a distinction will be made depending

on whether these are part of a fair value hedge (FVH) or cash flow hedge (CFH). At 31 December 2025,

Bekaert does not apply hedge accounting:


Fair value of current and non-current derivatives	Assets		Liabilities
in thousands of €	2024	2025	2024	2025
Financial instruments
Held for trading
Forward exchange contracts	271	558	648	376
Interest-rate swaps	961	—	—	—
Cross-currency interest-rate swaps	166	1 972	2 822	183
Put options relating to non-controlling interests	—	—	1 206	1 966
Other derivative financial assets	27 140	23 995	—	—
Total	28 537	26 526	4 676	2 526
Non-current	28 100	23 995	1 206	1 966
Current	437	2 530	3 470	560
Total	28 537	26 526	4 676	2 526

In 2025, the other derivative financial assets related to the VPPA derivatives for € 24.0 million

(2024: € 27.1 million).

The Group has no financial assets and financial liabilities that are presented net in the balance sheet due

to set-off in accordance with IAS 32. The Group enters into ISDA (International Swaps and Derivatives

Association) master agreements with its counterparties for some of its derivatives, allowing the

counterparties to net derivative assets with derivative liabilities when settling in case of default. Under

these agreements, no collateral is being exchanged, neither in cash nor in securities.


Bekaert Annual Report 2025	− 163 −

The potential effect of the netting of derivative contracts is shown below:


Effect of enforceable netting agreements	Assets		Liabilities
in thousands of €	2024	2025	2024	2025
Total derivatives recognized in balance sheet	28 537	26 526	4 676	2 526
Enforceable netting	166	1 972	166	1 972
Net amounts	28 704	28 498	4 843	4 498

Additional disclosures on financial instruments by class and category

The following tables list the different classes of financial assets and liabilities with their carrying amounts

and their respective fair values, analyzed by their measurement category in accordance with IFRS 9

"Financial Instruments".

Cash and cash equivalents, short-term deposits, trade and other receivables, bills of exchange received,

loans and receivables primarily have short terms to maturity; hence, their carrying amounts at the

reporting date approximate the fair values. Trade and other payables also generally have short terms to

maturity and, hence, their carrying amounts also approximate their fair values. The Group has no

exposure to collateralized debt obligations (CDOs).

The following abbreviations are used for the IFRS 9 categories:


Abbreviation	Category in accordance with IFRS 9
AC	Financial assets or financial liabilities at amortized cost
FVTOCI/Eq	Equity instruments designated as at fair value through OCI
FVTPL/Mnd	Financial assets mandatorily measured at fair value through profit or loss
FVTPL	Financial liabilities measured as at fair value through profit or loss


Bekaert Annual Report 2025	− 164 −


Carrying amount vs fair value		31 December 2024		31 December 2025
in thousands of €	Category in accordance with IFRS 9	Carrying amount	Fair value	Carrying amount	Fair value
Assets
Non-current financial assets
- Financial & other receivables and cash guarantees	AC	11 922	11 922	9 804	9 804
- Equity investments	FVTOCI/Eq	40 621	40 621	39 672	39 672
- Derivatives
- Held for trading	FVTPL/Mnd	28 100	28 100	23 995	23 995
Current financial assets
- Financial receivables and cash guarantees	AC	1 633	1 633	-579	-579
- Cash and cash equivalents	AC	504 384	504 384	526 601	526 601
- Short term deposits	AC	2 312	2 312	1 045	1 045
- Trade receivables	AC	580 663	580 663	525 622	525 622
- Bills of exchange received	AC	29 110	29 110	19 680	19 680
- Other current assets
- Other receivables	AC	14 939	14 939	17 001	17 001
- Derivatives
- Held for trading	FVTPL/Mnd	437	437	2 530	2 530
Liabilities
Non-current interest-bearing debt
- Lease liabilities	AC	74 950	74 950	70 822	70 822
- Cash guarantees received	AC	135	135	122	122
- Credit institutions	AC	195	195	21 436	21 436
- Schuldschein loans	AC	20 939	20 939	20 984	20 984
- Bonds	AC	400 000	378 300	259 000	250 237
Current interest-bearing debt
- Lease liabilities	AC	24 262	24 262	23 692	23 692
- Credit institutions	AC	171 546	171 546	120 369	120 369
- Schuldschein loans	AC	110 500	110 500	—	—
- Bonds	AC	—	—	200 000	196 092
Other non-current liabilities
- Put option	FVTPL	1 206	1 206	1 966	1 966
- Other payables	AC	150	150	150	150
Trade payables	AC	668 111	668 111	637 670	637 670
Other current liabilities
- Other payables	AC	23 423	23 423	38 650	38 650
- Derivatives
- Held for trading	FVTPL	3 470	3 470	561	561
Aggregated by category in accordance with IFRS 9
Financial assets	AC	1 144 963	1 144 963	1 099 175	1 099 175
	FVTOCI/Eq	40 621	40 621	39 672	39 672
	FVTPL/Mnd	28 537	28 537	26 526	26 526
Financial liabilities	AC	1 494 211	1 472 511	1 392 896	1 380 224
	FVTPL	4 676	4 676	2 527	2 527

The fair value of all financial instruments measured at amortized cost in the balance sheet has been

determined using level-2 fair value measurement techniques. For most financial instruments the carrying

amount approximates the fair value.


Bekaert Annual Report 2025	− 165 −

Financial instruments by fair value measurement hierarchy

The fair value measurement of financial assets and financial liabilities can be characterized in one of the

following ways:

• "Level 1" fair value measurement: the fair values of financial assets and liabilities with standard terms

and conditions and traded on active liquid markets are determined with reference to quoted market

prices in these active markets for identical assets and liabilities. This mainly relates to financial assets

at fair value through other comprehensive income such as the investment in Shougang Concord

Century Holdings Ltd (see note 6.6. "Other non-current assets").

• "Level 2" fair value measurement: the fair values of other financial assets and financial liabilities are

determined in accordance with generally accepted pricing models based on discounted cash flow

analysis using prices from observable current market transactions and dealer quotes for similar

instruments. This mainly relates to derivative financial instruments. Forward exchange contracts are

measured using quoted forward-exchange rates and yield curves derived from quoted interest rates

with matching maturities. Interest-rate swaps are measured at the present value of future cash flows

estimated and discounted using the applicable yield curves derived from quoted interest rates. The fair

value measurement of cross-currency interest-rate swaps is based on discounted estimated cash

flows using quoted forward-exchange rates, quoted interest rates and applicable yield curves derived

therefrom.

• "Level 3" fair value measurement: the fair value of the remaining financial assets and financial liabilities

is derived from valuation techniques which include inputs that are not based on observable market

data. At the end of 2025, Bekaert had three types of financial instruments, namely the VPPA

agreement, the put option and several equity investments, for which the fair value measurement can be

characterized as "level 3". The fair value of the VPPA contract is determined using a Monte Carlo

valuation model. The main factors determining the fair value of the VPPA agreement are the discount

rate (level 2), the estimated energy output based on wind or solar studies in the area and the off-peak/

on-peak price volatility (level 3). The fair value of the main equity investment (Xinju Metal Products Co

Ltd) is determined using a 5-year forecast timeframe of cash flows based on the latest business plan,

followed by a terminal value assumption. The main factors determining the fair value are the discount

rate and EBITDA. The fair value of the put option, relating to non-controlling interests has been based

on discounted estimated earnouts.


Derivative in VPPA arrangement	31 December 2025
Level 2 inputs
Discount rate	Weighted average of investment grade corporate bond curves
Level 3 inputs
Power forward sensitivity	Estimated on peak/off peak price forecasts
Production sensitivity	Based on wind / solar studies in the area
Outcome of the model (in thousands of €)
Fair value of the VPPA derivative	23 995


Put option Flintstone	31 December 2025
Level 3 inputs
Discount rate	12.60%

The carrying amount (i.e. the fair value) of the level-3 liabilities/(assets) has evolved as follows:


Level-3 Financial liabilities / (assets)
in thousands of €	2024	2025
At 1 January	-37 569	-54 593
(Expenditure) / Disposal	-182	-1 129
(Gain) / loss in fair value through OCI	-1 512	5 911
(Gain) / loss in fair value through P&L	-15 330	3 144
At 31 December	-54 593	-46 667

Gains and losses in fair value are reported in other financial income and expenses (€ -3.1 million), except

for the equity investments where fair value changes are carried through other comprehensive income

(€ 24.0 million) (see note 6.6. "Other non-current assets").


Bekaert Annual Report 2025	− 166 −

The following table shows the sensitivity of the fair value calculation to the most significant level-3 inputs

of the VPPA agreement for Rockhound Solar D and Vifor RO Wind Project.


Sensitivity analysis Rockhound Solar D project
in thousands of €	Change	Impact on VPPA derivative
Power forward sensitivity	+10%	increased by	3 387
	-10%	decreased by	-3 506
Production sensitivity	+5%	increased by	2 281
	-5%	decreased by	-2 315


Sensitivity analysis Vifor RO Wind Project
in thousands of €	Change	Impact on VPPA derivative
Power forward sensitivity	+10%	increased by	7 156
	-10%	decreased by	-7 165
Production sensitivity	+5%	increased by	578
	-5%	decreased by	-623


Equity Investments	31 December 2025
Level 3 inputs
Discount Rate	Weighted average of cost of capital after tax
Result (cash flow projection)	EBITDA

The sensitivity of the fair value calculation of the equity investment in Xinju Metal Products Co Ltd

(€ 8.0 million) is shown below:

• If EBITDA would be CNY 4.0 million lower in all periods of the business plan, the fair value would be

€ 7.1 million;

• If the discount factor would be 1% higher, the fair value would be € 9.3 million;

• If EBITDA would be CNY 4.0 million lower in all years of the business plan and the discount factor

would be 1% higher, the fair value would be € 7.6 million.

The following table provides an analysis of financial instruments measured at fair value in the balance

sheet, in accordance with the fair value measurement hierarchy described above:


2024
in thousands of €	Level 1	Level 2	Level 3	Total
Financial assets mandatorily measured as at fair value through profit or loss
Derivative financial assets	—	1 398	27 140	28 537
Equity instruments designated as at fair value through OCI
Equity investments	13 168	—	27 453	40 621
Total assets	13 168	1 398	54 593	69 158
Financial liabilities held for trading
Other derivative financial liabilities	—	3 470	—	3 470
Put option relating to non-controlling interests	—	—	1 206	1 206
Total liabilities	—	3 470	1 206	4 676


Bekaert Annual Report 2025	− 167 −


2025
in thousands of €	Level 1	Level 2	Level 3	Total
Financial assets mandatorily measured as at fair value through profit or loss
Derivative financial assets	—	2 530	23 995	26 526
Equity instruments designated as at fair value through OCI
Equity investments	17 001	—	22 671	39 672
Total assets	17 001	2 530	46 667	66 198
Financial liabilities held for trading
Other derivative financial liabilities	—	561	—	561
Put option relating to non-controlling interests	—	—	1 966	1 966
Total liabilities	—	561	1 966	2 527

Capital risk management

The Group manages its capital to ensure that entities in the Group will be able to continue as a going

concern while maximizing the return to shareholders through the optimization of the net debt and equity

balance. The Group has not changed its strategy in this regard compared to 2024.

The capital structure of the Group consists of net debt, as defined in note 6.18. "Interest-bearing debt",

and equity (both attributable to equity holders of Bekaert and to non-controlling interests).

Gearing ratio

The Group’s Audit, Risk and Finance Committee reviews the capital structure on a semi-annual basis. As

part of this review, the committee assesses the cost of capital and the risks associated with each class of

capital. The Group has a target gearing ratio of 50% determined as the proportion of net debt to equity.

To realize this target (excluding the impact of IFRS 16 "Leases"), the Group is following systematically a

number of guidelines, a.o.

• strict cost control to improve profitability;

• managing working capital levels by:

– operational excellence;

– cash collection actions;

– aligned payment terms;

– optimized factoring usage;

• strict control of capital expenditure;

• active business portfolio management, including M&A and divestments.


Gearing
in thousands of €	2024	2025
Net debt	283 015	180 106
Equity	2 311 768	2 097 339
Net debt to equity ratio	12.2%	8.6%

7.4. Contingencies, commitments, secured liabilities and assets pledged as

security

As at 31 December, the important contingencies and commitments were:


in thousands of €	2024	2025
Contingent liabilities	5 429	3 800
Commitments to purchase fixed assets	58 499	40 406
Commitments to invest in venture capital funds	4 690	1 840

At year-end 2025, there were no outstanding bank guarantees linked to environmental obligations.

Apart from the leases, there are no restrictions to realize assets or settle liabilities. The lease liabilities

are effectively secured as the rights to the leased assets recognized in the financial statements revert to

the lessor in the event of default. The contingencies, commitments and assets pledged as security in joint

ventures are disclosed in note 6.5. "Investments in joint ventures and associates".


Bekaert Annual Report 2025	− 168 −

7.5. Related parties

Transactions between the Company and its subsidiaries, which are related parties, have been eliminated

in the consolidation and are accordingly not disclosed in this note. Transactions with other related parties

are disclosed below.


Transactions with joint ventures
in thousands of €	2024	2025
Sales of goods	8 525	7 595
Purchases of goods	12 967	12 513
Services rendered	5	16
Royalties and management fees received	12 578	10 559
Interest and similar income	13	6
Dividends received	47 185	46 834


Outstanding balances with joint ventures
in thousands of €	2024	2025
Trade receivables	4 797	2 172
Other current receivables	2 251	4 153
Trade payables	3 072	3 074
Other current payables	1	2

None of the related parties have entered into any other transactions with the Group that meet the

requirements of IAS 24 "Related Party Disclosures". The sales to and purchases from related parties are

made on terms equivalent to those that prevail in arm’s length transactions. Outstanding balances at the

year-end are unsecured and interest free and settlement occurs in cash. Advances have been received for

ongoing capex projects. More information on transactions with joint ventures are disclosed in note

6.5. "Investments in joint ventures and associates".


Key Management remuneration
in thousands of €	2024	2025
Number of persons	33	31
Short-term employee benefits
Basic remuneration	9 592	9 375
Variable remuneration	3 714	2 297
Remuneration as directors of subsidiaries	465	475
Post-employment benefits
Defined-benefit pension plans	123	125
Defined-contribution pension plans	1 730	1 579
Share-based payment benefits	3 540	3 182
Total gross remuneration	19 164	17 033
Average gross remuneration per person	581	549
Number of performance share units granted (cash-settled and equity-settled)	104 058	134 409
Number of matching share units to be granted	4 958	3 922
Number of shares granted	10 323	2 150

Key management includes the CEO, the members of the Bekaert Group Executive (BGE) and the Senior

Vice Presidents. In addition to this, also the members of the Board of Directors are considered "Related

Parties".

The disclosures relating to the Belgian Corporate Governance Code are included in the "Corporate

Governance Statement" of this annual report.

7.6. Events after the balance sheet date

• Since 1 January 2026, a total of 42 125 treasury shares have been disposed of following the exercise

of stock options under the stock option plans SOP 2015-2017 and a total of 48 854 treasury shares

following the vesting of performance share units under the Performance Share Plan.

• On 28 January 2026, Bekaert announced it reached an agreement with Bridgestone to acquire the tire


Bekaert Annual Report 2025	− 169 −

reinforcement business in China and Thailand. Both companies signed a long-term supply agreement,

coupled with the transfer of two of Bridgestone’s captive tire cord manufacturing sites. Bekaert

thereby strengthens the leading position of its Rubber Reinforcement division in the global tire

reinforcement market. The transaction is expected to close in the first half of 2026, subject to

applicable regulatory approvals and customary closing conditions.

• In January and March 2026, Bekaert has acquired the minority share in both Bekaert Binjiang Steel

Cord Co. Ltd and China Bekaert Steel Cord Company Limited. In March 2026, Bekaert acquired the

minority share in Flintstone Technology Limited.

• A grant of 112 841 equity settled performance share units was made on 4 March 2026 under the terms

of the Performance Share Plan. The granted performance share units represented a fair value of

€ 5.5 million.

• A grant of 21 465 cash-settled performance share units was made on 4 March 2026 under the terms

of the PSU A&L and PSU US Performance Share Plan. The granted performance share units

represented a fair value of € 1.0 million.

7.7. Services provided by the statutory auditor and related persons

During 2025, the statutory auditor and persons professionally related to him performed additional

services for fees amounting to € 390 436. These fees essentially relate to further assurance services.

The additional services were approved by the Audit, Risk and Finance Committee.

The audit fees for NV Bekaert SA and its subsidiaries amounted to € 2 009 313.

7.8. Subsidiaries, joint ventures and associates

Companies forming part of the Group as at 31 December 2025

Subsidiaries


Industrial companies	Address	FC¹	%²
EMEA
Bekaert Advanced Cords Aalter NV	Aalter, Belgium	EUR	100
Bekaert Bohumín sro	Bohumín, Czech Republic	CZK	100
Bekaert Bradford UK Ltd	Bradford, United Kingdom	GBP	100
Bekaert Çelik Kord Sanayi ve Ticaret AS	Izmit, Turkey	EUR	100
Bekaert Combustion Technology BV	Assen, Netherlands	EUR	100
Bekaert Heating Romania SRL	Negoiesti, Brazi Commune, Romania	RON	100
Bekaert Hlohovec as	Hlohovec, Slovakia	EUR	100
Bekaert Petrovice sro	Petrovice, Czech Republic	CZK	100
Bekaert Sardegna SpA	Assemini, Italy	EUR	100
Bekaert Slatina SRL	Slatina, Romania	RON	100
Bekaert Slovakia sro	Sládkovičovo, Slovakia	EUR	100
Bekintex NV	Wetteren, Belgium	EUR	100
Bexco NV	Hamme, Belgium	EUR	100
Bridon International Ltd	Doncaster, United Kingdom	GBP	100
Flexofibers Spain SL	Madrid, Spain	EUR	51
Industrias del Ubierna SA	Burgos, Spain	EUR	100
OOO Bekaert Lipetsk	Gryazi, Russian Federation	RUB	100
VisionTek Engineering Srl	Rovereto, Italy	EUR	100
North America
Bekaert Corporation	Wilmington (Delaware), United States	USD	100
Bekaert Tire Reinforcement US Corporation	Wilmington (Delaware), United States	USD	100
Bridon-American Corporation	New York, United States	USD	100
Latin America
Bekaert Ropes Brasil Ltda	São Paulo, Brazil	BRL	100
Bekaert Ropes Chile SA	Maipú, Chile	CLP	100
Productora de Alambres Colombianos Proalco SAS³	Bogotá, Colombia	COP	40


Bekaert Annual Report 2025	− 170 −


Industrial companies	Address	FC¹	%²
Asia Pacific
Bekaert Applied Material Technology (Shanghai) Co Ltd	Shanghai, China	CNY	100
Bekaert Binjiang Steel Cord Co Ltd	Jiangyin (Jiangsu province), China	CNY	90
Bekaert (China) Technology Research and Development Co Ltd	Jiangyin (Jiangsu province), China	CNY	100
Bekaert (Chongqing) Steel Cord Co Ltd	Chongqing, China	CNY	100
Bekaert Eco-Solutions Pvt Ltd	Pune, India	INR	100
Bekaert Industries Pvt Ltd	Taluka Shirur, District Pune, India	INR	100
Bekaert (Jiangsu) Advanced Cords Co Ltd	Jiangyin, Wuxi (Jiangsu province), China	CNY	100
Bekaert Jiangyin Wire Products Co Ltd	Jiangyin (Jiangsu province), China	CNY	100
Bekaert (Jining) Steel Cord Co Ltd	Jining, Yanzhou district (Shandong province), China	CNY	60
Bekaert New Materials (Suzhou) Co Ltd	Suzhou (Jiangsu province), China	CNY	100
Bekaert (Qingdao) Wire Products Co Ltd	Qingdao (Shandong province), China	CNY	100
Bekaert (Shandong) Tire Cord Co Ltd	Weihai (Shandong province), China	CNY	100
Bekaert (Shenyang) Advanced Cords Co Ltd	Shenyang (Liaoning province), China	CNY	100
Bekaert Shenyang Advanced Products Co Ltd	Shenyang (Liaoning province), China	CNY	100
Bekaert Toko Metal Fiber Co Ltd	Tokyo, Japan	JPY	70
Bekaert Vietnam Co Ltd	Son Tinh District, Quang Ngai Province, Vietnam	USD	100
Bekaert Wire Ropes Pty Ltd	Mayfield East, Australia	AUD	100
Bridon (Hangzhou) Ropes Co Ltd	Hangzhou (Zhejiang province), China	CNY	100
China Bekaert Steel Cord Co Ltd	Jiangyin (Jiangsu province), China	CNY	90
PT Bekaert Indonesia	Karawang, Indonesia	USD	100
PT Bridon	Bekasi, West Java, Indonesia	USD	100

¹ Functional currency

² Financial interest percentage

³ For the assessment of the power of control in this respect, the Group has taken into account the bylaws, in particular concerning

decision-making affecting the daily management of the subsidiary as well as specific clauses (right of veto, etc.).


Sales offices, warehouses and others	Address	FC¹	%²
EMEA
Bekaert Emirates LLC	Dubai, United Arab Emirates	AED	49
Bekaert Figline SpA	Milano, Italy	EUR	100
Bekaert France SAS	Lille, France	EUR	100
Bekaert Gesellschaft mbH	Vienna, Austria	EUR	100
Bekaert GmbH	Neu-Anspach, Germany	EUR	100
Bekaert Middle East LLC	Dubai, United Arab Emirates	AED	49
Bekaert Norge AS	Oslo, Norway	NOK	100
Bekaert Poland Sp z oo	Warsaw, Poland	PLN	100
Bekaert Portugal SA	Porto, Portugal	EUR	100
Bekaert (Schweiz) AG	Baden, Switzerland	CHF	100
Bekaert Solutions Spain SL	Barcelona, Spain	EUR	100
Bekaert Svenska AB	Gothenburg, Sweden	SEK	100
B K Arabia LLC	Riyadh, Saudi Arabia	SAR	100
Bridon International GmbH	Gelsenkirchen, Germany	EUR	100
Bridon Middle East FZE	Sharjah, United Arab Emirates	AED	100
British Ropes Ltd	Doncaster, United Kingdom	GBP	100
Falconix Engineering GmbH	Neu-Anspach, Germany	EUR	100
Flintstone Technology Ltd	Dundee, United Kingdom	GBP	75
Leon Bekaert SpA	Milano, Italy	EUR	100
OOO Bekaert Wire	Moscow, Russian Federation	RUB	100
Rylands-Whitecross Ltd	Bradford, United Kingdom	GBP	100
Scheldestroom NV	Zwevegem, Belgium	EUR	100
Twil Company	Bradford, United Kingdom	GBP	100


Bekaert Annual Report 2025	− 171 −


Sales offices, warehouses and others	Address	FC¹	%²
North America
Wire Rope Industries Ltd/Industries de Câbles d’Acier Ltée	Montréal, Canada	CAD	100
Latin America
Bekaert Ropes Peru SA	Cercado de Lima, Peru	PEN	96
Bekaert Specialty Films de Mexico SA de CV	Monterrey, Mexico	MXN	100
Bekaert Trade Mexico S de RL de CV	Mexico City, Mexico	MXN	100
Specialty Films de Services Company SA de CV	Monterrey, Mexico	MXN	100
Asia Pacific
Bekaert Japan Co Ltd	Tokyo, Japan	JPY	100
Bekaert Korea Ltd	Seoul, South-Korea	KRW	100
Bekaert Malaysia Sdn Bhd	Kuala Lumpur, Malaysia	MYR	100
Bekaert Management (Shanghai) Co Ltd	Shanghai, China	CNY	100
Bekaert New Materials Trading (Suzhou) Co Ltd	Suzhou (Jiangsu province), China	CNY	100
Bekaert Taiwan Co Ltd	Taipei City	TWD	100
Bekaert (Thailand) Co Ltd	Rayong,Thailand	USD	100
BOSFA Pty Ltd	Mayfield East, Australia	AUD	100
Bridon Hong Kong Ltd	Hong Kong, China	HKD	100
Bridon New Zealand Ltd	Aukland, New Zealand	NZD	100
Bridon Singapore Pte Ltd	Singapore	SGD	100
Bridon (South East Asia) Ltd	Hong Kong, China	HKD	100
PT Bekaert Trade Indonesia	Karawang, Indonesia	USD	100
PT Bekaert Wire Indonesia	Karawang, Indonesia	USD	100

¹ Functional currency

² Financial interest percentage


Financial companies	Address	FC¹	%²
Acma Inversiones SA	Santiago, Chile	CLP	100
BBRG Finance (UK) Ltd	Doncaster, United Kingdom	EUR	100
Becare DAC	Dublin, Ireland	EUR	100
Bekaert Building Products Hong Kong Ltd	Hong Kong, China	EUR	100
Bekaert Coördinatiecentrum NV	Zwevegem, Belgium	EUR	100
Bekaert do Brasil Ltda	Contagem, Brazil	BRL	100
Bekaert Holding Hong Kong Ltd	Hong Kong, China	EUR	100
Bekaert Ibérica Holding SL	Burgos, Spain	EUR	100
Bekaert Ideal SL	Burgos, Spain	EUR	80
Bekaert Investments NV	Zwevegem, Belgium	EUR	100
Bekaert Investments Italia SpA	Milano, Italy	EUR	100
Bekaert North America Management Corporation	Wilmington (Delaware), United States	USD	100
Bekaert Services Hong Kong Ltd	Hong Kong, China	EUR	100
Bekaert Specialty Wire Products Hong Kong Ltd	Hong Kong, China	EUR	100
Bekaert Stainless Products Hong Kong Ltd	Hong Kong, China	EUR	100
Bekaert Steel Cord Products Hong Kong Ltd	Hong Kong, China	EUR	100
Bekaert Strategic Partnerships Hong Kong Ltd	Hong Kong, China	EUR	100
Bekaert Wire Products Hong Kong Ltd	Hong Kong, China	EUR	100
Bekaert Wire Rope Industry NV	Zwevegem, Belgium	EUR	100
Bridon-Bekaert Ropes Group Ltd	Doncaster, United Kingdom	EUR	100
Bridon Holdings Ltd	Doncaster, United Kingdom	GBP	100
Bridon Ltd	Doncaster, United Kingdom	GBP	100


Bekaert Annual Report 2025	− 172 −

Joint ventures


Industrial companies	Address	FC¹	%²
Latin America
Belgo Bekaert Arames Ltda	Contagem, Brazil	BRL	45
BMB-Belgo Mineira Bekaert Artefatos de Arame Ltda	Vespasiano, Brazil	BRL	45


Sales offices, warehouses and others	Address	FC¹	%²
EMEA
Netlon Sentinel Ltd	Blackburn, United Kingdom	GBP	50
Asia Pacific
Bekaert Engineering (India) Pvt Ltd	New Delhi, India	INR	40

¹ Functional currency

² Financial interest percentage

Changes in 2025

1. New companies


Subsidiaries	Address	%¹
Bekaert Solutions Spain SL	Barcelona, Spain	100
Bekaert Tire Reinforcement US Corporation	Wilmington (Delaware), United States	100
B K Arabia LLC	Riyadh, Saudi Arabia	100

2. Acquired through business combinations


Subsidiaries	Address	%¹
Flexofibers Spain SL	Madrid, Spain	51

3. Name changes


New name	Former name
Bekaert Eco-Solutions Pvt Ltd	Bekaert Mukand Wire Industries Pvt Ltd
Bekaert Ropes Brasil Ltda	BBRG - Osasco Cabos Ltda
Bekaert Ropes Chile SA	Prodinsa SA
Bekaert Ropes Peru SA	Procables SA

4. Disposals


Subsidiaries	Address	%¹
Bekaert Guatemala SA	Ciudad de Guatemala, Guatemala	58
BIA Alambres Costa Rica SA	San José-Santa Ana, Costa Rica	58
Crastum Investments, SL	Madrid, Spain	80
Ideal Alambrec SA	Quito, Ecuador	58
Invervicson SA	Valencia, Venezuela	80
Vicson SA	Valencia, Venezuela	80


Joint ventures	Address	%¹
Servicios Ideal AGF Inttegra Cia Ltda	Quito, Ecuador	29

5. Liquidated


Companies	Address
Bridon Scheme Trustees Ltd	Doncaster, United Kingdom


Bekaert Annual Report 2025	− 173 −

In accordance with Belgian legislation, the table below lists the registered numbers of the Belgian

companies.


Companies	Company number
Bekaert Advanced Cords Aalter NV	BTW BE 0645.654.071 RPR Gent, division Gent
Bekaert Coördinatiecentrum NV	BTW BE 0426.824.150 RPR Gent, division Kortrijk
Bekaert Investments NV	BTW BE 0406.207.096 RPR Gent, division Kortrijk
Bekaert Wire Rope Industry NV	BTW BE 0550.983.358 RPR Gent, division Kortrijk
Bekintex NV	BTW BE 0452.746.609 RPR Gent, division Dendermonde
Bexco NV	BTW BE 0412.623.251 RPR Gent, division Dendermonde
NV Bekaert SA	BTW BE 0405.388.536 RPR Gent, division Kortrijk
Scheldestroom NV	BTW BE 0403.676.188 RPR Gent, division Kortrijk

¹ Financial interest percentage


Bekaert Annual Report 2025	− 174 −

Parent company

information

Annual report of the Board of Directors and financial

statements of NV Bekaert SA

The report of the Board of Directors and the financial statements of the parent company, NV Bekaert SA

(the "Company"), are presented below in a condensed form.

The report of the Board of Directors ex Article 3:6 of the Belgian Companies Code is not included in full in

the report ex Article 3:32.

Copies of the full Directors’ report and of the full financial statements of the Company are available free

of charge upon request:

NV Bekaert SA

Bekaertstraat 2

BE-8550 Zwevegem

Belgium

www.bekaert.com

The statutory auditor has issued an unqualified report on the financial statements of the Company.

The Directors’ report and financial statements of the Company, together with the statutory auditor’s

report, will be deposited with the National Bank of Belgium as provided by law.

Condensed income statement


in thousands of € - Year ended 31 December	2024	2025
Sales	443 267	395 567
Operating result before non-recurring items	10 070	13 431
Non-recurring operational items	20	-45 967
Operating result after non-recurring items	10 090	-32 535
Financial result before non-recurring items	24 930	229 532
Non-recurring financial items	—	-23 861
Financial result after non-recurring items	24 930	205 670
Profit before income taxes	35 020	173 135
Income taxes	2 877	3 157
Result for the period	37 897	176 291

Condensed balance sheet after profit appropriation


in thousands of € - 31 December	2024	2025
Fixed assets	2 061 397	1 992 370
Intangible fixed assets	96 795	97 741
Tangible fixed assets	62 680	46 057
Financial fixed assets	1 901 922	1 848 572
Current assets	386 453	390 699
Total assets	2 447 850	2 383 068


Bekaert Annual Report 2025	− 175 −


Shareholders' equity	1 310 832	1 288 133
Share capital	159 782	159 782
Share premium	39 517	39 517
Revaluation surplus	1 995	1 995
Statutory reserve	17 792	17 792
Unavailable reserve	74 786	68 538
Reserves available for distribution, retained earnings	1 016 960	1 000 509
Provisions	31 615	33 777
Creditors	1 105 404	1 061 158
Amounts payable after one year	421 150	280 150
Amounts payable within one year	684 254	781 008
Total equity and liabilities	2 447 850	2 383 068

Valuation principles

Valuation and foreign currency translation principles applied in the parent company’s financial statements

are based on Belgian accounting legislation.

Summary of the annual report of the Board of Directors

NV Bekaert SA sales amounted to € 395.6 million in 2025, compared to € 443.3 million the previous year,

a decrease of 11%. Operating profit before non-recurring items was € +13.4 million (2024: € +10.1 million).

Non-recurring operational items (mainly accelerated depreciation and realization of tangible fixed assets)

amounted to € -46.0 million in 2025 (2024: € +0.02 million).

Financial result before non-recurring items showed a profit of € +229.5 million, compared to a profit of

€ +24.9 million in 2024. The increase is mainly attributable to higher dividend income from foreign

subsidiaries.

Non-recurring financial items amounted to € -23.9 million in 2025, while there were no non-recurring

financial results in 2024. On the one hand, there was the realization of the sale of financial fixed assets

(€ +26.1 million profit) as well as a depreciation of financial fixed assets of € -50 million.

Income taxes showed a positive balance of € +3.2 million due to the inclusion of a tax credit on

investments (€ +3.3 million). The financial year closed with a net profit of € +176.3 million, compared to a

profit of € +37.9 million in 2024.

Environmental programs

The provisions for environmental programs amounted to € 15.3 million (2024: € 15.7 million).

Information on research and development

Information on the company’s research and development activities can be found in the "Our knowledge

and innovation" section in Part 1 "Strategy and Performance".

Interests in share capital

In connection with the entry into force of the Act of 2 May 2007 on the disclosure of significant

participations (the Transparency Act), the Company has in its Articles of Association set the thresholds of

3% and 7.5% in addition to the legal thresholds of 5% and each multiple of 5. In 2025, the Company

received the following transparency notifications. On 31 December 2025, the total number of securities

conferring voting rights was 51 315 868. The voting rights attached to the treasury shares held by the

Company are suspended. On 31 December 2025, the Company held 1 850 137 treasury shares.


Bekaert Annual Report 2025	− 176 −


Person(s) subject to notification requirement	Reason for notification	Threshold crossed	Date on which threshold is crossed	Denominator	Total number of voting rights	Total % of voting rights


Stichting Administratiekantoor Bekaert NV Bekaert SA	Acquisition or disposal of voting securities or voting rights	NV Bekaert SA 5%	11/3/2025	54 286 986	2 719 568	5.01%


Stichting Administratiekantoor Bekaert NV Bekaert SA	Passive crossing of a threshold	NV Bekaert SA 5%	6/4/2025	52 701 148	1 807 183	3.43%


Norges Bank	Acquisition or disposal of voting securities or voting rights	3%	15/9/2025	52 701 148	1 731 233	3.29%


Stichting Administratiekantoor Bekaert NV Bekaert SA	Acquisition or disposal of voting securities or voting rights	NV Bekaert SA 5%	23/9/2025	52 701 148	2 639 879	5.01%


Stichting Administratiekantoor Bekaert NV Bekaert SA	Passive crossing of a threshold	NV Bekaert SA 5%	24/9/2025	51 839 461	1 787 104	3.45%


Norges Bank	Acquisition or disposal of voting securities or voting rights Downward crossing of the lowest threshold	3%	3/10/2025	51 839 461	1 547 377	2.98%

Detailed information can be found on: https://www.bekaert.com/en/investors/our-shareholders/

shareholder-structure/transparency-disclosures


Bekaert Annual Report 2025	− 177 −

Proposed appropriation of NV Bekaert SA 2025

result

The after-tax result for the year was € 176 291 438 compared with € 37 897 268 for the previous year.

The Board of Directors has proposed that the Annual General Meeting to be held on 13 May 2026

appropriate the above result as follows:


	in €
Result of the year to be appropriated	176 291 438
Transfer to reserves	-81 582 270
Profit for distribution	94 709 168

The Board of Directors has proposed that the Annual General Meeting approve the distribution of a gross

dividend of € 1.95 per share (2024: € 1.90 per share).

The dividend will be payable in euro on 19 May 2026 by the following banks:

• ING Belgium, BNP Paribas Fortis, KBC Bank, Bank Degroof Petercam and Belfius Bank in Belgium;

• Société Générale in France;

• ABN AMRO Bank in The Netherlands;

• UBS in Switzerland.

Appointments pursuant to the Articles of Association

The term of office for the Director Nicolas D’heygere and for the independent Director Toralf Haag will

expire at the close of the Annual General Meeting of 13 May 2026.

The Board of Directors proposes that the Annual General Meeting:

• reappoints Nicolas D’heygere as Director for a term of four years, up to and including the Annual

General Meeting to be held in 2030,

• reappoints Toralf Haag as independent Director for a term of four years, up to and including the Annual

General Meeting to be held in 2030.


Bekaert Annual Report 2025	− 178 −

Alternative performance

measures


Metric	Definition	Reason for use
Capital employed (CE)	Working capital + net intangible assets + net goodwill + net property, plant and equipment + net RoU Property, plant and equipment. The average CE is computed as CE at balance sheet date plus CE same period of the previous year divided by two.	Capital employed consists of the main balance sheet items that operating management can actively and effectively control to optimize its financial performance, and serves as the denominator of ROCE.
Capital ratio (financial autonomy)	Equity relative to total assets.	This ratio provides a measure of the extent to which the Group is equity-financed.
Current ratio	Current assets to Current liabilities.	This ratio provides a measure for the liquidity of the company. It measures whether a company has enough resources to meet it short-term obligations.
EBIT	Operating result (earnings before interest and taxation).	EBIT consists of the main income statement items that operating management can actively and effectively control to optimize its profitability, and a.o. serves as the numerator of ROCE and EBIT interest coverage.
EBIT – underlying (EBITu)	EBIT before operating income and expenses that are related to restructuring programs, impairment losses, business combinations, business disposals, environmental provisions or other events and transactions that have a material one-off effect that is not inherent to the business.	EBIT – underlying is presented to assist the reader’s understanding of the operating profitability before one-off items, as it provides a better basis for comparison and extrapolation.
EBITDA	Operating result (EBIT) + depreciation, amortization and impairment of assets + negative goodwill.	EBITDA provides a measure of operating profitability before non-cash effects of past investment decisions and working capital assets.
EBITDA – underlying (EBITDAu)	EBITDA before operating income and expenses that are related to restructuring programs, impairment losses, business combinations, business disposals, environmental provisions or other events and transactions that have a material one-off effect that is not inherent to the business.	EBITDA – underlying is presented to assist the reader’s understanding of the operating profitability before one-off items and non-cash effects of past investment decisions and working capital assets, as it provides a better basis for comparison and extrapolation.
EBIT interest coverage	Operating result (EBIT) divided by net interest expense.	The EBIT interest coverage provides a measure of the Group’s capability to service its debt through its operating profitability.
Free Cash Flow (FCF)	Cash flows from Operating activities - capex + dividends received - net interest paid.	Free cash flow (FCF) represents the cash available for the company to repay financial debt or pay dividends to investors.
Gearing	Net debt relative to equity.	Gearing is a measure of the Group's financial leverage and shows the extent to which its operations are funded by lenders versus shareholders.
Margin on sales	EBIT, EBIT-underlying, EBITDA and EBITDA- underlying on sales.	Each of these ratios provides a specific measure of operating profitability expressed as a percentage on sales.
Net capitalization	Net debt + equity.	Net capitalization is a measure of the Group’s total financing from both lenders and shareholders.
Net debt	Interest-bearing debt net of current loans, non-current financial receivables and cash guarantees, short-term deposits, cash and cash equivalents.	Net debt is a measure of debt after deduction of financial assets that can be deployed to repay the gross debt.
Net debt on EBITDA	Net debt divided by EBITDA, whereby EBITDA is based on last twelve months (LTM) result.	Net debt on EBITDA provides a measure of the Group’s capability (expressed as a number of years) to repay its debt through its operating profitability.
Operating free cash flow	Cash flows from Operating activities – capex (net of disposals of fixed assets).	Operating cash flow measures the net cash required to support the business (working capital and capital expenditure needs).
Return on capital employed (ROCE)	Last twelve months operating result (EBIT) relative to the average capital employed.	ROCE provides a measure of the Group’s operating profitability relative to the capital resources deployed and managed by operating management.
Return on equity (ROE)	Last twelve months result relative to average equity. The average equity is computed as equity at balance sheet date plus equity same period of the previous year divided by two.	ROE provides a measure of the Group’s net profitability relative to the capital resources provided by its shareholders.


Bekaert Annual Report 2025	− 179 −


Metric	Definition	Reason for use
Underlying EPS	(EBITu + interest income - interest expense +/- other financial income and expense - income tax + share in the result of JVs and associates - result attributable to non-controlling interests) divided by the weighted average nr of ordinary shares (excluding treasury shares).	Underlying earnings per share or underlying EPS or EPSu is presented to assist the reader’s understanding of the earnings per share before one-off items, as it provides a clearer basis for comparison and extrapolation.
WACC	Cost of debt and cost of equity weighted with a target gearing of 50% (net debt/equity structure) after tax.	WACC is used to assess an investor’s return on an investment in the Company.
Working capital	Inventories + trade receivables + bills of exchange received + advanced paid - trade payables - advances received - remuneration and social security payables - employment- related taxes.	Working capital includes all current assets and liabilities that operating management can actively and effectively control to optimize its financial performance. It represents the current component of capital employed.
Working capital on sales	The working capital divided by the most recent quarter sales multiplied by 4.	The working capital to sales ratio is used to assess how efficiently the company is using its short-term assets (working capital) to generate revenue. It indicates how well the company is converting its current assets into sales and managing its day-to-day operations.
Internal Bekaert Management Reporting	Focusing on the operational performance of the industrial companies of the Group, leaving out financial companies and other non- industrial companies, in a flash approach and as such not including all consolidation entries reflected in the full hard-close consolidation on which the annual report is based.	The pragmatic approach enables a short follow-up process regarding the operational performance of the business throughout the year.


in millions of €	Note annual report
Net debt		2024	2025
Non-current interest-bearing debt		421	302
L/T Lease Liability - non-current		75	71
Current interest-bearing debt		282	320
L/T Lease Liability - current		24	24
Total financial debt	6.18	803	716
Non-current financial receivables and cash guarantees		-11	-9
Current financial receivables and cash guarantees		-2	1
Short-term deposits		-2	-1
Cash and cash equivalents		-504	-527
Net debt	6.18	283	180


Capital employed		2024	2025
Intangible assets		93	93
Goodwill		166	165
Property, plant and equipment		1 200	1 029
RoU Property plant and equipment		145	132
Working capital (operating)	6.8	653	524
Capital employed		2 258	1 943
Average capital employed *		2 186	2 100

* Definition of average capital employed has been updated compared to previous year (see "Alternative performance measures") to be

more in line with market practice.


Bekaert Annual Report 2025	− 180 −


Working capital		2024	2025
Inventories		834	735
Trade receivables		581	526
Bills of exchange received		29	20
Advances paid		25	20
Trade payables		-668	-638
Advances received		-18	-30
Remuneration and social security payables		-118	-100
Employment-related taxes		-12	-9
Working capital (operating)	6.8	653	524


Working capital on sales	2 024	2 025
Working capital	653	524
Sales of most recent quarter * 4	3 768	3 491
Working capital on sales	17.3%	15.0%


EBIT Underlying to EBIT	5.2


EBITDA	2024	2025
EBIT	296	135
Amortization intangible assets	14	16
Depreciation property, plant & equipment	130	124
Depreciation RoU property, plant & equipment	30	28
Write-downs/(reversals of write-downs) on inventories and receivables	-22	2
Impairment losses/ (reversals of depreciation and impairment losses) on fixed assets	10	102
EBITDA	457	406


EBITDA - Underlying	2024	2025
EBIT - Underlying	348	297
Amortization intangible assets	14	16
Depreciation property, plant & equipment	126	124
Depreciation RoU property, plant & equipment	30	28
Write-downs/(reversals of write-downs) on inventories and receivables	2	3
Impairment losses/ (reversals of impairment losses) on fixed assets	1	2
EBITDA - Underlying	520	469


ROCE	2024	2025
EBIT	296	135
Average capital employed	2 186	2 100
ROCE *	13.5%	6.4%

* Definition of ROCE has been updated compared to previous year (see "Alternative performance measures") to be more in line with

market practice.


Bekaert Annual Report 2025	− 181 −


EBIT interest coverage		2024	2025
EBIT		296	135
(Interest income)	5.4	-18	-11
Interest expense	5.4	38	32
(interest element of discounted provisions)	5.4	-4	2
Net interest expense		16	23
EBIT interest coverage		18.33	5.85


ROE (return on equity)	2024	2025
Result for the period	244	65
Average equity (period-weighted)	2 239	2 205
ROE *	10.9%	2.9%

* Definition of ROE has been updated compared to previous year (see "Alternative performance measures") to be more in line with

market practice.


Capital ratio (Financial autonomy)	2024	2025
Equity	2 312	2 097
Total assets	4 162	3 802
Financial autonomy	55.5%	55.2%


Gearing (net debt on equity)		2024	2025
Net debt		283	180
Equity		2 312	2 097
Gearing (net debt on equity)	7.3	12.2%	8.6%


Net debt on EBITDA	2024	2025
Net debt	283	180
EBITDA (last twelve months)	457	406
Net debt on EBITDA *	0.62	0.44

* Definition of Net debt on EBITDA has been updated compared to previous year (see "Alternative performance measures") to be more

in line with market practice.


Net debt on EBITDA-underlying	2024	2025
Net debt	283	180
EBITDA-Underlying (last twelve months)	520	469
Net debt on EBITDA-underlying *	0.54	0.38

* Definition of Net debt on EBITDA-underlying has been updated compared to previous year (see "Alternative performance measures")

to be more in line with market practice.


Current ratio	2024	2025
Current assets	2 152	1 995
Current liabilities	1 249	1 233
Current ratio	1.72	1.62


Bekaert Annual Report 2025	− 182 −


Operating free cash flow	2024	2025
Cash flows from operating activities	374	450
Purchase of intangible assets	-26	-30
Purchase of PP&E	-196	-139
Purchase of RoU Land	—	—
Proceeds from disposals of fixed assets	10	15
Operating free cash flow	162	296


Free Cash Flow	2024	2025
Cash flows from operating activities	374	450
Purchase of intangible assets	-26	-30
Purchase of property, plant and equipment	-196	-139
Purchase of RoU Land	—	—
Dividends received	51	48
Interest received	18	11
Interest paid	-29	-26
Free Cash Flow	193	314


Underlying earnings per share (EPSu)	2024	2025
EBITu	348	297
Interest income	18	11
(Interest expense)	-38	-32
Other financial income/(expense)	-19	-28
(Income tax)	-63	-59
Share in result of JVs and associates	49	38
(Result attributable to non-controlling interests)	-5	3
Underlying earnings for the period attributable to shareholders of Bekaert	291	229
Basic underlying earnings per share	5.55	4.52
Diluted underlying earnings per share	5.54	4.51


Bekaert Annual Report 2025	− 183 −

Auditor’s Report

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Bekaert Annual Report 2025	− 184 −

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Bekaert Annual Report 2025	− 187 −

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Bekaert Annual Report 2025	− 190 −

General Information

(ESRS 2)

Basis for preparation

General basis

for preparation (BP1)

Bekaert's Annual Report reflects how we

integrate the interests and views of our

stakeholders in the way we do business and

manage our operations. It is just one element of

interaction and communication between us and

our stakeholders.

This report covers the consolidated performance

indicators for all subsidiaries of the Bekaert

Group. Consolidated data apply to the wholly and

majority owned subsidiaries of NV Bekaert SA.

When specified, the (combined) disclosures in

this report include in addition the performance

indicators of the joint ventures considered at

100% (and not at the equity share). Information

on material impacts, risks and opportunities

through our upstream and downstream value

chain has been included in scope of our

sustainability statements.

This report covers the activities between

1 January 2025 and 31 December 2025 unless

stated differently and if relevant for this report.

Bekaert reports its financial results twice per

year (half-year results and full-year results).

Bekaert reports annually on its sustainability

performance.

ESRS BP1 §5a, b i, b ii, c, d

Disclosures in relation to

specific circumstances (BP2)

Value chain estimation, sources of

estimation and outcome uncertainty

In preparing the ESG Statements, assumptions,

judgments and estimates were applied that

influence certain reported metrics, which

inherently involve uncertainty. Estimations and

underlying assumptions are regularly reviewed to

enhance accuracy. We are committed to

continuously improving accuracy and reducing

reliance on assumptions by evaluating and

integrating better data sources as they become

available.

The use of estimates for performance metrics,

including when upstream and downstream value

chain data is included, is described in the

individual topical disclosures. Overall, metrics

related to our own operations have a higher

amount of primary data, while value chain metrics

are often estimated and therefore have a higher

level of measurement uncertainty. All

assumptions and potential uncertainties are

documented in the topical disclosures.

Except for third‑party verified Life Cycle

Assessments (LCA), all reported metrics have

been independently verified solely by the

Statutory Auditor. Their report is available in the

section Auditor's Report on page 278.

ESRS 2 BP2 §10, §11

Datapoints derived from other

EU legislations

None of the EU legislations as per Appendix B of

ESRS 2 are applicable with the exception of the

EU Climate Law. We refer to section E1-1 on page

214 and section E1-7 on page 234

Changes in sustainability

reporting

In 2025, we updated our double materiality

assessment (see section SBM-3 on page 198). As

a result, S4 ‘Consumers and End-Users’ is no

longer material and reporting has been

discontinued. This change reflects a

reclassification of the cyber-related risk, data

breaches and cyber security incidents impacting

consumers and end users, from an ESG

perspective. However, cybersecurity and data

privacy remain very important for us. These

topics remain classified as material under

Enterprise Risk Management and are addressed

in the Corporate Governance Statement and in

the Our knowledge section under 'Strategy &

Performance'.

In 2025, we have revised our sustainable

procurement targets to align with stakeholder

expectation, market practices and evolving

regulatory requirements. More information is

described in section S2-5 on page 272.


Bekaert Annual Report 2025	− 191 −

Incorporation by reference

The following information is disclosed by reference:


ESRS	Disclosure description	Referenced in
ESRS 2 General Information
GOV-1	The role of the Board of Directors	Corporate Governance Statements Corporate Governance charter on Bekaert website
GOV-2	Information provided to and sustainability matters addressed by the Board of Directors	Corporate Governance Statements IRO-1 Double Materiality Assessment process
GOV-3	Integration of sustainability-related performance in incentive schemes	Remuneration Report
GOV-4	Statement on due diligence	S1-4 Our actions to manage material impacts, risks and opportunities related to own workforce S2-2 How we engage with value chain workers
SBM-1	Strategy, business model and value chain	Bekaert at a glance: About Us Financial statements: Segment reporting
SBM-2	Interests and views of stakeholders	IRO-1 Double Materiality Assessment process
IRO-1	Double Materiality Assessment process	SBM-1 Strategy, business model and value chain SBM-2 Interest and views of stakeholders
IRO-2	Disclosure Requirements in ESRS covered by our sustainability statement	Content Index
Environmental
	EU Taxonomy	Financial statements note 2.4 E1 - SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model E1-3 Our actions and resources related to climate change E3 Water E5-2 Our actions and resources related to resource use and circular economy S1-1 Policies related to own workforce S2 Workers in the value chain
E1-1	Our transition plan to mitigate climate change	EU Taxonomy E1-3 Our actions and resources related to climate change E1-4 Our climate change targets E5-2 Our actions and resources related to resource use and circular economy
E1 - SBM-3	Material impacts, risks and opportunities and their interaction with strategy and business model	Enterprise Risk Management IRO-1 Double Materiality Assessment process E1-6 Gross Scope 1, 2, 3 and total GHG emissions
E1 - IRO-1	Our processes to identify and assess material climate- related impacts, risks and opportunities	E1 - SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model
E1-2	Policies related to climate change mitigation and adaptation	Energy & climate change policy on our website
E1-3	Our actions and resources related to climate change	EU Taxonomy
E2 - IRO-1	Our processes to identify and assess material pollution related impacts, risks and opportunities	IRO-1 Double Materiality Assessment process
E2-1	Policies related to substances of concern	Bekaert Safety, Health & Environment policy on our website
E3 - IRO-1	Our processes to identify and assess material water-related impacts, risks and opportunities	IRO-1 Double Materiality Assessment process Physical risk assessment study in E1 - SBM-3
E3-1	Policies related to water	E3-2 Our actions and resources related to water Water policy on our website
E3-2	Our actions and resources related to water	E1-3 Our actions and resources related to climate change
E3-3	Targets related to water	E3-2 Our actions and resources related to water
E5 - IRO-1	Our processes to identify and assess material resource use and circular economy-related impacts, risks and opportunities	IRO-1 Double Materiality Assessment process
E5-1	Policies related to resource use and circular economy	Resource use & circular economy policy on our website
E5-2	Our actions and resources related to resource use and circular economy	E5-4 Resource inflows E5-5 Resource outflows


Bekaert Annual Report 2025	− 192 −


ESRS	Disclosure description	Referenced in
Social
S1 - SBM-3	Material impacts, risks and opportunities and their interaction with strategy and business model	SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business mode
S1-1	Policies related to own workforce	Human Rights policy, Bekaert Code of Conduct and Safety, Health & Environment policy on our website
S1-2	How we engage with our workforce	S1-1 Policies related to own workforce
S1-4	Our actions to manage material impacts, risks and opportunities related to our workforce	S1-1 Policies related to own workforce S1-2 How we engage with our workforce
S1-6	Our employees' data	Segment reporting in the Financial Statements
S2 - SBM-3	Material impacts, risks and opportunities and their interaction with strategy and business model	S2-1 Policies related to value chain workers S2-2 How we engage with value chain workers
S2-1	Policies related to value chain workers	S1-1 Policies related to own workforce S1-3 Speak up ! Our processes and tool to remediate negative impacts Bekaert Supplier Code of Conduct on our website S2-2 How we engage with value chain workers Bekaert Policy on Responsible Minerals Sourcing on our website
S2-3	Our processes to remediate negative impacts and raise concerns	S1-3 Speak up ! Our processes and tool to remediate negative impacts S2-1 Policies related to value chain workers
S2-4	Our actions to manage material impacts, risks and opportunities related to value chain workers	S2-2 How we engage with value chain workers about impacts
Governance
G1 GOV-1	The role of the Board of Directors	GOV-1 The role of the Board of Directors
G1-1	Business conduct policies and corporate culture	S1-1 Policies related to own workforce S1-4 Taking action on material impacts on own workforce, and approaches to managing material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions S1-2 Processes for engaging with own workforce and workers’ representatives about impacts S1-3 Processes to remediate negative impacts and channels for own workers to raise concerns The Bekaert anti-bribery & corruption policy on our website S2-1 Policies related to value chain workers The Bekaert Raise an Integrity Concern policy on our website

ESRS 2 BP2 §16


Bekaert Annual Report 2025	− 193 −

Governance

The role of the Board

of Directors (GOV-1)

The number of executive and non-executive

members in our Board of Directors is disclosed in

the Corporate Governance Statement, subsection

Board of Directors on page 49 of this report.

ESRS 2 GOV-1 §21a

In accordance with Belgian law, NV Bekaert SA

has no employee representation at Board level.

ESRS 2 GOV-1 §21b

The experience of the members of the Board of

Directors relevant to sectors, products and

geographical locations is disclosed in the

Corporate Governance Statement, subsection

Board of Directors on page 49 of this report and

on our website. The Directors have access to a

Board education program that includes

sustainability and ESG leadership.

ESRS 2 GOV-1 §21c

Information about gender, age and nationality

diversity of the Board of Directors is disclosed in

the Corporate Governance Statement, subsection

Diversity on page 53 of this report.

ESRS 2 GOV-1 §21d

36.36% of the Directors are independent.

ESRS 2 GOV-1 §21e

The role and responsibilities of the Board with

regard to sustainability matters is disclosed in

the Corporate Governance Statement sections

Board of Directors (page 49) and Audit, Risk and

Finance Committee (page 50) in this report.

While the full Board of Directors retains oversight

responsibility, the Board has appointed one lead

Director for sustainability matters.

ESRS 2 GOV-1 §22b, ESRS 2 GOV-1 §22c i, c ii, c iii

The oversight responsibility with respect to

sustainability has been integrated into the

existing Board and Board Committees structure.

The overall responsibility rests with the Board of

Directors, supported by specific responsibilities

assigned to the Audit, Risk and Finance

Committee (process and controls; assurance;

disclosures and reporting) and the Nomination

and Remuneration Committee (Board skills; talent

and culture; accountability and link to executive

pay). The Double Materiality methodology,

process and outcome are reviewed and

discussed by the Audit, Risk and Finance

Committee and validated by the Board.

ESRS 2 GOV-1 §22a

Information about the mandates and

responsibilities of the Board of Directors and the

Board Committees, amongst others on impacts,

risks, and opportunities, are detailed in the

Corporate Governance Charter available on our

website.

ESRS 2 GOV-1 §22b

All Directors are selected and nominated based

on a Board skills matrix. This matrix ensures that

the Board members have the required skills and

necessary experience to address Bekaert’s

current and future challenges and that the

Board's composition is sufficiently diverse. The

skills matrix also identifies any gaps that future

Directors can potentially fill. It covers various

areas, including sustainability and cybersecurity

expertise. Additionally, a Board education

program is available to the Directors, which

includes programs on how to tackle sustainability

matters at Board level.

ESRS 2 GOV-1 §23

The Board of Directors, supported by its

committees, regularly reviews the ESG strategy

(including overseeing the progress of targets).

The main subjects reviewed by the Board of

Directors and Board Committees are listed in the

Corporate Governance Statement, respectively in

the subsections Board of Directors (page 49) and

Committees of the Board of Directors (page 50).

The Executive Management deploys the strategy

and monitors its implementation (including

progress of the targets) in response to the

material impacts, risks and opportunities during

annual recurring strategic planning cycles as well

as during dedicated topical meetings. The

Business Units' Divisional CEOs are accountable

for the implementation of the sustainability

strategy (including the progress towards the

targets) within their respective business

strategies.

ESRS 2 GOV-1 §22d

¹ COSO stands for the Committee of Sponsoring Organizations of the Treadway Commission, which is a joint initiative of five private

sector organizations and is dedicated to providing thought leadership through the development of frameworks and guidance on internal

control, enterprise risk management and fraud deterrence.


Bekaert Annual Report 2025	− 194 −

Information provided to

and sustainability matters

addressed by the Board

of Directors (GOV-2)

The main subjects reviewed by the Board of

Directors and Board Committees and how the

Board is made aware of these are listed in the

Corporate Governance Statement, respectively in

the subsections Board of Directors (page 49) and

Committees of the Board of Directors (page 50).

Sustainability has become an integral part of the

matters reviewed by the Board of Directors. The

Board considers impacts, risks, and opportunities

when overseeing strategy, making decisions on

major transactions, and managing risks.

The list of material impacts, risk and

opportunities is disclosed in our Double

Materiality Assessment (page 202) of this report.

ESRS 2 GOV-2 §26

Integration of sustainability-

related performance in

incentive schemes (GOV-3)

An ESG basket (CO2e reduction scope 1 and 2

and safety performance (TRIR), both with equal

importance) with a weight of 10% is part of the

the long-term incentives (period 2025-2027) of

the senior management and the Executive

Management. More information is disclosed in the

Remuneration Report section Statement of the

remuneration policy used in 2025 for the Board

of Directors and members of the BGE on page 58

of this report.

ESRS 2 GOV-3 §29

Statement on due diligence

(GOV-4)

A detailed description of our due diligence

process is disclosed in S1-4 on page 252 and in

S2-2 on page 269.

ESRS 2 GOV-4 §30, 32

Risk management and

internal controls over

sustainability reporting (GOV-5)

Bekaert has defined and deployed detailed

process flows to support ESG data collection.

An adequate risk and control framework based

on the COSO 1 framework has been put in place to

reinforce the second line of defense control

assurance activities. The framework addresses

any potential risks related to ESG reporting in the

area of commonly accepted risk domains, such as

outdated process flows, incomplete, inaccurate

and inconsistent data reporting, inaccurate

reconciliation and reporting, improper access

management and unauthorized modification of

data and conflict of interest and/or unethical

behavior. Controls have been defined both from a

corporate perspective and from an entity-level

perspective.

Internal audits are conducted within Bekaert

throughout the year to provide assurance around

the accuracy and completeness of our

sustainability reporting. On a periodic basis,

results of these audits are presented to the

Executive Management and the Bekaert Audit,

Risk and Finance Committee.

ESRS 2 GOV-5 §36


Bekaert Annual Report 2025	− 195 −

Strategy

Strategy, business model and value chain (SBM-1)

Bekaert is a company with a global footprint, employing over 19 000 people, providing a variety of

products and solutions and offering services to a wide international customer base in established and

emerging markets (see the About Us section on page 9 for more information as well as the Segment

Reporting section within the Financial Statements on page 100 for a breakdown of total sales by business

unit).

ESRS 2 SMB-1 §40 a i-iv, b, c, f, g, ESRS 2 SBM-1 §42 a-c

Sustainability is a core element of our strategy, shaping our product and market priorities, driving

improvements across our operations and fostering a safe, fair and inclusive working environment.

Our sustainability strategy and goals are based on 3 pillars:


	Protect the planet
	Driven by the challenges of climate change, dematerialization, depletion of natural resources, circularity, energy transition, green technologies and changing workforce trends, we want to be the partner of choice for our customers, developing solutions that enable new mobility, sustainable construction, and the transition to clean energy. We recognize the relevance of carbon-neutrality, use of energy from renewable sources, material efficiency and circularity. We want to meet our customers' expectations and aim to be part of the solution through the offering of sustainable solutions. By accelerating our innovation agenda in key sectors and by responsibly using materials and energy, we contribute to a low-carbon and circular economy and preserve our natural resources. We see sustainability as a key lever to accelerate our business transformation by evolving our portfolio mix and the end markets we serve. Together, we drive and accelerate the shift towards sustainable solutions and sustainable end markets. Next to the above, we drive operational excellence through decarbonization, waste minimization and circularity, water management and by creating a safe environment for all.

	Put people first
	We are committed to fostering a safe, fair and inclusive environment for our employees and make a positive difference in the communities where we operate. We aim to be a force for equality and opportunity for all. We realize our employees want to understand the purpose of their work. For this reason, our innovation and sustainability strategy is very important for them and they appreciate the opportunity to contribute to the creation of a better tomorrow. We strive to be a good corporate citizen in the regions we work.

	Act with integrity
	We embed transparency, collaboration and accountability in our business practices. We are committed to ethical, fair and legally compliant processes as well as transparent corporate governance and comprehensive reporting. The world has become more complex. We understand that partnerships with our customers and suppliers are highly relevant to achieve our sustainability goals and to make future success sustainable and resilient. Global supply chains offer risks and opportunities. To mitigate the risks, we established clear governance rules and have supplier risk management processes in place.


Bekaert Annual Report 2025	− 196 −

Together these 3 pillars respond to our material

sustainability impacts and risks and also allow us

to leverage the opportunities.

As part of our ongoing strategic planning cycles,

each business unit assesses and defines its own

sustainability impact, risks and opportunities

during business unit specific strategy deep dive

sessions. Based on a mapping of external forces

driving the sustainability agenda, views on

expected benefits for customers, investors and

other stakeholders are continuously collected

along a constantly evolving landscape.

We are operating in a more complex environment

shaped by significant shifts in global trade

policies and increasing geopolitical and economic

uncertainty. We are observing a slower-than-

anticipated pace of decarbonization in certain

regions in the world, particularly due to speed of

technological advancements, green energy

transition, and governmental policy. Achieving our

targets depends on several critical factors

beyond our direct control, such as the geopolitical

and economical context, technological

advancements, a more diversified and affordable

energy mix, increased market demand for

sustainable solutions, shifting customer

behaviors, and supportive government

leadership, effective policies and investments.

These persistent challenges and dependencies

might impact our ability to reach some of our

targets.

We are evaluating our ambition and targets as

part of our strategic planning cycles and are

considering making updates.

Further details are provided in the topical

sections E5-3 on page 245, S1-5 on page 257

and S2-5 on page 272.

ESRS 2 SBM-1 §40a, e, f, g

Interests and views

of stakeholders (SBM-2)

Bekaert creates value for its stakeholders by

delivering on the company’s strategy and

objectives, both in terms of financial performance

and in addressing society’s environmental and

social opportunities and challenges.

As a publicly listed company with a global

business scope and footprint, we engage and

interact with the parties that have an interest in

our organization based on the outcomes of our

actions.

We listen to the views and expectations of our

key stakeholders and want to build an effective

dialog with them. We believe this

interdependency is mutually beneficial for long-

term positive progress for all.

In addition, a representative number of our

stakeholders were interviewed during our double

materiality assessment to determine and confirm

which topics they consider most material.

More information on our double materiality

assessment is disclosed in section IRO-1 Double

Materiality Assessment process on page 202.

ESRS 2 SMB-2 §45 a-av, b

External ESG driving forces and expectations

from key stakeholders are taken into account

during our strategic review and planning process.

As part of business unit specific strategy deep

dive sessions, our Board of Directors is informed

on the views and interest of stakeholders and

expectations in terms of sustainability.

In addition, the outcome of the double materiality

assessment has been reviewed and discussed by

the Audit, Risk and Finance Committee and

validated by the Board.

ESRS 2 SMB-2 §45c, d


Bekaert Annual Report 2025	− 197 −


Stakeholder	Type of engagement	Purpose of engagement	Summary of insights	How stakeholders’ views are taken into account
	Employee survey Town Halls (E-) Newsletters Viva Engage Team meetings Works council(s)	We want to communicate Bekaert’s vision, exchange information and strengthen our corporate culture. We want to understand and incorporate our employees' perspectives. We want to engage and motivate them to deliver the strategy.	Our employees value Bekaert as a good employer and expect Bekaert to be a safe place to work where mutual respect and clarity enables them to contribute meaningfully to the company's success.	We set up improvement action plans based on feedback we receive from the engagement survey and Town Halls. We roll-out best practices shared via Viva Engage. We collaborate with social partners based on feedback we receive through works council and social dialogue channels.
	Customer meetings Satisfaction surveys Co-innovation and co- development projects	We want to be a trusted partner in offering qualitative products and solutions that drive and accelerate the shift toward sustainable solutions in the end markets. With our global footprint we enable a customer-centric approach.	Our customers expect Bekaert to be the leading partner developing innovative solutions that help meet their challenges and ambitions and create value in their markets.	We build trusted and long-term partnerships around the globe. Through regular dialogue we enhance our understanding of our customers' market needs. We co-create to develop, implement and upgrade technologies and solutions for a better world.
	Website Press releases and financial reports Physical and virtual meetings and events (including Capital Markets Day and analyst calls) ESG ratings Annual General Meeting	We adopt a proactive approach to communicating Bekaert’s performance, strategy and outlook to existing and potential investors, as well as analysts. Our objective is to provide accurate, timely and transparent information that enables stakeholders to form a clear and informed view of the company’s value.	Investors and analysts emphasize the importance of transparency and timely communication on critical developments. Investors expect Bekaert to meet its financial and sustainability objectives while safeguarding long- term competitiveness.	We actively consider stakeholder feedback in shaping our communication and engagement efforts. We address questions and concerns to enhance understanding and foster informed dialogue, contributing to the continuous improvement of our strategy and reporting practices.
	Interpersonal meetings, network events and technology collaboration.	We want to build and leverage on partnerships and collaborations to meet the needs of business and ecosystems for technology and innovation.	Our partners expect Bekaert to be a reliable and responsible business partner, with strong collaboration and co- development opportunities that foster mutual growth.	We establish business partnerships and consortia, we invest in companies that scale up promising new technologies and we collaborate with research and academic institutes.
	Co-development, supplier trainings, policies that clarify our requirements and expectations to build a sustainable supply chain.	We want to build a responsible supply chain by establishing long-term partnerships with key suppliers that share our commitment.	Suppliers expect Bekaert to be a reliable, responsible and long- term business partner that supports them in their sustainability journey and in successful operations.	We hold regular supplier performance discussions, and -as part of our due diligence program- we help set up improvement plans where necessary. We actively collaborate on sustainability projects across the value chain.
	Volunteer work and projects in local communities, educational support projects in local schools, disaster relief programs, local employment and tax payments.	We strive to be a good corporate citizen in the communities where we operate. We are committed to minimizing the environmental impact of our activities. We stimulate the economic activity and employment in the locations where we are active.	Local communities expect Bekaert to be a partner that positively contributes to both the economic and social development of their communities, with respect for the rights of their people and the environment.	Through dialog with the local stakeholders, we direct our community engagement initiatives to create meaningful impact in the areas where we operate.

* Including value chain workers


Bekaert Annual Report 2025	− 198 −

Material impacts, risks and opportunities and their interaction

with strategy and business model (SBM-3)

Our sustainability reporting is based on the

assessment of sustainability topics that are most

material to our stakeholders and to Bekaert.

Material topics have been identified following the

double materiality assessment process, taking

two perspectives into account:

• Impact materiality or inside-out perspective:

(positive or negative) impacts of Bekaert and

its value chain on the environment and society.

• Financial materiality or outside-in perspective:

potential financial effects (risks and/or

opportunities) of a sustainability topic on

Bekaert's financial position and performance.

The double materiality process resulted in 7

material sustainability topics (indicated in

orange), either because of the impact materiality

perspective or the financial materiality

perspective, or both.

This assessment does not imply that we consider

non-material topics to be irrelevant.

We have clustered the outcome of our

assessment per ESRS topic, demonstrating the

topics that are most material to Bekaert. They all

relate and are addressed in our strategy of

Protecting the Planet, Putting People First and

Acting with Integrity.

The IRO overview table on page 199 and 200

provides a brief description of our material

impacts, risks and opportunities (IROs), the link

with our business model and strategy as well as

the current effects, responses and resilience to

address or capture material topics. The IRO

overview table specifies whether the impacts,

risks and opportunities pertain to our own

operations (O), or our upstream (U) or

downstream (D) value chains. In addition, we

have indicated the time horizon as well as the

actual or potential impacts (listed with A or P) in

line with ESRS requirements.

Bekaert has an impact on people and the

environment through its activities and value chain

actions. Some impacts originate from the

business we are in and the activities we perform

(listed as inherent (I) in the table) whereas other

impacts are connected and addressed via our

strategic plans we put in place (listed as

embedded (E) in the IRO overview table).

Double materiality matrix_2025_EN (1).svg


Bekaert Annual Report 2025	− 199 −


Type	Description, effect, response and resilience
Climate change mitigation
Negative impact	Carbon intensity of our operations and supply chain
	Our production processes are energy intensive and we emit CO2e, primarily indirectly through our use of purchased electricity but also directly where we use gas. Our wire rod suppliers (Bekaert’s main raw material) have a high carbon footprint. We continuously work to make our own operations more energy efficient whilst working in parallel on a long-term strategy of electrification. We source renewables and install on-site power generation (solar and wind) where available and technically/economically feasible. We address our suppliers’ emissions by shifting from purchasing steel from a high carbon-emitting process to more steel from low carbon-emitting process options wherever economically feasible and meeting customer demands. By balancing cost and energy required for our own operations and input materials for the supply chain, we secure our financial resilience while being a responsible company.
Positive impact	Offering sustainable solutions to the markets essential for the transition to a net zero world
	Through the variety of products and solutions we offer to our customers, we contribute to global decarbonization and the reduction in global warming. We aim to have 65% of our revenue generated from sustainable solutions by 2030, but we cannot do this alone. In order to meet this aim, a clear market pull is required, including a willingness to pay. Favorable political and economic boundary conditions in the countries where we operate are also a prerequisite.
Risk	Financial impacts as a result of decarbonizing our operations and supply chain and of prevailing regulations
	Steel is a hard to abate sector and will require significant efforts and investments. We depend very much on how the steel sector evolves, the geopolitical landscape, the pace of grid decarbonization and whether or not steel from low carbon-emitting processes is available in the quantities, qualities and the competitive prices that the value chain requires. In addition, all this needs to be backed up by adequate policy making and international, fair trade and carbon schemes in order to provide a level playing field.
Opportunity	Transformation of portfolio with clean tech solutions
	We see an opportunity to further transform and evolve our portfolio mix and product offering with clean solutions that will enable decarbonization and reduce global warming. However, for this opportunity to materialize, we need a clear market pull and a willingness to pay, as well as favorable political and economic boundary conditions in the countries where we operate.
Hazardous substances & materials
Negative impact	Caring for people and the environment through chemical management
	Inherent to the nature of our business, Bekaert uses hazardous substances and chemicals in its production processes. Bekaert uses hazardous substances and materials in a controlled way in its production process to minimize any impact on people and the environment.
Risk	Regulations impacting the use of substances and chemicals in our production processes
	The use of certain substances and chemicals currently used in our production processes could be restricted in the future. We monitor regulatory developments and are preparing for potential changes through our ongoing focus on technology and our efforts to innovate.
Water
Negative impact	Water management with increased focus on water-stressed areas
	We use water directly in our production processes and also indirectly for evaporative cooling purposes. We focus on water saving projects especially in but not limited to water stressed regions.
Risk	Impact of regulatory changes and climate change
	Access to water could be impacted by climate change in water stressed regions in the future. Next to this, potential future regulatory changes on water usage could eventually also have an impact. First and foremost, Bekaert is taking actions to minimize the use of fresh water. Relevant regulatory developments are also being monitored.
Circular economy and resource use
Negative impact	Responsible resource management
	The depletion of natural resources has a negative impact on the planet. We strive to reduce sourcing of virgin materials with a clear aim to increase the amount of recycled materials that we purchase whenever there is customer demand. In our sourcing strategy we balance the availability of recycled materials, performance and cost. Next to this we work to reduce waste by embedding circular economy principles in our production processes and product offerings.


Bekaert Annual Report 2025	− 200 −


Type	Description, effect, response and resilience
Positive impact	Circularity
	Our aim is to minimize waste, promote recycling and reuse, enhance resource efficiency and reduce dependency on virgin materials through innovative circular design, co-developments and partnerships. Circular design principles are part of our innovation strategy.
Risk	Supply chain risk related to recycled input materials and technology shift
	We see the availability of sufficient recycled input materials as a potential supply chain risk. Externally driven changes in customer demands or required speed of technological changes may reduce our competitiveness. Impactful technology changes can affect sectors that are relevant to Bekaert. We strive to protect our market position and market share through innovation, co-development and partnerships.
Opportunity	Co-developing sustainable solutions across the value chain
	We strive to strengthen our market position and market share through innovation, co-development and partnerships and sustainable and circular solutions.
Own workforce
Positive impact	Put people first
	We enhance employee well-being and working conditions through a focus on zero harm, medical plans, assistance programs, and automation solutions.
Negative impact	Creating a no-harm-to-anyone and diverse working environment
	Due to the nature of the business environment that we operate in, we have to address health and safety risks as well as focusing on the diversity of our workforce. We continue to address these areas via different programs and initiatives.
Risk	Creating safe working conditions and fostering talent
	Creating safe working conditions, attracting and developing talent are important requirements for the sustainability of our business. We invest in health & safety compliance programs and attract talent to help to grow our business.
Opportunity	Talent, diversity and innovation driving people and business growth
	Empowering innovation through talent development, training, and cultural diversity, leads to richer ideas, better decision-making, and increased productivity. This strategy increases our opportunity to attract and retain the talent that we need in order to be successful in the future.
Workers in the value chain
Negative impact - Positive impact	Respect of human rights across the value chain
	Our upstream supply chain, primarily for our main raw material, can be a harsh working environment due to the type of business (metals), with industry-specific health and safety exposures. We promote the respect of health, safety and human rights across the value chain, and with OECD guidelines by enforcing our supplier code of conduct and by the due diligence programs that we have in place.
Business Ethics
Positive impact - Risk	Embedding ethical business practices in everything we do
	We promote strong ethical business practices and ESG is part of our supplier management framework. Integrity and trust are core values of our business culture and essential in our ambition to be the leading partner for our customers.


Bekaert Annual Report 2025	− 201 −

Current financial effects from sustainable

solutions and sustainable operations related to

risks and opportunities have been included in the

EU Taxonomy Revenue, Capex and Opex sections

and in our financial statements.

At this stage, there are no known material risks

and opportunities which would require a material

adjustment within the next reporting period.

All material impacts, risks and opportunities are

covered by ESRS disclosure requirements. There

are no additional entity-specific disclosures.

More detailed information on how we address

these impacts, risks and opportunities, is

disclosed in the topical sections under

‘Environment’, ‘Social’, and ‘Governance’.

To ensure the resilience and adaptability of our

strategic plans and business models with respect

to material topics, we integrate the following

steps into our strategic planning and review

process looking at medium-term impact (up to

2030):

• We have mapped business unit-specific

material risks and opportunities: by utilizing

the outcome of the business unit strategic

deep dive sessions, the Enterprise Risk

Management framework (ERM), double

materiality assessment, and physical climate

risk studies we have identified and prioritized

key risks and opportunities.

• We continuously monitor the development of

the external forces relevant to our business

and market dynamics: we monitor and evaluate

trends, regulatory changes, and requirements

that could impact our strategy, including

insights from regulators, customers, suppliers,

competitors, employees, and investors.

• We assess the impact of strategic plans on

sustainability targets: we calculate and

forecast the effects of our strategic initiatives

on our sustainability goals.

ESRS SBM-3 §48 a-d, f-h

² ESRS Application Requirement 16


Bekaert Annual Report 2025	− 202 −

Impact, Risk and

Opportunity management

Double materiality

assessment process (IRO-1)

Our methodology and process

In 2023, Bekaert conducted its first double

materiality assessment in line with the CSRD

guidelines, ESRS standards and guidelines issued

by the European Financial Reporting Advisory

Group (EFRAF).

In 2025, we updated our double materiality

assessment to reflect internal and external

context changes, engaged with additional

stakeholders, incorporated regulatory and ERM

updates and refined calculations.

The 2025 update followed a four-phase

approach:

Phase 1 - Analyze Context Changes

We reviewed internal and external changes

impacting the double materiality assessment. We

considered business context changes, group

strategic plans, BU-focused sustainability

strategy insights, market dynamics and

geopolitical and policy shifts to map key context

changes.

Internal and external sources were reviewed,

including policies, strategy documents, sector

and peer reports, customer and supplier data,

ERM outcomes, analyst and investor insights, and

key findings from supplier risk due diligence.

Our entire value chain was considered during the

double materiality assessment with focus on

business units and regional differences (more

information is disclosed in section Strategy

SBM-1 on page 195 and SBM-2 on page 196).

Phase 2 - Stakeholder Engagement

We conducted several interviews covering our

different regions and business units to identify

potential changes to our material Sustainability

Topics and their related Impacts, Risks, and

Opportunities (IROs). We engaged with affected

stakeholders, or stakeholders who could inform

on their interests via interviews.

We consulted internal stakeholders with business

and/or subject matter expertise on specific ESG

topics and who have a thorough understanding of

context changes on the sustainability agenda and

strategy.

We interviewed 10 additional external

stakeholders, covering customers, suppliers and

the reference shareholder of Bekaert.

Bekaert assessed the materiality of all

Sustainability Topics covered by the ESRS 2. To

facilitate the IRO identification, several ESRS

(sub)topics were clustered into a tailored list of

Sustainability Topics relevant for Bekaert’s

business activities and stakeholders. The

overview of the Sustainability Topics included in

the double materiality exercise is presented

below.

Environmental

1 Climate change adaptation

2 Climate change mitigation

3 Pollution

4 Hazardous substances and materials

5 Water

6 Biodiversity

7 Circular economy

Social

8 Own workforce

9 Workers in value chain and human rights

10 Local communities

11 Cyber and data security

12 Product stewardship

Governance

13 Business ethics

Phase 3 - Refine and Update

Assessments

We reviewed and updated the list of IROs and

updated the assessments to define the

materiality level of IROs and Sustainability Topics.

We applied following ESRS assessment criteria:

• Impact materiality: severity (scale, scope and

remediability) and likelihood

• Financial materiality: magnitude of financial

effect and likelihood

The descriptions of the materiality criteria are


Bekaert Annual Report 2025	− 203 −

tailored to Bekaert’s business operations.

Magnitude of financial effect and likelihood, as

well as the prioritization, are aligned with

Bekaert’s ERM methodology.

Evaluation criteria for impact materiality

Different ranges apply to classify the magnitude

of scale (from minimal to absolute), scope (from

limited to global), remediability (easy to

remediate in the short-term to non-remediable)

and likelihood (from very low to very high, in line

with ERM).

Evaluation criteria for financial materiality

Financial materiality assessment criteria are

based on Bekaert’s ERM methodology to align

with existing business processes on risk

management.

Several ERM risk and opportunities are linked to

Sustainability Topics and were considered in the

double materiality assessment. We also mapped

the inter-relation between impacts and risks &

opportunities and considered dependencies on

natural, human and social resources as source of

risks and opportunities.

Scoring ranges and thresholds applied

• Impact materiality: scoring from 0 to 15 (<5

minimal impact, ≥5 to <8: informative, ≥8 to

<10: important, ≥10 to <12: significant, ≥12:

critical). Topics that scored 8 and above were

considered material.

• Financial materiality; scoring ranges from 0 to

5 (<1: non-existent, ≥1 to <2: minimal, ≥2 to <3:

informative, ≥3 to <4: significant and ≥4:

critical). Topics that scored 3 and above were

considered material.

The whole update process, assessment and

outcome was reviewed by an external consultant.

Phase 4 - Validate Outcome

We reviewed and validated the double materiality

assessment outcome with the Executive

Management, and the Board of Directors via the

Audit, Risk and Finance Committee.

ESRS SBM-3 §53 a-c, ESRS IRO-2 §59

Integrated in business processes

The double materiality process to identify, assess

and manage impacts, risks and opportunities has

been aligned with the update of Enterprise Risk

Management (ERM) leading to consistency and

allowing for periodical review and monitoring of

identified impacts, risks and opportunities.

Insights from the double materiality assessment

continue to shape Bekaert’s sustainability agenda

and inform short- and mid-term strategic

planning. We incorporated the outcome as a core

element in business unit specific strategy deep

dive sessions, the 2026 and the 2030 planning

cycle to ensure further integration into business

priorities, alignment with corporate goals and

stakeholder expectations.

Monitoring of actual and potential impacts on

people and environment is done by reviewing

findings of due diligence processes (such as

supplier risk due diligence and human rights

findings), Business Unit specific impact

assessments (resulting from ERM and double

materiality review sessions) with a focus on

business specific and geographical differences

that might give rise to heightened risk of adverse

impacts.

The double materiality assessment is a dynamic

exercise due to a continuously evolving business

context. We will review and update our double

materiality assessment should significant

changes occur.

ESRS SBM-3 §53 d-h

Disclosure Requirements

in ESRS covered by our

sustainability statement (IRO-2)

The table with disclosure requirements that

Bekaert reports on is disclosed in the section

Content Index on page 276.

ESRS IRO-2 §56

¹ Regulation EU 2020/852 of the European Parliament and of the Council, published in the Official Journal of the European Union on

the 22 06 2020.

² The Climate Delegated Act (Commission Delegated Regulation (EU) 2021/2139 of 4 June 2021), the Disclosure Delegated Act

(Commission Delegated Regulation (EU) 2021/2178 of 6 July 2021) and the Commission Delegated Regulation (EU) C(2025) 4586 of

4 July 2025

³ The Commission Delegated Regulation (EU) 2023/2486 of 21 November 2023 with respect to four environmental objectives:

'Sustainable use and protection of water and marine resources', 'transition to a circular economy', "pollution prevention and control"

and "protection and restoration of biodiversity and ecosystems".


Bekaert Annual Report 2025	− 204 −

Environmental

EU Taxonomy

This section covers the key performance

indicators and accompanying information

required under the EU Taxonomy (Regulation EU

2020/852 1 and the related Delegated Acts 2,

including the new Delegated Act of 4 July 2025

regarding the updated reporting tables and the

DNSH criteria on pollution, without applying the

materiality threshold).

The EU Taxonomy aims to channel capital

towards sustainable activities, with the end-goal

of financing sustainable growth and achieving the

EU objective of becoming climate neutral by

2050.

Reporting on our contribution to the environment

through the EU Taxonomy is in line with

Bekaert’s ambition to create sustainable value for

all stakeholders.

In compliance with the mandatory requirements

for EU Taxonomy reporting, we reported on the

eligibility on the first two EU Taxonomy

objectives, Climate Change Mitigation and

Climate Change Adaptation, in 2021.

In 2022, we expanded our disclosures to include

alignment with these two environmental

objectives. With the publication of the delegated

act pertaining to the remaining four

environmental objectives 3, since 2023 our

analysis considers all six environmental

objectives of EU Taxonomy as well as the further

amendments and recommendations from the

European Commission. Certain aspects of the EU

Taxonomy regulation are complex and open to

interpretation. Bekaert has prepared its EU

Taxonomy reporting for fiscal year 2025 on a

best effort basis, assessing compliance with the

Taxonomy criteria using the latest guidance

available and making assumptions or estimates

where required. Bekaert’s approach in

determining eligibility and alignment with the EU

Taxonomy regulation is further explained in the

sections below.

BEK-5474_Infographic EU Taxonomy Logic_02.svg


Bekaert Annual Report 2025	− 205 −

Below we report on our EU Taxonomy eligibility

and alignment for 2025, expressed through three

key performance indicators: our share of eligible/

aligned, eligible/non-aligned and non-eligible

activities in the Bekaert consolidated sales of

2025, capital expenditure additions and

"applicable" operating expenditures.

Note: consolidated sales is the terminology used

in the Bekaert income statement. It has the same

definition as "net turnover" as used in the EU

Taxonomy. We refer to note 2.4 in the Financial

Statements on page 95 of this report for more

detailed information on our revenue recognition

principles.

EU Taxonomy eligibility

assessment process

An "eligible economic activity" is one that is

described in the EU Taxonomy, regardless of

whether it meets all the technical screening

criteria laid out for that activity. To evaluate our

EU Taxonomy eligibility, we have mapped all

products manufactured by NV Bekaert SA and its

subsidiaries, the applicable expenses incurred

and investments made, and matched them with

the activities described in the EU Taxonomy.

To facilitate this exercise, we first assessed the

eligibility of our products and expenses in relation

to the descriptions in such Delegated Act, using

NACE codes (Revision 2) and other reference

classifications provided by the Sustainable

Finance Platform as additional guides.

We collaborated with each of our four business

units to perform the mapping exercise. In

calculating the key performance indicators, we

only considered values of products specifically

made for the eligible activities. We took into

consideration each of the elements included in

the activity description in the delegated acts, and

when in doubt we referred to the technical

screening criteria and the Technical Expert Group

Final Report – Technical Annex for further

information on which products manufactured by

Bekaert could be assessed as eligible or not.

As mentioned, certain aspects of the EU

Taxonomy regulation are complex and open to

interpretation. Therefore, we determined the

eligibility of our products on a best effort basis

using the latest guidance available and keeping in

mind the philosophy of EU Taxonomy that

redirects capital towards sustainable activities

that are required for the net-zero future, where

key component suppliers such as Bekaert play a

significant role.

The eligibility assessment determined that

Bekaert's current activities contribute to the

climate change mitigation objective of the EU

Taxonomy for the activities listed below.

• 3.1 Manufacture of renewable technologies

• 3.2 Manufacture of equipment for the

production and use of hydrogen

• 3.5 Manufacture of energy efficiency

equipment for buildings

• 3.6. Manufacture of other low carbon

technologies

• 3.20 Manufacture, installation, and servicing of

high, medium and low voltage electrical

equipment for electrical transmission and

distribution that result in or enable a

substantial contribution to climate change

mitigation

• 9.1 Close to market research, development and

innovation

As the EU Taxonomy evolves, we remain

committed to staying informed and staying

abreast of future developments, in order to

explore new opportunities to make further

contributions to its other environmental

objectives as well.

EU Taxonomy alignment

assessment process

Bekaert is committed to creating a more

sustainable world through our sustainable

solutions. More information about our initiatives

and sustainable products and solutions can be

found in section E5-2 on page 242.

For EU Taxonomy alignment, the following

criteria must be taken into consideration:

• Substantial Contribution (SC)

• Do No Significant Harm (DNSH)

• Minimum Social Safeguards (MSS).

A. Substantial contribution and scope

Bekaert's sustainability strategy and SBTi-

approved targets demonstrate a holistic

approach that adheres to the EU Taxonomy

alignment criteria (find more information in

section SBM-1 of this report).

Given the complexity of the EU Taxonomy

regulation, some criteria require additional

clarification and interpretation. In the following

section, we highlight a number of key

considerations in Bekaert’s EU Taxonomy

assessment:

• Substantial contribution to 3.1. Manufacture of

renewable technologies: Bekaert produces key

components for the manufacturing of

renewable energy technologies. The

substantial contribution criteria for this activity

align with the activity description. Hence, if a


Bekaert Annual Report 2025	− 206 −

product is deemed Taxonomy-eligible under

activity 3.1, we determined that the substantial

contribution criterion was satisfied.

• Substantial contribution to activity 3.2.

Manufacture of products for the use of

hydrogen: Bekaert produces components that

enable the production of green hydrogen.

Given the complexity of the criteria to be met

under the current regulation and also based on

the low output of green hydrogen production in

the world today, Bekaert's intent is to confirm

the alignment of its hydrogen products in

upcoming years. Bekaert has been at the

forefront of developing innovative solutions for

green hydrogen production for over 20 years

and therefore, it is very likely that the current

assessment is an underestimation of our green

activities.

• Substantial contribution to 3.5. Manufacture of

energy efficiency equipment for buildings:

Bekaert is one of the world's leading suppliers

of innovative burners and heat exchangers for

gas boilers. According to our knowledge, the

gas burners cannot meet the EU Taxonomy

criteria. Improving the rating is only possible by

combining it with other environmentally

friendly technologies such as hybrid or

hydrogen ready boilers. A certain proportion of

our solutions are already implemented in

hybrid boilers but we lack traceability due to

being far from the end-product in the value

chain. Given the complexity of the criteria to be

met, we don’t claim any alignment for this

activity in 2025, which could be considered as

an underestimation of our green activities.

However, we have several initiatives ongoing to

improve traceability for hybrid boilers, as well

as leveraging our existing technology and

know-how in developments meeting

substantial contribution criteria of EU

Taxonomy.

• Substantial contribution to 3.20 Manufacture,

installation, and servicing of high, medium and

low voltage electrical equipment for electrical

transmission and distribution that result in or

enable a substantial contribution to climate

change mitigation: Bekaert produces key

components for offshore and overhead power

cables which are essential for the transmission

and distribution of renewable energy and

electrification. Our products facilitate the

efficient connection of offshore windmills and

islands to the mainland, supporting the

reconfiguration and strengthening of the grid.

This enables the transmission of renewable

energy and enhances overall energy efficiency

in both existing and new power lines.

• S ubstantial contribution to activity 3.6.

Manufacture of other low carbon technologies:

– Substantial life cycle GHG emission savings:

for each product considered under this

activity, Bekaert carried out third party

verified Life Cycle Assessments (LCA) for

alignment. This is consistent with our

commitment to communicate the

environmental sustainability of our products

in a credible and transparent manner. We

consider life cycle GHG emission savings

substantial where the total life cycle

emissions of the Bekaert product are below

the ones of the best performing alternative.

– Best performing alternative technology/

product/solution: this is defined as the most-

used product/technology on the market with

the same core functionalities as the Bekaert

product considered under this activity.

Considering the fact that the publicly

available information for alternative

products is limited, we mostly chose a

representative example from our product

portfolio for comparative LCA, and where no

representative example was available, we

modeled the competitor products based on

certain assumptions.

• Substantial contribution to activity 9.1. Close to

market research, development and innovation:

Bekaert actively researches product

innovations that reduce, remove or avoid GHG

emissions along the life cycle of products. The

expenditures related to technologies in this

field that have been demonstrated in an

industrially relevant environment., i.e. TRL6

level, are reported under activity 9.1, which is a

small percentage of all sustainable product

innovation efforts taking place at Bekaert due

to not meeting the criteria of TRL6.

To demonstrate GHG savings, the same

approach as mentioned above for substantial

contribution of activity 3.6 was applied where

possible. In cases where publicly available

information is limited, we made assumptions to

the best of our knowledge to estimate if

potential GHG emission savings would occur.

B. Do No Significant Harm

As most of the eligible activities considered by

Bekaert (3.1, 3.2, 3.5, 3.6 and 3.20) require

complying with the same Do No Significant Harm

(DNSH) requirements, Bekaert has developed a

systematic approach in assessing the compliance

with these requirements:

• Generic criteria for DNSH to pollution

prevention and control regarding use and

presence of chemicals: As a global

manufacturing company, Bekaert is subject to

multiple regulations concerning the use and

presence of chemicals and follows local

regulations accordingly. A study was

performed to determine and ensure

compliance of key manufacturing locations

with the criteria set out by the EU Taxonomy

Climate Delegated Act Appendix C as updated

in the Delegated Act of 4 July 2025. In 2025,

we performed an update of our in-depth


Bekaert Annual Report 2025	− 207 −

compliance assessment against the

requirements of DNSH criteria in all sites,

using the safety data sheets of chemicals

stored in our chemicals management tool as

basis.

• General criteria for DNSH to water: At Bekaert,

we are committed to reducing our impacts

related to water withdrawal, consumption and

discharge, especially in water stressed regions.

We have a Water policy and water saving

programs in place to reduce our impact.

Additional information is available in section E3

Water.

• General criteria for DNSH to biodiversity: We

have screened our sites in relation to their

proximity to, and their potential impact on,

designated protected areas and/or areas of

high biodiversity value. The vast majority of

Bekaert sites are located in industrial zones.

There is to date to the best of our knowledge

no evidence of any environmental impact from

Bekaert operations on these protected areas.

• Generic criteria for DNSH to climate change

adaptation: An in-depth climate risk study was

conducted in 2022-2023, to assess the impact

of physical climate change risks on all of

Bekaert’s global operations. In 2024-2025,

Bekaert further continued to fine-tune this

study focusing on adaptation solutions, and

mapping the main exposures of key suppliers.

More information is available in section E1 -

SBM-3 - under subsection Physical Climate

Risk Assessment on page 217

• Criteria for the transition to a circular

economy: Bekaert is dedicated to continuously

enhancing the circularity of its products. This

includes designing for high durability,

recyclability, and reuse, as well as

incorporating secondary raw materials.

Additionally, we prioritize waste management

practices that favor recycling over disposal in

our manufacturing process. We assessed the

feasibility of the EU Taxonomy circular

economy criteria for our eligible and aligned

products and adopted relevant techniques

where possible. We continue to actively work

toward making our company more circular in

the future. Additional details can be found in

section E5-2 on page 242 of this report.

For products that are listed as Taxonomy-eligible

under activity 9.1, a separate assessment of

DNSH requirements has been carried out as

listed in EU Taxonomy regulation. To the best of

our knowledge, currently no potential risks have

been found. Our assessment is largely based on

the fact that similar materials and processes are

used in the development of these new innovative

products.

C. Minimum Social Safeguards

Bekaert adheres to the OECD Guidelines for

Multinational Enterprises, the United Nations

Guiding Principles on Business and Human

Rights, the Fundamental Conventions of the

International Labour Organisation (ILO), the

International Bill of Human Rights, and Article 18

of the EU Taxonomy regulation. We further

assessed compliance with Minimum Social

Safeguards in line with the final report of the

Platform on Sustainable Finance on Minimum

Social Safeguards, focusing on following four

core topics applicable for Bekaert: human rights

including workers’ rights, due diligence and risk

assessment process, grievance mechanisms,

bribery/corruption, taxation and fair competition.

Among other initiatives, we have a Human Rights

policy and a Code of Conduct in place, which

reflect our vision and strengthens our stance on

key topics related to human rights, business

conduct and sustainability. (more information is

disclosed on page 249). Additionally, we've

updated our Supplier Code of Conduct in 2025

and we have an annual plan for supplier audits,

which allow us to further verify the respect of

human/labor rights throughout our supply chain.

More information is disclosed in section S2 as of

page 267. We further also intensify our efforts to

promote human rights through our cross-

functional, global program for due diligence. More

information on Social Safeguards and related

risks throughout the Bekaert value chain is

included in section S2 Workers in the Value Chain

on page 267.

EU Taxonomy Key Performance Indicators


Financial year 2025
KPI 2025	Total	Proportion of Taxonomy eligible activities	Taxonomy aligned activities	Proportion of Taxonomy aligned activities	Breakdown by environmental objectives of Taxonomy aligned activities						Proportion of enabling activities	Proportion of transitional activities	Not assessed activities considered non-material	Taxonomy aligned activities in previous financial year	Proportion of Taxonomy aligned activities in previous financial year
	thousands of €		thousands of €		Climate change mitigation	Climate change adaptation	Water	Circular economy	Pollution	Biodiversity
Turnover	3 705 815	52%	1 816 469	49%	49%	0%	0%	0%	0%	0%	49%	0%	0%	1 800 172	45%
CapEx	169 280	58%	76 406	45%	45%	0%	0%	0%	0%	0%	45%	0%	0%	86 399	41%
OpEx	132 467	54%	58 234	44%	44%	0%	0%	0%	0%	0%	44%	0%	0%	66 704	38%

1. Consolidated sales


Financial year 2025					Environmental objective of Taxonomy aligned activities
Economic activities	Code	Proportion of Taxonomy eligible Turnover	Monetary value of Taxonomy aligned turnover	Proportion of Taxonomy aligned turnover	Climate change mitigation	Climate change adaptation	Water	Circular economy	Pollution	Biodiversity	Enabling activity	Transitional activity	Proportion of Taxonomy aligned in Taxonomy eligible
		%	thousands of €	%	%	%	%	%	%	%	E	T	%
Manufacture of renewable energy technologies	CCM 3.1	0.4%	13 102	0.4%	0.4%						E		100%
Manufacture of equipment for the production and use of hydrogen	CCM 3.2	1%	0	0%	0%								0%
Manufacture of energy efficiency equipment for buildings	CCM 3.5	2%	0	0%	0%								0%
Manufacture of other low carbon technologies	CCM 3.6	47%	1 718 614	46%	46%						E		99%
Manufacture, installation, and servicing of high, medium and low voltage electrical equipment for electrical transmission and distribution that result in or enable a substantial contribution to climate change mitigation	CCM 3.20	2%	84 557	2%	2%						E		100%
Close to market research, development and innovation	CCM 9.1	0.01%	196	0.01%	0.01%								100%
Sum of alignment					49%
Total Turnover		52%	1 816 469	49%	49%	0%	0%	0%	0%	0%	49%	0%	95%

Decimal used only for below 1%

Numerator

The numerator is comprised of the Bekaert 2025 consolidated sales that are related to the economic activities listed in the table above (the numbers refer to

the section in Annex I of the Climate Delegated Act that corresponds to such activity). We consider only the revenues generated from specific products and

customers related to the EU Taxonomy activity. Intercompany transactions were excluded by eliminating any sales between business units, ensuring that only

external sales were considered in the final consolidated figures. All of the activities above are considered as enabling activities, as referred to in Article 10(1)

point (i) of Regulation (EU) 2020/852. Each business unit performed the eligibility analysis separately, for the products manufactured within the business unit.

To avoid double counting, this information was then aggregated and validated by Group Finance, following the same principles as for the consolidated financial

reporting. Examples of eligible and aligned products and solutions can be found in section E1-3 on page 225.

Denominator

The denominator is comprised of consolidated sales as disclosed in the Financial Statements of this report.

2. Capital Expenditure (Capex)


Financial year 2025					Environmental objective of Taxonomy aligned activities
Economic activities	Code	Proportion of Taxonomy eligible CapEx	Monetary value of Taxonomy aligned CapEx	Proportion of Taxonomy aligned CapEx	Climate change mitigation	Climate change adaptation	Water	Circular economy	Pollution	Biodiversity	Enabling activity	Transitional activity	Proportion of Taxonomy aligned in Taxonomy eligible
		%	thousands of €	%	%	%	%	%	%	%	E	T	%
Manufacture of renewable energy technologies	CCM 3.1	0.2%	263	0.2%	0.2%						E		100%
Manufacture of equipment for the production and use of hydrogen	CCM 3.2	6%	0	0%	0%								0%
Manufacture of energy efficiency equipment for buildings	CCM 3.5	0.1%	0	0%	0%								0%
Manufacture of other low carbon technologies	CCM 3.6	38%	64 552	38%	38%						E		100%
Manufacture, installation, and servicing of high, medium and low voltage electrical equipment for electrical transmission and distribution that result in or enable a substantial contribution to climate change mitigation	CCM 3.20	0.2%	344	0.2%	0.2%						E		100%
Electricity generation using solar photovoltaic technology	CCM 4.1	0.01%	0	0%	0%								0%
Renewal of water collection, treatment and supply systems	CCM 5.2	1%	0	0%	0%								0%
Material recovery from non-hazardous waste	CCM 5.9	0.002%	0	0%	0%								0%
Renovation of existing buildings	CCM 7.2	2%	0	0%	0%								0%
Installation, maintenance and repair of energy efficiency equipment	CCM 7.3	3%	0	0%	0%								0%
Installation, maintenance and repair of instruments and devices for measuring, regulation and controlling energy performance of buildings	CCM 7.5	0.02%	0	0%	0%								0%
Installation - maintenance and repair of renewable energy technologies	CCM 7.6	0.1%	196	0.1%	0.1%						E		100%
Data processing - hosting and related activities	CCM 8.1	1%	0	0%	0%								0%
Close to market research, development and innovation	CCM 9.1	7%	11 050	7%	7%						E		100%
Sum of alignment					45%
Total CapEx		58%	76 406	45%	45%	0%	0%	0%	0%	0%	45%	0%	78%

Decimal used only for below 1%.

Numerator

The numerator is comprised of (i) capex related to Taxonomy-eligible and -aligned solutions of Bekaert and (ii) capex related to other Taxonomy-eligible

economic activities that are not directly linked to Taxonomy-eligible solutions of Bekaert (in both cases, we refer to capex invested during the fiscal year 2025),

as described in Section 1.1.2.2 of Annex I of the Disclosure Delegated Act. The total EU Taxonomy-eligible and aligned capex is calculated from the following

economic activities listed in the table above. From the activities above, activities 3.1, 3.2, 3.5, 3.6, 3.20, 7.3. 7.5 and 9.1 are considered as (aligned to-be)

enabling activities, as referred to in Article 10(1) point (i) of Regulation (EU) 2020/852, while activities 7.2 and 8.1 are considered as (aligned to-be) transitional

activities as referred to in Article 10(2) of Regulation (EU) 2020/852. In certain scenarios where asset investments are used to manufacture both eligible and

non-eligible products, we have applied an allocation rule based on the eligible revenue percentage of products manufactured in the specific production plant

that capex project was implemented, in order to calculate the eligible capex. A similar approach was followed for aligned and non-aligned products.

Each business unit separately identified their capital expenditures related to eligible/aligned products manufactured by Bekaert (literal (a) and (b) of Section

1.1.2.2 of Annex I of the Disclosure Delegated Act, including capex arising from a plan to increase the share of the eligible / aligned business within 5 years). In a

second stage, each business unit further screened the capex that was left out from the previous step to identify the capex related to the purchase of output

from Taxonomy-eligible economic activities (literal (c) from the referred Section 1.1.2.2). Separately, the Group Finance department identified the capex related

to other Taxonomy-eligible economic activities, which was not registered in the accounts of the business units. To avoid double counting, this information was

then aggregated and validated by Group Finance, following the same principles as for the consolidated financial reporting.

Our higher eligibility score for CAPEX spending, compared to our revenue KPI, demonstrates that we are making strategic investments to continually expand

the share of our eligible and aligned economic activities.

Denominator

The denominator is comprised of Bekaert’s total capex invested in the financial year 2025 as disclosed in the Financial Statements of this report, covering

additions to tangible and intangible assets considered before depreciation, amortization and any re-measurements that may apply.

3. Operating expenses (Opex)


Financial year 2025					Environmental objective of Taxonomy aligned activities
Economic activities	Code	Proportion of Taxonomy eligible OpEx	Monetary value of Taxonomy aligned OpEx	Proportion of Taxonomy aligned OpEx	Climate change mitigation	Climate change adaptation	Water	Circular economy	Pollution	Biodiversity	Enabling activity	Transitional activity	Proportion of Taxonomy aligned in Taxonomy eligible
		%	thousands of €	%	%	%	%	%	%	%	E	T	%
Manufacture of renewable energy technologies	CCM 3.1	0.1%	170	0.1%	0.1%						E		100%
Manufacture of equipment for the production and use of hydrogen	CCM 3.2	4%	0	0%	0%								0%
Manufacture of energy efficiency equipment for buildings	CCM 3.5	3%	0	0%	0%								0%
Manufacture of other low carbon technologies	CCM 3.6	43%	56 470	43%	42.6%						E		98%
Transport by motorbikes, passenger cars and commercial vehicles	CCM 6.5	3%	254	0.2%	0.2%							T	6%
Close to market research, development and innovation	CCM 9.1	1%	1 340	1%	1%						E		100%
					44%
Total OpEx		54%	58 234	44%	44%	0%	0%	0%	0%	0%	44%	0.2%	81%

Decimal used only for below 1%.

Numerator

The concept of Opex under the EU Taxonomy is not equal to one line item in the Income Statement. The EU Taxonomy has a specified scope for operational

expenses to be reported (described in the Denominator section below), therefore, we refer to this reduced concept as "applicable" Opex to clearly differentiate

it from the Income Statement lines reported by Bekaert. The numerator is comprised of (i) "applicable" Opex related to Taxonomy-eligible and aligned activities

and (ii) "applicable" Opex related to other Taxonomy-eligible and aligned economic activities, as described in Section 1.1.3.2 of Annex I of the Disclosure

Delegated Act. The total EU Taxonomy-eligible and aligned "applicable" Opex is calculated from the economic activities referenced in above table.

All of the activities above are considered as (aligned to-be) enabling activities, as referred to in Article 10(1) point (i) of Regulation (EU) 2020/852, except for

activity 6.5 'Transport by motorbikes, passenger cars and light commercial vehicles'.

In certain scenarios where it is impossible to allocate Opex to individual product lines, we have applied an allocation rule based on the eligible revenue

percentage of products manufactured within the business unit or segment, in order to calculate the eligible Research & Development expenses, building

renovation measures, and maintenance and repair expenses. Each business unit extracted separately the Opex meeting the definition of the EU Taxonomy

related to the eligible and aligned products. Separately, our central purchasing department identified the "applicable" Opex related to the purchase of other

Taxonomy-eligible economic activities, which was not registered in the accounts of the business units. Likewise, our central Technology and Innovation

department identified the R&D expenses related to the eligible and aligned products, which was not registered in the accounts of the business units. To avoid

double counting, this information was then aggregated and validated by Group Finance, following the same principles as for the consolidated financial reporting.

Denominator

Opex is defined in the Disclosure Delegated Act as direct non-capitalized costs that relate to research and development, building renovation measures, short-

term leases, maintenance and repair, and any other direct expenditures relating to day-to-day servicing of assets of property, plant and equipment. The

denominator comprises of expenses that fit within this definition of Opex.

Each business unit obtained the maintenance and repair costs (which include non-capitalized expenses for building renovation measures) from internal

reporting systems.


Bekaert Annual Report 2025	− 214 −

E1 Climate change

Integration of sustainability

related performance

in incentive schemes (E1 - GOV-3)

Bekaert integrates sustainability-related

performance in its long-term incentives. An ESG

basket (scope 1 & 2 CO2e emissions reduction

and safety performance (TRIR), both with equal

importance) applies for 10% of the weight for the

performance covering the period 2025-2027.

Information about prior year incentive schemes is

available in previous Annual Reports on our

website.

ESRS 2 E1 - GOV3 §13

Our transition plan to

mitigate climate change (E1-1)

We create value through sustainability

At Bekaert, we believe it is our responsibility to

create a better tomorrow.

Our science-based GHG reduction targets were

independently validated by the Science Based

Targets initiative (SBTi). By signing up and

committing to science-based targets, we became

part of the UN Climate Champions’ Race to Zero

and through this we aim to make a significant

impact in the fight against climate change.

We have set a target to reduce our combined

Scope 1 & 2 Greenhouse Gas Emissions – the

majority of which comes from the electricity we

purchase and from the gas used within our plants

– by 46.2% by 2030 (compared to 2019) and we

have the ambition to reach Carbon Net Zero by

2050.

Next to acting on our own operations, we have

also set a target to reduce our Scope 3 emissions

associated with purchased goods and services by

19.7% by 2035 (compared to 2019).

Our ambition and targets will need to be backed

up by policy making, sufficiently available steel

from low carbon-emitting processes and all

actors in the value chain and nations to act

accordingly.

We have developed a roadmap to achieve our

decarbonization targets and can demonstrate

progress. We have a 2030 transition plan

outlining the steps and actions required by the

business and the various functions to achieve our

environmental targets. The 2030 transition plan

has been approved by both the Executive

Management and the Board of Directors.

The 2030 transition plan is embedded in the

2030 business plans of each business unit in

Bekaert including the financial means needed to

meet the targets.

More information about the progress we made in

2025 towards our targets (including the levers) is

disclosed in section E1-4 on page 226.

We are determined to improve life and create

value for all our stakeholders by making a

positive impact with our sustainable solutions.

We aim for 65% of our consolidated sales to

come from sustainable solutions by 2030, a

testament to our dedication to shaping the way

we live and move. In defining environmentally

friendly solutions, we follow EU Taxonomy

definitions and leverage third-party verified Life

Cycle Assessments (LCA) for fact-based

comparisons. Our 2025 EU Taxonomy aligned

revenue has increased to 49%. For more

information on the key performance indicators of

taxonomy aligned Revenue, CapEx and OpEx, we

refer to the detailed EU Taxonomy section on

page 204.

By committing to these targets, we are thinking

beyond tomorrow, enabling improvements

through innovation, and basing our initiatives on

the latest science that will help create a

sustainable future in the longer term.

ESRS E1-1 §14 §16a, b, c, e, g, h, i, j

We have analyzed the existing key assets in our

plants globally and came to the conclusion that

the assets with a potential carbon lock-in are

mainly limited to gas fired furnaces or baths.

Through electrification of these furnaces and

baths, we can reduce or eliminate the use of gas.

We may experience carbon lock-in if fossil-fuel

assets are not replaced by green technologies,

a transition that hinges on future cost-effective

technological advancements and supportive

policy measures.

ESRS E1-1 §16d

Decarbonization levers and key actions

As part of the transition plan, we have identified

multiple decarbonization levers for the shorter

term: we are increasing the use of renewable

electricity through on-site generation and offsite

(virtual) PPAs, as well as reducing the energy

needed in our production processes. Looking

ahead we have identified clear opportunities for

the coming years, which are currently further

under investigation, with a primary focus on

initiatives that drive additionality.


Bekaert Annual Report 2025	− 215 −

When it comes to renewable power generation,

we are focusing on solar and wind energy. More

information on our actions can be found in

section E1-3 on page 221.

We will further investigate and evaluate

electrification, the use of biofuels and/or green

hydrogen as technology advances.

Our decarbonization roadmap currently

comprises more than 1 000 individual projects, of

which over 200 have already been identified as

viable. These projects span all key

decarbonization levers and include the

exploration of longer-term solutions.

ESRS E1-1 §16b, j

Sustainable solutions

We want to take the lead in developing

sustainable products and solutions and help to

create a better tomorrow. At Bekaert, we are

committed to accelerating the progress in new

mobility, sustainable construction, and the energy

transition. Our products and solutions are

designed with sustainability, such as

decarbonization, dematerialization, circularity and

life-cycle thinking, at their core, ensuring that

responsible and resource-efficient practices are

embedded throughout their life cycle and our

value chain.

Our sustainable solutions are important enablers

of decarbonization, contributing to climate

change mitigation by enabling clean-end markets

and/or reducing life cycle greenhouse gas (GHG)

emissions compared to mainstream alternatives.

We achieve the latter by substituting certain

traditional steel products with low-carbon or

light-weight alternatives, and/or by offering

higher-performing products that lower the total

cost of ownership (TCO).

Bekaert is committed to leading the change in

creating a greener world by providing sustainable

solutions to support the transition across

multiple sectors. From our next-gen tire

reinforcement products Elyta® to offshore wind

and solar power with our mooring solutions, and

sustainable concrete reinforcement with our

Dramix® fibers, Bekaert’s innovations are

promoting the shift towards a cleaner, more

sustainable future.

Our inhera® label distinguishes solutions that

achieve robust sustainability outcomes without

compromising performance. More information is

available in section E1-3 on page 225.

More info on the contribution of our sustainable

solutions in circular economy and how we

leverage Life Cycle Assessments (LCA) to drive

our efforts, is disclosed in section E5-2 on page

242.

ESRS E1-1§16a,b


Bekaert Annual Report 2025	− 216 −

Material impacts, risks and opportunities and their interaction

with strategy and business model (E1 – SBM-3)

Our material impacts and risks

The climate-related impacts, risks and opportunities have been identified and assessed as part of the

double materiality process (see section IRO-1 on page 202), which included the conclusions from the

2025 ERM exercise (see Enterprise Risk Management in the Corporate Governance Statement on page

75), as well as the insights from the physical climate risk assessment study (see page 217)

The following climate change-related material topics have been identified for Bekaert:


Negative impact	Our production processes are energy intensive and we emit CO2e, primarily indirectly through our use of purchased electricity but also directly where we use gas. Our wire rod suppliers (Bekaert’s main raw material) have a high carbon footprint. We continuously work to make our own operations more energy efficient whilst working in parallel on a long-term strategy of electrification. We source renewables and install on-site power generation (solar and wind) where available and technically/economically feasible. We address our suppliers’ emissions by shifting from purchasing steel from a high carbon-emitting process to more steel from low carbon-emitting process options wherever economically feasible and meeting customer demands. By balancing cost and energy required for our own operations and input materials for the supply chain, we secure our financial resilience while being a responsible company.
Positive impact	Through the variety of products and solutions we offer to our customers, we contribute to global decarbonization and the reduction in global warming. We aim to have 65% of our revenue generated from sustainable solutions by 2030, but we cannot do this alone. In order to meet this aim, a clear market pull is required, including a willingness to pay. Favorable political and economic boundary conditions in the countries where we operate are also a prerequisite.
Risk	Steel is a hard to abate sector and will require significant efforts and investments. We depend very much on how the steel sector evolves, the geopolitical landscape, the pace of grid decarbonization and whether or not steel from low carbon-emitting processes is available in the quantities, qualities and the competitive prices that the value chain requires. In addition, all this needs to be backed up by adequate policy making and international, fair trade and carbon schemes in order to provide a level playing field.
Opportunity	We see an opportunity to further transform and evolve our portfolio mix and product offering with clean solutions that will enable decarbonization and reduce global warming. However, for this opportunity to materialize, we need a clear market pull and a willingness to pay, as well as favorable political and economic boundary conditions in the countries where we operate.

More information on our GHG emissions can be found in section E1-6 on page 229.

ESRS E1-IRO 1 §20a

Climate-related opportunities and risks have been mapped in accordance with the classification

framework of the Task Force on Climate-related Financial Disclosures (TCFD), covering both transition

and physical risks and opportunities over the short, medium and long term.


Climate change opportunities
Resource efficiency	Sustainable products & services	Renewable energy sources	Resilience	New financial sources

We optimize our production processes through energy efficiency, emissions reduction, water and waste management programs.	Our solutions are key enablers to decarbonizing other sectors and allow us to access new business opportunities.	Our renewable energy plan allows us to reduce carbon emissions through on-site power generation and agreements for power from renewable sources ((v)PPAs).	Our strategic planning and active risk management approach allow us to incorporate risks and opportunities into business strategy.	Our sustainability strategy makes the company attractive for investors and creates access to new financial sources.


Climate change transition risks				Climate change physical risks
Regulations	Technology	Market	Reputation	Acute	Chronic

Evolving climate regulations and carbon pricing mechanisms may have a strategic impact and/or may increase costs and prices.	The transition to a low- carbon economy brings extra costs, driven by required technological changes and the gradual replacement of products and processes with lower carbon emissions and more circular alternatives.	Changing customer behavior towards more sustainable choices, sourcing shifts and energy market transition uncertainties and/or delays may create a risk for some existing products and/or impact costs.	Growing stakeholder expectations (customers, investors, ...) are driving the sustainability agenda and our performance.	A more frequent occurrence of extreme weather events (mainly flood, heavy rainfall and windstorm) may impact our operations and supply chain.	Increasing exposure to heat-stress, drought and unfavorable weather conditions may impact working conditions.

¹ reference United Nations Emissions Gap Report 2024

² IPCC: Intergovernmental Panel on Climate Change

³ SSPs: Shared Social Economic Pathways developed by the IPCC


Bekaert Annual Report 2025	− 217 −

The scenarios on which our climate-related scenario analysis is based, are described in the following

sections Resilience in relation to climate change and Physical Climate Risk Assessment.

ESRS E1 - SBM3 §16h §18, AR8b

Resilience in relation to climate change

We have established targets and comprehensive plans focused on making our own operations more

sustainable and continuously evolving our portfolio to the market needs by offering sustainable solutions.

By adopting 1.5°C-aligned targets for our own operations, while the stated government policies trend

above 2°C 1, we demonstrate that resilience and long-term sustainability are at the core of our strategy.

To ensure the resilience and adaptability of our strategic plans and business models in the face of climate

change, we integrate the following steps into our strategic planning and review process looking at

medium-term impact (up to 2030):

• We have mapped business unit-specific material risks and opportunities: by utilizing the Enterprise

Risk Management framework (ERM), double materiality assessments, and physical climate risk studies

we have identified and prioritized key risks and opportunities.

• We continuously monitor the development of the external forces relevant to our business and market

dynamics: we monitor and evaluate trends, regulatory changes, and requirements that could impact our

strategy, including insights from regulators, customers, suppliers, competitors, employees, and

investors.

• We assess the impact of strategic plans on sustainability targets: we calculate and forecast the effects

of our strategic initiatives on our sustainability goals.

• We apply a structured approach and adopt different scenarios to evaluate risks and opportunities

within our strategic planning and risk management processes.

• We consider the entire value chain and all our material physical and transition risks and opportunities.

To address the identified and emerging climate-related risks and opportunities, we have defined specific,

actionable steps for each business unit, ensuring a proactive and resilient approach to sustainability with

strategic adjustments where required.

ESRS E1 - SBM3 §19, AR7b, IRO1 §20c, §21

Physical Climate Risk Assessment

Scope

As part of Bekaert’s climate risk management strategy, we conducted an in-depth climate risk study over

2022–2023 to assess potential physical climate impacts on our global assets and operations. In 2024–

2025, we refined this work by raising internal awareness, identifying potential adaptation solutions,

developing potential mitigation approaches, and mapping key supplier exposures.

The assessment aimed to identify potential future vulnerabilities, impacts, and adaptation measures for

Bekaert’s operations under physical climate risks. Three climate scenarios (representative concentration

pathways 2.6, 4.5 and 8.5) based on the IPCC 2 Fifth Assessment Report and mapped to AR6 SSPs 3 were

analyzed, representing global warming of 1.5°C, 2–3°C, and >4°C increase in the global average surface

temperature by 2100 (see figure published by the IPCC).

For each Bekaert site and for each pathway, acute and chronic hazards were assessed across key time

horizons, focusing on current base risk and medium-term projections towards 2050.


Temperature change	IPCC scenario	Present day	2030	2050
1.5°C	RCP 2.6	v	v	v
2-3°C	RCP 4.5	v	v	v
>4°C	RCP 8.5	v	v	v

⁴ using geospatial coordinates of our key production sites


Bekaert Annual Report 2025	− 218 −

Global surface temperature change relative to 1850–1900 (from the Climate Change 2021 report by IPCC).

The study focused on the following climate hazard exposures and associated risks deemed material to

Bekaert’s global assets and operational footprint:


ACUTE HAZARD
	River flood		Coastal flood		Windstorm
Probability and extent of inundation from potential severe river floods		Probability and extent of inundation from potential severe coastal flooding and sea level rise		Damaging wind gusts from severe windstorms

CHRONIC HAZARD
	Heat stress		Drought stress		Precipitation		Fire Weather
Annual number of heat wave days with sustained high temperatures over 30°C		Annual number of prolonged drought periods (months)		Annual number of days with heavy rainfall of more than 30mm		Areas exposed to meteorological fire conditions and duration of the fire season (months)

It is reasonable to expect that these exposures equally apply to peers within comparable sectors and

geographic locations.

Methodology

Bekaert collaborated with external advisors and key stakeholders to validate the assumptions underlying

the climate risk assessment. This included a high-level diagnostic of future hazard exposures, such as

mapping assets in climate-sensitive locations, and a review of potential vulnerabilities. We then quantified

the financial value-at-risk for each of the material acute and chronic hazards.

The methodology combined an asset-level analysis 4 of current and future exposures using insurance-

industry climate risk models, supplemented by tailored value-at-risk modeling for direct physical damage

and business interruption. Data sources included advanced climate models and insurance databases,

WTW's Global Peril Diagnostic and Climate Diagnostic tools, Munich Re hazard data, and IPCC research.

To raise awareness and strengthen readiness, Bekaert deployed an exposure analysis and self-

assessment tool across all production sites. Insights from this process inform adaptation planning and

mitigation strategies.

ESRS E1-IRO 1 §20bi,ii

Key findings

The summary below outlines climate hazard exposures for Bekaert’s physical assets and operations,

along with current and planned adaptation and mitigation responses. Our footprint could be most

impacted by flooding, rainfall and heat stress, moderate for drought and fire weather, and low for

windstorm (though expected to be become more frequent) on a mid to longer term horizon.

These findings guide our resilience planning, definition and prioritization of mitigation and adaptation

measures to reduce exposure to physical climate risks. Our adaptation approach will evolve through


Bekaert Annual Report 2025	− 219 −

targeted local studies and actions, supported by government programs and industry-wide initiatives

across relevant ecosystems.

In addition, engineering standards and operational thresholds are being updated to incorporate climate

change considerations, and climate hazard exposures are being integrated into project evaluations. As

shown in the table below, Bekaert has already taken steps and is continuing to develop adaptation

measures to address both current and future risks. We will define the necessary investments to address

these risks and implement them through a phased risk-based approach.

We also recognize that severe, low-likelihood events may impact regional infrastructure and the value

chain. Therefore, Bekaert continues to collaborate with local authorities and key suppliers to align

emergency response and business continuity planning before, during, and after such events.



	Current climate risk	Climate risks for 2050 under the high emission scenario (RCP8.5)	Response / Adaptation


Drought



	Currently some of Bekaert’s operations are in high drought stress environments with over 4 months of drought on average every year. Such conditions are correlated with water scarcity problems for the regions and in some areas with disruption of the supply of electricity from hydropower sources. In 2025 this has not resulted in material or unexpected impacts to the business.	The existing drought stress would be further exacerbated in this scenario with longer droughts and new regions and facilities becoming exposed to the conditions. This can lead to water shortages and potentially disrupt operations at facilities with water dependent processes. Hydropower reliability could be further impacted.	Bekaert already takes actions today to minimize fresh water use in production that would help reduce the future potential risks. Further plans are developed with regards to building internal reserves and optimization to further increase water and power supply resilience.


Heat-Stress


	Part of the global operations is already in moderate and high heat stressed areas. This creates a risk of minor loss of productivity during heatwave periods and increased air conditioning / energy consumption at sites with strict air quality requirements. No material incidents affected our production sites in 2025.	The number of heat wave days and the geographical spread of heat zones increases impacting additional operations and would likely increase the risk for existing ones.	Bekaert is already implementing heat stress adaptation measures in its operations with regards to ventilation and cooling solutions targeting areas of product quality, and health and safety. Consideration is given to potential negative impact, such as impact on energy consumption. Additional measures will be explored to bring further efficiencies in HVAC systems, new technologies and automation.


Precipitation


	Part of the global operations are in areas of heavy rainfall already. This creates a risk of localized flooding and ponding around manufacturing facilities and potential for leaking roofs. The impacts could include damage to surrounding infrastructure such as access roads, equipment and materials as well as disruption to operation essential utilities. No material incidents affected our production sites in 2025.	The number of days with heavy rainfall increases, which creates conditions for more frequent impacts.	Bekaert already has a level of protection embedded in the design of its facilities and maintenance regimes of roofs and drainage systems. Further steps will be considered to increase the resilience to this peril by additional evaluations of site vulnerabilities to strengthen or enhance the level of protection where relevant.


Fire weather


	Moderate fire weather conditions are relevant to a small portion of all assets. This could create some risk of property damage and disruption to utility supply from localized fires. No material incidents affected our production sites in 2025.	Unfavorable conditions increase and the number of sites moving into moderate conditions and a longer fire season doubles.	Bekaert already takes actions to maintain a good level of fire protection for its operations. It is reasonable to assume that existing fire control and prevention measures would reduce the likelihood of severe impacts in the future.


Bekaert Annual Report 2025	− 220 −



	Current climate risk	Climate risks for 2050 under the high emission scenario (RCP8.5)	Response / Adaptation


Flooding


	Some Bekaert operations are located in zones where severe flooding could occur, though the likelihood is low. The impacts to those assets could include damage to infrastructure, equipment, and materials as well as disruption to utilities essential for operations. No material incidents affected our production sites in 2025.	No substantial changes in exposure to coastal or river flooding, but exposure is already very high at some locations.	A level of prevention and protection is already in place for exposed areas. Where needed, Bekaert will be taking additional steps to increase the resilience and mitigation of the risk.


Windstorm


	Some of Bekaert’s operations see moderate levels of windstorm activity, while the majority of their assets are not materially exposed. There is a risk of wind damage to exposed sites and disruption of utilities essential for operations. No material incidents affected our production sites in 2025.	No substantial changes in windstorm exposure.	Existing facilities already include severe wind consideration in engineering design. It is reasonable to assume that good maintenance and inspection regime of sites today, as well as following best practice wind design specifications, emergency response and business continuity plans would prevent and minimize significant impacts to operations.

ESRS E1 - SBM3 §18, E1-IRO1 §20b, AR11, §21

Our processes to identify and assess material climate-related

impacts, risks and opportunities (E1 - IRO-1)

The information on the processes to identify and assess material climate-related impacts, risks and

opportunities is disclosed in section E1 SBM-3 on page 216.

Policies related to climate change mitigation and adaptation

(E1-2)

Our goal is to protect the planet with two focus areas in mind: making Bekaert a more sustainable

company and contributing to a more sustainable world with our sustainable solutions. Our ambition is to

reduce our carbon footprint by increasing our use of renewable energy and improving our energy

efficiency.

Our energy and climate change policy is designed to align our organization with our decarbonization

roadmap. The policy applies to all consolidated Bekaert operations and businesses. The Chief Operating

Officer (COO) oversees formulating the policy. Divisional CEOs with the support of the relevant corporate

functions are responsible for ensuring this policy is implemented in their respective business and

operations. The policy is available in English on our website.

ESRS E1-2 §24, 25

5 All emission reductions in this report are market-based calculations

⁶ Please refer to Section  6.3 of the Financial Statements for the ‘Property, Plant and Equipment’ line item in which this FY2025 Capex

has been recognized.


Bekaert Annual Report 2025	− 221 −

Our actions and resources related to climate change (E1-3)

Our decarbonization roadmap

We have developed a decarbonization roadmap, covering the period from our baseline year 2019 to 2030,

in line with the end year of our Scope 1 & 2 CO2e SBTi approved target and compatible with limiting global

warming to 1.5°C. Our strategy employs several key levers: improving energy efficiency in our facilities

through You Know Watt projects, installing on-site renewable energy generation and sourcing green

electricity via offsite (v)PPAs.

In the period 2019-2025, our actions led to a reduction of CO2e emissions by about 380 000 tons 5.

Looking ahead we anticipate further grid decarbonization by 2030 as more renewable capacity becomes

available in the countries where we operate.

By 2030, we aim to reduce an additional 590 000 tons of CO2e emissions by various levers. Around 57%

of this future effort is covered by already defined actions.

To reach our 2030 target, we have spent over €9 million 6 in 2025 and estimate spending over €40 million

in cumulative Capex over the coming years (estimate excluding additional efforts that currently carry a

high level of uncertainty). A major part of the Capex spent in 2025 has been included in the reported

eligible and aligned Capex for EU Taxonomy on page 210. Based on current levers in place, there is no

significant Opex to be reported.

ESRS E1-3 §29a, b, c, AR21

Generating renewable power and investing in renewable energy sources

One of our key levers to reduce greenhouse gas emissions is the use of renewable electricity, where

available. In total, 40% of the electricity we consumed in 2025 came from renewable energy sources.

In Belgium, India, Spain, Romania, UK and the US, most of Bekaert’s electricity already comes from

renewable energy sources.

When it comes to renewable power generation, we are focusing on solar and wind energy. We

continuously scout investment opportunities in solar and wind. In 2022 we ran a global exercise to

investigate the potential of onsite solar generation at all our plants globally based on technical feasibility

and economic criteria. Based on this analysis we have in recent years invested in several solar farms at

our manufacturing site in Burgos (Spain), Aalter (Belgium), Hamme (Belgium) and Jiangyin (China)

campus. In 2025, we installed solar panels at our site in Suzhou (China) with a total capacity of


Bekaert Annual Report 2025	− 222 −

1 Megawatt peak (MWp). We are in the progress of installing solar panels at three other sites in

Shenyang (China), Zwevegem (Belgium) and Assemini (Italy) which will become operational in the first half

of 2026 with a combined capacity of almost 16 MWp. We continue to explore additional solar capacity in

the coming years in line with our roadmap. Our analysis is updated on an annual basis.

Given the nature of our business, onsite power generation does not suffice to meet our demand. While we

continuously seek to make our operations more energy efficient, we also see it as our role to contribute to

the overall cleaning of the grid by investing in new assets that generate additional renewable capacity.

An overview of the deals we signed can be found below. We have plans for additional PPAs in the next

years according to our roadmap.


Lever	Description	Energy Production (GWh/year)	Ton CO2e Abatement per year (*)
On-site renewable energy through third party	Wind turbines in Zwevegem (Belgium) installed in 2012	13	1 800
	Roof-mounted solar panels in Aalter (Belgium) installed in 2020	1	140
	Solar field (ground-mounted) in Burgos (Spain) installed in 2023	16	1 500
	Roof-mounted solar panels in Jiangyin (China) installed in 2024	29	17 000
	Roof-mounted solar panels in Hamme (Belgium) installed in 2024	1	100
	Roof-mounted solar panels in Suzhou (China) installed in 2025	1	600
	Future solar field (roof and ground-mounted) in Belgium projected to be operational in 2026	4	500
	Future solar field (ground-mounted) in Italy projected to be operational in 2026	11	2 350
	Future solar field in China projected to be be operational in 2026	10	6 000
Off-site (virtual) Power Purchase Agreements ((v)PPAs)	Kings Plain, US (wind farm) installed in 2020	125	41 500
	P1&2, India (solar farm) installed in 2021	54	40 400
	P3, India (solar farm) installed in 2023	14	10 500
	Rockhound, US (solar farm) expected to be installed in 2026	75	24 900
	Vifor, Romania (wind farm) expected to be installed in 2026	100	20 800

* Scope 2 market-based

Developing and installing eco-friendlier production processes in our plants worldwide

We develop and implement standard solutions and initiatives that aim to reduce energy consumption and

greenhouse gas emissions. The Bekaert Manufacturing System (BMS), a longstanding improvement

program focused on manufacturing excellence, provides a list of guidelines and best practices centered

around energy and emission reduction measures.

As outlined earlier, we are investigating different options to fully decarbonize our use of thermal energy

(primarily gas) by 2050. One initiative is about exploring the possibility of electrifying our heat treatment

processes via a pilot project we are running.

Focus on energy consumption and on prevention & risk management

Given our ambition to reduce our carbon footprint and the importance that energy consumption will play

going forward, the energy intensity approach within the Bekaert Manufacturing System (BMS) program

has been elevated through a program called You Know WATT.

You Know WATT

Since its launch at the end of 2021, You Know WATT has continued to be Bekaert’s flagship energy-

efficiency program, driving measurable progress toward our long-term decarbonization ambitions. Built

on the dual pillars of targeted transformation waves and scalable global technical solutions, the program

entered 2025 with growing momentum and broad engagement across the organization.

Initially focused on the top 20 emitting plants, You Know WATT expanded its scope over time to cover

additional sites, reflecting both the maturity of the program and the opportunity to accelerate emissions

reductions where they matter most. Also in 2025, additional plants continued to implement structured

transformation waves. Cross-functional programs focused on identifying, prioritizing and implementing

technically and economically feasible energy-saving, water conservation, and waste reduction measures

tailored to each facility, process and operations.


Bekaert Annual Report 2025	− 223 −

These waves have become an effective engine for change, building local ownership while embedding a

unified approach to energy performance across Bekaert’s global manufacturing network. By the end of

2025, the program continues to deliver good results, as shown in the below table.


KPI	2021	2022	2023	2024	2025
Number of manufacturing sites covered	1	6	9	5	3
Number of employees covered by awareness training	530	5 988	4 241	2 590	222
Number of new energy saving initiatives identified	30	418	527	520	89
Additional new identified energy savings (GWh)	25	249	190	209	29
Number of energy saving initiatives implemented	111	128	246	257	225
CO2 e savings (kt CO2e)*	20	14	36	49	41

* Scope 1 and 2

In parallel, the program advanced a suite of global technical solutions designed to deliver replicable and

cost-efficient energy consumption impact across multiple sites. Key focus areas included:

• Heat recovery from furnaces, capturing waste heat and redirecting it for upstream or downstream

process needs, reducing gas consumption and lowering direct emissions.

• Motor replacement programs, deploying higher-efficiency motors and variable-speed drives to cut

electrical demand and improve overall equipment performance.

• Process rerouting and optimization, rethinking production flows and equipment usage to minimize

energy losses, reduce idle times, and enhance thermal and mechanical efficiency.

• Optimization and replacement of torsion disks on bunching machines to reduce friction and eventually

improve the machines´ efficiency.



	In 2025, the combination of site-specific waves and standardized technical solutions allowed Bekaert to capture synergies between local innovation and global best practices. The heat recovery project, for instance, has become operational on many process lines in several locations contributing further to Bekaert´s emission reduction targets across the globe.

You Know WATT continues to strengthen Bekaert’s energy, water and waste management culture—

encouraging data-driven decision-making, fostering collaboration between engineering teams worldwide,

and accelerating the deployment of proven technologies. By systematically addressing the highest-impact

opportunities across our footprint, the program remains central to our strategy to reduce energy

consumption, cut emissions, save water, reduce waste and build a more sustainable, resilient business.


Bekaert Annual Report 2025	− 224 −

Developing and implementing emission savings across our value chain

We collaborate closely with key suppliers to co-develop and implement initiatives to reduce Scope 3

emissions across our supply chain.

Based on our 2019 emissions data, our main raw material wire rod accounts for over 75% of our total

Scope 3 upstream CO2e emissions. Consequently, this area remains a strategic priority. Since launching

our first sustainability campaign in 2021, we have actively engaged suppliers to improve data

transparency and drive decarbonization, which is essential for aligning future purchasing decisions with

our climate objectives. In 2025, we achieved a significant milestone: 66% of our wire rod suppliers now

provide direct, comprehensive emissions data, representing over 70% of upstream Scope 3 emissions

linked to wire rod.

Beyond raw materials, we pursue additional Scope 3 reductions and, in 2025, launched several initiatives

with logistics partners to lower value chain emissions.



	Reducing transportation emissions (Scope 3)

	In collaboration with some of our customers, our procurement and logistics teams within the Rubber Reinforcement business unit in China have successfully transitioned cargo transportation from fuel- powered trucks to a combination of electric trucks, rail, and waterway transport. This shift resulted in an CO₂e emission reduction of more than 50%.

	In India we launched our first fleet of LNG-powered trucks, as part of our partnership with a pioneer in LNG-powered long-haul transportation in the region. With this initiative, we are directly reducing up to 30% CO₂e and 91% particulate matter emissions.

	In April, our entities in Slovakia received the DHL Go Green certificate for their contribution to more sustainable transport solutions. 24% CO₂e emissions reduction was achieved in 2024 thanks to the use of sustainable aviation fuel.

Also our sustainable solutions portfolio contributes to lowering our upstream Scope 3 emissions, by

reducing material usage while maintaining performance (dematerialization) or incorporating recycled,

reusable or renewable materials. More information about our sustainable solutions is disclosed on page

225.

Move to cleaner energy and transformation of power grids

As the world moves toward cleaner energy, the transformation of our power grids is critical. To integrate

renewable sources at scale, grids must become more efficient, resilient, and capable of handling

fluctuating energy flows. This shift demands innovation and collaboration across the energy sector to

which Bekaert actively contributes via product offerings and collaborations.



	Bekaert accepted as member of the Utilities for Net Zero Alliance

	We are proud to share that Bekaert has been accepted as a member of the Utilities for Net Zero Alliance (UNEZA), an international platform coordinated by the International Renewable Energy Agency (IRENA). UNEZA brings together global utilities and power sector suppliers to drive the transition to sustainable energy systems. With our expertise in advanced steel core conductors, Bekaert is uniquely positioned to support UNEZA’s mission. Our technologies help: • Enhance grid efficiency • Reduce energy losses • Enable greater renewable integration • Build resilient infrastructure. As part of UNEZA, we look forward to collaborating with leading utilities in driving decarbonization across the energy sector.


Bekaert Annual Report 2025	− 225 −

Sustainable solutions

In 2025, we advanced our sustainable solutions portfolio with the introduction of our inhera® label. This

label certifies solutions that fulfill strict sustainability requirements while delivering proven performance,

serving as important enablers of cleaner, low-carbon outcomes across key end-markets. It showcases a

curated portfolio of high-impact solutions designed to drive more sustainable progress. Each solution

aligns with leading industry standards—such as the EU Taxonomy Regulation—to ensure strong

environmental compliance and credibility.

Key benefits of inhera® solutions include:

• Reducing Greenhouse Gas (GHG) Emissions: inhera® solutions are engineered with advanced, energy-

efficient processes that significantly reduce overall emissions compared to mainstream alternatives. By

optimizing production and application efficiency, they help key industries lower their carbon footprint.

• Enabling clean end-markets: inhera® supports the global shift to cleaner, more sustainable markets—

powering the growth of renewable energy, green hydrogen, and other low-impact sectors.

• Increasing recycled content: Designed for circularity, inhera® solutions increase the use of recycled and

sustainable materials—maximizing resource efficiency and reducing environmental impact throughout

the product lifecycle.

At the end of 2025, 7 Bekaert products have

already received the inhera® solution label.

• Flexisteel®: our solution to help build more

sustainable elevators

• Elyta®: our next-generation tire reinforcement

• High tensile steel cores for overhead power

lines

• Bezinal® Vineyard Plus wire

• Bezinox® Non-magnetic armouring wire for

submarine power cables

• Our next-generation Hose Wire reinforcement

• Our subsea cable armouring wire solutions

We refer to the EU Taxonomy section on page

204 for more information on our eligible and

aligned Revenue, Capex and Opex, supporting our

sustainable operations and solutions roadmap.

In tire reinforcement, we maintained our industry-leading position by scaling our portfolio of Super-

Tensile (ST), Ultra-Tensile (UT) and Mega-Tensile (MT) tire cord, further strengthened by Elyta® - our

range of innovative, inhera®-labeled solution for lower-carbon, high-performance tire reinforcement. We

also continued to make tangible progress to adopt high recycled content in our ST/UT portfolio, so

performance, dematerialization, and recycled content advance together without compromise.



	Bekaert's UT/MT tire cord wins Green Point China - Sustainable Case of the Year Our Ultra and Mega Tensile solutions have won the 2025 China Green Point Award, recognizing its contribution to the tire industry’s low-carbon transition. Ultra and Mega Tensile reinforcement enables lighter, stronger tires with less steel use, lower rolling resistance, and circularity through the use of high recycled content steel. Across millions of tires, this innovation translates into substantial raw material savings, improved efficiency, and reduced CO 2e emissions. With over 70 years of experience in tire reinforcement, Bekaert pioneers in Ultra and Mega Tensile technology, empowering leading tire makers worldwide to design high-performance, low-carbon tires and accelerate the transition to greener mobility.

Bekaert is proud to be an active partner in the ECO2Fuel project, a groundbreaking initiative aimed at

addressing climate change and at advancing decarbonization efforts. By focusing on carbon capture and

utilization (CCU), the project aims to produce synthetic fuels from captured CO2, creating a circular

⁷ Hydrofluorocarbons: synthetic organic compounds that contain fluorine and hydrogen atoms

⁸ We will evaluate our ambition and targets as part of our next strategic planning cycle. We refer to the last paragraph of section SBM-1.


Bekaert Annual Report 2025	− 226 −

economy. This approach reduces emissions while complementing renewable energy sources.

The ECO2Fuel project is significant for hard-to-decarbonize industries, such as the cement and steel

industries. Leveraging Bekaert’s expertise in Porous Transport Layers (PTLs), the project uses this high-

performing component to boost the efficiency of its 50 kW CO2 electrolyzer system.

ESRS E1-3 §29 a, b, c, AR21

Our climate change targets (E1-4)

Bekaert has set climate change targets in line with the Greenhouse Gas (GHG) Protocol as defined by the

World Resources Institute (WRI). We have set the following science-based targets, validated by Science-

Based Targets Initiative (SBTi) to significantly reduce our emissions:

• Absolute scope 1 (direct emissions from owned or controlled resources) and market-based scope 2

(indirect emissions from purchased electricity, heating and cooling) target: we target to reduce our

combined absolute emissions by 46.2% by 2030 compared to 2019 baseline year.

This target is in line with the 1.5°C-target defined in the Paris agreement of 2015.

• Absolute scope 3 (Category 1 purchased goods and services) target: we target to reduce scope 3

emissions from purchased goods and services by 19.7% reduction by 2035 compared to 2019 baseline

year.

This target is aligned to a 2°C pathway.

In addition to the SBTi aligned targets we aim to achieve Carbon Net Zero by 2050.

In line with the science-based targets approach, our targets are absolute and set based on climate

science, irrespective of future developments such as changes in sales volumes or regulatory factors. Our

GHG emissions data and reduction targets refer to CO2 equivalent emissions. The relevant GHGs for

Bekaert are CO2, CH4, N2O and HFCs 7, with emissions of all other GHGs being zero.

By committing to these targets, in line with our climate change policy, we are thinking beyond tomorrow,

enabling improvements through innovation, and basing our initiatives on the latest science that will help

create a sustainable future in the longer term. The levers we are using to reduce our emissions are

described in detail in preceding sections and their impact is summarized below.

In 2025, Bekaert’s scope 1 & market-based scope 2 GHG emissions reduced by 23% compared to 2019, in

line with our roadmap to reach our target of -46.2% by 2030 versus the baseline.

In 2025, Bekaert's scope 3 emissions from purchased goods and services reduced by 11% compared to

2019.

Achieving our targets 8 depends on several critical factors beyond our direct control, such as the

geopolitical and economical context, technological advancements, a more diversified and affordable

energy mix, availability and quality of steel from low carbon-emitting processes at competitive prices,

increased market demand for sustainable solutions, shifting customer behaviors, and supportive

government leadership and effective policies.


	2019 (base year)	2030 target	2035 target
GHG emissions Scope 1+2 market-based (tCO2e)	1 650 627	888 037	n.a.
GHG emissions Scope 3 Purchased goods & services (tCO2e)	5 077 121	n.a.	4 076 928

ESRS E1-4 §33, 34

⁹ Ember is a global energy think tank that aims to accelerate the clean energy transition with data and policy. It provides open data on

electricity generation, power sector emissions and prices.


Bekaert Annual Report 2025	− 227 −

Energy consumption and mix (E1-5)


Energy consumption mix (in MWh)	2019	2023	2024	2025
Fuel consumption from coal and coal products	0	0	0	0
Fuel consumption from crude oil and petroleum products*	172 324	89 443	93 234	87 783
Fuel consumption from natural gas	1 324 556	1 213 619	1 195 657	1 178 517
Fuel consumption from other fossil sources*	0	0	0	0
Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources	1 781 263	1 483 719	1 352 511	1 329 559
Total energy consumption from fossil sources	3 278 143	2 786 781	2 641 402	2 595 859
Share of fossil sources in total energy consumption (%)	73%	70%	68%	68%
Total energy consumption from nuclear sources	174 120	267 130	240 467	237 884
Share of consumption from nuclear sources in total energy consumption (%)	4%	7%	6%	6%
Fuel consumption from renewable sources including biomass, biofuels, biogas, hydrogen from renewable sources	0	0	0	0
Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources	1 015 491	918 076	979 708	923 672
Consumption of self-generated non-fuel renewable energy	13 791	19 877	33 083	50 445
Total renewable energy consumption	1 029 282	937 953	1 012 791	974 117
Share of renewable sources in total energy consumption (%)	23%	23%	26%	26%
Total energy consumption	4 481 545	3 991 864	3 894 661	3 807 860


Total energy production (in MWh)	2019	2023	2024	2025
Non-renewable energy production	0	0	0	0
Renewable energy production	13 791	19 877	33 083	50 445

* Fuel used in our operations and by company cars (previously reported under "Fuel consumption from other fossil sources") has now

been included under "Fuel consumption from crude oil and petroleum products" to better align with the ESRS categories.

ESRS E1-5 §37-38, AR34

Some figures for the last months of the year 2025 have been estimated (<5% of data) as some utility

invoices come with delay. The published 2025 Energy and CO2e data is based on all the utility invoices

that were available by 21 January 2026. Also prior year energy KPIs were updated based on utility

invoices that became available after last year's cut-off date.

As part of our commitment to reducing greenhouse gas (GHG) emissions, we have integrated key

contractual elements to ensure transparency, accountability and verifiable GHG emission reductions. In

2025, 12.1% of the purchased electricity came from contractual elements such as onsite PPAs, offsite

(v)PPAs and green tariffs. We do not use unbundled electricity attribute certificates.

All of Bekaert's activities are classified as high climate impact sectors as our activities belong to sector

"C Manufacturing" of Annex I to Regulation (EC) No 1893/2006.

ESRS E1-5 §41, 42, 43, AR45

Renewable Electricity: 40% of our electricity needs came from renewable energy sources in 2025

Our methodology for calculating the percentage of electricity needs from renewable sources involves

several steps. Our data model allows us to identify the renewable electricity produced and consumed on-

site, our renewable electricity sourced through (v)PPAs and green tariffs. The remaining electrical

consumption is sourced externally from the grid. We estimate the amount of renewable electricity in the

electricity coming from the grid based on average country-specific numbers published by the open source

data from 'Ember 9'.  To estimate the energy consumption (and CO2e emissions) from fuel we rely on

estimated values. These are based on detailed invoices from a Bekaert representative plant i n

2022-2025. The data from this plant is extrapolated to all other plants and to years prior to 2022

weighted on the energy consumption in each plant in the corresponding year.

The energy and CO2 e data include all Bekaert production sites, the headquarters and technology center in

Belgium and company cars. It does not include the small offices and warehouses of Bekaert.


Bekaert Annual Report 2025	− 228 −


Energy intensity ratio in MWh per net revenue (mln €)	2019	2023	2024	2025
Total energy consumption from activities in high climate impact sectors per net revenue from activities in high climate impact sectors	1 167	922	984	1 028


Energy intensity ratio in MWh per net revenue (mln €)	2019	2023	2024	2025
Total energy intensity from fossil sources	854	644	667	700
Total energy intensity from nuclear sources	45	62	61	64
Total energy intensity from renewable energy sources	268	217	256	263
Total energy intensity	1 167	922	984	1 028


% of electricity needs that came from renewable sources	2023	2024	2025
	37%	41%	40%

ESRS E1-5 §37, 39, 40


Actual energy consumption in GWh per significant location of operation (> 1000 employees: own workforce)
	2019	2023	2024	2025
Belgium	248	187	178	166
Electricity	84	61	61	54
Natural gas & LPG	148	112	105	98
Purchased heat & steam	0	0	0	0
Fuel	16	13	12	14
China	1 850	1 701	1 625	1 627
Electricity	122	115	109	112
Natural gas & LPG	414	358	356	362
Purchased heat & steam	208	188	178	141
Fuel	6	7	6	6
India	137	177	183	194
Electricity	112	144	148	151
Natural gas & LPG	24	32	34	42
Purchased heat & steam	0	0	0	0
Fuel	0	1	1	1
Indonesia	304	268	247	258
Electricity	213	187	187	193
Natural gas & LPG	91	80	59	64
Purchased heat & steam	0	0	0	0
Fuel	1	1	1	1
Slovakia	444	395	390	360
Electricity	226	188	182	169
Natural gas & LPG	216	206	206	189
Purchased heat & steam	1	0	0	0
Fuel	1	2	2	1
US	475	349	338	346
Electricity	242	176	166	168
Natural gas & LPG	231	171	171	176
Purchased heat & steam	0	0	0	0
Fuel	1	1	1	1


Bekaert Annual Report 2025	− 229 −

Gross Scope 1, 2, 3 and total GHG emissions (E1-6)


	Base year 2019	Comparative	2025	%N/N-1
Scope 1 GHG emissions
Gross Scope 1 GHG emissions (tCO2e)	291 248	247 835	243 656	98%
Percentage of Scope 1 GHG emissions from regulated emission trading schemes (%)	0	0	0	0%
Scope 2 GHG emissions
Gross location-based Scope 2 GHG emissions (tCO2e)	1 414 023	1 087 405	1 075 346	99%
Gross market-based Scope 2 GHG emissions (tCO2e)	1 359 379	1 029 290	1 027 860	100%
Significant Scope 3 GHG emissions
Total Gross indirect (Scope 3) GHG emissions (tCO2e)	6 053 364	5 609 609	5 418 848	97%
1 Purchased goods & services	5 077 121	4 667 381	4 518 323	97%
2 Capital goods	55 749	118 953	120 674	101%
3 Fuel and energy-related Activities (not included in Scope1 or Scope 2)	417 885	312 695	295 091	94%
4 Upstream transportation and distribution	113 768	138 343	118 729	86%
5 Waste generated in operations	27 573	25 570	29 136	114%
6 Business travel	2 740	6 346	3 934	62%
7 Employee commuting	17 354	15 227	14 023	92%
8 Upstream leased assets	0	0	0
9 Downstream transportation	47 230	110 418	106 994	97%
10 Processing of sold products	190 185	120 448	119 300	99%
11 Use of sold products	61 469	61 469	61 469	100%
12 End-of-life treatment of sold products	4 686	3 666	3 632	99%
13 Downstream leased assets	0	0	0
14 Franchises	0	0	0
15 Investments	37 604	29 094	27 542	95%
Total GHG emissions
Total GHG emissions (location-based) (tCO2e)	7 758 635	6 944 849	6 737 850	97%
Total GHG emissions (market-based) (tCO2eq	7 703 991	6 886 734	6 690 364	97%

ESRS E1-6 §44


Targets and milestones in ton CO2e	2019 (base year)	2030 target	2035 target	% target / Base year
GHG emissions Scope 1+2 market-based (tCO2e)	1 650 627	888 037	n.a.	46.2%
GHG emissions Scope 3 Purchased goods & services (tCO2e)	5 077 121	n.a.	4 076 928	19.7%

ESRS E1-6 §52


Total Scope 1 & 2 GHG emissions in ton CO2e	2019	2023	2024	2025
Scope 1 & location-based scope 2 GHG emissions	1 705 271	1 425 468	1 335 240	1 319 002
Scope 1 & market-based scope 2 GHG emissions	1 650 627	1 385 562	1 277 124	1 271 516

ESRS E1-6 §44

Our Scope 1 & location-based scope 2 emissions were 23% lower than our reference baseline 2019.

Our Scope 1 & market-based scope 2 emissions were 23% lower than our reference baseline 2019, in line

with our roadmap to meet our target.


Total GHG intensity ratio in ton CO2e/net revenue (mln €)	2019	2023	2024	2025
Total GHG intensity ratio location-based	444	329	337	356
Total GHG intensity ratio market-based	430	320	323	343

ESRS E1-6 §53


Bekaert Annual Report 2025	− 230 −

Scope 1

Scope 1 emissions are direct greenhouse gas (GHG) emissions that are related to our operations.


Scope 1 GHG emissions natural gas, LPG, other GHG emissions and fuel (in ton CO2e)	2019	2023	2024	2025
GHG emission natural gas & LPG	274 291	234 872	232 966	228 583
GHG emission natural gas	243 520	222 007	218 686	215 622
GHG emission LPG	30 772	12 865	14 280	12 961
Other GHGs emission	9 668	8 355	8 152	8 180
GHG emission fuel	7 288	7 423	6 717	6 893


Scope 1 GHG intensity ratio in ton CO2e/net revenue (mln €)	2019	2023	2024	2025
GHG intensity ratio natural gas & LPG	71	54	59	62
Other GHGs intensity ratio	3	2	2	2
GHG intensity ratio fuel	2	2	2	2


Global Scope 1 emissions from natural gas, LPG, other GHG emissions and fuel in ton CO2e per significant location of operation (> 1000 employees: own workforce)	2019	2023	2024	2025
Belgium	40 749	32 221	30 459	29 580
China	77 483	67 336	66 705	67 778
India	5 364	7 054	7 420	8 765
Indonesia	19 709	14 949	10 995	11 890
Slovakia	40 104	38 055	38 085	35 003
US	42 865	31 714	31 644	32 536


Global Scope 1 emissions from natural gas, LPG, other GHG emissions and fuel in ton CO2e per business unit
	2019	2023	2024	2025
Rubber Reinforcement	155 756	134 976	132 217	133 482
Steel Wire Solutions	103 338	90 147	89 048	84 994
Bridon-Bekaert Ropes Group	16 588	12 753	14 232	12 350
Speciality Businesses	712	618	658	717
Corporate	14 854	12 156	11 679	12 113

We are not under any regulated emission trading schemes (ETS). Therefore there are no Scope 1 GHG

emissions from regulated ETS .

We are not emitting biogenic emissions.

E1-6 §48 a, b, §53, AR41


Bekaert Annual Report 2025	− 231 −

Scope 2

Scope 2 emissions are indirect emissions from purchased electricity, steam, and heat that have been

calculated based on energy consumption data and country specific conversion factors as provided by

the International Energy Agency (IEA).


Scope 2 GHG emissions from purchased electricity and other types of energy in ton CO2e
	2019	2023	2024	2025
Location-based	1 414 023	1 174 818	1 087 405	1 075 346
Electrical energy (including cooling)	1 361 163	1 130 030	1 044 631	1 040 571
Thermal energy purchased heat	5 163	4 301	4 533	4 326
Thermal energy purchased steam	47 697	40 487	38 241	30 449
Market-based	1 359 379	1 134 912	1 029 290	1 027 860
Electrical energy (including cooling)	1 310 246	1 093 491	989 924	996 424
Thermal energy purchased heat	1 436	935	1 125	987
Thermal energy purchased steam	47 697	40 487	38 241	30 449


Scope 2 GHG (market-based) intensity ratio in ton CO2e/net revenue (mln €
	2019	2023	2024	2025
Electrical energy (including cooling)	341	253	250	269
Thermal energy purchased heat	0	0	0	0
Thermal energy purchased steam	12	9	10	8


Global Scope 2 emissions in ton CO2e (market-based) per significant location of operation (> 1000 employees: own workforce)
	2019	2023	2024	2025
Belgium	290	6 607	6 960	6 056
China	809 840	720 235	647 234	644 390
India	80 457	53 723	54 757	52 996
Indonesia	164 578	141 639	141 940	146 288
Slovakia	163	18 325	11 739	10 888
US	92 955	21 871	20 189	27 398


Global Scope 2 emissions (market-based) in ton CO2e per business unit
	2019	2023	2024	2025
Rubber Reinforcement	1 238 129	999 254	904 887	916 293
Steel Wire Solutions	71 463	78 260	73 114	66 883
Bridon-Bekaert Ropes Group	17 587	19 100	16 107	15 341
Speciality Businesses	31 057	37 187	34 131	28 513
Corporate	1 144	1 111	1 050	831

ESRS E1-6 §49a, b, §53, AR41

Scope 1 & 2 calculation methodology

Our methodology to calculate CO2e related figures (such as absolute CO2e emissions and CO2e intensity)

is developed with reference to the GHG protocol.

To calculate Scope 1 emissions from natural gas, LPG and fuel we use the emission factors published

yearly by the UK Department for Environment, Food & Rural Affairs (DEFRA) and we update our numbers

when the updates of emission factors are available on previous years.

To calculate Scope 2 emissions from purchased steam and heat we derive the emission factor from the

one applicable to natural gas, while for electricity we apply the emission factors that are published yearly

by IEA. These factors are revised yearly and are published with a delay of 2.5 years. Gross calorific values

were used for gas, LPG and fuel in line with emission factor guidance for the gas and fuels used by us.

Every year, we update our scope 1 and 2 values based on the latest available emission factors, which can

lead to changes in reported figures after initial publication.


Bekaert Annual Report 2025	− 232 −

We have developed two distinct approaches to calculate our Scope 2 CO2e related figures: the market-

based method and the location-based method.

• Market-based method: the reported Scope 2 electricity emissions are calculated based on the

electricity from the grid (using the IEA emission factor given residual mix is not available in all

countries) and green electricity, either self-generated or purchased through (virtual) power purchase

agreements, which are considered to have a zero emission factor. We decided not to apply residual mix

factors yet, as our analysis shows that, given their current geographical coverage and differing

methodologies, this would lead to uneven adjustments of combined scope 1 & market-based scope 2

emissions across years. Internal assessments show that this could impact our combined

scope 1 & market-based scope 2 emissions for 2025 by more than 5%.

• Location-based method: the reported Scope 2 electricity emissions are calculated based on the

electricity from the grid (using the IEA emission factor) and green on-site-generated electricity via third

party. This method does not take the renewable contractual agreements into account.

Bekaert is aware of another type of GHG emissions than CO2: HFC cooling fluid gas leakages (used in

cooling machines), which has been added in scope 1 based on an in-house cooling machine study.

The GHG quantification is subject to inherent uncertainty because of incomplete scientific knowledge to

determine exact emission factors. 

We used the total sales amount (as disclosed in the financial statements on page 82) as denominator in

the calculation of the intensity ratios.

ESRS E1-6 AR39, §55, AR55

Scope 3

Scope 3 emissions are the indirect emissions (not included in Scope 1 & 2) that occur in our value chain,

including both upstream and downstream emissions.


Scope 3 emissions in ton CO2e	2019¹	2023	2024	2025
1 Purchased goods & services	5 077 121	4 757 618	4 667 381	4 518 323
2 Capital goods	55 749	117 814	118 953	120 674
3 Fuel & energy related activities (not included in Scope 1 or 2)	417 885	343 781	312 695	295 091
4 Upstream transportation & distribution	113 768	132 287	138 343	118 729
5 Waste generated in operations	27 573	24 963	25 570	29 136
6 Business travel	2 740	5 500	6 346	3 934
7 Employee commuting	17 354	15 430	15 227	14 023
8 Upstream leased assets	0	0	0	0
9 Downstream transportation & distribution²	47 230	101 601	110 418	106 994
10 Processing of sold products	190 185	165 988	120 448	119 300
11 Use of sold products	61 469	61 469	61 469	61 469
12 End of life treatment of sold products	4 686	3 739	3 666	3 632
13 Downstream Leased Assets	0	0	0	0
14 Franchises	0	0	0	0
15 Investments	37 604	27 874	29 094	27 542
Total Scope 3 emissions	6 053 364	5 758 064	5 609 609	5 418 848

¹2019 is the reference year for SBTi-calculation

² Our scope of calculating emissions from transport has been extended over the past years, which explains the increase.

ESRS E1-6 §51

Purchased goods

In 2025, Bekaert's scope 3 emissions from purchased goods and services reduced by 11% compared to

2019 and were 3% lower compared to 2024, making further progress towards our target.

Our Scope 3 GHG emissions from purchased wire rod were 13% lower in 2025 compared to 2019 and 2%

lower compared to 2024.


Bekaert Annual Report 2025	− 233 −


Scope 3 emissions from purchased goods (in ton CO2e)
	2019¹	2023	2024	2025
Scope 3 emissions from purchased wire rod²	4 585 491	4 119 862	4 097 991	4 000 678
Scope 3 emissions from other purchased goods³	491 630	637 756	569 390	517 645

¹2019 is the reference year for SBTi-calculation

²Calculation based on tons of wire rod purchased and average tCO2e/t steel data obtained from wire rod supplier or based on CRU

dataset if no supplier data are available.

³Calculation based on emission factors from the World Input Output Database (WIOD) related to spend. As a result, these estimates do

not necessarily reflect real changes in emissions. In future years we will investigate improved methodologies that better reflect the

actual situation (see above for more details).

Scope 3 calculation methodology:

• Methodology developed with reference to the GHG Protocol.

• Scope 3 emissions estimation tools generally provide information on CO2e equivalent emissions (CO2e).

• Quantification of GHG emissions is subject to inherent uncertainty because of incomplete scientific and

methodological knowledge used to determine emission factors and the values needed to combine

emissions of different gases.

• In 2025, 58% of our total Scope 3 GHG emissions were based on primary data collected directly from

our suppliers or other value chain partners. For an additional 12% of our total Scope 3 GHG emissions

we received partial data from our suppliers.

• Purchased goods and services: calculation based on tons of wire rod purchased and tCO2e/t steel data

using primary data provided by suppliers. The remaining purchased goods and services are calculated

using adjusted emission factors from the World Input Output Database (WIOD).

• Capital goods: calculation done using the emission factors from EcoInvent 3.11.1 based on Capex spend

on tangible fixed assets (actuals first three quarters 2025 and estimates for the 4th quarter), split

using emission factor for machinery (66.7%) and electrical equipment (33.3%).

• Fuel and energy related activities (not included in Scope 1 or 2): calculation done using the emission

factors from EcoInvent 3.11.1 based on Scope 1 & Scope 2 emissions. Upstream CO2e emissions for our

purchased electricity is calculated using the Life Cycle Upstream Emissions Factors from IEA.

• Upstream transportation and distribution: calculation done using the emission factors from EcoInvent

3.11.1 based on tons shipped from suppliers to Bekaert sites.

• Waste generated in operations: calculation done using the emission factors from EcoInvent 3.11.1 based

on waste produced.

• Business travel: emissions from air travel only – emissions from company cars/buses are included in

Scope 1 emissions. Data provided by Egencia and C-trip, based on journeys undertaken by Bekaert

employees.

• Employee commuting: calculation done using the emission factors from EcoInvent 3.11.1 based on

number of own workforce (employees plus non-employees).

• Upstream leased assets: none in Bekaert.

• Downstream transportation and distribution: calculation based on sea, air, and road freight journeys.

For sea freight, the emissions are based on the MSC carbon calculator. Volumes shipped are

considered as gross tons shipped, distances are per port-port pair and emission factors are taken from

the MSC calculator. For road freight, the methodology applied is compliant with the Global Logistics

Emissions Council (GLEC) framework, and uses Transporeon Carbon Visibility, with a combination of

calculation methods using fuel based primary data, route-based modelling and/or industry standard

modelling. For air freight, emissions are based on input from Bekaert's main suppliers who all use the

EcoTransIT emissions calculator.

• Processing of sold products: calculation done using the emission factors from EcoInvent 3.11.1 based

on estimated processing costs and tonnages for the two largest categories of products sold.

• Use of sold products: calculation done using the emission factors from EcoInvent 3.11.1 based on

products sold for internal combustion engine vehicle drive train applications (as per SBTi advice

regarding qualifying products and direct/indirect Scope 3 emissions).

• End of life treatment of sold products: calculation done using the emission factors from EcoInvent

3.11.1 based on tons sold.

• Downstream leased assets: none in Bekaert.

• Franchises: none in Bekaert.

• Investments include the scope 1 & 2 of our joint-ventures multiplied by the % share of equity.

• As explained above, some of the emission estimates included in our Scope 3 inventory are based on

emission factors related to spend or financial value using the emission factors from EcoInvent 3.11.1. As

a result, these estimates do not necessarily reflect real changes in emissions. In future years we will

investigate improved methodologies that better reflect the actual situation.


Bekaert Annual Report 2025	− 234 −

• Due to new emission factors, improved methodology, accuracy and coverage of emission estimates

for a number of categories, our scope 3 data for all years disclosed have been updated.

ESRS E1-6 AR39, §46g, i, h

GHG removals and GHG mitigation projects financed through

carbon credits (E1-7)

GHG removals and GHG mitigation projects financed through carbon credits are not applicable to

Bekaert.

ESRS E1-7 §56, 58, 59

Internal carbon pricing (E1-8)

We have developed an internal carbon price within our internal global capital expenditure program. An

internal carbon price of €100/Ton CO2e is being used as a shadow price when calculating the business

case for capital projects and is applied for Scope 1 and 2.

We benchmarked against projected ETS prices, industry studies and peers to define the current

appropriate internal carbon price for Bekaert.

Due to the fact that the majority of our Scope 1 and 2 emissions is related to our production processes,

we mainly apply the internal carbon price for portfolio selection of capital projects as these have the

largest impact on our carbon footprint.

ESRS E-1-8 §62, §63


Bekaert Annual Report 2025	− 235 −

E2 Pollution

Our processes to identify

and assess material

pollution-related impacts,

risks and opportunities (E2 -

IRO-1)

The material impacts, risks and opportunities

related to pollution have been identified as part

of the overall double materiality assessment

through analyzing internal and external

documents and conducting interviews with key

internal and external stakeholders.

Following pollution-related material topics have

been identified for Bekaert:


Negative impact	Inherent to the nature of our business, Bekaert uses hazardous substances and chemicals in its production processes. Bekaert uses hazardous substances and materials in a controlled way in its production process to minimize any impact on people and the environment.
Risk	The use of certain substances and chemicals currently used in our production processes could be restricted in the future. We monitor regulatory developments and are preparing for potential changes through our ongoing focus on technology and our efforts to innovate.

The materiality assessment process is described

in section IRO-1 on page 202 .

ESRS E2 - IRO-1 §11a, b, AR 9

Policies related to

substances of concern (E2-1)

We believe that taking care of people and the

environment is fundamental to the success of the

business. To achieve this we encourage a culture

of respect and compliance, underpinned by a

defined set of standards, including principles and

processes.

Via our Safety, Health and Environment policy,

Bekaert is committed to protect the people and

the environment including prevention of pollution

and management of substances of concern. The

Bekaert Safety, Health and Environment policy

applies to all employees and anyone working at

or visiting our premises. It is the responsibility of

Management to set the framework for Safety,

Health and Environment objectives and targets

and to ensure that everyone in our company,

including contractors and visitors, knows,

understands and complies with them.

The Bekaert Safety, Health and Environment

policy is available in English on our website.

ESRS E2-1 §14

In order to guarantee the same level of care for

all our employees worldwide, we have

implemented a global standard with internal

exposure limits for a set of relevant hazardous

chemicals and agents. These internal exposure

limits are in line with, and at times go beyond, the

most stringent limits in any of the countries we

operate in.

Our production plants operate in accordance with

their environmental permit and the company's

environmental management system. We operate

our assets globally in accordance with ISO 14 001

and, where applicable, ISO 45 001 and their

relevant emergency procedures..

ESRS E2-1 §15 b, c

Our actions and resources

related to substances of

concern (E2-2)

We have a product stewardship framework and

related capability building in place. The

framework covers:

• standardized chemical management,

• environmental compliance of both raw

materials and finished products, and

• related customer expectations.

We have a global chemical management standard

and a global chemical management software tool

in place which allows an efficient implementation

of the standard, a strict governance process,

inventory management and more proactive

chemical product compliance.

Our chemical management software tool has

been deployed in all production sites to keep

track of use and control of chemicals, including

substances of concern.

As part of the chemical exposure standard,

applicable for a set of relevant hazardous

chemicals and agents, we monitor at least on a

yearly basis the exposure of employees to these

substances of concern to assure exposure is

limited to the minimum. If necessary, additional

mitigating and/or protective measures are taken.

In line with the ISO 14 001 requirements, a

company-wide process for life cycle management

has been deployed. The process aims to identify

potentially significant environmental impacts in


Bekaert Annual Report 2025	− 236 −

the entire supply chain, considering all the stages

of the life cycle of our finished products and how

to address them in an appropriate way.

At Bekaert, we closely monitor the EU REACH

regulation to confirm compliance in a proactive

way related both to the raw materials we are

using and to our finished products. We expect

from our suppliers that they verify their REACH

compliance in the supply process of raw

materials. Furthermore, we identify substances of

concern and start proactive phase-out programs.

In case we identify important regional differences

in hazard classification and exposure limits, we

are committed to applying our own company-

specific hazard classification and exposure limits

which are mandatory if no stricter regulations

apply.

A dedicated regulatory team has been set-up at

corporate level of the Safety, Health and

Environmental organization in order to support

the company in meeting these goals.

ESRS E2-2 §16, 18

Targets related to

substances of concern (E2-3)

Bekaert's global safety approach aims to create a

no-harm-to-anyone working environment.

We have not set specific external targets on

substances of concern, as we follow a risk‑based

approach supported by internally defined

exposure limits for relevant hazardous chemicals

and agents.

This ensures a consistent and high level of care

for all employees worldwide.

ESRS E2-3 §23d

Substances of concern and substances of very high concern

(E2-5)


Type (only applicable for products, not for services)	Total		Chronic hazard to the aquatic environment		Reproductive toxicity
Type (only applicable for products, not for services)	2024	2025	2024	2025	2024	2025
Total amount of substances of concern that are procured (ton)	17 996	18 536	17 996	18 536	1 033	801
Amount of substances of concern that leave facilities as part of products (ton)	14 579	15 237	14 579	15 237	0	0
Total amount of substances of very high concern that are procured (ton)	1 033	801	1 033	801	1 033	801
Amount of substances of very high concern that leave facilities as part of products (ton)	0	0	0	0	0	0

In scope for our data collection are the amounts of base metals procured and the amounts of these

metals remaining on our products produced. These metals represent the majority in terms of weight of

the substances of (very high) concern we use and process. Base metals are either used to produce a

specific coating on steel wires or as a production aid.

The reported amounts of substances of (very high) concern only include pure substances belonging to

either category and not those in (usually small concentrations in) mixtures. We report the amount of

substances of (very high) concern procured per hazard class, based on the information in the safety data

sheets of the substances. The amount of substances that leave our facility have been calculated by

multiplying the procured volumes with average scrap rates for the products using those substances.

This approach provides a very good estimate of the total amounts both procured and leaving our facilities,

given the specific nature of our business and products we use.

We also want to emphasize that the hazard class of the reported substances does not reflect the actual

risk to the environment or human health. For instance, the classification "chronic hazard to the aquatic

environment" does not take into account the fact that the substances we buy and that are part of our

products are solid metals, not water-soluble salts. Also, the preventive and protective measures we have

to limit exposure to certain chemicals and substances are not reflected in the hazard classification table.

Note: substances of very high concern are a subset of substances of concern. Hence substances that

belong to both hazard classes are disclosed in each category in the table above.

ESRS E2-5 §32, §34, §35


Bekaert Annual Report 2025	− 237 −

E3 Water

Our processes to identify

and assess material water-

related impacts, risks and

opportunities (E3 - IRO-1)

The material impacts, risks and opportunities

related to water have been identified as part of

the double materiality assessment. The

materiality assessment is described in section

IRO-1 Double Materiality Assessment process on

page 202.

In addition, as part of the physical impact of

climate change assessment, water stress and

drought have been assessed on asset level basis.

The outcome of the physical risk assessment

study can be found on page 217 .

There were no direct consultations with potential

affected communities, however insights were

collected indirectly via proxies who have an

informed view of the potential affected

communities. At this stage and to the best of our

knowledge, no material impacts of water on

communities have been identified.

The following water-related material IROs have

been identified:


Negative impact	We use water directly in our production processes and also indirectly for evaporative cooling purposes. We focus on water saving projects especially in but not limited to water stressed regions.
Risk	Access to water could be impacted by climate change in water stressed regions in the future. Next to this, potential future regulatory changes on water usage could eventually also have an impact. First and foremost, Bekaert is taking actions to minimize the use of fresh water. Relevant regulatory developments are also being monitored.

ESRS E3 - IRO-1 §8a, b

Policies related to water (E3-1)

Water conservation is crucial because it

preserves freshwater resources, supports

ecosystems, reduces water use, and ensures a

sustainable supply for future generations. At

Bekaert, we are committed to reducing our

impacts related to water withdrawal,

consumption and discharge, especially in water

stressed regions, via:

• Monitoring water withdrawal, including the use

and sourcing of water in our operations;

• Building internal awareness on the importance

of water conservation;

• Implementing programs to reduce our water

usage in both production processes and

supporting cooling processes, including reuse

and recycling of water.

After use and reuse many times over, water that

cannot be further recycled is treated according to

best industry practices and compliant with local

legal requirements before it leaves our premises.

Further more, we have a risk management

program in place (more information is disclosed

in section E3-2 on page 238) to prevent water

pollution resulting from our operations.

Our water policy is designed to align the

organization with our water target. It applies to

all consolidated operations and businesses. The

Chief Operating Officer oversees formulating the

policy. Divisional CEOs with the support of

relevant corporate functions are responsible for

ensuring this policy is implemented in their

respective business and operations. The policy is

made available internally via the Bekaert

Document Management System (BDMS), It is also

available in English on our website.

ESRS E3-1 §11 §12 §13

¹⁰ Please refer to Section 6.3 of the Financial Statements for the ‘Property, Plant and Equipment’ line item in which this FY2025 Capex

has been recognized.

¹¹ measured against ton of final product produced

¹² Reducing freshwater intake offers the most significant impact taking into account the characteristics of our industry


Bekaert Annual Report 2025	− 238 −

Our actions and resources

related to water (E3-2)

We use water in our production processes, and

we want to save every unnecessary drop. We are

taking a close look at our water consumption and

are implementing programs to reduce our water

usage, especially, but not exclusively, in water

stressed areas.

Prevention and risk management

Prevention is better than mitigation. Our

prevention and risk management-related

activities include, amongst other initiatives:

• Programs to reduce our water withdrawal and

consumption, especially but not exclusively in

water stressed areas.

• Protection against soil and groundwater

contamination with physical primary and

secondary containment as well as condition

monitoring and preventative maintenance.

Actions

To reduce water consumption, especially but not

exclusively in water stressed areas, we focus on

the following actions within our production sites:

• Infrastructure-related consumption (e.g. water

leakage management, control of evaporation

losses, steam condensate reuse)

• Process water use (e.g. conductivity-controlled

rinsing, wastewater recovery) and

• Sanitary water controls (e.g. water saving

faucets in bathrooms).



	One of our sites in Turkey started using recycled industrial wastewater (from the municipality line) instead of well water in our operations. By shifting to recycled water, we are significantly reducing our impact on local groundwater resources and contributing to a more circular and responsible water management approach.

Since 2021 we implemented 39 water savings

projects and saved 0.27 m³ per ton product.

Recognizing the significant carbon and wider

environmental footprint associated with

producing our products and solutions, our global

program, You Know WATT aims to further reduce

our energy use, save water, and reduce waste in

a structured way. More information on our You

Know WATT program is disclosed in section E1-3

on page 222.

Resources

Our program You Know WATT moves from plant

to plant, supporting local teams in building

awareness on water savings and identifying

water consumption saving opportunities. Water

savings programs are prioritized with focus on

water stressed areas and included in our Capex

roadmap. In 2025 a total of €146 000 10 was

spent on water saving projects. Additional water

saving projects are planned.

ESRS E3-2 §17, §18, §19

Targets related to water (E3-3)

Our ambition is to reduce our relative 11 freshwater

intake 12 in water stressed areas by -15% by 2030

compared to 3.87 m ³/ton in 2019. This target has

been set on a voluntary basis. At the end of

2025, we reached 3.49 m³/ton or -10% reduction

versus 2019, compared to 3.56 m³/ton at the end

of 2024 or -8% versus 2019.

One of the key levers for this reduction is our

practice of recycling and reusing water multiple

times until it can no longer be recycled.

Our target together with the actions defined in

section E3-2 on page 238, focuses on reducing

the impact of our operations especially, but not

limited to, water stressed areas as well as on

safeguarding the water quality via treatment of

water before it leaves our facilities.

ESRS E3-3 §22, §23a, c, §25, AR23a

¹³Water stress: in areas with water stress, the ratio of total annual water withdrawal to total available annual renewable water supply is

high (40-80%) or extremely high (>80%)


Bekaert Annual Report 2025	− 239 −

Water data (E3-4)

Water consumption

Water consumption = total water withdrawal - total water discharge.

Total water consumption was 3 342 902 m³ of which 1 699 977 m³ from areas with water stress 13


Water consumption (in m³)	2023	2024	2025
Total water consumption	3 386 448	3 477 816	3 342 902
From areas with water stress	1 693 203	1 756 768	1 699 977
Total water recycled and reused		112 314	100 186
Total water stored		2 800	2 800
Changes in storage		0	0

Total water recycled and reused is only for plants with zero liquid discharge.

Total water stored and changes in storage are volumes from our main storage tanks.


Water consumption intensity in m³ per million € net revenue	2023	2024	2025
Total water consumption intensity	782	879	902

ESRS E3-4 §28, §29

Water withdrawal


Water withdrawal (in m³⁾	2019 (baseline)	2023	2024	2025
Total water withdrawal	7 960 995	6 533 703	6 588 020	6 372 875
from areas with water stress	3 393 081	3 022 796	2 974 932	2 811 357


Water withdrawal intensity (in m³ per million € net revenue)	2019 (baseline)	2023	2024	2025
Total water withdrawal	2 073	1 510	1 664	1 720
from areas with water stress	884	698	752	759


Freshwater withdrawal by source (in m³)	2019 (baseline)	2023	2024	2025
Surface water	571 820	456 066	458 901	398 743
from areas with water stress	559 415	447 387	458 901	398 743
Groundwater	1 719 278	1 544 234	1 653 351	1 520 007
from areas with water stress	669 753	682 440	731 452	667 738
Total third-party water	5 669 897	4 533 403	4 475 768	4 454 124
from areas with water stress	2 163 913	1 862 305	1 784 579	1 744 875


Third-party water by source (in m³)	2019 (baseline)	2023	2024	2025
Third-party water from surface water	5 198 266	4 025 550	4 188 422	4 241 443
from areas with water stress	1 954 801	1 686 665	1 622 466	1 622 066
Third-party water from ground water	471 630	507 852	287 346	212 681
from areas with water stress	209 112	175 639	162 113	122 810

Water discharge


Water discharge (in m³)	2023	2024	2025
Total water discharge	3 147 255	3 110 204	3 029 973
to areas with water stress	1 329 593	1 218 164	1 111 380


Bekaert Annual Report 2025	− 240 −


Water discharge by destination (in m³)	2023	2024	2025
Surface water	985 393	892 212	875 924
Freshwater	9 007	5 455	7 278
Other water	976 386	886 757	868 646
Groundwater	0	0	0
Sea water	25 596	22 292	17 803
Freshwater	0	0	0
Other water	25 596	22 292	17 803
Third-party water	2 136 265	2 195 700	2 136 246
Freshwater	11 932	204 385	199 822
Other water	2 124 333	1 991 314	1 936 423
Water discharge to areas with water stress	1 329 593	1 218 164	1 111 380
Freshwater	15 300	43 324	63 106
Other water	1 314 293	1 174 840	1 048 274

Water withdrawal data and water discharge data were calculated based on either invoices or water meter

readings.

ESRS E3-5 AR32


Bekaert Annual Report 2025	− 241 −

E5 Resource use and

circular economy

Our processes to identify

and assess material

resource use and circular

economy-related impacts,

risks and opportunities (E5 -

IRO-1)

The material impacts, risks and opportunities

related to resource use and circular economy

have been identified as part of the double

materiality assessment. The materiality

assessment is described in section ESRS 2

General information - IRO-1 Double Materiality

Assessment proces s on page 202.

Assessment was done through analyzing internal

and external documents and conducting

interviews with key internal and external

stakeholders. There were no direct consultations

with potential affected communities, however

insights were collected indirectly via proxies who

have an informed view of the potential affected

communities.

Following material impacts, risks and

opportunities have been identified related to

resource use and circular economy:


Negative impact	The depletion of natural resources has a negative impact on the planet. We strive to reduce sourcing of virgin materials with a clear aim to increase the amount of recycled materials that we purchase whenever there is customer demand. In our sourcing strategy we balance the availability of recycled materials, performance and cost. Next to this we work to reduce waste by embedding circular economy principles in our production processes and product offerings.
Positive impact	Our aim is to minimize waste, promote recycling and reuse, enhance resource efficiency and reduce dependency on virgin materials through innovative circular design, co-developments and partnerships. Circular design principles are part of our innovation strategy.
Risk	We see the availability of sufficient recycled input materials as a potential supply chain risk. Externally driven changes in customer demands or required speed of technological changes may reduce our competitiveness. Impactful technology changes can affect sectors that are relevant to Bekaert. We strive to protect our market position and market share through innovation, co- development and partnerships.
Opportunity	We strive to strengthen our market position and market share through innovation, co- development and partnerships and sustainable and circular solutions.

All business units focus on resource use and

circular economy principles. We embed circularity

in our procurement strategy by adopting circular

strategies in the innovation of products and

processes. Additionally, we take actions to

minimize resource use during our operations.

ESRS E5 IRO-1 §11a-b

Policies related to resource

use and circular economy

(E5-1)

Bekaert’s Resource Use and Circular Economy

Policy outlines our commitment to minimizing the

use of virgin materials, enhancing resource

efficiency, and embedding circularity across our

value chain. Our approach is based on two key

pillars:

• Sustainable Operations:

We prioritize the use of recycled materials in

manufacturing to reduce reliance on virgin

resources. By implementing systems that

recycle and reuse materials like water and

packaging, and partnering with local recyclers

to achieve 100% recycling of steel scrap, we

minimize waste and optimize resource use.

This operational approach directly supports

our sustainability objectives.

• Sustainable Solutions:

We design our products with durability,

recyclability, and adaptability in mind, reducing

both waste and the carbon footprint of our

customers. While we do not have control over

the end-of-life of our solutions, our focus on

circularity enables us to collaborate with

partners across the value chain to develop and

implement circular business models that

facilitate recycling and reuse. Products made

from steel can significantly contribute to a

circular, low carbon future because steel is the

most recycled material globally.

Through these efforts based on the 9Rs

framework (Refuse, Rethink, Reduce, Repair,

Refurbish, Remanufacture, Repurpose, Recycle

and Recover), Bekaert addresses material

impacts and risks while fostering long-term value

creation for all stakeholders and promoting

circular economy principles.

Our Resource Use and Circular Economy policy

applies to all consolidated operations and


Bekaert Annual Report 2025	− 242 −

businesses. The Chief Operating Officer oversees

formulating the policy. Divisional CEOs with the

support of the relevant corporate functions are

responsible for ensuring this policy is

implemented in their respective business and

operations. The policy is available in English on

our website.

ESRS E5-1 §14, §15, §16

Our actions and resources

related to resource use and

circular economy (E5-2)

Throughout the year, we progressed by launching

key partnerships and initiatives aimed at

enhancing circularity and sustainable resource

management across the entire life cycle of our

products and value chain.

Sustainable Operations through use

of recycled materials and recycling

• Wire rod: Bekaert has a validated SBTi Scope 3

target to reduce purchased goods and services

emissions by 19.7% by 2035. A key focus is on

the wire rod we purchase, as this represents

more than 75% of the related emissions (based

on 2019 emissions). Steel is an ideal material

for a circular, low carbon future because it is

the most recycled material globally. Recycled

content in wire rod is an essential contributor

to reach the target More information on the

recycled content percent can be found in

section E5-4 on page 245.

• To increase the content of recycled raw

materials, we adopt techniques in our product

and process design that support the use of

scrap-based steel wire rod.

• We promote circular economy and the use of

recycled materials within our supply chain. In

line with our scope 3 roadmap, we will continue

to engage our suppliers on making progress on

technical trials with more sustainable materials

and technologies, and a further improvement in

data quality and availability. This should help

accelerate material circularity and

decarbonization as from 2026.

Business units are taking initiatives to increase

the amount of recycled content in their

products, driven by market and customer

needs.

• The procurement department has also been

working on material sustainability topics

related to packaging, focusing on reuse,

recycled content, and reduction. Spools are an

important type of packaging for Bekaert, as

most of our products are wound on spools to

be delivered to our customers.

• Recycling: We invest in waste management

that prioritizes recycling over disposal. For

instance, in addition to reducing our

freshwater intake, we recycle and reuse water

many times until it cannot be further recycled.

Additionally, we partner with local recycling

companies to recycle our waste. 100% of all

steel scrap is returned to the steel industry for

recycling. We also support local circular

economy initiatives beyond the products that

we supply.

• Waste: more information on our efforts to

recycle waste are disclosed in section E5-5 on

page 246.

Sustainable Solutions through

innovation and partnerships

In 2025, 50 years after revolutionizing the

construction industry, Bekaert introduced

Dramix® Loop^TM technology: second-life steel

fibers for concrete reinforcement made entirely

from end-of-life tires. This breakthrough solution

combines high performance with substantially

lower environmental impacts and supports

circular use of materials across the value chain.

Dramix® Loop^TM is third-party LCA & EPD

certified.

In 2025, Bekaert advanced its circular product

roadmap by defining new R&D priorities aimed at

enhancing recyclability, enabling material

substitution, and reducing process waste for the

next generation of products.

Ongoing initiatives include integrating more

lower-carbon materials such as green wire rod

within the Steel Wire Solutions' product portfolio

and high-recycled-content (HRC) wire in Rubber

Reinforcement, and reducing process waste

through improved wire transformation and

coating technologies.


Bekaert Annual Report 2025	− 243 −




	Bekaert and CITIC Pacific Special Steel sign green cooperation agreement to build a sustainable future To proactively address global climate challenges and meet the growing market demand for green and low-carbon products, Bekaert and CITIC Pacific Steel decided to deepen their close strategic partnership with a cooperation in sustainable development. The collaboration will focus on carbon reduction across the entire product lifecycle — from raw materials and production processes to end products—while exploring new pathways for synergistic decarbonization within the industrial chain. Through joint technological, material, industrial, and market initiatives, Bekaert and CITIC Pacific Special Steel will gradually provide downstream customers with more competitive low-carbon material solutions, driving the green transformation of the industry.

These accolades and stories reflect the focus

Bekaert has on leveraging innovation and

partnerships to support the circular economy and

create a positive environmental impact.

Life Cycle Assessments (LCA) and

Environmental Product Declarations

(EPDs)

We use LCA to ensure transparency, measure our

impact, and showcase the sustainability

performance of our products, leveraging digital

automation for maximum scalability. This also

helps us optimize resource use and identify

opportunities to contribute to a more circular

economy.

We integrate LCA and Environmental Product

Declarations (EPD) into our strategic discussions

and decision-making processes.

This approach enables us to engage in more

meaningful and data-driven conversations with

our customers, particularly as they prepare for

Ecodesign for Sustainable Products Regulation

(ESPR) and Digital Product Passport (DPP).

By using LCA as a compass, we can identify

initiatives that support both our business

priorities and the sustainability goals of our

customers. This has become an increasingly

important differentiator and competitive

advantage, especially in a context of growing

market expectations and tightening regulatory

requirements.

LCA are also embedded in our technology and

innovation processes, ensuring that every new

product, service, or technology we develop

contributes to sustainability and supports

circularity principles.

By designing products with enhanced durability,

recyclability, and adaptability, we aim to minimize

the carbon footprint of our customers and their

end users while reinforcing circular business

models across the value chain.

In 2025, we strengthened our commitment to

transparency through continued expansion of

LCA coverage and third-party verification where

required. By embracing transparent reporting, we

support global sustainability goals and provide

our customers with confidence in the

environmental integrity of our products.

Continuous learning and skill development also

remain a key priority for us. In 2025, we delivered

three additional training sessions to reinforce

awareness of the strategic importance of LCA

and EPD, and to further embed these capabilities

across our organization.

For us, LCA and EPD serve as the guiding

compass in our commitment to sustainability and

the circular economy.


	LCA Expert Group

	In 2025, Bekaert was one of the founding members of the LCA Expert Group in Belgium. This network brings together LCA specialists from leading multinational companies headquartered in Belgium. The group’s mission is to foster collaboration, share knowledge, and exchange best practices to advance sustainability and circularity across industries. By joining forces, members aim to accelerate the integration of sustainability principles into product development and decision-making processes. For Bekaert, this initiative reinforces our commitment to transparency and continuous improvement in environmental performance, while contributing to industry-wide progress toward circularity and climate goals.

¹⁴ Please refer to Section 6.3 of the Financial Statements for the ‘Property, Plant and Equipment’ line item in which this FY2025 Capex

has been recognized.


Bekaert Annual Report 2025	− 244 −

Packaging

In 2025, we achieved high spool reuse with 97%

of tire cord spools being reused. 100% of the tire

cord cardboard boxes we purchase and use in

China, India, and Indonesia are made from

recycled paper. Additionally, several initiatives

have been implemented to reduce packaging

material usage. One project lowered the number

of cardboard layers, resulting in savings of more

than 100 tons of material. Another initiative

focuses on reducing the thickness of plastic bags

by 20% while increasing their recycled content by

30%. A dedicated project has also been launched

to decrease the weight of plastic pallets by 9%.

Recycled content standard for wire

products

Because of the absence of a widely recognized

international standard on how to calculate the

recycled content within steel wire products and

how to communicate this further down the supply

chain Bekaert has drafted its own standard. This

standard combines the definitions for recycled

content of ISO 14 021 with that of controlled

blending as described in ISO 22 095. Moreover, it

served as a source of insight for the upcoming

Delegated Act on iron and steel under the

framework of the Ecodesign for Sustainable

Products Regulation (ESPR). The document is

available to the general public, and can be

downloaded freely from our website at the

following location: www.bekaert.com >

Sustainability > Policies > Recycled Content Steel

Wire Products. With this standard it is now also

possible for a third independent party to verify

and certify any steel producing or steel

processing plant for recycled content.

ESRS E5-2 §19, §20b-c-d-f

Waste management

We have a waste acid recycling unit in one of our

main production sites located in Weihai (China),

which reduces the disposal of hazardous waste

acid from this plant's operation by more than

75%. In parallel, we are optimizing our process

settings to allow even higher reuse rate of the

regenerated acid and strive to achieve zero

waste acid disposal.

For waste, we focus on three main categories

which together account for ~80% of total

hazardous waste produced:

• Hydrochloric acid

• Sludge from wastewater treatment

• Lubricants

Since 2022 we implemented 35 waste reduction

projects which resulted in a significant reduction

of hazardous waste:


KPI	2022	2023	2024	2025
Number of waste reduction projects implemented*	4	12	21	35
Reduction in hazardous waste (kg/ton end product)*	2.20	3.90	5.44	6.81

*cumulative figures (2022 till 2025)

In 2025 a total of €334 000 14 was spent on

waste reduction projects. Additional waste

reduction projects are planned.

ESRS E5-2 §19, §20 f

The financial resources required for the listed

actions under E5-2 are integrated into the

budgets of the respective functions or business

units, ensuring implementation without the need

for separate funding streams

¹⁵ We will evaluate our ambition and targets as part of our next strategic planning cycle. We refer to the last paragraph of section SBM-1.

¹⁶The internal criteria for classifying sustainable solutions are under review to align with frameworks used by peers and to capture the

full value our solutions bring.


Bekaert Annual Report 2025	− 245 −

Targets related to resource

use and circular economy

(E5-3)

Our commitment to efficient resource use and

the principles of circular economy are reflected in

our ambitious targets for the coming years.

Sustainable solutions

We aim to achieve 65% of our consolidated sales

from sustainable solutions by 2030 15. In 2025,

we reached 49%. These solutions are defined and

classified according to the EU Taxonomy 16, which

includes circular economy as one of its six

environmental objectives. This alignment ensures

that our products and services contribute to

sustainability and support the transition to a

circular economy, considering resource inflows

and outflows, including waste and products and

materials. This target has been set on a voluntary

basis.

To achieve this, we focus on:

• Increasing circular product design:

Strengthening design practices that enhance

durability, dismantling and recyclability across

key applications.

• Raising the circular material use rate:

Leveraging recycled materials to enhance

sustainability.

• Advancing sustainable sourcing and use of

renewable resources.

• Collaborating across the value chain:

Strengthening partnerships to co-create and

implement circular business models that

extend product lifecycles and reduce

environmental impact.

Continued growth in sustainable solutions will be

shaped by demand and willingness to pay for

green products across our key markets. Although

fundamentals remain sound, we are experiencing

rephasing of customer projects and delays in

clean-energy deployment, which affect short-

term momentum.

Sustainable operations

In addition, Bekaert is dedicated to integrating

sustainable practices into its operations.

Bekaert has set a target to reduce the quantity of

its three main categories of disposed hazardous

waste relative to the amount of final product with

25% by 2030 compared to 37.7 kg/ton in the

base year 2019. At the end of 2025, we reached

31.7 kg/ton or -16% reduction compared to 2019.

This target focuses on the layer 1, prevention of

waste, of the waste hierarchy cfr. Article 4(1) of

the Directive 2008/98/EC on waste. This target

has been set on a voluntary basis.

Other focus areas include:

• Effective waste management.

• Minimizing reliance on virgin materials by

incorporating recycled inputs into our

processes.

• Recycling and reusing materials such as water

and packaging to reduce waste and resource

consumption.

• Partnering with local recyclers: Ensuring 100%

recycling of steel scrap and maximize recycling

of other materials through robust partnerships.

These targets collectively drive us towards a

more resource-efficient and environmentally

responsible future, reinforcing our commitment

to sustainability and the principles of the circular

economy.

ESRS E5-3 §24, §25, §27

Resource inflows (E5-4)

Our major material resource inflows consist of

steel wire rod, base metals (primarily copper,

zinc) and packaging. These are the materials we

determined most relevant to track in terms of

circularity as they are the core materials used in

the majority of products we deliver to our

customers, are connected to finite resources and

have high potential for recycling and re-use.

Other materials consumed through our

production processes include lubricants and

other chemicals, as well as polymers and plastics

used in a smaller number of coating applications.

In calculating the share of recycled steel in the

wire rod we purchase, we focus on collecting

granular data directly from our suppliers,

supplementing where necessary with

internationally renowned databases and

estimated values based on the steel making

technology used. Data quality is important and

therefore we are working closely with our

strategic suppliers and international

organizations to pave the way for more

standardized and certified reporting. To increase

the content of recycled raw materials, we adopt

techniques in our product and process design

that support the use of scrap-based steel wire

rod. Applying the ISO 14 021 definition, the total

of pre-consumer and post-consumer recycled

content in wire rod was 28% in 2025. This

represents a steady increase compared with past

years due to a clear shift towards steel with a

significantly higher recycled content.


Bekaert Annual Report 2025	− 246 −

In 2025 we requested recycled content information from our base metal suppliers based on the

ISO 14 021 definition. By combining these inputs with internal available data sources (such as technical

data sheets), we covered more than 99% of the base metals volume. By analyzing the obtained data,

we will identify opportunities to increase the recycled content in 2026 and beyond.

ESRS E5-4 §30 §32


Resource inflows	2024		2025
	in ton product	in %	in ton product	in %
Overall total weight of materials used
Wire rod¹	2 016 119		1 920 132
Base metals²	17 928		20 562
Packaging²	36 008		46 341
Weight of secondary recycled components
Wire rod¹	548 287	27%	541 166	28%
Base metals²	5 230	29%	7 352	36%
Packaging²	1 687	5%	3 958	9%

¹ Wire rod values for 2024 have been updated due to broader scope and updated recycled-content information.

² 2025 volume of base metals and packaging mainly increased due to broader scope of materials included compared to 2024.

Packaging consists of ferrous metal (spools), paper and cardboard, plastic and wood.

We do not source any biological materials.

ESRS E5-4 §31

Resource outflows (E5-5)

Products and materials

Bekaert serves a broad portfolio of products to various end-markets. We integrate circular economy

principles into the design of our production processes and products, focussing on durability, material

efficiency and compatibility with established recycling routes. Further details, including examples from

key processes and products, can be found in section E1-3 on page 221 and E5-2 on page 242 of this

chapter.

Durability: The majority of our products are embedded in end-products, making it challenging to provide

publicly available industry averages for each product group. However, we ensure that our products are

designed for long-term durability, aligning with or exceeding industry standards where applicable.

Repairability: Due to the nature of our product offerings, which are often integral components of larger

systems or products, the repairability of the final product or solution is out of our control. Consequently,

no established rating system for repairability exists for our products.

Recyclable Content: While we do not have direct control over the end-of-life of our solutions, we strive to

collaborate across the value chain with circularity in mind. Our primary raw material, steel, is the most

recycled material globally. It should be technically possible to recycle our steel products at the end of

their lifecycle, even when they are integrated into the final product or solution. For more information on

our ongoing initiatives to enhance recyclability, please refer to section E5-2 .

ESRS E5-5 §35, §36


Bekaert Annual Report 2025	− 247 −



	In 2025, Bridon-Bekaert Ropes Group advanced its circularity agenda in Chile by launching an innovative collaboration to create one of the country’s first end- to-end recycling solutions for used mining shovel ropes—materials that are rarely recycled globally due to collection and handling challenges. Through this pilot, Bekaert enables the recovery, safe management, and transformation of discarded ropes into low-carbon construction steel at a leading green-steel producer, generating meaningful environmental benefits while reducing waste for key customers. The initiative has already earned external recognition for its recycling practices and is paving the way to expand this model to additional industries such as port terminals and aquaculture. This marks an important step in BBRG’s ambition to deliver practical, scalable circular solutions that help customers advance their decarbonization goals.

Waste

All steel scrap from our processes is being recycled and returned to steel mills for reuse. This reflects our

commitment to resource efficiency and waste minimization, which are core principles of the circular

economy. In 2025, 84% of all our total waste generated is being recycled.


Total waste generated (in ton product)	2024		2025
	Hazardous	Non-hazardous	Hazardous	Non-hazardous
Total	90 860	100 549	87 623	111 175
Total waste diverted from disposal
Preparation for re-use	2 014	1 927	0	0
Recycling	61 760	92 436	64 349	102 819
Incineration with energy recovery	931	171	479	278
Total waste directed to disposal
Incineration without energy recovery	3 565	78	4 127	128
Landfill	22 590	5 937	18 667	7 950
Total non-recycled waste
absolute number	33 272		31 630
in %	17%		16%

ESRS E5-5 §37, §39

The main contributors to the hazardous waste are:

• Spent acid from pickling of steel wires, which contains high concentrations of iron

• Spent water based lubricants from wire drawing

• Sludge from our wastewater treatment plants, containing metal hydroxides

The non-hazardous waste consists mainly out of scrap metal and packaging material.

The quantities reported above are calculated based on the amounts disposed by our sites in 2025 as

mentioned in either invoices from waste handling companies or certificates from local authorities.

ESRS E5-5 §38, §40


Bekaert Annual Report 2025	− 248 −

Social

S1 Own workers

Material impacts, risks and opportunities and their interaction

with strategy and business model (S1 - SBM-3)

As part of our double materiality assessment, we

have identified the following material impacts,

risks and opportunities related to our own

workforce:


Positive impact	We enhance employee well-being and working conditions through a focus on zero harm, medical plans, assistance programs, and automation solutions.
Negative impact	Due to the nature of the business environment that we operate in, we have to address health and safety risks as well as focusing on the diversity of our workforce. We continue to address these areas via different programs and initiatives.
Risk	Creating safe working conditions, attracting and developing talent are important requirements for the sustainability of our business. We invest in health & safety compliance programs and attract talent to help to grow our business.
Opportunity	Empowering innovation through talent development, training, and cultural diversity, leads to richer ideas, better decision-making, and increased productivity. This strategy increases our opportunity to attract and retain the talent that we need in order to be successful in the future.

The following subtopics are material for Bekaert:

• Working conditions: secure employment,

working time, work-life balance and Health &

Safety

• Equal treatment and opportunities for all:

gender equality, training and skills

development, diversity

Certain material impacts, such as health & safety

risks and diversity ratios are inherent to the

production environment and industries in which

we operate. Other impacts are addressed via our

strategic plans (see also ESRS 2 SBM3 ).

ESRS S1 SBM-3 §13

Our disclosures cover all individuals within our

own workforce who could be materially impacted.

Our own workforce is categorized in this report

as follows:

– Employees: workers on the payroll including

blue collars, salaried professionals and

managers.

– Non-employees: workers that are not on our

payroll but are complementing our payroll

workforce.

Potential material negative impacts can occur

across regions (such as impacts related to our

production processes) or be more connected to

specific regions where we operate (such as

diversity ratios). We regularly analyze our Health

& Safety performance, talent and workforce

needs, and diversity ratios to identify business

areas or groups of people requiring specific

focus.

ESRS S1.SBM-3 §14a,b §15

Through these actions, we aim to generate

positive impacts for all employees across all

regions. To date, we have not identified any

material risks or opportunities arising from

impacts and dependencies on our workforce.

Furthermore, no material impacts on our

workforce have emerged from our transition

plans.

ESRS S1.SBM-3 §14c,d,e

Based on our current processes, we have not

identified any own operations at significant risk

of incidents of forced labor, compulsory labor or

child labor.

ESRS S1.SBM -3§14f i, ii, g i, g ii


Bekaert Annual Report 2025	− 249 −

Policies related to our

workforce (S1-1)

Respecting human rights

Bekaert Human Rights policy

Bekaert has a Human Rights Policy in place,

underscoring our commitment to respect and

promote human rights across our operations and

value chain. Through our commitment, we

implement compliance with Article 18 of the EU

Taxonomy Regulation, meaning alignment with

the OECD Guidelines for Multinational

Enterprises and the UN Guiding Principles on

Business and Human Rights, including the

principles and rights set out in the eight

fundamental conventions identified in the

Declaration of the International Labor

Organization on Fundamental Principles and

Rights at Work and the International Bill of

Human Rights.

As described in the policy:

• we ensure our company’s operating

procedures create an environment where

human rights are respected.

• we seek to minimize risks and adverse impacts

on human rights, by establishing adequate

human rights due diligence.

• we ensure the systematic identification,

prevention, mitigation, monitoring and

remediation of potential or actual risks and

their impact to people.

Bekaert's Human Rights policy is available on our

website and applies to all Bekaert employees and

those representing Bekaert. Furthermore, we

promote the policy principles in our supply chain

and we engage with customers on these

principles. The Human Rights policy has been

approved by the Executive Management. Roles

and accountabilities are clearly described in our

policy.

The key principles of our Human Rights policy are

reflected in our Code of Conduct. Managers and

salaried professionals confirm their commitment

via the annual eLearning for our Code of Conduct.

For blue collars the compliance process is

deployed through live awareness sessions on the

Code of Conduct, as part of a 3-year renewal

cycle. In 2025, we added a dedicated Human

Rights e-learning course to our training program,

which all managers have successfully completed.

ESRS S1-1 §19, ESRS S1-1 §20a, b, c, ESRS S1-1 §21, ESRS S1-1

§22

Bekaert Code of Conduct

The Bekaert Code of Conduct describes how we

put our Bekaert values into practice and which

leadership principles or behaviors we expect

from every Bekaert employee. Our Code of

Conduct covers, among other elements, key

areas regarding human rights, non-discrimination,

child labor and forced labor, cybersecurity and

data privacy, ethics and integrity principles in the

workplace and in doing business.

The Code of Conduct specifies its applicability to

each of our employees: we promote equal

opportunity and do not discriminate against any

employee or applicant for employment based on

the classification stated in any company policy or

protected by law, or any group at particular risk

or vulnerability.

The Bekaert Code of Conduct applies to all

employees, executive officers and directors and

we expect our suppliers and business partners to

uphold the same standards. Roles and

accountabilities are clearly described. The

Bekaert Code of Conduct was approved by the

Board of Directors.

The Bekaert Code of Conduct also outlines the

grievance mechanisms we have established. Our

Speak Up process is continuously promoted: this

grievance mechanism is publicly available and

can be used by everyone to report concerns. The

incoming concerns provide us information about

potential topics and areas for improvement. In

addition, there are multiple initiatives deployed

within Bekaert to communicate about concerns

of groups at particular risk or vulnerability, e.g.

through the annual employee engagement

survey, confidential advisor, line management,

union representatives, Employee Assistant

Program (EAP) etc.

The Bekaert Code of Conduct is available on our

website in the language of the countries where

we operate.

Via the annual mandatory training on the Code of

Conduct and the other Compliance live trainings

and eLearnings, we raise awareness about risks

and the existing policies and processes on how to

manage the risks.

ESRS S1-1 §19, ESRS S1-1 §20a, b, c, ESRS S1-1 §21, ESRS S1-1

§22, ESRS S1-1 §24a, b, c, d


Bekaert Annual Report 2025	− 250 −

Well-being and worklife balance

Bekaert has a global guideline for hybrid working

that combines working from a Bekaert location

with working remotely or from a home office.

The hybrid working model contributes to

boosting engagement, well-being and productivity

with more flexibility to organize work life-

personal life, while maintaining a strong

connection with colleagues and the culture of the

company. In principle, it is applicable to all

employees bearing in mind that hybrid working

for certain groups of employees on the shopfloor

is only possible if activities allow this.

The hybrid working policy was approved by the

Chief Human Resources Officer. It is available in

English on our internal intranet and is deployed

locally.

Bekaert has a global parental care program in

place that is being rolled-out in phases. The

program aims to set a minimum parental leave

standard across all countries, ensuring equal

responsibilities for both parents, job security, and

financial stability, while adapting to local

legislation and social provisions.

The global parental care program has been

approved by the Executive Management.

ESRS S1-1 §19

Training and skill development

Bekaert's global learning and development

procedure is designed to support the growth of

our employees. It outlines the purpose, setup, and

guidelines for our development programs,

ensuring a consistent and structured approach to

learning across the company. This procedure

aligns with the company strategy, providing clear

standards for the learning process and the

systems we use, and is accessible for all

employees through Bekaert's document

management system.

Furthermore, we have local learning and

development procedures that build on the global

procedure making sure that all employees,

including blue collar workers, benefit from a

structured and consistent approach to learning.

Local procedures are tailored to meet the specific

needs of each country and are available in the

local language through Bekaert's document

management system, ensuring that every

employee can access relevant training and

development opportunities.

Bekaert's global learning and development

procedure has been approved by the Chief

Human Resources Officer.

Diversity and Inclusion

As a global market & technology leader over

19 000 employees in 36 countries, Bekaert is a

diverse workplace by nature. We believe this

diversity helps enrich our perspective. We believe

that a workplace where everyone feels respected,

included, and empowered, enhances

collaboration, creativity, and innovation. Our

diverse and inclusive culture helps us to better

reflect the communities in which we operate.

Our commitment to these principles is embedded

in the Bekaert Code of Conduct, which guides

how we work together and engage with all

stakeholders.

Our approach is rooted in our company values,

which translate into inclusive behaviors and

mindsets.

• Trust – We value and respect the unique

experiences and perspectives each person

brings.

• Integrity – We act with fairness and embrace

individuality in all its forms.

• Agility – We adapt to the diverse needs and

aspirations of our people, fostering flexibility

and belonging.

• Boldness – We encourage openness to new

ideas and support learning through

experimentation.

Our D&I principles have been approved by the

Chief Human Resources Officer and are shared

across the organization through our internal

platforms.

Health & Safety

Bekaert maintains a global Safety, Health, and

Environment (SH&E) policy that establishes the

foundation for fostering a culture of respect and

compliance. This policy outlines the principles,

standards, and processes we apply to identify,

reduce, or eliminate risks, ensuring safe and

healthy working conditions. It also demonstrates

our alignment with internationally recognized

management systems.

The Bekaert Safety, Health and Environment

policy is approved by the Chief Executive Officer

and applies to all employees and anyone working

at or visiting our premises. Roles and

accountabilities are clearly described.

The Bekaert Safety, Health and Environment

policy is available in English on our website. Local

language versions are available on our intranet

and in our document management system.

ESRS S1-1 §19, ESRS S1-1 §23


Bekaert Annual Report 2025	− 251 −

How we engage with our

workforce (S1-2)

Communicating with and engaging

our employees

People engagement and empowerment have

always been important at Bekaert. We empower

all our teams with responsibility, authority and

accountability, and count on the engagement of

every Bekaert employee in driving a high-

performance culture.

• Bekaert conducts a global employee

engagement survey annually to gauge

employee engagement across all levels and

locations of the organization. The survey is run

by an external provider ensuring that all input

is confidential. In 2025, we reached a

participation rate of 84% (+3% compared to

2024) and an engagement rate of 72% (+3%

compared to 2024). We continue the dialog to

learn how employees experience working with

us, where we are making progress, and where

we can do better. We actively use the results

of the surveys in identifying our improvement

goals and in implementing initiatives that help

our employees unlock their full potential.

• Every quarter, Bekaert’s CEO and/or CFO invite

all managers and salaried professionals

worldwide to join an internal webcast at the

occasion of the financial news releases. They

share information on Bekaert’s performance

and the actions to be taken and answer the

questions raised. The sessions are recorded

and can be replayed afterwards via our internal

online video platform.

• Next to the quarterly financial updates,

employees are also invited to Communication

Town Halls (global, regional and by business

unit or function) that are hosted by the CEO,

members of the Executive Management and

country leadership teams. They share insights

on market developments, decisions made, and

strategies established and implemented. These

sessions engage active interaction with all

participants. Input from employees on the

topics covered during these sessions is taken

into consideration and feedback is provided

afterwards.

• The Bekaert Intranet is a place where

employees can share and obtain knowledge,

find relevant information fast, connect with

colleagues, collaborate with team members on

common development programs, and actively

contribute to impactful communications across

the company. Moreover, the company’s internal

social media platform Viva Engage and video

platform are intensively used tools to share

best practices, celebrations and ideas. Our

employees regularly receive internal news

bulletins with corporate messages and

business updates.

ESRS S1-2 §27a, b, d, e

The Chief Human Resources Officer has

operational responsibility for employee

engagement initiatives.

ESRS S1-2 §27c

Labor unions and collective

bargaining agreements

Communication also includes the information

exchange and negotiations with labor unions. We

recognize the right of any employee to join or to

refrain from joining a labor union. 74% of our

employees worldwide are covered by collective

bargaining agreements.

Agreements with trade unions are concluded

locally and typically include the following

elements:

• Health & Safety topics such as personal

protective equipment, right to refuse unsafe

work, inspections, audits, and accident

investigations

• Joint management-employee Health & Safety

committees and participation of worker

representatives in health and safety matters

• Working hours

• Training and education

• Complaints mechanism

• Periodic inspections

ESRS S1-2 §27d

With respect to human rights, Bekaert has a

Human Rights policy that is designed to align the

organization with our commitment to respecting

human rights. More information is disclosed in

section S1-1 on page 249.

ESRS S1-2 §27d

Safety, Health and Environmental

Councils

Our integral workforce is represented in our

Safety, Health and Environmental Councils which

consists of joint management-worker committees

that cover health & safety and environmental

topics. These councils help monitor, collect

insights and provide advice on occupational

health & safety programs and on environmental

programs.

ESRS S1-2 §27a


Bekaert Annual Report 2025	− 252 −

Speak up ! Our processes

and tool to remediate

negative impacts (S1-3)

In 2025, Bekaert continued to promote the Speak

Up reporting tool. All stakeholders, such as

employees and external stakeholders including

members of local communities and workers along

Bekaert's value chain are able to and encouraged

to raise their integrity concerns and/or

grievances via the Speak Up tool.

All reports are treated confidentially by Bekaert's

dedicated Ethics and Compliance department.

The tool is one of several communication vehicles

for asking questions or raising concerns. The tool

allows for confidential two-way communication

between Group Ethics and Compliance and any

anonymous or named reporter in 15 languages.

Employees are encouraged to speak up and raise

concerns by whichever method they feel most

comfortable. They may alternatively reach out to

their HR representative, to the Compliance or

Internal Audit team or to their direct manager or

supervisor.

ESRS S1-3 §32a, b, c, d

Awareness of the Speak Up program is enhanced

in multiple ways: The Speak Up process is very

present within the eLearning on the Code of

Conduct which is deployed to all employees with

access to our Learning Management System in

approximately 15 languages. Other employees,

mainly operators, are informed during onboarding

and reminded on a regular basis afterwards.

Every three years, they receive a verbal update of

the Code of Conduct. Also, Speak Up is

periodically part of communications from the

CEO and senior management. In addition, Bekaert

runs a continuous Speak Up campaign through

communication materials displayed in its offices

and plants. Speak Up is also included in other

topical Compliance trainings, as a reminder.

ESRS S1-3 §33

Our Investigation Protocol ensures the quality

and consistency of our investigations and internal

reporting requirement related to concerns raised.

Each allegation case is thoroughly investigated.

Remedial measures are taken for all

substantiated cases and for those cases where

improvement areas are revealed. All incoming

reports are handled with the highest level of

confidentiality. Bekaert takes all necessary

measures to protect employees against any form

of retaliation when reporting a concern. In order

to remediate the possible negative human rights

impacts on own workers and on workers in the

value chain, Group Ethics and Compliance verifies

the implementation of the action plans for

potential substantiated concerns, and reports

internally on the higher risk or negative impact

cases to the Regional and Group Compliance

Committee.

ESRS S1-3 §32e, §33

In 2025, 149 integrity allegations were reported

through our integrity reporting channels. Each

allegation was thoroughly investigated. Remedial

measures were taken as necessary for all

substantiated cases and for those cases where

improvement areas were revealed. All incoming

reports are handled with the highest level of

confidentiality. Bekaert takes all necessary

measures to protect employees against any form

of retaliation when reporting a concern.

Our actions to manage

material impacts, risks and

opportunities related to our

workforce (S1-4)

Human rights

During 2024, Bekaert performed a human rights

impact and gap assessment. The assessments

identified, in line with the requirements of the

United Nations Guiding Principles on Business &

Human Rights, the potential and actual most

severe adverse ('salient') human rights impacts in

Bekaert’s operations and value chain.

These salient risks are either inherent to:

• industry characteristics, i.e. right to life and

health, related to industry specific safety

exposures

• geographical footprint; e.g. right to freedom of

thought, conscience and religion

This study revealed that we already have strong

compliance practices and culture in place and

suggests improvement areas whose

implementation will be monitored by Group

Ethics and Compliance.

In 2025, we have taken further steps on a

number of improvement actions. For instance, we

have rolled out a newly developed global Human

Rights e-learning campaign. In 2026, we will

continue the execution of our 3-year

improvement action plan.

ESRS S1-4 §39

Integrity

Bekaert’s commitment to integrity, ethics and

compliance starts with its Board of Directors

(Board) and the Executive Management. The

Board’s Audit, Risk and Finance Committee

(ARFC) meets quarterly to review and evaluate

Bekaert’s compliance program in relation to the

Code of Conduct. Bekaert reports integrity case

statistics twice a year to the Executive


Bekaert Annual Report 2025	− 253 −

Management and ARFC. Bekaert’s CEO and other

senior leaders regularly communicate with

employees about the importance of compliance.

Through town hall meetings, staff meetings,

messages cascaded through their direct reports,

e-mail communications to employees and

mandatory compliance trainings, senior

leadership emphasizes the importance of

integrity and compliance and every employee’s

responsibility to do the right thing.

Existing risk areas are continuously monitored by

senior management and the Ethics and

Compliance team and revised by periodic risk

assessments, which resulted in updating of

policies, digitalization of processes, and new

policies. In 2025, we have further deployed local

language versions of our Conflict of Interest

policy, we have refreshed both our AI and Privacy

Policies and Procedures, and we have introduced

a new Data Monitoring Policy.

Our hiring policy states that every new employee

receives a copy of our Code of Conduct and every

year, all salaried professionals and managers

worldwide are required to read the Bekaert Code

of Conduct, and to renew their commitment to

the principles of the Code and the Bekaert values.

100% of the managers and 100% of the salaried

professionals renewed their commitment to the

Code of Conduct in 2025. Operators are re-

informed about the Code of Conduct at regular

intervals, and receive a dedicated live training

every 3 years.

Health and safety



	Three fatal work-related accidents happened in Bekaert in 2025. The Board of Directors, management and all employees of Bekaert deeply regret the tragic loss of life. We cannot change the past, but in memory of the victims we can and we must change the future. We realize that safety is a continuous journey. Thorough root cause investigations have been performed and we have renewed our absolute commitment to safety so that together we can create a truly no-harm-to- anyone working environment.

During 2025 the leadership mobilized all our

teams worldwide to strengthen safety measures

that ensure everyone can go home safely every

day. We did this through various measures and in

multiple employee communications.

Bekaert’s global safety approach is designed to

ensure a risk-controlled working environment for

all employees, contractors, and visitors to our

premises. We recognize that caring for people is

fundamental to business success. To achieve

this, we must adhere to a comprehensive set of

standards grounded in both internal principles

and external compliance requirements, while

fostering a culture of leadership, accountability,

and continuous improvement.

Global Health & Safety framework Becare

In 2025, we took the next steps to further

improve the Global Bekaert health & safety

framework BeCare that was launched in 2016,

more specifically on two cornerstones of Safety,

Health & Environment excellence: a solid SH&E

management system based on international

standards and a strong health and safety culture.

This framework guides all employees toward the

same safety mindset and behaviors.

Health & Safety management system

Bekaert has established a comprehensive set of

health and safety standards applicable across all

sites worldwide within our control, ensuring a

consistent and standardized approach to

processes and actions throughout the group.

We also believe in the importance of the Plan Do

Check Act (PDCA) cycle of continuous

improvement which is embedded in our SH&E

management system.

In 2025 we reviewed key Global Standard,

including Permit to Work, Working at Heights,

Contractor Management, Emergency

Preparedness, and Loading & Unloading.

We complemented this review with a targeted

training program for key stakeholders to

strengthen awareness and ensure consistent

application of these standards. We took a

blended learning approach combining expert-led

webinars with interactive e-learning modules and

knowledge checks.

Our leadership continuously reinforces the critical

importance of health and safety across the

organization. Health & Safety is a standing

agenda item for senior leadership discussions. In

2025, meetings of the Executive Management

featured presentations from two plant managers,

sharing performance insights and best practices

to further strengthen our safety culture.

Moreover, every Global Town Hall begins with a

dedicated health and safety update to ensure

awareness remains a top priority.

Apart from the behavioral and knowledge

components, we realize that equipment safety is

also key in our efforts to improve our safety

performance. To meet this need, we have an

equipment safety standard in place that

describes the compliance requirements for new

and existing equipment.

Bekaert continues its risk-based safety


Bekaert Annual Report 2025	− 254 −

investment program to reduce identified risk as

an enabler to create a safe environment for all

people at the workplace.

During 2025, 40 sites were visited by the Group

SH&E team for inspections using a standardized

methodology and with the support of a

smartphone app for documenting the findings

and enabling easier action taking by our sites.

All our own workers are covered by our Health &

Safety management system which is based on

legal requirements and/or recognized standards

or guidelines and which has been internally

audited and/or audited or certified by an external

party.

Health & Safety culture

All our employees must follow our Life-Saving

Rules, written as the desired behavior in 10

hazardous situations that have the highest

potential to cause a fatality. They apply to

everyone: employees, contractors, and visitors.

Moreover, they are not only applicable at the

workplace but also highly recommended on the

road, at home, and in other situations. Abiding by

these rules is a condition of employment at and

access to our sites. Following these rules and

helping others to do so will save lives. That is why

consequence management applies to those who

do not follow the Life-Saving Rules.

With the purpose of improving our safety

performance, we rolled out a safety climate/

culture assessment globally in 2025 to measure

our current state with an internationally

recognized and validated methodology

(NOSACQ-50). Results will guide targeted actions

for improvement.

Health & safety Week

Every year, we organize a global Health & Safety

Week for all our employees to continuously

create awareness of Health & Safety risks.

In 2025, the Health & Safety Week focused on

enhancing our collective mindset around risk

management. When everyone at Bekaert is

vigilant in identifying potential hazards and

committed to minimizing risks, we create a safer

and healthier workplace for everyone.

High hazard awareness and low risk tolerance

are key to preventing harm - not only from an

immediate safety incident point of view but also

from a long-term occupational health point of

view, such as exposure to noise, ergonomics, and

other workplace-related risks.

To support this mindset, we encourage all

employees to actively use our risk management

tools: SEA and OILS.

• SEA (Stop, Evaluate, Adjust) encourages

prompt action when hazards are detected,

ensuring risks are assessed and mitigated

before work proceeds.

• OILS (Observe, Impact, Listen, Suggest)

encourages open communication among each

other. By observing and informing others about

their unsafe behavior, listening to their

feedback, and suggesting improvements, we

foster a collaborative environment where

everyone is engaged in maintaining each

other's health and safety.

We foster a Speak Up culture where everyone

feels safe to report an unsafe situation and share

ideas for safer ways of working, driving

continuous improvement and a stronger safety

culture.

By working together and by embracing these

principles and tools, we can make meaningful

progress toward a workplace where creating a

no-harm-to-anyone working environment is

everyone’s responsibility.

A healthy workplace

Because health and safety are closely

interconnected, we believe that every initiative

aimed at creating and maintaining a healthy

workplace will also positively impact key safety

objectives, including reducing the number of

incidents.

We monitor workplace conditions such as noise,

dust, ergonomics, and temperature. We defined

standards and are continuously making further

improvements to our equipment.

All employees and subcontractors working in the

Bekaert plants worldwide wear personal

protective equipment to avoid the risks of injuries

and health impacts. This includes uniforms, dust

filters, eye and ear protection, as well as grippers

and hoists to lift and handle spools, coils, and

pallets ergonomically.

Throughout the company, we pay special

attention to the safe handling and storage of

chemicals. A database records all chemicals used

in our plants and strict health and safety

guidelines apply to our employees. Employees

who are exposed to potentially hazardous

materials go through a periodical medical check-

up. We are developing and optimizing techniques

and processes that eliminate the need for

hazardous chemicals during thermal treatment

processes.


Bekaert Annual Report 2025	− 255 −

During our Health and Safety Week, special

attention was paid to office ergonomics.

Employees were invited to join webinars offering

clear guidelines for optimal office setup and

practical exercises. In addition, we distributed

materials and step-by-step guides to support

healthy work habits.

ESRS S1-14 § 88a, ESRS S1-14 §90

Diversity and inclusion

At Bekaert, we aspire to foster a workplace

where everyone feels respected, included, and

empowered to contribute their unique

perspectives.

With the support of the Executive Management,

we continue to raise awareness and encourage

employees to actively engage in building an

inclusive work environment. Our approach

emphasizes gradual, meaningful progress -

strengthening the foundations that will allow

diversity and inclusion to grow organically

throughout the organization.

Embedding D&I in leadership

development

We integrated D&I principles into our leadership

and learning programs to ensure our leaders

foster inclusive behaviors and mindsets. These

programs promote awareness, empathy, and

collaboration, supporting an environment where

all colleagues can thrive.

Promoting fair and equitable hiring

practices

Our recruitment and career development policies

are based on skills, experience and performance.

This includes using gender-neutral job

descriptions and working to reduce unconscious

bias throughout the selection process.

To thrive as a business, we prioritize creating the

most capable workforce. We remain committed

to building an organization that values difference,

encourages dialogue, and creates opportunities

for everyone to reach their full potential.

Well-being/work-life balance

Bekaert provides a global employee assistance

program (EAP) that focuses on employees and

their families and provides emotional support,

financial and legal guidance. 100% of the

employees in the Bekaert subsidiaries have

access to this program. In addition, other specific

mental health programs run in various entities.

During 2025, we delivered a sequence of 15

webinars on various well-being topics to a global

audience in 3 languages: English, Chinese and

Spanish. Next to the recorded webinars, there are

additional materials available to all employees for

self-study on our Intranet. Our EAP partner

provides to all Bekaert employees a free self-

assessment tool that helps them to identify

potential risks. We also provide tailored

information how to tackle the risks and offer rich

learning solutions for related topics.

Bekaert has a global hybrid working model. We

refer to S1-1 on page 250 for more information.

Bekaert conducts an annual employee

engagement survey. More information on the

survey and on the 2025 results is available in

section S1-2 on page 251.

Learning and development

Our learning portfolio offers a wide range of

trainings that is regularly reviewed and upgraded

to develop the skills of our employees across the

company. We distinguish our global portfolio, our

Bekaert University and our local portfolio.

Our global portfolio provides trainings covering

hard and soft skills through an interface with an

external learning platform to cover the needs of

our diverse workforce.

To foster effective collaboration across borders,

Bekaert further invests in developing the

language skills of its employees.

During 2025, we continued to run Learning

Friday sessions every two weeks. Through

engaging webinars, we brought various topics to

our employees in English, Spanish and Chinese.

All webinars are recorded and made available to

all our employees.

Our local portfolio is managed by our local

learning team focusing on specific mandatory

and legislative trainings within a country, and

respecting the language requirements.

Our Bekaert University offers over 400 courses in

diverse domains organized in 11 active Bekaert

Academies, helping our employees to enhance

their capabilities and develop new skills.

For example: the Safety, Health and Environment

Academy targets operations leaders and helps

them obtain the skills needed to improve safety

in our operations. The Technology Academy

focuses on continuous delivery of trainings on

core technologies, next to application specific

courses. The Leadership Academy establishes a

range of programs targeting three levels of

leadership: how to lead yourself, how to lead

others and how to lead the business. The

Leadership Academy also offers specific

development programs for high potentials. The

Sustainability Academy offers expertise,

knowledge and skills for our employees working

in specific businesses. In 2025, a brand new

Quality Academy has been established to provide

the knowledge, skills, and mindset needed to


Bekaert Annual Report 2025	− 256 −

drive consistent, high-quality performance across

the organization.



	Bekaert's Quality Academy, our global learning hub, is dedicated to strengthening quality expertise and driving excellence across the organization. This platform promotes continuous improvement, ensures consistency in management systems, and prepares teams for certification and audit readiness. Through targeted training and practical tools, the Quality Academy empowers employees worldwide to deliver high-quality performance every day.

Innovate & Connect

At Bekaert, we foster a culture of innovation by

actively connecting and amplifying the

capabilities across our organization. Throughout

the year, we host multiple Innovate & Connect

events that bring together internal teams,

external experts, and research partners. These

events serve as a platform to our employees to

exchange knowledge, showcase ongoing projects,

and explore emerging technologies and market

opportunities, while project teams benefit from

diverse feedback that helps remove bottlenecks

and refine solutions.

Our internal teams present the scientific and

technical foundations behind their projects,

enabling greater clarity and alignment across the

teams, or our expertise labs demonstrate new

analytical techniques, highlighting how these

support and accelerate development activities.

Furthermore, research partners are invited to

share insights on global market trends,

collaborative initiatives, and their own

competencies to help advance our innovations

towards commercial success.

With around 150 participants per event, Innovate

& Connect has become a key driver of

collaboration, strengthening our innovation

culture and accelerating progress at Bekaert.

Secure employment and working time

Bekaert adheres to a well-structured and fair

employment policy that balances the use of

temporary and permanent contracts. In most

cases, Bekaert offers indefinite (permanent)

contracts. Temporary contracts are offered in

specific circumstances, such as project-based

needs, seasonal or fluctuating demand and skill-

specific roles.

In certain countries or entities, the agreed-upon

practice is that all employees or employee groups

start with a temporary Bekaert contract or a

contingent agency contract before transitioning

to an indefinite contract. This policy is clear and

consistently applied to all roles impacted by this

rule. Bekaert does its best to recruit temporary or

agency contract holders into indefinite roles if

opportunities arise, ensuring that these

employees have a path to secure, long-term

employment.

Bekaert is committed to providing stable

employment opportunities wherever possible.

As a result, temporary employees are regularly

evaluated for conversion to permanent contracts

based on several factors such as performance

and skills, business demand and legal and

regulatory frameworks.

Through these measures, Bekaert ensures

a balance between the flexibility offered by

temporary contracts and the security and

benefits of permanent employment.

Bekaert remains committed to full compliance

with international labor standards and local

regulations regarding working hours, contract

types, and employee rights. All policies are clearly

communicated to employees and enforced across

our operations. Additionally, our human resources

and internal audit teams conduct regular reviews

and audits to ensure that potential instances of

non-compliance are swiftly addressed and that

we continue to promote fair labor practices.

When undergoing restructuring, Bekaert strives

to minimize the impact on affected employees.

Where possible, the company considers

redeployment within its workforce. Additionally,

outplacement services and career counseling are

provided. Bekaert also offers a global employee

assistance program that includes emotional and

mental health support for all employees, that

remains available for 3 months after the end of

the labor contract.

In implementing such measures, the

management aims at mitigating the social impact

for the affected employees by considering re-

industrialization, re-employment help and a fair

severance package.

We have dedicated teams focusing on Ethics and

Compliance and Safety, Health and Environment

¹⁷ We will evaluate our ambition and targets as part of our next strategic planning cycle. We refer to the last paragraph of section SBM-1 .


Bekaert Annual Report 2025	− 257 −

while other topics such as Well-being and

Diversity and Inclusion are included within the

scope of local HR roles.

ESRS S1 1-4 §43

ESRS 1-4 §38a, b, c, d ESRS 1-4§40 a, b ESRS S1 1-4 §41

The financial resources required for the listed

actions under S1-4 are integrated into the

budgets of the respective functions or business

units, ensuring implementation without the need

for separate funding streams.

ESRS 2 MDR-A 69

Targets to manage material

impacts, risks and

opportunities (S1-5)

Mental health

We are committed to supporting our employees

and their families in making positive choices for

their health and well-being. We want to ensure

they have access to comprehensive support,

empowering them to thrive personally and

professionally. Therefore, Bekaert has an

Employee Assistance Program in place. We want

100% of the employees in the Bekaert

subsidiaries to have access to this employee

assistance program providing a wide range of

support options which ensures that the well-

being of our employees is taken care of in every

aspect of their life. We have achieved this target.

Learning and development

We nurture talent through career development

and life-long learning. We attach great

importance to providing challenging career and

personal development opportunities to our

employees. Bekaert is committed to provide a

minimum of 30 hours training on average per

employee annually. In 2025, on average each

employee received 34 hours of training.

The number of training hours, progress against

the target and impact is monitored through the

learning management system and local reporting

lines and consolidated on a quarterly basis. Next

to the compliance trainings portfolio, there are

numerous learning opportunities where

employees can develop new skills, gain

knowledge, increase their awareness on various

topics in online and classroom formats.

Diversity and inclusion

Bekaert adopts a recruitment and promotion

policy that aims to gradually generate more

diversity, including gender diversity. We are

committed to increase this share in support of

gender equality. Our target is to achieve a ratio of

40% by 2030 17. 28.4% of the managers and

salaried professionals of the Bekaert subsidiaries

are female (as per year-end 2025), compared to

29% at the end of 2024, a slight decrease mainly

driven by the divestment of our Steel Wire

Solutions activities in Costa Rica, Ecuador and

Venezuela. Achieving this target will depend on

the availability of diverse talent across the

regions in which we operate now and in the

future.

Health and safety

Bekaert aims to create a no-harm, risk-free

working environment for all our employees and

for anyone working at or visiting our premises.

We track our performance against this aim

through a central management system. Safety

performance is part of our performance

dashboard and is a fixed agenda topic during

local and global town halls and in recurrent shop

floor meetings.

ESRS S1-5 §47a, b, c

Our employees' data (S1-6)

Employee headcount by gender


Gender	Number of employees (head count)
Male	15 896
Female	2 525
Total employees	18 421

The category "other" and "not reported" are not

applicable.

The overall number went down from 19 701 in

2024 mainly due to the divestment of our Steel

Wire Solutions entities in Costa Rica, Ecuador

and Venezuela and smaller footprint changes in

other regions.

ESRS S1-6 §50

Employee headcount in countries

with at least 50 employees

representing at least 10% of the total

number of employees


Country	Number of employees (head count)
Country	Male	Female	Total
China	5 774	576	6 350
Slovakia	1 491	515	2 006

ESRS S1-6 §50


Bekaert Annual Report 2025	− 258 −

Employee headcount by gender and contract type, broken down by region


	EMEA	North America	Latin America	Asia Pacific	TOTAL
Number of employees (head count)	7 153	1 443	741	9 084	18 421
Male	5 698	1 263	614	8 321	15 896
Female	1 455	180	127	763	2 525
Number of permanent employees (head count)	7 009	1 442	741	7 299	16 491
Male	5 590	1 262	614	6 825	14 291
Female	1 419	180	127	474	2 200
Number of temporary employees (head count)	144	1	0	1 785	1 930
Male	108	1	0	1 496	1 605
Female	36	0	0	289	325
Number of non-guaranteed hours employees (head count)	0	0	0	0	0
Male	0	0	0	0	0
Female	0	0	0	0	0
Number of full-time employees (head count)	6 959	1 434	741	9 079	18 213
Male	5 575	1 259	614	8 320	15 768
Female	1 384	175	127	759	2 445
Number of part-time employees (head count)	194	9	0	5	208
Male	123	4	0	1	128
Female	71	5	0	4	80

ESRS S1-6 §50a, b, b ii, b iii


Region - Employees	EMEA	North America	Latin America	Asia Pacific	TOTAL
Blue Collars	5 070	1 072	440	6 992	13 574
Male	4 256	1 007	408	6 756	12 427
Female	814	65	32	236	1 147
Salaried professionals	1 313	239	252	1 499	3 303
Male	859	153	166	1 118	2 296
Female	454	86	86	381	1 007
Management	770	132	49	593	1 544
Male	583	103	40	447	1 173
Female	187	29	9	146	371
Total Male	5 698	1 263	614	8 321	15 896
Total Female	1 455	180	127	763	2 525
Grand total	7 153	1 443	741	9 084	18 421


Countries with > 1000 employees 2025 (excluding non- employees)	China	Slovakia	Belgium	US	Indonesia
Blue Collars	5 056	1 521	666	1 072	1 119
Male	4 865	1 204	599	1 007	1 114
Female	191	317	67	65	5
Salaried professionals	918	392	357	236	141
Male	641	217	249	153	126
Female	277	175	108	83	15
Management	376	93	390	128	32
Male	268	70	292	100	28
Female	108	23	98	28	4
Total Male	5 774	1 491	1 140	1 260	1 268
Total Female	576	515	273	176	24
Grand total	6 350	2 006	1 413	1 436	1 292

ESRS S1-6 §50a, S1-6 §51 (VOLUNTARY)


Bekaert Annual Report 2025	− 259 −

90% of people employed by Bekaert have a permanent contract (= contract of indefinite duration),

10% has a temporary contract (= contract of definite duration). Employees with a temporary contract are

on the payroll of Bekaert but they have a contract with an end date stipulated in it.

99% of the Bekaert employees work full-time.

The employee data disclosed is calculated at 31 December 2025.

ESRS S1-6 §52a, b (VOLUNTARY)

Turnover

Bekaert consolidated entities excluding employees with a contract of definite duration and excluding

collective dismissals:


Employee turnover in 2025	Total	Male	Female
turnover (number) taking into account voluntary leave	642	519	123
turnover (number) taking into account all personnel exits (voluntary leave – dismissal – retirement – death in service)	1 246	1 025	221
turnover (%) taking into account voluntary leave	4%	4%	5%
turnover (%) taking into account all personnel exits (voluntary leave – dismissal – retirement –death in service)	7%	7%	10%

ESRS S1-6 §50c

We collect, store and maintain all of our workforce records in the central HR system and use business

intelligence tooling for analysis, data quality and fluctuation identification. Our internal reports cover both

data in headcount (the number of people in our workforce) and in FTE (Full-Time Equivalent: number of

contractual hours divided by the maximum contractual hours in a full-time schedule).

ESRS S1-6 §50d, di, dii,ESRS S1-6 §50e, ESRS S1-7 55b

A cross-reference to the number of full-time equivalent is disclosed in section "Segment Reporting" of the

Financial Statements on page 101.

ESRS S1-6 §50f

Non-employees' data (S1-7)


Non-employees headcount- 31 December 2025	EMEA	North America	Latin America	Asia Pacific	TOTAL
Blue Collars	62	2	63	511	638
Male	51	2	56	460	569
Female	11	0	7	51	69
Salaried professionals	16	4	8	21	49
Male	7	1	7	6	21
Female	9	3	1	15	28
Management	11	0	0	3	14
Male	8	0	0	1	9
Female	3	0	0	2	5
Total Male	66	3	63	467	599
Total Female	23	3	8	68	102
Grand total	89	6	71	535	701

ESRS S1-7 §55a, b i, b ii

Non-employees are workers who are not on our payroll, but who complement our employee workforce.

They provide temporary services mostly through agencies or consulting firms. In 2025, the number of

non-employees was aligned with capacity needs (down from 1 094 in 2024).

98% of the non-employees work full-time..

ESRS S1-7 §56


Bekaert Annual Report 2025	− 260 −

Diversity metrics (S1-9)

Gender diversity Board of Directors and Top Management


Gender diversity 31 December	2024					2025
	# People			Percentage		# People			Percentage
	Total	Male	Female	Male	Female	Total	Male	Female	Male	Female
Board of Directors	9	5	4	56%	44%	11	7	4	64%	36%
Executive Management	9	7	2	78%	22%	8	7	1	87%	13%
Senior Vice Presidents (B16-B18)	14	13	1	93%	7%	14	12	2	86%	14%
Next leadership level (B13-B15)	76	58	18	76%	24%	61	46	15	75%	25%
Total leadership team	108	83	25	77%	23%	94	72	22	77%	23%

ESRS S1-9 §66a, AR71

Age diversity


Age diversity employees 31 December 2025	% Under 30 years old	% 30-50 Years old	% Over 50 years old
Blue collars	13%	70%	17%
Salaried professionals	8%	70%	22%
Management	3%	66%	31%
Total Bekaert employees	11%	70%	19%

ESRS S1-9 §66b

Social protection (S1-11)

We offer competitive salaries and benefits designed to enhance the financial, physical and overall well-

being of our employees and their families. Our offerings differ from country to country and are often

adapted to local social security policies. We provide a wide range of employee benefits that may include

retirement benefits, healthcare plans, service awards, labor accident disability coverage and paid leave.

For detailed information on employee benefits, we refer to the Financial Statements section 6.16.

ESRS S1-11 §74a, b, c, d, e

Benefits provided to payroll employees in significant locations of operation


Benefit	Belgium	China	Indonesia	Slovakia	US
Life insurance	Yes	Yes	Yes	Yes	Yes
Health care	Yes	Yes	Yes	No	Yes
Disability coverage	Yes	Yes	Yes	Yes	Yes
Parental leave	Yes	Yes	Yes	Yes	Yes
Retirement provision	Yes	Yes	Yes	Yes	Yes
Stock ownership	No	No	No	No	No

These benefits are applicable to (payroll) employees – not to non-employees.

Significant locations are locations with > 1 000 employees on the payroll (part-time, full-time, definite,

indefinite).

Bekaert complies with all applicable local social security schemes in each country where it operates.

Employees are covered in accordance with the mandatory social protection schemes of their country of

employment.


Bekaert Annual Report 2025	− 261 −

Training and skills development metrics (S1-13)

Performance reviews

To stimulate high performance, commitment, and the continuous development of all employees, the group

targets are deployed into team and personal targets for everyone.

Bekaert has developed and deployed a People Performance Management (PPM) program. PPM is our way

of looking at people performance and how we can better achieve our goals in the future. As such, PPM is

part of a larger effort to be a performance-driven organization.

The performance management process includes two-way personal development reviews, transparency,

feedforward and leadership behavior.

Enablers for the people performance management practice are a clear alignment of team and individual

goals with business priorities; frequent performance steering and coaching; fair recognition in line with

the achieved performance; and better supporting tools that allow employees to keep track of their

performance and feedforward actions throughout the year.

Percentage of employees who received a performance review in 2025


Employee category	Percentage
Managers	99%
Male	99%
Female	99%
Salaried professionals	98%
Male	98%
Female	98%
TOTAL Male	98%
TOTAL Female	98%

Operators do not follow the People Performance Process that applies to our salaried professionals.

Operators discuss performance on a very frequent basis, in local meetings. Those local meetings are

team sessions to find opportunities for quality, safety and process improvements, and one-on-one

meetings between operators and their shift leaders about personal performance and behavior.

ESRS S1-13 §83a, ESRS S1-13 §84


Bekaert Annual Report 2025	− 262 −

Learning & Development

On average, each employee received 34 hours of training in 2025 of which 33 for female employees and

34 for male employees, well above our target.


Average hours of training per employee per region	2023		2024		2025
	Male	Female	Male	Female	Male	Female
EMEA
Blue collars	57	36	53	42	49	40
Salaried professionals	32	30	20	21	27	27
Management	29	44	32	33	25	26
Latin America
Blue collars	75	52	56	95	33	30
Salaried professionals	51	51	40	39	38	35
Management	49	86	35	44	31	42
North America
Blue collars	20	21	27	26	21	26
Salaried professionals	19	16	34	27	37	25
Management	23	22	36	51	39	40
Asia Pacific
Blue collars	36	63	32	47	30	39
Salaried professionals	28	25	28	21	23	25
Management	33	34	31	32	25	30

ESRS S1-13 §83b

On average, each employee received 4 hours of mandatory training in 2025.

On average each employee received 7 hours of safety training in 2025.

On average each employee received approximately 0.5 hour of well-being training in 2025.

Methodology

Calculation methodology: Total number of training hours divided by headcount (including employees and

non-employees) at 31 December 2025.

To ensure an accurate calculation, training hours of the divested entities in Costa Rica, Ecuador and

Venezuela have been excluded.

Hea lth & Safety metrics (S1-14)

Our safety data cover Bekaert own workforce and on‑site contractors in both consolidated entities and joint ventures.

TRIR: Total Recordable Incident Rate (all recorded incidents per million worked hours)

LTIFR: Lost Time Incident Frequency Rate (Number of lost time incidents per million worked hours)

SI: Serious Injury (incident leading to life-altering injuries)

The combined 2025 safety-related key performance indicators show a decrease in LTIFR (-37%), and in

TRIR (-24%). These improvements were however overshadowed by an increase in our SI rate (+30%). The

number of serious incidents resulting in fatality or life-altering injuries rose from six in 2024 to seven in

2025.

In 2025, three fatal work-related accidents occurred on our premises (one employee and two

contractors). Two fatalities were related to working at height and one resulted from electrocution.

We recorded four serious injury accidents, three involving hand and finger injuries, and one fore-arm

injury.

ESRS S1-14 §88b, e

In 2025, we had 181 recordable work-related accidents (including joint ventures (JVs)).

The number of lost days resulting from work-related injuries reduced from 6 651 in 2024 to 3 569 days in

2025 (including JVs).

The number of days lost from fatalities was 1 095 days.

ESRS S1-14 §88c, e, ESRS S1-14 §89


Bekaert Annual Report 2025	− 263 −

During 2025, Bekaert reinforced its safety program through awareness campaigns, training, performance

evaluations and dedicated investments to secure safe working conditions for all people.

Bekaert has certifications against international management system standards for safety and a corporate

integrated management system in place. This centrally governed management system is the basis of

ISO 45 001 certification (safety) of 31 sites (48% of the manufacturing plants).

More information is disclosed in section S1-4 on page 253.

ESRS S1-14 §88a

In 2025, 26 plants achieved 1 year without any recordable safety incidents. 9 plants were minimum

2 years incident-free. 2 plants achieved minimum 5 years without recordable safety incidents and

2 plants have been incident-free for 10 or more years. They are Bekaert’s safety champions and lead

the way toward a no-harm, risk-free working environment for all.


Key safety performance indicators Bekaert own-workforce (consolidated entities) + on-site contractors	2023	2024	2025
TRIR	4.91	4.69	3.22
LTIFR	3.05	2.91	1.75
SI rate	0.14	0.08	0.11


Key safety performance indicators Bekaert own-workforce (combined entities (= consolidated entities + joint ventures)) + on-site contractors	2023	2024	2025
TRIR	4.34	4.34	3.32
LTIFR	2.70	2.57	1.62
SI rate	0.15	0.10	0.13

ESRS S1-14 §88c

Incident rates per gender


Group data by gender (own workforce)	Male			Female
	2023	2024	2025	2023	2024	2025
TRIR	4.99	4.66	3.56	4.66	4.64	3.90
LTIFR	3.13	2.68	1.74	3.23	3.65	2.03
SI rate	0.18	0.15	0.13	0.00	0.00	0.00

Incident rates per region


Group data per region 2023	EMEA	Latin America	North America	Asia Pacific	JVs in Brazil	Bekaert Consolidated	Bekaert Combined
TRIR
All (Bekaert own workforce + on-site non-own workforce)	9.74	5.51	15.13	1.17	0.96	4.91	4.34
Bekaert own workforce (employees + non-employees)	9.77	7.10	15.40	1.12	1.03	5.54	4.95
On-site contractors	9.45	0.96	11.69	1.28	0.79	2.57	2.23
LTIFR
All (Bekaert own workforce + on-site non-own workforce)	7.83	3.75	3.20	0.53	0.60	3.05	2.70
Bekaert own workforce (employees + non-employees)	8.13	4.74	3.46	0.49	0.51	3.53	3.14
On-site contractors	5.09	0.96	0.00	0.64	0.79	1.24	1.15
SI rate
All (Bekaert own workforce + on-site non-own workforce)	0.14	0.25	0.29	0.11	0.24	0.14	0.15
Bekaert own workforce (employees + non-employees)	0.16	0.34	0.31	0.10	0.17	0.15	0.15
On-site contractors	0.00	0.00	0.00	0.13	0.40	0.10	0.15


Bekaert Annual Report 2025	− 264 −


Group data per region 2024	EMEA	Latin America	North America	Asia Pacific	JVs in Brazil	Bekaert Consolidated	Bekaert Combined
TRIR
All (Bekaert own workforce + on-site non-own workforce)	10.46	3.48	10.49	1.41	2.17	4.69	4.34
Bekaert own workforce (employees + non-employees)	9.78	4.30	10.22	1.40	2.66	4.95	4.66
On-site contractors	17.40	1.00	14.35	1.44	0.88	3.66	3.15
LTIFR
All (Bekaert own workforce + on-site non-own workforce)	7.92	3.48	1.85	0.52	0.48	2.91	2.57
Bekaert own workforce (employees + non-employees)	7.45	4.30	1.98	0.51	0.67	3.12	2.80
On-site contractors	12.65	1.00	0.00	0.52	0.00	2.07	1.69
SI rate
All (Bekaert own workforce + on-site non-own workforce)	0.28	0.00	0.00	0.00	0.24	0.08	0.10
Bekaert own workforce (employees + non-employees)	0.31	0.00	0.00	0.00	0.33	0.10	0.13
On-site contractors	0.00	0.00	0.00	0.00	0.00	0.00	0.00


Group data per region 2025	EMEA	Latin America	North America	Asia Pacific	JVs in Brazil	Bekaert Consolidated	Bekaert Combined
TRIR
All (Bekaert own workforce + on-site non-own workforce)	5.54	3.26	10.26	1.26	3.93	3.22	3.32
Bekaert own workforce (employees + non-employees)	5.66	3.31	9.90	1.27	4.46	3.47	3.60
On-site contractors	4.26	3.08	16.13	1.22	2.40	2.11	2.16
LTIFR
All (Bekaert own workforce + on-site non-own workforce)	3.85	2.94	1.87	0.59	0.86	1.75	1.62
Bekaert own workforce (employees + non-employees)	4.06	2.90	1.98	0.54	0.99	1.91	1.78
On-site contractors	1.70	3.08	0.00	0.77	0.48	1.05	0.94
SI rate
All (Bekaert own workforce + on-site non-own workforce)	0.08	0.33	0.31	0.07	0.25	0.11	0.13
Bekaert own workforce employees + non-employees)	0.08	0.00	0.33	0.05	0.33	0.08	0.11
On-site contractors	0.00	1.54	0.00	0.15	0.00	0.23	0.19

Methodology

• LTIFR: Lost Time Incident Frequency Rate: number of lost time incidents per million worked hours.

• SI rate: real Serious Injuries per million worked hours

• TRIR: Total Recordable Incident Rate: all recorded incidents per million worked hours.

• On-site contractors: on-site external workers other than own workforce, such as outsourced service

providers (e.g. catering, security), ad hoc services (e.g. garden maintenance, strategic consultants) and

on site value chain workers (e.g. transport company, supplier of machines). Although contractors are

considered 'Workers in the value chain (S2)' according to ESRS, we include contractors working at our

sites in our safety data.

• Accuracy updates and improvements led to minor adjustments in some historical data.

ESRS S1-14 §88c


Bekaert Annual Report 2025	− 265 −

Remuneration (S1-16)

While this sustainability matter is not material for Bekaert, we disclose below information for

transparency reasons requested by customers, ratings and investors.

Representation of females in salary bands

The gender pay gap ratio covers pay gap for salaried and management professionals, and excludes blue

collar workers.

• Blue collar wages are set in accordance with local collective labor agreements, in general they are

driven by numbers of hours worked, experience and skills of the incumbent.

• Salary levels for salaried professional and managers are based on a job classification system allowing

for internal benchmarking. Positions with similar scope, required knowledge, levels of accountability

and leadership requirements are clustered in so-called salary bands.

The gender pay gap for salaried professionals and managers is monitored at two levels: at the level of

representation and at the level of equal treatment.

The table below shows the representations of females across the different salary bands in the company,

based on a job classification system.


Proportion of female employees per salary band
Broadband	% Male	% Female
Executive Management	87%	13%
Senior Vice Presidents	86%	14%
Senior Management	75%	25%
Mid Level Management	82%	18%
Junior Management	74%	26%
Salaried Professionals	70%	31%
Total	72%	28%

ESRS S1-16 §97c

The table below shows the treatment of females across the different salary bands in terms of

remuneration. Each employee’s base pay (local currency) is compared to the midpoint base pay for their

respective salary band (midpoint of salary band in local currency), resulting in a percentage of base pay to

midpoint (% compa ratio). The median of the resulting female compa ratios to the median of male compa

ratios are compared, and the difference is the pay gap %. Midpoint base salary of each salary band is set

in reference with the competitive marketplace and relevant job classification level.


Region	Gender pay gap (%)
EMEA	-4.42%
Latin America	0.19%
North America	-5.83%
Asia Pacific	-5.67%
Total	-3.67%

The global Gender Pay Gap at Bekaert is -3.67% (compared to -3.85% in 2024 and -2.40% in 2023), with

differences between countries and a significant number of countries without pay gap. This number is

lower than the global, European and sector average. Overall, measures are in place to monitor and avoid

this pay gap.

ESRS S1-16 §97a


Bekaert Annual Report 2025	− 266 −

How we manage human rights impacts (S1-17)

While this sustainability matter is not material for Bekaert, we are committed to respect human rights.

Therefore we disclose below information for transparency reasons.

Bekaert has a central case reporting and investigation management tool in place. The Speak Up channel,

which allows all employees and third parties to report concerns or raise questions, is one of several

communication vehicles for asking questions or raising concerns. The tool allows for confidential two-way

communication between Group Ethics and Compliance and any anonymous reporter as well as with those

who shared their identity in the issued report. Employees are encouraged to speak up and raise concerns

by whichever method they feel most comfortable. They may alternatively reach out to their HR

representative, to the Compliance or Internal Audit team or to their direct manager or supervisor. Our

Investigation Protocol ensures the quality and consistency of our investigations and their respective

reporting requirements.

All incoming reports are handled with the highest level of confidentiality. Each allegation is thoroughly

investigated. Bekaert takes all necessary measures to protect employees against any form of retaliation

when reporting a concern. Remedial measures were taken as necessary for those cases where

improvement areas were revealed.

In 2025, 149 integrity allegations were reported and investigated through our integrity reporting channels.

In 2025, two reported cases included allegations of harassment involving female employees. Both

matters were investigated by the Ethics and Compliance team, and appropriate remedial actions were

implemented. This reflects our ongoing commitment to maintaining an inclusive, respectful and non

discriminatory work environment.

ESRS S1-17 §103a, ESRS S1-17 §103b

There were no human right breaches reported to us connected to our own workforce.

ESRS S1-17 §104a


Bekaert Annual Report 2025	− 267 −

S2 Workers in the value chain

Material impacts, risks and

opportunities and their

interaction with strategy and

business model (S2 - SBM-3)

We have identified following material impacts,

risks and opportunities related to workers in the

value chain which are mainly linked to the

industry we work in as well as the business

environment we operate in:


Negative impact Positive impact	Our upstream supply chain, primarily for our main raw material, can be a harsh working environment due to the type of business (metals), with industry-specific health and safety exposures. We promote the respect of health, safety and human rights across the value chain, and with OECD guidelines by enforcing our supplier code of conduct and by the due diligence programs that we have in place.

Our sustainable sourcing strategy and human

rights programs aim to address those material

topics.

ESRS S2 SMB-3 §10

The workers in Bekaert's value chain that could

be materially impacted by Bekaert's actions are

subcontractors working on our premises,

emplo yees of our direct and indirect suppliers

(upstream value chain), employees working in

logistic activities in our downstream value chain

and employees of joint ventures.

ESRS S2 SBM-3 §11a i-v

Bekaert is committed to using raw materials of

legal and sustainable origin. Bekaert refrains

from sourcing minerals from conflict-affected

countries as these pose a high risk to finance

armed conflicts and enable human rights abuses.

Bekaert also strictly avoids purchasing materials

produced through child or forced labor. To

achieve compliance with this commitment,

Bekaert maintains due diligence processes and

requests all relevant suppliers to fully cooperate

in achieving this. More information on our Conflict

Minerals Policy is available in section S2-1 on

page 268.

ESRS S2 SBM-3 §11b

Potential negative impact can relate to our

upstream supply chain, mainly in sourcing our

main raw materials. The metals sector is a sector

where employees can be exposed to industry-

specific health and safety risks. To maintain a

localized supply chain for our global footprint, we

may need to work with and develop suppliers in

locations with higher inherent risk.

ESRS S2 SBM-3 §11c

We focus on social supply and promotion of

OECD guidelines for all our activities and

operations.

Bekaert engages strategic suppliers, categorized

as suppliers in the upper three segments of our

supplier segmentation, in its sustainability

agenda via different engagement channels. More

information on supplier engagement is available

in section S2-2 on page 271.

Strategic suppliers are also formally evaluated on

a yearly basis, and corrective action plans are put

in place when the minimum required levels by

Bekaert have not been reached. These action

plans are closely monitored to keep the focus on

improvement high.

ESRS S2 SBM-3 §11d

Based on our existing processes, we have not

identified any material risks and opportunities

arising from impacts and dependencies on value

chain workers.

ESRS S2 SBM-3 §11e

Our understanding of the value chain workers

and how they could be exposed to greater risk of

harm is based on our due diligence program

which is disclosed in section S2-2 on page 269.

ESRS S2 SBM-3 §12

Policies related to value

chain workers (S2-1)

Human Rights policy and Supplier

Code of Conduct

Bekaert's Human Rights Policy reflects our

commitment to uphold and advance human rights

throughout our operations and across our entire

value chain. Further information is disclosed in

section S1-1 on page 249 of this report. This

policy is highly relevant for the way we engage

with our upstream supply chain.

ESRS S2-1 §16, ESRS S2-1 §17a, ESRS S2-1 §19

The Bekaert Supplier Code of Conduct outlines

environmental, social and governance

requirements, that suppliers should comply with.

Child and forced labor requirements are included.

The Bekaert Supplier Code of Conduct is

applicable to all suppliers. The Chief Operating

Officer (COO) oversees formulating and

implementing the policy.

The Bekaert Supplier Code of Conduct has had a

revision in 2025, to ensure alignment with our


Bekaert Annual Report 2025	− 268 −

Code of Conduct, integrate feedback from our

stakeholders and adhere to industry best

practices. To improve clarity, the revised Supplier

Code of Conduct differentiates mandatory

requirements from expected goals.

The document has been benchmarked against

international standards such as the UN Guiding

Principles on Business and Human Rights

(UNGPs) and International Labour Organization

(ILO) conventions.

The Central Procurement Department is

responsible for ensuring this policy is

implemented in the supply chain. It forms an

integral part of Bekaert’s supplier relationship

management and evaluation procedure. It is

available on our website in 15 languages. At the

end of 2025 this supplier commitment

represented 93% of our spend.

ESRS S2-1 §16, ESRS S2-1 §17, ESRS S2-1 §18, ESRS S2-1 §19

Our approach to engage with supply chain

workers is disclosed in section S2-2 on page 268 .

ESRS S2-1 §17b

We provide and enable remedy for human rights

impacts on value chain workers through our

Speak Up channel and our supply chain due

diligence program. More information on our

Speak Up channel is available in section S1-3 on

page 252. More information on our supply chain

due diligence program is disclosed in section

S2-2 on page 269.

ESRS S2-1 §17b, c

Responsible sourcing of minerals

Bekaert recognizes the importance of

responsible sourcing. The Bekaert Policy on

Responsible Minerals Sourcing outlines our

commitment and our actions and requirements

toward suppliers. It is applicable to all suppliers

delivering minerals potentially originating from

conflict-affected and high-risk areas to the

Bekaert Group. The Bekaert Policy on

Responsible Minerals Sourcing is applicable to all

subsidiaries of Bekaert. Joint ventures in which

Bekaert has a minority shareholding are strongly

encouraged to apply the procedure, which is

available on our website . Roles and

responsibilities are clearly described in the policy.

Our available grievance mechanism is mentioned

in the policy.

ESRS S2-1 §16, ESRS S2-1 §17a, c, ESRS S2-1 §19

In 2025, 100% of suppliers covered by the

Responsible Minerals Initiative (RMI) signed the

Bekaert Supplier Code of Conduct (or delivered

proof of following its principles), 100% signed the

Bekaert Policy on Responsible Minerals Sourcing,

and 100% of our tin and tungsten suppliers

completed a Conflict Minerals Reporting

Template (CMRT), sharing details on the smelters

used upstream. This is a critical topic given that

this group of suppliers are at a high risk of child

and/or forced labor. RMI is an initiative of the

Responsible Business Alliance (RBA) and the

Global e-Sustainability Initiative (GeSi), which

helps companies from a range of industries to

address conflict mineral issues in their supply

chain.

ESRS S2-1 §19

How we engage with our

supply chain (S2-2)

Bekaert manages supply chain sustainability

through a tiered approach which is aligned with

our Supplier Relationship Management (SRM)

framework. Supply chain due diligence is

applicable to all direct suppliers, including

adherence to policies and risk assessment.

Sustainability performance management is

enacted with strategic suppliers and joint

innovation/co-development projects are initiated

with our partners. Through this approach we

broadly limit and manage negative impacts,

whilst driving positive impacts through targeted

initiatives.


Bekaert Annual Report 2025	− 269 −

Supply chain due diligence

Bekaert's procurement department has a

comprehensive upstream supply chain

sustainability due diligence process in place, to

ensure that the conduct of potential and existing

suppliers is aligned with our values. Our robust

process evaluates, prioritizes and mitigates

upstream supply chain risks related to

Environmental, Social and Governance factors.

The Chief Operating Officer has operational

responsibility for ensuring that engagement takes

place and that the outcome drives our purchasing

approach.

The process begins with a broad screening and

monitoring of all Bekaert's new and existing

direct suppliers. The solution focuses on

identifying actual data points for each supplier

legal entity, determining where there are

evidenced risks which require additional

investigation. The suppliers we engage are

prioritized based on a combination of the risks

identified and the dependency in the relationship

between our two companies. Adding dependency

as a factor ensures that we focus our efforts

both where the impact to Bekaert and our end

customers is highest and where we have the

ability to effect meaningful change in our

suppliers' operations. The mitigation actions

applied are tailored to the specific risk, following

risk validation, suppliers will typically be invited to

complete either a Prewave or SEDEX (Supplier

Ethical Data Exchange) questionnaire.

Based on the outcome of these self-

assessments, detailed action plans are developed

together with the supplier or on-site audits are

planned where relevant. Alongside verification of

the completion of individual actions, we are also

able to see how the ESG risk of the supplier

develops through continuous monitoring.

Our approach focuses primarily on identifying

directly evidenced risks for individual suppliers,

hence whilst there are areas with heightened

inherent risk, we evaluate each supplier

individually. In case a tangible risk is identified

with a high likelihood of relevance for other

suppliers in the same geography or industry, we

initiate a targeted assessment with the broader

group.

A large proportion of information we gather from

the supply chain for risk assessment is either via

official supplier communication channels, adverse

media or externally available structured datasets.

The two primary ways we engage directly with

value chain workers is through our Speak Up

channel and via on-site audits (2 ^nd and 3^rd party).


Bekaert Annual Report 2025	− 270 −



	At the end of 2024, we rolled-out a new due diligence screening solution which brought the following key benefits: full data coverage through inherent risk analysis, targeted deeper AI analysis for higher risk suppliers, automated tier-N mapping and risk assessment for selected high risk supply chains, integrated action management, combination of other supply chain risk factors into a single holistic supply chain risk platform.

¹⁸ SMETA (SEDEX Members Ethical Trade Audit) is the proprietary auditing framework of SEDEX (Supplier Ethical Data Exchange) and

is considered a leading supply chain sustainability audit methodology.


Bekaert Annual Report 2025	− 271 −

Supplier Engagement

Bekaert annually engages strategic suppliers in

its sustainability agenda via EcoVadis. Strategic

suppliers are the Partners, Preferred and

Monitored segments of Bekaert’s supplier

relationship management framework. This group

covers all suppliers with significant commercial

or other business impact, incorporating factors

such as portion of category spend, the criticality

of the materials or services provided, supplier

risk exposure and collaboration level.

The platform provides visibility on the

sustainability performance of our important

suppliers and on the areas for improvement.

EcoVadis assessments are embedded into our

procurement processes. EcoVadis rating

information is requested during new supplier

onboarding via our digital procurement platform –

eBuy. Assessment results are considered in the

annual evaluation of supplier performance and

assessment levels are incorporated into our

Supplier Relationship Management (SRM)

framework, being a key enabler for improved

collaboration with potential and existing

preferred suppliers and partners.

We have a global approach focusing on the

specific regional and industry vulnerabilities of

suppliers identified as high risk. For example, if a

supplier is identified as having a risk related to

labor rights and we invite them to complete a

SEDEX Self-Assessment Questionnaire, we will

evaluate the result and determine corresponding

actions by comparing the inherent and site

characteristic risks with the level of management

controls that the supplier has declared. SEDEX is

a leading platform for supply chain sustainability

data sharing, in preparation of third party on-site

supplier audits according to the SMETA 18

framework.

ESRS S2-2 §22a-c, ESRS S2-2 §22e, ESRS S2-2 §23

Our processes to remediate

negative impacts and raise

concerns (S2-3)

The Bekaert Supplier Code of Conduct outlines

environmental, social and governance

requirements, that suppliers should comply with.

Child and forced labor requirements are included.

The Bekaert Supplier Code of Conduct is

applicable to all suppliers. More information is

available in section S2-1 on page 267 of this

report.

Bekaert has a central Speak Up reporting tool,

widely available for everyone to file a concern. All

individuals, including workers along Bekaert's

value chain, are able and encouraged to raise

their integrity concerns and/or grievances via the

Speak Up tool. More information is available in

section S1-3 on page 252 of this report.

ESRS S2-3 §27 a-d , ESRS S2-3 §28

Our actions to manage

material impacts, risks

and opportunities related

to value chain workers (S2-4)

Bekaert has a robust process for evaluating,

prioritizing and mitigating upstream supply chain

risks related to Environmental, Social and

Governance factors. More information on this

process is disclosed in section S2-2 on page 269

of this report.

Bekaert's central procurement department is

responsible for upstream supply chain due

diligence, including taking action on material

impacts on value chain workers. The

procurement center of excellence (COE) is the

owner of the supply chain due diligence process,

undertaking risk identification and coordinating

the overall process. Where necessary, the

relevant supplier manager, based upon the

category, segment and region of the supplier is

responsible to take actions together with the

supplier to mitigate identified risks or impacts.

Supplier managers can be local buyers or part of

global category management teams. Group

compliance and the central sustainability team

are consulted as and where needed.

ESRS S2-4 §32a-d, ESRS S2-4 §33a-c, ESRS S2-4 §35, ESRS

S2-4 §36, ESRS S2-4 §38

Supplier audits

Bekaert annually drafts an audit planning for

supplier audits. We conducted 111 supplier audits

in 2025 compared to 104 in 2024. Supplier audits

are scheduled and prioritized based on quality

assurance, changes to or expansions of critical

supplier processes, and risk of not meeting the

applicable target criteria.

Concluding Key Supplier Agreements remains

very important for the purchase of wire rod and

other supply categories as they enable us to build

effective partnerships in which sustainability,

supply chain integration, and innovation are

explicit building blocks.

¹⁹ with spending more than €5 000


Bekaert Annual Report 2025	− 272 −

The financial resources required for the listed

actions are integrated into the budgets of the

respective functions or business units, ensuring

implementation without the need for separate

funding streams.

ESRS 2 MDR-A 69

Targets to manage material

impacts, risks and

opportunities (S2-5)

In 2025, we replaced our sustainable

procurement targets with a new target to align

with stakeholder expectations and evolving

regulatory requirements: we aim to achieve more

than 99% due diligence coverage of our active

suppliers, by assessing potential negative

sustainability impacts and risks and prioritizing

actions. By the end of 2025, we have screened

more than 99% of our active suppliers 19.

Additionally, we expect our suppliers to join our

sustainability journey:

• We conduct due diligence screening, prioritize

risks, and monitor mitigation actions.

• We expect our supplier to adhere to the

Bekaert Supplier Code of Conduct.

• We request relevant suppliers to comply with

the Bekaert Policy on Responsible Minerals

sourcing.

We require our suppliers to provide components,

parts or materials containing tantalum, tin,

tungsten, gold, graphite, lithium, nickel, copper,

cobalt and/or natural mica from conflict and child

and forced labor free sources only. We engage

with suppliers via requests for evidence of

compliance and audits of due diligence practices

and relevant company records. We require our

suppliers to complete the Conflict Minerals

Reporting Template (CMRT) and Extended

Minerals reporting Template (EMRT) created by

the Responsible Minerals Initiative (RMI), sharing

details on the smelters used upstream. We

require all suppliers covered by the RMI to sign

the Bekaert Supplier Code of Conduct (or deliver

proof of following its principles) and to sign the

Bekaert Policy on Responsible Minerals

Sourcing). In 2025, all covered suppliers complied

with these requirements.

ESRS S2-5 §41, ESRS S2-5 §42a-c


Bekaert Annual Report 2025	− 273 −

Governance

G1 Business Conduct

Material impacts, risks and

opportunities and their

interaction with strategy and

business model (G1 - SBM-3)


Positive impact - Risk	We promote strong ethical business practices and ESG is part of our supplier management framework. Integrity and trust are core values of our business culture and essential in our ambition to be the leading partner for our customers.

The role of the Board of

Directors (G1 - GOV-1)

The information about the role and expertise of

the Board of Directors is disclosed in section 2

Governance / GOV 1 on page 193 of this report.

ESRS G1 GOV 1 §5a, b

Business conduct policies

and corporate culture (G1-1)

Our policies

In December 2023 Bekaert issued its new Code

of Conduct which was approved by the Board.

The updated Code reflects our revitalized values,

ambition, purpose, our new brand identity, and

covers new and updated risk areas and topics

such as sustainability, antitrust, diversity, and

inclusion. In 2025, the Code was further refined

to ensure continued alignment with evolving

international standards. More information on the

Bekaert Code of Conduct is disclosed in section

S1-1 on page 249 and in section S1-4 on page

252.

Bekaert has an Anti-Bribery and Corruption Policy

that applies to all Bekaert employees as well as

to those representing Bekaert. It describes the

principles we require everyone to comply with to

operate with the highest standards of business

ethics and legal compliance. Per this Policy,

Bekaert, and the individuals working on its behalf,

are required to comply with applicable anti-

bribery and anti-corruption laws in all

jurisdictions, including the United Nations

Convention against Corruption (UNCAC), the

OECD Convention on Combating Bribery of

Foreign Public Officials in International Business

Transactions, and the local laws in every country

in which we do business. This Policy h as been

approved by the Executive Management. The

policy is available on our website.

Bekaert has a supplier Code of Conduct that

outlines the principles that all suppliers are

required to follow. More information is disclosed

in section S2-1 on page 267.

Bekaert has a Raise an Integrity Concern policy

that describes the processes related to reporting

an integrity concern, (potential) breach of the

Bekaert Code of Conduct, the Human Rights

policy or any other wrongdoing or concerns. It

covers the scope, available reporting channels,

the follow-up, and protection. This policy is

owned by the Head of Ethics and Compliance.

The policy is available on our website.

Unless otherwise stated the Chief Legal and

Corporate Affairs Officer is responsible for

implementation of all compliance policies.

ESRS G1-1 §7

Our actions

Integrity as core driver

of business conduct

Bekaert provides extensive compliance trainings

to employees on a number of key topics including

but not limited to anti-bribery and -corruption,

antitrust, data privacy, compliance awareness,

conflict of interest, speak up culture and trade

compliance (economic sanctions). 100% of the

functions at risk are in scope for the mandatory

eLearnings; eg. General Management, Finance,

Procurement, Sales, Supply Chain, Plant

Maintenance. Bekaert’s training program includes

a combination of classroom style/live training and

online training modules. We use a risk-based

approach and tailor training to selected groups of

employees based on the risks associated with

their role. Bekaert modifies its training plan

throughout the year to address compliance

trends and lessons learned from internal

investigations.

In 2025, we redeployed both a mandatory Code

of Conduct and Privacy course to all managers

and salaried professionals at Bekaert. Regional


Bekaert Annual Report 2025	− 274 −

compliance e-training was also deployed on the

topics of discrimination and anti-harassment. All

managers completed a newly developed

eLearning on Human Rights, as well as a new AI

Fundamentals training. Managers in sales,

procurement or supply chain roles took a

Sanctions refresher training as well.

Live training on selected compliance risks and

policies are also provided to specific functional

groups. In addition, the Group Internal Audit

department regularly audits adherence to the

respective policies and procedures and

recommends corrective actions where necessary.

All policies are available on the Bekaert Intranet.

Improving our compliance program

In 2025, we assessed our compliance program

by performing compliance health checks.

Through surveys and interviews with relevant

groups of employees, we assessed the program's

effectiveness and identified certain risks and

gaps. The ultimate aim of this exercise is to

further improve our compliance culture and

enhance the program's efficiency. We have

implemented several improvement actions as a

direct result of this risk assessment.

ESRS G1-1§9, §10g, h

Communicating with and engaging

our employees on business culture

Bekaert’s CEO and other senior leaders regularly

communicate with employees about the

importance of compliance. Through town hall

meetings, staff meetings, messages cascaded

through their direct reports or posted on BeHub

as well as in e-mail communications to

employees, senior leadership emphasizes the

importance of integrity and compliance and every

employee’s responsibility to do the right thing.

The Global and Local Town Halls are organized

on a quarterly basis.

Bekaert conducts a global employee engagement

survey annually to gauge employee engagement

across all levels and locations of the organization.

This survey measures, amongst others, ethics

within the various departments within the

organization.

More information on the Town Halls and on the

engagement survey is disclosed in S1-2 on page

251.

ESRS G1-§1§9

In 2025, Bekaert continued to promote the Speak

Up reporting tool. All individuals, such as

employees and external stakeholders including

members of local communities and workers along

Bekaert's value chain are able and encouraged to

raise their integrity concerns and/or grievances

via the Speak Up tool. More information on our

Speak Up tool is disclosed in section S1-3 on

page 252.

Our Investigation Protocol ensures the quality

and consistency of our investigations and internal

reporting requirement related to concerns raised.

Bekaert takes all necessary measures to protect

employees against any form of retaliation when

reporting a concern. More information on our

Investigation Protocol is disclosed in section S1-3

on page 252.

ESRS G1-1 §10 a, c, e


Bekaert Annual Report 2025	− 275 −

Prevention and detection of

corruption and bribery (G1-3)

While this sustainability matter is not material for

Bekaert, we disclose below information for

transparency reasons requested by customers,

ratings and investors.

We have a mandatory anti-bribery and anti-

corruption course in place that all managers at

Bekaert and salaried professionals employed in

departments that have frequent contacts with

third parties must follow bi-annually. The last

course was done in 2024 with a completion rate

of 100%.

ESRS G1-3 §18a, §21a, b

Bekaert’s commitment to integrity, ethics and

compliance starts with its Board of Directors

(Board) and the Executive Management. The

Board’s Audit, Risk and Finance Committee

(ARFC) receives quarterly reviews of Bekaert’s

compliance program in relation to the Code of

Conduct.

Higher risk substantiated cases are reported to

the Audit, Risk and Finance Committee. High risk

and medium risk cases, which were found

substantiated are reported to the Compliance

Committee that is composed of dedicated

members of the Executive Management, on a

quarterly basis.

ESRS G1-3 §18b, c

Bekaert’s CEO and other senior leaders regularly

communicate with employees about the

importance of compliance. Through town hall

meetings, staff meetings, messages cascaded

through their direct reports, and in e-mail

communications to employees, senior leadership

emphasizes the importance of integrity and

compliance and every employee’s responsibility

to do the right thing.

ESRS G1-3 §20

Incidents of corruption or

bribery (G1-4)

While this sustainability matter is not material for

Bekaert, we disclose below information for

transparency reasons requested by customers,

ratings and investors.

Bekaert has a central case reporting and

investigation management tool in place. The tool,

which allows all employees and also third parties

to report concerns or raise questions, is one of

several communication vehicles for asking

questions or raising concerns. The tool allows for

confidential two-way communication between

Group Ethics and Compliance and any

anonymous reporter as well as with those who

shared their identity in the issued report.

Employees are encouraged to speak up and raise

concerns by whichever method they feel most

comfortable. They may alternatively reach out to

their HR representative, to Group Legal or Group

Ethics and Compliance, to Internal Audit or to

their direct manager or supervisor. Our

Investigation Protocol ensures the quality and

consistency of our investigations and their

respective reporting requ irements. The

investigator or investigation committee is always

separate from the chain of management involved

in the matter.

Two allegations reviewed in 2025 involved a

breach of Bekaert’s Anti-Bribery and Corruption

Policy. None of these resulted in a fine nor a

conviction for violation of anti-bribery and

corruption laws. These breaches concerned the

provisions of entertainment or small gifts that did

not comply with our policy. Extensive remediation

measures were taken following the

investigations. The actions underscore our zero-

tolerance approach and our commitment to

upholding the highest standards of integrity

across the organization.

ESRS G1-4 §24a, 25a


Bekaert Annual Report 2025	− 276 −

Content Index

Based on the outcome of the double materiality exercise and according to the corresponding ESRS

standards, Bekaert reports on the following disclosure requirements:


Disclosure requirement number	Disclosure requirement	Page
ESRS 2	General disclosures
BP-1	General basis for preparation of the sustainability statements	190
BP-2	Disclosures in relation to specific circumstances	190
GOV-1	The role of the administrative, management and supervisory bodies	193
GOV-2	Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies	194
GOV-3	Integration of sustainability strategies and performance in incentive schemes	194
GOV-4	Statement on sustainability due diligence	194
GOV-5	Risk management and internal controls over sustainability reporting	194
SMB-1	Market position, strategy, business model(s) and value chains	195
SMB-2	Interests and views of stakeholders	196
SMB-3	Material impacts, risks and opportunities and their interaction with strategy and business model(s)	198
IRO-1	Description of the processes to identify and assess material impacts, risks and opportunities	202
IRO-2	Disclosure Requirements in ESRS covered by the undertaking’s sustainability statements	203
Environmental standards
EU Taxonomy
	EU Taxonomy	204
ESRS E1	Climate change
ESRS 2 - GOV-3	Integration of sustainability-related performance in incentive schemes	194
E1-1	Transition plan for climate change mitigation	214
ESRS 2 - SBM-3	Material impacts, risks and opportunities and their interaction with strategy and business model(s)	216
ESRS 2 - IRO-1	Description of the processes to identify and assess material climate-related impacts, risks and opportunities	220
E1-2	Policies related to climate change mitigation and adaptation	220
E1-3	Actions and resources in relation to climate change policies	221
E1-4	Targets related to climate change mitigation and adaptation	226
E1-5	Energy consumption and mix	227
E1-6	Gross Scopes 1, 2, 3 and Total GHG emissions	229
E1-7	GHG removals and GHG mitigation projects financed through carbon credits	234
E1-8	Internal carbon pricing	234
ESRS E2	Pollution
ESRS 2 - IRO-1	Processes to identify and assess material pollution-related impacts, risks and opportunities	235
E2-1	Policies related to pollution	235
E2-2	Actions and resources related to pollution	235
E2-3	Targets related to pollution	236
E2-5	Substances of concern and substances of very high concern	236
ESRS E3	Water and marine resources
E3 - IRO-1	Processes to identify and assess material water and marine resources-related impacts, risks and opportunities	237
E3-1	Policies related to water and marine resources	237
E3-2	Actions and resources related to water and marine resources	238
E3-3	Targets related to water and marine resources	238
E3-4	Water consumption	239


Bekaert Annual Report 2025	− 277 −


ESRS E5	Resource use and circular economy
ESRS 2 - IRO-1	Processes to identify and assess material resource use and circular economy-related impacts, risks and opportunities	241
E5-1	Policies related to resource use and circular economy	241
E5-2	Actions and resources related to resource use and circular economy	242
E5-3	Targets related to resource use and circular economy	245
E5-4	Resource inflows	245
E5-5	Resource outflows	246
Social standards
ESRS S1	Own workforce
ESRS 2 - SBM-3	Material impacts, risks and opportunities and their interaction with strategy and business model(s)	248
S1-1	Policies related to own workforce	249
S1-2	Processes for engaging with own workers and workers’ representatives about impacts	251
S1-3	Processes to remediate negative impacts and channels for own workers to raise concerns	252
S1-4	Taking action on material impacts on own workforce, and approaches to mitigating material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions	252
S1-5	Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities	257
S1-6	Characteristics of the undertaking’s employees	257
S1-7	Characteristics of non-employee workers in the undertaking’s own workforce	259
S1-9	Diversity indicators	260
S1-11	Social protection	260
S1-13	Training and skills development indicators	261
S1-14	Health and safety indicators	262
S1-16	Remuneration (not material IRO topic)	265
S1-17	Incidents, complaints & severe human rights impacts (not material IRO topic)	266
ESRS S2	Workers in the value chain
ESRS 2 - SBM-3	Material impacts, risks and opportunities and their interaction with strategy and business model(s)	267
S2-1	Policies related to value chain workers	267
S2-2	Processes for engaging with value chain workers about impacts	268
S2-3	Processes to remediate negative impacts and channels for value chain workers to raise concerns	271
S2-4	Taking action on material impacts on value chain workers, and approaches to mitigating material risks and pursuing material opportunities related to value chain workers, and effectiveness of those actions	271
S2-5	Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities	272
Governance standards
ESRS G1	Business conduct
G1 - SBM-3	Material impacts, risks and opportunities and their interaction with strategy and business model(s)	273
G1 - GOV-1	The role of the administrative, supervisory and management bodies	273
G1-1	Corporate culture and business conduct policies	273
G1-3	Prevention and detection of corruption and bribery (not material IRO topic)	275
G1-4	Incidents of corruption and bribery (not material IRO topic)	275


Bekaert Annual Report 2025	− 278 −

Auditor's Report

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Bekaert Annual Report 2025	− 279 −

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Bekaert Annual Report 2025	− 280 −

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Bekaert Annual Report 2025	− 281 −

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Part 3

About this report


Reporting principles	284

Glossary	285

Statement from the responsible persons	286


Bekaert Annual Report 2025	− 284 −

Reporting principles

Reporting scope

This report covers the consolidated performance

indicators for all subsidiaries of the Bekaert

Group. Consolidated data apply to the wholly and

majority owned subsidiaries of NV Bekaert SA.

When specified, the (combined) disclosures in

this report include in addition the performance

metrics of the joint ventures considered at 100%

ownership.

Reporting period

This report covers the activities between

1 January 2025 and 31 December 2025, unless

stated differently and if relevant for the report.

Bekaert reports its financial results twice per

year (half-year results and full-year results).

Bekaert reports annually on its sustainability

performance.

Process for defining

reporting content

The content of this report has been defined

considering the most significant indicators of our

activities, the impact of and commitment to the

company’s interest groups, the efforts in

enhancing sustainability and the level of detail

established by the CSRD (Corporate

Sustainability Reporting Directive).

This report complies with iXBRL/ESEF

regulations and includes the outcome of the EU

Taxonomy eligibility and alignment disclosure

requirements.

The consolidated financial statements have been

prepared in accordance with and comply with the

International Financial Reporting Standards

(IFRS) which have been endorsed by the

European Union.

Our interest groups are the Bekaert employees,

suppliers, customers, shareholders, partners,

local governments, and the communities in which

we are active.


Bekaert Annual Report 2025	− 285 −

Glossary


Term	Definition
Corporate Governance Statements Glossary
BCCA	Belgian Code on Companies and Associates
CG Code	2020 Belgian Code on Corporate Governance
COSO	Committee of Sponsoring Organizations of the Treadway Commission
ESG	Environment, Social, Governance
ERM	Enterprise Risk Management
IFRS	International Financial Reporting Standards
M&A	Mergers & Acquisitions
NRC	Nomination and Remuneration Committee
SH&E	Safety, Health & Environment
ESG Glossary
(V)PPA's	(Virtual) Power Purchase Agreements
Capex	Capital expenditures
CO2e	Carbon dioxide equivalent: a standardised unit used to measure the climate impact of various greenhouse gases.
CSRD	Corporate Sustainability Reporting Directive
D&I	Diversity & Inclusion
DNSH	Do no signicant harm
EAP	Employee Assistant Program
EFRAG	European Financial Reporting Advisory Group
Employees	Workers on the payroll including blue collars, salaried-professionals and managers
EPD	Environmental Product Declarations
ERM	Enterprise risk management
ESG	Environment, Social, Governance
ESRS	European Sustainability Reporting Standards
ETS	Emission trading schemes
GHG	Greenhouse gas emissions
IEA	International Energy Agency
ILO	International Labour Organisation
IPCC	Intergovernmental Panel on Climate Change
IRO's	Impacts, risks and opportunities
LCA	Life Cycle Assessment
LTIFR	Lost Time Incident Frequency Rate (Number of lost time incidents per million worked hours)
MSS	Minimum social safeguards
Non-employees	workers that are not on our payroll but are complementing our payroll workforce
OECD	Organisation for Economic Co-operation and Development
Opex	Operating expenses
Own workforce	employees + non-employees
SBTi	Science Based Targets initiative
SC	Substantial contribution
SI	Serious Injury (incident leading to life-altering injuries)
SI rate	real Serious Injuries per million worked hours
SRM	Supplier Relationship Management
Strategic suppliers	The Partners, Preferred and Monitored segments of Bekaert’s supplier relationship management framework. This group covers all suppliers with significant commercial or other business impact, incorporating factors such as portion of category spend, the criticality of the materials or services provided, supplier risk exposure and collaboration level.
Sustainable Solutions	Products and solutions defined and classified according to the EU Taxonomy framework
TCFD	Task Force on Climate-related Financial Disclosures
TRIR	Total Recordable Incident Rate (all recorded incidents per million worked hours)


Bekaert Annual Report 2025	− 286 −

Statement from the responsible

persons

The undersigned persons state that, to the best

of their knowledge:

• the consolidated financial statements of NV

Bekaert SA and its subsidiaries as of

31 December 2025 have been prepared in

accordance with the International Financial

Reporting Standards, and give a true and fair

view of the assets and liabilities, financial

position and results of the whole of the

companies included in the consolidation; and

• the annual report on the consolidated financial

statements gives a fair overview of the

development and the results of the business

and of the position of the whole of the

companies included in the consolidation, as

well as a description of the principal risks and

uncertainties faced by them; and

• the 2025 non-financial statements of

NV Bekaert SA, its subsidiaries and, where

applicable, the joint ventures, have been

prepared in compliance with the CSRD

(Corporate Sustainability Reporting Directive)

and its ESRS standards.

On behalf of the Board of Directors:



Yves Kerstens	Jürgen Tinggren
Chief Executive Officer	Chairman of the Board of Directors

Company Secretary

Isabelle Vander Vekens

Auditors

The Auditor’s Report on financial disclosures is

included in the Financial Statements of this

annual report.

The Auditor's Report on non-financial disclosures

(limited assurance) is included in the ESG

Statements. It refers to the audits performed on

disclosures in compliance with the CSRD and its

ESRS standards.

Editor & coordination

Javier Sanchez Saura, Investor Relations

Manager

Disclaimer

This report may contain forward-looking statements. Such statements reflect the current views of management regarding future

events, and involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different

from any future results, performance or achievements expressed or implied by such forward-looking statements. Bekaert is providing

the information in this report as of this date and does not undertake any obligation to update any forward-looking statements contained

in this report in light of new information, future events or otherwise. Bekaert disclaims any liability for statements made or published by

third parties and does not undertake any obligation to correct inaccurate data, information, conclusions or opinions published by third

parties in relation to this or any other report or press release issued by Bekaert.

Contact

bekaert.com

corporate@bekaert.com

T +32 56 76 61 00

The annual report for the year 2025 is available in English and Dutch on our website.

7. Miscellaneous items

7.1. Notes to the cash flow statement

Summary


in thousands of €	2024	2025
Operating result (EBIT)	296,178	134,826
Non-cash items added back to operating result (EBIT)	161,190	270,800
EBITDA	457,368	405,625
Other gross cash flows from operating activities	-82,927	-35,371
Gross cash flows from operating activities	374,441	370,255
Changes in operating working capital ¹	37,139	66,260
Other operating cash flows	-37,610	13,230
Cash from operating activities	373,971	449,744
Cash from investing activities	-200,355	-79,005
Cash from financing activities	-306,855	-316,038
Net increase or decrease in cash and cash equivalents	-133,239	54,701

¹ For reconciliation of the changes in operating working capital with the organic variation of the working capital, see note 6.8. 'Operating

working capital'.

The cash flow from operating activities is presented using the indirect method, whereas the direct

method is used for the cash flows from other activities. The direct method focuses on classifying gross

cash receipts and gross cash payments by category.

Cash from operating activities


Details of selected operating items
in thousands of €	2024	2025
Non-cash items included in operating result (EBIT)
Depreciation and amortization ¹	151,411	173,619
Impairment losses on assets	9,779	97,181
Non-cash items added back to operating result (EBIT)	161,190	270,800
Gains (-) and losses on business disposals (portion retained)	—	—
Employee benefits: set-up / reversal (-) of amounts not used	18,676	19,673
Provisions: set-up / reversal (-) of amounts not used	14,063	3,367
CTA recycled on business disposals	—	56,600
Equity-settled share-based payments	-5,017	2,938
Other non-cash items included in operating result (EBIT)	27,722	82,578
Total	188,911	353,378
Investing items included in operating result (EBIT)
Gains (-) and losses on business disposals (portion sold)	—	-20,010
Gains (-) and losses on disposals of intangible assets + PP&E	-4,630	-10,987
Total	-4,630	-30,997
Amounts used on provisions and employee benefit obligations
Employee benefits: amounts used	-29,852	-16,554
Provisions: amounts used	-6,744	-9,270
Total	-36,596	-25,824
Income taxes paid
Current income tax expense	-70,716	-51,860
Increase or decrease (-) in net income taxes payable	1,295	-9,268
Total	-69,421	-61,128
Other operating cash flows
Movements in other receivables and payables	-35,429	8,628
Other	-2,181	4,601
Total	-37,610	13,230

¹ Including € 5.3 million (2022: € 11.0 million) write-downs / (reversals of write-downs) on

inventories and trade receivables (see note 6.8. Operating working capital’).

Gross cash flows from operating activities decreased by € -73.9 million as a result of lower EBITDA

(€ -103.3 million), a lower set-up of employee benefit obligations and provisions, a higher reversal and

usage of employee benefits and provisions (€ -25.2 million), and a lower set-up for equity-settled share-

based payments (€ -0.4 million). This was partially offset with a lower cash-out from income taxes paid

(€ + 38.1 million), a lower adjustment for the accounting profit on investing items (€ +7.3 million) and a

gain from the CTA recycling on the business disposal of SWS businesses in Chile and Peru (€ +9.1 million).

The decrease in working capital, driven by lower inventories and trade receivables, partly offset by lower

trade payables, generated a cash-in for a total amount of € +12.1 million in 2023 (2022: cash-out of

€ -178.7 million) (see organic decrease in note 6.8. ‘Operating working capital’).

Other operating cash flows mainly related to swings in other receivables and payables not included in

working capital and not arising from investing or financing activities.

In 2023, the cash-out from income taxes was € -79.2 million. Most taxes were paid in China

(€ 33.1 million), Belgium (€ 12.5 million), India (€ 6.1 million), Indonesia (€ 1.4 million), Turkey (€ 4.1 million),

Slovakia (€ 4.7 million), Chile (€ 2.7 million), and Ecuador (€ 1.7 million).

Cash from investing activities

The net consideration received for the disposal of the Steel Wire Solutions businesses in Chile and Peru is

presented in 'Proceeds from disposals of investments (see note 7.2. 'Effect of business combinations and

business disposals').

The following table presents more details on selected investing cash flows:


Details of selected investing items
in thousands of €	2024	2025
Other portfolio investments
New business combinations	-39,170	19
Other investments	-1,443	-1,221
Total	-40,614	-1,203
Proceeds from disposals of fixed assets
Proceeds from disposals of intangible assets	—	—
Proceeds from disposals of property, plant and equipment	9,809	15,168
Proceeds from disposals of RoU Land	—	—
Proceeds from disposals of assets classified as held for sale	—	—
Total	9,809	15,168

The other investments in 2023 relate to the investments mainly in Ionomr Innovations Inc (€ 4.6 million),

Zacua Ventures Builders Fund I, LP (€ 1.1 million) and TFI Marine Nominees Ltd (€ 2.0 million). New

business combinations relate to the investments in new subsidiaries in 2023 (Flintstone Technology Ltd).

Cash-outs from capital expenditure for property, plant and equipment increased from € 170.2 million in

2022 to € 191.2 million in 2023.

The proceeds from sales of fixed assets in 2023 related to sales transactions in United Kingdom. The

proceeds from sales of fixed assets in 2022 related mainly to sales transactions in Belgium.

Cash from financing activities

The following table presents more details about selected financing items:


Details of selected financing items
in thousands of €	2024	2025
Other financing cash flows
New shares issued following exercise of subscription rights	—	—
Increase (-) or decrease in current and non-current receivables	-2,193	2,934
Increase (-) or decrease in current financial assets	-1,032	883
Other financial income and expenses	-16,051	-11,179
Total	-19,277	-7,362

New long-term debt issued was nearly nil in 2023 (2022: € 12.0 million). Repayments of long-term debt (€

-217.4 million) consists mainly of the repayment of the Schuldschein loan (€ 189.0 million) and repayment

of current portion of the non-current lease liability (€ 27.4 million). Cash-outs from short-term debt

amounted to € -36.9 million in 2023 (2022: cash-ins of € +67.3 million), mostly by repayment of short-

term loans by the Latin American, Indonesian and Indian entities. For an overview of the movements in

liabilities arising from financing activities, see note 6.18. ‘Interest-bearing debt’.

In 2023 the impact of treasury share transactions amounted to € -99.4 million (2022: € -97.1 million) and

mainly related to the share buy-back program.

As for other financing cash flows, there were cash-outs related to a decrease from loans and receivables

(€ -0.6 million vs € -0.8 million in 2022) and cash-ins from current financial assets, mainly short-term

deposits (€ 3.4 million vs € 75.6 million in 2022). Other financial income and expenses mainly related to

taxes and bank charges on financial transactions (€ -14.1 million vs € -7.1 million in 2022).

7.2 Effect of business combinations and business disposals

Business disposals: disposal of the SWS businesses in Chile and Peru

On 11 November 2023, Bekaert sold its Steel Wire Solutions businesses in Chile and Peru to the partners

who co-owned the business. The deal closed retroactively as from 1 January 2023.

The transaction covered the production and distribution facilities of the Steel Wire Solutions activities in

Chile and Peru. These facilities manufactured, sold, and distributed steel wire products primarily for

construction, agricultural fencing, mining, and industrial applications. The completed transaction included

the sale of the shares held by Bekaert in the following entities: Industrias Chilenas de Alambre-Inchalam

SA in Talcahuano, Chile; and Prodalam SA in Santiago, Chile; along with their subsidiaries in Chile and

Peru.

Bekaert has no entitlement to gains and losses from the operations of the segment since 1 January 2023,

based on the terms of the SPA.

The proceeds of the other disposals related to the following transactions:

• The sale of Agro-Bekaert Colombia SAS and Agro - Bekaert Springs,

SL on 4 July 2023

• The settlement of the outstanding receivable from the disposal of the majority stake in the rubber

reinforcement plant in Sumaré, Brazil (€ 4.6 million before taxes)

The next table presents the net assets disposed by balance sheet caption. It also clarifies the amount

shown in the consolidated cash flow statement as ‘Proceeds from disposals of investments’.


in thousands of €	Disposal SWS Chile & Peru	Other disposals	Total disposals
Intangible assets	2,626	—	2,626
Property, plant and equipment	120,999	—	120,999
Investments in joint ventures	—	1,184	1,184
Other non-current assets	2,668	—	2,668
Deferred tax assets	9,992	—	9,992
Inventories	176,188	—	176,188
Trade receivables	90,103	—	90,103
Advances paid	799	—	799
Other receivables	38,179	—	38,179
Short-term deposits	—	—	—
Cash and cash equivalents	27,014	—	27,014
Other current assets	454	—	454
Non-current employee benefit obligations	-11,972	—	-11,972
Provisions	-24	—	-24
Non-current interest-bearing debt	-23,660	—	-23,660
Deferred tax liabilities	-13,966	—	-13,966
Current financial liabilities	-111,007	—	-111,007
Trade payables	-84,151	—	-84,151
Advances received	-1,205	—	-1,205
Current employee benefit obligations	-10,969	–	-10,969
Current provisions	—	–	—
Income taxes payable	-4,197	–	-4,197
Other current liabilities	-4,752	–	-4,752

Total net assets disposed	203,119,055	1,184,431	204,303,486
Total gain or loss (-) on business disposals	-2,099	-1,184	—
CTA recycled on disposal (non-cash)	8,061	—	8,061
Cash disposed	-27,014	—	-27,014
NCI disposed	-77,374	—	-77,374
Deferred proceeds from earlier business disposals		4,600	4,600
Proceeds from disposals of investments¹	104,694	4,600	109,294

1 Proceeds from disposal of business in Chile and Peru: the cash proceeds is the net from the incoming cash related to the sales price

(€132 million) and outgoing cash (bank position, € 27 million).

The table below presents the impact of the discontinued operations on 2022 results.


(in thousands of €)	FY 2022 including	FY 2022 impact	FY 2022 excluding
Sales	5,652	648	5,004
Cost of sales	-4,879	-540	-4,339
Gross profit	772479	107427	665052
Operating result (EBIT)	365754	48660	317094
of which
EBIT - Underlying	459	49	410
One-off items	-93	—	-93
Result before taxes	316157	38552	277604
Income taxes	-81	-7	-74
Result after taxes (consolidated companies)	235059	31614	203446
Share in the results of joint ventures and associates	54	—	54
RESULT FOR THE PERIOD	289316	31660	257656

The net cash flows incurred by the Steel Wire Solutions businesses in Chile and Peru in 2022 were as

follows:


(in thousands of €)	FY 2022
Operating activities	9,166
Investing activities	-13,344
Financing activities	-27,157
Net cash (outflow)/inflow	-31,335

Business combinations: acquisition of Flintstone Technology Ltd

On 1 December, Bekaert announced the acquisition of 75% of shares in Flintstone Technology Ltd. The

company, based in Dundee Scotland, provides mooring technology solutions, systems design and testing

capabilities for the global offshore energy markets. It offers a range of products and services including

connectors and tensioners for permanent mooring.

The accounting for the business combination resulted in a goodwill of € 2.3 million. The non-controlling

interest (€ 0.4 million) arising on the acquiree has been measured at their share in the fair value of the net

assets acquired (€ 1.2 million).

In addition to this, a liability of € 1.7 million has been recognized in consolidation in respect of the put

option granted to the other shareholder to sell all its shares to Bekaert by 1 January 2026 at fair value. In

accordance with IFRS 9 ‘Financial Instruments’, the liability is initially recognized through equity, whereas

subsequent changes in fair value are recognized through income statement.

7.3. Financial risk management and financial instruments

Principles of financial risk management

The Group is exposed to risks from movements in exchange rates, interest rates and market risks that

affect its assets and liabilities. Financial risk management within the Group aims at reducing the impact of

these market risks through ongoing operational and financing activities. Selected derivative hedging

instruments are used depending on the assessment of risk involved. The Group mainly hedges the risks

that affect the Group’s cash flows. Derivatives are used exclusively as hedging instruments and not for

trading or other speculative purposes. To reduce the credit risk, hedging transactions are generally only

concluded with financial institutions whose long term credit rating is at least A according to Moody’s

Investors Service Inc., Fitch and S&P.

The guidelines and principles of the Bekaert financial risk policy are defined by the Audit, Risk and

Finance Committee and overseen by the Board of the Group. Group Treasury is responsible for

implementing the financial risk policy. This encompasses defining appropriate policies and setting up

effective control and reporting procedures. The Audit, Risk and Finance Committee is regularly kept

informed on the exposures.

Currency risk

The Group’s currency risk can be split into two categories: translational and transactional currency risk.

Translational currency risk

A translational currency risk arises when the financial data of foreign subsidiaries are converted into the

Group’s presentation currency, the euro. The main currencies are Chinese renminbi, US dollar, Czech

koruna, Brazilian real, Chilean peso, Russian ruble, Indian rupee and pound sterling. Since there is no

impact on the cash flows, the Group usually does not hedge against such risk.