16 May 2025

Vesuvius plc - AGM Trading Update

Vesuvius plc, a global leader in molten metal flow engineering and technology,
announces the following update for the period 1 January to 30 April 2025.

Summary

  · Revenue and trading profit in the period were in line with our expectations
  · Our end markets remain challenging
    · Global steel production remained at a low level and declined by 0.8%
(World ex China, Iran, Russia and Ukraine) compared to Q1 2024
    · Foundry end-markets were down c. 8% compared to the first quarter of 2024,
however, were stable compared to the fourth quarter of 2024

  · Revenue was consistent with the comparable period in 2024
  · We achieved good market share gains in both Steel and Foundry due to our
technological differentiation and ongoing investment in R&D
  · Trading profit was lower compared with the comparable period in 2024, driven
by increased raw material costs and labour cost inflation. Price increases are
anticipated through the balance of the year, in part, to recover these cost
increases
  · We continue to make strong progress in our structural cost reduction
programme and remain on track to deliver at least £45m cost savings by 2028. We
continue to maintain tight control on discretionary spend
  · We are pleased to have completed the acquisition of PiroMet and integration
is progressing at pace
  · We anticipate our full year results to be slightly lower than our previous
guidance on a constant currency basis, although the level of uncertainty remains
high. This reflects a further slow-down in global industrial activity and the
challenge in fully recovering all cost inflation in the current environment

Market trends remain challenging

Steel markets overall (World excluding China, Iran, Russia and Ukraine) remain
subdued in Q1 (-0.8% year-on-year). EMEA was particularly weak (-4.2%) and North
America was flat (0.0%). India continues to exhibit strong growth (+6.8%) and
South-East Asia and South America also grew slightly.

Chinese steel exports remained stable but persistently high at c. 27m tonnes in
Q1, representing an increase of 7.6% vs. Q1 2024, although this is broadly
stable with the second half run-rate of 2024.

Foundry end-markets were, as expected, considerably lower compared to Q1 2024
reflecting the continual weakening throughout the prior year, although they were
broadly stable compared to Q4 2024. Excluding India, all regions saw declines in
customer activity with our largest end-markets of EMEA and North America both
experiencing a decline of c.10%.

Trading

Year-to-date revenue was stable year on year on a constant currency basis,
reflecting modest positive volume progression despite the weak markets. This was
offset by a slight selling price decline of 0.5%. Trading profit was broadly in
line with our expectations with the strong progress of our structural cost
savings programme partially offsetting higher raw material costs and labour cost
inflation.

Cashflow

We continue to focus on improving our trade working capital efficiency. The year
will reflect the usual seasonal patterns, and we remain confident on achieving
our target of 22% (trade working capital / revenue, on a 12-month basis) by the
year end. In the period, we completed the second share buy-back programme and
the PiroMet acquisition, resulting in cash outflows of £34.8m and £18.5m,
respectively.

Outlook

The year has started as we expected, with the announcement of global tariffs by
the US administration taking place towards the end of the period under review,
the direct impact of which we currently expect to be neutral. However, the wider
macroeconomic environment and a further slow-down in global industrial activity
coupled with ongoing softness in our end markets may impact our ability to fully
recover all cost inflation. We now, therefore, expect trading profit to be
slightly lower than FY24 on a constant currency basis, although the level of
uncertainty remains high. We remain confident in the strength of our
technologically differentiated business model to navigate this near-term
uncertainty and in the medium-term opportunities for attractive value creation.

Technical guidance for FY25, update

+---------------+-----------------+---------+
|FY24           |Reported FX rates|Restated*|
+---------------+-----------------+---------+
|Revenue        |£1,820.1m        |£1,764.8m|
+---------------+-----------------+---------+
|Trading profit |£188.0m          |£178.8m  |
+---------------+-----------------+---------+
|Return on sales|10.3%            |10.1%    |
+---------------+-----------------+---------+
|H1 24          |Reported FX rates|Restated*|
+---------------+-----------------+---------+
|Revenue        |£936.5           |£905.6m  |
+---------------+-----------------+---------+
|Trading profit |£97.2            |£91.5m   |
+---------------+-----------------+---------+
|Return on sales|10.4%            |10.1%    |
+---------------+-----------------+---------+

* YTD 2025 average FX rates to 30 April 2025 applied to YTD April 2024, then 30
April 2025 rates applied for the remaining months

Shares in issue (excluding ESOP and treasury shares) on 30 April 2025: 246.2m

Tax: underlying tax rate of 27.5% as previously guided, plus a one-off tax
charge of £3.4m resulting from dividends of £70m remitted from China, with a c.
2-year payback resulting from reduced cost of debt financing

All other line-items of technical guidance given on 6 March 2025 remain
unchanged.

CONFERENCE CALL

Patrick André (Chief Executive) and Mark Collis (Chief Financial Officer) will
be hosting a conference call with Q&A for analysts and investors at 08:00 (UK
time) today.

To participate, please register at least 30 minutes prior to the start of the
call by following the link
here (https://registrations.events/direct/LON13623245).

A replay of the call will be available for one week, which can be accessed via
the same link above.

For further
information,
please
contact:
Shareholder/ana
lyst
enquiries:
Vesuvius plc    Patrick André, Chief   +44 (0) 207 822 0000
                Executive
                Mark Collis, Chief     +44 (0) 207 822 0000
                Financial Officer      +44 (0) 7387 545 271

                Rachel Stevens, Head
                of Investor Relations
Media
enquiries:
MHP             Rachel Farrington,     +44 (0) 203 128 8100
Communications  Ollie Hoare,

About Vesuvius plc

Vesuvius is a global leader in molten metal flow engineering and technology
principally serving process industries operating in challenging high-temperature
conditions.

We develop innovative and customised solutions, often used in extremely
demanding industrial environments, which enable our customers to make their
manufacturing processes safer, more efficient and more sustainable. These
include flow control solutions, advanced refractories and other consumable
products and increasingly, related technical services including data capture.

We have a worldwide presence. We serve our customers through a network of cost
-efficient manufacturing plants located close to their own facilities, and embed
our industry experts within their operations, who are all supported by our
global technology centres.

Our core competitive strengths are our market and technology leadership, strong
customer relationships, well established presence in developing markets and our
global reach, all of which facilitate the expansion of our addressable markets.

Our ultimate goal is to create value for our customers, and to deliver
sustainable, profitable growth for our shareholders giving a superior return on
their investment whilst providing each of our employees with a safe workplace
where they are recognised, developed and properly rewarded.

We think beyond today to create solutions that will shape the future
foreveryone.

Forward looking statements

This announcement contains certain forward looking statements which may include
reference to one or more of the following: the Group's financial condition,
results of operations, cash flows, dividends, financing plans, business
strategies, operating efficiencies or synergies, budgets, capital and other
expenditures, competitive positions, growth opportunities for existing products,
plans and objectives of management and other matters.

Statements in this announcement that are not historical facts are hereby
identified as "forward looking statements". Such forward looking statements,
including, without limitation, those relating to the future business prospects,
revenue, working capital, liquidity, capital needs, interest costs and income,
in each case relating to Vesuvius, wherever they occur in this announcement, are
necessarily based on assumptions reflecting the views of Vesuvius and involve a
number of known and unknown risks, uncertainties and other factors that could
cause actual results, performance or achievements to differ materially from
those expressed or implied by the forward looking statements. Such forward
looking statements should, therefore, be considered in light of various
important factors that could cause actual results to differ materially from
estimates or projections contained in the forward looking statements. These
include without limitation: economic and business cycles; the terms and
conditions of Vesuvius' financing arrangements; foreign currency rate
fluctuations; competition in Vesuvius' principal markets; acquisitions or
disposals of businesses or assets; and trends in Vesuvius' principal industries.

The foregoing list of important factors is not exhaustive. When considering
forward looking statements, careful consideration should be given to the
foregoing factors and other uncertainties and events, as well as factors
described in documents the Company files with the UK regulator from time to time
including its annual reports and accounts.

You should not place undue reliance on such forward looking statements which
speak only as of the date on which they are made. Except as required by the
Rules of the UK Listing Authority and the London Stock Exchange and applicable
law, Vesuvius undertakes no obligation to update publicly or revise any forward
looking statements, whether as a result of new information, future events or
otherwise. In light of these risks, uncertainties and assumptions, the forward
looking events discussed in this announcement might not occur.

Vesuvius plc, 165 Fleet Street, London EC4A 2AE

Registered in England and Wales No. 8217766

LEI: 213800ORZ521W585SY02

www.vesuvius.com


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