Annual Report 2025
Think beyond.
Shape the future.
Strategic report
IFC
Vesuvius Overview
3
Highlights
4
At a glance
8
Chairman’s statement
10
Chief Executive’s strategic review
14
Our business model
16
Financial KPIs
18
Why invest in Vesuvius?
18
– We serve our customers through
technological differentiation
20
– We operate in markets expected to
grow over the medium term
24
– Our people
28
Operating review
28
– Steel Division
29
– Flow Control
30
– Advanced Refractories
30
– Sensors & Probes
31
– Foundry Division
32
Financial review
35
Non-Financial and Sustainability
Information Statement
(Sustainability Report)
36
– Progress on our sustainability targets
38
– Our sustainability strategy
and objectives
39
– Tackling climate change
57
– A responsible company
61
Risk, viability and going concern
66
Principal risks and uncertainties
68
Our stakeholders and
Section 172(1) Statement
Governance
74
Board of Directors
76
Group Executive Committee
77
Chairman’s governance letter
78
Corporate Governance Statement
78
– Board Report
87
– Audit Committee
92
– Nomination Committee
97
– Directors’ Remuneration Report
97
– Remuneration overview
103
– 2026 Remuneration Policy
111
– Annual Report on
Directors’ Remuneration
125
Directors’ Report
130
Statement of Directors’ Responsibilities
131
Independent Auditors’ Report
Financial Statements
140
Group Income Statement
141
Group Statement of
Comprehensive Income
142
Group Statement of Cash Flows
143
Group Balance Sheet
144
Group Statement of Changes in Equity
145
Notes to the Group Financial
Statements
202
Company Balance Sheet
203
Company Statement of
Changes in Equity
204
Notes to the Company
Financial Statements
210
Five-Year Summary: Divisional Results
from Continuing Operations
(unaudited)
211
Shareholder Information (unaudited)
213
Glossary
For more information visit
www.vesuvius.com
engineering and technology, providing high-technology
products and solutions to industrial customers who
We prioritise investment in innovation to maintain
our technological differentiation. Our customers are
predominantly in the steel and foundry industries which
we serve from our two Divisions.
Our technology-led products allow our customers
to tackle some of the most complex problems in
their production processes.
Vesuvius plc
Annual Report and Financial Statements 2025
1.
For definitions of alternative performance measures, refer to Note 35
to the Group Financial Statements.
2.
Pro forma performance calculated as if dolime production had been operating
normally in 2023 and 2024. The actual reduction in Scope 1 and 2 CO₂e emission
intensity in 2023 was 45.9% and in 2024 was 40.4%. See page 53 for further
information.
3. Figures above have been rounded to the nearest million.
4. 2024 reported Free Cash Flow has decreased by £3.0m as a result of the
reclassification of interest on lease liabilities to be consistent with its presentation
in 2025. Refer to the Group Statement of Cash Flows on page 142.
2025
2024
2023
£1,809
m
£1,820
m
£1,930
m
Revenue
£1,809
m
2025
2024
2023
£115
m
£154
m
£190
m
Operating profit
£115
m
2025
2024
2023
10.5
%
14.4%
15.8%
Return on invested capital
1
10.5
%
2025
2024
2023
2.0
x
1.3x
0.9x
Net debt to adjusted EBITDA
1
2.0
x
Lost Time Injury Frequency Rate
per million hours
1
0.7
2025
2024
2023
0.7
0.52
0.60
-31.4%
-26.9%
-20.7%
Reduction in Scope 1 and 2 CO
2
e emission
intensity
per metric tonne of product
packed for shipment versus 2019
2
-31.4
%
2025
2024
2023
2025
2024
2023
21.1
p
33.5p
44.0p
Statutory EPS
21.1
p
2025
2024
2023
£36
m
£58
m
£128
m
Free cash flow
1,4
£36
m
2025
2024
2023
£151
m
£188
m
£200
m
Trading profit
1
£151
m
2025
2024
2023
8.4
%
10.3%
10.4%
Return on sales
1
8.4
%
3
Strategic report
Governance
Financial statements
Highlights
We improve...
What we do for our Steel customers
Flow Control
We supply the global steel industry
with consumable ceramic products,
systems, robotics and digital services
for the continuous casting process.
Key products
–
VISO (isostatic tubes, stoppers
and nozzles)
c. 45%
–
SLIDE-GATE (refractories and
systems)
c. 35%
–
OTHER (including fluxes, purging
plugs and robots)
c. 20%
Revenue
£750.9m
Advanced Refractories
We supply specialist refractory products
designed to enable steel-making
equipment to hold the molten metal.
Key products
–
UNSHAPED (AlSi and basic
monolithics)
c. 55%
–
SHAPED AND OTHER (including
bricks and precast)
c. 45%
Revenue
£555.6m
Sensors & Probes
We supply a range of products that
enhance the control and monitoring of
our customers’ production processes.
Revenue
£36.1m
Vesuvius plc
Annual Report and Financial Statements 2025
4
We supply refractory
products, flow control
systems and process
measurement solutions
to our Steel Division
customers
Our solutions address
the key challenges of
our customers in the
steel industry, such as
maintaining steel quality
and reducing energy usage
during the casting process
We combine these with
robotics and mechatronic
installations to increase
their efficiency, lower
their costs and improve
their safety and
product consistency
Our products and their
applications preserve
the purity of the steel
as it moves through the
production process, from
initial refining to the cast
steel slab, bar or ingot
Safety
Improved safety
at customer plants
Quality
Better steel,
better castings
At a glance
Revenue
£1,342.6m
Steel
Trading profit
£120.0m
What we do for our Foundry customers
Product demand is driven by
higher sophistication, demanding
higher-quality metal and more
complex castings.
Customers
The Foundry division’s primary
customers are ferrous and non-ferrous
foundries serving various end-markets
from large bespoke castings to high
volume automotive pieces. Most of
Foseco’s customers serve the general
industrial market.
General industrials
1
78%
Light vehicle market
22%
Operating under the Foseco brand, we are
a world leader in the supply of consumable
products, technical advice and application
support to the global foundry industry,
helping our customers to improve their
casting quality and foundry efficiency.
Key products
–
FEEDING AND FILTRATION
c. 40%
–
BINDERS AND COATINGS
c. 30%
–
OTHER (including crucibles
and melt-shop products)
c. 30%
5
Strategic report
Governance
Financial statements
We provide customisable
products and process
technology to foundries
that improve the quality
of their castings
Our solutions address
our foundry customers’
key challenges of
casting quality and
production efficiency
We combine this
with technical advice,
application engineering
and computer modelling to
improve process outcomes
Our products and solutions
clean the molten metal,
improve the solidification
of that metal, and reduce
wastage in the final casting
Revenue
£466.9m
...for our Steel and
Foundry customers
Efficiency
Cheaper steel,
cheaper castings
Sustainability
Less energy usage
and CO
2
emissions
Foundry
Trading profit
£31.1m
1.
General industrials includes: mining, agricultural, general engineering, heavy trucks and other industrial applications.
Our worldwide footprint, with a focus on
the world’s growing markets, enables us
to capitalise on shifting dynamics in the
global steel and foundry markets.
At a glance
continued
Vesuvius plc
Annual Report and Financial Statements 2025
6
Production sites
Acquisitions
R&D centres of excellence
Our global presence
Our capacity expansion for
developing markets
Advanced Refractories:
Precast, AlSi and basic monolithics
Flow Control:
Mould flux
Flow Control:
VISO and slide-gate
Advanced Refractories:
Basic monolithics
Foundry:
Non-ferrous fluxes
Flow Control:
VISO
Yingkou and Changshu, China
Skawina, Poland
Monterrey, Mexico
Kolkata and Pune, India
Vizag, India
Flow Control:
VISO
Foundry:
Filters
Continents
6