Vesuvius Trading Update: Improving underlying steel outlook

研报英文原文证据摘录

Vesuvius Trading Update: Improving underlying steel outlook

C A Z E N O V E Europe Equity Research

28 May 2026

Vesuvius Neutral

VSVS.L, VSVS LN

Trading Update: Improving underlying steel outlook Price (27 May 26):472p

Price Target (Jun-27):440p

Our Take: Vesuvius’ trading update for the four months to 30 April 2026 strikes European Capital Goods

ACus as slightly above internal expectations on an underlying basis, modestly offset Chitrita C Sinha

by an in-hand, non-recurring quality issue in North America, resulting in (44-20) 7742-7176

unchanged FY guidance. There was a 2.5% increase in steel production in Q1’26 chitrita.sinha@jpmorgan.com

outside of China, Ukraine, Russia and Iran, with the positive momentum already Phil Buller

seen in South East Asia now extending into North America. European volumes are (44-20) 3493-9403

also expected to improve in H2. Foundry markets have remained soft across most phil.buller@jpmorgan.com

regions; however, performance was supported by stronger demand in China and Jeremy Caspar

India and continued pricing discipline, with end markets expected to remain (44-20) 3493-5188

jeremy.caspar@jpmorgan.com

broadly stable in H2. We are encouraged by the net price positive commentary in J.P. Morgan Securities plc

both Steel and Foundry, to see that MMS integration is progressing well and that

the company is on track to deliver its cost savings plans. We make immaterial Specialist Sales contact details:

changes to our forecasts (c.1% reduction in our FY26/FY27 adj. EBITA, entirely Sam Edmunds - Specialist Sales -

driven by FX) and hence our Jun-27 price target of 440p is unchanged. European Industrials

(44-20) 7742-8733

• Noteworthy Areas: 1) Steel end markets continued to improve, with the sam.edmunds@jpmorgan.com