Vesuvius H1‘26 Results Conference Call Take-aways

研报英文原文证据摘录

Vesuvius H1‘26 Results Conference Call Take-aways

C A Z E N O V E Europe Equity Research

30 July 2026

Vesuvius Neutral

VSVS.L, VSVS LN

H1’26 Results Conference Call Take-aways Price (29 Jul 26):364p

Price Target (Dec-27):400p

Vesuvius released its H1’26 results this morning, for details please see our note. European Capital Goods

ACThe stock is up 3.9% today, following a significant correction earlier this week post Chitrita C Sinha

the profit warning, with incremental reassurance in the market that the operational (44-20) 7742-7176

issues are under control and should not be repeated in 2027. We view the call as chitrita.sinha@jpmorgan.com

especially reassuring on that front too (see Figure 1 for issues and solutions). Phil Buller

Importantly, market trends are incrementally more positive but we will largely see (44-20) 3493-9403

the European benefit coming through in 2027. Below we summarise our key take- phil.buller@jpmorgan.com

aways from the conference call. Akash Gupta

(44-20) 7742-7978

• EU regulation changes / Steel demand (ex-China). Management described akash.z.gupta@jpmorgan.com

a recovery in the global steel market ex-China, but Europe has not seen this yet Jeremy Caspar

(slightly negative in H1). Vesuvius expects Europe to begin contributing in H2, (44-20) 3493-5188

with an initial step-up in H2’26, followed by a more visible acceleration from jeremy.caspar@jpmorgan.com

J.P. Morgan Securities plc

Q4 and a more pronounced recovery in 2027. The company also cautioned on

the pace given evidence of excess imports into the EU ahead of the July 1 Specialist Sales contact details:

deadline, implying near-term noise before regulation-driven normalisation. Sam Edmunds - Specialist Sales -

• EU regulation changes / Import dynamics.