A year of taking action

This was a year of continued intense focus for us at Aliaxis. Global markets remained soft amid ongoing geopolitical and macroeconomic uncertainty, resulting in lower volumes overall. As a result, 2025 was about accelerating the transformation we have already started and setting the direction for the next phase of Aliaxis’ development. We have taken urgent action to strengthen our balance sheet for the long term and to further right-size our costs in view of these realities.

We have also made strong progress on implementing upgraded processes and systems that will improve the way we control, predict, plan and execute our performance in the future.

Each of our regions progressed on their clear priorities based on their specific mandate in our Horizon 2030 group strategy, with greater clarity in how we work – thanks largely to the new operating model launched at the start of 2025. This new operating model clarified who does what across the regions to avoid overlaps or gaps in how we work together.

Connecting our people to our customers

We are concentrating on better connecting our people to our customers. New initiatives such as Fast Track in EMEA are helping teams to collaborate more closely, reduce duplication and support our local brands better. Across the Group we’re aligning around what matters most to our customers: great service, prompt delivery and the reliability of our products.

We are therefore very proud of our 2025 Net Promoter Score of 49, based on surveys of more than 5,000 customers, especially in a tough year with two major Enterprise Resource Planning (ERP) rollout in North America and the Pacific.

We continue to build on our We Care, We Dare, We Deliver behaviours for better engagement. This is shown in the improved Aliaxis & Me survey results, which also offered us clear pathways to improve the employee experience. Safety remains fundamental to us at Aliaxis. Our Reportable Incident Rate was on target at 4.2 for 2025, with fantastic progress achieved on our identification of hazards and making them safe. EMEA’s safety performance places it in the top quartile of industrial companies, which is making us all proud.

Placing our customers at the centre of what we do means offering products and services for a diverse range of applications: from olive pickling factories and copper mines, to hotel rooms with aquarium windows. In parallel, we continue to be present in our core business: the upgrade of municipal and school water distribution networks, irrigation for farms, and building projects large and small, including multiple high-rise buildings and
airport hangars.

Horizon 2030

2025 marked the beginning of a new strategic chapter, Horizon 2030. This strategy is designed to strengthen our foundations, bolster our resilience, unlock value and, ultimately, enable us to unleash our untapped potential. Our regional teams have been empowered to design and deliver their own action plans based on local realities and built on a detailed understanding of their markets, products, customers and local capabilities. We are convinced that, through our strong collaboration and by concentrating on financial discipline and operational rigour, we will defend our market share and sustainably lift the bottom line.

We have begun our Horizon 2030 strategy by fixing the basics to drive efficiency, generate cash and right-size our cost base. This means we also keep refining our asset base, further strengthen our systems and processes, drive operational excellence and continue to build a high-performance culture across the organisation.

Once these foundations are in place, we will focus on capturing growth opportunities that reinforce our leadership positions.

A change in mindset

What we’ve started together in 2025 will enable us to seize future opportunities and build a stronger business that delivers better for our customers, nurtures our people and creates long-term value for our shareholders. With our new mindset – driven by a renewed Executive Committee and supported by our teams around the world – we are writing the next chapter for the Group and creating our launchpad back to sustainable growth.