Investors
Chair’s message
Dear Shareholders,
On behalf of the Board, I am pleased to present Bodycote’s Corporate Governance Statement for 2025.
Like many industrial businesses, Bodycote faced macro-economic headwinds during the year, with mixed and unpredictable conditions seen across our end markets. Despite this backdrop, the business remains resilient and continues to make good operational progress, underpinned by the disciplined execution of our Optimise, Perform and Grow initiatives, which have been designed to create a higher-quality, more resilient and faster-growing Group.
We maintained a strong focus on cost control in our plants around the world and continued to optimise our central functions. Throughout the year, the Board, together with management, has assessed and responded to the risks and opportunities in our markets to ensure the Group remains well-positioned.
Board changes
In June 2025, Emmanuelle Dubu was appointed to the Board as a Non-Executive Director. With considerable experience in international engineering and a track record across various leadership roles in global manufacturing businesses, the Board believes she will be a valuable asset to the Company. Emmanuelle has also taken up the position of the Director responsible for employee engagement.
Having served for nine years, Patrick Larmon stepped down from the Board in September 2025 with our sincere thanks for his considerable contributions. He was succeeded as Senior Independent Director by Lili Chahbazi with effect from the 2025 AGM.
Stakeholder engagement
Regular, open and constructive dialogue with shareholders continued throughout 2025. I again met with several major shareholders to discuss their views on governance and related matters. Shareholder and other stakeholder perspectives continue to inform the Board’s strategy and planning discussions, ensuring decisions are made with a focus on long-term value creation.
During the year, the Board visited two operational sites, one in the UK and one in the US, providing valuable opportunities to meet colleagues and gain deeper insight into the business challenges, organisational culture and employee priorities.
The Board also reviewed the results of the Group’s first annual employee engagement survey, noting a participation rate of 69% and an overall engagement score of 79%, both of which compare favourably to peer scores. The Board acknowledges areas where elements fell below our high expectations, and management is working to ensure appropriate action plans are implemented. Further details are set out on pages 64 and 90.
Sustainability
Significant progress has been made on sustainability topics during 2025. Climate-related projects were progressed, both to reduce our own carbon emissions and enhance customer offerings.
The Board has seen continued momentum across the Group to deliver against our climate targets and was pleased to see our first two sites, both in the UK, achieve zero emissions. We were also pleased to see this progress recognised through the IR Society Award for Best Communication of Sustainability (Mid-Cap).
Our Sustainability Report sets out the activities undertaken throughout 2025.
AGM
All Directors plan to attend this year’s AGM, which will provide an opportunity for shareholders to ask questions of the Board. I look forward to meeting any shareholders who can join us.
I would like to extend my thanks to all our stakeholders for their continued support throughout the year.
Daniel Dayan
Chair
10 March 2026