Vicat S.a Stock Earnings Reports

Vicat reported solid 2025 results despite a challenging macro and foreign-exchange environment. Consolidated revenue was EUR 3.85 billion (organic growth +3.3%) and EBITDA EUR 771 million (organic +3.7%), with an EBITDA margin of 20% in line with medium‑term targets. Foreign‑exchange movements reduced reported revenue and EBITDA versus organic performance. The group generated strong cash flow (free cash flow EUR 324 million, cash conversion 42%) and reduced net debt to EUR 1.151 billion (leverage 1.49x). Management guided to slight like‑for‑like growth in sales and EBITDA for 2026 and net CapEx around EUR 290 million (≈50% maintenance). The Board will propose a stable dividend of EUR 2.00 per share. Key strategic and operational highlights: secured EUR ~340 million in combined French and European subsidies for the VAIA carbon‑capture project (estimated project capex ~EUR 700 million) targeting 1.2 Mt CO2 pa; successful ramp‑up of Kiln 6 in Senegal (material future cost savings and competitiveness); resilience and gradual stabilization in France after a multi‑year residential slowdown; strong performances in Egypt and Brazil (including the Realmix acquisition); low‑carbon cements represented nearly 25% of sales volume in 2025; continued focus on AI-driven industrial productivity gains and ongoing decarbonization investments. Management remains cautious on near‑term visibility (notably pricing pass‑throughs in France and the U.S.), but emphasizes disciplined capital allocation, deleveraging and long‑term climate investments.