Vicat - FY 2025 Results

Why It Matters

The results demonstrate Vicat's resilience amid currency volatility and underline its capacity to generate cash, reduce debt, and invest in decarbonisation, positioning the firm for sustainable growth in a competitive cement market.

Key Takeaways

• Organic sales grew 3.3% despite currency headwinds.
• EBITDA rose 3.7% LFL, margin held at 20%.
• Net debt reduced €85 million, leverage improves to 1.49x.
• Kiln 6 ramp‑up and Brazil integration drive 2026 outlook.
• VAIA carbon‑capture project secured major EU funding.

Pulse Analysis

Vicat’s FY 2025 performance underscores how a diversified geographic footprint can cushion a cement producer from macro‑economic shocks. While reported sales slipped 0.8% due to adverse exchange‑rate effects, the underlying organic growth of 3.3%—and an 8.1% surge in the final quarter—reflects robust demand in the Mediterranean and emerging markets. Price resilience in developed regions and strategic volume gains in Brazil and Africa offset weaker U.S. activity, illustrating the benefits of Vicat’s balanced presence across both mature and growth economies.

From a financial perspective, the company maintained a 20% EBITDA margin, delivering €771 million in EBITDA and a 3.7% LFL increase. Cash generation remained solid, with free cash flow of €324 million, enabling a €85 million net‑debt reduction and an improved leverage ratio of 1.49 x. These metrics signal strong balance‑sheet health, giving Vicat flexibility to fund capital projects, pursue acquisitions, and meet shareholder expectations without compromising liquidity.

Strategically, Vicat is betting on a low‑carbon future. The VAIA carbon‑capture initiative secured significant EU and French subsidies, marking a pivotal step toward decarbonisation. Concurrently, the ramp‑up of kiln 6 in Senegal and the integration of Realmix in Brazil are set to boost capacity and market share in high‑growth regions. While currency volatility and regional political risks persist, the company’s disciplined execution and focus on sustainable technologies position it to capture upside in 2026 and beyond.

Vicat - FY 2025 Results

February 16 2026 12:00 ET · Source: VICAT

Highlights

• Robust revenue growth of +3.3 % like‑for‑like in 2025, accelerating in Q4 (+8.1 %).

• Cement business stabilized in France, recovery in Switzerland, and strong growth in the Mediterranean region.

• EBITDA of €771 million, up +3.7 % like‑for‑like.

• Solid cash‑flow generation and €85 million reduction in net debt.

• Growth momentum set to continue in 2026.

• Climate in Action: major milestone in VAIA project funding (€ million).

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Key Financials (€ million)

| Metric | 2025 (reported) | 2024 (reported) | Change (reported) | Like‑for‑like |

|--------|----------------|----------------|-------------------|---------------|

| Consolidated sales | 3,854 | 3,884 | –0.8 % | +3.3 % |

| EBITDA | 771 | 783 | –1.6 % | +3.7 % |

| EBITDA margin | 20.0 % | 20.2 % | –0.2 pts | – |

| Recurring EBIT | 445 | 457 | –2.7 % | +4.0 % |

| Recurring EBIT margin | 11.5 % | 11.8 % | –0.3 pts | – |

| Consolidated net income | 307 | 290 | +5.7 % | +11.9 % |

| Net income margin | 8.0 % | 7.5 % | +0.5 pts | – |

| Net income, Group share | 275 | 273 | +0.8 % | +6.0 % |

| Free cash flow | 324 | 373 | –13.0 % | – |

* Like‑for‑like = constant scope and exchange rates.

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Chairman & CEO Comment

“In a complex international environment characterized by headwinds and adverse exchange‑rate effects, the Group delivered solid results in 2025, following a record year in 2024. This performance underscores the resilience of our business model, which is built on a balanced presence across developed and emerging markets, as well as a local‑to‑local approach. It also demonstrates the importance of the long‑term vision of our corporate strategy, and the unwavering commitment of our employees across 12 countries.

In 2025, the Group achieved strong free‑cash‑flow generation for the third consecutive year and continued the disciplined execution of its roadmap, with an EBITDA margin of 20 %, a significant reduction in net debt, and further progress on decarbonisation. In this respect, the progress made toward obtaining European and French subsidies for VAIA, our flagship carbon‑capture project in France, marks an important milestone.

The outlook for 2026 is positive, underpinned by the ramp‑up of kiln 6 in Senegal, the integration of Realmix in Brazil, the TELT project and the first signs of a gradual recovery in France.”

The consolidated financial statements for the year ended 2025 were approved by the Board of Directors at its meeting on 13 February 2025. Audit procedures have been performed; the auditors’ report is being issued.

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Activity: Acceleration in Q4 Drives Full‑Year Organic Sales Growth to +3.3 %

Consolidated sales reached €3,854 million in 2025, up +3.3 % on a like‑for‑like basis. Growth accelerated throughout the year, reaching +8.1 % in Q4.

On a reported basis, sales fell ‑0.8 %, reflecting:

• Unfavourable exchange‑rate effect: –€242 million (‑6.2 %) due to depreciation of the Turkish lira, Egyptian pound, US dollar, Indian rupee and Brazilian real versus the euro (partly offset by a modest Swiss franc contribution).

• Consolidation‑scope effect: +€82 million (+2.1 %) mainly from the full‑year integration of Cermix into Vicat’s construction‑chemicals business (VPI) and the integration of Realmix in Brazil from September 2025.

Business‑segment performance

• Cement: Full‑year volume growth +3.0 % after a first‑half decline, driven by stabilization in France, recovery in Switzerland and strong performance in the Mediterranean, offset by a decline in the United States. Cement prices were resilient overall; they rose in most emerging markets (except India and Senegal) and held steady in developed markets. Cement sales rose +6.5 % like‑for‑like.

• Concrete & Aggregates: Concrete volumes were flat (+0.9 %) thanks to strong growth in Brazil and Turkey, partially offset by declines in the United States (especially California) and a moderate downturn in France. Aggregates volumes surged +9.7 % across most countries (except France), with particularly strong growth in Turkey and Senegal. Consolidated sales for this segment were up +0.2 % like‑for‑like.

• Other Products & Services: Reported sales increased +16.8 % due to the integration of Cermix’s construction‑chemicals business. Excluding scope effects, the segment fell ‑2.5 %, mainly because of an unfavourable base in Switzerland (Vigier Rail).

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EBITDA

Group EBITDA reached €771 million in 2025, up +3.7 % like‑for‑like, in line with the July 2025 guidance (+2 % to +5 %). The increase reflects strong growth in the Mediterranean region and Brazil, improvements in Switzerland and Africa, and stabilization in France, despite a slowdown in the United States.

On a reported basis EBITDA fell ‑1.6 %, driven by:

• Unfavourable exchange‑rate effect: –€46 million.

• Scope effect: +€4 million.

EBITDA margin stood at 20.0 %, virtually unchanged from 2024.

Drivers of like‑for‑like EBITDA growth (2025):

• Volume effect: +€18 million (cement and aggregates).

• Price contribution: +€109 million, thanks to resilient selling prices in developed markets and price increases in most emerging markets (except India and Senegal).

• Cost impact: –€105 million (constant volume), with lower energy costs offset by wage inflation and higher maintenance costs.

In the cement business, the use of alternative fuels rose +1.4 percentage points to 37.4 %, improving the cost structure.

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Recurring EBIT

Recurring EBIT amounted to €445 million, down ‑2.7 % on a reported basis but up +4.0 % like‑for‑like. The margin fell 30 bps.

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Net Income

• Net financial income: –€55 million (improved by €17 million vs. 2024, mainly from lower net‑debt cost).

• Tax charge: €24 million higher than 2024; effective tax rate 28.0 % (up from 24.7 %).

• Consolidated net income: €307 million, up +11.9 % like‑for‑like and +5.7 % reported; net margin 8.0 % (+50 bps).

• Net income, Group share: €275 million, up +6.0 % like‑for‑like and +0.8 % reported, reflecting stronger performance of subsidiaries in Brazil, Egypt and Turkey.

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Geographic Analysis (2025)

| Region | Sales 2025 (€ m) | Sales 2024 (€ m) | Reported change | Like‑for‑like change |

|--------|------------------|------------------|-----------------|----------------------|

| France | 1,198 | 1,158 | +3.5 % | ‑2.6 % |

| Europe (ex‑France) | 443 | 411 | +7.9 % | +6.3 % |

| Americas | 943 | 1,004 | ‑6.0 % | ‑2.0 % |

| Asia | 393 | 439 | ‑10.5 % | ‑1.5 % |

| Mediterranean | 514 | 498 | +3.3 % | +34.4 % |

| Africa | 363 | 375 | ‑3.3 % | ‑2.9 % |

| Total | 3,854 | 3,884 | ‑0.8 % | +3.3 % |

Like‑for‑like = constant scope and exchange rates.

EBITDA by Region (2025)

| Region | EBITDA 2025 (€ m) | EBITDA 2024 (€ m) | Reported change | Like‑for‑like change |

|--------|-------------------|-------------------|-----------------|----------------------|

| France | 198 | 195 | +1.1 % | ‑1.0 % |

| Europe (ex‑France) | 118 | 110 | +7.4 % | +5.8 % |

| Americas | 198 | 249 | ‑20.6 % | ‑16.2 % |

| Asia | 67 | 84 | ‑19.9 % | ‑12.2 % |

| Mediterranean | 119 | 78 | +52.3 % | +90.9 % |

| Africa | 71 | 67 | +6.2 % | +6.9 % |

| Total | 771 | 783 | ‑1.6 % | +3.7 % |

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Regional Highlights

• France: Cement volumes stabilized at historically low levels; cement prices were steady. The TELT project contributed positively. Vicat partnered with Koramic (Belgium) to create a new industrial entity (60 % Vicat) consolidating 7 French sites under the Vicat Produits Industriels (VPI) and Cermix brands.

• Europe (ex‑France): Strong performance in Switzerland’s cement and concrete‑aggregates businesses, aided by a favourable Swiss‑franc appreciation and the ramp‑up of the Flumenthal treatment unit.

• Americas: U.S. slowdown weighed on results despite solid performance in Brazil. In Brazil, growth was driven by market momentum, commercial development in the Midwest, and the integration of Realmix (effective 1 Sept 2025).

• Asia: Decline driven by competitive pressure in India (pricing) and higher energy costs in Kazakhstan. Indian cement showed second‑half improvement, but price volatility and currency depreciation (rupee, tenge) impacted results.

• Mediterranean: Strong export momentum from Egypt (reinforced by domestic recovery) and accelerated activity in Turkey. Prices remained well‑oriented despite currency depreciation (Turkish lira, Egyptian pound).

• Africa: Improvement thanks to the ramp‑up of kiln 6 (Q4) and accelerated aggregates activity in Senegal, offset by political unrest in Mali and early‑year price pressure in Senegal’s cement market.

A more detailed regional performance analysis is provided in the appendix of the press release.

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Investment & Cash Generation

• Net capital expenditure 2025: €299 million (down from €320 million in 2024), including the final disbursement for kiln 6 in Senegal and strategic land acquisitions in Turkey and France.

• Free cash flow 2025: €324 million (third consecutive year of strong generation), lower than 2024 (€373 million) due to unfavourable exchange‑rate effects, non‑recurring items (including a CAPN2‑related disbursement), and higher‑than‑expected capex.

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Financial Position

| Metric (€ million) | 31 Dec 2025 | 31 Dec 2024 | 31 Dec 2023 |

|--------------------|------------|------------|------------|

| Gross debt | 1,680 | 1,772 | 1,915 |

| Cash | –528 | –536 | –493 |

| Net debt (excl. options) | 1,151 | 1,237 | 1,422 |

| Leverage ratio | 1.49 x | 1.58 x | 1.92 x |

Net debt fell €85 million year‑on‑year, and the leverage ratio improved to 1.49 x. The Group retained €877 million of undrawn confirmed financing lines (vs. €847 million at 31 Dec 2024), ensuring ample liquidity.