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Vicat (VCT) investor relations material

Vicat Q3 2025 TU earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 TU earnings summary4 Nov, 2025

Executive summary

  • Q3 2025 organic sales growth reached +4.9%, with strong momentum in Europe, especially Switzerland, and the Mediterranean, driven by Egypt and Turkey, as well as recovery in Asia and Brazil.

  • 9M 2025 organic sales growth stands at +1.8%, despite significant FX headwinds, particularly from USD, TRY, INR, and the Egyptian pound.

  • Full-year 2025 guidance is confirmed for organic sales and net EBITDA growth of +2% to 5% like-for-like, with leverage target for 2025 adjusted above 1.3x due to FX and one-off items.

  • The VAIAG/VAIA CCS decarbonization project at Montalieu was selected by the European Innovation Fund, supporting long-term sustainability goals.

  • Senegal's Kiln 6 ramp-up is underway, expected to deliver cost savings and operational growth.

Financial highlights

  • Q3 2025 consolidated sales reached €992 million (+4.9% like-for-like, +1.4% reported), accelerating from H1.

  • 9M 2025 consolidated sales totaled €2.88 billion (-1.3% reported, +1.8% like-for-like), with underlying business resilient despite FX headwinds.

  • Price increases contributed +€80 million year-to-date, offsetting volume softness and FX headwinds.

  • Volume effect was -€28 million YTD but turned positive in Q3 at +€13 million.

  • EBITDA guidance for 2025 is ~€280 million, with margin targeted at least 20% for 2025–2027.

Outlook and guidance

  • Full-year 2025 guidance for like-for-like sales and EBITDA growth of +2% to 5% is maintained.

  • Net capital expenditure is expected to remain around €280 million, with working capital tightly controlled.

  • Strategic priorities include maintaining an EBITDA margin of at least 20% (2025–2027), continued deleveraging, and accelerating the climate roadmap.

  • Leverage target revised to above 1.3x for 2025, aiming for below 1.0x by 2027.

  • Recovery in France and the US residential markets is anticipated from low levels, with infrastructure projects like TELT providing multi-year volume visibility.

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Frequently asked questions

Vicat S.A. is a French company that specializes in the production and distribution of building materials. Its main products include cement, ready-mixed concrete, and aggregates, which it supplies to the construction industry. The company operates through three main segments: Cement, Concrete & Aggregates, and Other Products & Services. Besides its core products, Vicat also offers industrial mortar-based products, precast concrete, and paper-based goods, such as bags for various industries. Additionally, it provides a range of services including logistics, transportation, and concrete pumping. The company is headquartered in L'Isle-d'Abeau, France, and its shares are listed on the Euronext Paris.

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