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Vicat (VCT) investor relations material
Vicat H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary29 Jul, 2025
Executive summary
Organic sales remained stable at +0.2% like-for-like despite slowdowns in the US, India, and Africa, with resilience in Europe, Switzerland, the Mediterranean, and Brazil.
EBITDA guidance for 2025 updated to +2% to +5% like-for-like, reflecting strong performance and currency headwinds.
Free cash flow improved to €44m from -€23m in H1 2024; net debt reduced by €190m year-over-year.
Strategic bolt-on acquisition of Realmix in Brazil to enhance vertical integration and growth; buyout offer for minority interest in Sinai Cement (Egypt).
Ramp-up of Kiln 6 in Senegal and integration of CELMiX/VPI-Cermix in France to support future growth.
Financial highlights
Consolidated sales for H1 2025: €1,885m, down 2.7% reported, up 0.2% like-for-like.
EBITDA: €331m, down 6.3% reported, -2.0% like-for-like; margin at 17.5% (-70bps year-over-year).
Recurring EBIT: €169m, down 10% reported, -4.4% like-for-like; margin at 9.0%.
Net income: €116m, up 6.3% like-for-like; group share up 3.1% like-for-like to €102m.
Free cash flow: €44m, a significant improvement from -€23m in H1 2024.
Outlook and guidance
2025 EBITDA growth expected at +2% to +5% like-for-like; sales growth targeted on a like-for-like basis.
Net CapEx guidance maintained at €280m for FY 2025.
Deleveraging target: leverage ratio of 1.3x by year-end 2025 and below 1.0x by 2027.
EBITDA margin target of at least 20% for 2025–2027.
H2 2025 performance expected to benefit from Senegal Kiln 6, stable energy costs, and controlled working capital.
Assess impact of Kiln 6 start-up on EBITDA.
Explain the Lebec Net Zero project cancellation.
Why did the effective tax rate rise in H1 2025?
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Q3 2025 TU3 Nov, 2025
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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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