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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
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Vicat
Vicat (VCT) investor relations material
Vicat H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary17 Feb, 2026
Executive summary
Consolidated revenue reached €3.85 billion in 2025, up 3.3% like-for-like, with EBITDA at €771 million, both growing at nearly 7% annually over five years despite significant FX headwinds.
Net income rose to €307 million (+11.9% like-for-like), with margin improvement to 8.0%.
Free cash flow was €324 million, supporting an €85 million net debt reduction and leverage ratio of 1.49x.
Major investments included the ramp-up of Kiln 6 in Senegal, Realmix acquisition in Brazil, and significant progress on decarbonization projects.
The business model emphasizes family shareholding, vertical integration, innovation, and geographic diversification.
Financial highlights
Organic revenue growth was 3.3% in 2025, with Q4 accelerating to 8.1% like-for-like; consolidated sales reached €3,854 million, down 0.8% reported due to FX.
EBITDA grew 3.7% like-for-like to €771 million, maintaining a 20% margin; recurring EBIT up 4.0% like-for-like.
Net income group share increased by 6% at constant scope and exchange rates, reaching €275 million.
Free cash flow was €324 million, with a cash conversion rate of 42%.
Net CapEx was €299 million, split evenly between maintenance and strategic investments.
Outlook and guidance
2026 guidance: slight like-for-like growth in sales and EBITDA, net CapEx around €290 million.
Continued deleveraging targeted, aiming for leverage at or below 1.0x by end-2027.
Dividend proposal of €2 per share, maintaining a stable and predictable policy.
Strategic priorities: maintain EBITDA margin ≥20%, accelerate climate roadmap, and support infrastructure-driven growth.
How to mitigate 2026 adverse FX effects
VAIA project's full financial implications
What drives Mediterranean region's strong EBITDA
VAIA project FID conditions and timeline
Quantify AI's impact on capacity and costs
Relative impact of key regional growth drivers
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Next Vicat earnings date
Q1 2026 TU4 May, 2026
Vicat
Next Vicat earnings date
Q1 2026 TU4 May, 2026
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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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