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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.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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