Vicat (VCT) H1 2025 earnings summary

Executive summary

• Organic sales were stable at +0.2% like-for-like, but down -2.7% reported due to negative currency effects, with resilience in Switzerland, the Mediterranean, and Brazil offsetting slowdowns in the US, India, and Africa.

• EBITDA declined -2.0% like-for-like to €331 million, while consolidated net income rose +6.3% like-for-like to €116 million.

• Free cash flow improved to €44 million from -€23 million, and net debt was reduced by €190 million year-over-year.

• Strategic moves included the acquisition of Realmix in Brazil and a tender offer for minority interests in Sinai Cement, Egypt.

• The group maintained resilience amid geopolitical uncertainty, with strong performance in emerging markets and a balanced exposure to developed and emerging markets.

Financial highlights

• Consolidated sales reached €1,885 million in H1 2025, down -2.7% reported, but up +0.2% like-for-like year-over-year.

• EBITDA was €331 million, down -6.3% reported and -2.0% like-for-like; margin at 17.5% (-0.7 pts year-over-year).

• Recurring EBIT: €169 million, down -10.0% reported, -4.4% like-for-like; margin at 9.0%.

• Net income: €116 million, up +6.3% like-for-like; net income group share €102 million (+3.1% like-for-like); margin at 6.1%.

• Free cash flow: €44 million, a significant improvement from -€23 million in H1 2024.

Outlook and guidance

• 2025 EBITDA growth guidance updated to +2% to +5% like-for-like due to currency headwinds.

• Sales growth targeted on a like-for-like basis; expecting stronger H2, especially in Egypt, Brazil, and from Kiln 6 in Senegal.

• Net CapEx guidance for 2025 confirmed at €280 million; deleveraging target of 1.3x by year-end 2025 and below 1x by 2027.

• Committed to maintaining EBITDA margin of at least 20% through 2027.