Vicat (VCT) H2 2025 earnings summary

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.