Vicat (VCT) Q2 2026 earnings summary

Executive summary

• Achieved strong first-half 2026 results with 10.8% like-for-like sales growth and 13.6% EBITDA growth, driven by emerging markets, US recovery, and stabilization in Europe.

• Upgraded full-year 2026 guidance for 7%-9% like-for-like growth in sales and EBITDA, reflecting robust operational momentum and resilience amid geopolitical uncertainty.

• Continued progress on climate strategy, including the inauguration of the Catch4climate oxyfuel carbon capture facility in Germany.

• Accelerated digital transformation with the acquisition of AI start-up Araïko to enhance operational efficiency and decarbonization.

• Strategic investments included commissioning of Senegal’s kiln 6 and new waste recovery facilities in France.

Financial highlights

• Consolidated sales reached €2,036M, up 10.8% like-for-like and 8.0% reported year-over-year.

• EBITDA was €367M, up 13.6% like-for-like and 10.8% reported, with margin improving to 18.0%.

• Net income group share rose 17.7% like-for-like and 15.0% reported to €133M; diluted EPS increased 14.5% to €2.60.

• Free cash flow was -€36M in H1, reflecting seasonality and working capital outflow.

• Net capital expenditure was €130M in H1 and target for 2026 is ~€290M, stable year-on-year.

Outlook and guidance

• Upgraded 2026 guidance to 7%-9% like-for-like growth in sales and EBITDA.

• Net capital expenditure objective remains at ~€290M.

• Medium-term priorities: leverage ratio ≤1.0x by end-2027, EBITDA margin ≥20% for 2025–2027.

• Growth in H2 expected to moderate due to tougher comparables in Brazil, Turkey, Egypt, and Senegal.

• Guidance factors in higher energy costs, FX headwinds, and no further volume recovery in France for H2.