Vicat (VCT) Q3 2025 TU earnings summary

Executive summary

• Organic sales growth reached +4.9% in Q3 2025, with nine-month organic sales growth at +1.8%, driven by strong performance in Europe, Mediterranean, and Asia, offsetting softness in the U.S., India, and Africa.

• Full-year 2025 guidance confirmed for organic sales and net EBITDA growth of +2.5% to +5% like-for-like, despite significant FX headwinds and a revised leverage outlook above 1.3x.

• The VAIA CCS decarbonization project at the Montalieu plant was selected by the European Innovation Fund, marking a key step in financing.

• The new Kiln 6 in Senegal is ramping up, expected to deliver cost savings and EBITDA accretion.

Financial highlights

• Q3 2025 consolidated sales reached €992 million (+4.9% like-for-like, +1.4% reported); nine-month sales at €2.88 billion (-1.3% reported, +1.8% like-for-like), with positive price momentum offset by FX and volume headwinds.

• Price contributed +€80 million year-to-date, with resilient pricing in developed and emerging markets.

• Volume effect was -€28 million year-to-date but turned positive in Q3 at +€13 million.

• Foreign exchange impact was -€147 million, mainly from the Egyptian pound, Indian rupee, and U.S. dollar depreciation.

• Scope effect at +€57 million reflects integration of Cermix and Realmix.

Outlook and guidance

• Full-year 2025 P&L objectives unchanged; like-for-like sales and EBITDA growth of +2% to +5% at constant scope and exchange rates.

• Net capital expenditure to remain around €280 million; working capital tightly controlled.

• Strategic priorities: maintain EBITDA margin of at least 20% (2025-2027), continue deleveraging, and accelerate climate roadmap.

• Leverage target revised to above 1.3x for 2025, aiming for below 1.0x by 2027.

• Anticipate recovery in residential construction in France and the U.S. from low levels, with infrastructure and Mediterranean regions as growth drivers.