Vicat - FY 2025 Results

Core Insights - The company reported consolidated sales of €3,854 million in 2025, reflecting a -0.8% decline on a reported basis but a +3.3% increase on a like-for-like basis, with growth accelerating to +8.1% in the fourth quarter [3][4][48] - EBITDA for 2025 was €771 million, down -1.6% reported but up +3.7% like-for-like, indicating strong operational performance despite adverse exchange rate effects [7][8][48] - The company achieved a consolidated net income of €307 million, representing a +5.7% increase on a reported basis and +11.9% on a like-for-like basis, with a net margin of 8.0% [11][48] Financial Performance - Consolidated sales: €3,854 million in 2025, down -0.8% reported, up +3.3% like-for-like [3][48] - EBITDA: €771 million, down -1.6% reported, up +3.7% like-for-like [7][48] - Recurring EBIT: €445 million, down -2.7% reported, up +4.0% like-for-like [9][48] - Consolidated net income: €307 million, up +5.7% reported, +11.9% like-for-like [11][48] - Free cash flow: €324 million, down -13.0% from €373 million in 2024 [24][48] Geographic Performance - France: Consolidated sales of €1,198 million, up +3.5% reported, down -2.6% like-for-like [15][51] - Americas: Consolidated sales of €943 million, down -6.0% reported, down -2.0% like-for-like [15][58] - Asia: Consolidated sales of €393 million, down -10.5% reported, down -1.5% like-for-like [15][62] - Mediterranean: Consolidated sales of €514 million, up +3.3% reported, up +34.4% like-for-like [15][64] - Africa: Consolidated sales of €363 million, down -3.3% reported, down -2.9% like-for-like [15][67] Operational Highlights - Cement volumes stabilized in France, with a +3.0% increase for the year, while the Mediterranean region saw strong growth [12][64] - The company achieved a significant reduction in net debt by €85 million, with a leverage ratio of 1.49x [25][48] - The alternative fuel rate increased to 37.4%, reflecting a commitment to sustainability [28][48] Strategic Developments - The company made progress on the VAIA carbon capture project, securing €340 million in subsidies from the French government [33][34] - The outlook for 2026 is positive, with expectations for slight growth in sales and EBITDA on a like-for-like basis [35][36]