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]

Core Insights - The liquidity contract between Vicat and Kepler Cheuvreux has been operational, with Natixis Oddo BHF serving as the market maker until March 31, 2025, after which Kepler Cheuvreux took over [2]. Group 1: Liquidity Contract Details - As of December 31, 2025, resources in the dedicated liquidity account were recorded, indicating active management of the liquidity contract [2]. - From July 1, 2025, to December 31, 2025, a total of 9,539 shares were traded, amounting to €3,892,143.0, with 3,879 buy transactions and 4,242 sell transactions [5]. - The total volume of shares bought during this period was 589,134 shares, valued at €37,628,667.2, while 583,055 shares were sold for €37,424,565.1 [5]. Group 2: Company Overview - Vicat has been a significant player in the mineral and biosourced building materials industry for 170 years and is listed on the Euronext Paris market, part of the SBF 120 Index [3]. - The company aims for carbon neutrality in its value chain by 2050 and operates in three main business lines: Cement, Ready-Mixed Concrete, and Aggregates [3]. - Vicat has a presence in 12 countries, employs nearly 10,000 people, and reported consolidated sales of €3,884 million in 2024 [3].

Core Insights - The company reported a consolidated sales decline of 1.3% year-on-year for the first nine months of 2025, totaling €2,878 million, with organic growth of 1.8% [1][4] - The third quarter of 2025 saw consolidated sales of €992 million, reflecting a 4.9% increase in organic growth and a 1.4% increase on a reported basis, despite negative currency effects [3][4] - The company aims to achieve a financial leverage ratio of less than 1.0x by the end of 2027, while maintaining a solid cash generation and controlled working capital [2][17] Sales Performance - In France, sales for the first nine months of 2025 reached €897 million, a 2.0% increase reported but a 4.1% decline in like-for-like terms [1][28] - The Americas region reported sales of €711 million, down 5.9% reported and 1.5% like-for-like, primarily due to a slowdown in the U.S. market [1][36] - The Mediterranean region experienced a strong sales increase of 7.7% reported and 34.0% like-for-like, totaling €369 million for the first nine months [1][45] Regional Analysis - The company noted a recovery in Switzerland, contributing to a 9.4% increase in sales in Europe (excluding France) for the first nine months, totaling €336 million [1][10] - In Asia, sales declined by 12.9% reported and 5.5% like-for-like, totaling €301 million, impacted by currency depreciation [1][41] - The African market saw a sales decline of 7.7% reported and 7.4% like-for-like, totaling €264 million, with challenges in Senegal affecting performance [1][49] Operational Highlights - The cement activity showed a 9.7% increase in the third quarter at constant scope and exchange rates, with volumes growing by 5.3% [3][4] - The company is ramping up production at a new kiln in Senegal, which is expected to drive operational growth and cost savings in the coming years [2][15] - The VAIA CCS project has been selected for funding by the European Innovation Fund, marking a significant step in the company's decarbonization efforts [2][16] Financial Outlook - The company confirmed its 2025 revenue and EBITDA outlook, expecting sales growth on a like-for-like basis and EBITDA growth of 2% to 5% at constant scope and exchange rates [4][17] - The financial leverage target for 2025 has been adjusted to above 1.3x due to negative currency effects and non-recurring items [17][18] - The company aims to maintain an EBITDA margin of at least 20% over the 2025–2027 period while achieving a gearing ratio of less than 1.0x by the end of 2027 [17][18]

Core Insights - The company reported a consolidated revenue of €2,878 million for the first nine months of 2025, reflecting a decrease of 1.3% compared to the same period in 2024, but a growth of 1.8% at constant perimeter and exchange rates [1] - The CEO highlighted an acceleration in organic growth during the quarter, with a year-to-date growth of nearly 2%, supported by stabilization in France, recovery in Switzerland, and favorable dynamics in Egypt, Turkey, and Brazil [2] - The company aims to reduce its financial leverage to below 1.0x by the end of 2027, despite adjusting its leverage target for 2025 due to negative currency effects and non-recurring items [2][15] Revenue Performance - Consolidated revenue for Q3 2025 reached €992 million, up 4.9% at constant perimeter and exchange rates, and 1.4% on a published basis, significantly impacted by unfavorable currency fluctuations [3][4] - Revenue in France for Q3 was €288 million, a slight increase of 1.1% but down 4.6% at constant perimeter [7] - The Americas reported a revenue of €246 million for Q3, down 6.2% published and 1.6% at constant perimeter, primarily due to a slowdown in the U.S. market [34] Geographic Analysis - Revenue in Europe (excluding France) grew by 9.7% in Q3, driven by a recovery in the Swiss market and strong demand for low-carbon cements [8][31] - In Asia, revenue decreased by 5.9% in Q3, with a notable recovery in India, while Kazakhstan saw stable volumes but declining revenue due to currency depreciation [10][39] - The Mediterranean region experienced significant growth, with Q3 revenue up 22.2%, supported by strong performance in Egypt and Turkey [12][41] Segment Performance - The cement segment reported a revenue increase of 9.7% at constant perimeter and exchange rates in Q3, with volumes up 5.3% [11] - The concrete and aggregates segment saw a volume increase of 3.7% for concrete and 8.3% for aggregates, although overall revenue was impacted by negative currency effects [11] - Other products and services grew by 9.5% in Q3, aided by the integration of Cermix into the building chemistry activities [11][29] Future Outlook - The company confirmed its revenue and EBITDA growth targets for 2025, expecting a 2-5% increase in EBITDA at constant perimeter and exchange rates [15] - The outlook for the U.S. market remains cautious due to macroeconomic uncertainties, while growth is anticipated in the Southeast region [18] - Emerging markets are expected to show mixed performance, with continued growth in Egypt and Brazil, but challenges in Turkey due to hyperinflation [20]

Core Insights - The company reported a consolidated sales decline of 2.7% to €1,885 million in the first half of 2025, with a slight increase of 0.2% on a like-for-like basis [4][45] - EBITDA decreased by 6.3% to €331 million, while consolidated net income rose by 1.1% to €116 million, reflecting resilience in the business model despite challenging market conditions [7][10] - The company achieved a significant reduction in net debt by €190 million year-on-year, with a leverage ratio of 1.81x, aligning with its 2025 debt reduction targets [23][24] Financial Performance - Consolidated sales: €1,885 million in H1 2025, down 2.7% reported, up 0.2% like-for-like [4][45] - EBITDA: €331 million, down 6.3% reported, down 2.0% like-for-like [7][45] - Recurring EBIT: €169 million, down 10.0% reported, down 4.4% like-for-like [45] - Consolidated net income: €116 million, up 1.1% reported, up 6.3% like-for-like [10][45] - Free cash flow: €44 million, a significant improvement from -€23 million in H1 2024 [22][45] Market and Operational Highlights - The company experienced a slowdown in cement activity in the U.S. and a recovery in Switzerland, with emerging markets like Brazil and the Mediterranean showing stronger performance [4][5] - The cement business reported a 1.7% increase in sales at constant scope and exchange rates, despite a 2.5% decline in volumes [14][70] - The integration of Cermix's construction chemicals activities contributed to a 17.5% increase in sales for Other Products & Services [14][72] Geographical Performance - France: Sales increased by 2.4% to €608 million, but EBITDA fell by 13.6% [15][47] - Americas: Sales decreased by 5.8% to €465 million, with a notable decline in the U.S. market [52][54] - Asia: Sales fell by 15.9% to €204 million, impacted by competitive pressures in India [58][59] - Mediterranean: Sales were stable, with a strong increase in Egypt, while Turkey showed recovery [61][65] Strategic Developments - The company is advancing its market plan with the start-up of Kiln 6 in Senegal and the acquisition of Realmix in Brazil, enhancing vertical integration [3][28] - Adjustments to 2025 operating profitability guidance were made to account for significant currency effects [3][31] Outlook - The company anticipates sales growth on a like-for-like basis and EBITDA growth of 2% to 5% at constant scope and exchange rates for 2025 [31][32] - The outlook considers ongoing macroeconomic and geopolitical uncertainties, particularly regarding currency fluctuations [31][35]

Group 1 - The liquidity contract between Vicat and Kepler Cheuvreux was established, with Kepler Cheuvreux taking over the market-making role from Natixis Oddo BHF on April 1, 2025 [1] - As of June 30, 2025, specific resources were recorded in the dedicated liquidity account, indicating the financial activities under the contract [1] - The total traded volumes from January 1, 2025, to June 30, 2025, included significant buy and sell transactions, reflecting active market participation [1][5] Group 2 - Vicat is a prominent player in the mineral and biosourced building materials industry, listed on Euronext Paris and part of the SBF 120 Index, with a majority control by the founding Merceron-Vicat family [3] - The company aims for carbon neutrality in its value chain by 2050 and operates in three main business lines: Cement, Ready-Mixed Concrete, and Aggregates [3] - In 2024, Vicat generated consolidated sales of €3,884 million and has a workforce of nearly 10,000 employees across 12 countries [3]

Core Viewpoint - The US Department of Energy has canceled its funding agreement for the Lebec Net Zero project, which is part of a broader termination of 24 awards, but this does not affect Vicat's commitment to decarbonization [2][3]. Company Overview - Vicat Group has been a significant player in the mineral and biosourced building materials industry for 170 years and is listed on the Euronext Paris market, part of the SBF 120 Index, with majority control by the founding Merceron-Vicat family [4]. - The company aims for carbon neutrality in its value chain by 2050 and operates in three main business lines: Cement, Ready-Mixed Concrete, and Aggregates, with activities in 12 countries and nearly 10,000 employees [4]. - In 2024, Vicat generated consolidated sales of €3,884 million [4]. Decarbonization Commitment - Vicat has set specific targets to reduce its direct carbon emissions to 497 kg CO2 net per ton of cement equivalent, and 430 kg CO2 net per ton of cement equivalent in Europe, relying on existing technologies rather than breakthroughs like carbon capture and storage [3].

Core Insights - The company reported consolidated sales of €886 million in Q1 2025, reflecting a decrease of 2.7% on a reported basis and a stable performance of -0.2% at constant scope and exchange rates, primarily affected by negative currency effects [3][4][5] - The company confirmed its 2025 targets for sales growth and profitability, emphasizing resilience in its operations across various regions despite global uncertainties [3][15] Sales Performance - Sales in France increased by 3.9% to €281 million, while Europe (excluding France) saw a rise of 2.8% to €95 million, driven by strong performance in Switzerland and Italy [1][31] - The Americas reported stable sales of €221 million, with a slight decline of 0.5%, while Asia experienced a significant drop of 20.5% to €95 million, largely due to a competitive environment in India [1][38] - The Mediterranean region's sales were down 1.6% to €103 million, but showed a strong performance in Egypt, while Africa's sales fell by 9.9% to €91 million due to increased competition [1][11][45] Business Segments - The Cement business showed resilience with operational sales of €554 million, down 5.4% reported but stable at +0.5% at constant scope and exchange rates, despite a volume decline of 6.8% [48] - The Concrete and Aggregates segment faced challenges with operational sales falling by 4.3% to €333 million, attributed to an 8.2% drop in concrete volumes [48][49] - Other Products & Services saw operational sales rise by 6.1% to €117 million, reflecting the integration of construction chemicals activities [49] Geographical Analysis - In France, the integration of Cermix with VPI contributed positively, while the cement market showed signs of stabilization [7][28] - Switzerland's cement business recorded its second consecutive quarter of volume growth, supported by major infrastructure projects [32] - In the Americas, the South-East region experienced growth, while California faced declining residential volumes [34] - The Asia region was mixed, with India facing significant challenges, while Kazakhstan showed growth due to price increases [39][40] - Egypt's cement business thrived with a 73.1% increase in operational sales, driven by strong export volumes [44] Strategic Initiatives - The company is focusing on the integration of Cermix with VPI to strengthen its position in the construction chemicals market in France [2][4] - The VAIA decarbonization project aims to capture nearly 100% of emissions from the Montalieu-Vercieu cement plant, with an estimated investment of €700 million [13][14] - The company aims to achieve a gearing ratio of less than 1.0x by the end of 2027 while maintaining an EBITDA margin of at least 20% over the 2025–2027 period [16][22]