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]