Slide 1: H1 2025 Results
H1 2025 € 29 July 2025 Hugues Chomel Pierre Pedrosa Deputy CEO & Group CFO Head of Investor Relations
Slide 2: Disclaimer
Disclaimer • This presentation may contain forward-looking statements. Such forward-looking statements do not constitute forecasts regarding results or any other performance indicator, but rather trends or targets ; • These statements are by their nature subject to risks and uncertainties as describ
Slide 3: H1 2025 Highlights
H1 2025 Highlights + 0.2% in Europe region with market recovery & success of our low carbon +2% to +5% EBITDA lfl* growth (%) Despite slowdown in USA, India & Africa offering to reflect A vertical strategic strong growth move in Brazil & Med. FX impact in Ready Mix Concrete region with enhanced resu
Slide 4: Simplified P&L
Simplified P&L (€ million) H1 2025 H1 2024 Δ Δ reported LFL* Consolidated sales 1,885 1,937 -2.7% +0.2% EBITDA 331 353 -6.3% -2.0% Margin (%) 17.5% 18.2% -0.7pts Recurring EBIT 169 188 -10.0% -4.4% Margin (%) 9.0% 9.7% -0.7pts Consolidated net income 116 115 +1.1% +6.3% Margin (%) 6.1% 5.9% +0.2pts
Slide 5: Significant FX headwinds
Europe and the Med. outpacing US slowdown (€ million) % of Sales H1 2025 H1 2024 Δ Δ reported reported LFL* France 32% 608 594 +2.4% -3.8% +0.6% Europe 11% 215 197 +9.2% +7.1% in Q2 2025 Americas 25% 465 494 -5.8% -1.5% Asia 11% 204 242 -15.9% -10.6% Mediterranean 11% 212 214 -0.9% +28.5% Africa 10%
Slide 6: Volume headwinds with positive price/cost spread
Volume headwinds with positive price/cost spread EUR million -28 353 37 2 346 -19 -15 331 EBITDA Volume Price Cost Industrial EBITDA FX & scope EBITDA H1 2024 performance H1 2025 (LFL*) H1 2025 6 *Constant scope and exchange rates H1 2025 RESULTS
Slide 7: Egypt strong momentum
Egypt strong momentum Quarterly export volume (kt) 443 431 423 >50% 406 380 35.3% 40.0% 225 Exports through the 0 176 EUR million Mediterranean sea 27.7% 30.0% 101 0 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 0 20.0% 2023 2023 2024 2024 2024 2024 2025 2025 34.1 0 6.4% 10.0% 0 -0.5% 25.7 Strong exports competitivity th
Slide 8: Launch of a buyout of minority interests of Sinai Cement Company
Launch of a buyout of minority interests of Sinai Cement Company Sinai Cement ownership structure 100% 77.6% VECI PARFICIM Minority 100% shareholders 22.4% VIGIER HOLDING 100% Vicat Egypt Cement Industries 58,416,664 (VECI) shares 77,6% Listed on EGP 41.0 Offer price EGX stock exchange per shares 8
Slide 9: 2025: Improving dynamics and Realmix opportunity in Brazil
2025: Improving dynamics and Realmix opportunity in Brazil €27m +14.2% YoY H1 2025 EBITDA organic Sobradinho 3.2mt 4 kilns 3 quarries 14 RMC plants 1 2 3 clinker kilns incl. 1 cement capacity convertible producing 2 limestone & 1 400km3 activated clay batches 1 clay concrete +1 dedicated to capacity
Slide 10: Senegal: kiln has fired up!
Senegal: kiln 6 has fired up! Substituting clinker imports and kilns 3 & 4 production to improve cost base Annual clinker imports (~300-400kt) Kiln 6 Annual cement capacity € 20/ton Kiln 3 3.0m Cost ton/year savings Kiln 4 Annual cement capacity Kiln 5 Kiln 5 1.5m ton/year Temporary shut down with r
Slide 11: Disciplined investment, solid cash generation
Disciplined investment, solid cash generation H1 2025 CAPITAL EXPENDITURE NET H1 2025 FREE CASH FLOW €124M vs €186m in H1 2024 €44M vs €(23)m in H1 2024 Significant decline in investment incl. strategic CAPEX linked to the kiln 6 in Strong cash generation in H1 2025 Senegal Improvement of working ca
Slide 12: On track to reach another year of strong FCF generation
On track to reach another year of strong FCF generation FCF seasonality, EUR million 373 296 61 44 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec -23 2025 2024 2023 12 H1 2025 RESULTS
Slide 13: A balanced debt structure & strong liquidity
A balanced debt structure & strong liquidity GROSS DEBT BREAKDOWN DEBT MATURITY PROFILE AT END OF JUNE 2025 unhedged Fixed 600 EUR million, incl. IFRS16 debt floating rate rate 10% 500 124 1.9bn 212 400 49% € 41% 300 246 hedged 200 425 353 floating rate 145 100 118 99 67 3.90 91 25 AVERAGE 0 INTERES
Slide 14: Deleveraging priority confirmed
Deleveraging priority confirmed 3 000 3.00 2.75x 2 500 2.50 2.16x 2.13x 2 000 1.92x 2.00 EUR million, incl. IFRS16 debt 1.58x 1 500 1.3x 1.50 1 567 1 202 1 318 1 422 1 237 <1.0x 1 000 1.00 500 0.50 0 0.00 2020 2021 2022 2023 2024 2025 2026 2027 Net Debt Leverage (ND/EBITDA) 14 H1 2025 RESULTS
Slide 15: Opportunistic growth strategy: bolt-on acquisitions
Opportunistic growth strategy: bolt-on acquisitions Enhance vertical Expand geographic Strengthen existing Secure raw material integration footprint positions with adjacent resources Securing access to cement Complementary to existing business acquisitions Land ownership securing & aggregates market
Slide 16: Climate performance on track
Climate performance on track DIRECT CO2 SPECIFIC EMISSIONS Kg CO2 net / ton of cement equivalent GROUP Argilor ramp up, Xeuilley, France -1.0% YoY Activated clay as a 588 576 569 sustainable substitute to 501 497 488 497 EUROPE 430 clinker Waiting for products -2.6% certification 2023 2024 June 2025
Slide 17: 2025 guidance update
2025 guidance update SALES EBITDA CAPEX net CAPITAL ALLOCATION 17 H1 2025 RESULTS
Slide 18: Group priorities
Group priorities 1 2 3 (1.58x at end 2024) 18 H1 2025 RESULTS
Slide 19: Mid-term growth catalysts step up
Mid-term growth catalyts step up Opportunities in Mediterranean TELT railway region infrastructure project in France Residential volume recovery New kiln in in Europe Senegal as a cost driver 19 H1 2025 RESULTS
Slide 20: Q&A
Q&A H1 2025 RESULTS
Slide 21: Back up slides
Back up slides H1 2025 RESULTS
Slide 22: Innovation at the heart of our businesses
Innovation at the heart of our businesses Lithosys, our 3D printing solution, helps reduce the amount of concrete Fino, an autonomous robot*, is used at Reuchenette plant in Switzerland to used, and therefore the carbon footprint, shorten construction lead times, inspect installations and detect ano
Slide 23: Sales & EBITDA regional breakdown
Sales & EBITDA regional breakdown H1 2025 Revenue H1 2025 EBITDA 10% 6% 13% 26% 38% 11% 32% 39% 11% 1.9bn € 11% € 331M 16% 11% 25% 28% France Europe Americas Asia Mediterranean Africa Emerging markets 23 H1 2025 RESULTS
Slide 24: Sales & EBITDA breakdown by activity
Sales & EBITDA breakdown by activity OTHERS CEMENT CONCRETE AGGREGATES PRODUCTS & H1 2025 Revenue H1 2025 EBITDA SERVICES France 11% 5% Switzerland 19% Italy 1.9bn 331M USA 36% € 53% € Brazil India 76% Kazakhstan Turkey Egypt Cement Concrete & Aggregates Others Products & Services Senegal -2.5% -3.9
Slide 25: France: Resilient performance in a challenging environment
France: Resilient performance in a challenging environnement H1 H1 25 SALES (MEUR) 25 EBITDA (MEUR) +2.4% -13.6% 608 -3.8% lfl* 85 -15.7% lfl* FRANCE Volume decrease despite sequential Limited contribution from the TELT improvement with stable cement prices project year to date Cermix integration su
Slide 26: Europe: Positive momentum in Switzerland
Europe: Positive momentum in Switzerland H1 H1 25 SALES (MEUR) 25 EBITDA (MEUR) +9.2% +15.4% 215 +7.1% lfl* 53 +13.1% lfl* SWITZERLAND ITALY Solid performance driven by continued market growth and success of low- Stable activity with some price erosion carbon cement Positive momentum in major infras
Slide 27: Americas: Upswing in Brasil
Americas: Upswing in Brasil H1 H1 25 SALES (MEUR) 25 EBITDA (MEUR) -5.8% -13.9% 465 -1.5% lfl* 91 -9.6% lfl* UNITED STATES BRAZIL Activity impacted by market slowdown Volume growth, supported by strong and weather conditions demand in the Central-West region Continuous increase in Ragland sales Real
Slide 28: Asia: Pricing recovery in India in Q2
Asia: Pricing recovery in India in Q2 H1 H1 25 SALES (MEUR) 25 EBITDA (MEUR) -15.9% -19.6% 204 -10.6% lfl* 37 -15.8% lfl* INDIA KAZAKHSTAN Price recovery and a slowdown in volume decline in Q2, with Mumbai Volumes stable with price rises to offset volumes supported by new rail capacity cost inflatio
Slide 29: Med.: Strong dynamism in Egypt & recovery in Turkey
Med.: Strong dynamism in Egypt & recovery in Turkey Exer. H1 H1 25 23 SALES (MEUR) 25 EBITDA (MEUR) -0.9% +76.8% 212 +28.5% lfl* 44 +124.9% lfl* TURKEY EGYPT Volume recovery in Q2 and pricing Acceleration in exports, that now momentum to offset cost inflation represent over half of sales volumes Mar
Slide 30: Africa: Kiln 6 ramp-up in Senegal to support H2 performance
Africa: Kiln 6 ramp-up in Senegal to support H2 performance Exer. H1 H1 25 23 SALES (MEUR) 25 EBITDA (MEUR) -8.0% -35.8% 181 -7.8% lfl* 21 -35.5% lfl* SENEGAL MALI & MAURITANIA EBITDA affected by lower domestic cement prices and temporary clinker Activity in Mali impacted by logistical purchases dis
Slide 31: Cash Flow
Cash Flow (€ million) H1 2025 H1 2024 H1 2023 Operating cash flow 270 293 239 Change in working capital (87) (116) (24) Net cash flows from operating activities 182 176 215 Industrials investments net of disposals (124) (186) (143) Financial investments net of disposals (15) (15) (10) Free Cash Flow
Slide 32: Calendar & information, Contact
Calendar & information Contact www.vicat.com 4 Rue Aristide Berges Les Trois Vallons 38080 Isle-d’Abeau FRANCE Pierre Pedrosa, Head of Investor Relations relations.investisseurs@vicat.fr Tel :+33 6 73 25 98 06 32 H1 2025 RESULTS
Slide 33: Ric
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