Slide 1: FY 2024 results
FY 2024 results Guy SIDOS Hugues CHOMEL Chairman & CEO Deputy CEO and CFO
Slide 2: Forward-looking statements
▪ 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 described in the C
Slide 3: Agenda FY 2024
Agenda FY 2024 ▼ Highlights & fundamentals ▼ Business snapshots ▼ Financials ▼ Climate performance ▼ Guidance & dividend 3 FY 2024 RESULTS
Slide 4: Agenda FY 2024
Agenda FY 2024 ▼ Highlights & fundamentals ▼ Business snapshots ▼ Financials ▼ Climate performance ▼ Guidance & dividend 4 FY 2024 RESULTS
Slide 5: FY 2024 Highlights
FY 2024 Highlights Organic sales Record Strong growth in Climate in growth EBITDA Free cash Flow action + 2.3% 783M€ 373M€ 576kg/t* despite historical low Supportive price/cost spread to activity in Europe with -2% YoY 1.58x leverage emissions reduction 190M€ EBITDA in US 5 FY 2024 RESULTS
Slide 6: Robust performance track record
Robust performance track record CONSOLIDATED SALES EBITDA EUR million EUR million 3 937 3 884 783 3 642 740 3 123 -1.3% 619 +5.8% 2 740 2 805 YoY 557 570 reported 526 YoY +7.2% +8.3% 5Y CAGR 5Y CAGR 2019 2020 2021 2022 2023 2024 2019 2020 2021 2022 2023 2024 ROCE LEVERAGE 8,0% 8,1% 2,75x 2,45x 6,9%
Slide 7: A resilient & sustainable model
A resilient & sustainable model 60% 40% SALES Modern & efficient 2024 industrial asset base Family controlled Developed countries business Emerging countries with long term strategy Strong R&D capabilities & longstanding innovation DNA Geographically balanced benefiting from cash generation in devel
Slide 8: Delivering on capital allocation
Delivering on capital allocation 2014-18 2019-23 2023+ Stable CAPEX allowing Acceleration of strategic investments Strong cash generation decent cash generation at a time the cost of funding was low 700 EUR million 600 500 400 300 Acquisition of Ciplan Brazil Investments in Ragland (US) and 200 Sene
Slide 9: Agenda FY 2024
Agenda FY 2024 ▼ Highlights & fundamentals ▼ Business snapshots ▼ Financials ▼ Climate performance ▼ Guidance & dividend 9 FY 2024 RESULTS
Slide 10: French residential market: A strong recovery potential
French residential market: A strong recovery potential FRENCH RESIDENTIAL MARKET AT A 25 YEARS LOW 650,000 5 Strong regional footprint in East of France 600,000 4,5 with efficient available capacities 550,000 4 3,5 500,000 3 450,000 2,5 Xeuilley 400,000 2 Chelles Paris 1,5 350,000 1 300,000 0,5 250,
Slide 11: TELT Lyon-Turin: Contribution ramping up
TELT Lyon-Turin: Contribution ramping up Acceleration of TELT contribution to France cement volume in 2025 57.5km ~1.3m tons Contribution over 7+ years tunnel Cement (cement volume) (2 tubes) Contribution profile (cement volume) over the project’s lifetime ~300kt ~150kt ~60kt The largest civil 2024
Slide 12: Strong local operations in US, leveraging on 2 locations
Strong local operations in US, leveraging on 2 locations €190m FY 2024 c24% of Group EBITDA EBITDA Lebec, California Ragland, Alabama 1.3mt capacity +25.8% YoY 2.0mt capacity Lebec California Tennessee Covering South California Serving South-East & L.A. area Los Angeles Nashville South with Atlanta
Slide 13: Lebec Net Zero
LNZ: First CCS project in California 4 phases project with commissioning beyond 2030 LEBEC 2024 2025 2026 2027 2028 2029 2030 2031 NET PHASE 12 PHASE 23 Pre-FEED1 FEED/permitting Final Investment Decision ZERO PHASE 33 PHASE 43 Engineering & procurement Construction Commissioning 1FEED: Front End En
Slide 14: India: Leveraging potential in challenging environment
India: Leveraging potential in challenging environnement Challenging environnement Competitive cost base SUSTAINED in the South & tight cost control MARKET POTENTIAL €373m FY 2024 €75m FY 2024 SALES EBITDA -11.8% YoY +5.6% YoY ✓ Decreasing energy costs Price over volume ACTIONS ✓ ACTIONS strategy in
Slide 15: Egypt: Spectacular turnaround
Egypt: Spectacular turnaroud Acceleration in export volumes, with 2025 backlog already secured 0,0 EUR million 27,7% 30,0% Exports Quarterly export volume (kt) 5,0 account for 406 443 423 20,0% 34,1 0,0 50% 211 225 5,0 6,4% 10,0% 184 of total 101 176 0,0 -0,5% 0,0% volumes Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 5,
Slide 16: Senegal: upcoming commissioning
Senegal: upcoming commissioning Substitute clinker imports with locally produced 1 clinker Improve industrial performance and cost base 2 by replacing production from kiln 3 & 4 3 Reduce CO2 emissions 2.0mt € 260M 18% CLINKER ROCE CAPACITY CAPEX TARGET COMMISSIONING IN Q2 2025 Kiln 6 Senegal, Fev 20
Slide 17: Agenda FY 2024
Agenda FY 2024 ▼ Highlights & fundamentals ▼ Business snapshots ▼ Financials ▼ Climate performance ▼ Guidance & dividend 17 FY 2024 RESULTS
Slide 18: Simplified P&L
Simplified P&L (€ million) 2024 2023 Δ Δ reported LFL* Consolidated sales 3,884 3,937 -1.3% +2.3% EBITDA 783 740 +5.9% +10.1% Margin (%) 20.2% 18.8% +1.4pts Recurring EBIT 457 433 +5.7% +11.3% Margin (%) 11.8% 11.0% +0.8pts Consolidated net income 290 295 -1.8% +6.1% Margin (%) 7.5% 7.5% +0.0pts Net
Slide 19: Organic sales growth despite slowdown in France & Asia
Organic sales growth despite slowdown in France & Asia (€ million) % of Sales 2024 2023 Δ Δ reported reported LFL* France 30% 1,158 1,211 -4.4% -4.4% +2.3% 411 407 +0.9% +2.9% organic sales Europe 11% growth Americas 26% 1,004 979 +2.5% +4.6% Asia 11% 439 492 -10.7% -9.3% Mediterranean 13% 498 464 +
Slide 20: 2024 EBITDA bridge
2024 EBITDA bridge Million, EUR -98 8 814 192 11 -31 783 More than half linked 740 to hyperinflation environnement in Turkey -38 EBITDA VOLUME PRICE COST INDUSTRIAL OTHERS EBITDA FX & SCOPE EBITDA FY 2023 PERFORMANCE FY 2024 (LFL*) FY 2024 20 *Constant scope and exchange rates FY 2024 RESULTS
Slide 21: CAPEX discipline & strong cash generation
CAPEX discipline & strong cash generation 2024 CAPITAL EXPENDITURE NET 2024 FREE CASH FLOW €320M vs €300m in 2023 €373M vs €295m in 2023 With €156m maintenance CAPEX and €188m Strong cash generation in 2024 for the strategic CAPEX of which c50% linked to Senegal second year in a row new kiln investm
Slide 22: Free Cash Flow bridge
Free Cash Flow bridge 783 42 ~ 20% 1 -328 Free Cash Flow Yield as of Jan. 31, 2025 -69 -42 14 373 48% EBITDA Chge Investments net Taxes Financial Others Free Cash in WC expenses Cash-Flow conversion 1based on market capitalization of €1,809M as of January 31, 2025 22 FY 2024 RESULTS
Slide 23: A balanced debt structure & strong liquidity
A balanced debt structure & strong liquidity GROSS DEBT BREAKDOWN DEBT MATURITY PROFILE AT END 2024 unhedged Fixed floating rate 600 EUR million rate 6% 500 140 400 182 53% € 1.8bn 41% 300 hedged 200 425 floating rate 306 91 256 70 100 118 99 60 AVERAGE 0 2025 2026 2027 2028 25 2029 2030+ 4.74 % INT
Slide 24: Pursuit of deleveraging
Pursuit of deleveraging 3 000 3,00 2,75x 2 500 2,50 2,16x 2,13x 2 000 1,92x 2,00 EUR million 1,58x 1 500 1.3x 1,50 1 567 1 422 1 202 1 318 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) 24 FY 2024 RESULTS
Slide 25: Agenda FY 2024
Agenda Agenda FYFY 2024 2024 ▼ Highlights & fundamentals ▼ Business snapshots ▼ Financials ▼ Climate performance ▼ Guidance & dividend 25 FY 2024 RESULTS
Slide 26: Climate performance on track
Climate performance on track DIRECT CO2 SPECIFIC EMISSIONS Kg CO2 net / ton of cement equivalent GROUP Argilor project, Xeuilley, France -2.0% YoY commissioned in H2 2024 608 588 576 530 501 497 497 EUROPE Activated clay as a 430 sustainable substitute to clinker -0.8% 2022 2023 2024 2030 target YoY
Slide 27: Increasing demand for Vicat low carbon solutions
Increasing demand for Vicat low carbon solutions Construction scope 3 = Vicat scopes 1+2+3 Vicat provides low carbon solutions to help its clients reduce their A complete RE 2020 regulation scope 3 upstream emissions. range of low (France) Ambitious 2030* scope 3 targets carbon products for clients
Slide 28: Agenda FY 2024
Agenda FY 2024 ▼ Highlights & fundamentals ▼ Business snapshots ▼ Financials ▼ Climate performance ▼ Guidance & dividend 28 FY 2024 RESULTS
Slide 29: 2025 guidance
2025 guidance SALES Like for like growth Low single digit d growth (%) EBITDA CAPEX net ~280M€ Pursuit of deleveraging towards leverage targets CAPITAL of 1.3x by 2025 & <1.0x by 2027 ALLOCATION 29 FY 2024 RESULTS
Slide 30: Dividend per share
Attractive shareholder return EUR per share €2.0 2,0 2,0 Dividend per share 1,65 1,65 to be proposed at the next 1,5 shareholder meeting 2020 2021 2022 2023 2024 30 FY 2024 RESULTS
Slide 31: Group priorities
Group priorities 1 2 3 EBITDA margin at Continue Accelerate least equal to deleveraging climate roadmap 20% over 2025-27 to a ratio of & promote low <1.0x by 2027 carbon products (1.58x at end 2024) 31 FY 2024 RESULTS
Slide 32: Q&A
Q&A FY 2024 RESULTS
Slide 33: Backup slides
Backup slides Mumbai Trans-Harbour Link 33 FY 2024 RESULTS
Slide 34: Sales & EBITDA regional breakdown
Sales & EBITDA regional breakdown FY 2024 Revenue FY 2024 EBITDA 10% 8% 25% 10% 30% 37% 13% 40% 11% 3.9bn € 11% € 783M 14% 10% 26% 32% France Europe Americas Asia Mediterranean Africa Emerging markets 34 FY 2024 RESULTS
Slide 35: France: Resilient performance in a challenging environment
France: Resilient performance in a challenging environnement FY FY 24 SALES (MEUR) 24 EBITDA (MEUR) -4.4% -7.8% 1,158 -4.4% lfl* 195 -7.8% lfl* FRANCE Impact of weak residential market TELT: start up contribution in Cement, slowing sequentially over the year stronger in Aggregates Cement prices up o
Slide 36: Europe: Increase in results
Europe: Increase in results FY FY. 24 SALES (MEUR) 24 EBITDA (MEUR) +0.9% +8.5% 411 +2.9% lfl* 110 +10.9% lfl* SWITZERLAND ITALY Weak residential markets with slightly lower volumes. Stabilization in Q4 Stabilization of volumes and higher 2024. Prices are stable sales prices. EBITDA up +23%. Major i
Slide 37: Americas: Record EBITDA of €190m in USA
Americas: Record EBITDA of €190m in USA FY FY 24 SALES (MEUR) 24 EBITDA (MEUR) +2.5% +15.3% 1,004 +4.6% lfl* 249 +17.5% lfl* UNITED STATES BRAZIL Cement: volumes up in the Southeast Lower volume contraction in H2 with extension of rail terminals. despite unfavorable competitive Residential slowdown
Slide 38: Asia: Resilience in India with competitive cost base
Asia: Resilience in India with competitive cost base FY FY 24 SALES (MEUR) 24 EBITDA (MEUR) -10.7% -4.6% 439 -9.3% lfl* 84 -3.2% lfl* INDIA KAZAKHSTAN Business down due to intensifying competitive environment (South) and Volumes stable over the year, with slowdown in public spending price rises in H
Slide 39: Mediterranean: Strong turnaround in Egypt
Mediterranean: Strong turnaround in Egypt Exer. FY FY 23 24 SALES (MEUR) 24 EBITDA (MEUR) +7.2% +14.8% 498 +29.8% lfl* 84 +46.7% lfl* TURKEY EGYPT Slight drop in volumes with economic deceleration and post-electoral Acceleration in export volumes slowdown in public works spending Price increases onl
Slide 40: Africa: Better performance with lower cash costs
Africa: Better performance with lower cash costs Exer. FY FY 23 24 SALES (MEUR) 24 EBITDA (MEUR) -2.3% +23.1% 375 -1.6% lfl* 67 +24.6% lfl* SENEGAL MALI & MAURITANIA Sales down slightly due to stable Business in Mali remains stable volumes and a slight drop in prices despite slight contraction in vo
Slide 41: Cost headwinds soften but remain high
Cost headwinds soften but remain high Energy costs went down by 22% YoY in 2024 Underlying inflation costs continue to rise but remain higher than in 2021 Payroll & Maintenance costs EUR million 1 000 25,0% 1 000Energy costs 22,9% EUR million 21,9% 900 20,9% 20,3% 900 20,0% 20,0% 18,0% 800 849 800 1
Slide 42: CAPEX
CAPEX (€ million) 2024 2023 2022 Maintenance CAPEX 156 151 161 Strategic CAPEX 188 178 261 ► of which “Climate” CAPEX 38 40 85 ► of which “growth” CAPEX 150 138 176 Total industrial investments 344 329 422 Receipts from disposals of fixed assets (24) (29) (14) Total outlays of capital expenditure 32
Slide 43: CASH FLOW
CASH FLOW (€ million) 2024 2023 2022 Operating cash flow 659 589 461 Change in working capital 42 19 (104) Net cash flows from operating activities 701 608 357 Industrials investments net of disposals (320) (300) (408) Financial investments net of disposals (8) (13) (70) Free Cash Flow 373 295 (121)
Slide 44: EU CO2 quotas
EU CO2 quotas EU ETS spot price evolution as of Jan 31, 2025 100 90 80 70 82.3€ as of Jan. 31, 2025 60 CO2 50 40 30 4.8mt 20 10 0 03/01/2020 03/01/2021 03/01/2022 03/01/2023 03/01/2024 03/01/2025 ETS allowances ✓ Covers Vicat compliance needs in Europe until 2030+ reserves as of Dec. 31, 2024 Not va
Slide 45: Share information & contact
SHARE INFORMATION & CONTACT Contact Share Data VICAT www.vicat.com Bloomberg Ticker VCT FP 4 Rue Aristide Berges Reuters RIC VCTP.PA Les Trois Vallons 38080 Isle-d’Abeau ISIN Code FR0000031775 FRANCE Shares outstanding as of Dec. 31, 2024 44,900,000 Pierre PEDROSA, Head of Investor Relations relatio
Slide 46: Build together, live together
Build together, live together