Vicat Sa · EURONEXT:VCT
Vicat Sa — FY 2025 Earnings Presentation
48 slides from Vicat Sa's earnings presentation, Feb 17, 2026
Slide 1: FY 2025 Results
€ 17 February 2026 Guy Sidos Hugues Chomel Chairman & Group CEO Deputy CEO & Group CFO
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: A solid & sustained performance track record
A solid & sustained performance track record EUR million EUR million 3 937 3 884 3 854 783 3 642 740 771 3 123 -0.8% -1.5% 619 2 805 YoY 557 570 YoY reported +6.6% +6.7% 5Y CAGR 5Y CAGR 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 8.0% 8.1% 8.1% 2.75x 6.9% Stable 2.16x 2.13x 6.1% 5.4%
Slide 4: A resilient & sustainable model
A resilient & sustainable model 60% 40% Cement focus SALES with modern industrial 2025 asset base, vertically integrated Family controlled Developed countries business Emerging countries with a strong focus on long-term value and sustainability Strong R&D capabilities with longstanding innovation DN
Slide 5: Delivering on capital allocation
Delivering on capital allocation 2015-18 2019-23 2023+ Stable CAPEX allowing Acceleration of strategic investments Strong cash generation decent cash generation when cost of funding was low FX headwind in 2025 700 EUR million 600 500 400 300 Acquisition of Ciplan Brazil Investments in Ragland (US) a
Slide 6: FY 2025 Highlights
FY 2025 Highlights LFL* sales EBITDA Free Cash Climate in growth €771M Flow Action + 3.3% in 2025 + 3.7% LFL* € 324M Higher than in 2024 in line with FY 25 guidance 3rd consecutive year of strong cash generation and deleveraging +8.1% -1.6% reported GPID** award in France, after being selected by ac
Slide 7: France: Emerging signs for a gradual recovery
France: Emerging signs for a gradual recovery Early signs of recovery from Starts & Permits 650,000 5 600,000 4.5 4 Cement volumes 550,000 ~600kt 3.5 31% lost from 500,000 3 of Group 450,000 2.5 2022 to 2025 Sales 400,000 2 1.5 20% of Vicat France due to the 350,000 1 production residential crisis 3
Slide 8: TELT Lyon-Turin: Acceleration in 2026/27
TELT Lyon-Turin: Acceleration in 2026/27 >1.3Mt ~4.0Mt over the lifespan of the project (cement volume) (aggregates volume) (7+ years) • ; award decision expected in 2027 • • 3 additional machines scheduled for delivery between mid-2026 and 2027, supporting cement demand ~24.0M tons (excavated mater
Slide 9: Brazil: Positive dynamics + Realmix contribution in 2025
Brazil: Positive dynamics + Realmix contribution in 2025 2.9mt Improving markets dynamics +9.8% Strong commercial development YoY Cement volume in 2025 Realmix contribution €63m +15.7% +7.2% YoY YoY FY 2025 EBITDA organic reported Midwest Salvator do Bahia Sobradinho Goiânia High Brasília competitiv
Slide 10: Acceleration in Turkey
Acceleration in Turkey Cement volume evolution (Mt) 4.5 3.9 3.8 3.4 2 kilns 3.0mt 24 Waste Logistics & 2022 2023 2024 2025 + cement RMC plants management transport WHRS* capacity facility €58m Ankara +81.8% +31.9% YoY YoY Central FY 2025 EBITDA organic reported Anatolia Positive demographic trends i
Slide 11: Egypt delivering strong results
Egypt deliverging strong results Quarterly export volume (kt) 507 443 431 406 423 420 380 37.3% 225 Exports through the EUR million Mediterranean sea 27.7% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 60.9 2024 2024 2024 2024 2025 2025 2025 2025 6.4% -0.5% • Competitive cash-costs 34.1 • Efficient logistics facilities w
Slide 12: Senegal: kiln EBITDA-accretive since Q4 2025
Senegal: kiln 6 EBITDA-accretive since Q4 2025 Substituting clinker imports and kilns 3 & 4 production to improve cost base Annual clinker imports (~300-400kt) Annual cement capacity € 20/ton Kiln 3 Kiln 6 3.0m Cost savings ton/year Kiln 4 Annual cement capacity Kiln 5 Kiln 5 1.5m ton/year Temporary
Slide 13: Simplified P&L
Simplified P&L (€ million) 2025 2024 Δ Δ reported LFL* Consolidated sales 3,854 3,884 -0.8% +3.3% EBITDA 771 783 -1.6% +3.7% Margin (%) 20.0% 20.2% -0.2 pts Recurring EBIT 445 457 -2.7% +4.0% Margin (%) 11.5% 11,8% -0.3 pts Consolidated net income 307 290 +5.7% +11.9% Margin (%) 8.0% 7.5% +0.5 pts N
Slide 14: Significant FX headwinds
Leading organic sales growth in FY25, acceleration in Q4 (€ million) % of Sales 2025 2024 Δ Δ reported reported LFL* LFL growth momentum 8.1% France 31% 1,198 1,158 +3.5% -2.6% 4.9% 0.6% Europe 12% 443 411 +7.9% +6.3% -0.2% Americas 25% 943 1,004 -6.0% -2.0% Q1 Q2 Q3 Q4 Asia 10% 393 439 -10.5% -1.5%
Slide 15: 2025 EBITDA: LFL growth offset by FX headwinds
2025 EBITDA: LFL growth offset by FX headwinds EUR million 109 (105) 8 813 4 783 18 (46) 771 EBITDA VOLUME PRICE COST INDUSTRIAL EBITDA SCOPE FX EBITDA FY 2024 PERFORMANCE FY 2025 (LFL*) FY 2025 15 *At constant scope and exchange rates FY 2025 RESULTS
Slide 16: Disciplined investment, solid cash generation
Disciplined investment, solid cash generation 2025 CAPITAL EXPENDITURE NET FY 2025 FREE CASH FLOW €299M vs €320m in 2024 €324M vs €373m in 2024 Significant decrease in CAPEX incl. €176m maintenance CAPEX and €161m Continued strong cash generation in 2025, for strategic CAPEX of which c30% linked to
Slide 17: Free Cash Flow bridge
Free Cash Flow bridge 9.2% EUR million 1 771 40 Free Cash Flow (325) Yield as of Jan. 31, 2026 (109) (32) 324 (21) 42% Cash EBITDA EBITDA Chgt in WC Chg in WC Investments Investments net Taxes Taxes Financial Financial expenses Others Others Free Cash Free Cash Flow conversion net expenses Flow 1bas
Slide 18: Reduction in net debt and continued deleveraging
Reduction in net debt and continued deleveraging 2500 3 2.75x 2300 n track to reduce Group leverage 2.5 2100 2.13x 2.16x to 1900 1.92x < 1.0x 2 1700 by 2027 1.58x EUR million, incl. IFRS16 debt 1.49x 1500 1.5 1 567 1.22x 1300 1 422 1.0x ≤ 0.95x 1 318 1 1100 1 202 1 237 1 151 900 0.5 700 500 0 2020 2
Slide 19: A balanced debt structure & strong liquidity
A balanced debt structure & strong liquidity GROSS DEBT BREAKDOWN DEBT MATURITY PROFILE AT END OF DEC. 2025 unhedged EUR million, incl. IFRS16 debt floating rate 600 3% Fixed rate 1.7bn 500 118 400 54% € 43% 70 300 hedged floating rate 215 425 200 313 81 100 137 3.86 118 99 AVERAGE 80 25 INTEREST 0
Slide 20: Climate performance
Climate performance DIRECT CO2 SPECIFIC EMISSIONS kg of CO2 net / ton of cement equivalent GROUP Vigier, Switzerland -0.7% YoY <100 kg of CO2 net / concrete m3 588 501 576 497 572 479 497 EUROPE 430 Major contract wins for Progresso with flagship First concrete below 100 -3.6% projects underway kg p
Slide 21: A broad & innovative low-carbon offering
A broad & innovative low-carbon offering including Near Zero ~100% of cement considered as low-carbon in Switzerland As % of Group cement volume Leader in low-carbon cement Ragland in California Market leader in type 1L >90% of volume in type 1L cement Pioneer in LC3 Methodology based on the rating
Slide 22: VAIA: Another major funding milestone secured
VAIA: Another major funding milestone secured Selected by the European Innovation Mechanical Fund program (IF 2024) CCS activated materials Selected by the French government GPID* framework (GPID 2024) CO2 GROSS FINAL CAPTURE CAPEX INVESTMENT CAPACITY w/o subsidies DECISION €340M Total subsidies awa
Slide 23: Artificial Intelligence: a lever for operational performance
Artificial Intelligence: a lever for operational performance > 5% AI SUPPORTING INDUSTRIAL PERFORMANCE Increase in production Pilot projects Process stability Ragland (US) Targeted AI-driven Real-Time Pery (CH) productivity gains Kalburgi (IN) Optimizer Quality optimization at cement plants level Im
Slide 24: 2026 guidance
2026 guidance SALES ( EBITDA CAPEX net 24 FY 2025 RESULTS
Slide 25: Capital allocation supported by strong FCF generation
Capital allocation supported by strong FCF generation Balance Sheet Investment Dividend • Pursuit of deleveraging with • Industrial investment • Maintaining an attractive ND/EBITDA target of ≤ 1.0x by discipline maintained with dividend shareholder return 2027 CAPEX net of ~€290M • Dividend growth w
Slide 26: Stable & predictable dividend
Stable & predictible dividend EUR per share 2.0 2.0 2.0 1.5 1.65 1.65 €2.0 to be proposed at the next 2020 2021 2022 2023 2024 2025 shareholder meeting 30-year track record of stable or growing dividend 26 FY 2025 RESULTS
Slide 27: Group priorities
Group priorities 1 2 3 (1.49x at end 2025) 27 FY 2025 RESULTS
Slide 28: Mid-term growth catalysts in motion
Mid-term growth catalysts in motion Opportunities Residential in Mediterranean region volume recovery Residential in the US volume recovery TELT railway in France infrastructure Kiln 6 project in France in Senegal 28 FY 2025 RESULTS
Slide 29: Q&A
&A Build together, liverogether
Slide 30: Back up slides
Back up slides FY 2025 RESULTS
Slide 31: Sales & EBITDA regional breakdown
Sales & EBITDA regional breakdown 2025 Revenue 2025 EBITDA 0 9% 9% 26% 13% 31% 40% 42% 15% 10% € 3.9bn 9% 771M € 58% 60% 15% 11% 24% 26% France Europe Americas Asia Mediterranean Africa Emerging markets 31 FY 2025 RESULTS
Slide 32: Sales & EBITDA breakdown by activity
Sales & EBITDA breakdown by activity OTHERS CEMENT CONCRETE AGGREGATES PRODUCTS & 2025 Revenue 2025 EBITDA SERVICES France 10% 4% Switzerland 19% Italy 3.9bn 771M USA 37% € 53% € Brazil India 77% Kazakhstan Turkey Egypt Cement Concrete & Aggregates Others Products & Services Senegal +3.0% +0.9% +9.7
Slide 33: Significant FX headwinds in 2025, adversely affecting results
Significant FX headwinds €1 = 2025 2024 Change Current Significant FX average average (%) [31/01/2026] headwinds in Swiss Franc 0.94 0.95 -1.6% 0.92 2025, adversely US dollar 1.13 1.08 +4.4% 1.19 affecting results Brazilian real 6.30 5.83 +8.2% 6.24 Indian rupee 98.52 90.52 +8.8% 109.54 Kazakhstani
Slide 34: Main FX risk is exposure to conversion effect
Main FX risk is exposure to conversion effect Group exposure to currency Operations conducted in local 8% 3% 8% 2% currency 4% 8% 26% 32% 9% Only monetary flows (operational FY 2025 7% FY 2025 & financial) are hedged 7% Revenue EBITDA 8% 8% Mainly related to fuel purchases 34% in USD 17% 9% 41% in E
Slide 35: Strong LFL growth in Q4, positive trends in most regions
Strong LFL growth in Q4, positive trends in most regions EUR million +8.1% LFL* -9.8% FX + 8.1% 25 organic sales 55 10 growth in Q4 6 3 12 977 975 968 -9 -95 +2.2% +3.0% -3.5% +13.1% +35.3% +11.8% Heightened FX headwinds Weakening of USD, TRY Sales France France Europe Europe Americas Americas Asia
Slide 36: France: Stabilization in France
France: Stabilization in France FY FY 25 SALES (MEUR) 25 EBITDA (MEUR) +3.5% +1.1% 1,198 -2.6% lfl* 198 -1.0% lfl* FRANCE Cement volumes rebounded slightly in Concrete & Aggregates volumes Q4, showing early signs of a recovery ; declined in 2025 due to residential Visibility remains limited weakness
Slide 37: Europe: strong momentum in Swiss market
Europe: strong momentum in Swiss market FY FY 25 SALES (MEUR) 25 EBITDA (MEUR) +7.9% +7.4% 443 +6.3% lfl* 118 +5.8% lfl* SWITZERLAND ITALY Cement market recovery in 2025 with Volume decline in 2025 with a slight strong infrastructure momentum for the price erosion Group (Weissten & Gléresse tunnels)
Slide 38: Americas: Brazil up, U.S. lower vs record 2024
Americas: Brazil up, U.S. lower vs record 2024 FY FY 25 SALES (MEUR) 25 EBITDA (MEUR) -6.0% -20.6% 943 -2.0% lfl* 198 -16.2% lfl* UNITED STATES BRAZIL California slowdown only partly offset by Cement volumes accelerate over the South-east volume growth in 2025; year with a positive contribution from
Slide 39: Asia: lower results with FX headwind
Asia: lower results with FX headwind FY FY 25 SALES (MEUR) 25 EBITDA (MEUR) -10.5% -19.9% 393 -1.5% lfl* 67 -12.2% lfl* INDIA KAZAKHSTAN Volumes rebound in H2, supported by Slight volume growth in 2025 with easier comps and focused commercial domestic demand up & exports down initiatives Volatile pr
Slide 40: Mediterranean: strong results in Egypt & Turkey
Mediterranean: strong results in Egypt & Turkey FY Exer. FY 25 23 SALES (MEUR) 25 EBITDA (MEUR) +3.3% +52.3% 514 +34.4% lfl* 119 +90.9% lfl* TURKEY EGYPT Sustained market recovery driven by Export momentum continued in 2025 government-led infrastructure and post- coupled with domestic rebound in H2
Slide 41: Africa: Kiln ramp-up in Senegal
Africa: Kiln 6 ramp-up in Senegal FY Exer. FY 25 23 SALES (MEUR) 25 EBITDA (MEUR) -3.3% +6.2% 363 -2.9% lfl* 71 +6.9% lfl* SENEGAL MALI & MAURITANIA New competitor pressured cement Mali: logistics & power issues lead to a prices with volumes increasing slightly in drop in profitability 2025; Kiln 6
Slide 42: CAPEX breakdown
CAPEX breakdown (€ million) 2025 2024 2023 Maintenance CAPEX 176 156 151 Strategic CAPEX 161 188 178 ► of which “Climate” CAPEX 31* 38 40 ► of which “growth” CAPEX 129 150 138 Total industrial investments 336 344 329 Receipts from disposals of fixed assets (37) (24) (29) Total outlays of capital exp
Slide 43: Cash Flow
Cash Flow (€ million) 2025 2024 2023 Operating cash flow 609 659 589 Change in working capital 40 42 19 Net cash flows from operating activities 649 701 608 Industrials investments net of disposals (299) (320) (300) Financial investments net of disposals (26) (8) (13) Free Cash Flow 324 373 295 Divi
Slide 44: CO2 quotas in Europe (EU+CH)
CO2 quotas in Europe (EU+CH) EU ETS spot price evolution as of Dec 31, 2025 100 87.4€ 95 90 85 as of Dec. 31, 2025 80 CO2 75 4.9mt 70 65 60 ETS allowances reserves as of Dec. 31, 2025 Covers Vicat restitution needs in Europe until 2030+ €424M* (market value at end-2025) *based on CO2 EU ETS market p
Slide 45: Shareholding structure as of 31 Dec. 2025
Shareholding structure as of 31 Dec. 2025 Total Merceron-Vicat family: 63.4% Parfininco 32.0% Family (direct) 4.5% Employees 1.4% 44,900,00 Soparfi 26.9% shares outstanding Public 34.4% Treasury stock 0.8% 45 FY 2025 RESULTS
Slide 46: Stock liquidity: strong improvement in 2025
Stock liquidity: strong improvement in 2025 1.8 Average daily turnover (€) Average 10 000 000 X daily volume 2025 vs. 2024 9 000 000 8 000 000 2.9 7 000 000 Average daily X 6 000 000 turnover 5 000 000 2025 vs. 2024 4 000 000 3 000 000 2 000 000 8 1 000 000 Average daily - € M turnover in Q4 2025 Li
Slide 47: Calendar & information
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 47 FY 2025 RESULTS
Slide 48: Build together
Build together, lve together