Slide 1: H1 2024 Results
H1 2024 RESULTS Hugues CHOMEL Pierre PEDROSA Deputy CEO and CFO Head of Investor Relations
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 H1 2024
Agenda H1 2024 ▼ Highlights ▼ Financial performance ▼ Regional performance ▼ FCF generation & financial position ▼ Climate performance ▼ 2024 guidance 3 H1 2024 RESULTS
Slide 4: H1 2024 Highlights
H1H1 2024 2023 highlights Highlights Organic sales Robust FY 2024 guidance Climate in growth EBITDA narrowed action + 4.8% 353 M€ 3 + % to + % 8 575 kg/t* all regions grow EBITDA growth except France & Africa up +12.3% vs 2023 -3% YoY strong growth in USA, emissions reduction India & Egypt 4 *Kg CO2
Slide 5: Superior growth rates vs industry
Superior growth rates vs industry Like for like sales growth in %, YoY +26.8% +19.4% +18.0% +14.1% +7.9% +2.0% Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 H1 2024 RESULTS
Slide 6: Sales growth despite slowdown in France & Africa
Sales growth despite slowdown in France & Africa (€ million) % of Sales H1 2024 H1 2023 Δ Δ reported reported LFL* France 31% 594 630 -5.8% -5.8% +4.8% 197 195 +0.8% +2.2% organic sales Europe 10% growth Americas 26% 494 450 +9.6% +9.7% Asia 12% 242 233 +4.0% +5.1% Mediterranean 11% 214 196 +9.3% +3
Slide 7: EBITDA margin improved but remains below precrisis level
EBITDA margin improved but remains below precrisis level +1.8ppts EBITDA margin As % of sales xx 19.2% 18.2% 16.4% 15.3% H1 2022 H1 2023 H1 2024 H1 2021 H1 2024 RESULTS
Slide 8: Positive price/cost spread contribution to EBITDA
Positive price/cost spread contribution to EBITDA * * Industrial Performance *at constant exchange rates H1 2024 RESULTS
Slide 9: Cost headwinds soften but remain high
Cost headwinds soften but remain high Energy costs went down by 18% YoY in Underlying inflation costs continue to rise H1 2024 but remain higher than in 2021 600.0 Payroll & Maintenance costs 22.7% 600.0 Energy costs 25.0% EUR million EUR million 22.0% 20.9% 500.0 20.3% 500.0 20.0% 19.3% 20.0% 20.0%
Slide 10: France
France H1 H1 24 Sales (EUR m) 24 EBITDA (EUR m) -5.8% -6.8% 594 -5.8% lfl* 99 -6.8% lfl* FRANCE Cement and Concrete & Aggregates volume decline due continued Lyon-Turin rail link should curb slowdown in residential cement slowdown in H2 2024 Positive price/cost differential does not fully offset wea
Slide 11: New housing supply in France remains in deficit
New housing supply in France remains in deficit France housing starts & permits 12 months rolling Vicat is established in a dynamic territory with superior residential needs to the national average Xeuilley (54) 358 200 Chelles (77) Paris 282 400 France residential needs : Crechy (03) Montalieu- 449
Slide 12: Europe
Europe H1 H1 24 Sales (EUR m) 24 EBITDA (EUR m) +0.8% -0.2% 197 +2.2% lfl* 46 +2.7% lfl* SWITZERLAND ITALY Continued decrease in volumes due EBITDA increases, despite slight to weakness in residential downturn in volumes, thanks to fall in electricity prices 2 large infrastructure projects should su
Slide 13: Americas
Americas H1 H1 24 Sales (EUR m) 24 EBITDA (EUR m) +9.6% +26.9% 494 +9.7% lfl* 106 +27.0% lfl* USA BRAZIL Good performance with supportive Cement volumes declined and prices pricing environment, especially in moved slightly lower due to a fiercer California competitive environment Volumes at Ragland
Slide 14: Asia
Asia H1 H1 24 Sales (EUR m) 24 EBITDA (EUR m) +4.0% +43.4% 242 +5.1% lfl* 46 +45.0% lfl* INDIA KAZAKHSTAN Significant rise in volumes in H1 Improvement in activity levels in H1, despite a sequential slowdown in Q2 due to favorable base effect & exposure due to elections to dynamic end market Decreas
Slide 15: Mediterranean
Mediterranean FY H1 H1 24 23 Sales (EUR m) 24 EBITDA (EUR m) +9.3% +19.8% 214 +39.1% lfl* 25 +57.6% lfl* TURKEY EGYPT Volume growth despite Q2 weakness Strong export performance Selling price increase only partially Price increases on sluggish domestic offsets inflationary effect on wage and market
Slide 16: Africa
Africa FY H1 H1 24 23 Sales (EUR m) 24 EBITDA (EUR m) -5.4% +20.9% 196 -4.4% lfl* 32 +23.5% lfl* SENEGAL MALI & MAURITANIA Production will remain constrained in In Mali, power supply issues that Cement until commissioning of new kiln disrupted sales in Q1 have been late 2024 resolved Good performanc
Slide 17: Cash generation impacted by business seasonality
Cash generation impacted by business seasonality H1 2024 CAPITAL EXPENDITURE H1 2024 FREE CASH FLOW €186M vs €143m in H1 2023 €(23)M vs €61m In H1 2023 Confirmation of €325m FY 2024 CAPEX Strong seasonality in EBITDA generation guidance with H2 stronger than H1 Strong seasonality of CAPEX disburseme
Slide 18: Deleveraging priority confirmed
Deleveraging priority confirmed 3 000 3.00 2.7x 2 500 2.5x 2.50 2.2x 2.1x 2 000 1.9x 2.00 EUR million <1.7x 1 500 1 567 <1.3x 1.50 1 422 1 290 1 318 1 000 1 202 1.00 500 0.50 0 0.00 2019 2020 2021 2022 2023 2024 2025 Net Debt Leverage (ND/EBITDA) H1 2024 RESULTS
Slide 19: Climate performance on track
Climate performance on track DIRECT CO2 SPECIFIC EMISSIONS Kg CO2 net / ton of cement equivalent GROUP -2.7% YoY 608 588 575 530 501 501 497 EUROPE 430 -2.0% 2022 2023 June 2024 2030 target YoY ALTERNATIVE FUEL RATE CLINKER RATE +5pts -0.5pts YoY YoY A- 50.0% 77.5% 76.8% 76.4% 36.5% 28.1% 32.0% 69.0
Slide 20: Increasing demand for Vicat low carbon solutions
Increasing demand for Vicat low carbon solutions Construction scope 3 = Vicat scopes 1+2 Vicat provides low carbon solutions to help its clients reduce A complete ER 2020 regulation their scope 3 upstream emissions. range of low (France) Ambitious 2030* scope 3 targets carbon products for clients en
Slide 21: 2024 guidance update
2024 guidance update Updated guidance (25/07/2024) Previous guidance (13/02/2024) SALES Limited sales growth Continued sales growth EBITDA +3% to 8% increase Higher than 2023 level CAPEX ~€325M ~€325M Pursuit of deleveraging towards CAPITAL ALLOCATION DISCIPLINE and < 1.3x by 2025 21 H1 2024 RESULTS
Slide 22: H1 2024 Results
H1 2024 RESULTS
Slide 23: Backup slides
Backup slides 23 H1 2024 RESULTS
Slide 24: Simplified P&L
Simplified P&L (€ million) H1 2024 H1 2023 Δ Δ reported LFL* Consolidated sales 1,937 1,912 +1.3% +4.8% EBITDA 353 314 +12.3% +15.6% Margin (%) 18.2% 16.4% +1.8pts Recurring EBIT 188 166 +13.0% +16.9% Margin (%) 9.7% 8.7% +1.0pts Consolidated net income 115 109 +4.8% +7.1% Margin (%) 5.9% 5.7% +0.2p
Slide 25: Sales & EBITDA regional breakdown
Sales & EBITDA regional breakdown H1 2024 Revenue H1 2024 EBITDA 10% 9% 7% 28% 11% 31% 1.9bn 353M 13% 12% € € 13% 10% 26% 30% France Europe Americas Asia Mediterranean Africa 25 H1 2024 RESULTS
Slide 26: A balanced debt structure
A balanced debt structure GROSS DEBT BREAKDOWN DEBT MATURITY PROFILE AT END JUNE unhedged Fixed floating rate 800 EUR million rate 24% 700 600 500 257 154 47% € 2.1bn 29% 400 hedged 300 floating rate 260 463 200 425 259 4.61 100 118 AVERAGE 74 54 INTEREST 0 25 2025 2026 2027 2028 2029 2030+ % RATE U
Slide 27: Strong seasonality in cash flow generation
STRONG SEASONALITY IN CASH FLOW GENERATION (€ million) H1 2024 H2 2023 H1 2023 H2 2022 H1 2022 Operating cash flow 293 350 239 243 218 Change in working capital (116) 43 (24) 138 (242) Net cash flows from operating activities 177 393 215 381 (24) Industrials investments net of disposals (186) (156)
Slide 28: EU CO2 quotas
EU CO2 quotas Covers Vicat compliance needs in France and Switzerland until 2032 CO2 Not valued in the balance sheet 4.7mt (€372M* market value at end 2023) ETS allowances Provides flexibility to finance reserves upcoming investments in new technologies to capture/reduce as of Dec. 31, 2023 CO2 Supp
Slide 29: 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, 2023 44,900,000 Pierre PEDROSA, Head of Investor Relations relatio
Slide 30: Build together, live together
Build together, live together