Slide 1: 30 July 2026
€ 30 July 2026 Hugues Chomel Pierre Pedrosa Deputy CEO & Group CFO Head of Investor Relations
Slide 2: Disclaimer
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
Slide 3: H1 2026 Highlights
H1 2026 Highlights EBITDA FY 2026 guidance Climate in Sales growth €367M upgraded Action + 10.8% 13.6% + 7 + % to + % 9 LFL* LFL* LFL* growth Europe stabilising US recovery 10.8% + in Sales & EBITDA Pioneering industrial-scale oxyfuel carbon capture Acceleration in Reported technology Emerging Count
Slide 4: Simplified P&L
Simplified P&L (€ million) H1 2026 H1 2025 Δ Δ reported LFL* Consolidated sales 2,036 1,885 +8.0% +10.8% EBITDA 367 331 +10.8% +13.6% Margin (%) 18.0% 17.5% +0.5 pts Recurring EBIT 198 169 +17.3% +20.3% Margin (%) 9.7% 9.0% +0.7 pts Consolidated net income 133 116 +15.0% +17.7% Margin (%) 6.5% 6.1%
Slide 5: Solid growth driven by emerging countries
Solid growth driven by emerging countries (€ million) % of Sales H1 2026 H1 2025 Δ Δ FX impact Change in reported reported LFL* scope Europe 41% 836 823 +1.6% +0.9% +0.6% +0.0% Americas 25% 499 465 +7.3% +7.0% -3.4% +3.8% Asia - 23% 474 416 +14.0% +27.7% -13.7% - Mediterranean Africa 11% 227 181 +25
Slide 6: H1 EBITDA: LFL growth thanks to volume & pricing
H1 EBITDA: LFL growth thanks to volume & pricing EUR million 46% linked 39% linked + 500M€ to Turkey to Turkey (hyperinflation (hyperinflation) + 450M€ +maintenance 140 (134) seasonality) 376 + 400M€ 5 1 367 33 (10) 331 + 350M€ Higher price-cost spread ex. Turkey ahead of energy cost inflation expec
Slide 7: Strong EBITDA growth driven by emerging markets
Strong EBITDA growth driven by emerging markets EUR million +13.6% -3.0% Benefiting from FX LFL* diversified geographical footprint and 1 (10) 367 industrial strategy 36 in Africa 331 11 (2) (1) -1.3% -0.7% +13.8% +176.1% EBITDA Europe Americas Asia-Med Africa Scope FX EBITDA H1 2025 H1 2026 *At con
Slide 8: US: Nascent volume recovery in California, continued growth in S-E
US: Nascent volume recovery in California, continued growth in S-E Quarterly cement volume evolution YoY Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Los Angeles fires 19% + Lebec Adverse weather Recovery 9% California impact underway Beverly Plaza Construction site Real Estate, mixed-used develo
Slide 9: Egypt: A strong profitability turnaround
Egypt: A strong profitability turnaround • Industry-leading cash-cost competitiveness • Logistics advantage with the proximity to El- Exports Arish port through the EUR million • Strong price realization across export markets Mediterranean 41.7% sea 9.0 37.3% 40.0% 9.0 27.7% 61 30.0% 9.0 • Exposure
Slide 10: Senegal: Kiln already delivering EBITDA uplift
Senegal: Kiln 6 already delivering EBITDA uplift +€23M YoY increase in cement EBITDA to €32m in H1 2026 Kiln 6 Kiln 5 driven by Kiln 6 monthly clinker production (kt) Kiln 3 & 4 production substituted 399 Clinker imports already substituted 259 270 283 Continued industrial ramp up Reaching 70% A
Slide 11: Senegal: Strong results in aggregates
Senegal: Strong results in aggregates 2 Largest aggregates quarry in the Group >3.5 Mt National market leader in basalt quarries Diack (basalt quarry) Annual capacity Quarterly aggregates volume sold & YoY evolution 1 200 +93% 100% +79% 80% Thiès 1 000 +55% +46% Dakar 60% +30% Preparatory works 40%
Slide 12: Cost headwinds persist, with energy costs to pick up in H2
Cost headwinds persist, with energy costs to pick up in H2 600.0Energy costs, incl. fuel (ex. transport) & power 25.0% Transport 100.0 related fuel costs 3.0% EUR million EUR million 90.0 500.0 20.0% 80.0 2.5% 70.0 400.0 15.8% 2.2% 2.2% 15.0% 60.0 2.1% 12.6% 2.0% 11.3% 50.0 2.0% 300.0 317 304 11.4%
Slide 13: Strong earnings momentum
Strong earnings momentum (€ million) H1 2026 H1 2025 Δ reported EBITDA 367 331 +10.8% Improvement vs H1 2025 Operating D&A and provisions -168 -162 -4.0% • FX gain related to the appreciation of certain cash positions Recurring EBIT 198 169 +17.3% • Decrease in average cost of gross debt after Net f
Slide 14: Investments and cash generation
Investments and cash generation H1 2026 CAPITAL EXPENDITURE NET H1 2026 FREE CASH FLOW €130M €(36)M vs €124M vs €44M in H1 2025 in H1 2025 Strict CAPEX discipline maintained Free Cash Flow reflects usual seasonality Stable YoY after significant decline in H1 2025 WCR increase driven by strong busine
Slide 15: On track to deliver another year of strong FCF generation
On track to deliver another year of strong FCF generation FCF seasonality, EUR million 373 324 44 (23) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec (36) 2026 2025 2024 15 H1 2026 RESULTS
Slide 16: A balanced debt structure & strong liquidity
A balanced debt structure & strong liquidity GROSS DEBT BREAKDOWN DEBT MATURITY PROFILE AT END OF JUNE, 2026 unhedged EUR million, incl. IFRS16 debt floating rate 17% 600 Fixed rate 1.8bn 500 108 185 45% € 400 38% 300 hedged floating rate 200 425 151 354 243 100 3.78 79 147 AVERAGE 101 INTEREST 0 25
Slide 17: Climate performance
Climate performance DIRECT CO2 SPECIFIC EMISSIONS kg of CO2 net / ton of cement equivalent GROUP Strong progress in France +1.1% YoY +5pts Alternative Fuel Rate, YoY 576 572 575 497 479 466 497 EUROPE 430 With 3 plants > 80% AFR -4.5% 2024 2025 June 26 2030 target YoY Créchy, Xeuilley & Montalieu AL
Slide 18: Catch4climate: Creating the basis for a large-scale application of CO2 capture
Catch4climate: Creating the basis for a large-scale application of CO2 capture 2nd generation Oxycombustion (oxyfuel) Clinker is produced with pure oxygen (O2) instead of ambient air (O2 + N2) producing concentrated CO₂ exhaust gases for easier & cheaper capture ~25–35% Carbon capture investment red
Slide 19: Acceleration in AI with the acquisition of Araïko
Acceleration in AI with the acquisition of Araïko Founded in 2019, Araïko is a start-up that supports industrial companies in integrating generative AI, multi-agent systems, and data science to facilitate knowledge sharing across organizations Expertises + Expertises Generative Agentic Machine Real
Slide 20: 2026 guidance upgraded
2026 guidance upgraded SALES Previously: slight growth on a like-for-like basis EBITDA Previously: slight growth on a like-for-like basis CAPEX net Unchanged 20 H1 2026 RESULTS
Slide 21: Group priorities
Group priorities 1 2 3 (1.49x at end 2025) 21 H1 2026 RESULTS
Slide 22: 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 22 H1 2026 RESULTS
Slide 23: Q&A
Q&A Build together, live together H1 2026 RESULTS
Slide 24: Back up slides
Back up slides 24 H1 2026 RESULTS
Slide 25: Sales & EBITDA regional breakdown
Sales & EBITDA regional breakdown H1 2026 Revenue H1 2026 EBITDA 0 11% 15% 42% 2.0bn 367M 38% 41% 48% € € 23% 23% 52% 58% 25% 25% Europe Americas Asia-Med Africa Emerging markets 25 H1 2026 RESULTS
Slide 26: Sales & EBITDA breakdown by activity
Sales & EBITDA breakdown by activity OTHERS CEMENT CONCRETE AGGREGATES PRODUCTS & H1 2026 Revenue H1 2026 EBITDA SERVICES France 10% 4% Switzerland 18% Italy €2.0bn €367M USA 54% Brazil 36% India 78% Kazakhstan Turkey Egypt Cement Concrete & Aggregates Others Products & Services Senegal +7.2% +4.5%
Slide 27: Strong momentum in Q2
Strong momentum in Q2 EUR million +12.7% -1.7% LFL* FX +12.7% 1200 27 5 1114 LFL* sales 1100 999 11 16 73 (17) growth in Q2 1000 900 800 +2.5% +6.4% +33.7% +30.3% 700 600 FX headwinds 500 Sales Europe Americas Asia-Med Africa Scope FX Sales eased in Q2 vs. Q1 Q2 2025 Q2 2026 *At constant scope and e
Slide 28: FX headwinds in H1 2026
FX headwinds in H1 2026 €1 = H1 2026 H1 2025 Change Current average average (%) [27/07/2026] Headwinds eased in Q2 vs. Q1 Swiss Franc 0.92 0.94 -2.5% 0.93 = US dollar 1.17 1.09 +6.7% 1.14 FX is expected to Brazilian real 6.01 6.29 -4.4% 5.82 remain a headwind in H2 Indian rupee 108.62 94.16 +15.4% 1
Slide 29: 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 30: Europe: stabilization supported by solid pricing
Europe: stabilization supported by solid pricing SALES (EUR M) EBITDA (EUR M) 836 +0.9% LFL* +1.6% reported 138 -1.3% LFL* -0.4% reported • Cement volumes slightly down amid • Concrete & Aggregates: stable progressive residential market activity, prices offset volumes FRANCE landing • Negative opera
Slide 31: Americas: recovery in USA, sustained momentum in Brazil
Americas: recovery in USA, sustained momentum in Brazil SALES (EUR M) EBITDA (EUR M) 499 +7.0% LFL* +7.3% reported 90 -0.7% LFL* -1.9% reported • Cement volumes improved: recovery • Pricing broadly stable ahead of in California (favorable base effect) increases expected from summer and continued gro
Slide 32: Asia-Mediterranean: strong LFL growth, FX headwinds
Asia-Mediterranean: strong LFL growth, FX headwinds SALES (EUR M) EBITDA (EUR M) 474 +27.7% +14.0% LFL* reported 83 +13.8% LFL* +2.8% reported • Volume growth moderated in Q2; prices • Higher energy costs, temporary broadly stable YoY, up sequentially drop in substitution rate at Bharati INDIA • Sof
Slide 33: Africa: Group's leading EBITDA growth driver in H1
Africa: Group’s leading EBITDA growth driver in H1 SALES (EUR M) EBITDA (EUR M) 227 +26.2% +25.5% LFL* reported 56 +176.1% +174.3% LFL* reported • Cement: volumes slightly up • Strong profitability increase • Recovery in cement prices supported by ramp-up of kiln 6, SENEGAL • Aggregates: strong volu
Slide 34: Cash Flow
Cash Flow (€ million) H1 2026 H2 2025 H1 2025 H2 2024 H1 2024 Operating cash flow 302 339 270 366 293 Change in working capital (180) 127 (87) 158 (116) Net cash flows from operating activities 122 467 182 524 176 Industrials investments net of disposals (130) (175) (124) (134) (186) Financial inves
Slide 35: Shareholding structure as of 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% 44,900,000 Soparfi 26.9% shares outstanding Public 34.4% Treasury stock 0.8% 35 H1 2026 RESULTS
Slide 36: Stock liquidity: continued improvement
Stock liquidity: continued improvement Average daily turnover (€) 5.5 Average daily turnover 16 000 000 X H1 2026 vs. H1 2024 14 000 000 12 000 000 2.9 10 000 000 Average daily volume 8 000 000 X H1 2026 vs. H1 2024 6 000 000 4 000 000 12M 2 000 000 Average daily turnover 0 € in H1 2026 Lit (Euronex
Slide 37: Calendar & information Contact
Calendar & information Contact www.vicat.com 4 Rue Aristide Berges Les Trois Vallons 38080 L’Isle-d’Abeau FRANCE Pierre Pedrosa, Head of Investor Relations relations.investisseurs@vicat.fr Tel :+33 6 73 25 98 06 37 H1 2026 RESULTS
Slide 38: H1 2026 RESULTS
38 H1 2026 RESULTS