Slide 1: Q3 2025 Results
Q3 2025 € 4 November 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: 9M 2025 Highlights
9M 2025 Highlights 4.9% in Q3 1.3x SALES + lfl* growth (%) > with an acceleration in EBITDA (previously 1.3x) Europe, Asia and Med. Regions +2% to +5% to reflect VAIA project has been strong FX impact selected by EU lfl* growth +1.8% in 9M & one-off items Innovation Fund 3 *Constant scope and exchan
Slide 4: Significant FX headwinds
Growth accelerates in Q3 with Europe, Asia and Med. regions (€ million) % of Sales Q3 2025 Q3 2024 Δ Δ reported reported LFL* 16% France 29% 288 285 +1.1% -4.6% Med. region Share of Group sales Europe 12% 121 111 +9.7% +7.9% +3pp YoY Americas 25% 246 262 -6.2% -1.6% Asia 10% 97 103 -5.9% +6.5% Medit
Slide 5: 9M sales bridge: positive price momentum with Volume & FX headwinds
9M sales bridge: positive price momentum with Volume & FX headwinds EUR million 2 968 2 916 80 -28 -147 2 878 57 9M 2024 Volume Price (LFL*) 9M 2025 (LFL) FX Scope 9M 2025 5 *Constant scope and exchange rates Q3 2025 SALES
Slide 6: Main FX risk is exposure to conversion effect
Main FX risk is exposure to conversion effect Group exposure to currency Operations conducted in local 2% currency 2% 10% 10% 3% 4% 26% 31% 10% 6% Only monetary flows (operational FY 2024 FY 2024 & financial) are hedged 6% Revenue 8% EBITDA 7% Mainly related to fuel purchases 9% in USD 19% 10% 40% 2
Slide 7: France: volume stabilization in Q3
France: volume stabilization in Q3 Sustained lower interest rates Expectation of a slight cement Underlying residential needs YoY quarterly cement volume evolution volume Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 recovery -0.2% throughout TELT Lyon-Turin -3.4% project ramp up -7.
Slide 8: France: Securing long term electricity supply
France: Securing long term electricity supply Signature of a long-term contract with EDF for low-carbon electricity supply Nuclear Production Allocation Contract (CAPN) will replace ARENH framework in 2026 Projected electricity consumption mix for France in 2026 CAPN 70% 30% Spot with the possibilit
Slide 9: Senegal: kiln is ramping up
Senegal: kiln 6 is ramping up 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 ton/year savings Kiln 4 Annual cement capacity Kiln 5 Kiln 5 1.5m ton/year Temporary shut down with r
Slide 10: Deleveraging priority confirmed
Deleveraging priority confirmed 3 000 We expect to reach a leverage 3.00 2.75x above 1.3x for 2025-end (previously 1.3x) 2 500 This change reflects: 2.50 • FX impact on EBITDA & FCF 2.16x 2.13x • One-off items in H2 with limited 2 000 1.92x impact 2.00 EUR million, incl. IFRS16 debt 1.58x 1 500 >1.3
Slide 11: 2025 guidance
2025 guidance SALES EBITDA CAPEX net CAPITAL ALLOCATION 11 Q3 2025 SALES
Slide 12: Group priorities
Group priorities 1 2 3 (1.58x at end 2024) 12 Q3 2025 SALES
Slide 13: 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 France & US Senegal as a cost driver 13 Q3 2025 SALES
Slide 14: Q&A
Q&A Q3 2025 SALES
Slide 15: Back up slides
Back up slides Q3 2025 SALES
Slide 16: Q3 sales bridge: Volume & price tailwinds in quarter
Q3 sales bridge: Volume & price tailwinds in quarter EUR million 1 027 35 -54 992 979 13 19 Q3 2024 Volume Price (LFL*) Q3 2025 (LFL) FX Scope Q3 2025 16 *Constant scope and exchange rates Q3 2025 SALES
Slide 17: 9M lfl growth: acceleration in Q3 after a flat H1
9M lfl growth: acceleration in Q3 after a flat H1 (€ million) % of Sales 9M 2025 9M 2024 Δ Δ 1.8% reported reported LFL* France 31% 897 879 +2.0% -4.1% + Europe 12% 336 307 +9.4% +7.4% organic sales Americas 25% 711 756 -5.9% -1.5% growth Asia 11% 301 345 -12.9% -5.5% Mediterranean 13% 369 343 +7.7%
Slide 18: France: stabilizing in still-weak residential environment
France: stabilizing in still-weak residential environment Q3 9M 25 SALES (MEUR) 25 SALES (MEUR) +1.1% +2.0% 288 -4.6% lfl* 897 -4.1% lfl* FRANCE Cement volumes stabilized, at a low Concrete & Aggregates volumes point, some signs of market recovery continued to decrease due to residential; emerging s
Slide 19: Europe: strong momentum in Swiss market
Europe: strong momentum in Swiss market Q3 9M 25 SALES (MEUR) 25 SALES (MEUR) +9.7% +9.4% 121 +7.9% lfl* 336 +7.4% lfl* SWITZERLAND ITALY Cement: market continues to recover Sharp drop in volumes in a stable-price with success of our low-carbon offering environment (Progresso) Infrastructure demand
Slide 20: Americas: Brazil up, U.S. lower vs record 2024
Americas: Brazil up, U.S. lower vs record 2024 Q3 9M 25 SALES (MEUR) 25 SALES (MEUR) -6.2% -5.9% 246 -1.6% lfl* 711 -1.5% lfl* UNITED STATES BRAZIL California slowdown only partly offset by Continued cement volume and price South-east volume growth; Cement growth; Realmix consolidation prices broadl
Slide 21: Asia: recovery in India with FX headwind
Asia: recovery in India with FX headwind Q3 9M 25 SALES (MEUR) 25 SALES (MEUR) -5.9% -12.9% 97 +6.5% lfl* 301 -5.5% lfl* INDIA KAZAKHSTAN Volumes rebound in Q3 driven Stable volume growth in Q3 with by Maharashtra (Mumbai market) domestic demand up & exports down Temporary slowdown in Sept. after GS
Slide 22: Mediterranean: strong momentum
Mediterranean: strong momentum Q3 Exer. 9M 25 23 SALES (MEUR) 25 SALES (MEUR) +22.2% +7.7% 157 +43.2% lfl* 369 +34.0% lfl* TURKEY EGYPT Sustained market recovery driven by Export momentum and domestic government-led infrastructure and post- rebound in Q3 driving volumes higher earthquake reconstruct
Slide 23: Africa: Kiln ramp-up in Senegal
Africa: Kiln 6 ramp-up in Senegal Q3 Exer. 9M 25 23 SALES (MEUR) 25 SALES (MEUR) -7.1% -7.7% 83 -6.5% lfl* 264 -7.4% lfl* SENEGAL MALI & MAURITANIA New competitor pressured cement Mali: logistics & power issues lead to prices with volumes increasing slightly in sharp drop in volumes Q3; Kiln 6 is ra
Slide 24: 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 24 Q3 2025 SALES
Slide 25: = Build
= Build ee, slopether, aN together be 35%