First-quarter 2026 revenue reached 922 million euros, up 8.5% on a like-for-like basis (+4.1% reported), beating both Oddo BHF's expectations and the consensus (895 million euros) by 3%.
'By business line, activity volumes appear particularly well-oriented for Aggregates (+12.3%) and Cement (+6.2%), while remaining stable for Concrete (+0.4%)', the analyst noted.
Oddo BHF also points out that Vicat still anticipates moderate growth in revenue and EBITDA on a like-for-like basis for 2026 (following +2.3% LFL / -1.3% reported in 2024).
'The consensus is looking for revenue growth of 4.1% LFL and EBITDA of 793 million euros'.
Oddo BHF maintains its Outperform rating with a price target of 97 euros.
The analyst believes that the situation in the Middle East could continue to weigh on the share price, despite a first quarter that came in better than expected.
Vicat specializes in the production and marketing of cement, ready-to-use concrete granulates. Net sales by family of product break down as follows:
- cement (53.1%): 28.9 Mt sold in 2025;
- ready-to-use concrete and aggregates (36.9%): 9.5 million m3 of ready-to-use concrete and 25 Mt of aggregates sold.
The remaining net sales (10%) are from transporting materials and merchandise to large work sites, prefabricated concrete products, and fabrication of building products (glues, coatings, etc.) and paper.
At the end of 2025, the group owns 278 concrete plants, 68 granulate quarries, 17 cement plants, and 5 crushing centers worldwide.
Net sales are distributed geographically as follows: France (31.1%), Europe (11.5%), the Americas (24.5%), Mediterranean (13.3%), Asia (10.2%) and Africa (9.4%).
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