Vicat delivers robust Q1 performance driven by Americas and Africa
French cement manufacturer Vicat reported revenue of 922 million euros for the first quarter of 2026. Despite currency headwinds, the group posted solid organic growth and adjusted its geographical organization to support its 2026 strategic ambitions.
Vicat started 2026 on a solid footing, with consolidated revenue up +8.5% on a like-for-like (LFL) basis. On a reported basis, the increase was more moderate at +4.1%, hampered by an unfavorable currency effect of 52 million euros. This depreciation notably reflects the weakness of the US dollar, the Turkish and Egyptian pounds, and the Indian rupee against the euro.
Chairman and CEO Guy Sidos highlighted the 'relevance of the group's growth model', which relies on a strategic balance between developed markets and emerging economies.
Regional analysis: American recovery and emerging market surge
Quarterly performance varied by region but was generally trended upward.
In the Americas (+7.7% LFL), a clear rebound was recorded, particularly in the United States where volumes are picking up in California. The non-residential segment shows signs of recovery, driven by demand from data centers in the Southeast. In Brazil, the integration of Realmix is also supporting growth.
Africa (+22.2% LFL) was the most dynamic region. In Senegal, Vicat benefited from the ramp-up of Kiln 6 and demand linked to major infrastructure projects, such as the Ndayane port.
In Asia-Mediterranean (+21.2% LFL), volume growth was strong, particularly in India and Turkey, although largely masked in reported figures by hyperinflation and the slump in local currencies.
Finally, in Europe (-0.9% LFL), activity stabilized. In France, while volumes were penalized by weather conditions and the electoral context, price increases offset the rise in electricity and carbon costs.
AI and new segmentation: Vicat prepares for the future
The year marks an organizational turning point with a new geographical segmentation structured around 4 hubs (Europe, Americas, Asia-Mediterranean, and Africa) to better reflect managerial synergies.
On the operational front, the group is leveraging artificial intelligence to optimize production costs. Advanced discussions are underway with a specialized start-up to strengthen the expertise of the group's 'Digital Factory'.
Outlook confirmed
Subject to no escalation of the conflict in the Middle East, Vicat confirms its 2026 targets: moderate growth in revenue and EBITDA (LFL), net industrial capital expenditure of approximately 290 million euros, and targeted deleveraging with a leverage ratio less than or equal to 1.0x by the end of 2027. Finally, the group maintains its ambition for an EBITDA margin equal to or greater than 20% over the 2025-2027 period.
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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