Vicat has posted mixed but resilient H1 results to 30 June 2025: revenue was flat LFL (+0.2%) at €1.89bn, despite an unfavourable currency effect: on a reported basis, revenue declined 2.7%.

EBITDA fell by 2% on a comparable basis (-6.3% on a reported basis) to €331m, affected by the French, Indian and US markets, while net income attributable to the group came in at €102m (+3.1% on a comparable basis, +1.1% on a reported basis), supported by a continuing favorable price/cost effect. EPS came in at €2.28, compared with €2.33 a year earlier (-2.1% as reported).

Free cash flow returned to positive territory at €44m (compared with -€23m in 2024), thanks to lower net industrial investments, while net debt fell by €190m y-o-y to €1,375m, bringing its financial leverage ratio down to 1.81x.

In an uncertain geopolitical environment that is reducing economic visibility, the group's H1 results demonstrate the resilience of our model, which is based on a balance between developed and emerging countries, management said, notably pointing to growth drivers such as the start-up of furnace 6 in Senegal, the merger of VPI with Cermix, and the acquisition of Realmix in Brazil.

Vicat is adjusting its 2025 EBITDA target to growth of +2% to +5% (LFL), and is still aiming for leverage of 1.3x at end-2025.