Vicat Reports 3.3% Revenue Growth in 2025 and Confirms 20% EBITDA Margin
On Tuesday, the cement group Vicat released its annual results for 2025, showing a moderate revenue increase to EUR 3,854 million and a stable EBITDA margin of 20%, achieved in a complex international context marked by unfavorable exchange rate effects.
Financial Performance and Regional Highlights
Vicat Group recorded consolidated revenues of EUR 3,854 million in 2025, up by 3.3% on a constant scope and exchange rate basis. This growth accelerated progressively throughout the year, reaching 8.1% in the fourth quarter. On a reported basis, revenue saw a limited decline of 0.8%, impacted by unfavorable exchange rate effects. The Group's EBITDA amounted to EUR 771 million, up 3.7% on a constant scope and exchange rate basis, aligning with the guidance of 2% to 5% announced in July 2025. This performance stems from strong growth in the Mediterranean and Brazil, improvements in Switzerland and Africa, and stabilization in France, despite a significant slowdown in the United States. The EBITDA margin of the group stands at 20.0%, nearly stable compared to 2024. In reported terms, EBITDA shows a slight contraction of 1.6%, including an unfavorable exchange rate effect of EUR 46 million and a positive scope effect of EUR 4 million. The operating EBIT reached EUR 445 million, down 2.7% in 2025, with a margin contraction of 30 basis points.
Net Results and Financial Health
The consolidated net income reached EUR 307 million, up 11.9% on a constant scope and exchange rate basis and 5.7% on a reported basis. The net margin stands at 8.0%, progressing by 50 basis points. This improvement particularly reflects the decrease in the cost of net financial debt, improved by EUR 23 million due to the reduction in average debt volume and lower interest rates. The financial result amounted to EUR 55 million in 2025, improving by EUR 17 million compared to 2024. The apparent tax rate is set at 28.0%, significantly higher than in 2024 (24.7%), reflecting the increase in ordinary profit before tax and non-recurring items. For the third consecutive year, the group delivered strong free cash flow generation of EUR 324 million in 2025, down from EUR 373 million in 2024, mainly due to unfavorable exchange rate effects and non-recurring items in the second half. Net industrial investments disbursed amounted to EUR 299 million, down from EUR 320 million in 2024. Net financial debt decreased by EUR 85 million year-on-year, and the leverage ratio stood at 1.49x versus 1.58x as of December 31, 2024.
Climate Performance and Future Outlook
The group's climate performance in 2025 is characterized by progress across all indicators. The rate of alternative fuels, increasing for the fifth consecutive year, corresponds to 1.7 million tons of alternative fuels consumed, replacing 1.2 million tons of coal. In France, the reduction of the clinker factor below the 80% threshold and the increase in the substitution rate to over 70% contributed to the reduction of specific emissions in Europe. The VAIA project, awarded on February 12, 2026, the GPID grant by the French government, continues the public support obtained after being selected by the European Innovation Fund program in November 2025. In total, the group has been selected for EUR 340 million in grants for an estimated investment of EUR 700 million excluding grants. For the fiscal year 2025, the Board of Directors will propose to the next general meeting a dividend of EUR 2.0 per share, stable compared to 2024 and implying a yield of 2.6%. Vicat Group stands out with a stable and predictable distribution policy, its dividend having never been lowered over the past 30 years.
