Vicat: Revenue Up 8.5% in Q1 2026, Driven by Pricing and California
Cement group Vicat recorded a revenue of 922 million euros in the first quarter of 2026, marking an 8.5% increase at constant scope and exchange rates. This performance largely relies on price increases implemented in Europe to offset rising energy costs, as well as a rebound in volumes in the United States, particularly in California. Despite this initial strength, the group faces ongoing challenges: limited visibility in the American market, unfavorable exchange rate effects in emerging zones, and geopolitical uncertainties that could impact energy costs.
Europe and United States: Price Stabilization and Temporary Rebound
In Europe, consolidated revenue shows a slight increase, supported by a favorable pricing dynamic. In France, the cement activity progresses despite reduced volumes, hampered by unfavorable weather conditions and the electoral context. Price increases aim to compensate for the rise in electricity costs due to the end of the regulated ARENH tariff and the integration of CO2 costs. In Switzerland, after a very dynamic 2025, cement activity stabilizes, with a slight decrease in volumes offset by tariff progression.
In the United States, the first quarter saw a significant rebound in volumes in California, supported by a favorable base effect (the first quarter of 2025 was affected by the Los Angeles fires). The group also notes the first signs of recovery in the non-residential segment, particularly in the Southeast with demand linked to data centers. However, residential activity remains sluggish in a context of high interest rates. The pricing environment remains generally stable, with increases expected from the summer.
Emerging Countries: Volumetric Growth Offset by Exchange Rate Effects
Emerging countries record a noticeable improvement in their performance. In Brazil, cement activity continues its strong progression supported by demand in the Central-West region and the contribution of Realmix. Prices continue to rise. In India, growth results from an increase in volumes at constant prices, particularly driven by the Southern states. In Turkey, performance benefits from a favorable comparison base and well-oriented domestic demand in central Anatolia.
However, exchange rate effects have again impacted performance: significant depreciation of the Turkish and Egyptian liras and the Indian rupee against the euro. In published terms, these impacts add to the weakness of the American dollar, which continues to reduce the translation of results into euros. The Africa zone records strong progression, particularly in Senegal thanks to major infrastructure projects and the ramp-up of kiln 6, while in Mali the rebound remains fragile in an unpredictable operational environment.
Confirmation of Annual Targets Subject to Geopolitical Conditions
The group confirms its targets for 2026: moderate growth in revenue at constant scope and exchange rates, moderate growth in EBITDA at constant scope and exchange rates, and net industrial investments of around 290 million euros. This confirmation is subject to a specific condition: the absence of significant escalation and prolongation of the conflict in the Middle East. The group notes that this conflict could affect energy costs and the macroeconomic context, although it currently benefits from systematic hedging policies adapted to each of its markets to cushion volatility. Additionally, the group is accelerating the integration of artificial intelligence through a Digital Factory (1817) and is in advanced discussions with a specialized startup to enhance its production cost optimization capabilities.
