Vicat raises its annual target after a 10.2% increase in third-quarter revenue, as Europe declines
On November 5, 2026, Vicat published third-quarter revenue of €1,087 million, up 10.2% at constant scope and exchange rates and up 9.6% as reported. This growth is driven by emerging countries and the United States, while Europe, the group's largest region for the quarter, declined by 2.9%.
The cement maker raised its 2026 revenue growth target, which is now between 8% and 10% at constant scope and exchange rates, compared with 7% to 9% previously. However, it maintained its EBITDA growth target, still set between 7% and 9% on the same basis.
Emerging markets and the United States offset the European decline
For the quarter, the Asia-Mediterranean zone (India, Kazakhstan, Turkey, Egypt) generated revenue of €301 million, up 27.6% at constant scope and exchange rates. The depreciation of the Turkish and Egyptian lira and the Indian rupee subtracted 9.1 points, reducing the reported increase to 18.5%.
Africa grew 26.6% at constant scope and exchange rates, to €105 million, driven by Senegal and Mali.
In the Americas (€283 million), growth of 8.7% at constant scope and exchange rates was supplemented by a positive currency effect and by the contribution of the Brazilian company Realmix, consolidated in September 2025, resulting in a reported increase of 15.4%.
Europe (France, Switzerland, Italy), by contrast, declined 2.9% to €398 million, whereas it had fallen only 0.4% over nine months at constant scope and exchange rates. The decline in the zone therefore intensified in the third quarter.
In France, volumes decreased in a market that the group describes as "still sluggish," as the summer heatwave disrupted construction site activity. Switzerland was also affected by unfavorable weather conditions.
Cement drives growth, through both volumes and prices
Consolidated revenue from the Cement business rose 12.9% as reported in the third quarter, with volumes up 5.9%. Cement prices increased in all of the group's geographic zones, except in the United States and India, where prices remained weak during the third quarter; in India, a price increase of 4% to 5% was applied from mid-October.
Differences between countries remain pronounced. At constant scope and exchange rates, operating cement revenue rose 38.9% in Turkey, in a context of hyperinflation, while it grew 29.8% in Kazakhstan and 21.9% in India.
In the United States, operating cement revenue increased 5.5% at constant scope and exchange rates, with volumes driven by non-residential demand and data centers outweighing a slight erosion in prices. The group indicates that profitability there remains penalized by an unfavorable price-cost gap.
The Concrete & Aggregates business grew 6.4% as reported, with concrete volumes remaining broadly stable. Other Products & Services gained 3.9%, supported by transport, whose rates are indexed to fuel.
Among emerging countries, Mauritania was the only one to decline, with operating cement revenue down 17.3% following interruptions in electricity supply.
A raised sales target and an unchanged EBITDA target
Over nine months, revenue reached €3,124 million, up 10.6% at constant scope and exchange rates and up 8.6% as reported. Management is relying on this level of activity to raise its annual sales target, while confirming net industrial capital expenditure of approximately €290 million.
The group specified that EBITDA growth should be more moderate in the second half than in the first. It cited a less favorable base effect in Brazil, Turkey, Egypt and aggregates in Senegal, as well as higher energy costs and maintenance costs that remained high in certain geographies.
Vicat also entered into exclusive negotiations on October 1, 2026, with a view to acquiring the ready-mix concrete and aggregates business of CEMEX in southeastern France, comprising 48 concrete plants and 9 quarries. Completion is expected before December 31, 2026, subject to approval from the French Competition Authority.
On November 3, the group also launched a Schuldschein-type private placement with an initial amount of €100 million, in two tranches of 3 and 5 years. Taking into account the planned acquisition, it targets a financial leverage ratio of between 1.3x and 1.5x for 2026-2027.
The publication thus combines sales driven by emerging markets and the United States with a declining Europe, and a raised revenue target with an unchanged EBITDA target.
