Vicat (VCT) Q1 2026 TU earnings summary

Executive summary

• Q1 2026 sales grew 8.5% like-for-like and 4.1% reported to €922 million, driven by price increases in Europe, volume recovery in the US, and strong momentum in emerging markets.

• All four geographic regions contributed to growth, with particularly strong performances in Asia-Mediterranean and Africa.

• New geographic segmentation was introduced in 2026 to better reflect business trends and internal organization.

• Unfavorable FX effects, especially from USD, TRY, INR, and EGP, reduced reported growth.

Financial highlights

• Organic sales growth reached 8.5% year-over-year; reported sales up 4.1% to €922 million, with a -5.9% FX impact and +1.4% scope effect.

• Cement volumes rose 6.2% year-over-year; aggregates volumes increased 12.3%; concrete volumes stable (+0.4%).

• Price and volume momentum contributed positively, but FX movements, especially USD, TRY, and INR depreciation, negatively impacted results.

• Recent acquisitions contributed a 1.4% positive scope effect.

Outlook and guidance

• Full-year 2026 guidance confirmed: slight like-for-like growth expected in both sales and EBITDA; net industrial CapEx projected at around €290 million.

• Medium-term priorities include net debt reduction (leverage ratio at or below 1.0x by end-2027) and maintaining an EBITDA margin of at least 20% for 2025-2027.

• Guidance is subject to no significant escalation or prolonged Middle East conflict, given potential energy and macroeconomic impacts.

• Outlook remains cautious due to macroeconomic and geopolitical uncertainties, especially regarding energy costs and the Middle East conflict.