Vicat reported solid first-half 2026 results, with sales up 10.8% like-for-like and 8.0% on a reported basis, alongside EBITDA growth of 13.6% like-for-like and 10.8% on a reported basis. The Group also upgraded its full-year 2026 guidance and highlighted the inauguration and commissioning of the Catch4climate facility, its pilot project for second-generation oxyfuel technology.

Guy Sidos, Group Chairman and Chief Executive Officer, said the Group delivered solid results driven by price increases in almost all geographies, a confirmed recovery in volumes in the United States, and strong momentum in emerging countries. He added that kiln 6 in Senegal is already contributing significantly to industrial performance and profitability, and said the results demonstrate the resilience of Vicat’s growth model. Sidos also said artificial intelligence is becoming an important value creation driver, supporting operational efficiency, cost reduction and the acceleration of the Group’s decarbonization roadmap.

The consolidated financial statements for the first half of 2026 were approved by the Board of Directors on 27 July 2026. Limited review procedures have been completed, and the auditors issued their report on 29 July 2026 without qualification or observation.

First-half activity

Vicat’s consolidated sales reached €2,036 million in the first half of 2026, up 10.8% on a like-for-like basis. On a reported basis, sales rose 8.0%, including a negative exchange-rate effect of €69 million, or 3.7%, mainly due to the depreciation of the US dollar, Indian rupee, Turkish lira and Egyptian pound. That impact was partly offset by a positive contribution from the Brazilian real and Swiss franc. The Group also recorded a consolidation scope effect of €18 million, or 0.9%, mainly from the integration of Realmix in Brazil from September 2025.

The period was marked by stabilization in Europe, supported by favorable pricing trends, as well as a clear recovery in volumes in the United States. Activity improved significantly across emerging countries, driven by momentum in Brazil, the Mediterranean region and Africa. In the second quarter of 2026, consolidated sales rose 12.7% like-for-like and 11.5% on a reported basis, after 8.5% like-for-like growth in the first quarter. Growth accelerated notably in Asia-Mediterranean and Africa. June also benefited from a catch-up effect after adverse calendar comparisons in May related to the timing of Eid celebrations in several Muslim countries and fewer working days in Europe.

All business segments contributed positively to sales growth in the first half:

• Cement: Consolidated sales rose 9.1%, supported by higher volumes and prices. The performance reflected recovery in the United States, strong momentum in emerging markets, particularly India, Turkey and Africa, and stabilization in Europe. Cement prices increased across all Group geographies except the United States, where increases were postponed to the summer. In Europe, price increases were introduced at the beginning of the year, and in May an energy surcharge was applied in France to offset inflation linked to the conflict in the Middle East.
• Concrete & Aggregates: Sales increased 7.7%. Concrete volumes rose, driven by the Americas, especially the Southeast of the United States and Brazil, where Realmix contributed to growth, as well as Turkey. That increase was partly offset by a decline in France. Aggregate volumes rose sharply, with strong momentum in Senegal and Turkey. Prices for concrete and aggregates remained generally well oriented.
• Other Products & Services: Sales increased 3.7%, reflecting strong performance in Transport and Vicat Matériaux Formulés in construction chemicals in France, as well as a recovery in Switzerland’s Rail business.

EBITDA and profitability

EBITDA reached €367 million in the first half of 2026, up 13.6% like-for-like. The performance was driven by strong contributions from emerging markets, especially Africa, Brazil, Egypt and Kazakhstan, which more than offset declines in the United States and India, while Europe remained resilient. Improved performance in Senegal was one of the main contributors to earnings growth.

On a reported basis, EBITDA increased 10.8%, including an unfavorable exchange-rate impact of €10 million and a €1 million scope effect. The EBITDA margin improved to 18.0%, up 0.5 percentage point from the first half of 2025.

The increase in EBITDA was supported by volume growth and price increases across all Group geographies except the United States, used to offset higher costs, particularly energy costs:

• The volume effect was positive at €33 million, supported by strong cement volume growth in Africa, Turkey and India, recovery in the United States, and a sharp rise in aggregates volumes in Senegal.
• The price effect contributed €140 million, thanks to price increases implemented in Europe and in emerging markets.
• Costs increased by €134 million. Energy costs rose 11.6% over the period, mainly because of higher volumes. Excluding volume effects, the increase was more moderate thanks to the Group’s hedging strategy, although cement plant energy costs are expected to become more visible in the second half. Transport fuel costs rose 27.3% to €45 million, largely offset by contractual indexation clauses and price increases. Maintenance costs increased because of the timing of annual shutdowns in Turkey and particularly high maintenance expenses at Ragland in the United States; these effects are expected to normalize in the second half. Payroll costs also increased, reflecting higher average headcount, which reached 10,428 employees at end-June 2026, up 269 year-on-year, notably because of Realmix in Brazil.

Industrial performance in the Cement business improved over the period, with kiln 6 reducing the Group’s cost base. Recurring EBIT reached €198 million, up 17.3% on a reported basis and 20.3% like-for-like, with the margin improving by 70 basis points.

Net income and financial structure

Net financial expense was €17 million in the first half of 2026, improving by €11 million compared with the first half of 2025. The improvement reflected higher other financial income and expenses, including a foreign-exchange gain linked to appreciation of certain cash positions, as well as a lower average cost of gross debt after hedging, which fell to 3.78% at 30 June 2026 from 3.90% a year earlier.

Tax expense increased by €6 million year on year, mainly because pre-tax income was higher. The effective tax rate was 26.1%, compared with 26.5% at 30 June 2025. The decline was partly explained by the absence of an exceptional tax contribution in France in 2026, which had existed in 2025, and by a lower corporate income tax rate in Turkey.

Consolidated net income reached €133 million, up 17.7% like-for-like and 15.0% on a reported basis. The net margin was 6.5%, up 40 basis points. Net income, Group share, rose 16.9% like-for-like and 14.7% on a reported basis.

Regional performance

Europe

In Europe, covering France, Switzerland and Italy, activity posted modest growth in the first half. Volumes fell slightly in France as the residential market continued its soft landing, while volumes in Switzerland were stable against a particularly strong first half of 2025. Prices continued to rise, reflecting the inclusion of CO₂ costs and higher electricity costs in France following the end of the ARENH scheme. The region therefore showed strong resilience, and the appreciation of the Swiss franc also supported performance.

In France, Cement sales rose 1.4% in the first half, while EBITDA fell 1.7% because of negative operating leverage from lower volumes. Concrete & Aggregates sales declined 1.0%, with price increases partly offsetting lower volumes linked mainly to unfavorable weather in the first quarter. EBITDA was stable, up 0.7%. Other Products & Services sales rose 5.5% on a reported basis, supported by Transport and Vicat Matériaux Formulés, while EBITDA fell 5.2%.

In Switzerland, Cement sales increased 1.3% like-for-like and 3.9% on a reported basis, helped by the stronger Swiss franc. EBITDA rose 5.8% on a reported basis. Concrete & Aggregates sales were stable like-for-like, while EBITDA declined 13.3% like-for-like because of a less favorable mix tied to lower landfill volumes. Other Products & Services sales rose 3.1% like-for-like, and EBITDA increased 9.7%.

In Italy, operational sales rose 8.3% in the first half, driven by a strong increase in cement volumes in the second quarter after the launch of a highway project in Sardinia. EBITDA increased 11.8% due to strict cost control.

Americas

In the United States, Cement volumes improved in the first half after a mixed 2025, supported by a rebound in California and continued growth in the Southeast. California benefited from a favorable base effect after last year’s Los Angeles fires and adverse weather, while the non-residential segment recovered across the market, supported in the Southeast by data-center demand. Residential activity remained subdued because interest rates stayed high. Operational sales for Cement rose 8.4% like-for-like and 1.6% on a reported basis, while EBITDA declined 7.5% like-for-like and 13.3% reported, reflecting negative price/cost spreads and exceptionally high maintenance costs at Ragland.

US Concrete sales rose 3.9% like-for-like, supported by volume growth in the Southeast. On a reported basis, sales fell 2.6% because of the weaker dollar. EBITDA declined 42.8% on a reported basis because of higher input costs, especially aggregates.

In Brazil, Cement activity got off to a strong start, driven by solid commercial performance in the Midwest. Realmix, consolidated since September 2025, was the main contributor to cement volume growth in the first half. Vicat continued to prioritize margins over volume. Cement prices rose significantly, helped by carry-over from last year’s increases and a further hike in April to offset energy inflation. Cement operational sales rose 15.1% like-for-like and 20.4% reported, while EBITDA increased 25.2% like-for-like and 31.0% reported.

Brazilian Concrete & Aggregates activity also grew, supported by Realmix and by higher prices. Operational sales rose 10.7% like-for-like and 53.0% reported, while EBITDA increased 71.7% like-for-like and 91.5% reported.

Asia-Mediterranean

In India, Cement volumes grew at a slower pace in the second quarter after a particularly strong first quarter. Pricing remained stable year on year despite a price increase in April. Demand weakened in southern states because of local elections and high temperatures, while the Mumbai market improved. Operational sales rose 13.7% like-for-like but fell 1.4% on a reported basis because of the weaker rupee. EBITDA declined 9.3% like-for-like and 21.3% reported, mainly because of higher energy costs and a temporary drop in the alternative fuel rate at the Bharathi plant.

In Kazakhstan, prices increased thanks to hikes implemented in 2025 and additional increases introduced this year to offset higher energy costs. Volumes fell in the first half because of temporary logistical bottlenecks. Operational sales rose 19.0% like-for-like and 17.4% reported, while EBITDA increased sharply on a reported basis.

In Turkey, Cement activity accelerated in the second quarter after a solid first quarter. Volume growth was supported by domestic demand in Central Anatolia and by the redeployment of domestic capacity toward export markets, notably Syria. Selling prices continued to rise to offset hyperinflation and production cost inflation. Cement operational sales rose 58.3% like-for-like and 39.4% reported. EBITDA increased 16.0% like-for-like and 2.2% reported, with the performance mainly affected by higher energy costs and maintenance timing differences.

Turkey’s Concrete & Aggregates business saw operational sales rise 51.3% like-for-like and 33.3% reported, but EBITDA dropped sharply as price increases only partially offset inflation in wages, energy and cement. The company said this should improve in the second half as pricing and volumes rise.

In Egypt, Cement activity benefited from strong domestic demand and very favorable pricing, especially in exports. Domestic activity accelerated in the second quarter, helped by public-sector demand and the first phase of the Cairo Monorail. Local prices remained well oriented thanks to carry-over from 2025 increases, though the comparison base is expected to become less favorable in the second half. Exports continued to benefit from a highly favorable pricing environment, although volumes slowed because of logistical disruptions linked indirectly to the geopolitical situation in the Middle East. Operational sales rose 18.1% like-for-like and 10.6% reported, while EBITDA increased 30.8% reported.

Africa

In Senegal, the Cement business benefited from a more favorable environment from the start of the year. Volumes increased from the first half of 2025, and domestic prices recovered after rises at the start of the year, offsetting 2025 price erosion and expected energy inflation. Cement operational sales rose 7.8%, while EBITDA increased 247.1%, supported by a lower cost base thanks to kiln 6 and higher selling prices. Vicat said the new facility is already producing very positive results, although some operating parameters still need to be optimized before it reaches full nominal performance.

Senegal’s Aggregates sales rose 82.9%, driven by stronger volumes and supported by major infrastructure projects, notably the Port of Ndayane south of Dakar and several highway projects. Prices also increased, leading to a sharp improvement in EBITDA.

In Mali, Cement business recovery continued despite a volatile political and security environment. Volumes rose significantly after logistics adjustments improved clinker supply in a market with limited domestic clinker availability. Selling prices also increased. Cement operational sales rose 88.7%, and EBITDA increased 259.8%, though visibility remains very limited.

In Mauritania, Cement operational sales rose 15.9% on a reported basis and EBITDA increased 12.2%.

Cash flow, capex and balance sheet

Net capital expenditure in the first half of 2026 totaled €130 million, broadly in line with €124 million in the first half of 2025. The figure included strategic growth investments, notably spending on kiln 6 in Senegal and land acquisitions in Turkey and India intended to support future development.

Free cash flow was negative €36 million, compared with positive €44 million a year earlier. Vicat said free cash flow generation is highly seasonal, with a larger contribution from EBITDA in the second half and improved working capital requirements toward year-end. The first-half working capital change reflected higher business activity, the annual seasonal peak and fuel cost inflation. The Group said it remains confident in its ability to generate strong free cash flow in 2026, helped by controlled net capital expenditure.

As of 30 June 2026, Vicat said its financial structure remained robust, with a high level of shareholders’ equity and a €48 million year-on-year reduction in net debt. The leverage ratio was 1.65x, compared with 1.81x a year earlier. The Group had €578 million in undrawn confirmed credit lines, excluding liquidity-risk hedging on NEU CP, compared with €678 million at 30 June 2025.

Climate performance and recent highlights

At the end of June 2026, Vicat’s climate performance was affected by a temporary increase in specific emissions in the United States and India and by an unfavorable geographic mix. Improvements in Europe, particularly in France, and in Senegal, helped offset the decline only partially.

In France, the alternative fuel rate exceeded 73%, up 5 points year on year. Three of the Group’s five cement plants in France—Créchy, Xeuilley and Montalieu—now have alternative fuel rates above 80%. The clinker rate in France also fell 2 points, helped by the commercial success of the DECA range. Vicat and Paprec also inaugurated ALTèreNATIVE, a waste treatment unit capable of producing 50,000 tons of refuse-derived fuel per year from non-recyclable waste. The facility will supply alternative fuels to the Vicat cement plant in La Grave-de-Peille, Alpes-Maritimes.

In the United States, the alternative fuel rate fell temporarily after unplanned maintenance shutdowns at Ragland. In India, it declined because of temporary quality issues with waste used as alternative fuels. Changes in the Group’s geographic sales mix, including exports in Egypt and higher volumes in Mumbai and the United States, also limited the decline in the clinker rate in the first half.

On 16 June 2026, Vicat announced the acquisition of Araïko, a start-up specializing in artificial intelligence applied to industry. Vicat said the deal strengthens its digital factory, le1817, and accelerates the deployment of AI solutions within the Group. Founded in 2019, Araïko helps industrial small and mid-sized companies integrate generative AI, multi-agent systems and data science to improve operational performance and knowledge sharing. The two entities employ 42 people and cover the industrial value chain from process optimization to organizational transformation.

On 8 July 2026, Vicat and its partners inaugurated and commissioned the Catch4climate facility in Mergelstetten, Germany. The project is jointly led by Buzzi, Heidelberg Materials, Schwenk Zement and Vicat through the CI4C research company. With investment of more than €120 million, the facility is the world’s first research and development center dedicated to second-generation oxycombustion carbon capture technology, or Pure Oxyfuel, developed by Thyssenkrupp Polysius. The demonstrator is designed to validate the technical, operational and economic conditions for large-scale deployment in the cement industry. By using pure oxygen instead of air in clinker production, the technology generates a highly concentrated CO₂ stream intended to make capture easier and to lower the cost of carbon capture, utilization and storage.

2026 outlook

In a macroeconomic and geopolitical environment marked by persistent uncertainty, Vicat said its strong first-half results allow it to raise its full-year 2026 targets. The Group said the guidance assumes no further significant deterioration in the Middle East conflict, given its potential impact on activity.

For 2026, Vicat now expects:

• Sales growth of 7% to 9% on a like-for-like basis, versus previous guidance for slight growth.
• EBITDA growth of 7% to 9% on a like-for-like basis, versus previous guidance for slight growth.
• Net capital expenditure of around €290 million, unchanged.

The Group said second-half growth is expected to be more moderate because of tougher comparisons in Brazil, Turkey and Egypt, as well as in Senegal’s Aggregates business.

Vicat also reaffirmed its medium-term priorities: continued net debt reduction, with leverage at or below 1.0x by year-end 2027, subject to possible bolt-on acquisitions in existing geographies, and an EBITDA margin of at least 20% over the 2025-2027 period.

For the rest of 2026, Vicat expects the residential market in France to continue its soft landing, while Switzerland should keep recovering on the back of solid economic fundamentals and very low interest rates. In the United States, visibility remains limited, with any recovery in residential construction likely dependent on lower mortgage rates. The company said emerging markets should remain well oriented despite negative exchange-rate effects, particularly in Asia-Mediterranean. It expects continued growth in Egypt, resilient momentum in Turkey, limited visibility in Brazil ahead of the October 2026 elections, and low visibility in India, where prices are expected to remain volatile. Senegal is expected to benefit from a full year of kiln 6 and continued momentum in Aggregates, albeit against a less favorable comparison base.

Vicat will hold an English-language conference call on 30 July 2026 at 3 pm Paris time, 2 pm in London and 9 am in New York. The call will be webcast on the company’s website, and a recording will be made available immediately afterward.