While Vicat's reported consolidated sales declined by 0.8 per cent to EUR3854m in 2025 from EUR3884m in 2024, on a like-for-like (lfl) basis they increased 3.3 per cent YoY. Sales were affected by unfavourable exchange rate effects of -EUR242m (-6.2 per cent) due to the depreciation of the Turkish lira, the Egyptian pound, the US dollar, the Indian rupee and the Brazilian real against the euro, as well as a EUR82m (+2.1 per cent) consolidation scope effect, reflecting the full-year integration of Cermix into the company's construction chemicals business and the integration of Realmix in Brazil from September onwards. 

EBITDA was down 1.6 per cent to EUR771m from EUR783m in 2024, but up 3.7 per cent lfl. As a result, the EBITDA margin slipped to 20 per cent from 20.2 per cent. 

Recurring EBIT fell 2.7 per cent YoY to EUR445m in 2025 from EUR457m while increasing four per cent on a lfl basis. The corresponding margin came in slightly lower at 11.5 per cent when compared with 11.8 per cent in 2024. 

However, consolidated net income increased by 5.7 per cent on a reported basis and by 11.9 per cent lfl to EUR307m in 2025 from EUR290m in 2024. The group's share of net income reached EUR275m from EUR273m, up 0.8 per cent YoY (reported) and six per cent lfl. 

The company also reduced its net debt by EUR85m by the end of the year.

Geographical breakdown 
In 2025 Vicat’s business was marked by a stabilisation of cement volumes in France at the end of the year at a historically low level, a sustained recovery in Switzerland throughout the year, as well as a slowdown in the US market. Emerging countries reported a marked improvement in their activity, particularly in Brazil and the Mediterranean region. Trends in Africa and Asia were more mixed. 

Consolidated sales in France were up 3.5 per cent YoY to EUR1198m, but fell 2.6 per cent YoY on a lfl basis. Sales in the rest of Europe increased 7.9 per cent (+6.3 per cent lfl) to EUR443m in 2025 while those in the Americas fell six per cent (two per cent lfl) to EUR943m. Sales in Asia fell 10.5 per cent (-1.5 per cent lfl) and in Africa the decline was 3.3 per cent (-2.9 per cent lfl) to EUR363m. In the Mediterranean, sales edged up 3.3 per cent (+34.4 per cent lfl) YoY to EUR514m.

Guy Sidos, Vicat's chairman and CEO, commented on the results: “In a complex international environment characterised by headwinds and adverse exchange rate effects, the group delivered solid results in 2025, following a record year in 2024. This performance underscores the resilience of our business model, which is built on a balanced presence across developed and emerging markets, as well as a local-to-local approach. It also demonstrates the importance of the long-term vision of our corporate strategy, and the unwavering commitment of our employees across 12 countries. In 2025, the group achieved strong free cash flow generation for the third consecutive year and continued the disciplined execution of its roadmap, with an EBITDA margin of 20 per cent, a significant reduction in net debt, and further progress on decarbonisation. In this respect, the progress made toward obtaining European and French subsidies for VAIA, our flagship carbon capture project in France, marks an important milestone. The outlook for 2026 is positive, underpinned by the ramp-up of kiln 6 in Senegal, the integration of Realmix in Brazil, the TELT project and the first signs of a gradual recovery in France.”