Half Year 2026 Vicat SA Earnings Call Transcript
Key Points
- Organic sales growth of 10.8% driven by stabilization in Europe, recovery in the US, and acceleration in emerging countries.
- EBITDA increased 13.6% like-for-like to EUR367 million, with strong contributions from emerging markets.
- Upgraded full-year 2026 guidance to 7%-9% like-for-like growth in both sales and EBITDA.
- Senegal's Kiln 6 ramp-up significantly improved industrial performance and profitability, adding EUR23 million to cement EBITDA.
- Egypt delivered an outstanding EBITDA margin of 41.7%, driven by strong export momentum and domestic demand.
- Energy costs increased 11.6% in H1, with further acceleration expected in H2, pressuring profitability.
- Foreign exchange remained a significant headwind, with a minus 3.7% impact on reported sales.
- Europe EBITDA declined 1.3% like-for-like due to low volumes in France and rising costs.
- US profitability was affected by a negative price-cost differential and exceptionally high maintenance costs at Ragland.
- Free cash flow was negative EUR36 million in H1 due to working capital outflows from strong revenue growth and seasonality.
Welcome to the Vicat 2026 half year results presentation. (Operator Instructions)
Now, I will hand the conference over to Hugues Chomel, Deputy CEO and Group CFO; and Pierre Pedrosa, Head of Investor Relations. Please go ahead.
Good afternoon, ladies and gentlemen. Welcome to the Vicat first half 2026 result presentation. I am Hugues Chomel, Deputy CEO and CFO of the Vicat Group. I'm joined today by Pierre Pedrosa, Head of Investor Relations.
On slide 2, as a preliminary remark, we would like to draw your attention to the fact that the forward-looking information presented here reflects our current assessment of expected trends across the group's markets and should not be regarded as forecast.
Let me start with the key highlights of the first half on slide 3. In an international environment that remains complex, the group delivered strong results. Organic sales growth reached 10.8%, driven by the stabilization in Europe, recovery in the United States, and
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