Half Year 2024 Vicat SA Earnings Call Transcript

Jul 26, 2024 / 01:00PM GMT

Release Date Price: €33.1 (-5.56%)

Transcript

Key Points

Positve

Vicat SA (SDCVF) achieved an organic growth of 4.8% in the first half of 2024, driven by strong market dynamics in the United States and emerging markets.
The company's EBITDA increased by 12.3% in the first six months, with significant contributions from the United States, India, and Egypt.
Vicat SA (SDCVF) reduced its carbon intensity by 3% year-on-year, aligning with its sustainability goals.
The company has a strategic focus on low-carbon solutions, with products like DECA and CARAT contributing to 14% of cement sales in France.
Vicat SA (SDCVF) is committed to deleveraging, aiming for a leverage ratio below 1.7 times by the end of 2024 and 1.3 times by 2025.

Negative

The residential market in France is experiencing a downturn, impacting revenue and posing challenges for future growth.
Despite progress, Vicat SA (SDCVF)'s EBITDA margin remains below 2021 levels, indicating room for improvement.
The company faces persistent inflationary pressures, particularly in energy and fixed costs, affecting overall profitability.
Free cash flow deteriorated to minus EUR23 million in the first half of 2024, compared to EUR61 million in the same period of 2023.
Vicat SA (SDCVF) is experiencing competitive pressures in Brazil, leading to a decline in cement business volume and EBITDA.

Operator

Hello, and welcome to the Vicat 2024 half-year results conference call. Please note this call is being recorded, and for the duration of the call, your lines will be on listen only. (Operator Instructions)

I will now hand you over to your host, Mr. Hugues Chomel, Deputy CEO and CFO of Vicat Group; and Pierre Pedrosa, Head of Investor Relations to begin today's conference. Thank you.

Hugues Chomel

Vicat SA - Deputy Chief Executive Officer - Finance Department

Good afternoon, ladies and gentlemen. I am Hugues Chomel, Deputy CEO and Chief Financial Officer of Vicat Group. With me today is Pierre Pedrosa, who is Head of Investor Relations. I will now be presenting to you for 2024 first half-year results. Before starting the presentation, please have a look at slide 2 where you can read our disclaimer regarding forward-looking statements that this presentation may contain. On slide 3, our presentation will be divided into the following five topics.

So let's begin with our highlights on slide 4. Powered by market dynamics in the United States and

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