Slides
Page 1
€ Q3 2025 Hugues Chomel Deputy CEO & Group CFO Pierre Pedrosa Head of Investor Relations 4 November 2025
Page 2
30 April 2025 • This presentation may contain forward-looking statements. Such forward-looking statements do not constitute forecasts regarding results or any other performance indicator, but rather trends or targets ; • These statements are by their nature subject to risks and uncertainties as described in the Company’s annual report available on its website (www.vicat.com). These statements do not reflect the future performance of the Company, which may differ significantly. The Company does not undertake to provide updates of these statements ; • In this presentation, and unless indicated otherwise, all changes are based on 2025 figures by comparison with the same period of 2024, and are at constant scope and exchange rates ; • Further information about Vicat is available from its website (www.vicat.com). DisclaimerDisclaimer 2
Page 3
Q3 2025 SALES 9M 2025 Highlights 3 +4.9% in Q3 with an acceleration in Europe, Asia and Med. Regions +1.8% in 9M VAIA project has been selected by EU Innovation Fund *Constant scope and exchange rates SALES lfl* growth (%) EBITDA +2% to +5% lfl* growth > 1.3x (previously 1.3x) to reflect strong FX impact & one-off items
Page 4
Q3 2025 SALES Growth accelerates in Q3 with Europe, Asia and Med. regions 4 Significant FX headwinds incl. USD, TRY & INR depreciation against EUR (€ million) % of Sales reported Q3 2025 Q3 2024 Δ reported Δ LFL* France 29% 288 285 +1.1% -4.6% Europe 12% 121 111 +9.7% +7.9% Americas 25% 246 262 -6.2% -1.6% Asia 10% 97 103 -5.9% +6.5% Mediterranean 16% 157 129 +22.2% +43.2% Africa 8% 83 89 -7.1% -6.5% Total 100% 992 979 +1.4% +4.9% *Constant scope and exchange rates Med. region Share of Group sales16% +3pp YoY
Page 5
Q3 2025 SALES -28 80 -147 57 2 916 2 968 2 878 9M 2024 Volume Price 9M 2025 (LFL) FX Scope 9M 2025 9M sales bridge: positive price momentum with Volume & FX headwinds EUR million *Constant scope and exchange rates5 (LFL*)
Page 6
Q3 2025 SALES 26% 7% 13%24% 8% 6% 4% 10% 2% Main FX risk is exposure to conversion effect Q3 2025 RESULTS 6 31% 9% 10%19% 6% 10% 3% 10% 2% 40% in EUR denominated currency FY 2024 Revenue EUR CHF USD BRLEUR peg TRY EGP INR Others Hyperinflation country FY 2024 EBITDA Main FX risk is exposure to conversion effect Operations conducted in local currency Only monetary flows (operational & financial) are hedged Mainly related to fuel purchases in USD Hedges help smooth volatility, but do not eliminate currency exposure Pricing strategy: aim to pass through inflation, incl. imported inflation Group exposure to currency Q3 2025 SALES 33% in EUR denominated currency
Page 7
Q3 2025 SALES France: volume stabilization in Q3 7 Expectation of a slight cement volume recovery throughout 2026 YoY quarterly cement volume evolution -16.2% -13.8% -7.1% -8.4% -6.3% -3.4% -0.2% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Sustained lower interest rates Underlying residential needs Increasing demand for low carbon cement TELT Lyon-Turin project ramp up Volume stabilization in Q3 Q3 2025 SALES
Page 8
Q3 2025 SALES France: Securing long term electricity supply 8 Q3 2025 SALES Projected electricity consumption mix for France in 2026 CAPN Spot with the possibility to hedge Signature of a long-term contract with EDF for low-carbon electricity supply Nuclear Production Allocation Contract (CAPN) will replace ARENH framework in 2026 70% 30%
Page 9
Q3 2025 SALES 11 30 127 102 June July August September Senegal: kiln 6 is ramping up Substituting clinker imports and kilns 3 & 4 production to improve cost base Kiln 3 Kiln 4 Kiln 5 Kiln 6 Annual clinker imports (~300-400kt) Kiln 5 Temporary shut down with restart capability for clinker production or adaptation into calcined clay Annual cement capacity 3.0m ton/year Annual cement capacity 1.5m ton/year €20/ton Cost savings Q3 2025 RESULTS Ongoing industrial ramp up Monthly clinker production (kt) 9
Page 10
Q3 2025 SALES 1 202 1 318 1 567 1 422 1 237 2.16x 2.13x 2.75x 1.92x 1.58x >1.3x <1.0x 0.00 0.50 1.00 1.50 2.00 2.50 3.00 0 500 1 000 1 500 2 000 2 500 3 000 2020 2021 2022 2023 2024 2025 2026 2027 Net Debt Leverage (ND/EBITDA) Deleveraging priority confirmed 10 EUR million, incl. IFRS16 debt We expect to reach a leverage above 1.3x for 2025-end (previously 1.3x) This change reflects: • FX impact on EBITDA & FCF • One-off items in H2 with limited impact
Page 11
Q3 2025 SALES 2025 guidance SALES CAPEX net EBITDA CAPITAL ALLOCATION 11
Page 12
Q3 2025 SALES Group priorities 12 1 2 3 (1.58x at end 2024)
Page 13
Q3 2025 SALES Mid-term growth catalyts step up Residential volume recovery in France & US 13 New kiln in Senegal as a cost driver TELT railway infrastructure project in France Opportunities in Mediterranean region Q3 2025 SALES
Page 14
Q3 2025 SALES Q&A Q3 2025 SALES
Page 15
Q3 2025 SALES Back up slides Q3 2025 SALES
Page 16
Q3 2025 SALES Q3 sales bridge: Volume & price tailwinds in quarter 13 35 -54 19979 1 027 992 Q3 2024 Volume Price Q3 2025 (LFL) FX Scope Q3 2025 EUR million *Constant scope and exchange rates (LFL*)(LFL*) 16
Page 17
Q3 2025 SALES 9M lfl growth: acceleration in Q3 after a flat H1 17 Significant FX headwinds incl. USD, TRY & INR depreciation against EUR (€ million) % of Sales reported 9M 2025 9M 2024 Δ reported Δ LFL* France 31% 897 879 +2.0% -4.1% Europe 12% 336 307 +9.4% +7.4% Americas 25% 711 756 -5.9% -1.5% Asia 11% 301 345 -12.9% -5.5% Mediterranean 13% 369 343 +7.7% +34.0% Africa 9% 264 285 -7.7% -7.4% Total 100% 2 877 2 916 -1.3% +1.8% *Constant scope and exchange rates +1.8% organic sales growth
Page 18
Q3 2025 SALES France: stabilizing in still-weak residential environment 288 SALES (MEUR) +1.1% -4.6% lfl* 897 SALES (MEUR) +2.0% -4.1% lfl* 9M 25 *At constant scope and exchange rates Cement volumes stabilized, at a low point, some signs of market recovery emerging 18 Q3 25 FRANCE Public transportation project - Nancy Momentum in road binders and contribution of major construction projects in the Paris region The first boring machine commissioned in the TELT (Lyon-Turin) to drive cement consumption Concrete & Aggregates volumes continued to decrease due to residential; slight price improvement in concrete Integration of Cermix lifted Construction Chemicals revenue (VPI)
Page 19
Q3 2025 SALES Construction site of a bridge, with the Péry cement plant behind *At constant scope and exchange rates19 121 SALES (MEUR) +9.7% +7.9% lfl* 336 SALES (MEUR) +9.4% +7.4% lfl* SWITZERLAND ITALY Europe: strong momentum in Swiss market Q3 25 9M 25 Cement: market continues to recover with success of our low-carbon offering (Progresso) Infrastructure demand supported by the start of Gléresse tunnel works Strong momentum in aggregates business with landfill activity Sharp drop in volumes in a stable-price environment
Page 20
Q3 2025 SALES Americas: Brazil up, U.S. lower vs record 2024 Realmix trucks in a customer contruction work *At constant scope and exchange rates20 246 SALES (MEUR) -6.2% -1.6% lfl* 711 SALES (MEUR) -5.9% -1.5% lfl* UNITED STATES BRAZIL Q3 25 9M 25 California slowdown only partly offset by South-east volume growth; Cement prices broadly stable Concrete volumes down after loss of one major customer in CA Strong FX headwinds from weaker USD Continued cement volume and price growth; Realmix consolidation strengthens vertical integration model FX impact offset part of gains Concrete & Aggregates up double digit organically, thanks to strong commercial momentum
Page 21
Q3 2025 SALES Asia: recovery in India with FX headwind *At constant scope and exchange rates Bharati cement plant 21 97 SALES (MEUR) -5.9% +6.5% lfl* 301 SALES (MEUR) -12.9% -5.5% lfl* INDIA KAZAKHSTAN Q3 25 9M 25 Volumes rebound in Q3 driven by Maharashtra (Mumbai market) Temporary slowdown in Sept. after GST cut announcement Prices stable sequentially Stable volume growth in Q3 with domestic demand up & exports down Prices rise to offset energy costs
Page 22
Q3 2025 SALES Mediterranean: strong momentum Exer. 23 *At constant scope and exchange rates22 157 SALES (MEUR) +22.2% +43.2% lfl* 369 SALES (MEUR) +7.7% +34.0% lfl* TURKEY EGYPT The Grand Egyptian Museum, Cairo Q3 25 9M 25 Sustained market recovery driven by government-led infrastructure and post- earthquake reconstruction Volumes up from market share gains as Turkish overcapacity shifts to exports Price rises to offset inflation Export momentum and domestic rebound in Q3 driving volumes higher Prices trend upwards YoY
Page 23
Q3 2025 SALES Africa: Kiln 6 ramp-up in Senegal *At constant scope and exchange rates23 SENEGAL MALI & MAURITANIA Ndayane port, Construction work, Senegal Exer. 23 83 SALES (MEUR) -7.1% -6.5% lfl* 264 SALES (MEUR) -7.7% -7.4% lfl* Q3 25 9M 25 New competitor pressured cement prices with volumes increasing slightly in Q3; Kiln 6 is ramping up to reach nominal capacity in the coming months Aggregates momentum accelerating with major public works restart (Port of Ndayane) Mali: logistics & power issues lead to sharp drop in volumes Stable activity in Mauritania
Page 24
Q3 2025 SALES Calendar & information Contact www.vicat.com 4 Rue Aristide Berges Les Trois Vallons 38080 Isle-d’Abeau FRANCE Pierre Pedrosa, Head of Investor Relations relations.investisseurs@vicat.fr Tel :+33 6 73 25 98 06 24