Vicat SA
PAR:VCT
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Vicat SA
Vicat SA, a venerable name in the construction materials industry, traces its roots all the way back to 1853. Founded by Joseph Vicat, the company emerged as a pioneer in the production of artificial cement, a groundbreaking advancement that would fundamentally transform building practices. With its headquarters nestled in France, Vicat expanded its vision beyond local borders and now operates across five continents. The company’s core business revolves around manufacturing three principal products: cement, ready-mixed concrete, and aggregates. Cement, the staple product that has given life to Vicat's global presence, acts as a critical binding agent in construction, driving much of its revenue. The company ensures a seamless production chain, from mining raw materials to delivering finished cement, maintaining control over quality and production efficiency.
Beyond cement, Vicat has diversified its portfolio to include ready-mixed concrete and aggregates, adding layers to its revenue structure. Ready-mixed concrete provides builders with a convenient solution, ensuring the precise mixture of materials tailored for a variety of construction projects, and opening avenues for Vicat to capture value directly at construction sites. Meanwhile, aggregates—crushed stone, gravel, and sand—serve as basic materials in construction projects, making Vicat an indispensable partner to infrastructure developments and urban expansion. By investing in innovation and maintaining rigorous environmental standards, Vicat positions itself not only as a leader in traditional building materials but also as a forward-thinking entity prepared to meet the demands of sustainable construction in the modern era. This combination of historical legacy and contemporary adaptation marks Vicat as a prominent figure in its field, aligned with industry needs and future-ready ambitions.
Vicat SA, a venerable name in the construction materials industry, traces its roots all the way back to 1853. Founded by Joseph Vicat, the company emerged as a pioneer in the production of artificial cement, a groundbreaking advancement that would fundamentally transform building practices. With its headquarters nestled in France, Vicat expanded its vision beyond local borders and now operates across five continents. The company’s core business revolves around manufacturing three principal products: cement, ready-mixed concrete, and aggregates. Cement, the staple product that has given life to Vicat's global presence, acts as a critical binding agent in construction, driving much of its revenue. The company ensures a seamless production chain, from mining raw materials to delivering finished cement, maintaining control over quality and production efficiency.
Beyond cement, Vicat has diversified its portfolio to include ready-mixed concrete and aggregates, adding layers to its revenue structure. Ready-mixed concrete provides builders with a convenient solution, ensuring the precise mixture of materials tailored for a variety of construction projects, and opening avenues for Vicat to capture value directly at construction sites. Meanwhile, aggregates—crushed stone, gravel, and sand—serve as basic materials in construction projects, making Vicat an indispensable partner to infrastructure developments and urban expansion. By investing in innovation and maintaining rigorous environmental standards, Vicat positions itself not only as a leader in traditional building materials but also as a forward-thinking entity prepared to meet the demands of sustainable construction in the modern era. This combination of historical legacy and contemporary adaptation marks Vicat as a prominent figure in its field, aligned with industry needs and future-ready ambitions.
Record EBITDA: Vicat achieved its best ever EBITDA of EUR 783 million in 2024, with organic growth of over 10% and margin back above 20%.
Cash Generation: Free cash flow surged to EUR 373 million, up 26% year-on-year, resulting in a strong conversion rate and free cash flow yield of almost 20%.
Debt Reduction: The leverage ratio dropped to 1.58x at year-end, with a target to reach 1.3x by end-2025 and below 1x by 2027.
Market Performance: Strong growth in the US and recovery in Egypt offset a historic downturn in France and pressure in India.
Climate Progress: Continued reduction in CO2 emissions intensity and increased use of alternative fuels, with a substitution rate now at 36% aiming for 50% by 2030.
2025 Outlook: Targets for low single-digit EBITDA growth, net capex of EUR 280 million, further debt reduction, and maintaining at least a 20% EBITDA margin.
Dividend: A dividend of EUR 2 per share proposed, equivalent to a 5% yield.
