Solid Revenue Expansion Across Global Markets
Vicat announced financial results for the first half of 2026 that demonstrate consistent revenue expansion across its international operations. The company reported consolidated sales reaching €2,036 million during this period. This figure represents an increase compared to the previous year's performance in H1 2025, when consolidated sales stood at €1,885 million.
When analyzing these figures on a like-for-like basis, which accounts for constant scope and exchange rates, Vicat recorded a growth rate of +10.8%. On a reported basis that includes the effects of foreign currency fluctuations and changes in business volume or geography, sales increased by 8.0%.
Group Chairman and Chief Executive Officer Guy Sidos provided commentary on these figures during an earnings release dated July 29, 2026. He attributed a significant portion of this performance to price increases implemented across almost all geographies where the company operates. Additionally, he highlighted the recovery in volumes specifically within the United States market as a key driver for the reported results.
The executive noted that momentum has accelerated significantly in emerging countries during this reporting period. Sidos stated that these combined factors have allowed Vicat to deliver solid results despite an ongoing backdrop of geopolitical uncertainty. He emphasized that the company’s growth model, which is built on a balanced presence across developed and emerging markets, illustrates resilience.
Specific operational assets contributed to this performance. The new kiln 6 in Senegal began contributing significantly to industrial performance and profitability during H1 2026. This facility represents part of the company’s broader strategy to maintain a balanced portfolio that mitigates risks associated with regional instability.
Profitability Metrics and EBITDA Performance
Vicat reported strong growth in its earnings before interest, taxes, depreciation, and amortization. The group recorded an EBITDA of €367 million for the first half of 2026. This represents a year-over-year increase from €331 million posted in H1 2025.
On a like-for-like basis, EBITDA grew by +13.6%. On a reported basis, including currency and scope adjustments, the growth was recorded at +10.8%.
The company’s profit margins also improved during this period. The consolidated sales margin rose to 18.0%, up from 17.5% in the previous year. This improvement of 0.5 percentage points reflects favorable pricing momentum across most geographies, which helped offset initial impacts from rising energy costs.
Recurring EBIT increased by €198 million on a reported basis and grew by +20.3% like-for-like compared to the prior year’s figures of €169 million. The recurring margin improved to 9.7%, an increase from 9.0%. Consolidated net income totaled €133 million, reflecting a growth rate of +15.0% on a reported basis and +17.7% like-for-like against the previous year’s consolidated net income of €116 million.
Net income attributable to the Group reached €117 million for H1 2026, marking an increase of +14.7% on a reported basis and +16.9% like-for-like compared to the prior period’s result of €102 million.
Diluted earnings per share were calculated at €2.60 for H1 2026, an increase from €2.27 recorded in the same period last year. This represents a growth rate of +14.5% on a like-for-like basis.
Cash Flow Dynamics and Strategic Climate Initiatives
Free cash flow for H1 2026 was negative at -€36 million, compared to positive free cash flow of €44 million in the first half of 2025. This shift reflects capital expenditure requirements associated with ongoing expansion projects and operational investments.
In addition to financial performance, Vicat highlighted its climate initiatives during this reporting period. The company inaugurated and commissioned its Catch4climate facility on June 30, 2026. This project serves as a pilot for second-generation oxyfuel technology aimed at reducing carbon emissions associated with cement production.
The release accompanying the financial results noted that favorable pricing momentum in almost all geographies helped offset rising energy costs during this period. The company’s ability to maintain profitability while investing in low-carbon technologies underscores its dual focus on immediate financial performance and long-term sustainability goals.
Updated Financial Outlook
Vicat has upgraded its full-year 2026 guidance based on the results observed during H1. The company’s management team cited the combination of volume recovery in mature markets, price increases, and strong momentum in emerging nations as justification for this revision.