par VM MATERIAUX (EPA:VMMA)
HERIGE: 2025 ANNUAL RESULTS
- Operating performance affected by contraction in volumes in a sector in crisis
- A robust and controlled financial structure
- Performance initiatives for profitable, sustainable growth to continue throughout 2026 to strategically position the Group for the gradual market recovery
HERIGE has released its audited results[1] for the 2025 financial year. The consolidated financial statements were examined by the Supervisory Board at its meeting of March 27, 2026.
| French GAAP – € million | 2024 reported | 2024[2] new scope | 2025 | Change new scope | |
| Turnover | 525.7 | 403.2 | 379.4 | -€23.8m | |
| EBITDA[3] | 19.2 | 20.0 | 14.9 | -€5.0m | |
| EBIT[4] | 1.9 | 5.2 | 0.1 | -€5.0m | |
| Net income (loss) (before capital gains on disposal) | (22.0) | (17.7) | (7.7) | +€10.0m | |
| Net income (loss) | 11.1[5] | 15.4 | (7.7) | -€23.1m |
Commenting on the Group's annual results for 2025, Benoît Hennaut, Chairman of the Executive Board of HERIGE Group, said: "Despite a difficult market environment, we were able to preserve a robust financial structure while continuing to invest to strengthen our competitiveness.
The performance actions carried out over 2024 and 2025 enable us to approach 2026 with confidence and agility, to seize the opportunities offered by the sector's gradual recovery, while remaining attentive to the possible impact of the geopolitical situation, particularly in the Middle East.
Our priority remains the continuous improvement of operating performance and our contribution to the environmental transition in the building sector, to prepare for the future and seize opportunities as soon as the sector recovers."
A challenging market environment
Notes to the income statement are based on the Group's new scope of consolidation unless otherwise stated .
In the context of a historic crisis in the construction market, HERIGE Industries posted turnover of €379.4 million for 2025, down 5.9% compared to 2024 (down 5.7% excluding the calendar effect). This trend reflects good overall resilience in a market which is still fragile.
In the context of declining volumes, HERIGE reported a gross margin of €194.0 million in 2025, down €13.3 million compared to 2024. The gross margin stood at 51.1%, a very slight contraction of 0.3 points on the previous period. This performance was underpinned by purchasing optimization initiatives and, by process improvements, notably the reuse of off-cuts, thus reducing raw materials requirements, as well as by the rollout of the construction-site offering in the joinery segment.
As a result, 2025 EBITDA totaled €14.9 million, down €5.0 million, representing an EBITDA margin of 3.9%, down 1.0 points on 2024.
HERIGE Industries' operating income for 2025 was €0.1 million (down €5.0 million compared to 2024). This decrease mainly reflects the strong decline in volumes, partially mitigated by the positive impacts of performance initiatives launched in 2024 and continued throughout 2025.
After taking into account a net financial loss of €0.3 million (-€1.1 million in 2024) and a non-recurring loss of €2.7 million including, as previously announced, restructuring costs linked to the Group's adaptation project (-€2.6 million), net loss for 2025 came to €7.7 million, compared to a net loss of €17.7 million in 2024 (excluding the one-off €33.1 million net capital gain on the disposal of the Building Materials Trading businesses).
A robust and controlled financial structure
Despite a challenging market, HERIGE Industries has maintained its organic investments in productivity and maintenance for a total of €15.5 million for the 2025 financial year.
At December 31, 2025, Group equity stood at €143.0 million. Net debt remained under control at €29.4 million, up slightly by €1.3 million compared to 2024. As a result, the net debt-to-equity ratio came out at 21% (compared to 19% in 2024), confirming the Group's solid financial structure.
Non-payment of the dividend in respect of 2025
Considering the current environment, the Executive Board will propose to the 2026 Annual General Meeting that no dividend be paid for the 2025 financial year, to maintain the Group's investment capacity and support its industrial ambitions.
Outlook and developments
The sector's recovery momentum is closely linked to the rebound in individual housing construction and to the implementation of structuring and sustainable measures - whether in terms of supporting energy renovation, simplifying regulations or stabilizing public schemes. In these conditions, short-term visibility remains limited.
Furthermore, the persistence of geopolitical tensions, particularly in the Middle East, is heightening uncertainty about growth and market conditions for 2026, due to the potential volatility of energy and raw material prices in the building sector.
At the same time, the Group is pursuing its strategy of modernization and capacity expansion in the precast concrete business, with a structuring investment of around €12 million dedicated to a new PPL plant, spread over three fiscal years (2025–2027). This project also contributes to the expansion of the product offering for urban and landscape development.
In this context, HERIGE Industries remains focused on its operating performance levers, consolidating its fundamentals and strategically positioning itself to take advantage of the market's gradual recovery.
NEXT PUBLICATION: 2026 Q1 turnover on May 5, 2026 (after the close of trading)
All our financial communications are available on our website: www.herige-industries.fr/en
ABOUT HERIGE
HERIGE Industries focuses on two sectors of the building industry: the Concrete Industry and Industrial Joinery. HERIGE is a multi-regional group of Vendée origin, with a workforce of nearly 1,700 employees, present in mainland France, Canada and overseas.
HERIGE is listed on Euronext Growth
Eligible for PEA/PME
Indices: EURONEXT FAMILY BUSINESS, EURONEXT GROWTH ALL SHARE, ENTERNEXT©PEA-PME 150
ISIN FR0000066540, Ticker: ALHRG, Reuters ALHRG.PA
CONTACTS
| HERIGE Industries Benoît Hennaut - Chairman of the Executive Board Caroline Lutinier – Head of Group Communications & CSR Tel.: +33 (0)2 51 08 08 20 Email: communication@groupe-herige.fr | ACTUS finance & communication Corinne Puissant - Analyst/Investor Relations Tel.: +33 (0)1 53 67 36 77 - Email: cpuissant@actus.fr Serena Boni - Press Relations Tel.: +33 (0)4 72 18 04 92 - Email: sboni@actus.fr |
[1] The Statutory Auditors have audited the consolidated financial statements and their report will be issued to coincide with the publication of the annual financial report.
[2] 2024 figures have been restated to reflect businesses sold in 2024 (VM, Cominex) and from VM Guadeloupe deconsolidated as of January 1, 2025
[3] EBITDA: operating income + net depreciation and amortization
[4] Before depreciation, amortization and impairment of goodwill.
[5] Including a net capital gain on disposal of €33.1 million