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Cementir Holding (CEM) investor relations material
Cementir Holding Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Macroeconomic uncertainty persists due to geopolitical and trade tensions, with US protectionist measures impacting global growth.
First nine months' results were broadly stable, with Q3 driving improved cement and aggregate volumes.
Revenue for the first nine months of 2025 was €1,232.4 million, up 0.4% year-over-year (non-GAAP), with EBITDA at €284.0 million, down 1.8% due to currency devaluation and non-recurring charges.
Profit before taxes declined 14.2% to €183.6 million, mainly due to lower net financial income and higher costs.
Net cash position improved to €198.5 million, up €118.6 million year-over-year.
Financial highlights
Revenue for the first nine months was €1,232.4 million (+0.4% yoy non-GAAP), with EBITDA at €284.0 million (-1.8% yoy non-GAAP), both impacted by currency effects and non-recurring charges.
At constant 2024 exchange rates, revenue would have increased 5.6% and EBITDA 2.6% year-over-year.
Operating costs rose 2.7% to €969.4 million, driven by inflation in Türkiye and higher production costs in Egypt and Belgium.
Non-GAAP EBITDA margin was 23.0% (vs. 23.6% prior year); EBIT margin was 14.9%.
Net financial result was negative €0.3 million, down from €18.1 million last year, mainly due to lower FX gains.
Outlook and guidance
2025 guidance confirmed: revenue ~€1.75 billion, EBITDA ~€415 million, net cash ~€410 million at year-end, excluding non-recurring items.
Planned investments for 2025 are €98 million, with €14 million allocated to sustainability.
No new external financing is expected due to strong cash generation.
Management expects 2026 to be better than 2025 in EBITDA and net financial position, with revenue outlook dependent on FX rates, especially in Egypt and Türkiye.
Guidance assumes no major geopolitical shocks or extraordinary events.
Currency impact on 9M 2025 EBITDA
Kars Cimento sale: What is the completion timeline?
ACCSION CCS project: Total funding secured?
Expected insurance compensation for Q4 guidance
Turkey Q3 margin drivers & export outlook
2026 EBITDA drivers, excluding FX impact
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Next Cementir Holding earnings date
Q4 202510 Mar, 2026
Next Cementir Holding earnings date
Q4 202510 Mar, 2026
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Frequently asked questions
Cementir Holding N.V. is active in the manufacturing and distribution of building materials, specializing in white cement. With its headquarters now in the Netherlands, the company operates in 18 countries across five continents, offering a diversified portfolio that includes grey cement, ready-mixed concrete, aggregates, and concrete products. Cementir is renowned for its innovative solutions in the building materials sector, serving customers in more than 70 countries. The company is the leading producer of cement in Denmark and of ready-mix concrete in Scandinavia, and it holds a significant position in the Turkish market as well. It also plays a crucial role in the processing of urban and industrial waste. The company is headquartered in Amsterdam, the Netherlands, and its shares are listed on the Borsa Italiana.
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