Cementir Holding (CEM) investor relations material

Executive summary

• 2025 revenue reached €1.639–1.64 billion, down 2.8% year-over-year, mainly due to currency depreciation, especially the Turkish lira.

• EBITDA rose 7.9% to €439.5 million, with non-GAAP EBITDA up 15.3% to €460.2 million, supported by €52 million in non-recurring gains from disposals and insurance proceeds.

• Net cash improved to €465.1 million, up €174.6–175 million year-over-year, driven by strong cash generation and asset disposals.

• The company maintained a BBB- credit rating with a stable outlook and received top ESG ratings, including CDP A List and inclusion in major sustainability rankings.

• 2025 marked a year of consolidation, with an optimized industrial footprint and higher profitability despite currency headwinds.

Financial highlights

• Non-GAAP revenue was €1.644 billion (-0.3% year-over-year), with a €97 million negative FX impact.

• Non-GAAP EBITDA reached €460.2 million (+15.3% year-over-year), including €52 million in non-recurring gains.

• Profit before taxes was €286.3 million (+0.5% year-over-year); non-GAAP profit before taxes was €325 million (+10.1% year-over-year).

• ROCE improved by 280 bps to 19.5%.

• Cement volumes up 3.1%, aggregates up 3.4%, ready-mix concrete down 4.8%.

Outlook and guidance

• 2026 revenue is guided to rise ~5% to €1.7 billion (pro forma, excluding Kars Çimento), with EBITDA expected between €400–420 million and net cash at €590 million.

• By 2028, revenue target is €1.95 billion (CAGR 6–7%), EBITDA target €460 million (CAGR 4.7%), and net cash ~€800 million.

• Dividend payout ratio expected to be 20–25% of earnings, with progressive growth.

• Cumulative capex for 2026–2028 is €386 million, with €77 million for sustainability and €16 million for CCS.