Cementir Holding (CEM) Q1 2025 earnings summary

Executive summary

• Q1 2025 results were stable and aligned with management expectations, with non-GAAP revenue up 0.9% to €370.5M and non-GAAP EBITDA up 0.5% to €69.7M, despite lower cement volumes and significant FX headwinds in Turkey and Egypt.

• Profit before taxes declined sharply, mainly due to the absence of prior year extraordinary FX gains and lower net financial income.

• Cement volumes fell 6.2% year-on-year, mainly due to Türkiye's export ban to Israel; ready-mix volumes rose 2.1%, aggregates were flat.

• Net cash position improved to €143.2M, up over €66M year-on-year, after dividends and extraordinary investments.

• The group maintained its investment grade BBB- rating and continued to receive top ESG recognitions.

Financial highlights

• Revenue: €370.5M (+0.9% YoY non-GAAP); EBITDA: €69.7M (+0.5% YoY non-GAAP); EBIT: €37.2M (-5.9% YoY non-GAAP).

• EBITDA margin stable at 18.8% (non-GAAP); EBIT margin at 10.1%.

• Profit before taxes: €39.7M (-38.1% YoY non-GAAP); net financial income fell to €2.5M from €24.6M.

• Net cash: €143.2M (vs. €76.6M in Q1 2024); net capital employed: €1,713.5M; total equity: €1,856.7M.

• Return on Equity: 10.5%; Return on Capital Employed: 15.1%.

Outlook and guidance

• 2025 guidance confirmed: revenue ~€1.75B, EBITDA ~€415M, net cash ~€410M, CapEx ~€98M, with €14M for sustainability projects.

• Guidance excludes extraordinary items and negative impacts from geopolitical shocks.

• No new external financing expected due to strong cash generation; stable R&D and workforce.

• Management expects a mild pickup in consumption from May, especially in Scandinavia.