Cementir Holding (CEM) Q1 2025 earnings summary

Executive summary

• Q1 2025 results were stable and aligned with management expectations, with modest revenue growth and stable EBITDA despite lower cement volumes and significant FX headwinds in Turkey and Egypt.

• Non-GAAP revenue increased 0.9% year-on-year to €370.5M, and non-GAAP EBITDA rose 0.5% to €69.7M.

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

• Net financial income declined due to the absence of prior year’s extraordinary FX gains from Egyptian pound devaluation.

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

Financial highlights

• Revenue reached €368.1M (-0.1% yoy); non-GAAP revenue up 0.9% to €370.5M.

• EBITDA at €66.4M (-0.1% yoy); non-GAAP EBITDA up 0.5% to €69.7M; margin stable at 18.8%.

• EBIT at €31.1M (-9% yoy); non-GAAP EBIT at €37.2M (-5.9% yoy).

• Profit before tax at €30.3M (-48.4% yoy); non-GAAP profit before tax at €39.7M (-38.1% yoy).

• Net cash: €143.2M (vs. €76.6M in Q1 2024), including IFRS 16-related debt.

Outlook and guidance

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

• Guidance is based on like-for-like operations, non-GAAP, and excludes extraordinary items and geopolitical shocks.

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

• No new external financing expected due to strong cash generation.

• Updated 2025-2027 Business Plan approved in February 2025.