Cementir Holding (CEM) Q1 2026 earnings summary

Executive summary

• Q1 2026 results were significantly impacted by the harshest winter in 20 years in Europe and Türkiye, lower volumes, adverse weather, and sharper than expected declines in Turkish profitability.

• Volumes declined across all business lines, with cement down 3.3%, ready-mix down 23.7%, and aggregates down 5.1%, mainly due to weather, weaker Asia Pacific demand, and lower Turkish activity.

• EBITDA fell 40.6% year-over-year to EUR 41.4 million, with margin dropping to 12.0%.

• Net cash position remains strong at EUR 303.7 million, up EUR 160.5 million year-on-year, supported by asset disposals, insurance, and Just Transition Fund proceeds.

• Positive trends were noted in Belgium and Egypt, with volume recovery visible in March in some regions.

Financial highlights

• Revenue from sales and services was EUR 345.9 million, down 6.0% year-over-year; Non-GAAP revenue was EUR 344.1 million, down 7.1%.

• EBITDA: EUR 38.8 million (-41.6% yoy); Non-GAAP EBITDA: EUR 41.4 million (-40.6% yoy); Non-GAAP EBITDA margin: 12.0% (vs. 18.8% in Q1 2025).

• Profit before taxes: EUR 7.4 million (-75.7% yoy); Non-GAAP profit before taxes: EUR 14.8 million (-62.7% yoy).

• Net cash: EUR 303.7 million, up from EUR 143.2 million a year earlier.

• Operating costs decreased by 2.9% year-over-year, mainly due to lower raw material costs.

Outlook and guidance

• Full-year 2026 guidance confirmed: revenue of ~EUR 1.7 billion, EBITDA between EUR 400–420 million, net cash of ~EUR 590 million, and investments of ~EUR 128 million.

• Guidance is based on like-for-like ongoing operations, non-GAAP, and excludes extraordinary or non-recurring items.

• Management expects to recover most of the Q1 gap during the year, with volume and demand picking up in March and April in most regions except China and Türkiye.

• Expectation of slight volume increase in H2 2026 except for China and Türkiye, where declines are anticipated.

• Investments planned at EUR 128 million, with EUR 32 million for sustainability.