Cementir Holding (CEM) Q2 2025 earnings summary

Executive summary

• First half 2025 results were in line with management expectations, with stable cement sales volumes and slightly higher revenue, but lower EBITDA due to negative currency effects and non-recurring charges, including a fire in Belgium and technical issues in Egypt.

• Two significant one-off events impacted H1: a fire at the Gaurain plant in Belgium and technical issues in Egypt, together costing about EUR 6 million and affecting operating performance.

• Cement volumes remained broadly stable, with growth in Türkiye, Nordic & Baltic, and Malaysia offsetting declines elsewhere.

• Group net profit declined 24.2% year-over-year to EUR 73.5 million; non-GAAP net profit down 20.4% to EUR 81.4 million.

• All 2025 guidance targets are confirmed, excluding non-recurring charges, despite an uncertain commercial and geopolitical environment.

Financial highlights

• Revenue reached EUR 796.7 million, down 1.9% year-over-year; non-GAAP revenue was up 0.5% to EUR 807.1 million.

• EBITDA was EUR 173.5 million, down 9.9% year-over-year; non-GAAP EBITDA was EUR 171.5 million, down 5.7%, with a EUR 7 million negative FX impact.

• EBIT fell 18.5% to EUR 102 million; non-GAAP EBIT down 12.5% to EUR 105 million.

• Net cash improved to EUR 144 million, up EUR 88.6 million year-on-year, including EUR 43.5 million dividends from parent and EUR 30 million equity investment in Egypt.

• Financial result dropped to EUR 2.7 million from EUR 22.1 million in H1 2024, mainly due to lower net FX income.

Outlook and guidance

• 2025 guidance confirmed: revenue ~EUR 1.75 billion, EBITDA ~EUR 415 million, net cash ~EUR 410 million, CapEx EUR 98 million, excluding non-recurring items.

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

• Management expects to recover H1 setbacks in H2, especially in Egypt and Belgium, and possibly exceed budget.

• Planned investments of EUR 98 million, with EUR 14 million allocated to sustainability projects.

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