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 EBITDA and net profit declined due to negative currency effects and non-recurring charges, including a fire in Belgium and technical issues in Egypt.

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

• Net cash position improved to EUR 144 million, up EUR 88.6 million year-on-year.

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

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%.

• 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.

• Operating costs rose 0.8% to EUR 637.7 million; personnel costs up 5.2%, raw materials costs down 0.5%.

Outlook and guidance

• 2025 guidance confirmed: revenue ~EUR 1.75 billion, EBITDA ~EUR 415 million, net cash ~EUR 410 million, CapEx EUR 98 million, with EUR 14 million for sustainability.

• 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.

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