Cementir Holding (CEM) Q3 2024 earnings summary

Executive summary

• Nine-month 2024 results aligned with expectations: volumes up (cement +0.6%, ready-mix +4.5%, aggregates +4.9%), but revenues and EBITDA declined due to foreign currency headwinds and weak volumes in some regions.

• Market turnaround signs appeared in Q3 2024 in some geographies.

• Profit before taxes fell 13.1% to €214.1 million (Non-GAAP); net cash improved to €79.9 million.

• 2024 guidance and targets confirmed; no new external financing expected.

Financial highlights

• Revenues reached €1.235 billion, down 4.6% year-over-year; non-GAAP revenues €1.227 billion, down 4.8%.

• EBITDA at €296 million, down 9.3% year-over-year; non-GAAP EBITDA €289.1 million, down 10%; margin 23.6%.

• EBIT at €194.5 million; profit before taxes €210 million; net cash €79.9 million, up €34.4 million in 12 months.

• Excluding €15.5 million one-offs, non-GAAP EBITDA declined 5.4% year-over-year.

• EBIT margin 16.0% (non-GAAP); profit before taxes margin 17.4% (non-GAAP).

Outlook and guidance

• 2024 guidance confirmed: revenues around €1.7 billion, EBITDA around €385 million, net cash at €300 million, CapEx €135 million.

• Q4 expected to be in line or slightly better than last year, with full-year EBITDA possibly between €390–400 million.

• Planned investments of €135 million, with €48 million in sustainability projects.

• Guidance excludes impacts from IAS 29, non-recurring items, and unforeseen geopolitical events.

• 2025 expected to see improvements in Denmark, Egypt, and other geographies, with continued softness in Belgium, France, and China.