Cementir Holding (CEM) Q3 2025 earnings summary

Executive summary

• Macroeconomic uncertainty persists due to geopolitical and trade tensions, with US protectionist measures impacting global growth.

• First nine months' results were broadly stable, with Q3 driving improved cement and aggregate volumes.

• Revenue for the first nine months of 2025 was €1,232.4 million, up 0.4% year-over-year (non-GAAP), with EBITDA at €284.0 million, down 1.8% due to currency devaluation and non-recurring charges.

• Profit before taxes declined 14.2% to €183.6 million, mainly due to lower net financial income and higher costs.

• Net cash position improved to €198.5 million, up €118.6 million year-over-year.

Financial highlights

• Revenue for the first nine months was €1,232.4 million (+0.4% yoy non-GAAP), with EBITDA at €284.0 million (-1.8% yoy non-GAAP), both impacted by currency effects and non-recurring charges.

• At constant 2024 exchange rates, revenue would have increased 5.6% and EBITDA 2.6% year-over-year.

• Operating costs rose 2.7% to €969.4 million, driven by inflation in Türkiye and higher production costs in Egypt and Belgium.

• Non-GAAP EBITDA margin was 23.0% (vs. 23.6% prior year); EBIT margin was 14.9%.

• Net financial result was negative €0.3 million, down from €18.1 million last year, mainly due to lower FX gains.

Outlook and guidance

• 2025 guidance confirmed: revenue ~€1.75 billion, EBITDA ~€415 million, net cash ~€410 million at year-end, excluding non-recurring items.

• Planned investments for 2025 are €98 million, with €14 million allocated to sustainability.

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

• Management expects 2026 to be better than 2025 in EBITDA and net financial position, with revenue outlook dependent on FX rates, especially in Egypt and Türkiye.

• Guidance assumes no major geopolitical shocks or extraordinary events.