Cementir Holding (CEM) Q4 2024 earnings summary

Executive summary

• 2024 revenue was EUR 1.6869 billion, down 0.4% year-over-year, with cement volumes up 0.5%, ready-mix up 7%, and aggregates up 7.1%, driven by Türkiye, US, and Egypt.

• EBITDA was EUR 407.3 million, down 0.9% year-over-year; non-GAAP EBITDA was EUR 399.3 million, down 5.4%, with EUR 4.4 million non-recurring expenses.

• Net cash at year-end improved to EUR 290.4 million, up EUR 72.8 million year-over-year, after dividend distributions and strategic investments.

• The 2025-2027 plan targets revenue of ~EUR 2 billion, EBITDA of ~EUR 465 million, and net cash of ~EUR 700 million by 2027.

• Achieved an A rating for climate change by CDP and maintained leadership in water security.

Financial highlights

• Non-GAAP revenue was EUR 1,648.8 million, down 2.7% year-over-year; non-GAAP EBIT was EUR 266.7 million, down 10.9%.

• Profit before taxes was EUR 284.9 million, down 2%; non-GAAP profit before taxes was EUR 295.3 million, down 6.5%.

• EBITDA margin (Non-GAAP) was 24.2% in 2024, expected to remain high but mean revert by 2027.

• Extraordinary investments totaled EUR 48 million in 2024.

• Financial income rose to EUR 28.6 million, aided by higher net foreign exchange income.

Outlook and guidance

• 2025 guidance: revenue of ~EUR 1.75 billion (+6%), EBITDA of ~EUR 415 million (+3%), net cash of ~EUR 410 million.

• By 2027, revenue is projected at ~EUR 2 billion, recurring EBITDA at ~EUR 465 million, and net cash at ~EUR 700 million.

• CapEx for 2025 targeted at EUR 98 million, with EUR 14 million for sustainability.

• Dividend payout ratio expected in the 20%-25% range, with a progressive policy.

• Guidance excludes potential negative impacts from geopolitical shocks or extraordinary events.