Cementos Molins (CMO) Q1 2026 earnings summary

Executive summary

• Achieved strong operating momentum in Q1 2026, with sales and Adjusted EBITDA up 8% year-over-year, driven by pricing discipline, operational efficiency, and bolt-on acquisitions, partially offset by adverse FX impacts, mainly in Argentina.

• Like-for-like Operating EBITDA increased 13%, with margin expanding to 21.4%, supported by positive price-over-cost dynamics and operational efficiency initiatives.

• Successfully closed the transformational acquisition of Secil at the end of March 2026, marking a key strategic milestone, enhancing geographical balance, and expanding global presence.

• Continued progress on the Sustainability Roadmap 2030, with a commitment to reduce Scope 1 and 2 CO2 emissions by 20% by 2030 and ambition for carbon-neutral concrete by 2050.

• Solid operating performance achieved despite economic and geopolitical uncertainty.

Financial highlights

• Q1 2026 sales reached €268m, up 8% from €248m in Q1 2025; like-for-like sales growth was 10%.

• Operating EBITDA rose to €54m (up 4%), with like-for-like growth of 13% and margin at 21.4%.

• Adjusted EBITDA (including joint ventures) increased to €90m, up 8% (like-for-like +12%).

• Earnings per share reached €0.73, up 1% year-over-year.

• Operating cash flow totaled €37m in Q1 2026, with a 68% cash conversion ratio despite seasonality.

• Net financial debt rose to €1.4bn as of March 2026, reflecting the Secil acquisition.

Outlook and guidance

• Integration of Secil is expected to unlock new growth levers, rebalance revenue mix, and accelerate decarbonization initiatives, with positive results and gradual synergy capture from year one.

• Pro forma 2025 combined figures (including Secil): approximately €1.6bn in sales and €534m in Adjusted EBITDA.

• Estimated leverage of 2.4x by end 2026.

• Focus on rigorous integration, business continuity, and leveraging increased scale for sustainable growth.