Cementos Molins (CMO) Q2 2025 earnings summary

Executive summary

• Sales for HY1 2025 were €659M, down 5% year-over-year, but up 6% like-for-like, mainly due to positive pricing and negative currency impacts, with net profit at €95M, a 9% decrease, largely from currency depreciation and hyperinflation adjustments in Argentina and Mexico.

• EBITDA was €175M, down 8% year-over-year, but up 5% like-for-like, supported by operating efficiencies and pricing, offset by currency headwinds.

• EPS for HY1 2025 was €1.44, down 9% year-over-year.

• Strong cash generation with a net cash position of €100M, despite one-off impacts on working capital.

• Continued progress on the 2030 Sustainability Roadmap, targeting a 20% emissions reduction by 2030 and carbon-neutral concrete by 2050, with the Susterra product line exceeding expectations.

Financial highlights

• Q2 2025 sales were €332M, down 7% year-over-year, but up 5% like-for-like.

• EBITDA margin for HY1 2025 was 26.5%, stable on a like-for-like basis.

• Net financial debt remains at a net cash position of €100M, with gross debt at €324M and 63% of debt linked to sustainability objectives.

• Earnings per share for HY1 2025 was €1.44.

• Cash conversion rate above 40% for HY1 2025.

Outlook and guidance

• Activity slowdown continues, with Q2 2025 showing a 4% decline in volume and expectations of continued market volatility and currency fluctuations in the second half of 2025.

• Positive order backlog in precast solutions and gradual recovery in Bangladesh and Argentina.

• Cost efficiency plans, lower energy costs, and price management are anticipated to offset inflation and adverse exchange rates, resulting in a low single-digit EBITDA decrease year-over-year.

• Ongoing focus on sustainability, efficiency, and digitalization in investments.

• Financial strength supports future projects and investments aligned with the Sustainability Roadmap 2030.