Cementos Molins (CMO) Q3 2024 earnings summary

Executive summary

• Achieved strong operational results in a complex global environment, with sales of €1,022M, down 5% year-over-year but up 25% like-for-like, reflecting positive pricing and efficiency gains despite lower volumes and currency headwinds.

• EBITDA decreased 1% to €274M, but rose 31% like-for-like, with margin up 110 bps to 26.9%.

• Net profit increased 23% to €153M, driven by lower financial expenses and hyperinflation adjustments in Argentina.

• Solid cash flow generation and a net cash balance of €72M, supporting ongoing strategic and sustainability initiatives.

• Results increased in most regions, with notable resilience in Europe, Mexico, and North Africa.

Financial highlights

• Revenue/sales for 9M 2024 were €1,022M, down 5% year-over-year, but up 25% like-for-like, partially offset by higher selling prices.

• EBITDA for 9M 2024 was €274M, down 1% year-over-year, but up 31% like-for-like; EBITDA margin improved by 110 bps to 26.9%.

• Net profit for 9M 2024 reached €153M, up 23% year-over-year, driven by improved financial results and reduced hyperinflation adjustments.

• EPS increased 23% to €2.32.

• Net cash balance stood at €72M, reflecting strong cash generation.

Outlook and guidance

• Performance remains aligned with the 2024-26 strategic plan and supports new growth opportunities.

• Continued execution of the 2030 sustainability roadmap, targeting a 20% emissions reduction by 2030 and carbon-neutral concrete by 2050.

• Strategic focus on decarbonisation and sustainability with progress in key indicators.