Cementos Molins (CMO) Q3 2025 earnings summary

Executive summary

• Sales in Q3 2025 increased by 5% year-over-year, with year-to-date sales at €1,004M, down 2% from 2024 but up 7% like-for-like, reflecting positive pricing and negative currency impacts.

• EBITDA for Q3 rose 4% year-over-year; year-to-date EBITDA reached €263M, down 4% from 2024 but up 6% like-for-like, driven by higher volumes, pricing, and efficiencies, offset by currency headwinds.

• Net profit for the first nine months was €141M, down 8% year-over-year due to adverse exchange rates and hyperinflation adjustments in Argentina, but up 3% like-for-like.

• Strong cash generation continued, with a net cash position of €96M and a cash conversion rate of 43%.

• Advanced sustainability goals, reducing the clinker factor to 67.7%, surpassing the 2030 target, and progressing toward a 20% emissions reduction by 2030 and carbon-neutral concrete by 2050.

Financial highlights

• Q3 sales: €345M (+5% year-over-year, +10% like-for-like); YTD sales: €1,004M (-2% year-over-year, +7% like-for-like).

• Q3 EBITDA: €89M (+4% year-over-year, +7% like-for-like); YTD EBITDA: €263M (-4% year-over-year, +6% like-for-like).

• EBITDA margin stable at 26% for Q3 and 26.2% YTD.

• EBIT YTD: €200M (-7% year-over-year, +3% like-for-like).

• EPS YTD: €2.13 (-8% year-over-year).

Outlook and guidance

• Slight market recovery observed, with continued global economic uncertainty.

• Activity expected to gradually recover, especially in South America, Asia, and North Africa.

• Positioned for sustainable and profitable long-term growth, leveraging a robust financial position and strategic market presence.

• Sustainability targets remain a priority, with ongoing investments in decarbonization and efficiency.