Cementos Molins (CMO) Q3 2026 earnings summary

Executive summary

• 9M sales reached €1,241m (+65% YoY; LFL +13%) and Operating EBITDA €280m (+92%; LFL +15%); margin expanded 317 bps to 22.6%.

• Adjusted EBITDA was €391m (+63%; LFL +14%), while free cash flow reached €165m.

• Pricing discipline, operational efficiency and acquisitions supported growth amid geopolitical uncertainty and cost inflation.

Financial highlights

• Q3 sales were €491m vs. €251m (+95%; LFL +16%); Operating EBITDA was €116m vs. €47m (+148%; LFL +21%).

• 9M EBIT was €160m vs. €90m; net income was €172m vs. €141m, and EPS rose 23% to €2.61.

• 9M financial results were -€62m vs. -€22m; results from equity-accounted companies were €111m vs. €94m.

• Secil and bolt-on acquisitions contributed €421m in sales and €121m in Operating EBITDA.

Outlook and guidance

• FY 2026 sales expected to be ~€700m above 2025 and Operating EBITDA ~€200m higher, supported by pricing discipline, efficiency and acquisition integration; guidance assumes no significant currency volatility.

• FY 2026 dividends from joint ventures expected at ~€100m; year-end leverage projected in the low-to-mid 2x range.

• Moderate market growth is expected; strategy prioritizes sustainable growth, diversification and deleveraging.

• Secil integration is progressing as planned, supporting geographical diversification and sustainable growth.