Cementos Molins (CMO) Q4 2024 earnings summary

Executive summary

• Achieved strong financial results in 2024 with sales of €1,365M (+1% year-over-year, LFL +23%) and EBITDA of €356M (+6%, LFL +30%), despite a complex global environment.

• Net profit rose 22% to €184M, driven by operating improvements, lower financial expenses, and reduced hyperinflation impact in Argentina.

• EPS reached €2.78, up from the previous year.

• Solid cash flow generation of €200M and a net cash balance of €91M, supporting ongoing investments and shareholder returns.

• Continued execution of the 2024-26 strategic plan and progress on the 2030 sustainability roadmap, targeting a 20% emissions reduction by 2030 and carbon-neutral concrete by 2050.

Financial highlights

• Sales increased by 1% to €1,365M (LFL +23%), with positive price impact offsetting lower volumes and currency headwinds.

• EBITDA margin improved by 110 bps to 26.1%.

• Dividend for 2024 increased by 21% to €1.11 per share, with a 40% payout ratio and a 4.3% yield.

• Investments totaled €98M, 31% higher than the prior year, focused on sustainability, digitalization, and efficiency.

• Net financial debt improved to a net cash position of €91M.

Outlook and guidance

• 2025 outlook anticipates moderate market growth and gradual recovery in most countries affected by economic and political instability.

• Low single-digit growth expected in sales and EBITDA, with continued focus on cost efficiency and price management.

• Planned investments of approximately €130M, prioritizing innovation, sustainability, and digitalization.

• Strategic plan targets remain unchanged, with 2024-26 CAGR guidance of +3-4% for sales and +4-5% for EBITDA.

• Outlook subject to inflation, currency volatility, and potential tariff policy tightening.