Inmocemento (IMC) Q1 2025 earnings summary

Executive summary

• Net turnover rose 13.6% year-over-year to €226.4 million, driven by strong real estate development activity and higher housing deliveries.

• EBITDA increased 3.4% to €74.7 million, with the real estate division contributing 47% and cement 53% of group EBITDA.

• Attributable net income grew 13.4% to €36.7 million, supported by EBITDA growth, lower financial expenses, and higher equity-accounted contributions.

• Net financial debt decreased 9.1% to €774.6 million due to positive cash generation.

Financial highlights

• Revenue: €226.4 million (+13.6% YoY); EBITDA: €74.7 million (+3.4% YoY); Net income: €36.7 million (+13.4% YoY).

• Equity increased 1.4% to €2,978.9 million.

• Real estate revenues surged 68.6% to €75.8 million, while cement revenues declined 2.7% to €150.3 million.

• Spain accounted for 77% of total revenues, with a 26.7% increase year-over-year.

Outlook and guidance

• Growth in real estate development is expected to continue, supported by a strong backlog and high occupancy rates.

• Cement division faces challenges from lower demand in Tunisia and the UK, and higher energy and CO2 costs in Spain.