Inmocemento (IMC) Q2 2025 earnings summary

Executive summary

• Revenue for 1H2025 was €446 million, down 0.4% year-over-year, with the Cement area growing 0.9% and Real Estate contracting 3.8%.

• EBITDA reached €157.8 million, a 2.8% decrease year-over-year, with Real Estate contributing 42% and Cement 58%.

• Net income attributable to the parent company surged to €232.9 million, up 199% year-over-year, mainly due to a €132.6 million gain from the sale of a 45% stake in Giant Cement Holdings.

• Net financial debt dropped by 37.3% to €534.9 million, driven by strong operating cash flow and divestments.

• Equity increased by 8.3% to €3,182.4 million, reflecting higher consolidated net profit.

Financial highlights

• Gross operating profit (EBITDA) margin was 35.4%, down 0.9 percentage points year-over-year.

• EBIT rose 3.4% to €154.1 million, with a margin of 34.6%.

• Pre-tax profit from continuing activities was €267.4 million, up 125.8% year-over-year.

• Cash and cash equivalents increased by €242 million to €378.3 million.

Outlook and guidance

• The Real Estate area aims to maintain its competitive position, focusing on property development and adapting assets to trends in digitalisation and sustainability.

• The Cement area expects stable demand and prices in Spain, with a focus on cost efficiency and sustainable production.

• The group faces macroeconomic risks such as geopolitical tensions, inflation, and regulatory changes, but maintains a solid financial structure and risk management framework.