Inmocemento (IMC) Q2 2026 earnings summary

Executive summary

• Revenue rose 15.6% year-over-year to €515.4 million in 1H2026, with both Real Estate (+42.3%) and Cement (+5.2%) segments contributing to growth.

• EBITDA increased 7.2% to €169.2 million, with Real Estate delivering 44% and Cement 56% of total EBITDA.

• Net profit attributable to the parent fell 35.1% to €151.2 million, mainly due to lower gains from US cement business divestments compared to the prior year.

• Net financial debt dropped 63.1% to €169.2 million, reflecting strong cash generation and proceeds from asset sales.

Financial highlights

• EBIT rose 18.9% year-over-year to €183.2 million, supported by EBITDA growth and a €27.1 million revaluation gain on Real Estate assets.

• EBITDA margin declined to 32.8% from 35.4% due to a higher share of lower-margin property development revenue.

• Equity increased 3.3% to €3,372.1 million, driven by profits partially offset by dividend distributions.

• Cash and cash equivalents surged by €257.9 million to €514.6 million at period end.

Outlook and guidance

• Real Estate outlook remains positive, with strong demand and limited supply in Spain supporting prices and occupancy.

• Cement expects moderate, sustained growth in Spain and aims to maintain market share internationally while focusing on operational efficiency and sustainability.

• Risks include inflation, interest rate hikes, supply chain disruptions, and regulatory changes, but the group maintains a robust financial structure and risk management framework.