Inmocemento (IMC) Q3 2025 earnings summary

Executive summary

• Revenue for the first nine months of 2025 was €657.8 million, down 1.7% year-over-year, with the Cement area growing 1.4% and Real Estate declining 9.6%.

• EBITDA decreased by 2.2% to €231.7 million, with the Cement area contributing 59% and Real Estate 41.3%.

• Net attributable profit surged 134.5% to €274.5 million, driven by lower financial expenses and a €132.6 million gain from the sale of a 45% stake in Giant Cement Holdings.

• Net financial debt dropped 35.2% to €552.2 million, supported by strong cash generation and asset sales.

• Equity increased by 8.0% to €3,174.2 million, reflecting the period's net profit.

Financial highlights

• Net turnover: €657.8 million (-1.7% YoY).

• EBITDA: €231.7 million (-2.2% YoY), margin 35.2%.

• Net profit: €274.5 million (+134.5% YoY).

• Net financial debt: €552.2 million (-35.2% vs Dec 2024).

• Backlog: €433.7 million (+71.2% vs Dec 2024).

Outlook and guidance

• Cement area expected to benefit from favorable pricing and volumes in Spain, though export and UK demand remain weak.

• Real Estate faces continued pressure from lower land sales and fewer project deliveries, partially offset by rental growth.