Inmocemento (IMC) Q4 2024 earnings summary

Executive summary

• Revenue increased by 8.8% year-over-year to €943.9M, with both Real Estate (+16.7%) and Cement (+5.5%) divisions contributing to growth.

• EBITDA rose 27.9% to €312.7M, driven by higher sales and reduced operating costs, lifting the margin to 33.1%.

• Net income attributable to the parent fell 32.7% to €151.6M, mainly due to a one-off gain in 2023 from the Metrovacesa stake.

• Net financial debt decreased 27.8% to €852.5M, supported by a €200M capital increase and strong cash generation.

Financial highlights

• EBIT increased 52.9% to €282.7M, reflecting EBITDA growth and a positive asset revaluation in Real Estate.

• Equity rose 10.4% to €2,938.6M, driven by net income and the capital injection.

• Operating cash flow grew 20.1% to €336.6M; investment cash outflows dropped 72.9% to €49.3M.

• Gross financial debt reduced by 20.5% to €1,000.8M.

Outlook and guidance

• Real Estate expects continued growth from development deliveries and land sales, with a strong pipeline of 1,365 units and a land portfolio of 12M m².

• Cement division anticipates stable demand in Spain and export markets, with ongoing cost optimization.