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Cementir Holding (CEM) investor relations material
Cementir Holding Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Macroeconomic uncertainty persists due to geopolitical and trade tensions, with US protectionist measures impacting global growth.
First nine months' results were broadly stable, with Q3 driving improved cement and aggregate volumes.
Revenue for the first nine months of 2025 was €1,232.4 million, up 0.4% year-over-year (non-GAAP), with EBITDA at €284.0 million, down 1.8% due to currency devaluation and non-recurring charges.
Profit before taxes declined 14.2% to €183.6 million, mainly due to lower net financial income and higher costs.
Net cash position improved to €198.5 million, up €118.6 million year-over-year.
Financial highlights
Revenue for the first nine months was €1,232.4 million (+0.4% yoy non-GAAP), with EBITDA at €284.0 million (-1.8% yoy non-GAAP), both impacted by currency effects and non-recurring charges.
At constant 2024 exchange rates, revenue would have increased 5.6% and EBITDA 2.6% year-over-year.
Operating costs rose 2.7% to €969.4 million, driven by inflation in Türkiye and higher production costs in Egypt and Belgium.
Non-GAAP EBITDA margin was 23.0% (vs. 23.6% prior year); EBIT margin was 14.9%.
Net financial result was negative €0.3 million, down from €18.1 million last year, mainly due to lower FX gains.
Outlook and guidance
2025 guidance confirmed: revenue ~€1.75 billion, EBITDA ~€415 million, net cash ~€410 million at year-end, excluding non-recurring items.
Planned investments for 2025 are €98 million, with €14 million allocated to sustainability.
No new external financing is expected due to strong cash generation.
Management expects 2026 to be better than 2025 in EBITDA and net financial position, with revenue outlook dependent on FX rates, especially in Egypt and Türkiye.
Guidance assumes no major geopolitical shocks or extraordinary events.
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