Cementos Pacasmayo (CPAC) Q4 2025 earnings summary

Executive summary

• Holcim agreed to acquire a 50.01% controlling stake for PEN 5.1 billion (9x LTM EBITDA), pending regulatory approval and expected to close in 1H26.

• The company is a leading Peruvian cement producer with 67 years of history, a 22.5% market share in northern Peru, and listings on the Lima and New York Stock Exchanges.

• The transaction is seen as a strong endorsement of the company’s long-term strategy, operational excellence, and sustainability focus.

• Record 2025 results were achieved, with strong sales momentum, operational efficiencies, and sustainability achievements.

• Cement shipments reached 3.0 million MT in the LTM as of Dec 2025.

Financial highlights

• 2025 sales of goods totaled S/2,116.9 million, up 7.0% year-over-year; Q4 2025 sales were S/559.5 million, up 6.2%.

• Cement, concrete, and precast shipments reached 3,049.2 thousand MT, a 7.2% increase year-over-year.

• Q4 2025 EBITDA (excluding one-off transaction expenses) reached PEN 158.7 million, up 11.4% year-over-year; full-year EBITDA (excluding one-offs) was PEN 584.2 million, a 6.4% increase.

• Including one-off transaction expenses, 2025 EBITDA was S/506.6 million, down 7.8% year-over-year.

• Q4 2025 net income, excluding transaction expenses, was PEN 59.8 million, up 19.6% year-over-year; full-year net income (excluding one-offs) was PEN 231.8 million, up 16.5%.

Outlook and guidance

• Management expects 2026 to be stronger than 2025 in terms of volumes, with stable or slightly higher EBITDA margins due to operational efficiencies and energy-saving projects.

• Margin improvement is anticipated in the second half of 2026 as public spending picks up post-elections.

• Focus remains on operational excellence, cost efficiencies, and sustainability initiatives.