Italy · Delayed Price · Currency is EUR Cementir Holding Earnings Call Transcripts
Fiscal Year 2026
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Q2 saw a strong rebound in volumes and EBITDA, offsetting a weak Q1, with full-year guidance reaffirmed despite FX headwinds and cost pressures. Segment performance was mixed, with notable strength in Egypt and Belgium, and a strategic acquisition in Denmark.
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Q1 2026 saw revenue and EBITDA decline sharply due to severe weather, lower volumes, and cost inflation, especially in Türkiye and the Nordics. Despite these headwinds, full-year guidance is maintained, with management expecting recovery as demand rebounds in most regions.
Fiscal Year 2025
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Revenue for 2025 declined 2.8% to €1.639 billion, but EBITDA rose 8% to €439.5 million, with strong cash generation and a robust net cash position. 2026–2028 guidance targets steady revenue and EBITDA growth, major sustainability investments, and continued focus on decarbonization and innovation.
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Results for the first nine months were stable, with slight revenue and EBITDA declines due to FX and non-recurring events. 2025 guidance is unchanged, with management expecting improved EBITDA and net cash in 2026, supported by volume recovery and stable costs.
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First half 2025 saw stable volumes and slightly higher revenue, but lower EBITDA due to FX headwinds and one-off events in Belgium and Egypt. Guidance for 2025 is confirmed, with management expecting to recover H1 setbacks in H2 and possibly exceed budget.
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Revenue and EBITDA grew modestly year-on-year, with strong performance in the Nordics and Malaysia offsetting declines elsewhere. FX headwinds and a Turkish export ban weighed on cement volumes, but guidance for 2025 is confirmed, with input cost tailwinds expected.
Fiscal Year 2024
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2024 saw stable revenues and strong cash generation despite FX headwinds, with growth expected to accelerate through 2027, driven by capacity expansion, sustainability investments, and robust cash flow. CO2 regulation and FX volatility remain key risks.
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Volumes increased across key products, but revenues and EBITDA declined due to currency headwinds and weak demand in some regions. Sustainability investments and a major EU grant for carbon capture support long-term growth, with 2024 guidance confirmed and improvements expected in 2025.
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First half 2024 saw higher volumes but lower revenues and EBITDA, with net profit up year-on-year. Revenue guidance was revised down due to project delays and export bans, while EBITDA and CapEx guidance remain unchanged. Stable prices and improved cost structure support resilience.