Cementir Holding (CEM) Q1 2025 earnings summary

Executive summary

• Revenue and EBITDA for Q1 2025 were stable year-over-year, with non-GAAP revenue up 0.9% and non-GAAP EBITDA up 0.5%, supported by strong Nordic & Baltic and Malaysia performance despite a 6.2% decline in cement volumes and significant FX headwinds in Turkey and Egypt.

• Profit before taxes dropped sharply, mainly due to lower net financial income and the absence of prior year extraordinary FX gains from the Egyptian pound devaluation.

• Net cash position improved to €143.2 million, up over €66 million year-on-year, reflecting dividend flows and extraordinary investments.

• The group maintained its investment grade BBB- rating and continued to receive top ESG recognitions, including inclusion in Europe's Climate Leaders list.

• Management confirmed full-year 2025 guidance and continued focus on decarbonization and sustainability initiatives.

Financial highlights

• Revenue reached €370.5 million, up 0.9% year-on-year on a non-GAAP basis; EBITDA was €69.7 million (+0.5% YoY), with margin stable at 18.8%.

• EBIT at €37.2 million, down 5.9% year-on-year; profit before taxes at €39.7 million, down 38.1% year-on-year.

• Net financial income fell to €2.5 million from €24.6 million due to lower FX gains.

• Net cash position at €143.2 million, up from €76.6 million a year ago.

• Return on Equity: 10.5%; Return on Capital Employed: 15.1%.

Outlook and guidance

• 2025 guidance confirmed: revenue around €1.75 billion, EBITDA around €415 million, net cash around €410 million, CapEx around €98 million, with €14 million for sustainability projects.

• Guidance based on like-for-like ongoing operations, non-GAAP, and excludes extraordinary items and geopolitical shocks.

• No new external financing expected due to strong cash generation; stable R&D and workforce.

• Management expects a mild pickup in consumption from May, especially in Scandinavia, and sees input cost tailwinds from lower energy prices.