Cementir Holding (CEM) Q2 2026 earnings summary

Executive summary

• Q2 2026 delivered a strong recovery after a weather-impacted Q1, with cement volumes up 3.4%, non-GAAP revenue up 5.3%, and EBITDA up 12.9% at constant perimeter, offsetting earlier weakness.

• H1 2026 revenue was stable at €798.1 million (+0.2% yoy), but EBITDA declined 5.5% to €163.9 million and net profit dropped 15.7% to €62.0 million, mainly due to lower volumes and adverse weather in Q1.

• Non-GAAP results showed revenue down 1.7% and EBITDA down 10.4% year-over-year, reflecting FX headwinds and lower volumes in key markets.

• Net cash position improved to €276.8 million, up €132.8 million year-on-year, supported by asset disposals, insurance proceeds, and fund inflows.

• The Group completed the acquisition of Nymølle Stenindustrier A/S in July 2026, strengthening its aggregates business in Denmark.

Financial highlights

• H1 2026 revenue: €798.1 million (+0.2% yoy); non-GAAP revenue: €793.7 million (-1.7% yoy); EBITDA: €163.9 million (-5.5% yoy); non-GAAP EBITDA: €153.6 million (-10.4% yoy).

• Net profit: €62.0 million (-15.7% yoy); non-GAAP net profit: €66.0 million (-18.9% yoy); EPS: €0.398 (vs. €0.473 in H1 2025).

• Net cash: €276.8 million (vs. €144.0 million at June 2025); total equity: €2,048.7 million.

• Investments in H1 2026 totaled €92.3 million, with €24.8 million in sustainability projects.

• Non-GAAP EBITDA margin at 19.3% (vs. 21.2% prior year); EBIT margin at 10.7% (vs. 13.0%).

Outlook and guidance

• Full-year 2026 guidance confirmed: revenue ~€1.7 billion, EBITDA €400–420 million, net cash ~€590 million, CapEx €128 million, with €32 million for sustainability.

• Guidance excludes extraordinary events and the contribution from the Nymølle acquisition.

• Slight volume growth expected in H2 except for China and Türkiye; management remains confident despite macro and geopolitical uncertainty.