Cementir Holding NV (STU:3PC) Full Year 2025 Earnings Call Highlights: Navigating Challenges …

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Sat, February 14, 2026 at 10:02 AM GMT+9 3 min read

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**Revenue:** EUR1.639 billion, a decrease of 2.8% year-on-year.

**Non-GAAP Revenue:** EUR1.644 billion, flat year-on-year.

**EBITDA:** EUR439.5 million, an increase of almost 8% year-on-year.

**Non-GAAP EBITDA:** EUR460.2 million, up 15.3% year-on-year.

**Profit Before Tax:** EUR286.3 million, up 0.5% year-on-year.

**Non-GAAP Profit Before Tax:** EUR325 million, up 10% year-on-year.

**Net Cash Position:** EUR465.1 million, an improvement of EUR174.6 million year-on-year.

**Cement Volumes:** Increased by 3.1% in Turkey, Egypt, and Asia Pacific.

**Ready-Mix Volumes:** Decreased by 4.8% due to negative performance in Turkey, Denmark, and Belgium.

**Aggregate Volumes:** Increased by 3.4%.

**2026 Revenue Guidance:** Expected to increase by around 5% to EUR1.7 billion.

**2026 EBITDA Guidance:** Expected progression between 0% and 5% to a range between EUR400 million and EUR420 million.

**2026 Net Cash Position Guidance:** Expected to increase by EUR125 million to EUR590 million.

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Release Date: February 12, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Cementir Holding NV (STU:3PC) reported an EBITDA of EUR 439.5 million, marking an increase of almost 8% year-on-year.

The company achieved a net cash position of EUR 465.1 million at the end of the year, an improvement of EUR 174.6 million year-on-year.

Cement volumes increased by 3.1% in key markets such as Turkey, Egypt, and Asia Pacific.

The company is actively investing in sustainability projects, including a CCS project in Denmark and various renewable energy initiatives.

Cementir Holding NV (STU:3PC) has been recognized for its ESG efforts, being included in the CDP A list and TIME's ranking of the world's 500 most sustainable companies.

Negative Points

Revenue for 2025 decreased by 2.8% year-on-year to EUR 1.639 billion.

There was a EUR 97 million negative impact from currency depreciation, particularly the Turkish lira against the euro.

Ready-mix volumes declined by 4.8% due to negative performance in Turkey, Denmark, and Belgium.

The company faces challenges from rising raw material and energy costs, which are expected to continue impacting operations.

There is uncertainty regarding the impact of CBAM regulation and potential changes in CO2 emission frameworks, which could affect future operations and costs.

Q & A Highlights

Q: How is the CBAM regulation impacting your business and markets? A: Francesco Caltagirone, CEO and Chairman, stated that the impact of CBAM is not yet clear due to recent bad weather affecting business in Northern Europe. It will take a few months to understand its effects fully.

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Q: Can you provide more details on the growth and profitability impact of the second line in Egypt? A: The CEO mentioned that the second line in Egypt is expected to increase sales, particularly to the United States, with an anticipated EBITDA increase of 50-60% this year, reaching around EUR18 million.

Q: What is your stance on M&A given the regulatory changes? A: The CEO indicated that while they remain cautious, they are open to expanding their business through M&A if opportunities arise, despite potential regulatory changes.

Q: Can you explain the decision not to include certain CapEx for the ACCSION project in your plan? A: The CEO explained that the EUR120 million CapEx for ACCSION is not included due to uncertainties in timing and third-party responsibilities. They plan to spend this amount over three to four years once the full scenario is clear.

Q: How do you foresee the pricing premium for green cement in the market? A: The CEO noted that currently, there is no significant premium for green cement due to limited availability. However, they expect mandatory usage to increase in Nordic countries, potentially leading to a premium in the future.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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