Q2 2026 Unacemcorp SAA Earnings Call Transcript
Key Points
- Consolidated EBITDA for Q2 2026 reached $468 million, up 19.7% year-over-year, with EBITDA margin expanding to 24.2%.
- Revenue increased 10.6% year-over-year to $1,931 million soles, driven by strong volume performance across most markets.
- Cement volumes in Peru grew 6.4% in Q2, and clinker exports through the Conchal terminal rose 20.9% year-over-year.
- Energy sales in Peru increased 61.1% in Q2, supported by the addition of new clients like Nilera, Tapacay, and Ludensur.
- Chile operations benefited from additional capacity at Puente Alto, leading to a 63.6% increase in cement dispatches in Q2.
- US operations saw higher volumes across all business lines, with cement dispatches up 11.8% and ready-mix up 27% in Q2.
- Gross margin improved to 26.3% in Q2, up from 23.8% in the prior year, due to lower cement costs and higher margins in Peru and Chile.
- Net profit for Q2 increased 65.5% year-over-year, driven by improved operating margins and lower financial expenses.
- The company is executing a strategic plan focused on synergies, including a global business service hub and carbon neutrality roadmap.
- Management expects continued strong demand in Latin American markets, supported by infrastructure investment priorities in Peru.
- Year-to-date EBITDA margin declined to 21.2% from 22.8% in the prior year, impacted by the Camisea gas pipeline incident in Q1.
- Ready-mix volumes in Peru decreased 18.1% in Q2 due to lower demand from housing, private projects, and the mining sector.
- US cement prices were slightly lower, and ready-mix prices declined due to market conditions, particularly in California.
- Selling expenses increased 36% in Q2, driven by higher innovation services and advertising costs to strengthen commercial strategy.
- Other net expenses shifted to a $12 million loss in Q2, compared to a $1 million gain in the prior year, due to lower non-recurring income.
- Year-to-date net profit declined 19.9% versus the first half of 2025, reflecting lower operating margins and absence of non-recurring income.
- Consolidated net debt increased to $5.1 billion as of June 2026, with net debt-to-EBITDA ratio rising to 3.15 times.
- Higher energy costs in Ecuador offset some gains, despite volume and price improvements.
- The company faces potential higher marginal costs and spot prices in the electricity market due to El Niño's impact on hydrological conditions.
- Year-to-date gross margin was pressured to 22.8% from 24.4% in the prior year, due to the Camisea incident and higher energy costs.
Greetings, and welcome to the Grupo and Assemb Second Quarter 2026 Results Conference Call.
At this time, all participants are in the listen-only mode. A brief question-and-answer session will follow the formal presentation. Depending on what you require operator assistance from the conference, please press *0 on your telephone keypad.
You can also ask a question via the webcast.
Please ask your questions. It will be answered accordingly.
As a reminder, this conference is being recorded.
It's now my pleasure to introduce your host, Alicia Campos, Corporate Chief Strategy Officer.
Thank you, Alicia. You may begin.
Thank you, Kevin. Good morning, and welcome to our earnings conference call. My name is Alicia Campos, and I am pleased to be joined by Pedro Lerner, our CEO, and Alvaro Morales, our CFO. After their presentation, you will have the opportunity to ask your questions. Please note that we might disclose some forward-looking
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