Half Year 2026 Cementir Holding NV Earnings Call Transcript
Key Points
- Significant improvement in Q2 2026 with cement volumes up 3.4%, revenue up 5.3%, and EBITDA up 12.9% at constant perimeter.
- Strong performance in Egypt with domestic cement volumes up 31% and EBITDA up 43%, driven by market share gains and favorable export mix.
- Successful acquisition of Nymølle, the largest aggregate player in Denmark, enhancing vertical integration and expected to deliver synergies of EUR4 million within 24 months.
- Effective hedging and risk management mitigated energy cost volatility, with no meaningful impact from geopolitical conflicts on operations.
- Confirmed full-year 2026 guidance with revenue target of EUR1.7 billion and EBITDA range of EUR400-420 million, supported by pricing initiatives and cost control.
- Reported cement volumes declined 2.9% in H1 2026 due to adverse weather conditions and weak demand in Nordic and Baltic regions.
- Negative forex impact of EUR37.4 million on revenue and EUR2.6 million on EBITDA, primarily from Turkish lira and US dollar depreciation.
- Continued weakness in Turkey with domestic cement volumes down 13%, impacted by hyperinflation, high interest rates, and reduced post-earthquake reconstruction demand.
- Persistent cost pressure on petcoke supply and logistics, with limited hedging options and exposure in Egypt, China, and Malaysia.
- Declining volumes in China (down 6%) and Malaysia (down 11% domestically), with EBITDA in Malaysia down 55% due to higher distribution costs.
Welcome and thank you for joining the Challenge Holding First Alpha 2026 Results Conference Call. As a reminder, all participants are in listen-only mode. (Operator Instructions)
At this time, I would like to turn the conference over to Marco Maria Bianconi, Head of M&A and Investor Relations of Cementir. Please go ahead.
Thank you, and welcome to Cementir Holding first-half results presentation. I'm here with our Chairman and Chief Executive, Francesco Paltatvirone. Who is happy to take your question at the end of my short presentation. I'll go through the presentation deck that has been distributed ahead of this meeting. Starting with page 2 with the key takeaways on the results.
There has been a significant improvement in the second quarter despite a first quarter that was impacted by exceptionally adverse weather conditions. At constant perimeter, Q2 cement volumes were up 3.4%. Non
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