Cementir reported a revenue of EUR796.7m, down 1.9 per cent YoY in the first half of 2025. Higher revenue in the Nordic and Baltic region, Türkiye and Malaysia was unable to offset lower revenue in all other regions. 

Cement volumes were broadly stable thanks to growth in Türkiye, the Nordic and Baltic region and Malaysia. Ready-mix concrete volumes improved by 1.5 per cent, supported by a positive performance in Türkiye, Norway and Belgium while aggregates volumes were up by 4.8 per cent. 

EBITDA declined 9.9 per cent YoY to EUR173.5m in the 1H25 due to a negative exchange rate effect of EUR7m and non-recurring charges. EBIT fell 18.5 per cent YoY to EUR102m. 

Group net profit saw a 24.2 per cent YoY decrease to EUR73.5m. 

Regional breakdown
In the Nordic and Baltic region, revenue improved 3.1 per cent YoY to EUR316.157m and EBITDA by 6.8 per cent to EUR82.762m. The region’s EBITDA margin saw an uptick to 26.2 per cent from 25.3 per cent in the 1H24. In Denmark, grey cement domestic volumes slipped, but exports were up by seven per cent thanks to higher deliveries to Norway and Iceland. While ready-mix concrete volumes declined by four per cent, aggregates volumes benefitted from strong demand, increasing by 16 per cent. In Norway ready-mix concrete volumes were up 10 per cent due to favourable weather conditions and the start-up of major projects while in Sweden ready-mix concrete and aggregate volumes fell due to the lack of new infrastructure projects and excess production capacity. 

In Belgium and France revenue fell 4.2 per cent YoY to EUR164.377m in the 1H25 as weak demand pushed down domestic cement volumes by eight per cent in the 1H25. Exports fell by seven per cent despite showing an improvement in the 1Q25 due to the slowdown in construction activity in northern France and the temporary closure of a railway line. Ready-mix concrete volumes edged up two per cent as major projects were launched at the end of 2024 and overcoming harsh weather conditions in January. Aggregate volumes remained broadly stable when compared to the 1H24. EBITDA decreased 6.4 per cent to EUR46.113m on the back of lower sales volumes, higher electricity costs and non-recurring charges due to the fire in the alternative fuels feeding system at the Gaurain plant in Belgium. This resulted in a contraction of the EBITDA margin to 28.1 per cent from 28.7 per cent in the 1H24. 

Cementir reported a five per cent uptick in Türkiye revenue to EUR165.021m as domestic volumes rose by five per cent and clinker and cement exports by two per cent despite the export ban to Israel, effective since the 2Q24, and the devaluation of the lira. Ready-mix concrete volumes edged up by two per cent, supported by two plants, and aggregates volumes grew by 19 per cent. EBITDA declined by 25 per cent YoY to EUR20.053m as personnel expenses rose due to seasonal inflation-related wage dynamics. The EBITDA margin shrank to 12.2 per cent from 17.0 per cent in the 1H24. 

North American revenue slipped 2.4 per cent YoY to EUR90.741m in the 1H25 as white cement volumes declined by three per cent and high mortgage rates and persistent inflation affect the residential market. EBITDA were down 0.9 per cent, contained thanks to good cost control. However, the EBITDA margin improved slightly to 12.5 per cent YoY from 12.3 per cent in the 1H24. 

In Asia-Pacific revenue fell 4.8 per cent YoY to EUR47.428m as revenue in China saw an 11.5 per cent drop to EUR23.482m due to lower selling prices as demand was stagnant. In Malaysia, higher sales volumes, particularly exports, drove a 1.1 per cent uptick in revenue. Domestic volumes in Malaysia declined by 10 per cent but overall volumes were 10 per cent higher thanks to larger clinker shipments to Australia. Cement exports were stable with higher deliveries to the Philippines, Cambodia and Myanmar. Asia Pacific EBITDA dropped 26.5 per cent YoY to EUR6.858m, resulting in a contraction of the EBITDA margin to 14.5 per cent in the 1H25 from 18.7 per cent in the year-ago period. 

The group’s revenue in Egypt declined 11 per cent YoY to EUR20.912m in the 1H25 as the Egyptian pound depreciated by 23 per cent which the nine per cent increase in local currency revenue was not able to offset. White cement volumes declined two per cent as exports fell due to the postponement of shipments for technical reasons, according to the company. The domestic market was soft in early 2025 but showed signs of recovery by June. EBITDA decreased 34.5 per cent YoY to EUR5.088m mainly as a result of higher operating costs. The EBITDA margin shrank to 24.3 per cent from 33 per cent in the 1H24. 

Outlook
Cementir has issued a guidance that sees its revenue rise six per cent YoY to EUR1.75bn by the end of the year. EBITDA is forecast to increase by three per cent to EUR415m in 2025.