In the first quarter, Votorantim Cimentos ended the first quarter of 2026 with global net revenue of BRL6.3bn (US$1.25bn), representing a 15 per cent increase compared to the same period of the previous year, when excluding foreign exchange impacts. This performance reflected favourable operational dynamics from geographic diversification, resulting in higher volumes and prices. Global cement sales rose four per cent to 8Mt against the first quarter of 2025.

Consolidated adjusted EBITDA reached BRL762m in the first three months of 2026, marking a 25 per cent rise in local currency compared to the same period in 2025. The EBITDA margin expanded by one percentage point to 12 per cent, sustained by net revenue growth. Net income was negative at BRL154m due to seasonal factors, but improved by 53 per cent compared to the first quarter of 2025, because of the stronger operational performance.

Global CEO Osvaldo Ayres stated that the firm achieved solid operational and financial progress despite seasonal challenges, pushing forward with investments in competitiveness, capacity expansion, decarbonisation, and new businesses during its 90th anniversary quarter.Capital expenditure in the quarter totalled BRL742m, which is 35 per cent higher than in the first quarter of 2025. This increase supported modernisation, structural competitiveness, decarbonisation commitments, and new business projects. Expansion projects received 21 per cent of the total, highlighted by the startup of a new mill at the Edealina plant to double its cement production capacity.Out of the BRL5bn investment plan for Brazil spanning 2024 to 2028, BRL2.8bn is currently allocated to flexible projects that can adjust to market conditions. The plan is progressing rapidly to add 3.7 million tonnes of capacity in Brazil by the end of 2026. The firm also advanced investments in concrete and aggregate acquisitions across North America and Europe.

Global CFO Antonio Pelicano noted that the company maintained a robust financial position and capital discipline, utilising active liability management to raise funds under favourable conditions via a debenture issue.

In March, the company issued BRL650m in debentures maturing in 2033 to reduce debt costs and extend its maturity profile. Liquidity remained solid with BRL4.6bn in cash to cover obligations for the next four years. Leverage stood at 1.90x net debt to adjusted EBITDA at the end of the quarter, down 0.05x compared to the first quarter of 2025.In Brazil, net revenue grew 18 per cent to BRL3.7bn due to higher domestic volumes and positive price dynamics driven by housing programs and infrastructure investments. Adjusted EBITDA in Brazil rose 44 per cent to BRL614m due to significant operational leverage.

In North America, net revenue reached BRL1.1bn, up one per cent excluding foreign exchange effects, showing resilience against lower market demand caused by winter weather. Adjusted EBITDA was negative BRL229m compared to negative BRL136m in the prior year, influenced by the absence of one-off factors and the timing of maintenance shutdowns.

In Europe and Asia, net revenue grew 10 per cent to BRL952m. Results in Spain benefited from higher volume demand and better prices, while Türkiye delivered higher volumes despite adverse weather. Adjusted EBITDA for the region rose 18 per cent to BRL278m because of cost efficiency and net revenue growth.

In Latin America, net revenue jumped 43 per cent in local currency to BRL300m, driven by favourable price and volume dynamics in Bolivia and Uruguay. Adjusted EBITDA for the region more than doubled to BRL82m, supported by higher prices and stable costs.

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