Cementos Pacasmayo S.A.A. (CPAC) reported full‑year 2025 results on February 13, 2026, showing revenue of PEN 1.745 billion, up 6.2% from the previous year, and a net income of PEN 154 million after one‑off transaction costs. The company’s earnings per share fell to a negative $0.0596, missing the consensus estimate of $0.0743 by 180%.
The company’s EBITDA margin without transaction‑related expenses reached 28.4%, the highest in its history, while the margin including those expenses was 14.5%. Net debt/EBITDA stood at 2.8×, reflecting a modest increase from the prior year. The dividend yield was 5.13%, lower than the 9.12% cited in the original article.
Concrete and precast sales grew 8.2% in volume, contributing 26.3% of total revenue and driving the company’s shift from commodity cement to integrated building solutions. The segment’s performance helped offset the impact of one‑off transaction costs on overall profitability.
Management highlighted the company’s pricing power in northern Peru, noting that its regional monopoly has allowed it to maintain high gross margins. CEO Humberto Nadal said the firm “continues to deliver solid financial results this quarter by capitalizing on favorable market positions while significantly managing cost to achieve sustained profitability.” CFO Ely Hirahoka added that the net debt to EBITDA ratio “grew at 2.8x. We continue to lower our debt to amortization payments, although it was partially offset by a lower EBITDA figure.” Investor Relations Manager Claudia Bustamante noted that “excluding the one‑off expenses related to the share purchase agreement signed with Holcim, EBITDA reached PEN 158.7 million, an 11.4% increase compared to the same period last year.”
A significant development is the pending acquisition of Inversiones Aspi, which controls 50.01% of CPAC, by Holcim. The transaction, valued at 5,100 million soles and based on a 9× EBITDA multiple, is expected to close in the first half of 2026 and is viewed as a validation of CPAC’s strategic pivot.
Despite the earnings miss, the market reaction was muted, with the stock price remaining largely unchanged. Analysts and investors appear to be focusing on the Holcim acquisition and the company’s long‑term shift toward higher‑margin building solutions.
Overall, CPAC’s Q4 2025 results reveal a company navigating short‑term earnings pressure while positioning itself for future growth through strategic acquisitions and a focus on integrated building solutions. The earnings miss underscores the impact of transaction costs, but the company’s pricing power and segment mix suggest resilience in a challenging market environment.
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