Cementir Holding 9M25 results show acceleration of EBITDA momentum in 3Q25
Cementir saw 9M25 Non-GAAP decrease by 1.8% with a clear acceleration of performance in 3Q25 (+5% y/y or +6.5% excluding some non-recurring charges in Belgium). Importantly, Cementir confirmed its FY25 guidance which calls for a Non-GAAP EBITDA of € 415m (+4% y/y) and which implies a strong 4Q. Cementir's diversified footprint with some key regional strongholds like Denmark and Belgium along with a deeply vertically integrated model in those regions allows to realize solid profitability, as witnessed by the current solid group EBITDA margins (23% 9M25). A sizeable net cash position gives Cementir significant firepower for acquisitions in a still fragmented cement industry whilst the presence of a reference shareholder (Caltagirone group) allows to keep a long term horizon. Supported by an attractive valuation, we maintain BUY and €18 TP.Cementir Holding NV. Cementir Holding NV is a multinational company incorporated in the Netherlands operating in the construction materials sector. Through its subsidiaries in 18 countries across the five continents, Cementir specializes in white cement and in the production and distribution of gray cement, ready-mixed concrete, aggregates, concrete products and is active in the processing of urban and industrial waste. The Group's products are marketed in more than 70 countries. The Group is a major producer of white cement and has vertically integrated platforms in Scandinavia, Belgium and Turkey.
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