Informazione
Regolamentata n.
0091-44-2026Data/Ora Inizio Diffusione 29 Luglio 2026 16:54:09Euronext Star Milan
Societa' :CEMENTIR HOLDING
Utenza - referente :CEMENTIRN04 - Bianconi Marco Maria Tipologia :1.1; REGEM; 3.1 Data/Ora Ricezione :29 Luglio 2026 16:54:09 Data/Ora Inizio Diffusione :29 Luglio 2026 16:54:09 Oggetto :First Half 2026 Consolidated Results Testo del comunicato
Vedi allegato
1/13 First Half 2026 Consolidated Results Significant improvement in the second quarter and guidance confirmed despite a first quarter impacted by e xceptionally adverse weather
conditions
• Volumes down: cement ( -2.9%), ready -mixed concrete ( -10.9%) and aggregates ( -2.6%). At constant perimeter, e xcluding the disposal of Kars Cimento, cement volumes increased by
1.4%
• Revenue: EUR 798.1 million (+0.2% on EUR 796.7 million in the first half of 2025); non -GAAP revenue amounted to EUR 793.7 million ( -1.7% compared with 2025 and -0.2% at constant perimeter ), impacted by a negative foreign exchange effect of EUR 37.4 million • EBITDA: EUR 163.9 million ( -5.5% on EUR 173.5 million in the first half of 2025); non -GAAP EBITDA amounted to EUR 153.6 million ( -10.4% compared with 2025 and -9.5% at constant
perimeter )
• Group net profit : EUR 62.0 million, down 15.7% on EUR 73.5 million in the first half of 2025;
non-GAAP Group net profit amounted to EUR 66.0 million ( -18.9% compared with 2025) • Trend reversal in the second quarter of 2026: at constant perimeter , cement volumes increase (+3.4%), non -GAAP revenue (+5.3%) and non -GAAP EBITDA (+12.9%) • Net cash : EUR 276.8 million ( EUR 144.0 million as at 30 June 2025) • Guidance for the current year confirmed PRESS RELEASE
Rom e, 29 July 2026 – The Board of Directors of Cementir Holding N.V. today examined and approved the consolidated unaudited results for the first half and the second quarter of 2026.
Please note that as of April 2022, the Turkish economy is considered hyperinflationary according to the criteria set out in “IAS 29 -Financial Reporting in Hyperinflationary Economies ”.
Consolidated Data
Performance Highlights
(Euro millions) 1st Half 2026 1st Half
2025 Change
% 1st Half
2026
Non-GAAP1 1st Half
2025
Non-GAAP Change
% Revenue from sales and services 798.1 796.7 0.2% 793.7 807.1 -1.7%
EBITDA 163.9 173.5 -5.5% 153.6 171.5 -10.4%
EBITDA Margin % 20.5% 21.8% 19.3% 21.2%
EBIT 91.0 102.0 -10.8% 85.0 105.0 -19.0%
Net financial income (expense) and share of net profits of equity -accounted investees (2.1) (1.5) -38.8% 1.6 2.7 -42.0% Profit before taxes 88.8 100.5 -11.6% 86.6 107.7 -19.6% Group net profit 62.0 73.5 -15.7% 66.0 81.4 -18.9%
Sales volumes
(thousands) 1st Half 2026 1st Half
2025 Change
% Grey, White cement and Clinker (metric tonnes) 4,981 5,132 -2.9% Ready -mixed concrete (m3) 1.994 2,237 -10.9% Aggregates (metric tonnes) 5.049 5,184 -2.6%
1 Non-GAAP figures exclude the impact s of hyperinflation and the valuation of non -industrial real estate in Türkiye .
2/13 PRESS RELEASE
FIRST HALF 2026 CONSOLIDATED RESULTS
Net financial debt (Euro millions) 30-06-2026 31-12-2025 30-06-2025 Net cash 276.8 465.1 144.0
Group employees 30-06-2026 31-12-2025 30-06-2025 Number of employees 2,969 2,987 3,103
Francesco Caltagirone Jr, Chairman and Chief Executive Officer, commented:
“The first half of 2026 was impacted by exceptionally adverse weather conditions across Europe and Türkiye, as well as by a different maintenance schedule in the first quarter, which significantly affected volumes and profitability. Nevertheless, the second quarter delivered a re covery in operating performance, with improving volumes and growth in revenue, EBITDA and EBIT . In light of the still complex and uncertain macroeconomic and geopolitical environment, and while awaiting greater visibility for the coming months, we are confirming our guidance for the full yea r”.
The following comments refer to the Non-GAAP consolidated income statement of the first six months of 202 6 which exclud es both the impact s of hyperinflation and the valuation of non -
industrial real estate in Türkiye. This representation allows a better comparison of Group’s performance compared to the same period of the previous year.
In the first half of 2026, the volumes sold of cement and clinker amounted to around 5.0 million tonnes, a 2.9% decrease compared to the same period in 2025. On a constant perimeter basis, i.e. excluding the disposal of Kars , volumes increased by 1.4%. The decline in the first quarter, also attributable to exceptionally adverse weather conditions affecting several European countries and Türkiye, was partially recovered during the second quarter. Overall, volumes benefited from the positive performance in Egypt, supported by the reactivation of the second clinker line, and Belgium, while they suffered from weakness in Nordic & Baltic, Türkiye and China.
Ready -mixed concrete sales volumes, equal to 2.0 million cubic metres, recorded a 10.9% reduction compared to the first half of 2025, with a more marked decrease in Türkiye due to the progressive completion of the post ‑earthquake reconstruction, and in Nordic & Baltic, an area penalised by the sharp contraction of the first quarter, only partially recovered during the second quarter. Volumes also continued to show a negative trend in Belgium.
Sales volumes of aggregates amounted to 5.0 million tonnes, a decrease of 2.6% compared to the same period of the previous year. The trend reflects above all the weakness of demand in Türkiye and Denmark, only partially offset by the growth recorded in Swe den, the good performance of Belgium and the new business in the United States.
Revenue from sales and services of the Group amounted to EUR 793.7 million, down 1.7% compared to EUR 807.1 million in the first half of 2025 ( -0.2% on a constant perimeter basis). The contraction in revenues is mainly attributable to the negative exchange effect of EUR 37.4 million, in particular due to the devaluation of the Turkish lira and the US dollar against the Euro. At the geographical level, there was an increase in revenues in Egypt, Belgium, Nordic & Baltic and Malaysia, while a decline was recorded in Türkiye, China and Nort h America. At constant 2025 exchange rates, revenues would have amounted to EUR 831.1 million, 3.0% higher than in the same period of the previous year.
At EUR 640.8 million, operating costs increased by 0.5% compared to EUR 637.7 million in H1 2025.
In particular, the cost of raw materials decreased by 0.9% to EUR 325.3 million (EUR 328.3 million in the first half of 2025), mainly due to the lower volumes produced and the exchange effect.
At EUR 114.3 million, personnel costs increased by 1% compared to EUR 113.1 million for the same period in 2025.
3/13 PRESS RELEASE
FIRST HALF 2026 CONSOLIDATED RESULTS
Other operating costs , amounting to EUR 201.2 million, increased by 2.6% compared to EUR 196.2 million in the first half of 2025 mainly due to the effect of logistics costs.
EBITDA amounted to EUR 153.6 million, down 10.4% from EUR 171.5 million in the first half of 2025 ( -
9.5% on a constant perimeter basis). The reduction in EBITDA compared to the previous year was attributable to approximately EUR 26.6 million in the Nordic & Baltic regions and Türkiye, mainly due to the reduction in volumes linked to the adverse weather conditions of the first quarter. It was also impacted by EUR 2.6 million negative foreign exchange effect. At the geographical level, there was an EBITDA growth in Egypt, Belgium and North America, while there was a decline in the remaining geographical areas.
The EBITDA margin fell to 19.3% from 21.2% in the first half of 2025.
At constant 2025 exchange rates, EBITDA would have amounted to EUR 156.2 million, down 8.9% year -
on-year.
EBIT , taking into account depreciation, amortisation, write -downs and provisions of EUR 68.5 million (EUR 66.5 million in the first half of 2025), amounted to EUR 85.0 million, down 19.0% from EUR 105.0 million in the same period of the previous year. Deprecia tion and amortisation due to the application of IFRS 16 amounted to EUR 17.9 million (EUR 18.4 million in the same period of 2025).
At constant 2025 exchange rates, EBIT would have amounted to EUR 86.0 million.
Net financial income was positive at EUR 1.6 million (EUR 2.7 million in the first half of 2025), benefiting from net foreign exchange income of EUR 5.8 million (EUR 1.8 million in the first half of 2025). The share of net profits of equity -accounted investees was negative by EUR 0.2 million (negative by EUR 0.1 million in the first half of 2025).
Profit before taxes was EUR 86.6 million, down 19.6% on EUR 107.7 million in the first half of 2025.
Profit for the period amounted to EUR 64.8 million (EUR 81.6 million in the first half of 2025), after taxes of EUR 21.8 million (EUR 26.0 million in the same period of 2025).
Group net profit , net of the result attributable to non -controlling interests, amounted to EUR 66.0 million (EUR 81.4 million in the first half of 2025).
During the first half of 2026, the Group made total investments of approximately EUR 92.3 million (EUR 53.7 million in the first half of 2025), of which approximately EUR 24.8 million in sustainability (EUR 4.4 million in the first half of 2025) and EUR 23.5 million (EUR 12.2 million in the first half of 2025) relating to the right -of-use assets recognised in application of IFRS 16 .
Net cash at 30 June 2026, amounting to EUR 276.8 million, increased by EUR 132.8 million compared to net cash of EUR 144.0 million at 30 June 2025, and includes: the distribution of dividends of the Parent Company for EUR 46.7 million in May 2026, dividends to third -party shareholders for about EUR 8.2 million, the proceeds from the sale of Kars Cimento for about EUR 51 million, the collection of the insurance reimbursement for EUR 19.7 million and the collection of EUR 18.6 million relating to the “Just Transition Fund” contribution to support investments for the reduction o f greenhouse gas emissions in Belgium. The net cash position includes EUR 77.2 million of debt related to the application of IFRS 16 (EUR 79.5 million as at 30 June 2025).
The reduction of EUR 188.3 million compared to net cash at 31 December 2025 is due to the seasonality of the activity in the first half and the dynamics of working capital.
Total equity at 30 June 2026 amounted to EUR 2,048.7 million (EUR 1,975.0 million at 31 December 2025 and EUR 1,806.7 million at 30 June 2025).
4/13 PRESS RELEASE
FIRST HALF 2026 CONSOLIDATED RESULTS
Performance in the second quarter of 202 6 In the second quarter of 2026, cement and clinker sales volumes , equal to 2.8 million tonnes, recorded a decrease of 2.7% compared to the same period in 2025, while they increased by 3.4% on a constant perimeter, i.e. excluding the disposal of Kars, primarily driven by higher volumes in Egypt, Belgium and in the Asia Pacific area.
Ready -mixed concrete sales volumes, amounting to 1.2 million cubic metres, increased by 1% thanks to the positive performance in Türkiye, Sweden and Norway, while in Belgium and Denmark a decline in volumes was recorded.
In the aggregates sector, sales volumes amounted to 2.8 million tonnes, remaining essentially unchanged thanks to Türkiye, Denmark and Sweden, while in Belgium they remained essentially stable.
Revenue from sales and services amounted to EUR 449.7 million, up 3% compared to EUR 436.5 million in the second quarter of 2025 (+5.3% on a constant perimeter basis), thanks to the positive performance recorded in the Nordic & Baltic areas, Egypt, Belgium and Malaysia, which more than offset the decrease in Türkiye, while the United States and China recorded a slight decrease.
Operating costs amounted to EUR 347.6 million (EUR 335.6 million in the second quarter of 2025), up 3.6%, mainly due to higher costs of raw materials and other operating costs.
EBITDA reached EUR 112.2 million, up by 10.2% compared to EUR 101.8 million in the second quarter of 2025 (+12.9% on a constant perimeter basis). Growth was driven by results in Belgium, Egypt and North America, with a decrease in Türkiye, Nordic & Baltic and Asia Pacific.
EBIT amounted to EUR 78.0 million (EUR 67.7 million in the second quarter of 2025).
Net f inancial expense was EUR 6.2 million ( net financial income of EUR 0.2 million in the second quarter of 2025).
Profit before taxes was EUR 71.8 million, an increase of 5.6% compared to the second quarter of 2025 (EUR 68.0 million).
Investments in the second quarter of 2026 amounted to EUR 39.2 million (EUR 24 million in the second quarter of 2025), of which approximately EUR 17.9 million in sustainability (EUR 2.8 million in the second quarter of 2025) and EUR 4.7 million in application of IFRS 16 accounting standard (EUR 4.5 million in the second quarter of 2025).
Performance by geographical segment Nordic and Baltic (EUR’000) 1st Half 2026 1st Half
2025 Change
% Revenue from sales 321,066 316,157 1.6% Denmark 237,519 244,698 -2.9% Norway / Sweden 79,717 71,146 12.0% Other (1) 39,443 39,728 -0.7% Eliminations (35,613) (39,415)
EBITDA 68,535 82,762 -17.2%
Denmark 60,450 76,141 -20.6% Norway / Sweden 4,715 3,023 56.0% Other (1) 3,370 3,598 -6.3% EBITDA Margin % 21.3% 26.2% Investments 47,877 23,437 (1) Iceland, Poland and white cement operating activities in Belgium and France
5/13 PRESS RELEASE
FIRST HALF 2026 CONSOLIDATED RESULTS
Denmark
In the first half of 2026, sales revenue amounted to EUR 237.5 million, down 2.9% compared to the corresponding period of 2025 (EUR 244.7 million), due to the lower levels of activity recorded on the domestic market, in particular in the grey cement and ready -mixed con crete sectors.
The domestic construction market remains weak, particularly in the residential sector, affected by still restrictive financing conditions and uncertainty over energy costs, which contributed to the postponement of some projects to the second half of the ye ar.
The volumes of grey cement on the domestic market decreased by about 4% compared to the first half of 2025, penalised by the exceptionally harsh weather conditions in the first months of the year and the slowdown in deliveries for the Fehmarn infrastructur e project due to delays in the project execution. In the second quarter, however, deliveries gradually normalised, allowing some of the lost volumes to be recovered. Sales of white cement, less sensitive to the macroeconomic cycle, instead grew by 12% on the domestic market, supported by higher demand from the two main customers.
Cement exports fell by around 16%, mainly due to lower deliveries to Norway and Iceland, partially offset by growth in Poland, France and Finland.
Ready -mixed concrete volumes decreased by 11% compared to the first half of 2025, affected by the slowdown in activity in the first quarter, followed by a recovery in sales starting in March. The Zealand region was the hardest hit, due to delays in a number of projects, although the main construction project currently underway (the Nordhavn Tunnel) is set to make up some of the ground lost in 2025. In this context, the growing market focus on products with a lower environmental impact is a factor supporting demand and an element of competitive advantage for the company's offer.
Aggregate sales volumes also decreased by 21%, reflecting the same market dynamics that affected the cement and ready -mixed concrete sector.
EBITDA amounted to EUR 60.5 million (EUR 76.1 million in the first half of 2025), down 20.6%. In addition to the decline in volumes in the cement and ready -mixed concrete sectors, there has been an increase in government taxes on CO2 emissions, higher tran sport costs and raw material costs related to international crises and the growth of variable costs for ready -mixed concrete.
In the semester, investments amounted to EUR 44.2 million. Almost all of it, EUR 41.5 million, concerned the cement sector and was allocated to interventions to improve production capacity, extraordinary maintenance, expenses related to the CO2 capture and storage project and the introduction of natural gas as an alternative fuel. The ready -mixed concrete sector absorbed EUR 1.7 million. Of the total, EUR 7.4 million are accounted for according to IFRS 16 .
Norway and Sweden In Norway, ready -mixed concrete sales volumes decreased by 5% compared to the first half of 2025, affected by weak demand, lower volumes on major projects and adverse weather conditions at the beginning of the year. The market also remains characterised by high produ ction capacity and competitive pressure in certain geographical areas.
In Sweden the context is more favourable: ready -mixed concrete volumes increased by 10%, thanks to the recovery recorded since March, the restart of postponed projects and the acquisition of numerous orders. Aggregates also grew by 24%, supported by new pr ojects and the temporary closure of a competing quarry.
In the period, the Norwegian krone revalued by 4.2% and the Swedish krone by 2.8% compared to the average exchange rate of the Euro in the corresponding half -year of 2025.
In the first half of 2026, sales revenue in Norway and Sweden increased by 12.0% to EUR 79.7 million (EUR 71.1 million in the first half of 2025). EBITDA totalled EUR 4.7 million, up 56% compared to EUR 3.0 million in the corresponding period of 2025, as a result of higher sales volumes in Sweden and higher sales prices in both Norway and Sweden, only partly offset by the increase in variable costs.
6/13 PRESS RELEASE
FIRST HALF 2026 CONSOLIDATED RESULTS
Investments amounted to EUR 3.5 million (EUR 1.7 million in Norway and EUR 1.8 million in Sweden), of which EUR 2.2 million accounted for according to IFRS 16 .
Belgi um
(EUR’000) 1st Half 2026 1st Half
2025 Change
% Revenue from sales 173,908 164,377 5.8%
EBITDA 49,263 46,113 6.8%
EBITDA Margin % 28.3% 28.1% Investments 16,698 7,622
In Belgium, trading is characterised by modest growth and a climate of uncertainty linked to international geopolitical tensions, which continue to influence energy prices and financing costs. The residential market remains weak, despite showing the first signs of stabilisation, while public investments, supported in particular by infrastructure programmes and defence investments, remain at relatively robust levels.
In this context, in the first half of 2026, cement sales volumes on the domestic market grew by 5% compared to the corresponding period in 2025, despite the snowfall at the beginning of the year and the high temperatures of the second half of June, thanks to the acquisition of new customers and the contribution of an important infrastructure project in the Antwerp area.
Exports to France and the Netherlands also increased by 17%, driven by the expansion of the customer portfolio and, in France, by the gradual recovery of activity in the construction sector, despite an uncertain economic framework.
Demand for low CO ₂ products continues to strengthen across the region, particularly in public tenders and large infrastructure projects, supported by decarbonisation targets and increasing attention to environmental criteria.
Ready -mixed concrete sales decreased by 6% compared to the first half of 2025, with a more marked contraction in Belgium ( -10%), penalised by the same adverse weather conditions already mentioned, the prolonged suspension of construction sites on the occas ion of the Easter holidays and a negative base effect represented by a major project completed in the first half of 2025.
In France, on the other hand, volumes grew by about 3%, supported by the positive performance of the northern area of Hauts -de-France, the postponement to the beginning of 2026 of some projects initially planned for the end of 2025 and the start of new ini tiatives; this growth was achieved in a highly competitive market.
Aggregate sales increased by 2%, mainly in the Netherlands and France, benefiting from the recovery in market activity since March, particularly in the road infrastructure and ready -mixed concrete segments. In Belgium, the increase was more limited, in a m arket that is still weak due to the absence of large projects, the high competitive pressure and the persistent increase in construction costs.
Sales revenue increased by 5,8% to EUR 173.9 million compared to EUR 164.4 million in the same period of 2025. EBITDA also increased by 6.8% to EUR 49.3 million (EUR 46.1 million in the first half of 2025).
The cement segment benefits from higher sales vol umes and savings on raw materials and CO2 consumption in the face of higher costs for different maintenance programming compared to the corresponding half of 2025. These effects were partly offset by the ready -mixed concrete sector due to lower volumes and higher variable costs.
Investments made in the first six months of the year amounted to EUR 16.7 million and concerned the cement segment for EUR 13.3 million, mainly for extraordinary maintenance, efficiency of production capacity and the introduction of natural gas as an alter native fuel. Investments accounted for under IFRS 16 amounted to EUR 5.9 million, relating to contracts for cement transport vehicles .
7/13 PRESS RELEASE
FIRST HALF 2026 CONSOLIDATED RESULTS
North America
(EUR’000) 1st Half 2026 1st Half
2025 Change
% Revenue from sales 88,220 90,741 -2.8%
EBITDA 11,512 11,308 1.8%
EBITDA Margin % 13.0% 12.5% Investments 4,458 2,687
In the United States, the construction market is affected by the high mortgage rates, the increase in construction costs and a still weak residential demand, penalised by the problems of affordability for households. Price dynamics remain selective and competitive pressure high , while data centre development continues to support the non -residential component.
In an overall market context oriented towards a moderate contraction, sales volumes of white cement remained overall in line with the first half of 2025, showing a resilient trend. Whilst the overall performance was solid, there were variations across the different geographical areas.
Florida recorded significant sales growth (+10%), driven by demand from large customers, and the contribution of new customers in 2026, despite a particularly intense competitive environment.
In Texas, on the other hand, volumes decreased by 7%, penalised by the adverse weather conditions at the beginning of the year and the spring period, by the strong competitive pressure of importers and by the consequent slippage of some projects. In Califo rnia, sales decreased by 9% due to fierce levels of competition. The decline was more contained in the York region, concentrated in the residential and commercial segments.
The dollar devalued by 6.8% compared to the average exchange rate of the Euro in the first half of 2025.
Overall, revenues decreased by 2.8%, amounting to EUR 88.2 million (EUR 90.7 million in the first half of 2025), mainly due to the weakening of the dollar, compared to overall stable volumes. EBITDA increased by 1.8% to EUR 11.5 million (EUR 11.3 million i n 2025) with the white cement sector penalised by higher variable costs, as well as the foreign exchange effect partly offset by higher sales prices. EBITDA of the cement products and aggregates business showed growth compared to the previous year.
Capital expenditure in the first six months of 2026 amounted to EUR 4.5 million, of which EUR 4 million was allocated to the two cement plants for sustainability projects, production rationalisation and extraordinary maintenance. Investments recognised as a result of IFRS 16 were EUR 1.8 million .
Türkiye
(EUR’000) 1st Half
2026
(Non -GAAP) 1st Half
2025
(Non -GAAP) Change % Revenue from sales 133,882 165,021 -18.9%
EBITDA 7,763 20,053 -61.3%
EBITDA Margin % 5.8% 12.2% Investments 16,784 12,469
Türkiye continues to operate in a context characterised by high interest rates and more moderate economic growth than in previous years. Inflation, although gradually decreasing, remains high and the Turkish lira devalued by 26.7% compared to the average e xchange rate of the Euro in the first half of 2025.
In this context of moderate weakness, cement sales volumes on the domestic market decreased by 13% compared to the first half of 2025, mainly as a result of the sale of Kars at the end of 2025; with the same perimeter, the decline would have been 2.2%. The volumes were affected by the particularly adverse weather conditions at the beginning of the year and the progressive completion of the major post -earthquake reconstruction projects, which is causing a marked slowdown in demand in some areas of the countr y.
8/13 PRESS RELEASE
FIRST HALF 2026 CONSOLIDATED RESULTS
However, the trend has been differentiated between the different regions in which the Group operates: the Marmara region (Trakya) showed a slight decline in volumes ( -2%), the Aegean area (Izmir) recorded a 15% growth, supported by urban transformation pro grams and public investments, while Eastern Anatolia (Elazig) showed a 32% decline due to the downsizing of activities related to post -earthquake reconstruction.
Exports of cement and clinker, although contained compared to domestic sales, recorded a 2% growth driven by higher volumes towards the Mediterranean area and the Balkans.
Ready -mixed concrete volumes decreased by 15% mainly due to the slowdown in post -earthquake reconstruction. The Aegean region, on the other hand, remains the most dynamic area, with volumes supported by some major ongoing projects.
Aggregate volumes also decreased by 26%, returning to more physiological demand levels after the peak of previous years linked to post -earthquake reconstruction. However, June saw substantial growth, also supported by an important infrastructure in the Izm ir area.
In the waste sector, the subsidiary Sureko, active in the treatment of industrial waste, recorded a 10.9% increase in revenues in local currency, supported by the start of the new landfill in the third quarter of 2025 and the development of alternative fue ls and materials.
Overall revenues amounted to EUR 133.9 million, down 18.9% compared to the first six months of 2025 (EUR 165 million), as a result of the devaluation of the Turkish lira. EBITDA, equal to EUR 7.8 million, is worsening by 61.3% compared to the first half of 2025 (EUR 20.1 million), following the decline in volumes and the increase in variable and fixed costs, only partially offset by higher average sales prices.
Investments amounted to EUR 16.8 million, of which EUR 10.3 million in cement, mainly for safety, environment and reconversion of the electricity grid at the Trakya plant, and EUR 6.1 million in ready -
mixed concrete; in this last segment, these are almost entirely investments accounted for in accordance with IFRS 16 and relating to transport vehicles .
Egypt
(EUR’000) 1st Half 2026 1st Half
2025 Change
% Revenue from sales 32,761 20,912 56.7%
EBITDA 7,277 5,088 43.0%
EBITDA Margin % 22.2% 24.3% Investments 1,684 1,790
In Egypt, the macroeconomic environment remained challenging in the first half of 2026, with still high inflation, volatility of the Egyptian pound and rising energy costs. Despite this, domestic demand remained sustained thanks to the resilience of the co nstruction sector.
In this context, sales volumes of white cement on the domestic market increased by 31% compared to the first half of 2025, also benefiting from the strengthening of the company's commercial positioning, which allowed it to expand its market shares.
Exports increased by 78%, supported by higher deliveries at the beginning of the year and the resolution of technical problems after the reactivation of the second production line, which allowed the strengthening of the presence in the main foreign markets , in particular in the United States.
Sales revenue amounted to EUR 32.8 million, up 56.7% compared to EUR 20.9 million in the first half of 2025, despite the devaluation of the Egyptian pound ( -7.3% compared to the euro in the first half of 2025).
EBITDA increased by 43% to EUR 7.3 million (EUR 5.1 million in the first half of 2025). The increase was mainly attributable to the expansion of sales volumes, particularly in the domestic market, and a more favourable geographical mix oriented towards hig her-margin destinations, which more than offset the increase in energy costs and fixed costs.
9/13 PRESS RELEASE
FIRST HALF 2026 CONSOLIDATED RESULTS
Investments in the first six months of 2026 amounted to about EUR 1.7 million and mainly concerned efficiency and extraordinary maintenance interventions on the two clinker production lines .
Asia Pacific
(EUR’000) 1st Half 2026 1st Half
2025 Change
% Revenue from sales 46,837 47,428 -1.2% China 21,005 23,482 -10.5% Malaysia 26,001 24,016 8.3% Eliminations (169) (70)
EBITDA 4,378 6,858 -36.2%
China 3,031 3,856 -21.4% Malaysia 1,347 3,002 -55.1% EBITDA Margin % 9.3% 14.5% Investments 3,209 3,538
China
In China, the macroeconomic environment remained weak in the first half of 2026, with domestic demand still fragile and a real estate sector under pressure, despite the support measures introduced by the Government.
In this context, the cement market continued to be affected by the contraction of real estate investments and strong competitive pressure. The Group's sales volumes decreased by 6% compared to the first half of 2025, also penalised by the adverse weather c onditions in January and the slowdown in activities on the occasion of the Chinese New Year.
Sales revenue decreased by 10.5% to EUR 21.0 million (EUR 23.5 million in the first half of 2025). EBITDA decreased by 21.4% to EUR 3.0 million (EUR 3.9 million in the same period of 2025), due to lower sales volumes and prices and higher fixed costs, only partially offset by savings on variable costs.
The Chinese Renminbi depreciated by 1.1% against the average Euro exchange rate in the first half of 2025.
Investments in the first six months of the year amounted to approximately EUR 1.3 million and concerned projects to increase the functionality and efficiency of the plant, as well as extraordinary maintenance .
Malaysia
In Malaysia, the construction sector continued to expand, while the residential market remained weak, suffering from the high number of unsold units and difficulties in accessing credit.
In this context, total sales volumes increased by 2% compared to the first half of 2025. On the domestic market, although marginal in overall terms, volumes fell by 11%, partly attributable to the advance of some orders in December 2025 and partly to the d ecline in retail distribution, also due to the increase in prices.
Cement exports increased by 14%, supported by higher deliveries to Australia, the Philippines and Vietnam, while clinker exports decreased by 24%, mainly due to time differences in shipments to Australia. Exports were also affected by geopolitical tensions in the Middle East, which led to greater volatility in fuel prices, higher logistics costs and pressures on freight.
Sales revenue increased by 8.3% to EUR 26 million (EUR 24 million in the corresponding period of 2025).
EBITDA amounted to EUR 1.3 million, compared to EUR 3 million in the corresponding half of 2025, down 55.1%, due to higher variable and fixed costs, in particular distribution costs, compared to a higher average sales price linked to a different mix of products.
The Malaysian Ringgit appreciated by 2.8% against the average Euro exchange rate in the first half of 2025.
10/13 PRESS RELEASE
FIRST HALF 2026 CONSOLIDATED RESULTS
Investments in the first half of 2026 amounted to approximately EUR 1.9 million and involved projects to increase the functionality and efficiency of the plant, as well as extraordinary maintenance .
Holding and Services (EUR’000) 1st Half 2026 1st Half
2025 Change
% Revenue from sales 81,658 87,454 -6.6% EBITDA 4,833 (712) n.m.
EBITDA Margin % 5.9% -0.8% Investments 1,573 2,164 This grouping includes the parent company, Cementir Holding, the trading company, Spartan Hive, and other minor companies. EBITDA increased compared to the previous year thanks to the better result of Spartan Hive, supported by higher intermediation margins, and the reduction of fixed costs of the parent company Cementir Holding .
Significant events during and after the first half On 12 February 2026, the Board of Directors of the Parent Company approved the update of the 2026 -
2028 Industrial Plan, please see the press release for more information .
On 23 March 2026, the Group, through its Danish subsidiary Aalborg Portland Holding A/S, entered into a binding agreement to acquire 100% of the share capital of Nymølle Stenindustrier A/S. The transaction has an enterprise value of DKK 900 million (approx imately EUR 120 million) on a cash - and debt -free basis and is expected to generate synergies of DKK 30 million (approximately EUR 4 million) once fully implemented. The acquisition was finalized on 1 July 2026 upon the occurrence of all the conditions precedent , including the necessary regulatory authorisations .
On 5 May 2026, the Danish Energy Agency notified the Danish subsidiary Aalborg Portland A/S of the positive outcome of the process awarding the governmen t subsidy for the CO2 capture, transport and storage within the ACCSION project .
During June 2026 Aalborg Portland A/S signed the agreement with the Danish Energy Agency to receive a carbon capture subsidy of around EUR 117 per ton of CO2 captured , for up to 1.25 million tons of CO2 annually from 2030, when the CCS plant is expected to be operational. The subsidy is worth up to around EUR 146 million per year for 15 years, for a cumulative maximum amount of around EUR 2.2 billion, to be indexed to inflation. The completion of the ACCSION project remains subject to the timely and coordinated commissioning of capture, transport and storage infrastructure s along the entire value chain .
Also i n June 2026, the rating agency S&P Global Ratings confirmed its BBB- rating with Stable Outlook.
On 1 July 2026 Cementir Holding NV, through its Danish subsidiary Aalborg Portland Holding A/S, completed the acquisition of 100% of the share capital of Nymølle Stenindustrier A/S, the leading Danish producer by annual aggregate capacity.
The transaction, which has an enterprise value of DKK 900 million (approximately EUR 120 million) on a cash - and debt -free basis, was completed upon the fulfilment of all the conditions precedent, including the necessary regulatory approvals.
For the year ended April 2026, Nymølle recorded revenues of about DKK 230 million (EUR 30 million) and pro forma EBITDA of DKK 93 million (approximately EUR 12.5 million).
The acquisition strengthens the Group's vertically integrated business model, combining high -quality aggregates with cement and ready -mixed concrete, and supports long -term value creation. The expected synergies, amounting to approximately DKK 30 million ( approximately EUR 4 million) within 24 months of completion, will be realised through integration with the Group's existing activities in the Nordic & Baltic region .
11/13 PRESS RELEASE
FIRST HALF 2026 CONSOLIDATED RESULTS
Outlook
The macroeconomic scenario remains characterised by high uncertainty, in a context influenced by international geopolitical tensions and ongoing conflicts in the Middle East, which continue to affect the prospects for economic growth and the performance of energy markets. In this context, the Group remains focused on cost control, cash generation and operational efficiency.
After a first quarter exceptionally penalised by particularly adverse weather conditions in several European countries and Türkiye, the second quarter showed an improvement in operating performance and a recovery in volumes in several geographical areas. H owever, elements of volatility remain, in particular related to demand in some markets and foreign exchange trends.
The ongoing conflicts in the Middle East have so far not had a significant impact on the Group's results in terms of energy and logistics costs. With reference to energy costs, Cementir continues to adopt a structured risk management approach based on the operational flexibility of the fuel mix, the increasing use of alternative fuels and renewable energy, adequate stock levels and hedging instruments, especially for electricity, natural gas and coal.
The most significant impacts concern the sourcing of petcoke and logistics. In this context, the Group has launched initiatives in order to mitigate the impact on profitability.
In light of the results achieved in the first half of the year and despite a still complex and uncertain macroeconomic and geopolitical context, the Group believes it can confirm the following financial -
economic objectives for 2026, announced in February 2026 :
• Consolidated revenue of approximately EUR 1.7 billion, mainly supported by inflation -related price increases and a slight increase in volumes in the second half of the year with the sole exception of China and Türkiye. In the latter, a contraction in domes tic volumes is expected following the completion of post -earthquake projects and the decommissioning of the Kars plant. For ready -mixed concrete and aggregates, substantial stability or a slight decline is expected due to the negative performance of the Tu rkish market.
• EBITDA is expected to be between EUR 400 million and EUR 420 million, slightly up compared to a pro-forma recurring 2025 EBITDA of EUR 401.3 million, excluding non -recurring items and the contribution of the company Kars Cimento, sold on 1 December 2025.
• Net cash position expected to be around EUR 590 million at the end of the period, on a like -for-like basis.
Investments amount to approximately EUR 128 million (EUR 98 million in 2025), of which approximately EUR 32 million are in sustainability projects. R&D expenses and the average number of employees are expected to be in line with 2025, net of the divestment of the company Kars Cimento.
These forward -looking statements do not include: i) the impacts of IAS 29 application; (ii) any non -
recurring items; (iii) the impact of any deterioration in the geopolitical situation or other extraordinary events.
The foregoing solely reflects the views of the company’s management, and does not constitute a guarantee, promise, operational suggestion or even investment advice. Therefore, it should not be taken as a forecast on future market trends and of any financia l instruments concerned.
Sustainability
In the first half of 2026, the Group's commitment to decarbonisation continued, in line with the sustainability path and with the medium ‑long-term objectives.
In February 2026 Cementir submitted the application to the Danish Fund for costs subsidy for a period of 15 years for the ACCSION project in Denmark, expected to come into operation from 2030. Subsequent developments of the project are described in the Significant events during and after the first half section .
12/13 PRESS RELEASE
FIRST HALF 2026 CONSOLIDATED RESULTS
In April 2026, Cementir ranked first out of 119 global companies in the construction materials sector analysed by LSEG (London Stock Exchange Group), with an ESG score of 3.94 out of 5, confirming the effectiveness of the Group’s integrated approach to env ironmental, social and governance issues.
In the same period, ISS ESG, sustainability rating agency of the Deutsche Börse Group, awarded Cementir Holding a Corporate ESG Rating equal to B - with "Prime status", an improvement compared to the previous C+, positioning the Company in the first decile (top 10%) of the Construction Materials sector.
Cementir was also included among the winners of the Plus24 –Il Sole 24 Ore ESG Observatory Award and, for the third consecutive year, in the Financial Times and Statista’s Europe’s Climate Leaders 2026 ranking.
In April 2026, the Group’s Belgian subsidiary submitted a new grant application to the European Innovation Fund for a carbon capture and storage project at the Gaurain plant in Belgium.
In June 2026, Cementir was included for the second consecutive year in TIME and Statista’s World’s Most Sustainable Companies 2026 ranking, which recognizes the world’s 750 leading companies for sustainability performance and financial strength.
In the first half of 2026, CO ₂ emissions per tonne of grey cement amounted to 610 kg, slightly higher than the 2025 average of 605 kg2 (-15% compared with 2020), while CO ₂ emissions per tonne of white cement, which accounts for approximately one quarter of the Group’s total cement production, amounted to 884 kg, slightly above the 2025 average of 868 kg, due to a higher production of high-clinker cement from the plant in Egypt compared with the previous year .
Conference call details First half 2026 results will be presented to the financial community in a conference call and an audio webcast to be held today , Wednesday 29 July, at 6:00 pm (CET).
Participants can connect to the audio webcast by registering at this link, where the details for accessing the conference call and participating in the Q&A session will also be available.
The supporting presentation will be made available on the website www.cementirholding.com in the Investors section before the start of the conference call.
Other information
The Half-Year Financial Report as at 3 0 June 2026, unaudited, will be published in the manner and within the deadline required by current regulations.
* * * The unaudited consolidated financial statement figures are attached. They are provided to offer additional information on the performance and financial, equity and economic position of the Group .
2 The 2025 figure for grey cement emissions has been restated on a comparable scope basis, excluding the Kars plant, which was sold on 1 December 2025 .
13/13 PRESS RELEASE
FIRST HALF 2026 CONSOLIDATED RESULTS
Disclaimer
This press release contains forward -looking statements. These statements are based on current expectations and projections of the Group regarding future events and, by their very nature, are exposed to inherent risks and uncertainties.
They reflect solely the views of the Company's Management, and do not represent a guarantee, promise, operational suggestion or even investment advice. They should therefore not be taken as predictive support for the future performance of the markets and f inancial instruments concerned.
These statements relate to events and depend on circumstances that may or may not occur or exist in the future. Accordingly, readers should not place undue reliance on them. Actual results may differ materially from those stated due to multiple factors, in cluding: the volatility and deterioration of capital and financial markets, changes in commodity prices, changes in macroeconomic conditions and economic growth and other changes in business conditions, changes in atmospheric conditions, floods, earthquake s or other natural disasters, changes in the regulatory and institutional framework (both in Italy and abroad), production difficulties, including constraints on the use of plants and supplies and many other risks and uncertainties, most of which are outsi de the Group’s control.
In addition to conventional financial indicators under IFRS, the Cementir Holding Group also uses a number of alternative performance indicators to allow a better assessment of earnings and financial performance. In line with Consob Communication 92543/2015 and the ESMA Guidelines (ESMA/2015/1415), the meaning and content of the indicators used in this press release are provided below.
• EBITDA : an indicator of operating performance calculated by adding together “EBIT” and “Amortisation, depreciation, impairment losses and provisions”;
• Net financial debt : an indicator of financial structure calculated according to Consob Communication No.
6064293/2006, updated based on the Notice no. 5/21 of 29 April 2021 in implementation of the recommendations contained in paragraph 175 of ESMA Recommendation 32 -382-1138 of 4 March 2021, as the sum of the items:
o Current financial assets;
o Cash and cash equivalents;
o Current and non -current liabilities.
• Net capital invested : calculated as the total amount of non -financial assets, net of non -financial liabilities.
About Cementir Holding Cementir Holding is an international manufacturer and supplier of a wide range of building materials products and innovative building solutions, with operations in 18 countries and a workforce of around 3,000 people. The Group is global leader in the white cement business and is one of the largest constituents of the Star segment of the Euronext Milan Stock Exchange.
With sustainability at the core of its strategy, Cementir has its emissions reduction targets independently verified by the S cience Based Target initiative and it is rated A for Climate Change and A - for Water Security by CDP. The Company is also rated BBB -
with Stable Outlook by S&P.
Learn more about Cementir Holding on www.cementirholding.c om
Contacts
Media Relations Investor Relations
T +39 06 45412365 T +39 06 32493305
ufficiostampa@caltagironegroup.it invrel@cementirholding.it
Cementir Holding NV | Annex PRESS RELEASE
FIRST HALF 2026 CONSOLIDATED RESULTS
CEMENTIR HOLDING GROUP
Consolidated statement of financial position (Before profit appropriation) (EUR'000) 30 June
2026
Unaudited 31 December
2025
Audited
ASSETS
Intangible assets with a finite useful life 186,900 191,824 Intangible assets with an indefinite useful life (goodwill) 453,322 434,556 Property, plant and equipment 996,375 948,049 Investment property 145,095 117,182 Equity -accounted investments 10,242 10,581 Other equity investments 7,394 7,377 Non-current financial as sets 29 29 Deferred tax assets 40,206 38,916 Other non -current assets 565 563
TOTAL NON -CURRENT ASSETS 1,840,128 1,749,077
Inventories 251,310 240,106 Trade receivables 279,856 147,666 Current financial assets 6,290 6,492 Current tax assets 14,895 17,353 Other current assets 52,403 73,810 Cash and cash equivalents 424,325 618,783
TOTAL CURRENT ASSETS 1,029,079 1,104,210
TOTAL ASSETS 2,869,207 2,853,287
EQUITY AND LIABILITIES
Share capital 159,120 159,120 Share premium reserve 26,472 27,701 Other reserves 1,677,488 1,459,806 Profit (loss) attributable to the owners of the parent 61,966 206,405 Equity attributable to owners of the Parent 1,925,046 1,853,032 Reserves attributable to non -controlling interests 123,988 119,453 Profit (loss) attributable to non -controlling interests (298) 2,497 Equity attributable to non -controlling interests 123,690 121,950
TOTAL EQUITY 2,048,736 1,974,982
LIABILITIES
NON -CURRENT LIABILITIES
Employee benefits 20,232 20,259 Non-current provisions 25,786 25,339 Non-current financial liabilities 111,105 117,041 Deferred tax liabilities 184,849 174,220 Other non -current liabilities 17,615 18,344
TOTAL NON -CURRENT LIABILITIES 359,587 355,203
Current provisions 1,714 2,237 Trade payables 287,714 350,869 Current financial liabilities 42,699 43,163 Current tax liabilities 28,294 28,072 Other current liabilities 100,463 98,761
TOTAL CURRENT LIABILITIES 460,884 523,102
TOTAL LIABILITIES 820,471 878,305
TOTAL EQUIT Y AND LIABILITIES 2,869,207 2,853,287
Cementir Holding NV | Annex PRESS RELEASE
FIRST HALF 2026 CONSOLIDATED RESULTS
CEMENTIR HOLDING GROUP
Consolidated income statement
(EUR'000) 1st Half
2026
Unaudited 1st Half
2025
Unaudited
REVENUE 798,147 796,697
Change in work in progress and finished goods (9,592) (4,13 9) Increase for internal work 951 696 Other income 23,531 12,305
TOTAL OPERATING REVENUE AND OTHER INCOME 813,037 805,559
Raw materials costs (331,245) (325,794) Personnel costs (115,089) (112,049) Other operating costs (202,788) (194,18 7)
EBITDA 163,915 173,529
Amortisation and depreciation (72,853) (70,530) Additions to provision (91) (980) Impairment losses - (2) Total amortisation, depreciation, impairment losses and provisions (72,944) (71,512)
EBIT 90,971 102,017
Share of net profits of equity -accounted investees (186) (94) Financial income 5,018 9,870 Financial expense (9,208) (8,825) Exchange rate profits / (losses) 5,881 1,721 Net income/(expense) from hyperinflation (3,648) (4,216) Net financial income (expense) (1,957) (1,450)
NET FINANCIAL INCOME (EXPENSE) AND SHARE OF NET PROFITS OF
EQUITY -ACCOUNTED INVESTEES (2,143) (1,544)
PROFIT (LOSS) BEFORE TAXES 88,828 100,473
Income taxes (27,160) (26,703)
PROFIT FROM CONTINUING OPERATIONS 61,668 73,770
PROFIT (LOSS) FOR THE PERIOD 61,668 73,770
Attributable to:
Non-controlling interests (298) 263 Owners of the Parent 61,966 73,507
(EUR)
Earnings per ordinary share Basic earnings per share 0.398 0.473 Diluted e arnings per share 0.398 0.473
(EUR)
Earnings per ordinary share from continuing operations Basic earnings per share 0.398 0.473 Diluted earnings per share 0.398 0.473
Cementir Holding NV | Annex PRESS RELEASE
FIRST HALF 2026 CONSOLIDATED RESULTS
CEMENTIR HOLDING GROUP
Effects of the hyperinflation on the main income statement items for the first half of 202 6:
(EUR‘000) Effect
IAS 29 Effect IAS 21 Total
Effect
REVENUE FROM SALES AND SERVICES 7,017 (2,612) 4,405
Change in inventories (1,103) (146) (1,249) Increase for internal work and other income 15,542 (19) 15,523
TOTAL OPERATING REVENUE 21,456 (2,777) 18,679
Raw materials costs (7,58 3) 1,653 (5,930) Personnel costs (1,17 4) 361 (813) Other operating costs (2,253) 672 (1,581)
TOTAL OPERATING COSTS (11,010) 2,686 (8,324)
EBITDA 10,446 (91) 10,355
Amortisation, depreciation, impairment losses and provisions (4,491) 92 (4,399)
EBIT 5,955 1 5,956
Net financial income (expense) (3,751) 39 (3,712)
NET FINANCIAL INCOME (EXPENSE) (3,751) 39 (3,712)
PROFIT BEFORE TAXES 2,204 40 2,244
Income taxes (7,821) 2,476 (5,345)
PROFIT (LOSS) FROM CONTINUING OPERATIONS (5,617) 2,516 (3,101)
PROFIT (LOSS) FOR THE PERIOD (5,617) 2,516 (3,101)
Attributable to:
Non-controlling interests (1,009 ) 26 (983) Owners of the Parent (4,608 ) 2,490 (2,118 )
Cementir Holding NV | Annex PRESS RELEASE
FIRST HALF 2026 CONSOLIDATED RESULTS
Financial highlights
(EUR’000) Jan-Jun
2026
Unaudited Jan-Jun
2025
Unaudited Change
% 2nd Quarter
2026
Unaudited 2nd Quarter
2025
Unaudited Change
%
REVENUE FROM SALES AND SERVICES 798,147 796,697 0.2% 452,246 428,627 5.5%
Change in inventories (9,592) (4,139) -131.7% 2,160 (1,916) n.m.
Increase for internal work and other income 24,482 13,001 88.3% 22,759 10,518 116.4%
TOTAL OPERATING REVENUE 813,037 805,559 0.9% 477,166 437,229 9.1%
Raw materials costs (331,245) (325,794) 1.7% (190,263) (177,613) 7.1% Personnel costs (115,089) (112,049) 2.7% (57,960) (56,073) 3.4% Other operating costs (202,788) (194,187) 4.4% (103,829) (96,439) 7.7%
TOTAL OPERATING COSTS
(649,122) (632,029) 2.7% (352,052) (330,124) 6.6%
EBITDA 163,915 173,529 -5.5% 125,114 107,105 16.8%
EBIT DA MARGIN % 20.54% 21.78% 27.67% 24.99%
Amortisation, depreciation, impairment losses and provisions (72,944) (71,512) 2.0% (36,462) (36,237) 0.6%
EBIT 90,971 102,017 -10.8% 88,652 70,868 25.1%
EBIT Margin % 11.40% 12.80%
19.60% 16.53%
Share of net profits of equity -accounted investees (186) (94) -97.7% (44) 29 n.m.
Net financial income (expense) (1,957) (1,450) -35.0% (7,137) (726) n.m.
NET FINANCIAL INCOME (EXPENSE) (2,143) (1,544) -38.8% (7,181) (697) n.m.
PROFIT BEFORE TAXES 88,828 100,473 -11.6% 81,471 70,171 16.1%
PROFIT BEFORE TAXES/REVENUE % 11.13% 12.61%
18.01% 16.37%
Income taxes (27,160) (26,703) 1.7%
PROFIT (LOSS) FROM CONTINUING
OPERATIONS 61,668 73,770 -16.4%
PROFIT (LOSS) FOR THE PERIOD 61,668 73,770 -16.4%
Attributable to:
Non-controlling interests (298) 263 n.m.
Owners of the Parent 61,966 73,507 -15.7% 66,588 66,588
Cementir Holding NV | Annex PRESS RELEASE
FIRST HALF 2026 CONSOLIDATED RESULTS
Financial highlights Non-GAAP*
(EUR’000) Jan-Jun
2026
(Non -GAAP)
Unaudited Jan-Jun
2025
(Non -GAAP)
Unaudited Change
% 2nd Quarter
2026
(Non-GAAP) 2nd Quarter
2025
(Non -GAAP) Change %
REVENUE FROM SALES AND SERVICES 793,742 807,065 -1.7% 449,670 436,516 3.0%
Change in inventories (8,343) (2,756) n.m. 2,860 (1,420) n.m.
Increase for internal work and other income 8,960 4,833 85.4% 7,259 2,321 212.7%
TOTAL OPERATING REVENUE 794,359 809,142 -1.8% 459,789 437,417 5.1%
Raw materials costs (325,316) (328,340) -0.9% (187,107) (180,776) 3.5% Personnel costs (114,275) (113,132) 1.0% (57,500) (56,895) 1.1% Other operating costs (201,207 ) (196,199) 2.6% (102,995) (97,930) 5.2%
TOTAL OPERATING COSTS
(640,798) (637,671) 0.5% (347,602) (335,601) 3.6%
EBITDA 153,561 171,471 -10.4% 112,187 101,817 10.2%
EBITDA MARGIN % 19.3% 21.2% 24.95% 23.32%
Amortisation, depreciation, impairment losses and provisions (68,546) (66,502) 3.1% (34,191) (34,078) 0.3%
EBIT 85,015 104,969 -19.0% 77,996 67,738 15.1%
EBIT Margin % 10.7% 13.0% 17.35% 15.52% Share of net profits of equity -accounted investees (186) (94) -97.9% (44) 29 n.m.
Net financi al income (expense) 1,755 2,798 -37.3% (6,173) 190 n.m.
NET FINANCIAL INCOME (EXPENSE) 1,569 2,704 -42.0% (6,217) 219 n.m.
PROFIT BEFORE TAXES 86,584 107,673 -19.6% 71,779 67,958 5.6%
PROFIT BEFORE TAXES/REVENUE % 10.9% 13.3% 15.96% 15.57%
Income taxes (21,816) (26,031) -16.2%
PROFIT (LOSS) FROM CONTINUING
OPERATIONS 64,768 81,642 -20.7%
PROFIT (LOSS) FOR THE PERIOD 64,768 81,642 -20.7%
Attributable to:
Non-controlling interests (1,253) 248 n.m.
Owners of the Parent 66,021 81,394 -18.9% 66,588 37,261
*These figures are Non -GAAP measures and do not in clude the impact s of hyperinflation and the valuation of non -
industrial properties in Türkiye .
Fine Comunicato n.0091-44-2026 Numero di Pagine: 20