Votorantim Cimentos reports third quarter 2025 financial results

Votorantim Cimentos closed the third quarter of 2025 with double-digit growth in net revenue and operating income, driven by higher sales volumes and favourable pricing dynamics, supported by geographic and product diversification. Global net revenue reached R$8.7 billion in the third quarter of 2025, a 15% increase compared with the same period of the previous year, excluding currency fluctuations. This performance reflects positive dynamics in both sales volume and pricing across the consolidated portfolio. Global cement sales in the quarter totalled 10.6 million t, a 6% increase compared with the same period in 2024.

Consolidated adjusted EBITDA (earnings before interest, taxes, depreciation, and amortisation) reached R$2.4 billion in the third quarter, a 10% increase in local currency compared with the same period in 2024. New businesses beyond cement continued to contribute to results, with an 11% increase in EBITDA in local currency compared with the previous year. The EBITDA margin in the third quarter was 28%, stable compared with 3Q24, excluding non-recurring items that positively affected the prior period.

Net profit in the third quarter was R$967 million. Considering only the current portfolio, this represents a 3% increase compared with the same period of the previous year.

Capital expenditures (Capex) in the third quarter totalled R$831 million, a 31% increase compared with the same period in 2024. This growth reflects the company’s global investment strategy focused on modernisation, competitiveness, decarbonisation commitments, and new business development. Projects related to maintenance, modernisation, and other investments accounted for 75% of total consolidated Capex, with the remainder allocated to expansion projects.

Of the R$5 billion investment plan in Brazil for 2024–2028, R$2.4 billion is already under execution. Among the main projects that advanced in the third quarter were the start-up of a new cement mill at the Salto de Pirapora (SP) plant, adding 1 million tonnes per year to installed capacity, and the inauguration of a unit dedicated to shredding unusable tyres in Cuiabá (MT), with capacity to process up to 1500 tpm for co-processing as alternative fuel at the company’s plant in the state capital.

According to Osvaldo Ayres, Global CEO, “The company closed the third quarter with consistent growth in operating results, alongside increased investments. Votorantim Cimentos continues to advance in competitiveness, decarbonisation, and new businesses, supported by the organisation’s robustness, even in a volatile and cautious environment.”

At the close of the third quarter of 2025, leverage – measured by the net debt/adjusted EBITDA ratio – stood at 1.78x, maintaining the level of 3Q24. In September, Fitch Ratings reaffirmed the company’s global credit rating at “BBB”, with a stable outlook, maintaining its investment-grade credit profile.

Antonio Pelicano, Global CFO, stated, “Votorantim Cimentos continues to invest without losing sight of its traditional financial discipline, evidenced by Fitch’s reaffirmed rating. The company maintains solid liquidity, allowing it to meet financial obligations in the coming years.”

In November, Votorantim Cimentos issued up to R$1 billion in non-convertible debentures in the domestic market, in a single series maturing in 2033. This fundraising aligns with its financial management strategy focused on cost reduction and extending the debt profile.

Performance by region

Brazil

Net revenue totalled R$4 billion in the third quarter of 2025, a 16% increase compared with the same period in 2024, driven mainly by higher sales volumes and favourable pricing dynamics. Adjusted EBITDA reached R$927 million, a 9% increase compared with 3Q24, supported by increased net revenue and growth in new businesses, partially offset by higher costs.

North America

Net revenue reached R$2.8 billion in the third quarter, a 10% increase compared with Q3 2024, excluding currency variations. Positive pricing dynamics and higher sales volumes contributed to the result. Adjusted EBITDA was R$930 million, a 3% increase compared with the same period of 2024 in local currency, partially offset by increased costs.

Europe and Asia

Net revenue increased 12% in Q3 2025 compared with Q3 2024, excluding currency impacts, reaching R$1.3 billion. The result reflects higher volumes and prices. Adjusted EBITDA totalled R$447 million, a 29% increase compared with Q3 2024 in local currency, driven by improved operating performance.

Latin America

Net revenue increased 39% in the third quarter of 2025 in local currency compared with the same period in 2024, reaching R$334 million, reflecting improved market dynamics in Bolivia and Uruguay. Adjusted EBITDA reached R$81 million, 33% higher than 3Q24, excluding exchange-rate effects.

Read the article online at: https://www.worldcement.com/the-americas/18112025/votorantim-cimentos-reports-third-quarter-2025-financial-results/