2025. The company is an integrated enterprise covering cement, concrete, mortar, aggregate and other building materials, as well as agricultural inputs, waste management and co-processing. In the second quarter, the company's net income, profit and operating results improved, mainly due to the increase in sales volume and positive price dynamics, as well as the strong support of geographical and product diversification strategy. In the second quarter of
2025, Votorantin Cement achieved a global net income of 7.5 billion reais, an increase of 5% over the previous year (not taking into account exchange rate movements). This increase is mainly due to the double positive performance of sales volume and price. In the quarter, the company's global cement sales reached 9.3 million tons, an increase of 3% over the same period in 2024. The
company's adjusted earnings before interest, tax, depreciation and amortization (EBITDA) reached 1.8 billion reais in the second quarter of 2025, up 5% in local currency from the same period in 2024. The increase was driven by higher net income and higher prices, which outweighed cost increases and improved profitability. EBITDA margin for the quarter was 24%, up 1 percentage point from the second quarter of 2024.
The company achieved a net profit of 1.8 billion reals in the second quarter of 2025, up 250% from 515 million reals in the same period of 2024. This significant increase was mainly attributable to the improvement in operating results, the positive impact on tax revenue and the completion of the Morocco divestiture. In the second quarter of
2025, the company's capital expenditure (Capex) totaled 808 million reais, up 20% from the same period in 2024. This growth primarily reflects the company's global investment strategy for modernization and competitiveness, as well as projects related to decarbonization and new business. Of this, maintenance, modernization, and other investments accounted for 81% of total capital expenditures, with the remainder going to expansion projects. "We delivered solid results in the second quarter, driven by the diversification of our business and a strategy to balance our portfolio between developed and emerging markets," said Osvaldo Ayres, CEO
of Votorantin Cement. We continue to invest in competitiveness, decarbonization and new business, driven by our strong financial strength and discipline, even in the current volatile and cautious environment.
As of the end of the second quarter of 2025, the company's leverage ratio of net debt to adjusted EBITDA decreased to 1.78 times, down 0.19 times from the second quarter of 2024, considering only continuing operations. As of the end of the second quarter of 2025, the company's cash and financial investment balance was 5.2 billion reais, maintaining strong liquidity and sufficient to meet its financial obligations over the next four years. "During the quarter, we completed the sale of our Moroccan assets, which, together with the previously announced Tunisian divestiture, further reinforced our strategy of geographic diversification and capital allocation," said Antonio Pelicano, the
company's chief financial officer. We continue to maintain strong cash reserves to support the implementation of our strategy. In July
2025, the Company renegotiated one of its two revolving credit lines in the amount of $250 million to extend the term to five years, with improvements in terms and number of partners. In early August
2025, the company announced an investment of 330 million reals in operating facilities in Nobre and Cuiaba, Mato Grosso, Brazil, for expansion and modernization, which will be completed in 2026. These works are part of the company's R 5 billion Brazil investment plan announced in 2024, which focuses on modernization, capacity upgrading, competitiveness and decarbonization, of which R 2.3 billion investment has been launched. A new cement mill will be added to
the Nobley plant, increasing the unit's production capacity by 60% from the current 750,000 tonnes per year to 1.2 million tonnes. In addition, the company will increase the production capacity of agricultural limestone at the Mato Grosso plant by more than 20%, from the current 740,000 tons per year to 900,000 tons, which is an important input for Viter, the company's agricultural business unit.
At the Cuiaba site, through its business unit Verdera, which specializes in the sustainable management and disposal of waste, the company will invest in the modernization and construction of a used tyre crushing plant. These waste tires will be sent to the company's cement production kiln for co-processing after crushing. Co-processing is a globally widely used technology for the proper disposal of waste, converting these materials into energy for the cement industry, replacing fossil fuels such as petroleum coke, and reducing emissions of greenhouse gases such as carbon dioxide. In the second quarter of
2025, Votorantin Cement achieved a net income of 3.5 billion reals in Brazil, an increase of 8% over the same period in 2024, mainly due to positive sales volume and price dynamics. Adjusted EBITDA was R 555 million, down 2% from the second quarter of 2024, mainly due to an increase in variable costs, partially offset by an increase in net income.
North America
In the second quarter of 2025, the company's North American net income reached 2.4 billion reais, an increase of 3% from the second quarter of 2024 (excluding currency movements). Although the Canadian market was affected by climate and macroeconomic factors, the positive price dynamics compensated for the slowdown in the market. Adjusted EBITDA for the region was R 728 million, up 10% in local currency from the second quarter of 2024, driven by growth in net income, lower variable costs and expansion through small concrete and aggregate acquisitions.
Europe and Asia
In the second quarter of 2025, Europe and Asia net income increased by 3% compared to the second quarter of 2024, excluding currency movements, to 1.2 billion reais. The increase was mainly due to price dynamics in Spain and volume growth in Turkey. Adjusted EBITDA for the region was R 399 million, up 32% in local currency from the second quarter of 2024, driven by improved margins from market dynamics and lower variable costs.
Latin America
In the second quarter of 2025, Latin America net income increased by 20% in local currency to 284 million reais compared with the same period in 2024, mainly due to the good performance of the Bolivian and Uruguayan markets. Adjusted EBITDA for the region was R 61 million, up 92% from the second quarter of 2024 (excluding currency movements), mainly due to margin improvements.
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