Cement Network Report: Brazil Votorantim Cimentos Sales Growth of 3% in the Second Quarter of 2025

2025-10-31 15:41:15

In the second quarter of 2025, the performance of Votorantin Cement Company increased significantly. Global net income was 7.5 billion reals, up 5% year-on-year, and cement sales reached 9.3 million tons, up 3%. Adjusted EBITDA was 1.8 billion reais, with a profit margin of 24%, and net profit of 1.8 billion reais, a significant increase of 250%. Capital expenditure increased by 20% for modernization and other projects. Regions performed well, such as Brazil's net income increased by 8%, North America, Europe, Asia and Latin America's net income increased, and the company also made a number of investments and asset disposals, with a solid financial position.

Votorantim Cimentos posted significant performance gains in the second quarter of

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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Correlation

In the first half of 2026, Brazilian cement sales reached 32.851 million tons, an increase of 2.3% over the same period last year, driven by strong employment market, housing plans, highway projects and other factors.

2026-08-11 17:08:25

In the first half of 2026, the key interest rate of the Central Bank of Russia was at a high level, and the withdrawal of the preferential mortgage plan weakened the ability of residents to buy houses, contracted construction activities, and expanded the decline in cement consumption, about 25.2 million tons, down 11.5% from the same period last year. On a quarterly basis, affected by weather and value-added tax, consumption plunged 24% year-on-year in the first quarter and narrowed in the second quarter.

2026-08-11 17:01:37

In the first half of 2026, Iran faced multiple difficulties and economic downturn. On February 28, the United States and Israel jointly attacked Iran's military and nuclear facilities, Iran blocked the Strait of Hormuz, the United States imposed a naval blockade on Iraqi ports in April, and the two sides signed a memorandum of understanding on ceasefire in mid-June, thus easing the regional situation in stages. The conflict has seriously affected Iran's domestic construction, logistics and market confidence. However, due to the low base of cement consumption in the same period of 2025 and the concentrated release of demand after the ceasefire, cement consumption showed a restorative growth in the first half of the year, with demand and sales increasing by about 15% year-on-year in the first quarter of the Islamic calendar.

2026-08-11 16:53:53

In the first half of 2026, Indonesia's domestic cement sales volume was about 30.717 million tons, an increase of 11% over the same period last year, of which the sales volume of bagged and bulk cement increased. In June, the monthly sales volume was 5.689 million tons, an increase of 13% over the same period last year. Growth drivers include increased government spending, public facilities renovation, and post-disaster reconstruction in Sumatra is also an important factor.

2026-08-11 16:49:47

In the first quarter of 2026, Turkey's GDP growth fell to 2.5% year-on-year, significantly slower than 3.4% in the previous quarter, and lower than market expectations. The growth rate of fixed asset investment and household consumption has narrowed, and the economic growth in the second quarter is still weak. Affected by this and related policies, Turkey's domestic cement market was under pressure in the first half of the year, with cement sales falling to 19.847 million tons in January-April, down about 4.3% from the same period last year.

2026-08-11 16:41:59

In the first half of 2026, the U.S. construction market continued to slow down due to interest rates, labor, costs, tariffs and other factors. Construction spending totaled $1.05 trillion, down 3.5% from a year earlier, and private residential construction spending was a significant drag. From the data point of view, the overall demand for cement in the United States showed a steady downward trend, and the scale of imported cement and clinker increased slightly by 2.2% year-on-year.

2026-08-11 16:36:12

In the first half of 2026, Vietnam's cement output reached 58.14 million tons, an increase of 9% over the same period last year, maintaining a high growth rate. This growth is mainly due to the construction of large-scale infrastructure and real estate projects such as national highways, Longqing Airport and affordable housing. In addition, Vietnam's cement and clinker exports continued to expand, with a year-on-year growth rate of 15.8%.

2026-08-11 16:17:46

In the first half of 2026, India's cement industry maintained high growth, with a cumulative cement output of about 272 million tons, an increase of about 8.5% over the same period last year. Its demand growth is mainly due to the sustained prosperity of infrastructure construction and housing projects.

2026-08-11 15:59:38

Argentina's cement market is in a deep correction, with shrinking demand and soaring energy costs. In April, the consumption, output and export of cement in China declined sharply, and the cumulative performance since the beginning of the year was not good, and the monthly decline in April far exceeded the cumulative level.

2026-06-05 09:33:36

In April 2026, the domestic demand of Pakistan cement market recovered, the national cement shipment volume increased by 11.14% to 3.89 million tons, the explosive growth of the local market was the core support, and the domestic shipment volume increased by 20.17%.

2026-06-05 09:32:09

At the beginning of 2026, the Brazilian cement market showed a pattern of "volume increase and price pressure". In April, the national cement sales increased by 2.2% year-on-year, but the association expects the annual growth rate to slow down to 1% -2%.

2026-06-05 09:30:39

In April 2026, Morocco's cement market recovered, with monthly shipments surging 31.8% year-on-year, but a slight decline of 0.1% in the first four months.

2026-06-05 09:29:13

The differentiation between domestic consumption and export of Spanish cement is obvious. In April this year, domestic consumption increased by 13.2% year-on-year to 1.45 million tons, and the cumulative consumption in April 2026 increased by 9.3% year-on-year, and the recovery of domestic demand was stable. Exports continued to weaken, with exports falling 18.3% year-on-year in April and a cumulative decline of 16.4% in the first four months. Energy cost is the core issue. Spain lost its traditional leading position in exports due to high electricity prices and was overtaken by Germany. The industry is facing structural challenges and its traditional position is being profoundly adjusted.

2026-06-05 09:27:27

In March 2026, the Puerto Rican cement market showed a weak signal of stabilization, with shipments increasing by 1.6% to 62,100 tons and production increasing by 1.9% to 34,000 tons.

2026-06-05 09:21:40

Tajikistan is carrying out a large-scale expansion of cement production capacity, and plans to build four new plants by 2029, with an additional annual capacity of 6 million tons, doubling the total cement production.

2026-06-05 09:19:55

Tajikistan is experiencing a nationwide cement supply crisis, with prices rising sharply, with the retail price of 50 kg bags of cement rising from 50-55 somoni to 70-90 somoni, and higher in some areas.

2026-06-04 09:40:26

CIMAF, a Moroccan cement company, is shifting its strategic focus from Europe to Africa. It invested more than $45m in Gabon to expand its factory, while selling its French factory out of Europe.

2026-06-04 09:37:06

The Malaysian government launched the "National Cement Price Control Plan for Simen Rahmah" ", which was implemented in July 2026. The price of cement for affordable housing projects was locked at 290 ringgit per ton, and the price of 50 kg bags in small packages dropped by about 30%.

2026-06-04 09:33:32

The gap between supply and demand in Zimbabwe's cement market has attracted new capital. Dingsen Industrial Group, a Chinese-funded enterprise, has invested 15 million US dollars to build a cement plant in Manhiz, which will be put into operation in mid-2027 with an annual production capacity of over 300000 tons.

2026-06-04 09:30:59

Heidelberg Materials is in contact with banks to hire financial advisers to assess the feasibility of acquiring PPC Ltd, a South African cement producer, which is still in the preliminary stage of exploration.

2026-06-04 09:29:01

Georgian Prime Minister Irakli Kobashidze announced that Hunnewell Cement's Kaspi Cement Plant will carry out a $70 million modernization and expansion project.

2026-06-04 09:23:48

Philippine Cement Manufacturers Association warns of demand contraction in 2026. Affected by the slowdown of government infrastructure expenditure and the budget cuts of the Ministry of Public Works and Highways, the demand for cement in the whole country may decline slightly this year.

2026-06-04 09:21:59

Driven by North Korea's "20 × 10 local development policy", the national construction peak highlights the contradiction between supply and demand of cement. Since May 2026, North Korea's imports of cement from China have increased significantly, driven not only by domestic production capacity unable to meet demand, but also by geographical conditions and product quality. In mountainous areas, the transportation cost is high, the supply is unstable, and the quality of local cement is poor and the loss is large. At present, it is mainly imported through three ports along the Yalu River. In addition to cement, imports of steel products have also increased. This dependence may be solidified because of the sustained policy and the difficulty of improving the local industry.

2026-06-04 09:18:21

Papua New Guinea is promoting the localization of building materials industry through two major projects, PLC and Rigo, which are expected to be put into operation in 2027.

2026-06-03 09:47:12

ZCCM-IH, Zambia's state-owned investment platform, has reached an agreement with Wonderful Group, a Chinese-funded enterprise, to jointly invest US $30 million to develop an integrated lime and cement production project in Ndola through a joint venture Ndola Lime Ltd. The Chinese side holds 55% of the shares and the Zambian side holds 45%.

2026-06-03 09:43:21

Vietnam's An Giang Province has recently approved two large-scale cement investment projects with a total investment of more than 640 million US dollars, namely, the Ha Tien Kien Giang Cement Plant and the Hon Chong Cement Plant Expansion Project. This is an important component of the 19 new investment projects approved on May 17, with two cement projects accounting for nearly a quarter of the share. An Giang Province has prioritized processing industries and industrial infrastructure to provide policy support for capacity expansion. This investment will enhance the regional cement supply capacity, promote the development of related industries, and help the economic transformation of Anjiang Province.

2026-06-03 09:42:21

The American Cement Association lowered the national cement consumption forecast to shrink by 2.5% in 2026, and the core trigger was the chain impact of the February US-Iraq conflict on the real economy through financial markets.

2026-06-03 09:39:31

At the beginning of 2026, the cement market in Bolivia was in a contradictory state. In March, the consumption in a single month increased slightly compared with the same period last year, which seemed to be stabilizing, but the total consumption in the first quarter plunged by 19.1% compared with the same period last year. Regional differentiation is obvious..

2026-06-03 09:38:16

At the beginning of 2026, the Colombian cement market expanded moderately, but the structural differentiation was significant. In March, the national cement shipment volume increased by 6% compared with the same period last year, with a cumulative increase of 5.7% in the first three months, and the output growth rate was lower than shipment volume.

2026-06-03 09:36:35

In February 2026, the output of Italian cement industry dropped by 18% year-on-year, and the cumulative output growth rate in the first two months contracted by 11% year-on-year. The slump in production is due to weak domestic and foreign demand, bad weather at home that inhibits construction, and sluggish overseas exports. Import and export data in January showed that export volume plunged 42%, import volume dropped 14%, and export unit price was higher than import unit price. In February, "volume falls and prices rise", reflecting cost-driven inflation and supply-side support. Weather factors fade or improve domestic demand in the short term, but weak external demand and cost pressures are difficult to resolve, balancing capacity, inventory and price strategy is the core issue.

2026-06-03 09:34:26

At the beginning of 2026, Senegal's cement industry had a strong start, with simultaneous expansion at both ends of production and marketing, and the export performance exploded. In January, the national cement sales volume increased by 4.6% year-on-year, the output increased by 11.7%, and the export volume soared by 85.3% year-on-year. Export has become the core engine driving the growth of total demand. Domestic output, sales volume and export volume are growing synchronously, and the export growth rate is far higher than others. This reflects that the industry is transforming from a single domestic demand-driven to "steady growth of domestic demand and outbreak of external demand". With transportation and cost advantages, Senegal is transforming from a consumer country to a supply center, and exports may enter an accelerated period.

2026-06-03 09:32:30

Cement prices in Argentina rose in March, with cities and towns in the mainland rising 4.8% from the previous month and the autonomous city of Buenos Aires rising 1.3%. In absolute terms, the average price in the interior is 14324 pesos, which is lower than 15800 pesos in the capital.

2026-05-22 09:35:55

Swiss Holcim Group reported sales of 3.83 billion euros in the first quarter of 2026, an endogenous increase of 4%, and an 8% increase in recurring earnings before interest and tax, showing steady expansion and profitability.

2026-05-22 09:34:28

According to the data of Bangladesh Export Promotion Bureau, in the first nine months of fiscal year 2025-2026 (July 2025 to March 2026), Bangladesh's cement exports grew strongly, with export revenue increasing by 16.20% year-on-year.

2026-05-22 09:32:45

According to the report of the Moroccan Financial Research and Forecasting Bureau, as a core indicator of the activity of the construction and public works industry, Moroccan cement sales achieved a positive growth of 2.5% at the end of March 2026.

2026-05-22 09:28:05

Data from the Spanish Ministry of Industry show that in the first quarter of 2026, the country's cement consumption market recovered significantly, with a total national consumption of 3.8963 million tons, an increase of 8.5% over the same period last year, an increase of about 300000 tons, and the industry returned to the pace of growth after adverse weather at the beginning of the year. March is the key node, when cement consumption surged 27.7% year-on-year to 1.5423 million tons, 334.1 million tons more than last year, the strongest March in the past 15 years. With the improvement of weather and the resumption of construction activities, the rebound in March laid a positive tone for the quarter, extended to the rolling year, and the sustainability of the industry recovery was verified.

2026-05-22 09:23:16

Statistics from Bolivia's National Bureau of Statistics show that in February 2026, the country's cement consumption contracted significantly, with the country's total consumption falling to 201000 tons, down 33.5% from the same period last year, and the market as a whole was under pressure.

2026-05-09 17:14:08

Cementos Moctezuma, a Mexican cement company, decided to make a new round of price adjustments in May 2026, with an increase of 3% -5%, due to the inflationary pressures caused by rising international fuel prices and geopolitical conflicts.

2026-05-09 17:06:51

According to the data of the National Institute of Statistics of Cameroon, the export of the country's cement industry achieved a breakthrough growth in 2025. The annual export volume of cement reached 10,500 tons, a sharp increase of 318.8% from 2,498 tons in 2024, and the export revenue rose from 254 million CFA francs to 995 million CFA francs. This nearly quadrupled growth rate shows that Cameroon's cement enterprises have increased their ability to expand overseas, and also reflects that the domestic industrial structure is undergoing profound structural adjustment. Behind the explosive growth of export data is the increasingly severe overcapacity pressure in the country's cement market.

2026-05-09 16:44:35

On April 27, 2026, the Edo State Government of Nigeria signed an agreement with Chinese enterprises to build a cement plant with an annual capacity of 10 million tons and start the preliminary ground works in mid-May.

2026-05-09 16:38:26

The Ministry of Mines and Petroleum of Afghanistan announced the commencement of the Yatim Taq cement production project in Jawzjan province. The project, with a total investment of $160 million, is a landmark industrial project for the modernization of Afghanistan's infrastructure.

2026-05-09 16:27:09

After Hurricane Melissa passed through, Jamaica's reconstruction work was tested by continuous heavy rainfall, and the shrinking supply of cement aggravated the predicament.

2026-04-30 15:50:27

In 2025, the overall cement market in Senegal expanded moderately, with positive growth in domestic sales, production and exports. Domestic cement sales reached 7.422 million tons, an increase of 4.9% over 2024; output was 9.247 million tons, an increase of 2.7% year-on-year..

2026-04-30 15:48:49

The international conflict between Iran and the United States has a significant transmission effect on El Salvador's construction industry. The rise in international oil prices has led local suppliers to raise the price of core building materials by 15% -20%.

2026-04-30 15:46:23

Japan's domestic cement demand is approaching a historic low, expected to fall to 30 million tons in fiscal year 2026, and this decline is a structural recession.

2026-04-30 15:44:26

The Federal Government of Nigeria has updated the import ban list to include 17 categories of commodities, such as cement and fertilizer, in the import ban from non-member countries of the Economic Community of West African States, effective April 1, 2026.

2026-04-30 14:55:04

The Moldovan government has decided to set up an anti-dumping, countervailing and safeguard investigation agency to accept the first batch of cases in the fields of cement and sugar.

2026-04-30 14:51:41

In 2025, Tobago's construction industry shrank sharply, cement sales plunged by 41.4%, the industrial sector contracted across the board, and residents' willingness to spend weakened. At the same time, inflationary pressures are climbing, with average inflation rising from 1.0% to 2.2%, squeezing household purchasing power..

2026-04-30 14:48:27

Poland's cement industry is facing multiple economic pressures. With domestic production declining and international competition heating up, the output is expected to decline by about 2% by 2026, and the import scale will exceed 2 million tons, some of which come from Ukraine, whose low-priced products aggravate the imbalance between supply and demand..

2026-04-30 14:44:46

Pakistan's Special Investment Facilitation Committee (SIFC) cleared regulatory hurdles and approved seven new cement plant projects with a total investment of $700 million. The approved subjects include 7 companies such as Flying and Lucky. Established in 2023, SIFC has the functions of cross-sectoral co-ordination and accelerated decision-making. These projects will reshape Pakistan's cement market structure, enhance supply, enhance exports and create jobs. At this time, the approval coincided with the stabilization of Pakistan's macro-economy, which was the implementation of the government's macro-economic governance ideas at the industrial level and injected certainty into industrial consolidation and export-oriented transformation.

2026-04-30 14:41:42

From September 14, 2026 to September 20, 2026, the highest opening rate of cement kilns in all provinces in China is Tianjin, with the opening rate of 100.00%. Kiln opening rate of 50% and above: Zhejiang Province 79.37%, Anhui Province 70.27%, Shandong Province 65.86%, Hubei Province 56.51%, Yunnan Province 52.38%, Jiangsu Province 52.04%.