# CPAC earnings call intelligence LOPJLB CallCard / temporal rollup · freemium · [stock page](https://www.lopjlb.com/stock/CPAC) · [Earnings tab](https://www.lopjlb.com/stock/CPAC?tab=earnings) Updated: 2026-07-20T01:56:16 Quarters analyzed: 8 ## Cross-quarter narrative Across eight quarterly calls the company’s tone remained steady while management confidence rose in Q2 2025. Demand shifted from early housing‑driven weakness to a clearer reliance on public‑sector infrastructure, especially airport and river‑bank projects, improving the demand outlook. Margins initially benefited from lower raw‑material and coal costs but later faced pressure from the prolonged Piura Airport execution and a one‑off union bonus, creating a deteriorating margin theme that was partially offset by renewed raw‑material cost declines in 2025‑Q3. Capital policy stayed disciplined: dividend continuity, debt reduction and modest capex persisted, with the only major strategic shift being the pending Holcim acquisition. Operationally, AI tools moved from a prospecting model to a delivered pilot, and new kilns and river‑bank defenses entered execution, though some projects (Motupe, Piura Airport) slipped. Political and security concerns resurfaced with election cycles, while currency mismatches and labor cost spikes remained recurring risks. Overall the narrative shows a transition to infrastructure‑driven growth, ongoing execution challenges, and a strategic pivot toward acquisition and sustainability trials. ## Latest CallCard · Q4 Pacasmayo posted record EBITDA, highlighted a pending Holcim acquisition, noted margin pressure from paused Motupe project and Piura airport, and expressed optimism on 2026 volume and margin growth. **Guidance:** vague — Management voiced optimism about 2026 volumes and EBITDA margins but did not provide specific numeric guidance. **Tone:** mgmt 0.6 · Q&A pressure 0.4 · divergence 0.3 CEO emphasized strong EBITDA growth, sustainability recognitions and confidence in the Holcim transaction. ### Demand visibility Strong demand from infrastructure and regional sectors Growth driven by infrastructure projects, self‑construction segment, and agro, industrial and fishing sectors in the North. ### Margins / costs Margins helped by lower raw material costs but pressured by project execution Gross margin rose due to lower raw material costs and higher clinker use, yet Q4 margin fell because of the Piura airport project and the Motupe project pause. ### Capital allocation Focus on cost efficiencies, energy projects and handling transaction expenses Administrative expenses rose 50% year‑over‑year from labor‑union agreements; selling expenses increased due to advertising; energy‑saving projects slated for H2 to boost margins. ### Milestones - **Holcim acquisition of Inversiones Aspi** [new]: Agreement signed Dec 16, pending regulatory approvals, expected to close in upcoming months. - **Motupe riverbank defense project** [delayed]: Project placed on standby, reducing concrete, pavement and mortar volumes; prioritized to restart soon. - **Piura airport project** [on_track]: Execution ongoing, contributed to Q4 margin compression. - **Energy‑saving initiatives** [new]: Planned for the second semester of 2025 to enhance margins. - **3‑star MINAM environmental recognition** [delivered]: Awarded for consecutive years of reduced greenhouse‑gas emissions. - **Merco ESG responsibility ranking** [delivered]: Tenth consecutive year as industry leader in sustainability ranking. ### Fears / risks - **Regulatory risk**: Approval of the Holcim acquisition could be delayed by authorities. - **Transaction cost risk**: High acquisition‑related expenses are being assumed by Pacasmayo. - **Margin pressure**: Piura airport execution and Motupe project pause reduced Q4 gross margins. - **Labor cost risk**: Administrative expenses rose 50% year‑over‑year due to collective bargaining. - **Market demand risk**: Potential slowdown after upcoming elections may affect sales volumes. - **Pricing competition risk**: CEO noted pricing remains very competitive, which could constrain margins. - **Project execution risk**: Future infrastructure projects could be paused, impacting volumes and margins. - **Leverage risk**: Net debt to EBITDA ratio at 2.8x; debt reduction partially offset by lower EBITDA. ### Key quotes > “On December 16, a significant milestone was achieved with the announcement of an agreement for Holcim to acquire Inversiones Aspi which owns 50.01% controlling stake in Cementos Pacasmayo.” > “Gross profit increased 11.4% year-over-year. This improvement was mainly due to a lower cost of raw material, greater consumption of our own clinker and operational efficiencies due resulting from our maintenance and production plans.” > “During this quarter, concrete, pavement and mortar sales decreased by 25.1% year-over-year. This decline was mainly due to lower sales volume as the Motupe riverbank defense project was put on standby.” > “Looking forward, we think EBITDA margins should remain at the levels we have achieved on the -- over the last year, maybe a little bit higher.” — Humberto Reynaldo Nadal Del Carpio > “We are indeed deeply proud that global leaders such as Holcim has placed its trust in Pacasmayo and more importantly, in Peru.” — Humberto Reynaldo Nadal Del Carpio ## Quarter one-liners - **2025 Q4:** Pacasmayo posted record EBITDA, highlighted a pending Holcim acquisition, noted margin pressure from paused Motupe project and Piura airport, and expressed optimism on 2026 volume and margin growth. - **2025 Q3:** CPAC reported 9% sales volume growth, higher margins and profit, steady capex, unchanged dividend, and downplays election impact on demand. - **2025 Q2:** Cementos Pacasmayo posted solid sales and EBITDA growth, highlighted strong infrastructure demand, but warned margin pressure from the Piura Airport project and modest capex, while reaffirming optimistic volume outlook. - **2025 Q1:** CPAC Q1 2025 shows modest revenue and EBITDA growth driven by infrastructure concrete demand, while higher SG&A from a union bonus pressures margins, and the company eyes continued volume gains and decarbonization trials. - **2024 Q4:** Pacasmayo posted record EBITDA margin, modest revenue growth and resolved Piura airport overruns, while signaling steady 2025 volumes, flat energy costs and unchanged capex. - **2024 Q3:** Pacasmayo posted record Q3 EBITDA and margin improvements driven by new kilns, lower coal costs and AI pilots, while launching riverbank‑protection and Yanacocha water‑treatment projects and expressing optimism on 2025 volume growth despite modest revenue rise. - **2024 Q2:** Revenues rose 3.4% YoY driven by Piura airport concrete sales and a new kiln, EBITDA up 6%, cement volumes fell, management upbeat on a stronger second half while housing demand stays weak. - **2024 Q1:** CPAC Q1 2024 posted higher margins and EBITDA despite lower demand, highlighted AI tools, airport construction involvement, and an optimistic outlook for H2 volumes. ## Theme arcs - **Demand profile** (improving): Shift from weak housing to strong public‑infrastructure demand - **Margin pressure** (deteriorating): Piura Airport delays and union bonuses compressed EBITDA margins - **Capital strategy** (stable): Consistent dividend, debt reduction and modest capex ## Guidance path 2024 Q1:vague → 2024 Q2:vague → 2024 Q3:maintained → 2024 Q4:maintained → 2025 Q1:maintained → 2025 Q2:maintained → 2025 Q3:maintained → 2025 Q4:vague --- Research context only. Not personalized investment advice. API: `GET /bff/api/bigfive/earnings-intel/CPAC`