Cementos Pacasmayo S.A.A.

Q2 2026 revenue was PEN 558.9 million, up 15.4% year over year. Consolidated EBITDA was PEN 174.8 million, up 34.3%, and EBITDA margin expanded 4.4 percentage points to 31.3%. Net income rose 61.5% to PEN 77.2 million. For the first six months, revenue reached PEN 1,114.5 million (+13.3%), EBITDA was PEN 352.7 million (+33.1%), and net income was PEN 159.2 million (+58.4%). Gross profit for the first six months increased 25.4% to PEN 455.5 million. Management did not give formal next-quarter or full-year revenue/EPS guidance, but said sustaining CapEx should be around PEN 100 million per year, cement prices may see possible increases later this year, and concrete margins around 16% should be sustainable.

Humberto Nadal framed the quarter as evidence of strong operational execution, financial discipline, and a successful shift toward higher-margin concrete solutions. He emphasized growth in self-construction and bagged cement, as well as strategic moves in sustainability, innovation, and specialized infrastructure work like Yanacocha and riverbank defense projects. His tone was confident and upbeat, with repeated references to the team’s execution and Pacasmayo’s long-term position in northern Peru.

Ely Hayashi detailed the financial bridge: revenue up 15.4% to PEN 558.9 million, shipments up 15.5%, EBITDA up 34.3% to PEN 174.8 million, and net income up 61.5% to PEN 77.2 million. She highlighted lower administrative expenses to PEN 65.1 million in the quarter, stable selling expenses at PEN 22.4 million, and a net debt/EBITDA ratio of 2.32 as leverage continued to decline. She also noted segment specifics: cement revenue up 19.5% to PEN 469.5 million with gross margin at 45.2%, concrete/pavement/mortar revenue down 2.6% but gross margin improving to 16%, and precast gross margin rising to 10.1%.

Analysts focused on whether Pacasmayo can benefit from Holcim ownership and whether there are synergies beyond northern Peru; management said it is learning from Holcim’s building-solutions know-how and expects to improve offerings in its own operating region, but stressed Pacasmayo remains independent. Questions also centered on the sustainability of the improved concrete margins after Yanacocha and the outlook for pipeline projects like riverbank protection and Chavimochic; management said the 16% concrete margin should be sustainable and expects more movement over the next 120 days if the new government advances infrastructure and prevention projects. On El Niño, management said Pacasmayo is prepared and sees potential for demand after disruption, depending on government and regional responses.