- Consolidated net revenue in the quarter was R$7.5 billion, up 5% in local currency compared to 2Q24.
- Consolidated adjusted EBITDA was R$1.8 billion, a 5% increase, excluding the effects of changes in foreign exchange rates, compared to 2Q24.
- Net profit was R$1.8 billion in 2Q25, up 250% compared to 2Q24.
- Global cement sales totaled 9.3 million tonnes, a 3% increase compared to the second quarter of 2024.
- Investments (Capex) in the quarter were up 20%, totaling R$808 million, in line with the strategy to drive structural competitiveness, decarbonization and new business.
- In June, the company concluded the sale of its assets located in Morocco, which, combined with the exit from Tunisia in April, reinforced its portfolio management strategy;
- In early August, the company announced investments of R$330 million in expansion and modernization projects at its plants in Cuiabá and Nobres, in Brazil, which will start being implementing this year and are expected to be completed by 2026.
São Paulo (Brazil), August 11, 2025 – Votorantim Cimentos ended the second quarter of 2025 with growth in net revenue, profit and operating results, driven by higher sales volumes and positive pricing dynamics, supported by geographic and product diversification. The company posted R$7.5 billion in global net revenue in the second quarter of 2025, up 5% compared to the same period last year, excluding the effects of changes in foreign exchange rates. This result reflects the positive dynamics in both sales volume and pricing across the established portfolio. The company’s global cement sales totaled 9.3 million tonnes in 2Q25, a 3% increase compared to the same period in 2024.
Consolidated adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) in the second quarter was R$1.8 billion, up 5% in local currency compared to the same period in 2024. This was driven by net revenue growth and price improvements that outpaced cost increases, which boosted profitability. The EBITDA margin in the second quarter was 24%, up 1 percentage point compared to 2Q24.
Votorantim Cimentos posted R$1.8 billion in net profit in the second quarter of the year, up 250% compared to R$515 million posted in 2Q24. This increase was driven by an improvement in the operating result, a positive impact on tax revenue and the divestment of the Morocco assets completed during the period.
Capex investments in the second quarter of the year totaled R$808 million, 20% higher than in the same period last year. This increase was driven by the company’s global strategy of investing in modernization and competitiveness, in addition to projects linked to decarbonization commitments and new businesses. Sustaining and modernization projects and other investments accounted for 81% of total consolidated Capex. The remainder 19% corresponded to investments in expansion projects.
“We ended the second quarter with solid results, supported by our business diversification and portfolio balance between developed and emerging markets. In line with our strategic mandate, we continued to make investments in competitiveness, decarbonization and new businesses, enabled by our robust financial discipline, despite an environment that was volatile and required a cautious approach,” said Osvaldo Ayres, global CEO of Votorantim Cimentos.
At the end of the second quarter of 2025, leverage, measured by the net debt/adjusted EBITDA ratio, was 1.78x, down 0.19x compared to 2Q24, considering only continuing operations. At the end of 2Q25, Votorantim Cimentos maintained strong liquidity, with cash and financial investments amounting to R$5.2 billion, which will allow the company to meet its financial obligations for the next four years.
“In this second quarter, we announced the completion of the sale of our Moroccan assets, which, combined with our previously announced divestment in Tunisia, reinforced our strategy of geographic diversification and capital allocation. We continue to have a robust cash position to support the execution of our strategy,” said Antonio Pelicano, Global CFO of Votorantim Cimentos.
In July, the company renegotiated one of its two revolving credit lines in the amount of US$250 million, extending its maturity to five years, improving its terms and increasing the number of counterparties.
In early August, Votorantim Cimentos announced investments of R$330 million in expansion and modernization projects at its plants in Cuiabá and Nobres, in the state of Mato Grosso (Brazil), beginning this year and expected to be completed in 2026. These projects are part of the company’s R$5 billion investment plan in Brazil, of which R$2.3 billion has already been invested. The plan was announced in 2024 and focuses on modernization, capacity expansion, competitiveness and decarbonization.
At the Nobres plant, a new cement griding facility will increase the site’s production capacity by 60%, from the current 750,000 tonnes/year to 1.2 million tonnes of cement per year. The company will also increase the aglime production capacity of this plant by more than 20%, from the current 740,000 tonnes/year to 900,000 tonnes/year of this important product from Viter, Votorantim Cimentos’ agribusiness unit.
At the Cuiabá plant, through Verdera (Votorantim Cimentos’ business unit dedicated to sustainable waste management and disposal), the company will invest in modernization and in a used tire shredding facility. After shredding, these tires are sent to be co-processed in the company’s cement production kilns. Co-processing is a technology used worldwide to properly dispose of various types of waste, which are transformed into energy for the cement industry, replacing petroleum coke, a fossil fuel, and reducing the emissions of greenhouse gases, such as CO2.
Performance by Region
In Brazil, Votorantim Cimentos’ net revenue in the second quarter of 2025 was R$3.5 billion, an 8% increase compared to the same period in 2024, primarily due to positive sales volume and pricing dynamics. Adjusted EBITDA was R$555 million, down 2% compared to 2Q24, primarily due to an increase in variable costs, which was partially offset by the increase in net revenue.
In North America, net revenue in the second quarter was R$2.4 billion, up 3% compared to 2Q24, excluding the effects of changes in exchange rates. Positive pricing dynamics offset the market slowdown resulting from climate-related factors and the macroeconomic environment, especially in Canada. Adjusted EBITDA for the region in the period was R$728 million, a 10% increase in local currency compared to the second quarter of 2024. The growth resulted from higher net revenue, combined with lower variable costs, in addition to added profits from the recent acquisition of concrete and aggregates businesses.
In Europe and Asia, net revenue in 2Q25 was up 3% compared to 2Q24, excluding the effects of changes in exchange rates, totaling R$1.2 billion. This result was driven by positive price dynamics in Spain and higher sales volume in Turkey. Adjusted EBITDA in the region in the period was R$399 million, up 32% in local currency compared to 2Q24. The positive operating result was due to market dynamics in these countries and the improvement in margins resulting from the reduction in variable costs.
In Latin America, net revenue in the second quarter of 2025 was up 20% in local currency compared to the same period in 2024, totaling R$284 million, driven by improved market dynamics in Bolivia and Uruguay. The region ended the quarter with adjusted EBITDA of R$61 million, 92% higher than 2Q24, excluding the effects of changes in exchange rates, with an increase in margins.
Images: Votorantim Cimentos plants in Nobres and Cuiabá (Mato Grosso state)
