Holcim to Acquire Controlling Stake in Cementos Pacasmayo for S/5.1B; Reports Strong Operational Growth

summarizeSummary

Cementos Pacasmayo S.A.A. announced that Holcim has agreed to acquire a 50.01% controlling stake for S/ 5.1 billion, a valuation significantly above the current market cap, while also reporting strong underlying operational performance for Q4 and full-year 2025, despite one-off transaction expenses impacting net income.

check_boxKey Events

• Holcim Acquires Controlling Stake

  Holcim signed an agreement to purchase Inversiones Aspi S.A., which controls 50.01% of Cementos Pacasmayo, for S/ 5.1 billion (approximately US$1.52 billion). This transaction is subject to regulatory approval and is expected to close in the first half of 2026.

• Significant Valuation Premium

  The S/ 5.1 billion valuation for the 50.01% stake implies a total company valuation significantly higher than the current market capitalization, indicating a substantial premium for control.

• Strong Operational Performance

  The company reported an 8.2% increase in Q4 2025 sales volume and a 6.2% increase in revenues, with full-year 2025 revenues up 7.0%. Consolidated EBITDA, excluding one-off transaction expenses, increased 11.4% in Q4 and 6.4% for the full year.

• Transaction Expenses Impact Net Income

  Consolidated EBITDA (including expenses) decreased 43.1% in Q4, leading to a net loss of S/ 17.8 million. Full-year net income (including expenses) decreased 22.5% to S/ 154.2 million, primarily due to higher expenses associated with the Holcim share purchase agreement.

auto_awesomeAnalysis

This filing reveals a highly significant development: Holcim has signed an agreement to acquire Inversiones Aspi S.A., which controls a 50.01% stake in Cementos Pacasmayo S.A.A. The valuation for this controlling stake is S/ 5.1 billion (approximately US$1.52 billion). This valuation implies a substantial premium over the company's current market capitalization, signaling strong institutional confidence and a potentially significant re-rating for the stock upon regulatory approval, which is expected in the first half of 2026. While the company reported a net loss in Q4 2025 and a decrease in full-year net income, this was primarily attributed to one-off expenses related to this major acquisition. Excluding these transaction-related costs, Cementos Pacasmayo demonstrated robust operational performance with increased sales volumes, revenues, and EBITDA for both the fourth quarter and the full year 2025, driven by strong demand in the Peruvian construction market.