Grupo UNACEM achieves EBITDA of S/ 1,660 million in 2024

• Grupo UNACEM increased revenues by 7.5% compared to 2023. Operational efficiencies at UNACEM Peru, the incorporation of Tehachapi Cement in the US and a strong performance of its energy platform, Celepsa, drove this growth.

Grupo UNACEM announced that they achieved an EBITDA of S/ 1,660 million during 2024. In the fourth quarter of the same year, consolidated revenues of S/. 1,794 million and an EBITDA of S/434 million were reported.

This increase of 8.2% and 13.0%, respectively, was mainly due to the incorporation of the Tehachapi Cement operation (USA), combined with a solid performance of the energy platform with higher volumes and average prices during the quarter. Volumes in Ecuador and Chile also showed improvements.

“Our California operations achieved their best quarter to date in both volumes and EBITDA results. They contributed 169,782 MT, an increase of 3.9% versus the previous quarter, and EBITDA of US$ 5.1 million, representing 44.4% of UNACEM North America’s total EBITDA,” said Pedro Lerner, corporate CEO.

In addition, the Group reported that its subsidiary UNICON was recognised as Best in Class Supplier for the Chancay Megaport, one of the emblematic infrastructure projects of 2024.

The main capital expenditures in 2024 were related to the roofing of the clinker beds and the kiln 3 dust removal system at UNACEM Peru, mill improvements at Drake Cement in Arizona, the acquisition of fixed assets for ready-mix concrete production in the US, the acquisition of mixer trucks at UNICON Peru and the kiln 1 optimisation project at UNACEM Ecuador.

Consolidated EBITDA in the fourth quarter was S/. 434 million soles, 13.0% higher than last year’s EBITDA of S/. 384 million soles. Similarly, the EBIDTA margin was 24.2% versus 23.1% in 2023. This improvement in profitability is due to greater operating efficiencies in cement in Peru, along with better EBITDA margins in energy, which reached 38.8% in the fourth quarter compared to 16% in the same quarter of 2023.

Results by Business Unit and Country:

In Peru, cement dispatches in Peru reached 1.4 million tonnes in 4Q24, down 0.7% compared to 4Q2023. Meanwhile, cumulative dispatches for the year totalled 5.7 million tonnes, down 2.7% from 2023. Despite this decline, volumes remain high, even compared to pre-pandemic levels, when 5.3 million tonnes were recorded in 2019.

Celepsa’s results for the quarter, considering hydro and thermal generation, recorded a total volume sold of 1,053 GWh, compared to 974 GWh in 2023, with an EBITDA of S/89.9 million. The addition of Termochilca to our portfolio continues to demonstrate our investment and growth strategy in this business.

UNACEM Ecuador’s revenues in the last quarter of 2024 reached USD 45 million, including the ready-mix concrete operation, which represents a 15.6% increase over the same period of 2023. The cement business recorded a dispatch volume of 300 thousand tonnes, 3.3% higher than the last three months of 2023. EBITDA for the period was USD 9.1 million, 54.7% higher than Q4 2023, driven mainly by energy efficiencies that contributed to lower variable costs.

During the fourth quarter of 2024, the Group reported that UNACEM North America achieved cement dispatch volumes of 304 thousand tonnes, a 29.1% increase over the aforementioned period in 2023. This growth was partially explained by the addition of Tehachapi Cement which operated for the full 2024 versus two months of operation in 2023, following its acquisition.

“Our solid results for the quarter and the year demonstrate the resilience and consistency of our performance, even in the face of a challenging economic environment. Despite market volatility and adverse external factors, we have remained focused on operational efficiency, strategic investments and disciplined financial management, strengthening our position in key markets,” said Alvaro Morales, corporate vice president of Finance of Grupo UNACEM.