Votorantim Cimentos ended the second quarter of 2026 with global net revenue of R$8.2 billion, a 16% increase, excluding the effect of changes in foreign exchange rates, compared to the same period of the previous year.
This performance reflects the positive evolution of volumes and prices in relevant markets, highlighting the company’s resilience despite the challenging macroeconomic environment, the company stated. Global cement sales volume in the quarter totaled 9.9 million tonnes, up 6% compared to the second quarter of 2025.
“Our results in the quarter highlight the strengthen of our international platform, supported by geographic and product diversification, as well as our financial robustness and disciplined capital allocation. We posted positive operational performance and continued to execute the company’s strategy with discipline, with progress in structural competitiveness, efficiency, capacity expansion and decarbonization,” said Osvaldo Ayres, global CEO of Votorantim Cimentos.
Net income for the period totaled R$628 million, down 65% compared to the second quarter of 2025. This change reflects primarily the absence, in this quarter, of the results from discontinued operations recorded in the second quarter of 2025, following the completion of the sale of operations in Morocco, which was partially offset by the increase in adjusted EBITDA in the quarter. Considering only continuing operations, net income was down only 30%; on a comparable basis, excluding non-recurring items, net income for the period would have registered growth.
Votorantim Cimentos’ investments (Capex) in the second quarter of 2026 totaled R$803 million, on par with the second quarter of 2025. Excluding the effect of changes in foreign exchange rates on the conversion of investments made abroad, Capex investments grew compared to the previous year. Of the total invested in the quarter, 74% was allocated to sustaining, modernization and operational efficiency projects, while 26% was directed to capacity expansion projects.
In Brazil, Votorantim Cimentos’ R$5 billion investment plan for the period 2024 to 2028 continued to advance, with a total of R$3.1 billion invested in projects previously announced. In July, the company announced an investment of R$260 million in the expansion of its Xambioá plant (state of Tocantins, Brazil), including a new grinding line that will add 500,000 tonnes to the site’s annual cement production capacity, bringing the total to 1.5 million tonnes per year starting in July 2028. The project to increase production capacity in Xambioá will progress in conjunction with the ongoing modernization of the clinker production kiln and technological development to produce cement with lower CO2 emissions.
In June, the company secured a new US$350 million committed credit facility (CCF) due in 2031, replacing a previous US$300 million facility that was due in 2027. This transaction expanded the company’s liquidity capacity, reduced costs and extended the maturity profile of its debt. Votorantim Cimentos also has a second US$250 million revolving credit facility, which matures in 2030 and is fully available for disbursement at the end of the second quarter.
The company reached the end of the second quarter with R$4 billion in cash and financial investments, covering its obligations for the next four years. In 2Q26, the credit rating agency S&P reaffirmed Votorantim Cimentos’ global rating at BBB with a stable outlook, confirming its investment-grade credit profile.
At the end of the second quarter of 2026, leverage, measured by the net debt/adjusted EBITDA ratio, was 1.83 times higher than the second quarter of 2025 due to non-recurring items that had positively impacted the latter. On an equalized basis, leverage improved in comparison with the previous quarter.
“Despite increased macroeconomic volatility, we maintained our financial discipline, strong operating cash flow generation and a healthy capital structure. The expansion of our revolving credit line and the maintenance of our investment grade rating confirm our company’s financial strength and ability to execute our long-term strategy,” said Antonio Pelicano, global CFO of Votorantim Cimentos.
In the area of sustainability, Votorantim Cimentos was once again awarded the Gold Seal of the Brazilian GHG Protocol Program, the highest recognition granted to organizations that disclose complete emissions inventories verified by an independent third party.
Operationally, the Toral de los Vados plant in Spain achieved an all-time high rate of 90% thermal substitution with alternative fuels, the highest co-processing rate ever recorded at any Votorantim Cimentos site.
In North America, despite regulatory restrictions and limited availability of alternative fuels, the Charlevoix plant in the United States achieved a 44% thermal substitution rate, its best historical result, reinforcing the plant’s operational excellence and the continuous progress in the company’s decarbonization agenda.
Performance by region:
- In North America, net revenue totaled R$2.3 billion in the quarter, up 6% in local currency, reflecting positive evolutions in prices and volumes, as well as the appreciation of the real against the dollar in the period, which impacted monetary conversions. Adjusted EBITDA in the quarter was R$638 million, a slight decrease of 2% in local currency compared to the same period of the previous year, as a result of an increase in operating costs, which was partially mitigated by operational growth in local currency.
- In Brazil, Votorantim Cimentos’ net revenue in the second quarter of 2026 was R$4.2 billion, an increase of 20% compared to the second quarter of 2025, driven by the increase in cement sales and annual prices. The company’s performance benefited from the heating up of the market in the country, brought by the execution of housing programs and investments in infrastructure. Adjusted EBITDA in Brazil totaled R$731 million in Q2 2026, up 32% compared to Q2 2025, as a result of higher profitability, despite higher costs in the period.
- In Europe and Asia, net revenue totaled R$1.3 billion in Q2 2026, an increase of 21% in local currency compared to the second quarter of 2025, reflecting recovery in demand in Türkiye and Spain. In the former, the increase was driven by stronger volumes and price recovery in local currency, while in the latter the result can be attributed to better sales pace. Regional adjusted EBITDA totaled R$495 million, an increase of 36% in local currency. The region had the best operational conversion, benefiting from a combination of higher volumes and prices that offset pressure on variable costs.
- In Latin America, net revenue in the second quarter of 2026 was R$279 million, an increase of 10% in local currency supported by more favorable prices in Uruguay and Bolivia. Adjusted EBITDA totaled R$73 million, up 34% in local currency, reflecting improved revenue, primarily due to more favorable prices, which partially offset higher costs, resulting in an increase of 5 percentage points in the region’s EBITDA margin.
