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Our 2025 financial results

March 18, 2026, 03:11 PM
  • Our consolidated global net revenue for the year was R$29.4 billion, a 9% increase, excluding the effect of changes in foreign exchange rates, compared to 2024.
  • Last year, our consolidated adjusted EBITDA totaled R$7 billion, up 7%, excluding the effect of changes in foreign exchange rates, compared to 2024.
  • Our EBITDA margin for the year was 24%, on par with 2024.
  • We ended 2025 with leverage (net debt to adjusted EBITDA ratio) of 1.63x, down 0.03x compared to 2024, considering only continuing operations.
  • Our global cement sales totaled 37 million tonnes, a 5% increase compared to 2024.
  • Our investments (Capex) totaled R$3.7 billion, up 14% compared to the previous year, and focused on structural competitiveness, capacity expansion, decarbonization and new businesses.
  • R$2.7 billion of our R$5 billion investment plan for Brazil for the period 2024-2028 has already been invested.
  • We recorded net CO2 emissions of 552 kg per tonne of cementitious materials in 2025, on par with 2024 and down 27.7% compared to the 1990 baseline.

We ended 2025 with a net profit of R$3.2 billion, up 196% compared to 2024, and improved results in 2025 that reflect our geographic and product diversification. Global net revenue was R$29.4 billion last year, a 9% increase compared to 2024, excluding the effect of changes in foreign exchange rates. The growth was primarily due to our higher sales volume, positive price dynamics and increased revenue from new businesses. Cement sales volume totaled 37 million tonnes in 2025, a 5% increase compared to the previous year.

Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was R$7 billion, up 7%, in local currency, compared to 2024. This result highlights our resilience and operational efficiency, which have consistently and consecutively progressed year after year. EBITDA margin in 2025 was 24%, on par with 2024.

Last year, our investments (Capex) totaled R$3.7 billion, up 14% compared to 2024. This increase was enabled by our robust financial discipline and is in line with our global strategy of investments in decarbonization, competitiveness and new businesses. Regarding the R$5 billion investment plan for the period 2024-2028 in Brazil, R$2.7 billion is already being invested in a comprehensive program for growth, decarbonization and structural competitiveness.

Completed and ongoing initiatives include previously announced projects, such as new grinding facilities in Edealina (GO), Nobres (MT) and Salto de Pirapora (SP); investments in the modernization of cement kilns at the Xambioá (TO) plant and the reactivation of a kiln in Laranjeiras (SE); the restart of cement grinding mills at the Esteio (RS) and Laranjeiras (SE) plants that had been idle; and operational and logistical optimization in the Southern region of Brazil, enabling a significant increase in product availability at the Rio Branco do Sul (PR) plant. We estimate that these investments will add 3.7 million tonnes of operational cement capacity per year, as early as 2026. In February 2025, we announced the construction of a new mortar plant in Edealina (GO) with an annual production capacity of 300,000 tonnes, scheduled to start operations in mid-2027.

“Votorantim Cimentos had another year of solid operational and financial performance, with consistent and consecutive growth. This performance reflects the strength of our portfolio, our geographic diversification and a solid capital structure to support our growth strategy,” said Osvaldo Ayres, our global CEO.

We ended 2025 with leverage (net debt/adjusted EBITDA ratio) of 1.63x, down 0.03x compared to 2024, considering only continuing operations.

In April 2025, the rating agencies Moody’s and S&P reaffirmed our “Baa3” and “BBB” global credit ratings, respectively, with a stable outlook. In September, Fitch Ratings also reaffirmed our “BBB” global credit rating, with a stable outlook. The three scores confirm the investment-grade credit profile, reflecting our solid financial discipline and consistent liability management strategy.

“Throughout 2025, we implemented several strategic liability management initiatives, focusing on reducing cost and extending maturities, both in the local market, through debenture issuances, and in the international market, through bilateral agreements. Votorantim Cimentos reduced debt originally maturing between 2026 and 2029 by R$2.2 billion, postponing maturities to 2030-2033, in addition to reducing costs. This enables us to continue executing our investment plan in a disciplined manner, giving us flexibility to accelerate or slow down our pace according to market conditions,” said Antonio Pelicano, our global CFO.

In line with our decarbonization plan, we project to expand our capacity to use alternative fuels made from biomass and waste has continued to make progress globally. In Brazil, we completed the installation of a bypass system in one of the kilns at its Salto de Pirapora (SP) site, as part of a project financed by the World Bank’s IFC (International Finance Corporation). This solution increases the capacity to co-process waste with a higher chlorine content, boosting operational flexibility and helping reduce thermal costs. In 2025, we also made progress in the vertical integration of Verdera, our waste management business unit, with the opening of a plant dedicated to processing used tires in Cuiabá (MT), securing stable supply and reinforcing the competitiveness of co-processing. In Spain, we achieved significant results in support of our decarbonization agenda. One of the highlights was the Toral de los Vados site, which, after investing in a new cement precalciner kiln, achieved an alternative fuel use rate of 80% for an entire month—the highest co-processing rate achieved by our company.

In 2025, we faced a challenging decarbonization environment, primarily due to operational restrictions and lower availability of raw materials and alternative fuels, which temporarily impacted environmental performance during the year. Despite that, we continued to execute our climate transition plan with discipline, making strides globally in initiatives to increase the use of waste and biomass as alternative fuels, boost energy efficiency and support the development of new technologies. At the end of the year, we recorded net emissions of 552 kg of CO2 per tonne of cementitious materials, on par with 2024. Since 1990, the baseline year to measure progress in this area, we have already reduced our CO2 emissions by 27.7%.

In terms of energy efficiency, we started operations, ahead of schedule, at the Paracatu Solar Farm (MG), which includes more than 770,000 solar panels distributed across 700 hectares. The new farm supplies an average of 100 MW of solar energy, increasing the share of renewable sources in our electricity matrix in Brazil, reducing our exposure to price volatility and increasing predictability regarding energy costs. At the beginning of 2026, we signed a contract with Auren Energia for the acquisition of wind energy from the Cajuína I farm, which will help power sites in the Northeast and Southeast of Brazil. As a result of this contract, more than 90% of all electricity consumed by us in Brazil will come from renewable sources.

Performance by Region

In Brazil, we posted R$14.5 billion in net revenue in 2025, up 13% compared to 2024, primarily due to higher sales volume, positive pricing dynamics and revenue growth from new businesses. Our adjusted EBITDA in Brazil was R$2.8 billion, up 8% compared to 2024. The increase in net revenue, which partially offset an increase in costs, contributed to the results, ensuring relatively stable margins.

In North America, despite a challenging environment marked by political and economic uncertainty and volatility, as well as cost pressures, we delivered solid results. Net revenue for the region totaled R$8.6 billion in 2025, up 4% compared to 2024, excluding the effect of changes in foreign exchange rates. This resulted from higher prices and the incorporation of results from the concrete and aggregates businesses acquired in 2025. Adjusted EBITDA was R$2.3 billion in 2025, up 1%, excluding the effect of changes in foreign exchange rates.

In 2025, we completed the divestment of its businesses in Morocco and Tunisia, reinforcing our geographic position strategy of balancing its presence between emerging and mature markets. Despite that, the performance of the Europe and Asia regions reflected gains in operational efficiency in Spain due to the capture of synergies from acquisitions made in recent years, as well as the recovery of the Turkish market. Additionally, new investments were made in both regions focusing on new businesses, decarbonization and capacity recovery. Net revenue in 2025 totaled R$4.5 billion, up 8% compared to 2024, excluding the effect of changes in foreign exchange rates, primarily due to higher volumes. Adjusted EBITDA for the region was R$1.5 billion, up 29%, in local currency, compared to 2024. This increase stems from higher net revenue and reduced costs, which helped increase margin.

In 2025, Bolivia faced a complex political environment with repercussions on the local economy, while Uruguay faced an economic slowdown. Our robust strategic position in these countries gave it market advantages that supported our positive performance during the year. In 2025, we also started producing aglime in Bolivia. Our net revenue in Latin America increased by 25% in 2025, in local currency, compared to 2024 due to improved market dynamics in both countries, despite the challenging macroeconomic environment. Adjusted EBITDA for the region in 2025 was R$251 million, 56% higher than in 2024, excluding the effect of changes in foreign exchange rates. The margin increase resulted from positive price dynamics and efficiency gains.