Sep 19 2026 12:42 PM EST

September 19, 2026

Cementos Pacasmayo Shares React to Holcim Control Shift and Strong Q2 Earnings

The market is reassessing Cementos Pacasmayo S.A.A. (NYSE: CPAC) after the company reported a 34% increase in EBITDA and a 61% rise in net income for Q2 2026, and Holcim completed the indirect acquisition of a 50.01% controlling stake. The earnings beat and the change‑of‑control event have driven a noticeable swing in the stock’s recent performance.

In the quarter ended June 30 2026, revenue reached PEN 558.9 million, up 15.4% YoY. EBITDA climbed to PEN 174.8 million (+34.3% YoY), lifting the EBITDA margin to 31.3% (+4.4 p.p.). Net income surged to PEN 77.2 million (+61.5% YoY). Cash and cash equivalents stood at PEN 199.5 million and total debt at PEN 1,372.6 million, giving a net‑debt/EBITDA ratio of 2.3×. Capital expenditures for the first half of 2026 were PEN 29.3 million.

Q2 2026 Results Show Accelerating Profitability

Management attributed the margin expansion to higher operating income from bagged‑cement sales, a shift toward higher‑margin concrete and precast products, and ongoing cost‑control initiatives. Digital‑optimization projects and sustainability measures, such as verified 2025 carbon‑footprint reporting, were also cited as contributors to the improved EBITDA margin.

Holcim’s Acquisition Triggers Change of Control

On March 30 2026, Holcim Ltd. completed the indirect acquisition of a 50.01% stake in Cementos Pacasmayo via Inversiones Aspi S.A., establishing a controlling interest. The transaction obligates Holcim to launch a mandatory public tender offer for the remaining shares and raises the prospect of delisting the ADSs from the NYSE. Investors are evaluating how Holcim’s global scale and access to capital could affect Pacasmayo’s strategic direction, while also monitoring potential governance changes.

Macro Context and Demand Outlook

Peru’s economy grew roughly 3.3% in 2025, with inflation near 1.5%. Forecasts for 2026 point to GDP expansion of 2.9‑3.2%. Construction activity, especially self‑construction in the north, is expected to rise 3.6‑4.2% annually through 2029, supported by government infrastructure spending. However, about 18.3% of Pacasmayo’s cost base is USD‑linked, exposing margins to Sol‑USD exchange‑rate movements and global energy price volatility.

Strategic Position and ESG Profile

Cementos Pacasmayo remains the sole cement producer in northern Peru, commanding an estimated 22.4% of the national market. The company’s vertically integrated model—owning limestone quarries, clinker kilns, and a network of over 300 retail outlets—provides cost stability and distribution speed. Its sustainability initiatives, including inclusion in the DJSI MILA Pacific Alliance Index for six consecutive years and a top‑10% CSA score in the 2026 Sustainability Yearbook, may support premium pricing and access to ESG‑linked financing.

Risks and Uncertainties

Key risks include: (1) exposure to Sol‑USD exchange‑rate swings and global coal/electricity price volatility, which could erode the recent margin expansion; (2) political and social instability ahead of the 2026 general election, potentially affecting construction demand and fiscal policy; (3) execution risk surrounding Holcim’s tender offer and possible delisting, which may alter liquidity and governance; (4) weather‑related disruptions from a high‑probability El Niño event that could affect logistics in the north; and (5) ongoing regulatory scrutiny of expenses related to the Holcim acquisition by the Peruvian securities regulator (SMV).