Holcim to take control of Pacasmayo (CPAC) in S/5,100m deal after 2025 results

Rhea-AI Filing Summary

Cementos Pacasmayo S.A.A. reported higher activity in 2025 but weaker reported earnings due to one-off costs. Sales of goods reached S/ 2,116.9 million, up 7.0%, with cement, concrete and precast shipments rising 7.2% versus 2024. Gross profit grew 10.8% to S/ 806.9 million, reflecting lower raw material costs, more use of own clinker and efficiency gains.

However, consolidated EBITDA fell 7.8% to S/ 506.6 million and net income declined 22.5% to S/ 154.2 million, mainly from higher administrative and other expenses linked to a share purchase agreement with Holcim. Excluding these one-offs, EBITDA would have been S/ 584.2 million, a 6.4% increase. Net Debt/EBITDA stood at 2.8 times, with total debt of S/ 1,412.2 million.

A major milestone was Holcim’s agreement to acquire 50.01% of Pacasmayo’s controlling shareholder at an implied valuation of S/ 5,100 million, equivalent to nine times last-twelve-months EBITDA to September 2025. The transaction is subject to regulatory approvals and is anticipated to close during the first half of 2026.

Positive

• Strategic transaction at attractive multiple: Holcim agreed to acquire control of Pacasmayo’s parent at an implied valuation of S/ 5,100 million, equal to nine times last-twelve-months EBITDA to September 2025, highlighting strong external validation of the business.
• Solid underlying operating performance: Sales of goods increased 7.0% to S/ 2,116.9 million and, excluding one-off expenses, EBITDA would have reached S/ 584.2 million in 2025, a 6.4% year-on-year increase.
• Volume and margin strength in core cement business: Cement, concrete and precast shipments rose 7.2%, while overall gross profit grew 10.8% to S/ 806.9 million, reflecting efficiency gains and lower input costs.

Negative

• Reported earnings pressure from higher costs: Consolidated EBITDA declined 7.8% to S/ 506.6 million and net income fell 22.5% to S/ 154.2 million in 2025, largely due to higher operating expenses tied to the Holcim-related share purchase agreement.
• Leverage remains meaningful: As of December 31, 2025, total debt was S/ 1,412.2 million and the Net Debt/EBITDA ratio stood at 2.8 times, limiting near-term balance sheet flexibility compared with a lower-leverage profile.

Insights

Equity and M&A analyst

Underlying operations grew and a control sale to Holcim at 9x EBITDA is strategically significant.

Cementos Pacasmayo delivered volume-led growth in 2025, with cement, concrete and precast shipments up 7.2% and sales of goods up to S/ 2,116.9 million. Gross profit rose faster than revenue, up 10.8% to S/ 806.9 million, as the company benefited from lower raw material costs, higher use of own clinker and productivity initiatives.

Reported profitability weakened because operating expenses rose sharply. Consolidated EBITDA declined 7.8% to S/ 506.6 million and net income fell 22.5% to S/ 154.2 million, driven mainly by administrative and other expenses associated with the Holcim share purchase process. Management highlights that, excluding these non-recurring costs, EBITDA would have been S/ 584.2 million, up 6.4%, indicating the core business remains healthy.

The announced agreement under which Holcim will acquire control (50.01%) at a S/ 5,100 million valuation, equal to nine times last-twelve-months EBITDA to September 2025, is a transformative corporate event. It signals external validation of Pacasmayo’s franchise and could change governance and strategic direction once regulatory approvals are obtained and closing, anticipated in the first half of 2026, occurs. Investors will look to future disclosures for details on integration, capital structure evolution and any impact on dividend policy following this change of control.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN ISSUER

PURSUANT TO RULE 13a-16 OR 15b-16 OF

THE SECURITIES EXCHANGE ACT OF 1934

For the month of February 2026

Commission File Number 001-35401

CEMENTOS PACASMAYO S.A.A.

(Exact name of registrant as specified in its charter)

PACASMAYO CEMENT CORPORATION

(Translation of registrant’s name into English)

Republic of Peru

(Jurisdiction of incorporation or organization)

Calle La Colonia 150, Urbanización El Vivero

Surco, Lima

Peru

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒      Form 40-F ☐

CEMENTOS PACASMAYO S.A.A.

The following exhibit is attached:

EXHIBIT NO.		DESCRIPTION
99.1		Cementos Pacasmayo S.A.A. Announces Consolidated Results

1

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

CEMENTOS PACASMAYO S.A.A.

By:	/s/ DIEGO RODA LYNCH
Name:	Diego Roda Lynch
Title:	Alternate Stock Market Representative
Date:	February 12, 2026

2

Exhibit 99.1

FOR MORE INFORMATION, PLEASE VISIT www.cementospacasmayo.com/ or contact: Claudia Bustamante, Investor Relations and Sustainability Managing Director Tel: +(51) 958699760 E - mail: cbustamante@cpsaa.com.pe

CEMENTOS PACASMAYO S.A.A. ANNOUNCES CONSOLIDATED RESULTS

FOR FOURTH QUARTER 2025

Lima, Peru, February 12, 2026 – Cementos Pacasmayo S.A.A. and subsidiaries (NYSE: CPAC; BVL: CPACASC1) (“the Company” or “Pacasmayo”) a leading cement company serving the Peruvian construction industry, announced today its consolidated results for the fourth quarter (“4Q25”) and for the year (“2025”) ended December 31, 2025. These results have been prepared in accordance with International Financial Reporting Standards (“IFRS”) and are stated in Soles (S/).

4Q25 FINANCIAL AND OPERATIONAL HIGHLIGHTS:

(All comparisons are to 4Q24, unless otherwise stated)

● On December 16, the Company announced that the Swiss company Holcim, had signed an agreement to purchase Inversiones Aspi S.A. of the Hochschild Group, which controls 50.01% of Cementos Pacasmayo S.A.A. The valuation of S/ 5,100 MM has been made at a multiple of nine times EBITDA based on the twelve-month period ending in September 2025. The transaction is subject to regulatory approval and we estimate that it will take place in the first half of 2026.

● Sales volume of cement, concrete and precast increased by 8.2%, mainly due to higher sales of bagged cement, as well as for some infrastructure related projects.

● Revenues increased by 6.2%, in line with the increased sales volume mentioned above.

● Consolidated EBITDA, without the transaction-related expenses, was S/ 158.7 million, an 11.4% increase. Including these expenses, consolidated EBITDA decreased to S/81.1 million.

● Consolidated EBITDA margin, without the transaction-related expenses, was 28.4%; 1.3 percentage points higher than the previous year. Including these expenses, consolidated EBITDA margin was 14.5%.

● Net income, excluding the transaction-related expenses, was S/ 59.8 million, a 19.6% increase. Including these expenses, net income turned to a net loss of S/ 17.8 million.

2025 FINANCIAL AND OPERATIONAL HIGHLIGHTS:

(All comparisons are to 2024, unless otherwise stated)

● Sales volume of cement, concrete and precast increased by 7.2%, mainly due to increased demand of both bagged cement and infrastructure projects.

● Revenues increased by 7.0%, in line with the increased sales volume.

● Consolidated EBITDA without the transaction-related expenses was S/ 584.2 million, a 6.4% increase. Including these expenses, consolidated EBITDA reached S/ 506.6 million.

● Consolidated EBITDA margin without the transaction-related expenses, was 27.6%, in line with the previous year. Including these expenses, consolidated EBITDA margin was 23.9%.

● Net income, excluding the transaction-related expenses, was S/ 231.8 million, a 16.5% increase. Including these expenses, net income reached S/ 154.2 million.

		Financial and Operating Results
		4Q25				4Q24				% Var.				2025				2024				% Var.
Cement, concrete and precast shipments (MT)			832.8				769.8				8.2	%			3,049.2				2,845.5				7.2	%
In millions of S/
Sales of goods			559.5				526.7				6.2	%			2,116.9				1,978.1				7.0	%
Gross profit			219.9				197.4				11.4	%			806.9				728.5				10.8	%
Operating profit			39.4				99.1				-60.2	%			347.1				391.0				-11.2	%
Net income			-17.8				50.0				N/R				154.2				198.9				-22.5	%
Consolidated EBITDA			81.1				142.5				-43.1	%			506.6				549.3				-7.8	%
Gross Margin			39.3	%			37.5	%			1.8	pp.			38.1	%			36.8	%			1.3	pp.
Operating Margin			7.0	%			18.8	%			-11.8	pp.			16.4	%			19.8	%			-3.4	pp.
Net income Margin			-3.2	%			9.5	%			-12.7	pp.			7.3	%			10.1	%			-2.8	pp.
Consolidated EBITDA Margin			14.5	%			27.1	%			-12.6	pp.			23.9	%			27.8	%			-3.8	pp.

You can review our historical results by clicking on the underlined titles

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MANAGEMENT COMMENTS

Our operating performance for the quarter remained exceptionally strong. Cement sales volumes saw an impressive 8.2% year-on-year increase, largely fueled by robust demand for bagged cement. This growth highlights the continued strength of the market in Northern Peru, which benefited from favorable agricultural and fishing conditions. Through disciplined execution and a relentless focus on cost efficiencies, we achieved excellent financial results. Excluding one-off expenses related to the share purchase agreement signed with Holcim in December, EBITDA grew by 11.4% compared to the prior year period, reaching S/ 158.7 million and confirming our success in enhancing profitability across our market. This successful quarter contributed to another record-breaking year. We closed the year with an all-time high EBITDA of S/ 584.2 million, excluding one-off expenses, marking a 6.4% increase year-over-year.

As mentioned in our highlights, a major milestone was reached on December 16 with the announcement that Holcim signed an agreement to acquire Inversiones Aspi S.A., which controls 50.01% of Cementos Pacasmayo. The agreed valuation of S/ 5,100 million reflects a multiple of nine times EBITDA based on the last twelve months ending September 2025. This transaction is subject to regulatory approvals and is anticipated to close during the first half of 2026.

Beyond the valuation, Holcim’s decision represents a strong endorsement of Pacasmayo’s long-term strategy, operational excellence, and the consistent work carried out by generations of employees over nearly seven decades. This milestone reflects the strength of our people, our values, and our commitment to building a profitable, ethical, and world-class company with a clear sense of purpose. We are deeply proud that a global leader such as Holcim has placed its trust in Pacasmayo and in Peru. Together, we will continue to promote sustainable development, create opportunities, and contribute to the growth of the country and the region.

Our people remain at the center of everything we do. In our most recent employee engagement survey, we achieved a score of 6.2 out of 7, the highest result since we began measuring engagement. This outcome reflects a strong and consistent culture, driven by the commitment, energy, and daily contributions of our teams, and reinforces our focus on creating an engaging and inclusive work environment.

Our dedication to operational excellence and climate action drives our continued progress in decarbonizing operations. We have been collaborating with Peru’s Ministry of the Environment (MINAM) since last year to gain formal recognition for our operational improvements that have successfully reduced greenhouse gas (GHG) emissions. This effort involved submitting verified data for the 2022–2024 period to the Peru Carbon Footprint Platform. We have now achieved the three-star recognition, which is awarded for demonstrating GHG emission reductions in consecutive years. Our Rioja plant recently earned this third star for its 2024 emission reductions, building upon the recognition previously secured by our Pacasmayo and Piura plants for 2023.

We are also pleased to announce our recognition in the Merco Responsabilidad ESG ranking, where we ranked as the industry leader for the tenth consecutive year. This evaluation assesses three dimensions: Environment (E), Society and Customers (S), and Ethics and Corporate Governance (G). Moreover, we remained within the top 10 this year, placing 9th in the general ranking of the most responsible companies in terms of sustainability in the country. These recognitions give us the confidence to continue moving forward with our sustainability strategy, embedding it at the heart of our business.

In summary, we are extremely pleased with our solid revenue and EBITDA performance, our sustained focus on efficiency and profitability, and our ability to consistently serve the Northern Peruvian market. Holcim’s investment is a meaningful acknowledgment of our capacity to innovate, learn, and grow while staying true to our purpose. It confirms our belief that working with discipline, integrity, and a long-term vision allows our impact to transcend borders.

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PERUVIAN CEMENT INDUSTRY OVERVIEW:

The demand for cement in Peru is covered mainly by Pacasmayo, UNACEM and Cementos Yura, and to a lesser extent by Caliza Inca, Holcim, imports and other small producers. Pacasmayo mainly covers the demand in the northern region of the country, while UNACEM covers the central region and Cementos Yura the southern region.(1)

The northern region of Peru, according to the Instituto Nacional de Estadística e Informática (INEI) and Apoyo Consultoría, represents approximately 32.9% of the country’s population and 20.0% of national Gross Domestic Product (“GDP”). Despite the country’s sustained growth over the last 10 years, Peru continues to have a significant housing deficit, estimated at 1.7 million households throughout the country as per the Ministry of Housing, Construction and Sanitation (80% qualitative and 20% quantitative deficit).

In Peru, the majority of cement is sold to a highly fragmented consumer base of individuals that tend to gradually buy bags of cement to build or to improve their homes, a segment the industry refers to as “self-construction”.

Northern Region (thousands of metric tons)

Plant		2021				2022				2023				2024				Nov-25 LTM				% part
Pacasmayo Group			3,626				3,437				2,951				2,835				3,015				22.5	%
Imports			40				2				-				-				-				0.0	%
Total			3,666				3,439				2,951				2,835				3,015				22.5	%

Central Region (thousands of metric tons)

Plant		2021				2022				2023				2024				Nov-25 LTM				% part
UNACEM			5,838				6,297				5,617				5,462				5,543				41.3	%
Caliza Inca			492				515				585				751				923				6.9	%
Imports			691				202				145				206				353				2.6	%
Total			7,021				7,014				6,347				6,419				6,819				50.8	%

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Southern Region (thousands of metric tons)

Plant		2021				2022				2023				2024				Nov-25 LTM				% part
Grupo Yura			2,904				3,047				2,581				2,535				2,598				19.3	%
Imports			150				67				65				68				221				1.6	%
Total			3,054				3,114				2,646				2,603				2,819				20.9	%
Others			877				427				423				562				774				5.8	%
Total, All Regions			14,618				13,994				12,367				12,419				13,427				100.0	%

* Import figures are sourced from Aduanet. They represent quantities of imported cement, not shipped cement. Source: INEI, Aduanet

(1) As mentioned above, Holcim has signed an agreement to purchase Inversiones Aspi S.A. of the Hochschild Group, which controls 50.01% of Cementos Pacasmayo. This transaction is pending regulatory approval.

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OUR STRATEGIC PROGRESS

Pro Ciencia In partnership with UTEC, we secured the non - reimbursable grant awarded by ProCiencia in the “Strengthening value chains through Academia – Industry collaboration” category for our project, “Valorization and development of a supplementary cementitious material from sugarcane bagasse ash for the production of lower - carbon - footprint Peru Carbon Footprint We received the third star from Huella de Carbono Perú (MINAM) for Pacasmayo and Piura ( 2023 – 2024 period), adding two consecutive periods of effective emissions reduction . This progress is due to improvements in energy efficiency and in the Clean Production Agreement We formalized a Clean Production Agreement (Acuerdo de Producción Más Limpia – AP+L) with the Ministry of Production of Peru . Through this voluntary agreement, we pledge to implement eco - efficient processes, optimize resource utilization, and mitigate environmental impact . We ranked among the top 10 companies with the Merco ESG best reputation nationwide, and we once again led the cement sector. Merco ESG

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OPERATING RESULTS:

Production:

Cement Production Volume

(thousands of metric tons)

		Production
		4Q25				4Q24				% Var.				2025				2024				% Var.
Pacasmayo Plant			499.4				449.7				11.1	%			1,825.1				1,668.4				9.4	%
Rioja Plant			94.5				83.7				12.9	%			340.3				320.3				6.2	%
Piura Plant			241.1				233.4				3.3	%			887.1				843.3				5.2	%
Total			835.0				766.8				8.9	%			3,052.5				2,832.0				7.8	%

Cement production volume at the Pacasmayo plant increased 11.1% in 4Q25 compared to 4Q24 and 9.4% in 2025 compared to 2024, mainly to satisfy the increased demand.

In 4Q25, cement production volume at the Rioja plant increased 12.9% and 6.2% in 2025, compared to 4Q24 and 2024 respectively, mainly due to increased demand.

Cement production volume at the Piura Plant increased 3.3% in 4Q25 and 5.2% in 2025 compared to 4Q24 and 2024 respectively, mainly due to increased demand.

Total cement production volume increased 8.9% in 4Q25 compared to 4Q24 and 7.8% in 2025 compared to 2024, in line with the increased cement demand experienced during this period.

Clinker Production Volume

(thousands of metric tons)

		Production
		4Q25				4Q24				% Var.				2025				2024				% Var.
Pacasmayo Plant			327.8				341.8				-4.1	%			1,189.0				1,272.6				-6.6	%
Rioja Plant			68.6				61.5				11.5	%			248.3				241.9				2.6	%
Piura Plant			0.0				88.9				-100.0	%			615.7				608.5				1.2	%
Total			396.4				492.2				-19.5	%			2,053.0				2,123.0				-3.3	%

Clinker production volume at the Pacasmayo plant during 4Q25 decreased 4.1% and 6.6% in 2025 compared to 4Q24 and 2024 respectively, mainly due to scheduled maintenance work performed on our kilns in 2Q25 and 4Q25.

Clinker production volume at the Rioja plant increased 11.5% in 4Q25 compared to 4Q24 and 2.6% in 2025 compared to 2024, mainly to satisfy the demand for cement production.

Clinker production volume at the Piura plant decreased 100.0% in 4Q25 compared to 4Q24, mainly due to our annual production plan that aims to maximize the operational efficiency of our kilns. Nonetheless, during 2025, clinker production volume at Piura plant increased 1.2% compared to 2024, mainly to satisfy the cement demand.

Total clinker production volume decreased 19.5% in 4Q25 compared to 4Q24, mainly due to the scheduled maintenance in the Pacasmayo plant and the annual production plan followed in the Piura plant. During 2025, total clinker production decreased 3.3% when compared to 2024, mainly due to consumption of our inventory.

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INSTALLED CAPACITY:

Installed Clinker and Cement Capacity

Full year installed cement capacity at the Pacasmayo, Piura and Rioja plants remained stable at 2.9 million MT, 1.6 million MT and 440,000 MT, respectively.

Full year installed clinker capacity at the Pacasmayo, Piura and Rioja plants remained stable at 1.8 million MT, 990,000 MT and 289,080 MT, respectively.

UTILIZATION RATE¹:

Pacasmayo Plant Utilization Rate

		Utilization Rate
		4Q25				4Q24				% Var.				2025				2024				% Var.
Cement			68.9	%			62.0	%			6.9	pp.			62.9	%			57.5	%			5.4	pp.
Clinker			74.7	%			76.0	%			-1.3	pp.			67.7	%			70.7	%			-3.0	pp.

Cement production utilization rate at the Pacasmayo plant increased 6.9 and 5.4 percentage points in 4Q25 and in 2025, when compared to 4Q24 and 2024 respectively, mainly due to increased production to satisfy demand.

Clinker production utilization rate in 4Q25 and 2025, decreased 1.3 and 3.0 percentage points, compared to 4Q24 and 2024 respectively, mainly due to scheduled maintenance work performed on our kilns in 2Q25 and this quarter, and the use of our inventory as mentioned above.

Rioja Plant Utilization Rate

		Utilization Rate
		4Q25				4Q24				% Var.				2025				2024				% Var.
Cement			85.9	%			76.1	%			9.8	pp.			77.3	%			72.8	%			4.5	pp.
Clinker			94.9	%			84.8	%			10.1	pp.			85.9	%			83.4	%			2.5	pp.

The cement production utilization rate at the Rioja plant was 85.9% in 4Q25 and 77.3% in 2025; 9.8 and 4.5 percentage points higher than 4Q24 and 2024 respectively, in line with increased demand.

The clinker production utilization rate at the Rioja plant was 94.9% in 4Q25 and 85.9% in 2025; 10.1 and 2.5 percentage points higher than 4Q24 and 2024 respectively, mainly due increased production to satisfy the cement demand.

¹ The utilization rates are calculated by dividing production in a given period over installed capacity. The utilization rate implies annualized production, which is calculated by multiplying real production for each quarter by four.

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Piura Plant Utilization Rate

		Utilization Rate
		4Q25				4Q24				% Var.				2025				2024				% Var.
Cement			60.3	%			58.4	%			1.9	pp.			55.4	%			52.7	%			2.7	pp.
Clinker			0.0	%			35.9	%			-35.9	pp.			62.2	%			61.5	%			0.7	pp.

The cement production utilization rate at the Piura plant was 60.3% in 4Q25 and 55.4% in 2025, a 1.9 and 2.7 percentage point increase when compared to 4Q24 and 2024 respectively, in line with the increased demand.

The clinker production utilization rate at the Piura plant was 0.0%, 35.9 percentage points lower than in 4Q24, mainly due to our annual production plan in order to maximize productivity. During 2025, the clinker production utilization rate at the Piura plant was 0.7 percentage points higher than 2024.

Consolidated Utilization Rate

		Utilization Rate
		4Q25				4Q24				% Var.				2025				2024				% Var.
Cement			67.6	%			62.1	%			5.5	pp.			61.8	%			57.3	%			4.5	pp.
Clinker			52.2	%			63.9	%			-11.7	pp.			67.7	%			68.9	%			-1.2	pp.

The consolidated cement production utilization rate was 67.6% in 4Q25 and 61.8% in 2025, 5.5 and 4.5 percentage points higher than 4Q24 and 2024 respectively, mainly due to the increased demand.

The consolidated clinker production utilization rate was 52.2% in 4Q25 and 67.7% in 2025, 11.7 and 1.2 percentage points lower than in 4Q24 and 2024 respectively, mainly due to our annual production plan that aims to produce at optimal capacity during certain periods in order to maximize efficiencies in Piura, as well as scheduled maintenance in our Pacasmayo plant. This strategy has allowed us to produce excess clinker during previous periods, which we consumed during this year.

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FINANCIAL RESULTS:

Income Statement:

The following table shows a summary of the Consolidated Financial Results:

Consolidated Financial Results

(in millions of Soles S/)

		Income Statement
		4Q25				4Q24				% Var.				2025				2024				% Var.
Sales of goods			559.5				526.7				6.2	%			2,116.9				1,978.1				7.0	%
Gross Profit			219.9				197.4				11.4	%			806.9				728.5				10.8	%
Total operating expenses, net			-180.5				-98.3				83.6	%			-459.8				-337.5				36.2	%
Operating Profit			39.4				99.1				-60.2	%			347.1				391.0				-11.2	%
Total other expenses, net			-21.3				-21.9				-2.7	%			-79.1				-94.8				-16.6	%
Profit before income tax			18.1				77.2				-76.6	%			268.0				296.2				-9.5	%
Income tax expense			-35.9				-27.2				32.0	%			-113.8				-97.3				17.0	%
Profit for the period			-17.8				50.0				N/R				154.2				198.9				-22.5	%

Revenues increased 6.2% and 7.0% in 4Q25 and 2025, compared to 4Q24 and 2024 respectively, mainly due to increased sales of bagged cement, as well as sales to the Yanacocha project. Gross profit increased by 11.4% in 4Q25 and 10.8% in 2025, compared to 4Q24 and 2024 respectively, mainly due to lower cost of raw materials, higher consumption of our own clinker, as well as the operational efficiencies derived from our maintenance and production plan. Profit for the period decreased in 4Q25 when compared to 4Q24 and 22.5% in 2025 when compared to 2024, primarily due to higher expenses associated with the share purchase agreement with Holcim.

SALES OF GOODS

The following table shows the Sales of Goods and their respective margins by business segment:

Sales: cement, concrete and precast

(in millions of Soles S/)

		Cement, concrete and precasts
		4Q25				4Q24				% Var.				2025				2024				% Var.
Sales of goods			547.2				511.4				7.0	%			2,064.7				1,906.8				8.3	%
Cost of Sales			-324.3				-313.8				3.3	%			-1,247.5				-1,178.0				5.9	%
Gross Profit			222.9				197.6				12.8	%			817.2				728.8				12.1	%
Gross Margin			40.7	%			38.6	%			2.1	pp.			39.6	%			38.2	%			1.4	pp.

Sales of cement, concrete and precast increased 7.0% in 4Q25 and 8.3% in 2025, when compared to 4Q24 and 2024 respectively, mainly due to increased sales of bagged cement, as well as of concrete for the Yanacocha project. Gross margin increased 2.1 percentage points during 4Q25 and 1.4 percentage points during 2025, when compared to 4Q24 and 2024 respectively, mainly due to higher sales volume and operational efficiencies in cement production.

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Sales: cement

(in millions of Soles S/)

Sales of cement represented 87.5% of cement, concrete and precast sales during 4Q25.

		Cement
		4Q25				4Q24				% Var.				2025				2024				% Var.
Sales of goods			478.8				421.6				13.6	%			1,745.2				1,605.5				8.7	%
Cost of Sales			-251.4				-223.1				12.7	%			-921.0				-878.1				4.9	%
Gross Profit			227.4				198.5				14.6	%			824.2				727.4				13.3	%
Gross Margin			47.5	%			47.1	%			0.4	pp.			47.2	%			45.3	%			1.9	pp.

Sales of cement increased 13.6% in 4Q25 compared to 4Q24 and 8.7% in 2025 compared to 2024, mainly due to increased demand for bagged cement from the self-construction segment. Gross margin increased 0.4 percentage points in 4Q25 and 1.9 percentage points during 2025, when compared to 4Q24 and 2024 respectively mainly due to lower raw material costs and lower consumption of imported clinker.

Sales: concrete, pavement and mortar

(in millions of Soles S/)

Sales of concrete, pavement and mortar represented 11.0% of cement, concrete, and precast sales during 4Q25.

		Concrete, pavement and mortar
		4Q25				4Q24				% Var.				2025				2024				% Var.
Sales of goods			60.3				80.5				-25.1	%			288.4				271.3				6.3	%
Cost of Sales			-66.6				-82.6				-19.4	%			-298.5				-272.2				9.7	%
Gross Profit			-6.3				-2.1				N/R				-10.1				-0.9				N/R
Gross Margin			-10.4	%			-2.6	%			-7.8	pp.			-3.5	%			-0.3	%			-3.2	pp.

Sales of concrete, pavement and mortar decreased 25.1% during 4Q25 compared to 4Q24, mainly due to lower sales volume of concrete and pavement, as the Motupe riverbank defenses project was put on stand-by this quarter. During 2025, sales of concrete, pavement and mortar, increased 6.3%, mainly due to higher sales volume of mortar and concrete for infrastructure projects. Gross margin decreased 7.8 percentage points in 4Q25 compared to 4Q24 and 3.2 percentage points in 2025 compared to 2024. This decrease was mainly due to the execution of the Piura airport project, as well as lower dilution of fixed costs from the Motupe project, as mentioned above.

11 

 

Sales: precast

(in millions of Soles S/)

Sales of precast represented 1.4% of cement, concrete, and precast sales during 4Q25.

		Precast
		4Q25				4Q24%				Var.				2025				2024%				Var.
Sales of goods			7.9				9.4				-16.0	%			31.0				30.1				3.0	%
Cost of Sales			-6.3				-8.0				-21.3	%			-28.0				-27.7				1.1	%
Gross Profit			1.6				1.4				14.3	%			3.0				2.4				25.0	%
Gross Margin			20.3	%			14.9	%			5.4	pp.			9.7	%			8.0	%			1.7	pp.

During 4Q25, precast sales decreased 16.0% compared to 4Q24, mainly due to lower sales volume and a high comparative basis in 4Q24 driven by a road improvement project. In 2025, precast sales increased 3.0% compared to 2024, mainly due to demand from the public sector. Gross margin during 4Q25 and 2025 increased 5.4 and 1.7 percentage points, when compared to 4Q24 and 2024 respectively, mainly due to higher dilution of fixed costs.

Sales: Construction Supplies²

(in millions of Soles S/)

		Construction Supplies
		4Q25				4Q24%				Var.				2025				2024%				Var.
Sales of goods			9.0				12.8				-29.7	%			41.7				56.9				-26.7	%
Cost of Sales			-8.9				-12.3				-27.6	%			-41.0				-54.9				-25.3	%
Gross Profit			0.1				0.5				-80.0	%			0.7				2.0				-65.0	%
Gross Margin			1.1	%			3.9	%			-2.8	pp.			1.7	%			3.5	%			-1.8	pp.

During 4Q25, construction supply sales decreased 29.7% compared to 4Q24 and 26.7% in 2025 compared to 2024, mainly due to lower sales of steel bars. Gross margin decreased 2.8 percentage points in 4Q25 when compared to 4Q24 and 1.8 percentage points in 2025 when compared to 2024.

² Construction supplies include the following products: steel rebar, wires, nails, corrugated iron, electric conductors, plastic tubes and accessories, among others.

12 

 

OPERATING EXPENSES:

Administrative Expenses

(in millions of Soles S/)

		Administrative Expenses
		4Q25				4Q24				% Var.				2025				2024				% Var.
Personnel expenses			39.7				41.6				-4.6	%			165.0				136.8				20.6	%
Third-party services			20.9				21.6				-3.2	%			81.8				74.1				10.4	%
Board of Directors			1.2				1.6				-25.0	%			5.4				6.0				-10.0	%
Depreciation and amortization			5.6				0.7				N/R				17.5				17.1				2.3	%
Other			7.3				5.2				40.4	%			21.8				19.4				12.9	%
Total			74.7				70.7				5.7	%			291.5				253.4				15.0	%

Administrative expenses increased 5.7% in 4Q25 and 15.0% in 2025 compared to 4Q24 and 2024 respectively, mainly due higher personnel expenses driven by the collective bargaining negotiations with our labor unions, which is negotiated every three years and has a closing bonus during the first year.

Selling Expenses

(in millions of Soles S/)

		Selling and distribution expenses
		4Q25				4Q24				% Var.				2025				2024				% Var.
Personnel expenses			13.1				9.9				32.3	%			49.0				43.7				12.1	%
Advertising and promotion			1.8				2.6				-30.8	%			15.6				9.1				71.4	%
Third party services			4.3				4.3				0.0	%			16.3				15.0				8.7	%
Information technology related services			0.5				1.8				-72.2	%			2.4				4.7				-48.9	%
Depreciation and amortization			1.6				6.0				-73.3	%			5.7				6.0				-5.0	%
Other			1.8				0.6				N/R				3.8				2.9				31.0	%
Total			23.1				25.2				-8.3	%			92.8				81.4				14.0	%

Selling expenses decreased 8.3% in 4Q25 compared to 4Q24, mainly due to lower depreciation and advertising and promotion related expenses. During 2025, selling expenses increased 14.0% compared to 2024, mainly due to increased advertising and promotion expenses during the first nine months of the year, as well as the previously mentioned union bonus.

13 

 

EBITDA RECONCILIATION:

Consolidated EBITDA

(in millions of Soles S/)

		Consolidated EBITDA
		4Q25				4Q24				% Var.				2025				2024				% Var.
Net Income			-17.8				50.0				N/R				154.2				198.9				-22.5	%
+ Income tax expense			35.9				27.2				32.0	%			113.8				97.3				17.0	%
- Finance income			-1.4				-2.1				-33.3	%			-11.3				-6.3				79.4	%
+ Financial expenses			23.6				24.4				-3.3	%			93.0				100.3				-7.3	%
+/- Net loss from exchange rate			-0.8				-0.4				100	%			-2.6				0.9				N/R
+ Depreciation and amortization			41.6				43.4				-4.1	%			159.5				158.2				0.8	%
Consolidated EBITDA			81.1				142.5				-43.1	%			506.6				549.3				-7.8	%

Consolidated EBITDA decreased 43.1% in 4Q25 and 7.8% in 2025, when compared to 4Q24 and 2024 respectively, mainly due to higher operating expenses, driven by increased administrative expenses related to the share purchase agreement with Holcim. However, if we take away those one-off expenses, EBITDA would have been S/ 158.7 million in 4Q25 and S/ 584.2 million in 2025; an 11.4% and 6.4% increase when compared to 4Q24 and 2024 respectively.

Cash and Debt Position:

Consolidated Cash (in millions of Soles S/)

As of December 31, 2025, the cash balance was S/53.6 million (US$ 16.0 million). This balance includes certificates of deposit in the amount of S/ 15.5 million (US$ 4.6 million), distributed as follows:

Certificate Deposits in Soles

Bank		Amount (S/)		Interest Rate				Initial Date		Maturity Date
Banco de Crédito del Perú		S/ 2.0			3.55	%		December 31, 2025		January 2, 2026
Banco de Crédito del Perú		S/ 2.0			3.55	%		December 31, 2025		January 2, 2026
Banco de Crédito del Perú		S/ 1.0			3.55	%		December 31, 2025		January 6, 2026
Banco de Crédito del Perú		S/ 5.0			3.55	%		December 31, 2025		January 6, 2026
Banco de Crédito del Perú		S/ 2.5			3.60	%		December 31, 2025		January 8, 2026
Scotiabank		S/ 3.0			4.20	%		December 30, 2025		January 30, 2026
		S/ 15.5

The remaining balance of S/ 38.1 million (US$ 11.4 million) is held mainly in the Company’s bank accounts, of which US$ 6.5 million are denominated in US dollars and the balance in Soles.

14 

 

DEBT POSITION:

Consolidated Debt

(in millions of Soles S/)

Below are the contractual obligations with payment deadlines related to the Company’s debt, including interest.

		Payments due by period
		Less than 1 year				1-3 Years				3-5 Years				More than 5 Years				Total
Indebtedness			533.6				312.7				353.0				217.0				1,416.3
Future interest payments			71.4				97.5				47.9				29.7				246.5
Total			605.0				410.2				400.9				246.7				1,662.8

As of December 31, 2025, the Company’s total outstanding debt, as shown in the financial statements, reached S/ 1,412.2 million (US$ 419.3 million). This debt is mainly composed of two local bonds issued in January 2019 and the club deal obtained in 2022.

As of December 31, 2025, Net Debt/EBITDA ratio was 2.8 times.

Capex

(in millions of Soles S/)

As of December 31, 2025 the Company invested S/ 144.3 million (US$ 43.0 million), allocated to the following projects:

Projects		2025
Pacasmayo Plant Projects			45.1
Concrete and aggregates equipment			62.9
Rioja Plant Projects			4.7
Piura Plant Projects			29.1
Other			2.5
Total			144.3

15 

 

ABOUT CEMENTOS PACASMAYO S.A.A.

Cementos Pacasmayo S.A.A. is a cement company, located in the Northern region of Peru. In February 2012, the Company’s shares were listed on The New York Stock Exchange - Euronext under the ticker symbol “CPAC”. With almost 70 years of operating history, the Company produces, distributes and sells cement and cement-related materials, such as ready-mix concrete and precast materials. Pacasmayo’s products are primarily used in construction, which has been one of the fastest-growing segments of the Peruvian economy in recent years. The Company also produces and sells quicklime for use in mining operations.

For more information, please visit: http://www.cementospacasmayo.com.pe/

Note: The Company presented some figures converted from Soles to U.S. Dollars for comparison purposes. The exchange rate used to convert Soles to U.S. dollars was S/ 3.358 per US$ 1.00, which was the buying exchange rate, reported as of December 31, 2025, by the Superintendencia de Banca, Seguros y AFP’s (SBS). The information presented in U.S. dollars is for the convenience of the reader only. Certain figures included in this report have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables may not be arithmetic aggregations of the figures presented in previous quarters.

This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management’s current view and estimates of future economic circumstances, industry conditions, Company performance and financial results. Also, certain reclassifications have been made to make figures comparable for the periods. The words “anticipates”, “believes”, “estimates”, “expects”, “plans” and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.

16 

 

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

As of December 31, 2025 and December 31,2024 (both audited)

		As of Dec-25				As of Dec-24
		S/ (000)				S/ (000)
Cash and cash equivalents			53,571				72,723
Trade and other receivables,net			146,674				131,168
Income tax prepayments			24,857				7,736
Inventories			707,143				773,997
Prepayments			17,503				6,872
Total current assets			949,748				992,496
Trade and other receivables, net			28,450				43,224
Financial instruments designated at fair value through OCI			163				239
Property, plant and equipment, net			2,005,714				2,031,139
Intangible assets, net			62,800				63,596
Goodwill			4,459				4,459
Deferred income tax assets			34,994				21,816
Right-of-use asset, net			16,988				9,023
Other assets			50				51
Total non-current assets			2,153,618				2,173,547
Total assets			3,103,366				3,166,043
Trade and other payables			283,907				242,051
Financial obligations			532,346				458,346
Lease liabilities			4,879				2,958
Income tax payable			3,784				17,937
Provisions			47,689				44,263
Total current liabilities			872,605				765,555
Financial obligations			879,809				1,034,845
Lease liabilities			11,350				6,462
Provisions			29,005				28,146
Deferred income tax liabilities			119,232				117,937
Total non-current liabilities			1,039,396				1,187,390
Total liabilities			1,912,001				1,952,945
Capital stock			423,868				423,868
Investment shares			40,279				40,279
Invest shares held in Treasury			(121,258	)			(121,258	)
Additional paid-in capital			432,779				432,779
Legal reserve			168,636				168,636
Other accumulated comprehensive results (loss)			(16,966	)			(16,551	)
Retained earnings			264,027				285,345
Total Equity			1,191,365				1,213,098
Total liability and equity			3,103,366				3,166,043

17 

 

CONSOLIDATED STATEMENTS OF PROFIT AND LOSS

For the three(unaudited) and twelve-month(audited) periods ended December 31, 2025 and 2024.

		4Q25				4Q24				2025				2024
		S/ (000)				S/ (000)				S/ (000)				S/ (000)
Sales of goods			559,544				526,672				2,116,883				1,978,071
Cost of sales			(339,616	)			(329,322	)			(1,310,017	)			(1,249,545	)
Gross profit			219,928				197,350				806,866				728,526
Operating expenses
Administrative expenses			(74,658	)			(70,711	)			(291,538	)			(253,383	)
Selling and distribution expenses			(23,074	)			(25,174	)			(92,785	)			(81,410	)
Other operating expenses, net			(82,710	)			(2,274	)			(75,442	)			(2,700	)
Total operating expenses , net			(180,442	)			(98,159	)			(459,765	)			(337,493	)
Operating profit			39,486				99,191				347,101				391,033
Other income (expenses)
Finance income			1,395				2,073				11,291				6,298
Financial costs			(23,652	)			(24,418	)			(93,036	)			(100,308	)
Gain (loss) from exchange difference, net			803				411				2,619				(836	)
Total other expenses, net			(21,454	)			(21,934	)			(79,126	)			(94,846	)
Profit before income tax			18,032				77,257				267,975				296,187
Income tax expense			(35,829	)			(27,177	)			(113,770	)			(97,312	)
Profit (loss) for the period			(17,797	)			50,080				154,205				198,875
Earnings (loss) per share
Basic profit (loss) for the period attributable to equity holders of common shares and investment in shares of Cementos Pacasmayo S.A.A. (S/ per share)			(0.04	)			0.12				0.36				0.46

18 

 

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the years ended December 31, 2025, 2024 (audited)

		Attributable to equity holders of the parent
		Capital   S/(000)				Investment Shares S/(000)				Investments Shares hold in Treasury S/(000)				Additional paid-in capital S/(000)				Legal reserve S/(000)				Unrealized loss in financial instruments designated at fair value S/ (000)				Retained earnings S/ (000)				Total S/ (000)
Balance as of January 1, 2024			423,868				40,279				(121,258	)			432,779				168,636				(16,290	)			261,994				1,190,008
Profit for the year			-				-				-				-				-				-				198,875				198,875
Other comprehensive loss			-				-				-				-				-				(261	)			-				(261	)
Total comprehensive income			-				-				-				-				-				(261	)			198,875				198,614
Dividend Distribution			-				-				-				-				-				-				(175,524	)			(175,524	)
Balance as of December 31, 2024			423,868				40,279				(121,258	)			432,779				168,636				(16,551	)			285,345				1,213,098
Balance as of January 1, 2025			423,868				40,279				(121,258	)			432,779				168,636				(16,551	)			285,345				1,213,098
Profit for the year			-				-				-				-				-				-				154,205				154,205
Other comprehensive loss			-				-				-				-				-				(415	)			-				(415	)
Total comprehensive income			-				-				-				-				-				(415	)			154,205				153,790
Other			-				-				-				-				-				-				1				1
Dividend Distribution			-				-				-				-				-				-				(175,524	)			(175,524	)
Balance as of December 31, 2025			423,868				40,279				(121,258	)			432,779				168,636				(16,966	)			264,027				1,191,365

19 

 

FAQ

How did Cementos Pacasmayo (CPAC) perform financially in 2025?

Cementos Pacasmayo grew revenue but saw weaker reported earnings in 2025. Sales of goods rose 7.0% to S/ 2,116.9 million, while consolidated EBITDA fell 7.8% to S/ 506.6 million and net income decreased 22.5% to S/ 154.2 million, mainly due to higher operating expenses.

What are the key volume trends for Cementos Pacasmayo (CPAC) in 2025?

Pacasmayo reported healthy demand growth in 2025. Cement, concrete and precast shipments reached 3,049.2 thousand metric tons, up 7.2% versus 2024. Total cement production volume increased 7.8% to 3,052.5 thousand metric tons, supported by stronger self-construction activity and infrastructure projects in Northern Peru.

How did Holcim’s planned acquisition affect Cementos Pacasmayo (CPAC)?

Holcim signed an agreement to acquire 50.01% of Cementos Pacasmayo’s controlling shareholder at an implied valuation of S/ 5,100 million, equal to nine times last-twelve-months EBITDA. The deal is subject to regulatory approvals and is anticipated to close during the first half of 2026.

What is Cementos Pacasmayo’s (CPAC) EBITDA performance excluding one-off expenses?

Excluding one-off expenses related to the Holcim share purchase agreement, Pacasmayo’s EBITDA would have been S/ 158.7 million in 4Q25 and S/ 584.2 million for 2025. That represents increases of 11.4% and 6.4% versus the respective prior-year periods, indicating solid underlying profitability.

What is Cementos Pacasmayo’s (CPAC) debt and leverage position at year-end 2025?

As of December 31, 2025, Pacasmayo had total outstanding debt of S/ 1,412.2 million (approximately US$ 419.3 million). The company reported a Net Debt/EBITDA ratio of 2.8 times, reflecting a moderate leverage level supported by recurring cash generation.

How did Cementos Pacasmayo’s (CPAC) margins evolve in 2025?

Overall profitability mixed in 2025. Gross margin improved to 38.1% from 36.8%, helped by lower raw material costs and efficiencies. However, the consolidated EBITDA margin declined to 23.9% from 27.8%, mainly because operating expenses rose faster due to non-recurring items.

What capital expenditures did Cementos Pacasmayo (CPAC) make in 2025?

In 2025, Pacasmayo invested S/ 144.3 million (about US$ 43.0 million) in capital expenditures. Spending focused on Pacasmayo plant projects, concrete and aggregates equipment, Riojas and Piura plant projects, and other smaller initiatives to sustain and improve production capacity and efficiency.

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