Cementos Pacasmayo (NYSE: CPAC) 2025 results, debt profile and Holcim deal

Rhea-AI Filing Summary

Cementos Pacasmayo reported audited 2025 IFRS results showing higher sales but lower profit. Sales of goods reached S/2,116,883k, up from S/1,978,071k in 2024, while profit for the year fell to S/154,205k from S/198,875k. Basic earnings per share declined to S/0.36 from S/0.46.

Total assets were S/3,103,366k, funded by liabilities of S/1,912,001k and equity of S/1,191,365k. Net cash from operating activities was strong at S/360,627k, supporting investment of S/115,442k and debt and dividend payments. Financial obligations totaled S/1,412,155k, mainly Peruvian-sol senior notes and a club-deal loan.

The auditor issued an unqualified opinion with no key audit matters. A favorable Constitutional Court ruling on mining royalties led to a SUNAT refund of S/18,441k, with S/11,118k still to be collected. Separately, Holcim agreed to buy 99.99% of parent Inversiones ASPI S.A., subject to regulatory approvals, and ownership has not yet transferred.

Insights

Equity analyst

Higher 2025 revenue, softer profit, strong cash flow, and a pending control change.

Cementos Pacasmayo increased 2025 sales of goods to S/2,116,883k, but profit for the year declined to S/154,205k as operating expenses and finance costs weighed on results. Earnings per share fell to S/0.36, indicating lower profitability per share versus 2024.

The balance sheet shows total assets of S/3,103,366k and financial obligations of S/1,412,155k, including senior notes maturing in 2029 and 2034 and a club-deal loan amortizing to 2028. Operating cash flow of S/360,627k comfortably covered capex and debt service, suggesting adequate internal funding capacity under current conditions.

Two structural items stand out. First, a Constitutional Court ruling on mining royalties supported a tax refund from SUNAT of S/18,441k, with an additional S/11,118k recognized as receivable, which enhances cash resources. Second, Holcim’s agreement to acquire 99.99% of the parent Inversiones ASPI S.A., pending INDECOPI and other approvals, could eventually shift strategic direction once completed.

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		Consolidated financial statements as of December 31, 2025 and 2024, together with the Report of Independent Registered Accounting Firm

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 13, 2026

2

Exhibit 99.1

Cementos Pacasmayo S.A.A. and Subsidiaries

Consolidated financial statements as of December 31, 2025 and 2024,

together with the Report of Independent Registered Accounting Firm

Cementos Pacasmayo S.A.A. and Subsidiaries

Consolidated financial statements as of December 31, 2025 and 2024, together with the Report of Independent Registered Accounting Firm

Contents

Report of Independent Registered Accounting Firm	F-2
Consolidated financial statements
Consolidated statement of financial position	F-6
Consolidated statement of profit or loss	F-7
Consolidated statement of other comprehensive income (loss)	F-8
Consolidated statement of changes in equity	F-9
Consolidated statement of cash flows	F-10
Notes to the consolidated financial statements	F-12

F-1

Independent Auditors’ Report

To the Board of Directors and Shareholders of Cementos Pacasmayo S.A.A. and Subsidiaries

Opinion

We have audited the consolidated financial statements of Cementos Pacasmayo S.A.A. and subsidiaries (hereinafter “the Group”), which comprise the consolidated statement of financial position as of December 31, 2025, and the consolidated statement of profit or loss, the consolidated statement of other comprehensive income (loss), the consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including material accounting policy information.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group at December 31, 2025 and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRS Accounting Standards) as issued by the International Accounting Standard Board (IASB).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs) approved for its application in Peru by the Board of Deans of Peruvian Public Accounting Associations. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the consolidated financial statements section of our report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), together with the ethical requirements that are relevant to our audit of the consolidated financial statements in Peru, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period. We have determined that there are no key audit matters to communicate in our report.

F-2

Independent Auditors’ Report (continued)

Other information included in the Group’s 2025 Annual Report

The other information includes the information included in the Annual Report for December 31, 2025, but does not include the consolidated financial statements or our corresponding audit report. Management is responsible for other information

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of conclusion that provides a degree of assurance about it.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and those charged with governance for the consolidated financial statements

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with IFRS Accounting Standards, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Group’s financial reporting process.

Auditor’s responsibilities for the audit of the consolidated financial statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

F-3

Independent Auditors’ Report (continued)

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

–	Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
–	Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control.
–	Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
–	Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.
–	Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
–	Plan and perform the Group’s audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

F-4

Independent Auditors’ Report (continued)

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

The partner in charge of the audit resulting in this independent auditor’s report is:

Manuel Arribas Zevallos

C.P.C. Register N° 45987

Lima, Peru

February 12, 2026

F-5

Cementos Pacasmayo S.A.A. and Subsidiaries

Consolidated statement of financial position

As of December 31, 2025 and 2024

		Note		2025				2024
				S/(000)				S/(000)
Assets
Current assets
Cash and cash equivalents		6			53,571				72,723
Trade and other receivables, net		7			146,674				131,168
Income tax prepayments					24,857				7,736
Inventories		8			707,143				773,997
Prepayments					17,503				6,872
Total current assets					949,748				992,496
Non-current assets
Trade and other receivables, net		7			28,450				43,224
Financial investments designated at fair value through other comprehensive income					163				239
Property, plant and equipment, net		9			2,005,714				2,031,139
Intangible assets, net		10			62,800				63,596
Goodwill					4,459				4,459
Deferred income tax assets		14			34,994				21,816
Right of use assets					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
Liabilities and equity
Current liabilities
Trade and other payables		11			283,907				242,051
Financial obligations		13			532,346				458,346
Lease liabilities					4,879				2,958
Income tax payable					3,784				17,937
Provisions		12			47,689				44,263
Total current liabilities					872,605				765,555
Non-current liabilities
Financial obligations		13			879,809				1,034,845
Lease liabilities					11,350				6,462
Provisions		12			29,005				28,146
Deferred income tax liabilities		14			119,232				117,937
Total non-current liabilities					1,039,396				1,187,390
Total liabilities					1,912,001				1,952,945
Equity		15
Capital stock					423,868				423,868
Investment shares					40,279				40,279
Investment 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 loss					(16,966	)			(16,551	)
Retained earnings					264,027				285,345
Total equity					1,191,365				1,213,098
Total liabilities and equity					3,103,366				3,166,043

The accompanying notes are an integral part of these consolidated financial statements.

F-6

Cementos Pacasmayo S.A.A. and Subsidiaries

Consolidated statement of profit or loss

For the years ended December 31, 2025, 2024 and 2023

		Note		2025				2024				2023
				S/(000)				S/(000)				S/(000)
Sales of goods		16			2,116,883				1,978,071				1,950,075
Cost of sales		17			(1,310,017	)			(1,249,545	)			(1,260,623	)
Gross profit					806,866				728,526				689,452
Operating expenses
Administrative expenses		18			(291,538	)			(253,383	)			(231,967	)
Selling and distribution expenses		19			(92,785	)			(81,410	)			(69,569	)
Other operating expenses, net		21			(75,442	)			(2,700	)			(13,810	)
Impairment to retirement of property, plant and equipment		9(g)			-				-				(36,551	)
Total operating expenses, net					(459,765	)			(337,493	)			(351,897	)
Operating profit					347,101				391,033				337,555
Other income (expenses)
Finance income					11,291				6,298				7,246
Finance costs		22			(93,036	)			(100,308	)			(104,045	)
Net gain on derivative financial instruments recognized at fair value through profit or loss					-				-				19
Gain (loss) from exchange difference, net		5			2,619				(836	)			4,933
Total other expenses, net					(79,126	)			(94,846	)			(91,847	)
Profit before income tax					267,975				296,187				245,708
Income tax expense		14			(113,770	)			(97,312	)			(76,808	)
Profit for the year					154,205				198,875				168,900
Earnings per share
Basic income attributable to holders of common and investment shares of Cementos Pacasmayo S.A.A. (S/per share)		24			0.36				0.46				0.39

The accompanying notes are an integral part of these consolidated financial statements.

F-7

Cementos Pacasmayo S.A.A. and Subsidiaries

Consolidated statement of other comprehensive income (loss)

For the years ended December 31, 2025, 2024 and 2023

		Note		2025				2024				2023
				S/(000)				S/(000)				S/(000)
Profit for the year					154,205				198,875				168,900
Other comprehensive (loss) income
Other comprehensive (loss) income that will not be reclassified to profit or loss in subsequent years:
Change in fair value of financial instruments designated at fair value through other comprehensive loss					(588	)			(370	)			(25	)
Deferred income tax		14			173				109				7
Other comprehensive (loss) income to be reclassified to profit or loss in subsequent years:
Net gain on cash flows hedges					-				-				2,154
Deferred income tax					-				-				(634	)
Other comprehensive (loss) income for the year, net of income tax					(415	)			(261	)			1,502
Total other comprehensive income for the year, net of income tax					153,790				198,614				170,402

The accompanying notes are an integral part of these consolidated financial statements.

F-8

Cementos Pacasmayo S.A.A. and Subsidiaries

Consolidated statement of changes in equity

For the years ended December 31, 2025, 2024 and 2023

		Capital stock				Investment shares				Treasury shares				Additional paid-in capital				Legal reserve				Unrealized net loss on financial instruments designated at fair value				Unrealized gain (loss) on cash flow hedge				Retained earnings				Total
		S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)
Balance as of January 1, 2023			423,868				40,279				(121,258	)			432,779				168,636				(16,267	)			(1,520	)			268,618				1,195,135
Profit for the year			-				-				-				-				-				-				-				168,900				168,900
Other comprehensive income			-				-				-				-				-				(18	)			1,520				-				1,502
Total comprehensive income			-				-				-				-				-				(18	)			1,520				168,900				170,402
Dividends, note 15(g)			-				-				-				-				-				-				-				(175,524	)			(175,524	)
Others			-				-				-				-				-				(5	)			-				-				(5	)
Balance as of December 31, 2023			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 income			-				-				-				-				-				(261	)			-				-				(261	)
Total comprehensive income			-				-				-				-				-				(261	)			-				198,875				198,614
Dividends, note 15(g)			-				-				-				-				-				-				-				(175,524	)			(175,524	)
Balance as of December 31, 2024 (note 15)			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 income			-				-				-				-				-				(415	)			-				-				(415	)
Total comprehensive income			-				-				-				-				-				(415	)			-				154,205				153,790
Dividends, note 15(g)			-				-				-				-				-				-				-				(175,524	)			(175,524	)
Others			-				-				-				-				-				-				-				1				1
Balance as of December 31, 2025 (note 15)			423,868				40,279				(121,258	)			432,779				168,636				(16,966	)			-				264,027				1,191,365

The accompanying notes are an integral part of these consolidated financial statements.

F-9

Cementos Pacasmayo S.A.A. and Subsidiaries

Consolidated statement of cash flows

For the years ended December 31, 2025, 2024 and 2023

		Note		2025				2024				2023
				S/(000)				S/(000)				S/(000)
Operating activities
Profit before income tax					267,975				296,187				245,708
Non-cash adjustments to reconcile profit before income tax to net cash flows from operating activities
Depreciation and amortization					159,481				158,246				144,195
Finance costs		22			93,036				100,308				104,045
Long-term incentive plan		12(c) y 20			4,925				7,167				7,632
Allowance for expected credit losses		7(e)			3,467				2,751				1,707
Provision for inventory obsolescence		8(b)			1,469				6,696				2,956
Finance income					(11,291	)			(6,298	)			(7,246	)
Reversal by arrangement of obsolescence of inventory, net		8(b)			(7,819	)			(341	)			(336	)
Net gain on disposal of property, plant and equipment and intangible assets					(2,028	)			(3,642	)			(813	)
Exchange difference related to monetary transactions					(44	)			1,048				(973	)
Impairment related to retirement of property, plant and equipment		9(g)			-				-				36,551
Net gain on derivative financial instruments recognized at fair value through profit or loss					-				-				(19	)
Other items that do not generate operating flows, net					2,928				7,347				18,021
Working capital adjustments
Increase in trade and other receivables					(3,608	)			(34,194	)			(1,870	)
Decrease in inventories					68,634				5,967				90,917
(Increase) decrease in prepayments					(11,268	)			(951	)			13,210
Increase (decrease) in trade and other payables					31,588				(14,894	)			(48,680	)
					597,445				525,397				605,005
Interest received					11,833				6,422				7,315
Interest paid					(91,898	)			(99,678	)			(96,907	)
Income tax paid					(156,753	)			(111,000	)			(103,090	)
Net cash flows from operating activities					360,627				321,141				412,323

F-10

Consolidated statement of cash flows (continued)

		Note		2025				2024				2023
				S/(000)				S/(000)				S/(000)
Investing activities
Purchase of property, plant and equipment					(102,833	)			(64,318	)			(272,600	)
Purchase of intangible assets					(15,893	)			(16,563	)			(16,707	)
Purchase of investments available for sale					(512	)			(360	)			-
Loans granted					(462	)			(97	)			(1,679	)
Cash flow proceeds from sale of property, plant and equipment					3,258				4,403				1,392
Proceeds from loans					1,000				326				150
Opening of term deposits with original maturity greater than 90 days					-				(32,782	)			(10,000	)
Redemption of term deposits with original maturity greater than 90 days					-				32,782				10,000
Net cash flows used in investing activities					(115,442	)			(76,609	)			(289,444	)
Financing activities
Payment of bank loans		26			(474,564	)			(384,364	)			(661,520	)
Dividends paid		26			(175,458	)			(175,046	)			(175,431	)
Lease payments					(7,244	)			(5,426	)			(3,564	)
Bank loans received		26			392,200				303,200				639,000
Dividends returned		26			660				297				465
Payment of bank overdraft					-				-				(85,333	)
Payment for hedging instrument					-				-				(7,708	)
Cash flow from settlement of derivative financial instruments					-				-				93,323
Proceeds from bank overdraft					-				-				85,333
Net cash flows used in financing activities					(264,406	)			(261,339	)			(115,435	)
Net (decrease) increase in cash and cash equivalents					(19,221	)			(16,807	)			7,444
Net foreign exchange difference					69				(663	)			976
Cash and cash equivalents as of January 1		6			72,723				90,193				81,773
Cash and cash equivalents as of December 31		6			53,571				72,723				90,193
Transactions with no effect on cash flows:
Unrealized exchange difference related to monetary transactions					(44	)			1,048				(973	)
Outstanding accounts payable related to acquisition of property, plant and equipment		9(e)			(26,754	)			(17,122	)			(9,379	)
Addition of right-of-use assets and lease liabilities					13,272				-				6,915
Additions of quarry rehabilitation costs		12			2,087				1,465				4,458

The accompanying notes are an integral part of this consolidated statement.

F-11

Cementos Pacasmayo S.A.A. and Subsidiaries

Notes to the consolidated financial statements

As of December 31, 2025, 2024 and 2023

1. Corporate information

Cementos Pacasmayo S.A.A. (hereinafter “the Company”) was incorporated in 1957 and, under the Peruvian General Corporation Law, is an open stock corporation, its shares are listed in the Lima and New York Stock Exchange. The Company is a subsidiary of Inversiones ASPI S.A., which holds 50.01 percent of the Company’s common shares as of December 31, 2025, 2024 and 2023.

The Company’s registered address is Calle La Colonia No.150, Urbanización El Vivero, Santiago de Surco, Lima, Peru. All the subsidiaries are domiciled and operate in Peru.

The Company and its subsidiaries’ main activity is the production and marketing of cement, concrete, precast and other minors in northern of Peru.

The issuance of the consolidated financial statements of the Company and its subsidiaries (hereinafter “the Group”) for the year ended December 31, 2025 were authorized by the Company’s Board of Directors on February 12, 2026 and will be presented to the Annual Shareholders’ Meeting in March 2026 for approval. According to the Management opinion, the consolidated financial statements will be approved without modifications. The consolidated financial statements as of December 31, 2024 and for the year then ended were approved by the General Shareholders’ Meeting on March 24, 2025.

The Group has prepared the consolidated financial statements on the basis that it will continue to operate as a going concern.

For the years ended December 31, 2025, 2024 and 2023, the consolidated financial statements comprise the financial statements of the Company and its subsidiaries: Cementos Selva S.A.C. and subsidiaries, Distribuidora Norte Pacasmayo S.R.L. and subsidiary, Empresa de Transmisión Guadalupe S.A.C., Salmueras Sudamericanas S.A., Soluciones Crealo 150 S.A.C , Soluciones Takay S.A.C., 150Krea Inc, Vanguardia Constructora del Perú S.A.C. and Corporación Materiales Piura S.A.C. As of these dates, the Company maintained a 100 percent interest in all its subsidiaries.

The main activities of the subsidiaries incorporated in the consolidated financial statements are described as follows:

- Cementos Selva S.A.C. is engaged in production and marketing of cement and other construction materials in the northeast region of Peru. Also, it holds 100 percent of the shares in Dinoselva Iquitos S.A.C. (a cement and construction materials distributor in the north of Peru, which also produces and sells precast, cement bricks and ready-mix concrete) and in Acuícola Los Paiches S.A.C. (a fish farm entity).

F-12

Notes to the consolidated financial statements (continued)

- Distribuidora Norte Pacasmayo S.R.L. is mainly engaged in selling cement produced by the Company. Additionally, it produces and sells precast, cement bricks and ready-mix concrete. It is the main partner of the Consorcio Constructor Norte del Peru, an entity established for the execution of the work “Mejoramiento del Sistema de Pistas y Cerco Perimétrico del Aeropuerto de Piura”.

- Empresa de Transmisión Guadalupe S.A.C. is mainly engaged in providing electric energy transmission services to the Company.

- Salmueras Sudamericanas S.A.(“Salmueras”) In December 2017, the Company decided not to continue with the activities related to this project of Salmueras.

- Soluciones Takay S.A.C., entity constituted on March 29, 2019 whose corporate purpose is to provide advisory services and information, promotion, acquisition and intermediation services for the management and development of real estate projects by natural and/or legal persons.

- 150Krea Inc., entity constituted on June 3, 2021 whose corporate purpose is the lease of intangible assets.

- Corporación Materiales Piura S.A.C., entity acquired on January 4, 2023 whose corporate purpose is the extraction of stone, sand and clay.

- Soluciones Créalo 150 S.A.C., an entity established on June 21, 2024, under the trade name Makers150, is mainly dedicated to the research and development of digital solutions for companies in the construction sector in Latin America.

- Vanguardia Constructora del Perú S.A.C., an entity established on June 21, 2024, whose corporate purpose is the performance of all construction activities, engineering services and management consulting.

On December 16, 2025, the majority shareholders of Inversiones ASPI S.A. and Holcim Ltd. entered into a Share Purchase Agreement, subject to certain conditions precedent, for the sale of 99.99 percent of the shares of Inversiones ASPI S.A. under the terms and conditions set forth in said agreement.

The execution and closing of this transaction are subject to obtaining the relevant regulatory approvals, as well as the fulfillment of certain conditions precedent established in the share purchase agreement, among them, prior authorization from the National Institute for the Defense of Competition and Protection of Intellectual Property (INDECOPI), in accordance with the provisions of Law No. 31112 and its regulations. As of December 31, 2025, the transfer of ownership of the shares representing the capital stock of Inversiones ASPI S.A. to the Holcim Group or any of its affiliates has not taken place.

F-13

Notes to the consolidated financial statements (continued)

2. Significant accounting policies

2.1 Basis of preparation –

The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB).

The consolidated financial statements have been prepared on a historical cost basis, except for financial instruments designated at fair value through other comprehensive income (OCI) that have been measured at fair value. The consolidated financial statements are presented in Soles and all values are rounded to the nearest thousand S/(000), except when otherwise indicated.

The consolidated financial statements provide comparative information in respect of the previous period or periods. There are certain standards and amendments applied for the first time by the Group during 2025, that did not require the restatement of previous financial statements, as explained in note 2.3.17.

The Company classifies costs and expenses by function in the consolidated statement of income, in accordance with industry practices.

The consolidated statement of cash flows is presented using the indirect method.

2.2 Basis of consolidation -

The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as of December 31, 2025 and 2024 and for the years ended December 31, 2025, 2024 and 2023. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if it has: (i) power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee), (ii) exposure, or rights, to variable returns from its involvement with the investee, and (iii) the ability to use its power over the investee to affect its returns.

Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary.

The accounting policies are in line with the Group´s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated on consolidation.

A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.

F-14

Notes to the consolidated financial statements (continued)

2.3 Summary of significant accounting policies -

2.3.1 Cash and cash equivalents -

Cash and cash equivalents presented in the statement of financial position comprise cash at banks and on hand and short-term deposits with an original maturity of three months or less.

2.3.2 Financial instruments-initial recognition and subsequent measurement –

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

(i) Financial assets -

Initial recognition and measurement -

Financial assets are classified at initial recognition as measured at amortized cost, fair value through OCI or fair value through profit or loss.

The Group’s financial assets include cash and cash equivalents, trade and other receivables and other financial investments at fair value through OCI.

Subsequent measurement -

For purposes of subsequent measurement, financial assets are classified into the following categories:

- Financial assets at amortized cost (debt instruments).

- Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments).

- Financial assets designated at fair value through OCI without recycling of cumulative gains and losses upon derecognition (equity instruments).

The classification depends on the business model of the Group and the contractual terms of the cash flows.

Financial assets at amortized cost (debt instruments) -

The Group measures financial assets at amortized cost if both of the following conditions are met:

- The financial asset is held within a business model with the objective to collect contractual cash flows and not sale or trade it, and,

- The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding

Financial assets at amortized cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired.

F-15

Notes to the consolidated financial statements (continued)

Financial assets are not reclassified after their initial recognition, except if the Group changes its business model for its management.

As of December 31, 2025 and 2024, the Group held trade and other receivables in this category; because they meet the conditions described above.

Financial assets at fair value through OCI (equity instruments) -

Upon initial recognition, the Group can elect to irrevocably classify its equity investments as equity instruments designated at fair value through OCI when they meet the definition of equity and are not held for trading. The classification is determined on an instrument-by-instrument basis.

Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognized as other income in the statement of profit or loss when the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment.

As of December 31, 2025 and 2024, the Group elected to classify irrevocably its listed equity investments in Fossal S.A.A. under this category.

(ii) Impairment of financial assets -

The Group recognizes an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.

ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).

For trade receivables, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.

The Group considers a financial asset in default when contractual payments are 360 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.

F-16

Notes to the consolidated financial statements (continued)

(iii) Financial liabilities -

Initial recognition and measurement -

Financial liabilities are classified at initial recognition as financial liabilities at fair value through profit or loss, loans and borrowings, payables, as appropriate.

All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.

The Group’s financial liabilities include trade and other payables, interest-bearing loans and borrowings.

Subsequent measurement -

The subsequent measurement of financial liabilities depends on their classification, the Group maintains Loans and Borrowings, which accounting treatment is explained below:

After their initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in the consolidated statement of profit or loss when the liabilities are derecognized as well as through the EIR amortization process.

Amortized cost is calculated by considering any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance costs in the consolidated statement of profit or loss.

As of December 31, 2025 and 2024, the Group included trade and other payables and financial liabilities in this category, for more information refer to notes 11 and 13.

Derecognition -

A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expired. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amount is recognized in the consolidated statement of profit or loss.

(iv) Fair value measurement -

The Group measures financial instruments such as equity investments, at fair value at each period end.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:

- In the principal market for the asset or liability, or

- In the absence of a principal market, in the most advantageous market for the asset or liability.

The principal or the most advantageous market must be accessible by the Group.

F-17

Notes to the consolidated financial statements (continued)

The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.

A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.

The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value accounting hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

- Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities.

- Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.

- Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.

For assets and liabilities that are recognized in the financial statements at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

The Group’s management determines the policies and procedures for recurring and non-recurring fair value measurements.

At each reporting date, the Financial Management analyzes the changes in the values of the assets and liabilities that must be measured or determined on a recurring and non-recurring basis according to the Group’s accounting policies. For this analysis, Management contrasts the main variables used in the latest assessments made with updated information available from valuations included in contracts and other relevant documents.

Management also compares the changes in the fair value of each asset and liability with the relevant external sources to determine whether the change is reasonable.

For purposes of disclosure of fair value, the Group has determined classes of assets and liabilities based on the inherent nature, characteristics and risks of each asset and liability, and the level of the fair value accounting hierarchy as explained above, see note 27(a).

F-18

Notes to the consolidated financial statements (continued)

2.3.3 Foreign currencies -

The functional and presentation currency for the consolidated financial statements of the Group is soles, which is also the functional currency for its subsidiaries.

Transactions and balances

Transactions in foreign currencies are initially recorded at their respective functional currency spot rates at the date the transaction first qualifies for recognition.

Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. Differences arising on settlement or translation of monetary items are recognized in the consolidated statement of profit or loss.

Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions.

2.3.4 Inventories -

Inventories are valued at the lower of cost or net realizable value. Costs incurred in bringing each product to its present location and conditions are accounted for as follows:

Raw materials, spare part and supplies

- Initially at cost and are recorded at the lower of cost and net realizable value.

Finished goods and work in progress

- Cost of direct materials and supplies, services provided by third parties, direct labor and a proportion of manufacturing overheads is based on normal operating capacity, excluding borrowing costs and exchange currency differences.

F-19

Notes to the consolidated financial statements (continued)

Inventory in transit

- Cost.

Net realizable value is the estimated selling price in the ordinary course of business, less estimated cost of completion and the estimated costs of inventory necessary to make the sale.

2.3.5 Borrowing costs -

Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the respective asset. All other borrowing costs are recognized in the consolidated statement of profit or loss in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.

When the funds are used to finance a project form part of general borrowings, the amount capitalized is calculated using a weighted average of interest rates applicable to relevant general borrowings of the Group during the period. All other borrowing costs are recognized in the consolidated statement of profit or loss in the period in which they are incurred.

2.3.6 Property, plant and equipment -

Property, plant and equipment is stated at acquisition cost, net of accumulated depreciation and/or accumulated impairment losses, if any. Such cost includes the cost of replacing component parts of the property, plant and equipment and borrowing costs for long-term construction projects if the recognition criteria are met, see note 2.3.5. The capitalized value of a finance lease is also included within property, plant and equipment. When significant parts of plant and equipment are required to be replaced at intervals, the Group recognizes such parts as individual assets with specific useful lives and depreciates them separately based on their specific useful lives. Likewise, when a major inspection is performed, its cost is recognized in the carrying amount of the plant and equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognized as operation cost or expense in the consolidated statement of profit or loss as incurred.

The present value of the expected cost for the decommissioning of an asset after its use is included in the cost of the respective asset if the recognition criteria for a provision are met. Refer to significant accounting judgments, estimates and assumptions, see note 3, and quarry rehabilitation cost provisions, see note 12.

F-20

Notes to the consolidated financial statements (continued)

Depreciation of assets is determined using the straight-line method over the estimated useful lives of such assets as follows:

		Years
Buildings and other construction:
Minor installations related to buildings		Between 10 and 35
Administrative facilities		Between 20 and 51
Main production structures		Between 20 and 56
Minor production structures		Between 20 and 35
Machinery and equipment:
Mills		Between 24 and 45
Horizontal and vertical furnaces, crushers and grinders		Between 23 and 36
Electricity facilities and other minors		Between 10 and 35
Furniture and fixtures		10
Transportation units:
Heavy units		Between 5 and 15
Light units		Between 5 and 10
Computer equipment		Between 3 and 10
Tools		Between 5 and 10

The asset’s residual value, useful lives and methods of depreciation are reviewed at each reporting period and adjusted prospectively if appropriate.

An item of property, plant and equipment and any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the consolidated statement of profit or loss when the asset is derecognized.

2.3.7 Mining concessions -

Mining concessions correspond to the exploration rights in areas of interest acquired. Mining concessions are stated at cost, net of accumulated amortization and/or accumulated impairment losses, if any, and are presented within the “Property, plant and equipment, net” caption of consolidated statement of financial position. Those mining concessions are amortized following the straight-line method. In the event the Group abandons the concession, the costs associated, see note 9(b), are written-off in the consolidated statement of profit or loss.

For the years ended December 31, 2025 and 2024, mining concessions of the Group correspond to areas that contain raw material necessary for cement production.

F-21

Notes to the consolidated financial statements (continued)

2.3.8 Quarry development costs and stripping costs -

Quarry development costs -

Quarry development costs incurred are stated at cost and are the next step in development of quarries after the exploration and evaluation stage. Quarry development costs are, upon commencement of the production phase, presented net of accumulated amortization and/or accumulated impairment losses, if any, and are presented within the property, plant and equipment caption. The amortization is calculated using the straight-line method based on the useful life of the quarry to which it relates. Expenditures that significantly increase the economic life of the quarry under exploitation are capitalized.

Stripping costs -

Stripping costs incurred in the development of a mine before production commences are capitalized as part of mine development costs and subsequently amortized over the life of the mine on a units-of-production basis, using the proved reserves.

Stripping costs incurred subsequently during the production phase of its operation are recorded as part of cost of production.

2.3.9 Intangible assets

Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. Internally generated intangibles, excluding capitalized development costs, are not capitalized and the related expenditure is reflected in profit or loss in the period in which the expenditure is incurred. The useful lives of intangible assets are assessed as either finite or indefinite.

Intangible assets with finite lives are amortized over the economic useful life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or method, as appropriate, and are treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is recognized in the statement of profit or loss in the cost or expense category that is consistent with the function of the intangible assets.

The Group’s intangible assets with finite useful lives are amortized over an average term between three and ten years.

Any gain or loss arising upon derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the consolidated statement of profit or loss.

F-22

Notes to the consolidated financial statements (continued)

Exploration and evaluation assets -

Exploration and evaluation activity involve the search for mineral resources, the determination of technical feasibility and the assessment of commercial viability of an identified resource. Exploration and evaluation activity include:

- Researching and analyzing historical exploration data.

- Gathering exploration data through geophysical studies.

- Exploratory drilling and sampling.

- Determining and examining the volume and grade of the resource.

- Surveying transportation and infrastructure requirements.

- Conducting market and finance studies.

Once the legal right to explore has been acquired, exploration and evaluation costs are charged to the consolidated statement of profit or loss, unless management concludes that a future economic benefit is more likely than not to be realized, in which case such costs are capitalized, see note 10(b).These costs include directly attributable employee remuneration, materials and fuel used, surveying costs, drilling costs and payments made to contractors.

In evaluating if costs meet the criteria to be capitalized, several different sources of information are used, including the nature of the assets, extension of the explored area and results of sampling, among others. The information that is used to determine the probability of future benefits depends on the extent of exploration and evaluation that has been performed.

Exploration and evaluation costs are capitalized when the exploration and evaluation activity is within an area of interest for which it is expected that the costs will be recouped by future exploitation and active and significant operations in relation to the area are continuing or planned for the future.

Exploration costs are amortized based on the estimated useful life of the mining property from the moment the commercial exploitation of the reserves begins. All capitalized exploration and evaluation costs are monitored for indications of impairment. Where a potential impairment indicator is identified, an assessment is performed for each area of interest in conjunction with the group of operating assets (representing a cash generating unit) to which the exploration is attributed.

At each reporting date, the Group assesses at each reporting date whether there is an indication that exploration and evaluation assets may be impaired, see note 10(c).

F-23

Notes to the consolidated financial statements (continued)

2.3.10 Ore reserve and resource estimates -

Ore reserves are estimates of the amount of ore that can be extracted legally, socially, environmentally and economically from the Group’s mining properties and concessions. The Group estimates its ore reserves and mineral resources, based on information compiled by appropriately qualified persons relating to the geological data on the size, depth and shape of the ore body, and requires complex geological judgments to interpret the data. The estimation of recoverable reserves is based upon factors such as future capital requirements, and production costs along with geological assumptions and judgments made in estimating the size and grade of the ore body. Changes in the reserve or resource estimates may impact upon the carrying value of exploration and evaluation assets, provision for quarry rehabilitation and depreciation and amortization charges.

2.3.11 Provisions -

General -

Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. When the Group expects some or all of a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognized as a separate asset but only when the reimbursement is virtually certain. The expense relating to any provision is presented in profit or loss net of any reimbursement. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects where appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as finance cost in the consolidated statement of profit or loss.

Quarry rehabilitation provision -

The Group records the present value of estimated costs of legal and constructive obligations required to restore operating locations in the period in which the obligation is incurred. Quarry rehabilitation costs are provided at the present value of expected costs to settle the obligation using estimated cash flows and are recognized as part of the cost of that particular asset. The cash flows are discounted at a current risk-free rate. The unwinding of the discount is expensed as incurred and recognized in the consolidated statement of profit or loss as a finance cost. The estimated future costs of quarry rehabilitation are reviewed annually and adjusted as appropriate. Changes in the estimated future costs or in the discount rate applied are added to or deducted from the cost of the asset, see note 12.

Environmental expenditures and liabilities -

Environmental expenditures that relate to current or future revenues are expensed or capitalized as appropriate. Expenditures that relate to an existing condition caused by past operations and do not contribute to current or future earnings are expensed.

F-24

Notes to the consolidated financial statements (continued)

Liabilities for environmental costs are recognized when a clean-up is probable, and the associated costs can be reliably estimated. Generally, the timing of recognition of these provisions coincides with the commitment to a formal plan of action or, if earlier, on divestment or on closure of inactive sites.

The amount recognized is the best estimate of the expenditure required. Where the liability will not be settled for a number of years, the amount recognized is the present value of the estimated future expenditure.

Onerous contracts -

If the Group has an onerous contract, the present obligations arising from it should be recognised and measured as a provision. However, before recognising a provision for an onerous contract, the Group recognises any impairment loss on the assets used to fulfil the obligations arising from that contract.

An onerous contract is one in which the unavoidable costs (i.e. the costs that the Group cannot avoid because it has the contract) of fulfilling the obligations under it exceed the economic benefits expected to be received from it. Unavoidable costs correspond to the lower of the cost of complying with the terms of the contract and the amount of payments or penalties arising from non-compliance. The cost of fulfilling a contract includes costs directly related to the contract (i.e. incremental costs and an allocation of costs that directly relate to contract activities).

2.3.12 Employees benefits -

The Group has short-term obligations for employee benefits including salaries, severance contributions, legal bonuses, performance bonuses and profit sharing. These obligations are recorded monthly on an accrual basis.

Additionally, the Group has a long-term incentive plan for key management. This benefit is settled in cash, measured on the salary of each officer and upon fulfilling certain conditions such as years of experience within the Group and permanency. The Group recognizes the long-term obligation at its present value at the end of the reporting period using the projected credit unit method. To calculate the present value of these long-term obligations the Group uses a government bond discount rate at the date of the consolidated financial statements. This liability is annually reviewed on the date of the consolidated financial statements, and the accrual updates and the effect of changes in discount rates are recognized in the consolidated statement of profit or loss.

2.3.13 Revenue recognition -

The Group is dedicated to the production and trading of cement, concrete, precast and other minors, as well as trade of construction supplies. These goods are sold in contracts with customers.

F-25

Notes to the consolidated financial statements (continued)

Revenue is measured at the fair value of the consideration received or receivable, considering contractually defined terms of payment and excluding taxes or duties.

The following specific recognition criteria must also be met before revenue is recognized:

Sales of goods -

Revenue from sale of goods is recognized at the point in time when control of the asset is transferred to the customer, generally on delivery of the goods.

The Group considers whether there are other terms in the contract that are separate performance obligations to which a portion of the transaction price needs to be allocated. In determining the transaction price for the sale of goods, the Group considers the effects of variable consideration, the existence of significant financing components, noncash consideration, and consideration payable to the customer (if any).

Rendering of services –

Transport services

In the business segments cement, concrete, precast and construction supplies, the Group provides transportation services. These services are sold together with the sale of the goods to the customer.

Transportation services are satisfied when the transport service is concluded, which coincides with the moment of delivery of the goods to the customers.

Paving services

In the paving business, to satisfy performance obligations over time, the Group shall recognize revenue by measuring progress as progress is made (transferring control of the services) in accordance with the relevant contract.

To measure the progress of the paving service, the Group uses the resource method, which states that revenue should be recognized on the basis of the efforts or resources incurred to satisfy the performance obligation (for example, resources consumed, labour hours expended, costs incurred, elapsed time or machinery hours used) in relation to the total resources expected to satisfy the performance obligation.

The Group shall present the right or obligation it holds for the delivery of the transferred services to a customer as a contract asset or a contract liability in its statement of financial position when that right or obligation is conditioned by something other than the passage of time.

2.3.14 Taxes -

Current income tax -

Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the tax authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date in Peru, where the Group operates and generates taxable income.

F-26

Notes to the consolidated financial statements (continued)

Deferred tax -

Deferred tax is determinated on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date.

Deferred tax liabilities are recognized for all taxable temporary differences, except in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint arrangements, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.

Deferred tax assets are recognized for all deductible temporary differences, and for the future offset of unused tax credits and carryforward tax losses, provided they are considered recoverable.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are re-assessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.

Deferred tax related to items recognized outside profit or loss are recognized outside the consolidated statement of profit or loss. Deferred tax items are recognized in correlation to the underlying transaction either in OCI or directly in equity.

2.3.15 Treasury shares-

Own equity instruments which are reacquired (treasury shares) are recognized at cost and deducted from equity. No gain or loss is recognized in the consolidated statement of profit or loss on the purchase, sale, issue or cancellation of the Group’s own equity instruments.

2.3.16 Impairment of non-financial assets –

The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required (goodwill and Intangible assets with indefinite useful lives), the Group estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or cash-generating unit’s (CGU) fair value less costs of disposal and its value in use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are considered. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators.

F-27

Notes to the consolidated financial statements (continued)

The Group supports its impairment calculation by using detailed budgets and forecast calculations, which are prepared separately for each of the Group´s CGUs to which the individual assets are allocated.

Impairment losses related to continuing operations, including impairment on inventories, are recognized in the consolidated statement of profit or loss in expense categories consistent with the function of the impaired asset.

In addition, an assessment is made at each reporting date to determine whether there is any indication that previously recognized impairment losses may no longer exist or have decreased. If such an indication exists, the Group estimates the asset’s or CGU’s recoverable amount. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in the consolidated statement of profit or loss.

Exploration and evaluation assets are tested for impairment annually as of December 31, either individually or at the cash-generating unit level, as appropriate, and when circumstances indicate that the carrying value may be impaired.

As of December 31, 2025 and 2024 there were no indications of impairment for long-lived assets.

2.3.17 New amended standards and interpretations –

The Group applied for the first-time certain standards and amendments, which are effective for annual periods beginning on or after January 1, 2025. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.

F-28

Notes to the consolidated financial statements (continued)

Lack of exchangeability – Amendments to IAS 21

The amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates specify how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. The amendments also require disclosure of information that enables users of its financial statements to understand how the currency not being exchangeable into the other currency affects, or is expected to affect, the entity’s financial performance, financial position and cash flows.

The amendments are effective for annual reporting periods beginning on or after 1 January 2025. When applying the amendments, an entity cannot restate comparative information.

The amendments had no impact on the Group’s consolidated financial statements.

3. Significant accounting judgments, estimates and assumptions

The preparation of the Group’s consolidated financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.

If signs of impairment are identified, the most significant estimate considered by the Company’s Management will correspond to the evaluation of the impairment of long-lived assets. As of December 31, 2025 and 2024, Management has not identified signs of impairment for long-lived assets, which is why it considers that there are no significant estimates for those dates.

4. Standards issued but not yet effective

The standards and interpretations relevant to the Group, that will have effect at January 1, 2026 are below:

Amendments to the Classification and Measurement of Financial Instruments—Amendments to IFRS 9 and IFRS 7

In May 2024, the IASB issued Amendments to IFRS 9 and IFRS 7, Amendments to the Classification and Measurement of Financial Instruments (the Amendments). The Amendments include:

- A clarification that a financial liability is derecognized on the ‘settlement date’ and the introduction of an accounting policy choice (if specific conditions are met) to derecognize financial liabilities settled using an electronic payment system before the settlement date.

- Additional guidance on how the contractual cash flows for financial assets with environmental, social and corporate governance (ESG) and similar features should be assessed.

- Clarifications on what constitute ‘non-recourse features’ and what are the characteristics of contractually linked instruments.

- The introduction of disclosures for financial instruments with contingent features and additional disclosure requirements for equity instruments classified at fair value through other comprehensive income (OCI).

Annual Improvements to IFRS Accounting Standards - Volume 11

F-29

Notes to the consolidated financial statements (continued)

In July 2024, the IASB issued nine narrow scope amendments as part of its periodic maintenance of IFRS accounting standards. The amendments include clarifications, simplifications, corrections or changes to improve consistency in IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 7 Financial instruments: Disclosure and its accompanying Guidance on implementing IFRS 7, IFRS 9 Financial Instruments, IFRS 10 Consolidated Financial Statements and IAS 7 Statements of Cash Flows.

Contracts Referencing Nature-dependent Electricity – Amendments to IFRS 9 and IFRS 7

In December 2024, the IASB issued Amendments to IFRS 9 and IFRS 7 - Contracts Referencing Nature[1]dependent Electricity. The amendments apply only to contracts that reference nature-dependent electricity; the amendments:

- Clarify the application of the ‘own-use’ requirements for in-scope contracts

- Amend the designation requirements for a hedged item in a cash flow hedging relationship for in-scope contracts

- Add new disclosure requirements to enable investors to understand the effect of these contracts on a company’s financial performance and cash flows.

The amendments will take effect for annual reporting periods starting on or after 1 January 2026. Early adoption is allowed, but it must be disclosed. The amendments concerning the own-use exception are to be applied retrospectively, while the hedge accounting amendments should be applied prospectively to new hedging relationships designated from the initial application date. Additionally, the IFRS 7 disclosure amendments must be implemented alongside the IFRS 9 amendments. If an entity does not restate comparative information, it cannot present comparative disclosures.

The adoption of these new regulations is not expected to have a material impact on the Group’s consolidated financial statements.

5. Transactions in foreign currency

Transactions in foreign currency take place at the open-market exchange rates published by the Superintendence of Banks, Insurance and Pension Funds Administration. As of December 31, 2025 the exchange rates for transactions in United States dollars, published by this institution, were S/3.358 for purchase and S/3.368 for sale (S/3.758 for purchase and S/3.770 for sale as of December 31, 2024).

F-30

Notes to the consolidated financial statements (continued)

As of December 31, 2025 and 2024, the Group had the following assets and liabilities in United States dollars:

		2025				2024
		US$(000)				US$(000)
Assets
Cash and cash equivalents			6,508				6,690
Trade and other receivables, net			9,578				4,800
			16,086				11,490
Liabilities
Trade and other payables			(11,262	)			(14,636	)
			(11,262	)			(14,636	)
Net monetary position			4,824				(3,146	)

During 2025, the net gain originated by the exchange difference was approximately S/2,619,000 (the net loss from exchange difference amounted to S/836,000 during 2024). All these results are presented in the heading “Gain (loss) from exchange difference, net” in the consolidated statement of income.

6. Cash and cash equivalents

(a) This caption was made up as follows:

		2025				2024
		S/(000)				S/(000)
Cash on hand			167				155
Cash at banks (b)			37,904				48,568
Short-term deposits (c)			15,500				24,000
			53,571				72,723

(b) Cash at banks is denominated in local and foreign currency, are deposited in local and foreign bank and are freely available. The demand deposits interest yield is based on daily bank deposit rates.

(c) The short-term deposits held in domestic banks were freely available and earned interest at the respective short-term market rates and original maturity less than three months.

F-31

Notes to the consolidated financial statements (continued)

7. Trade and other receivables

(a) This caption was made up as follows:

		Current								Non-current
		2025				2024				2025				2024
		S/(000)				S/(000)				S/(000)				S/(000)
Trade receivables (b)			107,496				95,419				-				-
Contract asset (c)			26,263				26,701				-				-
Other accounts receivable			10,269				8,613				-				-
Funds restricted to tax payments			4,022				393				-				-
Accounts receivable from Parent and affiliates, note 23			2,633				1,969				-				-
Loans granted			2,130				-				-				-
Loans to employees			776				910				-				-
Interest receivable			568				963				-				-
Other receivables from sale of fixed assets			24				139				-				-
Allowance for expected credit losses (e) and (f)			(14,099	)			(11,486	)			-				-
Financial assets classified as receivables (f)			140,082				123,621				-				-
Other accounts receivable			-				-				16,439				13,022
Claim to the SUNAT (d)			-				-				11,118				29,559
Value-added tax credit			6,592				7,547				893				643
Tax refund receivable			-				-				9,034				9,034
Allowance for expected credit losses (e)			-				-				(9,034	)			(9,034	)
Non-financial assets classified as receivables			6,592				7,547				28,450				43,224
			146,674				131,168				28,450				43,224

(b) Trade account receivables presented net of discounts and bonuses, have current maturity (30 to 90 days) and those overdue bear interest.

(c) It corresponds mainly to paving services whose recognition is carried out according to the provisions of note 2.3.13.

(d) On March 22, 2021, the Company received Tax Court Resolution N° 00905-4-21 that declares the calculation of Mining Royalty should be based on gross sale of the final product (cement) for the years 2008 and 2009. This is an opposite position to what is established by the Constitutional Court in the STC Exp. N° 1043-2013-PA/TC that declares founded the writ of protection presented by the Company recognizing our right to calculate mining royalties exclusively based on the value of the mining component, without considering in any way the value of the final products derived from industrial and manufacturing processes.

Pursuant to this, the Company initiated two legal proceedings: (i) a constitutional process to denounce the repression of homogeneous harmful acts, filed on March 31, 2021; and, (ii) a contentious-administrative claim filed before the ordinary court, the object of which was the annulment and return of securities, filed on June 22, 2021.

F-32

Notes to the consolidated financial statements (continued)

To date, both processes have culminated with resolutions favorable to the Company’s claims. In this regard, the ruling issued by the Constitutional Court in the proceedings for the complaint of repression of homogeneous harmful acts, dated December 16, 2024, declares the constitutional grievance appeal well-founded and consequently the respective RTF void, ordering the Tax Court to comply with the issuance of new resolutions complying with the judgment issued in STC 1043-2013-PA/TC in the sense that the method for calculating mining royalties established therein also applies to the 2008 and 2009 fiscal years and not only from 2011 onwards, as argued by the Tax Court and the National Superintendency of Tax Administration (SUNAT).

As a consequence of said ruling, it is appropriate for the National Superintendency of Tax Administration (SUNAT), either directly or through enforcement, to proceed with the return of the amounts paid by the Company amounting to S/29,559,000, since this constitutes a direct effect of the execution of the mandate ordered by the Constitutional Court.

As of August 20, 2025, The National Superintendency of Tax Administration (SUNAT) made a partial refund of accounts receivable for mining royalties in the amount of S/18,441,000, leaving an outstanding balance of S/11,118,000 to be collected as of December 31, 2025. In the opinion of Management and its external legal advisors, there is a very high probability of obtaining a favorable outcome.

(e) The movement of the allowance for expected credit losses is as follows:

		2025				2024				2023
		S/(000)				S/(000)				S/(000)
Opening balance			20,520				18,048				16,467
Additions, note 19			3,467				2,751				1,707
Recoveries			(854	)			(279	)			(126	)
Ending balance			23,133				20,520				18,048

As of December 31, 2025, the additions include S/3,467,000 related to the provision for expected credit losses for trade receivables (S/2,751,000 as of December 31, 2024), which are presented in the caption “selling and distribution expenses” on the consolidated statement of profit and loss, see note 19.

F-33

Notes to the consolidated financial statements (continued)

(f) The aging analysis of trade and other accounts receivable, classified as financial assets, as of December 31, 2025 and 2024, is as follows:

										Past due but not impaired
As of December 31, 2025		Total				Neither past due nor impaired				< 30 days				30-60 days				61-90 days				91-120 days				> 120 days
		S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)
Expected credit loss rate			9.1	%			0.4	%			2.7	%			7.5	%			22.9	%			21.2	%			61.1	%
Carrying amount 2025			154,181				113,149				13,522				2,889				2,741				2,362				19,518
Expected credit loss			14,099				463				363				218				628				501				11,926

										Past due but not impaired
As of December 31, 2024		Total				Neither past due nor impaired				< 30 days				30-60 days				61-90 days				91-120 days				> 120 days
		S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)
Expected credit loss rate			8.5	%			0.2	%			2.0	%			2.8	%			2.6	%			8.6	%			82.5	%
Carrying amount 2024			135,107				100,349				11,138				5,109				4,326				1,275				12,910
Expected credit loss			11,486				244				228				145				114				110				10,645

F-34

Notes to the consolidated financial statements (continued)

8. Inventories

(a) This caption is made up as follows:

		2025				2024
		S/(000)				S/(000)
Goods and finished products			13,214				18,234
Work in progress			205,321				221,837
Raw materials			209,023				254,141
Packages and packing			4,236				3,441
Fuel			3,894				3,552
Spare parts and supplies			264,450				259,601
Inventory in transit			7,005				13,191
			707,143				773,997

(b) Movement in the provision for inventory obsolescence value is set forth below:

		2025				2024				2023
		S/(000)				S/(000)				S/(000)
Opening balance			33,880				27,525				24,905
Additions			1,469				6,696				2,956
Reversal by arrangement			(7,819	)			(341	)			(336	)
Final balance			27,530				33,880				27,525

F-35

Notes to the consolidated financial statements (continued)

9. Property, plant and equipment

(a) The composition and movement of the item as of the date of the consolidated statement of financial position is presented below:

		Mining concessions (b)				Mine development costs				Land				Buildings and other construction				Machinery, equipment and related spare parts				Furniture and accessories				Transportation units				Computer equipment and tools				Quarry rehabilitation costs				Capitalized interest (f)				Work in progress (d) and units in transit				Total
		S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)
Cost
As of January 1, 2024			112,098				71,090				258,584				822,229				1,883,083				11,079				105,383				45,187				16,233				74,297				46,081				3,445,344
Additions			-				1,023				1,827				-				20,710				872				2,472				4,164				1,465				-				40,788				73,321
Sales and/or retirement			(1,668	)			(247	)			(268	)			-				(1,056	)			(136	)			(4,825	)			(227	)			-				-				(1,149	)			(9,576	)
Transfers			-				(8,077	)			-				214,297				(162,491	)			149				2,063				1,603				-				-				(47,778	)			(234	)
As of December 31, 2024			110,430				63,789				260,143				1,036,526				1,740,246				11,964				105,093				50,727				17,698				74,297				37,942				3,508,855
Additions			157				1,280				4,528				-				29,266				167				20,347				5,050				2,087				-				52,272				115,154
Sales and/or retirement			(146	)			(58	)			(1,009	)			(201	)			(2,215	)			(15	)			(2,565	)			(91	)			-				-				(820	)			(7,120	)
Transfers			210				(136	)			-				16,691				20,557				164				1,599				598				-				-				(39,755	)			(72	)
As of December 31, 2025			110,651				64,875				263,662				1,053,016				1,787,854				12,280				124,474				56,284				19,785				74,297				49,639				3,616,817
Accumulated depreciation
As of January 1, 2024			12,472				11,234				-				198,656				857,790				8,771				83,335				28,834				2,650				12,167				-				1,215,909
Additions			72				424				-				21,858				104,237				484				5,300				4,184				167				1,646				-				138,372
Sales and/or retirement			(259	)			-				-				-				(760	)			(124	)			(4,339	)			(207	)			-				-				-				(5,689	)
Transfers			-				(171	)			-				86,734				(86,431	)			-				-				-				-				-				-				132
As of December 31, 2024			12,285				11,487				-				307,248				874,836				9,131				84,296				32,811				2,817				13,813				-				1,348,724
Additions			-				602				-				29,309				95,891				552				5,045				4,302				265				1,646				-				137,612
Sales and/or retirement			(69	)			-				-				(111	)			(1,514	)			(13	)			(2,292	)			(77	)			-				-				-				(4,076	)
As of December 31, 2025			12,216				12,089				-				336,446				969,213				9,670				87,049				37,036				3,082				15,459				-				1,482,260
Impairment (g)
As of January 1, 2024			52,056				24,573				3,985				31,038				12,918				200				26				454				-				1,413				3,421				130,084
Lows			(1,092	)			-				-				-				-				-				-				-				-				-				-				(1,092	)
As of December 31, 2024			50,964				24,573				3,985				31,038				12,918				200				26				454				-				1,413				3,421				128,992
Lows			-				-				(146	)			-				-				-				-				(3	)			-				-				-				(149	)
As of December 31, 2025			50,964				24,573				3,839				31,038				12,918				200				26				451				-				1,413				3,421				128,843
Net book value
As of December 31, 2024			47,181				27,729				256,158				698,240				852,492				2,633				20,771				17,462				14,881				59,071				34,521				2,031,139
As of December 31, 2025			47,471				28,213				259,823				685,532				805,723				2,410				37,399				18,797				16,703				57,425				46,218				2,005,714

F-36

Notes to the consolidated financial statements (continued)

(b) Mining concessions mainly include acquisitions costs related to coal concessions acquired in previous years and the cost of certain concessions acquired in January 2023 for exploration activities in areas of interest to the cement business, through the purchase of the company Corporación Materiales Piura S.A.C.

(c) The Group has assessed the recoverable value of its remaining property, plant and equipment and, except as specifically mentioned in (g), has not identified indications of impairment losses for these assets as of December 31, 2025 and 2024.

(d) Work in progress included in property, plant and equipment as of December 31, 2025 and 2024 is mainly related to complementary facilities of the cement plants.

(e) As of December 31, 2025, the Group maintains accounts payable related to the acquisition of property, plant and equipment for S/26,754,000 (S/17,122,000 as of December 31, 2024), see note 11.

(f) The borrowing costs are mainly related to the construction of the cement plant located in Piura and to a lesser extent to the construction of the Clinker Lines Optimization Project – Kiln 4 in the city of Pacasmayo. Both plants are already in operation.

(g) In previous years management recognized a full impairment related to the total net book value of a closed zinc mining unit which included concession costs, development costs and related facilities and equipment.

At the end of 2023, Management recognized a specific impairment to retirement for the net value of the assets of the vertical clinker kilns located at the Pacasmayo cement plant. This deterioration estimate was carried out as a consequence of replacing the old technology of these kilns due to the entry into operation of the Clinker Lines Optimization Project – Kiln 4 in said plant, which is more efficient and produces fewer emissions. This amount was recorded in the impairment of property, plant and equipment item in the consolidated statement of profit or loss.

Likewise, in that year, Management recognized an impairment to retirement of the value of the coal concessions (northern zone).

F-37

Notes to the consolidated financial statements (continued)

10. Intangibles assets, net

(a) The composition and movement of this caption as of the date of the consolidated statement of financial position is presented below:

		IT applications				Finite life intangible				Indefinite life intangible				Exploration cost and mining  evaluation (b)				Total
		S/(000)				S/(000)				S/(000)				S/(000)				S/(000)
Cost
As of January 1, 2024			71,207				24,543				1,975				52,846				150,571
Additions			15,357				-				-				1,412				16,769
Sales and/or retirement			(158	)			-				-				(887	)			(1,045	)
Transfers and reclassifications			805				-				-				(571	)			234
As of December 31, 2024			87,211				24,543				1,975				52,800				166,529
Additions			15,304				-				-				543				15,847
Sales and/or retirement			(160	)			-				-				(155	)			(315	)
Transfers and reclassifications			72				-				-				-				72
As of December 31, 2025			102,427				24,543				1,975				53,188				182,133
Accumulated amortization
As of January 1, 2024			30,243				13,073				71				9,887				53,274
Additions			12,620				2,454				-				340				15,414
Transfers			-				-				-				(132	)			(132	)
As of December 31, 2024			42,863				15,527				71				10,095				68,556
Additions			14,020				2,454				-				76				16,550
Sales and/or retirement			-				-				-				(150	)			(150	)
As of December 31, 2025			56,883				17,981				71				10,021				84,956
Impairment (c)
As of January 1, 2024			456				-				-				33,921				34,377
As of December 31, 2024			456				-				-				33,921				34,377
As of December 31, 2025			456				-				-				33,921				34,377
Net Carrying Value
As of December 31, 2024			43,892				9,016				1,904				8,784				63,596
As of December 31, 2025			45,088				6,562				1,904				9,246				62,800

(b) As of December 31, 2025 and 2024, the exploration cost and mining evaluation include mainly capital expenditures related to the coal project and to other minor projects related to the cement business.

(c) As of December 31, 2025 and 2024, the Group evaluated the conditions of use of the projects related to the exploration and mining evaluation costs and its other intangibles, not finding any indicators of impairment in said assets.

F-38

Notes to the consolidated financial statements (continued)

11. Trade and other payables

(a) This balance is made up as follows:

		2025				2024
		S/(000)				S/(000)
Trade payables (b)			94,657				96,549
Taxes and contributions			54,393				18,747
Remuneration payable			28,757				36,405
Interest payable (d)			26,954				28,280
Accounts payable related to the acquisition of property, plant and equipment, note 9(e)			26,754				17,122
Advances from customers			12,118				10,380
Dividends payable, note 15(g)			11,823				11,097
Board of Directors’ fees			4,790				5,243
Guarantee deposits			3,741				3,242
Accounts payable to the principal and affiliates, note 23			-				23
Other accounts payable			19,920				14,963
			283,907				242,051

(b) Trade accounts payable result from the purchases of material, services and supplies for the Group’s operations, and mainly correspond to invoices payable to domestic suppliers. Trade payables are non-interest bearing and are normally settled within 60 to 120 days term.

(c) Other payables are non-interest bearing and have an average term of 3 months.

(d) Interest payable is normally settled semiannually throughout the financial year.

F-39

Notes to the consolidated financial statements (continued)

12. Provisions

(a) This balance is made up as follows:

		Workers’ profit-sharing (b)				Long-term incentive plan (c)				Quarry Rehabilitation provision (d)				Provision of legal contingencies				Total
		S/(000)				S/(000)				S/(000)				S/(000)				S/(000)
At January 1, 2024			34,328				29,683				17,676				2,276				83,963
Additions (b) and note 20			39,223				7,167				-				-				46,390
Exchange difference			-				-				234				-				234
Unwinding of discounts, note 22			-				431				125				-				556
Change in estimate			-				-				1,250				-				1,250
Payments and advances			(35,288	)			(23,343	)			(280	)			(1,073	)			(59,984	)
At December 31, 2024			38,263				13,938				19,005				1,203				72,409
Current portion			38,263				6,000				-				-				44,263
Non-current portion			-				7,938				19,005				1,203				28,146
			38,263				13,938				19,005				1,203				72,409
At January 1, 2025			38,263				13,938				19,005				1,203				72,409
Additions (b) and note 20			45,352				4,925				-				-				50,277
Exchange difference			-				-				(1,827	)			-				(1,827	)
Unwinding of discounts, note 22			-				860				152				-				1,012
Change in estimate			-				-				2,267				-				2,267
Payments and advances			(39,251	)			(7,190	)			(1,003	)			-				(47,444	)
At December 31, 2025			44,364				12,533				18,594				1,203				76,694
Current portion			44,364				3,325				-				-				47,689
Non-current portion			-				9,208				18,594				1,203				29,005
			44,364				12,533				18,594				1,203				76,694

F-40

Notes to the consolidated financial statements (continued)

(b) Workers’ profit sharing -

In accordance with Peruvian legislation, the Group is obliged to pay its employees profit sharing of between 8% and 10% of annual taxable income. Distributions to employees under the plan are based 50% on the number of days that each employee worked during the preceding year and 50% on proportionate annual salary levels.

The workers’ profit sharing is recognized in the following line items:

		2025				2024				2023
		S/(000)				S/(000)				S/(000)
Cost of sales, note 20			21,094				19,334				15,244
Administrative expenses, note 20			20,891				15,669				15,210
Selling and distribution expenses, note 20			3,270				4,139				3,804
Investment			97				81				1,000
			45,352				39,223				35,258

(c) Long-term incentive plan -

In 2011, the Group implemented a compensation plan for its key management. This long-term benefit is payable in cash, based on the salary of each officer and depends on the years of service of each officer in the Group. According to the latest plan update, the executive would receive the equivalent of an annual salary for each year of service beginning to accrue from 2019. This benefit accrues and accumulates for each officer and is payable in two installments: the first payment will be made on the sixth year after the creation of this bonus plan, and the last payment at the end of the ninth year from the creation of the plan. If the executive decides to voluntarily leave the Group before a scheduled distribution, they will not receive this compensation. The Group used the Projected Unit Credit Method to determine the present value of this deferred obligation and the related current deferred cost, considering the expected increases in salary base and the corresponding current government bond discount rate (risk-free rate).

(d) Quarry Rehabilitation provision -

As of December 31, 2025 and 2024, it corresponds to the provision for the future costs of rehabilitating the quarries exploited in Group operations. The provision has been created based on studies made by internal specialists. Management believes that the assumptions used, based on current economic environment, are a reasonable basis upon which to estimate the future liability. These estimates are reviewed regularly to consider any material change to the assumptions. However, actual quarry rehabilitation costs will ultimately depend upon future market prices for the necessary decommissioning works required to reflect future economic conditions.

Future cash flows have been estimated based on financial budgets approved by Management. The range of the risk-free discount rate in dollars used in the calculation of the provision as of December 31, 2025 was from 0.49 to 4.84 percent (from 0.53 to 4.86 percent as of December 31, 2024).

Management expects to incur a significant part of this obligation in the medium and long-term. The Group estimates that this liability is sufficient according to the current environmental protection laws approved by the Ministry of Energy and Mines of Peru.

F-41

Notes to the consolidated financial statements (continued)

13. Financial obligations

(a) This caption is made up as follows:

		Currency		Nominal interest rate				Maturity		2025				2024
										S/(000)				S/(000)
Short -term promissory notes
Banco GNB Perú		S/			5.00	%		January 8, 2026			19,000				-
Interbank		S/			5.07	%		January 8, 2026			57,000				-
Interbank		S/			4.92	%		February 15, 2026			38,000				-
Scotiabank		S/			4.70	%		March 5, 2026			37,200				-
Banco de Crédito del Perú		S/			4.82	%		May 22, 2026			36,000				-
Banco de Crédito del Perú		S/			4.72	%		November 12, 2026			38,000				-
BBVA Perú		S/			4.64	%		November 24, 2026			38,000				-
Banco de Crédito del Perú		S/			4.58	%		November 26, 2026			38,000				-
Banco de Crédito del Perú		S/			4.53	%		November 30, 2026			76,000				-
Banco de Crédito del Perú		S/			6.51	%		January 13, 2025			-				38,000
Banco de Crédito del Perú		S/			6.51	%		January 16, 2025			-				38,000
Banco de Crédito del Perú		S/			6.35	%		February 21, 2025			-				38,000
Scotiabank		S/			5.94	%		March 10, 2025			-				37,200
Banco GNB Perú		S/			4.88	%		November 17, 2025			-				38,000
Banco de Crédito del Perú		S/			4.85	%		November 24, 2025			-				38,000
Banco de Crédito del Perú		S/			4.85	%		December 5, 2025			-				76,000
											377,200				303,200
Senior Notes (b)
Principal, net of issuance costs		S/			6.69	%		February 1, 2029			259,810				259,748
Principal, net of issuance costs		S/			6.84	%		February 1, 2034			309,604				309,555
											569,414				569,303
Short and long-term Corporate Loan under “Club deal” (c)
Banco de Crédito del Perú		S/			5.82	%		December 1,2028			232,771				310,344
Scotiabank		S/			5.82	%		December 1,2028			232,770				310,344
											465,541				620,688
											1,412,155				1,493,191
Maturity
Current											532,346				458,346
Non-current											879,809				1,034,845
											1,412,155				1,493,191

F-42

Notes to the consolidated financial statements (continued)

(b) Senior Notes-

(b.1) Senior Notes

On January 31, 2019, senior notes were issued in soles for S/260,000,000 at a rate of 6.688 percent per year and maturity of 10 years and; 10 years bonds for S/310,000,000 at a rate of 6.844 percent per year.

The Senior Notes in soles issued in 2019 are guaranteed by the following Company’s subsidiaries: Cementos Selva S.A.C., Distribuidora Norte Pacasmayo S.R.L., Empresa de Transmisión Guadalupe S.A.C. and Dinoselva Iquitos S.A.C.

(b.2) Financial covenants

The corporate bond contracts have the following covenants to limiting the incurring of indebtedness for the Company and its collateral subsidiaries, which are measured prior to the following transactions: issuance of debt or equity instruments, merger with another company or disposition or rental of significant assets. The covenants are the following:

- A fixed charge covenant ratio of at least 2.5 to 1.

- A consolidated debt-to-EBITDA ratio of no greater than 3.5 to 1.

As of December 31, 2025 and 2024, these covenants have not been activated because no situation has occurred that requires their measurement, as indicated in the previous paragraph.

For the years ended December 31, 2025, 2024 and 2023, senior notes generated interest that have been recognized in the consolidated statement of profit or loss for S/38,603,000, S/38,603,000 and S/38,690,000, respectively, see note 22.

(c) Medium-term Corporate Loan under “Club Deal” modality:

On August 6, 2021, the Company established the conditions of a medium-term corporate loan under “Club Deal” modality with Banco de Crédito del Perú S.A. and Scotiabank Perú S.A.A. The loan amounts to S/860,000,000 that allowed the payment of all the financial obligations that the Company maintains with a maturity until February 2023. The loan conditions include a grace/availability period of 18 months from August 6 and a payment term of 7 years from the last disbursement, which was in February 2023. Since that date, the loan will be paid in 22 equal quarterly installments and has an annual interest rate of 5.82 percent.

As part of the loan conditions, the Company assumed the following obligations:

I. Comply with the following financial covenants:

a. Debt Ratio (Financial Debt / EBITDA) <= 3.50x

b. Debt Service Coverage Ratio (CFDS / DS) >= 1.15x

c. Debt Service Coverage Ratio (EBITDA / DS) >= 1.50x

These financial safeguards are calculated and verified at the end of each calendar quarter, considering the information of the consolidated financial statements of the Company for the last 12 months, prepared in accordance with IFRS.

As of December 31, 2025 and 2024, the Company complies with the ratios contained in the conditions of the Club Deal and corporate bonds and have certain do’s and don’ts obligations that have been complying with to date.

F-43

Notes to the consolidated financial statements (continued)

14. Deferred income tax assets and liabilities

The following is the composition of the caption according to the items that originated it:

		As of  January 1, 2024				Effect on  profit or loss				Effect on OCI				Quarry rehabilitation provision				As of December 31, 2024				Effect on profit or loss				Effect on OCI				Additions about IFRS 16				As of December 31, 2025
		S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)
Movement of deferred income tax assets:
Deferred income tax assets
Impairment of investments in subsidiary			-				7,375				-				-				7,375				10,325				-				-				17,700
Provision of discounts and bonuses to customers			1,864				827				-				-				2,691				1,930				-				-				4,621
Provision for expected credit losses on trade accounts receivable			2,561				730				-				-				3,291				770				-				-				4,061
Provision for vacations			2,215				243				-				-				2,458				269				-				-				2,727
Effect of differences between book and tax bases of inventories			55				808				-				-				863				489				-				-				1,352
Lease liability			441				(297	)			-				-				144				(443	)			-				1,558				1,259
Effect of differences between book and tax bases of fixed assets			1,276				2				-				-				1,278				(124	)			-				-				1,154
Legal claim contingency			461				(148	)			-				-				313				-				-				-				313
Estimate for devaluation of spare parts and supplies			422				177				-				-				599				(343	)			-				-				256
Others			2,431				417				-				-				2,848				(55	)			-				-				2,793
			11,726				10,134				-				-				21,860				12,818				-				1,558				36,236
Deferred income tax liabilities
Right of use assets			(315	)			254				-				-				(61	)			360				-				(1,558	)			(1,259	)
Others			17				-				-				-				17				-				-				-				17
			(298	)			254				-				-				(44	)			360				-				(1,558	)			(1,242	)
Total deferred income tax liabilities, net			11,428				10,388				-				-				21,816				13,178				-				-				34,994

F-44

Notes to the consolidated financial statements (continued)

		As of  January 1, 2024				Effect on profit or loss				Effect on OCI				Quarry rehabilitation provision				As of December 31, 2024				Effect on profit or loss				Effect on OCI				Quarry rehabilitation provision / Additions about IFRS 16				As of  December 31, 2025
		S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)
Movement of deferred income tax liabilities:
Deferred income tax assets
Project deterioration Salmueras			18,245				192				-				-				18,437				261				-				-				18,698
Impairment of fixed assets			8,928				(322	)			-				-				8,606				(365	)			-				-				8,241
Financial instrument at fair value with changes in other comprehensive income			6,814				-				109				-				6,923				-				173				-				7,096
Estimate for depreciation of spare parts and supplies			6,683				1,725				-				-				8,408				(1,531	)			-				-				6,877
Estimation for impairment of mining assets			7,380				(295	)			-				-				7,085				(491	)			-				-				6,594
Provision for quarry closure			5,738				(532	)			-				439				5,645				235				-				615				6,495
Provision for vacations			4,220				176				-				-				4,396				398				-				-				4,794
Provision for compensation to officials			8,756				(4,645	)			-				-				4,111				(415	)			-				-				3,696
Lease liability			1,226				708				-				-				1,934				(1,468	)			-				2,357				2,823
Provision for expected credit losses on trade accounts receivable			1,107				(69	)			-				-				1,038				(937	)			-				-				101
Legal claim contingency			210				(169	)			-				-				41				-				-				-				41
Others			1,446				1,500				-				-				2,946				(2,357	)			-				-				589
			70,753				(1,731	)			109				439				69,570				(6,670	)			173				2,972				66,045
Deferred income tax liabilities
Effect of the difference between accounting and tax bases of fixed assets and the difference in depreciation rates			(188,410	)			4,867				-				(439	)			(183,982	)			3,616				-				(615	)			(180,981	)
Right of use assets			(1,197	)			(698	)			-				-				(1,895	)			1,211				-				(2,357	)			(3,041	)
Effect of costs incurred from bond issuance			(1,980	)			392				-				-				(1,588	)			392				-				-				(1,196	)
Others			(42	)			-				-				-				(42	)			(17	)			-				-				(59	)
			(191,629	)			4,561				-				(439	)			(187,507	)			5,202				-				(2,972	)			(185,277	)
Total deferred income tax liabilities, net			(120,876	)			2,830				109				-				(117,937	)			(1,468	)			173								(119,232	)
							13,218				109												11,710				173

F-45

Notes to the consolidated financial statements (continued)

The Group offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities, and the tax assets and deferred tax liabilities relate to income taxes levied by the same tax authority. The legal right is defined for each individual determination of the income tax of the Company and its Subsidiaries.

A reconciliation between tax expense and the product of the accounting profit multiplied by Peruvian tax rate for the years ended December 31, 2025, 2024 and 2023 are as follows:

		2025				2024				2023
		S/(000)				S/(000)				S/(000)
Profit before income tax			267,975				296,187				245,708
Income tax expense calculated at the statutory income tax rate of 29.5%			(79,053	)			(87,375	)			(72,484	)
Permanent differences
Non-deductible expenses, net			(29,824	)			(3,114	)			(2,369	)
Effect of tax-loss carry forward not recognized			(4,893	)			(6,823	)			(1,955	)
Total income tax			(113,770	)			(97,312	)			(76,808	)

The components of the deferred income tax related to the items recognized in the consolidated statements of profit or loss during the years ended December 31, 2025, 2024 and 2023, are as follow:

		2025				2024				2023
		S/(000)				S/(000)				S/(000)
Consolidated statement of profit or loss
Current			(125,480	)			(110,530	)			(100,617	)
Deferred			11,710				13,218				23,809
			(113,770	)			(97,312	)			(76,808	)

As of December 31, 2025, 2024 and 2023, the Group had not recognized a deferred tax liability for taxes that would be payable on the unremitted earnings of the Group’s subsidiaries. The Group has determined that the timing differences will be reversed by means of dividends to be received in the future that, according to the current tax rules in effect in Peru, are not subject to income tax.

As of December 31, 2025, certain subsidiaries of the Group had tax loss carryforwards of S/128,609,000 (2024 S/92,998,000). These tax loss carryforwards do not expire, are related to subsidiaries that have a history of losses for some time and cannot be used to offset future taxable profits of other Group subsidiaries. No deferred tax assets have been recognized in relation to these tax loss carryforwards, since there are no possibilities of tax planning opportunities or other evidence of recovery in the near future.

F-46

Notes to the consolidated financial statements (continued)

For information purposes, in the year 2025, the temporary difference associated with investments in subsidiaries, would generate an aggregate deferred tax liability amounting to S/89,541,000 (2024: S/102,730,000), which should not be recognized in the consolidated financial statements as it is not expected to reverse in the foreseeable future and the Company is in control of such reversal.

15. Equity

(a) Capital stock -

As of December 31, 2025 and 2024, share capital was represented by 423,868,449 authorized common shares subscribed and fully paid, with a nominal value of one Soles per share. As of December 31, 2025, the total outstanding common shares were as follows; 35,458,546 were listed on the New York Stock Exchange and 388,409,903 were listed on the Lima Stock Exchange. As of December 31, 2024, the total outstanding common shares were as follows; 34,103,766 were listed on the New York Stock Exchange and 389,764,683 were listed on the Lima Stock Exchange

(b) Investment shares -

Investment shares do not have voting rights or participate in shareholder’s meetings or the appointment of directors. Investment shares confer upon the holders thereof the right to participate in dividends distributed according to their nominal value, in the same manner as common shares. Investment shares also confer the holders thereof the right to:

(i) maintain the current proportion of the investment shares in the case of capital increase by new contributions;

(ii) increase the number of investment shares upon capitalization of retained earnings, revaluation surplus or other reserves that do not represent cash contributions;

(iii) participate in the distribution of the assets resulting from liquidation of the Company in the same manner as common shares; and,

(iv) redeem the investment shares in case of a merger and/or change of business activity of the Company.

As of December 31, 2025 and 2024, the Company had 40,278,894 investment shares subscribed and fully paid, with a nominal value of one Sol per share.

(c) Treasury shares -

As of December 31, 2025 and 2024, the Company maintains 36,040,497 investment shares held in treasury amounting to S/121,258,000.

(d) Additional paid-in capital -

As of December 31, 2025 and 2024, the additional capital amounted to S/432,779,000 and arises mainly as a result of the excess of total proceeds obtained versus par value in the issuance of 111,484,000 common shares and 927,783 investment shares corresponding to a public offering of American Depositary Shares (ADS) registered with the New York Stock Exchange and Lima Stock Exchange.

(e) Legal reserve -

The General Corporation Law require that a minimum of 10 per cent of the distributable earnings for each period, after deducting the income tax, be transferred to a legal reserve until such is equal to 20 per cent of the capital. This legal reserve can offset losses or can be capitalized, and in both cases, there is the obligation to replenish it.

(f) Other accumulated comprehensive results -
This reserve records changes in the fair value of financial instruments at fair value through OCI.

(g) Distributions made and proposed –

		2025				2024				2023
Common stock dividends
Approval date by Board of Directors			October 21, 2025				October 28, 2024				November 7, 2023
Declared dividends per share to be paid in cash S/.			0.41000				0.41000				0.41000
Declared dividends S/(000):			175,524				175,524				175,524

As of December 31, 2025 and 2024, dividends payable amounted to S/11,823,000 and S/11,097,000, respectively, see note 11.

F-47

Notes to the consolidated financial statements (continued)

16. Sales of goods

This caption is made up as follows:

		For the year ended of December 31, 2025
		Cement				Concrete, pavement and mortar				Precast				Construction supplies				Other				Total
		S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)
Segments
Sale of cement, concrete, pavement, mortar and precast			1,745,234				288,420				31,020				-				-				2,064,674
Sale of construction supplies			-				-				-				41,745				-				41,745
Sale of other			-				-				-				-				10,464				10,464
			1,745,234				288,420				31,020				41,745				10,464				2,116,883
Timing of revenue recognition
Goods and services transferred at a point in time			1,745,234				254,090				31,020				41,745				9,954				2,082,043
Services transferred over time			-				34,330				-				-				510				34,840
Total revenues from contracts with customers			1,745,234				288,420				31,020				41,745				10,464				2,116,883

		For the year ended of December 31, 2024
		Cement				Concrete, pavement and mortar				Precast				Construction supplies				Other				Total
		S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)
Segments
Sale of cement, concrete, pavement, mortar and precast			1,605,472				271,276				30,101				-				-				1,906,849
Sale of construction supplies			-				-				-				56,873				-				56,873
Sale of other			-				-				-				-				14,349				14,349
			1,605,472				271,276				30,101				56,873				14,349				1,978,071
Timing of revenue recognition
Goods and services transferred at a point in time			1,605,472				183,686				30,101				56,873				14,349				1,890,481
Services transferred over time			-				87,590				-				-				-				87,590
Total revenues from contracts with customers			1,605,472				271,276				30,101				56,873				14,349				1,978,071

F-48

Notes to the consolidated financial statements (continued)

		For the year ended of December 31, 2023
		Cement				Concrete, pavement and mortar				Precast				Construction supplies				Other				Total
		S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)
Segments
Sale of cement, concrete, pavement, mortar and precast			1,642,420				182,278				25,540				-				-				1,850,238
Sale of construction supplies			-				-				-				74,096				-				74,096
Sale of other			-				-				-				-				25,741				25,741
			1,642,420				182,278				25,540				74,096				25,741				1,950,075
Timing of revenue recognition
Goods and services transferred at a point in time			1,642,420				161,222				25,540				74,096				25,741				1,929,019
Services transferred over time			-				21,056				-				-				-				21,056
Total revenues from contracts with customers			1,642,420				182,278				25,540				74,096				25,741				1,950,075

For all segments the terms of payment are usually between 30 and 90 days from the date of dispatch.

For all segments, the amounts presented as sales of the different products are already net of discounts and bonuses.

F-49

Notes to the consolidated financial statements (continued)

17. Cost of sales

This caption is made up as follows:

		2025				2024				2023
		S/(000)				S/(000)				S/(000)
Beginning balance of goods and finished products			19,916				16,916				20,037
Beginning balance of work in progress			222,492				174,224				186,937
Consumption of miscellaneous supplies			338,964				395,718				429,069
Maintenance and third-party services			273,814				282,045				244,722
Shipping costs			184,307				166,134				177,393
Depreciation and amortization			136,301				134,322				125,494
Personnel expenses, note 20(b)			188,685				158,103				125,318
Costs of packaging			55,745				54,889				66,456
Other manufacturing expenses			110,501				109,602				76,337
Ending balance of goods and finished products			(14,732	)			(19,916	)			(16,916	)
Ending balance of work in progress			(205,976	)			(222,492	)			(174,224	)
			1,310,017				1,249,545				1,260,623

18. Administrative expenses

This caption is made up as follows:

		2025				2024				2023
		S/(000)				S/(000)				S/(000)
Personnel expenses, note 20(b)			164,987				136,776				125,072
Third-party services			81,838				74,127				67,187
Depreciation and amortization			17,450				17,107				15,258
Donations			7,533				8,598				9,028
Board of Directors compensation			5,389				6,032				5,941
Consumption of supplies			1,862				1,526				1,551
Other			12,479				9,217				7,930
			291,538				253,383				231,967

F-50

Notes to the consolidated financial statements (continued)

19. Selling and distribution expenses

This caption is made up as follows:

		2025				2024				2023
		S/(000)				S/(000)				S/(000)
Personnel expenses, note 20(b)			49,030				43,700				41,642
Third-party services			18,623				19,705				15,720
Advertising and promotion			15,590				9,140				7,548
Depreciation			5,715				5,953				2,744
Allowance for expected credit losses, note 7(e)			3,467				2,751				1,707
Other			360				161				208
			92,785				81,410				69,569

20. Employee benefits expenses

(a) Employee benefits expenses are made up as follow:

		2025				2024				2023
		S/(000)				S/(000)				S/(000)
Wages and salaries			234,296				186,293				162,252
Social contributions			47,517				39,241				33,868
Workers ‘profit sharing, note 12(b)			45,255				39,142				34,258
Legal bonuses			29,120				27,205				23,013
Vacations			26,186				23,567				22,226
Cessation payments			10,182				12,513				6,308
Long-term incentive plan, note 12			4,925				7,167				7,632
Training			3,447				2,297				1,332
Other			1,993				1,496				1,143
			402,921				338,921				292,032

(b) Employee benefits expenses are allocated as follows:

		2025				2024				2023
		S/(000)				S/(000)				S/(000)
Cost of sales, note 17			188,685				158,103				125,318
Administrative expenses, note 18			164,987				136,776				125,072
Selling and distribution expenses, note 19			49,030				43,700				41,642
Miscellaneous expenses			219				342				-
			402,921				338,921				292,032

F-51

Notes to the consolidated financial statements (continued)

21. Other operating expenses, net

This caption is made up as follows:

		2025				2024				2023
		S/(000)				S/(000)				S/(000)
Expenses associated with the acquisition of Holcim			(77,625	)			-				-
Impairment to retirement of the value of the coal concessions (northern zone), note 9(g)			-				-				(11,393	)
Others income (loss)			2,183				(2,700	)			(2,417	)
			(75,442	)			(2,700	)			(13,810	)

22. Finance costs

This caption is made up as follows:

		2025				2024				2023
		S/(000)				S/(000)				S/(000)
Interest on Club Deal promissory note and loan, note 13(c)			48,471				59,077				59,643
Interest on senior notes, note 13 (b.2)			38,603				38,603				38,690
Tax interest			2,143				11				166
Amortization of issuance costs of senior notes			1,328				1,328				1,249
Interest on lease liabilities			1,141				730				573
Financial cost of cash flow hedging instruments			-				-				1,730
Counterparty credit risk in cross currency swaps			-				-				12
Interest for bank overdraft			-				-				31
Other			338				3				127
Total interest expense			92,024				99,752				102,221
Unwinding of discount of provisions, note 12			1,012				556				1,824
			93,036				100,308				104,045

F-52

Notes to the consolidated financial statements (continued)

23. Related parties

Transactions with related entities -

During 2025, 2024 and 2023, the Group carried out the following transactions with its parent company Inversiones ASPI S.A. and its other related parties:

		2025				2024				2023
		S/(000)				S/(000)				S/(000)
Income
Parent
Inversiones ASPI S.A. (ASPI)
Fees for management and administrative services			158				88				88
Income from office lease			15				16				16
Other related parties
Compañía Minera Ares S.A.C. (Ares)
Income from land lease, note 25			1,151				1,224				1,150
Income from parking leases			398				357				259
Fosfatos del Pacífico S.A. (Fospac)
Fees for management and administrative services			287				144				143
Income from office lease			15				16				16
Fossal S.A.A.(Fossal)
Fees for management and administrative services			64				44				44
Income from office lease			15				16				16
Asociación Sumac Tarpuy
Income from office lease			15				16				16
Fees for management and administrative services			11				-				-
Inversiones Moray S.A.C
Fees for management and administrative services			20				-				-
Income from office lease			13				-				-
Expense
Other related parties
Security services provided by Compañía Minera Ares S.A.C.			(3,023	)			(2,570	)			(1,940	)

F-53

Notes to the consolidated financial statements (continued)

As a result of these transactions, the Group had the following rights and obligations as of December 31, 2025 and 2024:

		2025								2024
		Accounts receivable				Accounts payable				Accounts receivable				Accounts payable
		S/(000)				S/(000)				S/(000)				S/(000)
Parent
Inversiones ASPI S.A.			-				-				115				-
			-				-				115				-
Other related parties
Fosfatos del Pacífico S.A.			1,885				-				1,409				23
Compañía Minera Ares S.A.C.			350				-				231				-
Fossal S.A.A.			227				-				126				-
Other			171				-				88				-
			2,633				-				1,854				23
			2,633				-				1,969				23

Terms and conditions of transactions with related parties -

Sales and purchases with related parties are made under market conditions equivalent to those applied to transactions between independent parties. Outstanding balances with related parties at the year-end are unsecured and interest free and settlement occurs in cash. For the years ended December 31, 2025, 2024 and 2023, the Group had not recorded an allowance for expected credit losses relating to amounts owed by related parties. This assessment is undertaken each financial year through examining the financial position of the related party and the market in which the related party operates. Lease transactions with related parties are described in note 25.

Compensation of key management personnel of the Group –

The compensation paid to key management personnel of the Group includes expenses for profit-sharing, compensation and other concepts for members of the Board of Directors and the key management. For the year ended December 31, 2025, the total short-term compensation amounted to S/29,493,000 (2024 S/27,704,000 and 2023: S/28,922,000) and the total long-term compensations expense amounted to S/4,925,000 (2024 S/7,167,000 and 2023: S/7,632,000), and there were no post-employment or contract termination benefits or share-based payments.

F-54

Notes to the consolidated financial statements (continued)

24. Earnings per share (EPS)

Basic earnings per share amounts are calculated by dividing the profit for the year by the weighted average number of common shares and investment shares outstanding during the year.

The Group does not have potential common shares with a dilutive effect as of December 31, 2025, 2024 and 2023.

The calculation of basic earnings per share is shown below:

		2025				2024				2023
		S/(000)				S/(000)				S/(000)
Numerator
Net profit attributable to the owners of the Holding Company			154,205				198,875				168,900
Denominator
Weighted average number of common and investment shares (thousands)			428,107				428,107				428,107
Basic profit for common and investment shares			0.36				0.46				0.39

There have been no other transactions involving common shares or investment shares between the reporting date and the date of the authorization of these consolidated financial statements.

25. Commitments and contingencies

Operating lease commitments – Group as lessor

As of December 31, 2025 and 2024, the Group, as lessor, has a land lease with Compañía Minera Ares S.A.C. a related party of Inversiones ASPI S.A. This lease is renewable annually, and provided an annual rent expense for the years ended December 31, 2025, 2024 and 2023 of S/1,151,000, S/1,224,000, and S/1,150,000, respectively; see note 22.

Consortium contract –

On December 19, 2022, Distribuidora Norte Pacasmayo S.R.L., subsidiary of the Group, subscribed a collaboration contract, with the purpose to participate in the project “Mejoramiento del Sistema de Pistas y Cerco Perimétrico del Aeropuerto de Piura”. As of December 31, 2025, the project has been completed.

Capital commitments

As of December 31, 2025 and 2024, the Group had no significant capital commitments.

F-55

Notes to the consolidated financial statements (continued)

Usufruct Concessions

In December 2013, the Company signed an agreement with a third party, related to the use of the Virrilá concession, to carry out other non-metallic mining activities related to cement production. This agreement has a term of 30 years, with fixed annual payments of US$600,000 for the first three years and variable payments for the rest of the contract. The related expense for the years 2025, 2024 and 2023 amounted to S/5,627,000, S/5,546,000 and S/5,273,000 respectively, and was recognized as part of cost of inventory production. As part of this agreement, the Company is required to pay an equivalent amount of S/4.5 for each metric ton of calcareous extracted that is indexed by inflation after the first year of exploitation; the annual royalty may not be less than the equivalent to 850,000 metric tons after the beginning of the fourth year of production.

The Company signed an agreement with two third parties in October 2007, related to usufruct of the Bayovar 4 concession for an indefinite period to extract seashells and other minerals. As consequence, the Group made payments amounting to US$250,000 for each third party for the first five years and variable payments for the rest of the contract. The related expense as of December 31, 2025 and 2024 amounted to S/1,419,000 and S/1,553,000, respectively, and were recognized as part of the cost of inventory production. As part of this agreement, the Company is required to pay an equivalent amount of US$5.1 to each third party for every metric ton of calcareous extracted, with the minimum production level for the calculation of 20,000 metric tons every six months following the beginning of the sixth year of production.

Mining royalty

According with the Royalty Mining Law in force since October 1, 2011, the royalty for the exploitation of metallic and nonmetallic resources is payable on a quarterly basis in an amount equal to the greater of: (i) an amount determined in accordance with a statutory scale of rates based on operating profit margin that is applied to the quarterly operating profit, adjusted by certain items, and (ii) 1% of net sales, in each case during the applicable quarter. These amounts are estimated based on the separated financial statements of Cementos Pacasmayo S.A.A. and each of the subsidiaries affected by this mining royalty, prepared in accordance with IFRS. Mining royalty payments will be deductible for income tax purposes in the fiscal year in which such payments are made.

Mining royalty expense paid to the Peruvian Government for 2025, 2024 and 2023 amounted to S/1,497,000, S/1,266,000 and S/983,000, respectively, and is recognized as part of the cost of inventory production.

F-56

Notes to the consolidated financial statements (continued)

Tax situation

The Company and its subsidiaries are subject to Peruvian tax law. As of December 31, 2025, 2024 and 2023, the income tax rate is 29.5 percent of the taxable profit after deducting employee participation, which is calculated at a rate of 8 to 10 percent of the taxable income.

For purposes of determining income tax, transfer pricing for transactions with related companies and companies resident in territories with low or no taxation, must be supported with documentation including information on the valuation methods used and the criteria considered for determination. Based on the operations of the Group, Management and its legal advisors believe that as a result of the application of these standards will not result in significant contingencies for the Group as of December 31, 2025 and 2024.

The tax authority has the power to review and, if applicable, adjust the income tax calculated by each company in the four years subsequent after the year of filing the tax return.

The statements of income tax and value added tax corresponding to the years indicated in the attached table are subject to review by the tax authorities:

		Years open to review by Tax Authority
Entity		Income tax		Value-added tax
Cementos Pacasmayo S.A.A.		2022– 2025		Dec.2021-Dec.2025
Cementos Selva S.A.C.		2021 – 2025		Dec.2021-Dec.2025
Distribuidora Norte Pacasmayo S.R.L.		2021 – 2025		Dec.2021-Dec.2025
Empresa de Transmisión Guadalupe S.A.C.		2021 – 2025		Dec.2021-Dec.2025
Salmueras Sudamericanas S.A.		2021 – 2025		Dec.2021-Dec.2025
Calizas del Norte S.A.C. (liquidated during 2022)		2021 – 2022		Dec.2021-Dec.2022
Soluciones Takay S.A.C.		2021 – 2025		Dec.2021-Dec.2025
Corporación Materiales Piura S.A.C.		2021 – 2025		Dec.2021-Dec.2025
Soluciones Crealo 150 S.A.C.		2024 – 2025		Sep.2024.-Dec 2025
Vanguardia Constructora del Perú S.A.C.		2024 – 2025		Oct.2024-Dec. 2025

Due to possible interpretations that the tax authority may give to legislation in effect, it is not possible to determine whether or not any of the tax audits will result in increased liabilities for the Group. For that reason, tax or surcharge that could arise from future tax audits would be applied to the income of the period in which it is determined. However, in management’s opinion and that of its legal advisors, any possible additional payment of taxes would not have a material effect on the consolidated financial statements as of December 31, 2025 and 2024.

F-57

Notes to the consolidated financial statements (continued)

Environmental matters

The Group’s exploration and mining activities are subject to compliance with the environmental obligations defined by the competent authorities and environmental protection regulations.

Environmental remediation -

Law No. 28271 which regulates the environmental liabilities in mining activities, aims to regulate the identification of mining activity’s environmental liabilities and financing the remediation of the affected areas. According to this law, environmental liabilities refer to the impact caused to the environment by abandoned or inactive mining operations.

In compliance with the above-mentioned laws, the Group presented environmental impact studies (EIS), declaration of environmental studies (DES) and Environmental Adaptation and Management Programs (EAMP), as well as the respective closure plans for its operating units.

The Peruvian authorities approved the EAMP and EIS submitted by the Group for its mining units and exploration projects, as presented below:

Project unit		Resource		Resolution Number		Year of approval		Program approved		Operating year expense
										2025				2024				2023
										S/(000)				S/(000)				S/(000)
Rioja		Limestone		RD186-2014-PRODUCE/DVMYPE-I/DIGGAM		2014		EIS			665				851				879
Tembladera		Limestone		RD304-18-PRODUCE/DVMYPE-I/DIGGAM		2018		EAMP			322				329				320
											987				1,180				1,199

As of December 31, 2025 and 2024, the Group had no liabilities related to environmental remediation expenses because all were paid before the end of the year.

Quarry rehabilitation provision -

The Law No. 28090 regulates the obligations and procedures that must be met by the holders of mining activities for the preparation, filing and implementation of Quarry Closure Plans, as well as the establishment of the corresponding environmental guarantees to secure fulfillment of the investments that this includes, subject to the principles of protection, preservation and recovery of the environment. In connection with this obligation, as of December 31, 2025 and 2024, the Group maintained a provision for the closing of the quarries exploited by its operations amounting to S/18,594,000 and S/19,005,000, respectively. The Group believes that this liability is adequate to meet the current environmental protection laws approved by the Ministry of Energy and Mines, refer to note 12.

F-58

Notes to the consolidated financial statements (continued)

Legal claim contingency

As of December 31, 2025, the Group had received claims from third parties in relation with its operations which in aggregate represent S/2,956,000 that corresponded to labor claims from former employees.

Management expects that these claims will be resolved within the next five years based on prior experience; however, the Group cannot assure that these claims will be resolved within this period because the authorities do not have a maximum term to resolve cases.

The Group has been advised by its legal counsel that it is only possible, but not probable, that these actions will succeed. Accordingly, no provision for any liability has been made in these consolidated financial statements.

Works for taxes –

As of December 31, 2025 and 2024, the Company had commitments to execute projects under the works for faxes modality for amounts totaling S/387,437,000 and S/79,018,000, respectively. The execution of the projects committed as of December 31, 2025, will be carried out as planned for S/ 274,388,000 in 2026 and S/113,005,000 in 2027.

26. Financial risk management, objectives and policies

The Group’s main financial liabilities comprise loans and borrowings, trade payables and other payables. The main purpose of these financial liabilities is to finance the Group’s operations. The Group´s main financial assets include cash and short-term deposits and trade and other receivables that derive directly from its operations.

The Group is exposed to market risk, credit risk and liquidity risk. The Group’s senior management oversees the management of these risks. The Group’s senior management is supported by Financial Management that advises on financial risks and the appropriate financial risk governance framework for the Group. The financial management provides assurance to the Group’s senior management that the Group’s financial risk-taking activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Group´s policies and risk objectives.

Management reviews and implements policies for managing each of these risks, which are summarized below.

Market risk -

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprise three types of risk: interest rate risk, foreign currency risk and other price risk (such as equity price risk and commodity risk).

The sensitivity analyses shown in the following sections relate to the Group’s consolidated position as of December 31, 2025 and 2024.

F-59

Notes to the consolidated financial statements (continued)

Interest rate risk -

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates.

As of December 31, 2025 and 2024, all of the Group’s borrowings are at a fixed rate of interest; consequently, the management evaluated that it is not relevant to do an interest rate sensitivity analysis.

Foreign currency risk -

Foreign exchange risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in foreign currency exchange rates. The Group’s exposure to foreign exchange risk relates primarily to the Group’s operating activities (when income or expenses are denominated in a currency other than the Group’s functional currency).

Foreign currency sensitivity

The following table demonstrates the sensitivity to a reasonably possible change in the US dollar exchange rate, with all other variables held constant. The impact on the Group’s profit before income tax is due to changes in the fair value of monetary assets and liabilities.

2025		Change in US$ rate				Effect on consolidated profit before tax
U.S. Dollar		%				S/(000)
			+5				812
			+10				1,625
			-5				(812	)
			-10				(1,625	)

2024		Change in US$ rate				Effect on consolidated profit before tax
U.S. Dollar		%				S/(000)
			+5				(593	)
			+10				(1,186	)
			-5				593
			-10				1,186

Credit risk -

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to a credit risk from its operating activities (primarily for trade receivables) and from its financing activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments.

Trade receivables

Customer credit risk is managed by each business unit subject to the Group’s established policy, procedures and control relating to customer credit risk management. Credit quality of the customer is assessed, and individual credit limits are defined in accordance with this assessment. Outstanding customer receivables are regularly monitored and any shipments to major customers are generally covered by letters of credit. As of December 31, 2025 and 2024, the Group had 9 and 8 customers, respectively, that owed the Group more than S/3,000,000 each accounting for approximately 55% and 34% of all trade receivables outstanding, respectively. There were 26 and 22 customers with balances greater than S/700,000 and less than S/3,000,000, which accounted for approximately 28% and 23% of the total trade receivables, respectively. The evaluation for allowance for expected credit losses is updated at the date of the consolidated financial statements and individually for the main customers. This calculation is based on actual historical data incurred.

The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in note 7. The Group does not maintain credit insurance for its accounts receivable.

Cash deposits

Credit risk from balances with banks and financial institutions is managed by the Group’s treasury department in accordance with the Group’s policy. Investments of surplus funds are made only with approved counterparties of first level. The limits are set to minimize the concentration of risks and therefore mitigate financial loss through potential counterparty’s failure to make payments. As of December 31, 2025 and 2024, the Group’s maximum exposure to credit risk for the components of carrying amounts is showed in note 6.

F-60

Notes to the consolidated financial statements (continued)

Liquidity risk -

The Group monitors its risk of shortage of funds using a recurring liquidity planning tool.

The Group’s objective is to maintain a balance between continuity of funding and flexibility through the use of bank loans and long term debentures. Access to sources of funding is sufficiently available and debt maturing within 12 months can be rolled over under the same conditions with existing lenders, if is necessary.

The table below summarizes the maturity profile of the Group’s financial liabilities based on contractual undiscounted payments:

		Less than 3 months				3 to 12 months				1 to 5 years				More than 5 years				Total
		S/(000)				S/(000)				S/(000)				S/(000)				S/(000)
As of December 31, 2025
Financial obligations			190,292				343,272				665,727				217,000				1,416,291
Interest			26,674				44,729				145,449				29,703				246,555
Trade and other payables			157,001				60,395				-				-				217,396
Lease liabilities			1,278				3,601				10,849				501				16,229
As of December 31, 2024
Financial obligations			190,292				269,272				729,091				310,000				1,498,655
Interest			29,255				49,887				189,657				47,735				316,534
Trade and other payables			155,556				57,368				-				-				212,924
Lease liabilities			758				2,200				5,819				643				9,420

The changes in liabilities arising from financing activities are presented below:

		Balance as of January 1,				Distribution of dividends				Cash inflow				Cash outflow				Amortization of costs of issuance of senior notes				Balance as of December 31
		S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)
2025
Dividends payable			11,097				175,524				660				(175,458	)			-				11,823
Financial obligations			1,493,191				-				392,200				(474,564	)			1,328				1,412,155
2024
Dividends payable			10,322				175,524				297				(175,046	)			-				11,097
Financial obligations			1,573,026				-				303,200				(384,364	)			1,329				1,493,191

F-61

Notes to the consolidated financial statements (continued)

Capital management -

For the purpose of the Group’s capital management, capital includes capital stock, investment shares, additional paid-in capital and all other equity reserves attributable to the equity holders of the Company. The primary objective of the Group’s capital management is to maximize the shareholders’ value.

In order to achieve this overall objective, the Group’s capital management, among other things, aims to ensure that it meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements. Breaches in meeting the financial covenants would permit the creditors to immediately call the senior notes. There have been no breaches in the financial covenants of Senior Notes in any of the years presented.

The Group manages its capital structure and adjusts it in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares.

No changes were made in the objectives, policies or processes for managing capital during the years ended December 31, 2025 and 2024.

27. Fair value of financial assets and liabilities

Financial assets -

Except for derivative financial instruments and financial instruments designated at fair value through OCI, all financial assets which included trade and other receivables are classified in the category of loans and receivables, which are non-derivative financial assets carried at amortized cost, held to maturity, and generate a fixed or variable interest income for the Group. The carrying value may be affected by changes in the credit risk of the counterparties.

Financial liabilities -

All financial liabilities of the Group including trade and other payables financial obligations are classified as loans and borrowings and are carried at amortized cost.

F-62

Notes to the consolidated financial statements (continued)

(a) Fair values and fair value accounting hierarchy -

Set out below is a comparison of the carrying amounts and fair values of financial instruments of the Group as of December 31, 2025 and 2024, as well as the fair value accounting hierarchy. The dates of valuations at fair value were as of December 31, 2025 and 2024, respectively.

		Carrying amount								Fair value								Fair value hierarchy
		2025				2024				2025				2024				2025/2024
		S/(000)				S/(000)				S/(000)				S/(000)
Financial assets
Cash and cash equivalents			53,571				72,723				53,571				72,723			Level 1
Trade and other receivables			175,124				174,392				175,124				174,392			Level 2
Financial investments designated at fair value through other comprehensive income			163				239				163				239			Level 3
Total financial assets			228,858				247,354				228,858				247,354
Financial liabilities
Trade and other payables			283,907				242,051				283,907				242,051			Level 2
Senior notes			569,414				569,303				541,619				541,508			Level 1
Fixed rate notes and loans			842,741				923,888				834,838				916,415			Level 2
Total financial liabilities			1,696,062				1,735,242				1,660,364				1,699,974

F-63

Notes to the consolidated financial statements (continued)

All financial instruments for which fair value is recognized or disclosed are categorized within the fair value hierarchy, based on the lowest level input that is significant to the fair value measurement as a whole. The fair value hierarchies are those described in note 2.3.2 (iv).

For assets and liabilities that are recognized at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy. As of December 31, 2025 and 2024, there were no transfers between the fair value hierarchies.

Management assessed that cash and cash equivalents; trade and other receivables and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.

The following methods and assumptions were used to estimate the fair values:

- The fair value of quoted corporate bonds is based on the current value of the notes in the market as of the reporting date.

- The fair value of the fixed rate promissory note it is calculated using the results of cash flow discounted at the average indebtedness rates effective as of the reporting date.

- The fair value of financial instruments at fair value with changes in OCI has been determined through the percentage of the Company’s shareholding in the equity of Fossal S.A.A.

F-64

Notes to the consolidated financial statements (continued)

28. Segment information

For management purposes, the Group is organized into business units based on their products and activities and have two reportable segments as follows:

- Production and sales of cement, concrete, pavement, mortar and precast in the northern region of Peru.

- Sale of construction supplies in the northern region of Peru.

No other operating segments have been aggregated to form the above reportable operating segments.

Management monitors the profit before income tax of each business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on profit before income tax and is measured consistently with profit before income tax in the consolidated statement of profit and loss.

Transfer prices between operating segments are on an arm’s length basis in a similar manner to transactions with third parties.

		2025																2024																2023
		Cement, concrete, pavement, mortar and precast				Construction supplies				Others (*)				Total consolidated				Cement, concrete, pavement, mortar and precast				Construction supplies				Others (*)				Total consolidated				Cement, concrete, pavement, mortar and precast				Construction supplies				Others (*)				Total consolidated
		S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)
Revenues from external customers			2,064,674				41,745				10,464				2,116,883				1,906,849				56,873				14,349				1,978,071				1,850,238				74,096				25,741				1,950,075
Gross profit			817,310				656				(11,100	)			806,866				728,850				2,006				(2,330	)			728,526				687,727				723				1,002				689,452
Administrative expenses			(285,527	)			(3,222	)			(2,789	)			(291,538	)			(248,047	)			(2,848	)			(2,488	)			(253,383	)			(227,459	)			(2,692	)			(1,816	)			(231,967	)
Selling and distribution expenses			(90,873	)			(1,025	)			(887	)			(92,785	)			(79,696	)			(915	)			(799	)			(81,410	)			(68,286	)			(766	)			(517	)			(69,569	)
Other operating (expenses) income, net			2,169				(4	)			(77,607	)			(75,442	)			(2,805	)			33				72				(2,700	)			(13,813	)			3				-				(13,810	)
Finance income			11,238				13				40				11,291				6,201				33				64				6,298				7,160				9				77				7,246
Finance cost			(93,029	)			-				(7	)			(93,036	)			(100,302	)			-				(6	)			(100,308	)			(104,045	)			-				-				(104,045	)
Net gain on settlement of derivative financial instruments			-				-				-				-				-				-				-				-				19				-				-				19
Impairment of assets			-				-				-				-				-				-				-				-				(36,551	)			-				-				(36,551	)
Gain (loss) from exchange difference, net			2,679				(18	)			(42	)			2,619				(828	)			(7	)			(1	)			(836	)			4,932				(6	)			7				4,933
Profit (loss) before income tax			363,967				(3,600	)			(92,392	)			267,975				303,373				(1,698	)			(5,488	)			296,187				249,684				(2,729	)			(1,247	)			245,708
Income tax expense			(154,524	)			1,530				39,224				(113,770	)			(99,673	)			558				1,803				(97,312	)			(78,050	)			853				389				(76,808	)
Profit (loss) for the year			209,443				(2,070	)			(53,168	)			154,205				203,700				(1,140	)			(3,685	)			198,875				171,634				(1,876	)			(858	)			168,900

(*) The “other” segment includes activities that do not meet the threshold for disclosure under IFRS 8.13 and represent non-material operations of the Group (including brine projects). In 2025, In 2025, the caption Other operating (expenses) income, net, includes expenses associated with the acquisition of Holcim amounting to S/77,625,000.

F-65

Notes to the consolidated financial statements (continued)

		2025																2024																2023
		Cement, concrete, pavement, mortar and precast				Construction supplies				Others (*)				Consolidated				Cement, concrete, pavement, mortar and precast				Construction supplies				Others (*)				Consolidated				Cement, concrete, pavement, mortar and precast				Construction supplies				Others (*)				Consolidated
		S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)
Segment assets			2,976,370				31,337				95,496				3,103,203				3,021,210				40,583				104,011				3,165,804				3,074,279				46,941				100,266				3,221,486
Other assets (*)			-				-				163				163				-				-				239				239				-				-				249				249
Total assets			2,976,370				31,337				95,659				3,103,366				3,021,210				40,583				104,250				3,166,043				3,074,279				46,941				100,515				3,221,735
Operating liabilities			1,825,277				83,586				3,138				1,912,001				1,879,580				71,901				1,464				1,952,945				1,968,133				62,907				687				2,031,727
Capital expenditure (**)			144,276				-				-				144,276				96,912				-				-				96,912				299,326				-				-				299,326
Depreciation and amortization			(154,164	)			(1,033	)			(4,284	)			(159,481	)			(152,584	)			(1,189	)			(4,473	)			(158,246	)			(137,968	)			(1,468	)			(4,759	)			(144,195	)
Provision of inventory net realizable value and obsolescence			(1,469	)			-				-				(1,469	)			(6,418	)			-				-				(6,418	)			(2,956	)			-				-				(2,956	)

(*) As of December 31, 2025 and 2024, it corresponds to the financial investment at fair value with changes in OCI for S/ 163,000 and S/239,000, respectively.

(**)  Capital investments amounting to S/144,276,000, S/96,912,000 and S/299,326,000 for the years 2025, 2024 and 2023, respectively, correspond to additions of property, plant and equipment, intangibles and other minor non-current assets.

Geographic information

As of December 31, 2025 and 2024, all non-current assets are located in Peru and all revenues are from clients located in the north region of the country.

F-66

FAQ

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

Cementos Pacasmayo grew revenue but saw lower profit in 2025. Sales of goods rose to S/2,116,883k, while profit for the year declined to S/154,205k from S/198,875k. Basic earnings per share fell to S/0.36 from S/0.46, reflecting weaker profitability.

What does the 2025 balance sheet show for Cementos Pacasmayo (CPAC)?

Total assets reached S/3,103,366k in 2025. Liabilities totaled S/1,912,001k and equity was S/1,191,365k. Property, plant and equipment remained the largest asset at S/2,005,714k, while cash and cash equivalents stood at S/53,571k, down from S/72,723k a year earlier.

How much debt does Cementos Pacasmayo (CPAC) have outstanding?

Financial obligations totaled S/1,412,155k at year-end 2025. This includes S/569,414k in senior notes maturing in 2029 and 2034, and S/465,541k from a club-deal corporate loan. Short-term promissory notes accounted for S/377,200k, with a mix of maturities throughout 2026.

What were Cementos Pacasmayo’s (CPAC) 2025 cash flows?

The company generated strong operating cash flow in 2025. Net cash from operating activities was S/360,627k, compared with investing outflows of S/115,442k and financing outflows of S/264,406k. Cash and cash equivalents decreased to S/53,571k from S/72,723k over the year.

Did Cementos Pacasmayo (CPAC) receive any tax-related refunds in 2025?

Yes, the company benefited from a favorable mining royalty ruling. After a Constitutional Court decision, SUNAT refunded S/18,441k in 2025, with an additional S/11,118k recorded as receivable. Management and legal advisors see a very high probability of collecting the remaining balance.

Is there a planned change in control involving Cementos Pacasmayo (CPAC)?

A share purchase agreement could eventually change CPAC’s indirect control. On December 16, 2025, Holcim agreed to buy 99.99% of parent Inversiones ASPI S.A., subject to regulatory approvals, including INDECOPI authorization. As of December 31, 2025, the share transfer had not yet occurred.

What was the auditor’s opinion on Cementos Pacasmayo’s 2025 financials?

The independent auditor issued an unqualified opinion for 2025. The report states the consolidated financial statements present fairly, in all material respects, the Group’s position and performance under IFRS Accounting Standards, with no key audit matters identified for the year.

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