The 20-F confirms strong operational momentum with rising volumes and margins, but the profit decline from acquisition costs and the new controlling shareholder's stated intention to delist from the NYSE create significant uncertainty. Traders should monitor the timeline and pricing of the mandatory tender offer (OPA) and any formal delisting process, as these events will determine the stock's future liquidity and valuation.
Price Chart
Executive Summary
Cementos Pacasmayo filed its annual 20-F for FY2025, reporting a 7.0% increase in sales to S/2,116.9 million but a 22.5% decline in net profit to S/154.2 million, driven by one-time expenses related to the Holcim acquisition and higher labor costs. The filing also details the completed change of control to Holcim in March 2026 and Holcim's stated intention to delist the ADSs from the NYSE. The financial results show operational strength in revenue and volumes, but the profit decline and the overhang of the delisting and mandatory tender offer create a mixed outlook.
Key Facts
- Sales of goods increased 7.0% to S/2,116.9 million in FY2025 from S/1,978.1 million in FY2024.
- Net profit decreased 22.5% to S/154.2 million in FY2025 from S/198.9 million in FY2024.
- Gross profit margin improved to 38.1% in FY2025 from 36.8% in FY2024.
- EBITDA decreased to S/506.6 million in FY2025 from S/549.3 million in FY2024, with EBITDA margin declining to 23.9% from 27.8%.
- Cement sales volume increased 7.2% to approximately 3.0 million metric tons in FY2025.
- Holcim completed the acquisition of 99.99% of Inversiones ASPI S.A. on March 30, 2026, gaining 50.01% control of the company.
- Holcim stated its intention to delist the ADSs from the NYSE and deregister the common shares under the Exchange Act after the mandatory tender offer.
- The company incurred S/77.6 million in expenses associated with the Holcim acquisition in FY2025.
- Operating expenses increased 36.2% to S/459.8 million, driven by acquisition-related costs and higher labor expenses.
- Net cash from operations increased 12.3% to S/360.6 million in FY2025.
Financial Impact
Net profit declined by S/44.7 million (22.5%) year-over-year, while sales grew by S/138.8 million (7.0%). One-time acquisition expenses of S/77.6 million were the primary driver of the profit decline.
Risk Factors
- Delisting from NYSE and deregistration could reduce liquidity and shareholder base.
- Mandatory tender offer price may be below current market levels, pressuring the stock.
- Regulatory inquiries from the SMV regarding acquisition-related expenses could lead to fines or reputational damage.
- Political and economic instability in Peru ahead of the 2026 general elections could impact construction demand.
- Rising energy and freight costs due to geopolitical tensions could compress margins.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 2 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 20-F Filing (Primary) | 0001213900-26-048232 |
| Document: ea028555901ex96-2.htm | 0001213900-26-048232 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 3d ago | 6-K | $12.78 | awaiting T+1 | — | $12.73 (−0.39%) |
Oct 23, 2026 3d ago | 6-K | $12.73 | awaiting T+1 | — | $12.73 (−0.00%) |
Oct 22, 2026 4d ago | 6-K | $12.77 $12.73 | ▲ +0.31% | ▼ −0.21% | $12.73 (+0.31%) |
Oct 22, 2026 4d ago | 6-K | $12.77 $12.73 | ▼ −0.31% | ▲ +0.21% | $12.73 (−0.31%) |
Oct 21, 2026 5d ago | SC 13D/A | $12.77 $12.73 | ▼ −0.31% | ▲ +0.21% | $12.73 (−0.31%) |
Oct 21, 2026 5d ago | SC TO-T | $12.77 $12.73 | ▼ −0.31% | ▲ +0.21% | $12.73 (−0.31%) |
Oct 16, 2026 10d ago | 6-K | $12.68 $12.62 | ▼ −0.47% | ▼ −0.90% | $12.73 (+0.39%) |
Oct 16, 2026 10d ago | SC 13D/A | $12.68 $12.62 | ▼ −0.47% | ▼ −0.90% | $12.73 (+0.39%) |
Oct 15, 2026 11d ago | 6-K | $12.67 $12.68 | ▲ +0.08% | ▲ +1.19% | $12.73 (+0.47%) |
Oct 15, 2026 11d ago | 6-K | $12.67 $12.68 | ▲ +0.08% | ▲ +1.19% | $12.73 (+0.47%) |
US Market Status
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