Cementos Pacasmayo S.A.A.

What it is

Pacasmayo is a cement company operating in the northern region of Peru, producing and selling cement, ready-mix concrete, and precast materials — the basic inputs for every house, road and public building in a region that is home to nearly a third of Peru’s population.

Demand for cement in Peru is split regionally among three main players: Pacasmayo covers the north, UNACEM the central region, and Cementos Yura the south — giving each an effective geographic franchise that pricing power tends to follow.

Founded 68 years ago, the company operates three cement plants with combined capacity of around 5 million tonnes a year, plus 28 ready-mix and precast plants, and distributes through more than 300 retail stores under the DINO banner.

Who owns it

Incorporated in 1957 and listed on both the Lima and New York stock exchanges, the company is a subsidiary of Inversiones ASPI S.A., which held 50.01% of its common shares as of December 31, 2024 — that stake belonged to the Hochschild family group until late 2025.

In December 2025, the majority shareholders of Inversiones ASPI S.A. and Holcim Ltd. entered into a Share Purchase Agreement covering 99.99% of ASPI — the holding company that owns Pacasmayo’s 50.01% controlling block — in favour of Swiss corporation Holcim Ltd. Holcim has since completed that acquisition, paying for a company with reported 2025 net sales of US$630 million and an adjusted operating-cash margin of 28%.

Holcim invested US$550 million for the 50.01% holding, valuing the whole company at US$1.5 billion including debt, or US$1.1 billion on an equity basis. The remaining ~50% continues to trade freely on the BVL and NYSE.

Who runs it

Humberto Nadal is the CEO, confirmed in multiple public SEC filings. The company’s long-serving CFO, Manuel Ferreyros — in the role since 2008 — stepped down on March 31, 2025, in a succession Nadal had planned for two years.

Ely Hayashi took over as CFO from April 1, 2025, after a 20-year career at Pacasmayo, including years working closely alongside Ferreyros. The board was set at seven directors at the Annual Shareholders’ Meeting in March 2026, with a term running 2026–2028.

The money, in plain words

Full-year 2024 revenue reached S/1,978.1 million (≈ US$580 million), up 1.4% year-on-year, driven by stronger demand for concrete, pavement and precast from public and private projects. That is modest growth in soles — but the business became noticeably more profitable, not just bigger.

Net profit for 2024 reached S/198.9 million (US$58 mn), a rise of 17.8%, driven principally by higher operating profit of S/391 million (US$115 mn). Keeping about 10 cents of profit from every sol of sales — a net margin of 10.1% (our calculation) — is solid for a capital-intensive cement maker.

The company generated a record S/549.3 million (US$161 mn) in operating cash before financing and tax — a metric known as EBITDA — 6% above 2023, and lifted its EBITDA margin from 26.6% to 27.8%. That improvement came from one specific source: lower raw-material costs and operating efficiencies released by the new kiln commissioned in mid-2023.

Total assets at December 31, 2024 stood at S/3,166 million (≈ US$929 million), down 1.7% from 2023, mainly reflecting depreciation of plant, inventory reduction, and cash used to pay down debt. By June 2025, outstanding debt was S/1,451.7 million (US$409 million), and the ratio of net debt to EBITDA was 2.6 times — heavy but manageable for a company with steady cash generation.

In October 2025, the board approved a cash dividend of S/0.41 (US$0.12)per common and investment share, covering accumulated earnings back to 2015 — a meaningful payout that explains the share’s high dividend yield of ~9.3%.

What it is doing now

The biggest single fact about Pacasmayo today is the ownership change. Holcim finalized the indirect acquisition of the majority stake in March 2026, gaining a Peruvian construction materials producer with reported 2025 net sales of US$630 million; the deal is expected to accelerate profitable growth in Latin America.

During the second quarter of 2025, cement sales volume grew 7.1%, driven primarily by increased demand for bagged cement and concrete used in infrastructure-related projects — a clear reversal of the soft demand that had weighed on volumes throughout 2024. The company operates three cement plants with combined capacity of approximately 5 million metric tonnes a year, plus 28 ready-mix and precast plants, and more than 300 DINO retail stores that now complement Holcim’s Disensa distribution network.

What to watch

• Integration pace: Holcim’s stated goal is US$40 million in annual run-rate synergies by year three; how quickly cost and distribution savings materialise will drive margins beyond the current ~28% EBITDA level.
• Public spending: The northern region represents roughly 32.9% of Peru’s population and 20% of national GDP, and the country still carries a housing deficit estimated at 1.7 million households — the long runway that makes this a structural-demand story, not just a cyclical one.
• Debt trajectory: Total debt of S/1,451.7 million (US$409 million) with a net debt-to-EBITDA of 2.6 times is the main financial constraint; bond refinancing terms under new ownership will be worth tracking.
• Minority shareholders: With Holcim now controlling 50.01%, the ~50% free float continues to trade publicly. Any squeeze-out offer or delisting process would be the sharpest catalyst — or risk — for retail holders on the BVL and NYSE.

This is news, not investment advice.