The group’s consolidated turnover until September was 2,147.0 million euros, an increase of 0.5% compared to the same period last year.
During the period analyzed, 1,489.3 million euros were generated by Navigator (pulp and paper), 564.1 million euros by Secil (cement and other construction materials), and 94.3 million euros by other businesses. Exports and foreign sales during the same period reached 1,621.5 million euros, representing 75.5% of the business volume, aligning with the group’s strategic objectives.
The EBITDA (earnings before interest, taxes, depreciation, and amortization) totaled 451.5 million euros, a decline of 17% from the previous year.
Semapa indicated that the EBITDA was “impacted by Navigator’s performance, which was 30.4% lower than the same period in 2024, partially offset by Secil’s increase of 18.4% and a 188.8% rise in other businesses.”
The group emphasized that Navigator “continues to focus on reducing variable costs” and a “strategy of controlling fixed costs, stabilizing them compared to 2024.”
In the cement segment, the positive EBITDA evolution resulted from contributions across all geographies, particularly Portugal and Brazil.
The group invested a total of 413 million euros in the first nine months of 2025, with 189 million euros directed toward investments in new businesses (financial stakes).
By September, Semapa made significant acquisitions in Spain, in line with its investment strategy, acquiring Imedexa in July, a European leader in designing and manufacturing metal structures for electricity transmission and distribution infrastructures for a consideration of 148 million euros, along with an additional payment contingent on certain conditions.
“This acquisition is a significant milestone in Semapa’s portfolio, being the first direct foreign investment,” it noted, also mentioning that in January, ETSA acquired Barna for a consideration of 33.5 million euros, expanding its activities into a new geography and business segment, fish rendering.
Investment in fixed assets amounted to 223 million euros in the first nine months of 2025, compared to 220 million euros in the same period last year.
Semapa highlights Navigator, with 159.6 million euros, “of which about 97 million euros relate to investments in environmentally sustainable value-creating materials,” and Secil with 49.9 million euros, especially noting “the investment in the Maceira plant (ProFuture), which will enhance energy efficiency in cement operations in Portugal.”
In September, ETSA inaugurated “a new production unit in Coruche to produce a substantially more premium range of products than the current range, designated ETSA ProHy,” while Triangle continued to “increase the highly automated production capacity of frames for e-bikes.”
At the end of the first nine months of the year, Semapa’s consolidated net remunerated debt reached 1,336.7 million euros, 245 million euros more than at the end of 2024.
This, it states, “demonstrates the group’s strong cash generation capability, considering the 413 million euro investment in the first nine months of 2025 and the distribution of dividends by Semapa in June 2025 and by Navigator in January and July 2025.”
