Semapa: €560 million profit over 9 months thanks to the sale of Secil, down 38.8% excluding this effect
Semapa's net profit attributable to the group reached €560.4 million over the first nine months of 2026, compared with €120.5 million a year earlier. Of this total, €486.6 million comes from the provisional capital gain recorded on the sale of Secil, its cement business. Excluding this item, net profit attributable to the group fell 38.8% to €73.8 million.
Operations followed the same trend. EBITDA declined 25.2% to €230.2 million, on revenue down 5.4% to €1,497.5 million, due to industrial disruptions at Navigator, the paper subsidiary. The sale, however, reduced net financial debt to €41.1 million, compared with €1.006 billion at the end of 2025.
Profit stems from the sale of Secil, operations decline
According to the results presentation published on 3 November 2026, the sale of Secil to Cementos Molins was completed on 23 March 2026. The group received €1.081 billion in connection with the transaction.
The capital gain remains provisional and does not include the effects of a possible sale of the 51% stake in Société des Ciments de Gabès, in Tunisia, which is classified as an asset held for sale.
Operating aggregates, calculated on 2025 figures restated under IFRS 5, measure only the retained activities. The EBITDA margin fell 19.4% to 15.4%. Operating profit (EBIT) decreased 48.7% to €80.4 million, and net profit from continuing operations fell 29.2% to €69.5 million.
On the balance sheet, Semapa held €1.089 billion in cash and cash equivalents as of 30 September. Including IFRS 16 lease liabilities, net debt stood at €180.2 million. Net financial debt amounted to €41.1 million as of 30 September 2026, compared with €1.006 billion at the end of 2025.
Navigator weighs on EBITDA, while packaging and acquisitions progress
Navigator, which accounts for 89% of consolidated revenue and about 92% of EBITDA, explains the bulk of the decline. Its revenue fell 10.5% to €1.333 billion, and its EBITDA dropped 29.3% to €212.2 million, reducing its EBITDA margin from 20.2% to 15.9%.
The group cites extreme weather conditions in Portugal during the first quarter, longer-than-usual maintenance shutdowns, and the modernisation of several facilities, which reduced production. Added to this are pressures on energy, logistics and raw material costs.
Uncoated paper, the leading line at €760.2 million, fell 10.3%, tissue paper declined 13.6% to €324.3 million, and paper pulp dropped 19.8% to €167.0 million. Conversely, packaging rose 41.0% to €81.7 million, with volumes up 44% and 254 active customers, including 50 new ones.
Other activities (Triangle's, ETSA and Imedexa) saw their revenue increase 74.2% to €164.3 million, and their EBITDA rise 57.4% to €17.1 million. This increase is mainly due to the consolidation of Imedexa over nine months, compared with two months in 2025. However, their EBITDA margin declined from 11.5% to 10.4%, and their net result remained negative at -€3.4 million.
In the third quarter, sales recover without EBITDA recovering
Consolidated revenue rose 1.3% in the third quarter to €518.3 million, while EBITDA fell 14.4% to €73.5 million. The EBITDA margin thus declined by 2.6 points to 14.2%.
Net profit attributable to the group was a loss of €9.7 million, compared with a profit of €31.0 million a year earlier, including a loss of €27.3 million linked to discontinued operations.
At Navigator, quarterly EBITDA fell 17.9% to €68.9 million, on sales down 1.2%. Production was notably affected by the extended shutdown of the Figueira da Foz mill in July and by the conversion of the PM3 machine at Setúbal, which suspended production for about half of the quarter.
For the end of the year, Semapa reports a recovery in pulp prices since September and a third price increase applied in Europe for printing and writing paper. The group also highlights risks related to energy, trade tensions and the geopolitical situation.
The sale of Secil has significantly lightened the group's balance sheet. Regarding operations, Semapa expects, barring prolonged industrial shutdowns in the fourth quarter, a gradual normalisation of Navigator's production and deliveries, following a third quarter in which EBITDA remained down.
