Semapa: Secil sale nearly wipes out debt, EBITDA declines 29%
With net financial debt reduced to €27.0 million at June 30, 2026, compared to €1,006.1 million at end-2025, Semapa enters the second half of the year with a significantly different balance sheet than a year ago. The net debt to EBITDA ratio fell from 2.64 times to 0.09 times, and consolidated cash reached €1,066.0 million at end-June.
This change stems from a portfolio operation, the sale of the Secil cement plant, and not from operations. Over the same period, consolidated EBITDA declined 29.4%, due to the decline recorded by Navigator, which generated 89% of the group's revenue. The first half thus presents a lightened balance sheet alongside retreating operational profitability.
Net result of €570.1 million, including €516.2 million of provisional capital gains
Semapa finalized on March 23, 2026 the disposal of the entire stake in Secil to Cementos Molins, for cash consideration of €1.081 billion. The group retains 51% of Société des Ciments de Gabès, for which the parties are studying strategic options. The transaction generated a provisional capital gain of approximately €516.2 million which, according to the company, did not result in a significant tax charge.
Group net income thus stood at €570.1 million, compared to €89.5 million a year earlier, representing earnings per share of €7.138, versus €1.121. Excluding capital gains, it would have been €53.9 million, down €35.6 million.
Operating aggregates, adjusted for the divested perimeter, followed the same trend. Consolidated revenue declined 8.7% to €979.1 million, and operating profit (EBIT) fell from €126.9 million to €58.5 million, a decline of 53.9%.
Navigator impacted, consolidated margin retreats to 16.0%
Consolidated EBITDA stood at €156.8 million, versus €221.9 million, and the corresponding margin fell from 20.7% to 16.0%. Navigator, which generated 91% of group EBITDA, saw its revenue decline 14.8% to €868.6 million, and its EBITDA fall 33.7% to €143.4 million. Its margin fell from 21.2% to 16.5%.
The company attributes this decline to industrial disruptions caused by extreme weather conditions in Portugal in early 2026, followed by scheduled maintenance shutdowns in the second quarter. Pulp sales fell to 111,000 tonnes from 168,000 tonnes, and tissue sales to 106,000 tonnes from 119,000 tonnes, with increased competition in the United Kingdom. Conversely, packaging volumes sold grew 50%.
The second quarter marked sequential improvement: Navigator's EBITDA margin reached 17.8%, up 2.6 points compared to the first quarter, but down 2.8 points year-over-year. The subsidiary's free cash flow fell from €41.6 million to €10.4 million, with €127 million invested over the semester.
Other activities doubled their revenue (+108.0% to €110.6 million) with the integration of Imedexa, and their EBITDA increased 66.3% to €11.4 million. Their margin nevertheless declined from 12.9% to 10.3%.
Price increases expected in third quarter at Navigator
Navigator implemented price increases in Europe, Latin America and the United States in paper, with the favorable effect on average prices expected in the third quarter. In June, its average uncoated paper prices were approximately 10% higher than those in December. However, inventories 18% below historical average limit the possibility of increasing sales from stock.
Increases of 5% to 10% were announced in packaging from April, then at least €30 per tonne from June, and 5% to 7% in tissue for shipments from May onwards. The efficiency program is expected to offset approximately half of cost inflation in 2026 and generate recurring savings of approximately €28 million annually from 2027.
In pulp, 2026 average prices are expected to exceed 2025 levels. At Imedexa, the company indicates that a rise in steel and zinc prices, should the Iran conflict persist, could weigh on margins. Navigator has furthermore committed approximately €115 million in investment for a new tissue machine in Aveiro, with commissioning planned for 2028.
At June 30, 2026, Semapa held €1,066.0 million in cash with net financial debt of €27.0 million, after €208.4 million in investments over the semester and €50 million in dividends paid. Publication of results for the first nine months is scheduled for November 4, 2026.
