Votorantim Cimentos' global cement sales totalled 35.4Mt in 2024, up one per cent compared to 2023. The regional performance results were strongest in Europe and Asia and were slightly up in Brazil.
In Brazil, Votorantim Cimentos’ 2024 net revenue was BRL12.9bn (US$2.27m), on par with 2023, with higher sales volume, which was offset by price dynamics. The company’s adjusted EBITDA in the country totalled BRL2.6bn, up four per cent compared to 2023. The lower variable costs, higher sales volume and progress in new businesses contributed to this result.
In North America, net revenue totalled BRL8.2bn in 2024, down four per cent compared to 2023, excluding changes in foreign exchange rates. This resulted from the market slowdown, which mitigated the favourable price dynamics in the period. Adjusted EBITDA for the region was BRL2.3bn in 2024, up six per cent over 2023 in local currency, as a result of operational efficiency and the sale of non-strategic local assets, leading to a significant recovery in margins.
In Europe and Asia, net revenue grew 10 per cent in 2024 compared to 2023, totalling BRL3.9bn, excluding changes in foreign exchange rates. The positive performance resulted from an increase in sales volume and price dynamics, both in Spain and Turkey. Adjusted EBITDA for the region was BRL1.1bn, a 32 per cent increase compared to 2023, in local currency. The positive operating result was due to the previously mentioned market dynamics and the reduction of variable costs, mainly fuel and electricity. The company also concluded an important cycle of capturing synergies from the assets acquired in recent years in southern Spain. In 2024 Votorantim Cimentos signed agreements for the sale of its assets located in Tunisia and Morocco. The conclusion of these transactions is subject to the fulfilment of conditions precedent, including approval by regulatory authorities. Reflecting the reclassification of Tunisia and Morocco as discontinued operations, due to the sale of these assets in 2024, the consolidated information does not consider the results of these two countries.
In Latin America, net revenue was BRL903m in 2024, down two per cent compared to 2023, in local currency, as a result of challenging market dynamics in both Uruguay and Bolivia. The region ended 2024 with BRL158m in adjusted EBITDA, 10 per cent lower than 2023, excluding the effects of changes in foreign exchange rates. The result was impacted by market conditions and higher variable costs, which were partially mitigated by the sale of a non-strategic asset in Uruguay.
In line with its decarbonisation plan, Votorantim Cimentos continued to advance projects to expand its capacity to use alternative fuels from biomass and waste globally in 2024. In Spain, the company started a carbon capture pilot project at its Alconera plant, capturing 1tpd of CO2. This initiative is one of the industry’s first carbon capture experiments in Spain and aims to improve knowledge about carbon capture technologies, representing a significant step in the decarbonisation journey. The company has also extended its carbon capture experience to North America and is working on a pilot project using membrane-based capture technology at its Charlevoix plant in Canada. Since 1990, the baseline year for historical measurements, Votorantim Cimentos has reduced its CO2 emissions by 28 per cent.
