announced, this Wednesday (13), a nominal growth of 12% in net revenue in the first quarter of 2026 compared to 2025, to R$6.28 billion. On the results side, the company recorded a loss of R$154 million, an improvement of 53% compared to the same period last year.
The results are not yet influenced by cost inflation, which should only materialize in the second and third quarters. With a geographic diversification strategy, the company believes it is protected from recent exchange rate variations that have made the dollar cheaper against the real.
“Our diversification brings a super healthy balance of currencies. Debt and cash generation are well matched by currency, whether in reais, dollars or euros. Therefore, over the course of 12 months, an exchange rate devaluation or appreciation has an immaterial effect on our balance sheet”, says the global CEO of Votorantim Cimentos, Osvaldo Ayres Filho, in an interview with InfoMoney. Since the beginning of the year, the dollar has fallen 10.7% against the real.
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Today, around 40% of Votorantim Cimentos’ results come from the Brazilian market. Another 35% comes from the North American market and the remainder is divided between Europe, Asia, Africa and Latin America (excluding Brazil). Disregarding the effects of exchange rate variation, Votorantim Cimentos’ net revenue was R$6.3 billion, an increase of 15% compared to the first quarter of 2025.
Influenced by climate issues and the industrial maintenance season, the first quarter of the year is usually Votorantim’s weakest, representing approximately 10% of annual results. To give you an idea, the company closed 2025 with a net profit of R$3.179 billion after a loss of R$325 million for the year.
The company assesses that the reduction in losses in the first quarter compared to the previous year comes, to a large extent, from the improvement in operational performance. During the period, the company’s adjusted EBITDA jumped from R$598 million to R$762 million.
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“This improvement comes from the increase in revenue and also from the beginning of the materialization of the investments we are making in structural competitiveness”, says Filho. “For us, structural competitiveness translates into cost reduction.”
Investment cycle
Votarantim Cimentos is currently in an investment cycle of R$5 billion between 2024 and 2028, of which R$2.8 billion is already underway. Among the measures are an energy purchase contract with Auren, in addition to the implementation of a mortar factory in Edealina (GO), an operation that will have an annual production capacity of 300 thousand tons of mortar.
Another part of the resources will also go towards modernizing the cement kiln at the Xambioá (TO) factory, reconnecting paralyzed mills in Esteio (RS) and Laranjeiras (SE), as well as optimizing the logistics operation in the South region.
Cost inflation
Votorantim Cimentos claims that it was not initially impacted by the increase in oil prices globally, which has led to cost inflation in the chains, with repercussions on logistics, energy and raw materials costs.
“In terms of costs, we have not yet seen the full materialization of inflation, because we are using older stocks that have not yet been impacted,” says Filho. “We see this happening in the second and third quarter.”
On the one hand, the company is trying to take advantage of the current investment cycle to reduce costs to mitigate part of the inflation; on the other hand, you may have to make transfers if there is an impact on the profit margin.
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