0001213900-26-048232
SEC filingMajor shareholder change: Holcim acquired ASPI, now indirect owner of 50.01% of common shares. Related party transactions disclosed for 2023-2025.
Cementos Pacasmayo S.A.A. is a Peruvian cement company with nearly 70 years of operating history, describing itself as the only cement manufacturer serving the northern region of Peru. The company produces, distributes, and sells cement and cement-related materials, including precast products and ready-mix concrete, as well as quicklime for mining operations. In 2025, the company shipped approximately 3.0 million metric tons of cement, concrete, and precast, representing an estimated 22.4% share of total cement shipments in Peru according to INEI. Its three production facilities—Pacasmayo, Piura, and Rioja—have a combined installed annual cement production capacity of approximately 4.9 million metric tons and an installed annual quicklime capacity of 240,000 metric tons.
The Business section does not define formal reporting segments. However, the company’s activities can be categorized into: (1) cement (bagged and bulk), which is the core business, (2) concrete and precast products (ready-mix concrete, precast beams, sheet piles, assembly gravity walls), and (3) quicklime. No revenue shares are provided by segment; instead, the filing breaks down cement sales by end-user: self-construction (73.9%), private construction (14.0%), and public construction (12.1%) in 2025. Bagged cement accounted for approximately 81.4% of cement sales.
The company offers six different types of cement under two brands, including specialty products such as cement designed for coastal areas (sulfate-resistant) and High Early-Strength (HE) cement, which complies with ASTM C1157 and has approximately 8% lower clinker content. Other products include quicklime, ready-mix concrete, and precast items. The company has developed digital platforms: Construye Experto (a training ecosystem for self-construction with over 48,000 users and 100+ courses), Pacas Pro (tech-driven solutions for industrial customers, 84% satisfaction), Metros Habitables, and Ayu (improving self-construction and access to materials). The DINO distribution network consists of 287 independent retailers and 334 hardware stores, distributing not only cement but also third-party construction materials like steel rebar, cables, and pipes.
Cementos Pacasmayo uses a multi-channel go-to-market strategy. The primary channel is its extensive retail network (DINO) comprising independent retailers and hardware stores, which distributes bagged cement and other materials. The company also sells directly to private construction companies and government entities, and employs a door-to-door commercial strategy. No single customer represents a material concentration; the customer base is highly fragmented, dominated by self-construction households. In 2025, self-construction (auto-construcción) accounted for 73.9% of cement sales, private construction 14.0%, and public construction 12.1%.
The Peruvian cement market is served mainly by three groups, with Cementos Pacasmayo the sole player in the north. Competition may intensify if other manufacturers enter the northern region—for example, Caliza Inca plans to install a grinding facility in the north. Holcim Ltd has entered the Peruvian market through acquisitions in 2024-2026, including the purchase of Comacsa, Mixercon, Luren, and most significantly, the acquisition of 50.01% of Cementos Pacasmayo via ASPI in March 2026. The company also faces potential competition from imports of clinker and cement, and from substitutes such as drywall and other materials.
Cementos Pacasmayo’s stated strategies are: (1) continue to focus on the core cement business, maintaining market share in northern Peru without reducing profitability; (2) deepen commercial relationships with retailers and end-consumers through product education, training, rewards programs, and financing assistance; and (3) be the preferred provider of building solutions by offering innovative, customized products and leveraging digital transformation (e.g., Construye Experto, Pacas Pro) and sustainability initiatives. The company emphasizes innovation and R&D, including collaboration with Universidad de Ingeniería y Tecnología (UTEC) and tax benefits under Law No. 30309.
The Business section does not disclose total employee count or detailed human capital metrics. The Risk Factors section mentions that as of December 31, 2025, approximately 17.9% of employees were union members, but that information is not part of the Business description.
This section does not contain traditional MD&A financial performance data. Instead, it details major shareholders and related party transactions. The key event is the change in control of the company: On March 30, 2026, Holcim Ltd acquired 99.99% of ASPI, which was the majority shareholder holding 50.01% of the company's common shares. Prior to this, Eduardo Hochschild controlled ASPI; now Holcim indirectly owns the same stake. No revenue, margin, or EPS figures are provided.
No segment data is presented in this section.
Management has announced Holcim's intention to conduct a mandatory public tender offer to acquire additional outstanding shares, as required by Peruvian securities regulations. No other forward-looking guidance is provided.
As of December 31, 2025, Cementos Pacasmayo held cash and cash equivalents of S/53.6 million, down from S/72.7 million in 2024. Total debt (current and non-current financial obligations) stood at S/1.41 billion, a decrease of S/81 million year-over-year. Shareholders' equity was S/1.19 billion, and inventory was S/707.1 million. The company maintains a net debt position (cash less total debt) of S/1.36 billion.
No purchase commitments or contractual obligations were disclosed in the available Notes section. The electricity supply agreement and debt issuances are described in Item 10 but are outside the Notes scope.
The Notes section did not include segment or geographic revenue breakdowns. The company's operations are concentrated in northern Peru, but no granular segment data was provided in the available text.
The provided excerpt from Cementos Pacasmayo S.A.A.'s 20-F filing (dated April 28, 2026) includes the table of contents and partial financial statements, but the consolidated statement of cash flows (which would be on page F-9) is not included. Therefore, no cash flow metrics such as CFO, capex, free cash flow, or capital returns can be extracted. Without the actual cash flow table, analysis of cash generation, working capital changes, or financing activities is impossible.