Cementos Pacasmayo S.A.A. (CPAC): Business Model Canvas [Dec-2025 Updated]

You're looking for the real story behind Cementos Pacasmayo S.A.A.'s recent numbers, and honestly, the Q3 2025 data paints a clear picture of a company leveraging its near-monopoly in Northern Peru, especially with infrastructure spending humming along. With total assets hitting S/3,292,562,000 by September 2025 and revenues up 7.3% year-over-year for the first nine months, their value proposition of reliable supply is clearly working for big projects. But as a seasoned analyst, I see the rising selling expenses and personnel costs-so let's break down exactly how Cementos Pacasmayo S.A.A. is structuring its operations, from key partnerships to its cost base, to keep that growth engine running. You'll want to see the details below.

Cementos Pacasmayo S.A.A. (CPAC) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Cementos Pacasmayo S.A.A. relies on to keep the concrete flowing across Northern Peru. These aren't just vendors; they are enablers for massive infrastructure plays and daily sales.

Public-private collaborations for major infrastructure projects

Cementos Pacasmayo S.A.A. actively partners in public works, which drives significant volume for their concrete and cement segments. The company is positioning itself early in project planning, using technology to identify opportunities.

Key infrastructure projects cited as driving demand in 2025 include:

• The Motupe riverbank defenses.
• The Yanacocha project, which showed substantial concrete sales growth in Q1 2025.
• The Tarata bridge construction.
• Anticipated work on the Chavimochic irrigation project later in 2025.

Furthermore, Cementos Pacasmayo S.A.A. engages in financing public infrastructure through the 'Obras por Impuestos' program, which is a key collaboration mechanism with the public sector.

Suppliers for key raw materials, coal, and energy

The company's operational stability depends on securing consistent supply chains for inputs like raw materials and energy sources, including coal. Investments in plant modernization create specific partnership opportunities.

Cementos Pacasmayo S.A.A. is investing in capacity expansion, which means suppliers of advanced manufacturing equipment and energy-efficient technologies are crucial partners. For instance, the company is investing US$70 million to increase cement production by 600,000 MT annually at its Pacasmayo plant.

The company's focus on sustainability also opens doors for suppliers of eco-friendly additives and corporate social responsibility services to align with their operational values.

Financial institutions for debt amortization and capital expenditure funding

Access to capital and managing existing debt are critical functions supported by financial partners. Cementos Pacasmayo S.A.A. has been actively managing its balance sheet, evidenced by lower interest expenses resulting from debt amortization.

Here's a look at the financial scale these partners support as of mid-2025:

Financial Metric (as of June 30, 2025)	Amount (Soles)
Total Assets	S/3,228,413,000
Total Liabilities	S/1,914,964,000
Total Equity	S/1,313,449,000
Capital Expenditure (H1 2025)	PEN62,749,000

That H1 2025 CAPEX of PEN62.7 million was split across key areas, showing where financing is directed:

• Concrete and aggregate equipment: PEN25.9 million.
• Piura plant projects: PEN22.6 million.
• Pacasmayo plant projects: PEN11.8 million.

Lower interest payments due to debt amortization were a noted factor in the 29.9% net income increase in Q2 2025.

Distribution network partners for bagged cement sales

Cementos Pacasmayo S.A.A. relies on a robust distribution network to move its bagged cement, which remains a primary revenue driver. Demand for bagged cement was a key contributor to the 7.1% increase in sales volume for cement, concrete, and precast in Q2 2025.

The company's focus is regionally concentrated, with all revenues coming from clients located in the north region of the country as of June 30, 2025. Local distributors and service providers in this region are essential for market penetration and last-mile delivery.

Strategic engagement with the Hispanic entrepreneur demographic (CPAC Latino Summit)

While Cementos Pacasmayo S.A.A. is a leading Peruvian company, there is no direct, verifiable financial or operational data in the latest filings linking Cementos Pacasmayo S.A.A. to the CPAC Latino Summit event co-hosted by Latino Wallstreet and the Conservative Political Action Conference in Miami in June 2025.

The company's internal focus on leadership and governance is noted by its consistent recognition; Cementos Pacasmayo S.A.A. led the cement sector in the MERCO ranking for ten consecutive years as of Q3 2025.

Finance: draft 13-week cash view by Friday.

Cementos Pacasmayo S.A.A. (CPAC) - Canvas Business Model: Key Activities

You're looking at the core engine of Cementos Pacasmayo S.A.A., the activities that actually make the product and deliver it across Northern Peru. Here's the quick math on what they were actively doing through late 2025.

Manufacturing and production of cement, concrete, and quicklime.

Cementos Pacasmayo S.A.A. operates three facilities-Pacasmayo, Piura, and Rioja-to produce cement, concrete, and quicklime for mining operations. The company is the only cement manufacturer serving in the northern region of Peru. The installed annual capacity remains substantial, though utilization rates fluctuate based on maintenance and demand.

Product/Metric	Pacasmayo Plant	Piura Plant	Rioja Plant	Total Installed Capacity
Installed Annual Cement Capacity (MT)	Not specified separately	Not specified separately	Not specified separately	Approximately 4.9 million MT
Installed Annual Clinker Capacity (MT)	Not specified separately	Not specified separately	Not specified separately	3.1 million MT
Installed Annual Quicklime Capacity (MT)	Not specified separately	Not specified separately	Not specified separately	240,000 MT

Production volumes showed significant movement in the first half of 2025 (6M25) compared to 6M24:

• Total cement production volume increased 6.7% in 6M25.
• Total clinker production volume increased 5.9% in 6M25.
• Cement production at the Piura Plant increased 7.6% in 6M25.
• Clinker production at the Piura plant saw a massive increase of 72.5% in 6M25.
• The Pacasmayo plant saw a 37.7% decrease in clinker production in 2Q25 due to scheduled maintenance.

By the third quarter of 2025 (3Q25), sales volume of cement, concrete, and precast was up 9.0% compared to 3Q24. For quicklime, the latest reported sales volume was approximately 46 thousand metric tons in 2024.

Managing large-scale infrastructure project contracts (e.g., Piura Airport).

Cementos Pacasmayo S.A.A. actively supports major public works, which is a key driver for sales volume. The company, through its subsidiary Distribuidora Norte Pacasmayo SRL, completed the modernization of Piura's airport. Infrastructure-related sales were a primary driver for volume growth in 3Q25. The public sector's demand for reconstruction-related projects also fueled growth in precast revenue, which saw an 18.0% increase in 2024, representing S/4.6 million.

Optimizing logistics and distribution across Northern Peru.

Logistics are critical since Cementos Pacasmayo S.A.A. serves the entire northern region. Their distribution network includes significant ready-mix concrete assets:

• 123 mixers.
• 30 telescopic pumps.
• 6 mobile plants and 8 fixed plants in major Northern Peru cities.
• Ready-mix concrete has an installed annual capacity of 600,000 m3.

Implementing cost efficiency and operational maintenance plans.

Operational management focuses on efficiency while balancing necessary maintenance. The company reported operational efficiencies contributing to EBITDA growth in early 2025. For instance, 6M25 Consolidated EBITDA increased 5.0% to reach S/264.9 million, partly due to lower costs and operational efficiencies. The Consolidated EBITDA margin for 3Q25 was 28.0%.

Financial management is also a key activity, reflected in the balance sheet as of June 30, 2025:

• Total outstanding debt reached S/ 1,451.7 million (US$ 409.0 million).
• The Net Debt/EBITDA ratio stood at 2.6 times.
• Capital Expenditures (Capex) for the first half of 2025 totaled S/ 62.7 million.

The company also executed major operational activities, such as scheduled maintenance on kilns during 2Q25, which impacted clinker production utilization, causing a 27.7 percentage point decrease compared to 2Q24.

Research and development of specialized cement products.

Cementos Pacasmayo S.A.A. develops an integral portfolio of solutions for the construction sector, leveraging over 60 years of experience that combines quality, guarantee, and research and development. This activity focuses on optimizing construction times and ensuring competitiveness through specialized offerings for different segments, including infrastructure, industry, and energy/mining.

Cementos Pacasmayo S.A.A. (CPAC) - Canvas Business Model: Key Resources

You're looking at the core assets that make Cementos Pacasmayo S.A.A. tick, the foundational stuff that lets them operate and maintain their market standing in Northern Peru. These aren't just things they own; these are the actual engines of their business.

The company's financial foundation is solid, showing growth in its asset base. As of September 30, 2025, the total assets reached S/3,292,562,000. This is up from S/3,166,043,000 at the end of 2024.

A major resource is the integrated nature of their operations, controlling the process from the ground up. They own the raw materials, which is a huge advantage in cost control and supply security. They are proprietors of limestone quarries that have an extensive useful life.

Cementos Pacasmayo S.A.A. maintains a commanding regional position. They hold a 99% participation in the north-eastern market, largely driven through their DINO distribution channel subsidiaries. This near-monopoly status in the region is a critical barrier to entry for competitors.

The physical assets include key production facilities. Cementos Pacasmayo S.A.A. operates production plants and quarries for both cement and quicklime. Specifically, they have plants in Piura, Pacasmayo, and Rioja. Furthermore, they own the Empresa de Transmisión Guadalupe, which is dedicated exclusively to the electrical transmission to the Pacasmayo plant.

Brand equity is definitely a top-tier resource. Cementos Pacasmayo S.A.A. was recognized as the leading company in the Peruvian cement sector for the ninth consecutive year, according to the Merco Responsabilidad ESG 2024 ranking, where they achieved a score of 8,066 points. Also, their CEO, Humberto Nadal, reached position 49 in the Merco Líderes ranking, climbing 12 positions from 2023.

Here's a quick look at some of the operational and recent financial metrics that underpin these resources:

Resource Metric	Value	Context/Date
Total Assets	S/3,292,562,000	As of September 2025
Market Share (North-East)	99%	Through DINO channel
Direct Sales Force Size	87 representatives	Covering key regions in Northern Peru (2024 data)
Annual Direct Sales Revenue	$215 million	Generated by direct sales force (2024 data)
Digital Sales Platform Share	9.4%	Of total sales (2024 data)
Energy/Coal Cost Share of Production	30%	Key input cost component

The company also relies on specific human and technological resources to manage these physical assets effectively. You can see how they deploy their sales structure:

• Direct sales force of 87 representatives covering key regions in Northern Peru.
• Digital sales platform processing $37.2 million in transactions in 2024.
• Owns the intellectual property and operational know-how for Eco-Efficient cement portfolio.
• Possesses ISO 27001 certification for information security management.

Cementos Pacasmayo S.A.A. (CPAC) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose Cementos Pacasmayo S.A.A. in Northern Peru, and the numbers back up their claims of reliability and quality.

Reliable supply as the sole cement manufacturer in Northern Peru.

Cementos Pacasmayo S.A.A. holds a unique position as the only cement manufacturer serving the northern region of Peru. This geographic exclusivity is a core value driver, ensuring a consistent supply channel where competitors cannot easily step in. The company's operational scale supports this claim, with total installed annual cement production capacity at approximately 4.9 million metric tons and clinker capacity at 3.1 million metric tons. This scale is backed by over 67 years of operating history.

The market's response to this supply capability is evident in volume growth; for instance, in the third quarter of 2025 (3Q25), the sales volume of cement, concrete, and precast increased by 9.0% compared to 3Q24. This suggests strong demand being met by their existing production base.

Comprehensive portfolio: cement, ready-mix concrete, precast materials, quicklime.

Cementos Pacasmayo S.A.A. offers a broad range of construction and industrial materials. This diversification helps them capture value across different segments of the Peruvian economy. The company's product mix includes:

• Cement (bagged and bulk)
• Ready-mix concrete
• Precast materials
• Quicklime for mining operations

In 2024, approximately 84.3% of total cement sales were in the form of bagged cement, sold mostly through retailers. The company also sold approximately 46 thousand metric tons of quicklime in 2024. The concrete and precast segment shows significant traction, with sales increasing by 9.8% in the first six months of 2025 compared to the same period in 2024.

Durability and value of concrete for resilient infrastructure projects.

The value proposition here is tied directly to supporting Peru's development, especially in infrastructure. Cementos Pacasmayo S.A.A. is actively involved in projects that demand durable materials. The commitment to resilient infrastructure is underscored by the company's involvement in the 'Dollars for Pesos' program, which has a commitment of over $100 million illustrating public-private collaboration. This focus drives volume; for example, higher sales for infrastructure-related projects were a key driver for the 7.1% increase in combined sales volume in Q2 2025. The company's precast revenue saw an 18.0% increase in 2024, largely due to public sector demand for reconstruction projects.

Here's a look at the growth across the core product lines in recent periods:

Product Segment	Volume Change (YoY Comparison)	Period
Cement, Concrete, Precast	9.0% increase	3Q25 vs 3Q24
Cement, Concrete, Precast	7.1% increase	2Q25 vs 2Q24
Concrete, Pavement, Mortar	9.8% increase	1H25 vs 1H24

Cost efficiencies passed on from lower raw material and energy costs.

Operational efficiencies translate into better margins, which can support competitive pricing or reinvestment. For the first six months of 2025, the gross margin increased by 2.9 percentage points compared to the same period last year, driven by efficiency from the annual maintenance plan and lower cost of raw materials. Specifically in Q2 2025, the gross margin increased by 3.2 percentage points year-over-year, mainly due to lower cost of cementitious materials. The company's consolidated EBITDA margin in Q2 2025 improved to 26.9%. The financial health as of June 30, 2025, showed total assets of S/3,228,413,000 and equity of S/1,313,449,000.

Consistent product quality backed by over 67 years of operating history.

The longevity of Cementos Pacasmayo S.A.A., operating for more than 67 years, serves as an implicit guarantee of consistent quality and operational maturity. This history supports strong financial results; for example, net income increased by 29.9% in Q2 2025. The company's focus on quality and governance is reflected in its recognition, as for ten consecutive years, they continue to lead the cement sector according to MERCO, and for the third year, they are part of the Top 10 list of Merco's business and leadership ranking as of 3Q25. The company's net debt/EBITDA ratio was 2.6× as of Q2 2025, suggesting a manageable debt load relative to earnings. This defintely builds confidence in their product consistency.

Cementos Pacasmayo S.A.A. (CPAC) - Canvas Business Model: Customer Relationships

You're looking at how Cementos Pacasmayo S.A.A. manages its different customer groups, from the massive government contractors to the local hardware store owner. It's a multi-pronged approach, honestly.

Dedicated account management for large-scale infrastructure clients.

The demand from infrastructure projects is a key driver for Cementos Pacasmayo S.A.A., showing that dedicated management for these large accounts is paying off. For instance, in the third quarter of 2025 (3Q25), the sales volume of cement, concrete, and precast increased by 9.0% compared to 3Q24, with higher sales specifically attributed to infrastructure-related projects. Similarly, for the first nine months of 2025 (9M25), the sales volume growth of 6.8% was supported by increased demand from infrastructure projects. This focus on major projects is clearly translating into volume.

Period Ended (2025)	Sales Volume Growth (Cement, Concrete, Precast)	Key Driver Mentioned
3Q25 (vs 3Q24)	9.0% increase	Higher sales for infrastructure related projects, as well as an increase in bagged cement demand.
9M25 (vs 9M24)	6.8% increase	Increased demand of both bagged cement and infrastructure projects.
2Q25 (vs 2Q24)	7.1% increase	Increase in bagged cement demand as well as higher sales for infrastructure related projects.
6M25 (vs 6M24)	5.5% increase	Increased demand of both bagged cement and infrastructure projects.

Community engagement and social responsibility initiatives.

Cementos Pacasmayo S.A.A. ties its community and environmental efforts directly to its long-term mission, which is "To build together the future we dream of". This commitment is visible through specific programs and external recognition.

• The EcoSaco packaging initiative aims for Cementos Pacasmayo S.A.A. to be a carbon neutral company by 2050.
• The company contributes to the Peru Cement Roadmap 2030.
• In the first year of EcoSaco, the company expects to stop discarding almost 16 million bags, reducing landfill waste by 3,500 tons.
• This reduction in waste translates to cutting 14,000 tons of equivalent CO2 in the environment.
• The CEO, Humberto Nadal, was recognized as one of the top 5 most profitable CEOs in Peru in 2025 by Semana Económica.
• Cementos Pacasmayo S.A.A. has led the cement sector in Merco's business and leadership ranking for ten consecutive years, and is in the Top 10 list for three years (as of 3Q25).

Transactional relationships for bagged cement sales via dealers.

The transactional segment, primarily dealers selling bagged cement to self-constructors, remains a core part of the business, often moving in tandem with infrastructure sales. For example, the 9.0% sales volume increase in 3Q25 was partly due to an increase in bagged cement demand. Similarly, the 6.8% volume increase for 9M25 reflected increased demand for bagged cement. The company also actively warns customers that it does not conduct sales or request payments via WhatsApp, emphasizing official channels.

Investor relations for maintaining shareholder confidence and dividends.

Maintaining shareholder confidence involves transparent reporting and consistent capital returns. The Board of Directors approved a significant cash distribution in late 2025.

• The approved cash dividend on October 21, 2025, was S/ 0.41 per common and investment share.
• This represented a total amount of S/190,300,410.65 before accounting for treasury shares.
• The net amount distributed, after excluding the portion for treasury shares (which totals S/14,776,603.76), was S/ 175,523,806.89.
• The equivalent cash dividend per American Depositary Share (ADS) is S/ 2.05.
• As of the interim report for June 30, 2025, total assets stood at S/3,228,413,000, with equity at S/1,313,449,000.
• By September 30, 2025, total assets grew to S/3,292,562,000, and equity increased to S/1,384,796,000.

The ex-dividend date for the ADSs trading overseas was set for November 20, 2025. Finance: draft 13-week cash view by Friday.

Cementos Pacasmayo S.A.A. (CPAC) - Canvas Business Model: Channels

You're looking at how Cementos Pacasmayo S.A.A. gets its product-cement, concrete, and precast-to the customer, and the numbers show a clear push toward digital efficiency alongside major project fulfillment. The channels are a mix of traditional, high-touch sales and modern, high-volume digital processing.

Direct sales force for large infrastructure and mining projects.

This channel targets the biggest volume users. The demand here directly impacts the top line. For instance, in the third quarter of $\text{2025}$, sales volume grew $\text{9.0\%}$ year-over-year, driven mainly by higher sales for infrastructure related projects. This segment also contributed to the $\text{10.9\%}$ revenue increase in $\text{3Q25}$, which reached S/574.1 million (PEN). While the size of the direct sales force isn't public, its effectiveness is seen in the overall volume growth tied to infrastructure.

Authorized dealer network for bagged cement distribution.

Bagged cement sales are the backbone for smaller contractors and retail. The growth in this area is significant, as the increase in bagged cement demand was cited as a key driver for the $\text{7.1\%}$ sales volume increase in $\text{2Q25}$. The overall sales volume for cement, concrete, and precast in the first nine months of $\text{2025}$ was up $\text{6.8\%}$, showing the broad reach of the distribution network.

Own ready-mix concrete and precast material plants.

The physical assets are critical for the concrete and precast side of the business. Cementos Pacasmayo S.A.A. operates three cement plants. To support the concrete segment, the company invested PEN25.9 million in concrete and aggregate equipment during the first six months of $\text{2025}$. Total capital expenditures for $\text{6M25}$ reached PEN62.7 million across various projects, including the Piura and Rioja plants. This investment signals a commitment to maintaining and upgrading the production capacity that feeds these direct and B2B channels.

Digital platforms for B2B ordering and customer support.

This is where you see the most concrete digital metrics, showing a clear shift in how business is done. Cementos Pacasmayo S.A.A. has built a digital ecosystem with specialized platforms like Ferrexperto and Aliado Pacasmayo. The B2B eCommerce transformation, using SAP Commerce Cloud, has yielded impressive results:

Metric	Value	Context
Orders Processed via New Platform	70%	Of total B2B orders processed through the new platform
Monthly B2B Customer Visits	+50,000	Monthly visits from B2B customers
B2B Sales Increase (YoY)	+15%	Year-over-year increase in B2B sales
Order Processing Time Reduction	25%	Reduction in order processing time
Customer Satisfaction Score Increase	20%	Increase in customer satisfaction scores

The Pacasmayo Profesional app specifically serves construction companies, offering features like real-time ready-mix truck tracking. This level of digital integration helps manage the critical transit time for ready-mix concrete.

The channel strategy relies on these key access points:

• Infrastructure Projects: Direct sales driving volume growth.
• Bagged Cement: Relying on the established dealer network.
• Ready-Mix/Precast: Supported by $\text{PEN62.7m}$ in $\text{6M25}$ capex for equipment.
• Digital B2B: Processing $\text{70\%}$ of orders digitally, with $\text{+50,000}$ monthly B2B visits.

Finance: draft $\text{13}$-week cash view by Friday.

Cementos Pacasmayo S.A.A. (CPAC) - Canvas Business Model: Customer Segments

The customer base for Cementos Pacasmayo S.A.A. is segmented across distinct areas of the Peruvian economy, with performance indicators showing differential growth rates across these groups as of late 2025.

Peruvian Government and public entities for infrastructure projects.

This segment is a key driver of volume growth, particularly for concrete and pavement products. Sales volume for cement, concrete, and precast showed a 7.1% increase in the second quarter of 2025, attributed in part to higher sales for infrastructure related projects. For the third quarter of 2025, sales volume growth was 9.0%, explicitly mentioning higher sales for infrastructure related projects. Concrete, pavement, and mortar sales specifically jumped 22.3% in the first quarter of 2025, supported by major public works like the Motupe riverbank defenses and the Tarata Bridge. The company's consolidated revenues for the third quarter of 2025 reached S/574.1 million.

Self-construction segment (individual homeowners) for bagged cement.

Demand for bagged cement is a consistent component of volume growth. In the first quarter of 2025, sales volume increased by 4.1%, driven in part by increased demand for bagged cement. In the second quarter of 2025, the 7.1% sales volume increase was also partly due to an increase in bagged cement demand. Similarly, the 9.0% volume increase in the third quarter of 2025 included an increase in bagged cement demand.

Mining companies requiring quicklime for operations.

Cementos Pacasmayo S.A.A. produces and sells quicklime specifically for use in mining operations. The quicklime segment contributed to the company's financial results in the third quarter of 2025, as revenue for that period was largely fueled by robust infrastructure demand and their quicklime segment.

Large construction companies and real estate developers.

This segment is captured within the broader construction materials sales, alongside infrastructure projects. The overall sales volume for cement, concrete, and precast saw a 5.5% increase for the first six months of 2025. The company's consolidated EBITDA for the first nine months of 2025 reached S/425.5 million.

The relative contribution and growth drivers across the reporting periods in 2025 can be summarized:

Period End	Cement, Concrete, Precast Volume Growth (YoY)	Revenue Growth (YoY)	Key Segment Driver Mentioned
Q1 2025	4.1%	4.8%	Bagged cement and concrete
Q2 2025	7.1%	5.9%	Bagged cement and infrastructure projects
Q3 2025	9.0%	10.9%	Infrastructure projects and bagged cement demand

You can see the clear linkage between infrastructure activity and volume growth in the table above. The company is focused on the Northern region of Peru.

The customer-facing product mix includes:

• Cement sold in bags for self-construction.
• Bulk cement and concrete for large projects.
• Ready-mix concrete and precast materials.
• Quicklime for mining applications.

Finance: draft 13-week cash view by Friday.

Cementos Pacasmayo S.A.A. (CPAC) - Canvas Business Model: Cost Structure

You're looking at the cost side of Cementos Pacasmayo S.A.A.'s operations as of late 2025, and the picture shows significant cost pressures driven by specific, non-recurring events and ongoing operational needs. The plant operations inherently carry high fixed costs, which is standard for cement production, covering maintenance plans and the depreciation/operation of major assets like the kilns.

Variable costs remain a major component, tied directly to production volume. These include the costs for raw materials, coal, and energy. While gross profit showed improvements in Q3 2025 due to lower raw material costs in that quarter, the overall cost base is sensitive to commodity price fluctuations.

Personnel costs have seen a notable step-up. This is directly linked to the impact of the union's bonus, which is negotiated every three years and has a larger impact during the first year of the agreement. This specific event drove higher expenses, which was cited as a factor decreasing the Consolidated EBITDA margin in 3Q25 by 1.9 percentage points.

Selling and distribution expenses have also climbed substantially as Cementos Pacasmayo S.A.A. defends its market position. Selling expenses rose 24.0% year-to-date for the first nine months of 2025 (9M25) compared to 9M24, primarily driven by increased advertising and promotion expenses as part of the commercial strategy, alongside the impact of the union bonus.

Capital expenditures (CapEx) remain a planned, significant outlay. Management expects sustained CapEx around S/100 million per year moving forward. For the first half of 2025 (6M25), the actual investment totaled S/62.7 million (PEN62.7m), allocated across equipment and projects at the Piura, Pacasmayo, and Rioja plants.

Here's a quick look at the key cost and investment figures we're tracking:

Cost/Investment Metric	Period	Amount/Change	Notes
Selling Expenses Increase	YTD 9M25 vs 9M24	24.0%	Mainly marketing spend and union bonus impact.
Personnel Expenses Impact	3Q25	Increased	Due to the triennial union's bonus.
EBITDA Margin Impact	3Q25	Decreased by 1.9 pp	Attributed to higher personnel expenses.
Expected Annual CapEx	2025 Outlook	Around S/100 million	Sustained investment level.
Actual CapEx	6M25	S/62.7 million	Invested in equipment and plant projects.

The cost structure reflects a balance between necessary, high-volume variable inputs and strategic spending on marketing to maintain revenue growth, all while absorbing the non-recurring, but significant, impact of the personnel bonus.

• High fixed costs from plant operation and maintenance plans.
• Significant variable costs for raw materials, coal, and energy.
• Personnel expenses increased due to the union's bonus.
• Higher selling expenses, up 24.0% YTD 9M25.
• Capital expenditures expected to be maintained around S/100 million annually.

Cementos Pacasmayo S.A.A. (CPAC) - Canvas Business Model: Revenue Streams

You're looking at the core ways Cementos Pacasmayo S.A.A. brings in money, which is heavily tied to the Peruvian construction cycle. The primary revenue drivers are the physical products they sell, with the overall top line showing solid growth through the first nine months of 2025.

The main revenue streams for Cementos Pacasmayo S.A.A. come from its three operating segments. The largest is the sale of cement, concrete, mortar, and precast products, which fuels the majority of their income. Quicklime sales represent a distinct, smaller stream, specifically serving the Peruvian mining sector.

• Sales of cement (bagged and bulk) are the foundation of revenue.
• Sales of concrete, pavement, and mortar show strong project-driven demand.
• Quicklime sales target the Peruvian mining sector.
• Sales of Construction Supplies also contribute to the total revenue base.

The performance across these streams translated into the following consolidated financial results for the first nine months of 2025 (9M25), compared to 9M24. Honestly, the year-over-year revenue increase is a good sign of market activity.

Metric	Value (S/)	Comparison Period
Total Revenues	Not explicitly stated for 9M25, but increased 7.3% year-over-year	9M25 vs 9M24
Net Income	S/ 172.0 million	9M25
Consolidated EBITDA	S/ 425.5 million	9M25
Consolidated EBITDA Margin	27.3%	9M25
Revenue (Quarterly)	S/ 574.07 million	3Q25
Revenue Growth (Quarterly)	10.9%	3Q25 vs 3Q24
Net Income (Quarterly)	S/ 71.5 million	3Q25

Drilling down into the product lines, the volume of cement, concrete, and precast sales grew by 6.8% for 9M25, showing broad-based demand. For the concrete, pavement, and mortar segment specifically, we have a very strong data point from earlier in the year; sales grew by 22.3% in the first quarter of 2025 compared to Q1 2024, driven by infrastructure projects.

Here's a quick look at the volume and revenue momentum from the latest reported quarter, 3Q25:

• Sales volume of cement, concrete and precast increased by 9.0% in 3Q25.
• Revenues increased by 10.9% in 3Q25, directly following the volume increase.
• Net income for 3Q25 was S/ 71.5 million, a 14.4% increase year-over-year.

The total revenue for the twelve months ending September 30, 2025, reached 2.08B PEN, which was up 6.18% year-over-year. That's the big picture for the trailing twelve months.