Cementos Pacasmayo S.A.A. (CPAC) Cash Flow Statement

The ratio swings suggest that reported net income is not a reliable proxy for cash earnings in the near term, and that working capital timing is likely driving most of the variance. Over the ten quarters provided, operating cash flow exceeded net income in most periods, which implies that non-cash charges and working capital releases have generally supported cash generation. Investors should monitor whether the 2026Q1 weakness reflects timing or a more persistent drag on collections.

The recent 2026Q3 margin is well above the 4.9% to 16.7% range seen across most of 2024 and 2025, which points to a step-change in cash generation rather than a steady trend. Because capex intensity has stayed relatively contained at 2.0% to 6.8% of revenue, the swings appear to be driven more by operating cash timing than by investment spending. The gap between the 2026Q3 peak and the 2026Q1 trough warrants further investigation before the recent level is treated as sustainable.

The large 2026Q3 inflow accounts for a substantial share of that quarter's operating cash flow of $234.5M, suggesting the record cash result is not fully explained by earnings alone. Such releases tend to reverse over time, so the sustainability of the current cash level is open to question. The data does not disclose the underlying split between receivables, inventory, and payables, so the specific source of the release cannot be confirmed from the supplied figures.

In 2025Q4, dividends of $174.8M exceeded free cash flow of $46.8M by a wide margin, implying that the payout was funded from balances accumulated across prior quarters rather than from that period's cash generation. The concentration of large distributions in fourth quarters suggests an annual payout policy linked to earnings cycles. Investors should monitor whether this pattern can be sustained if operating cash weakens again, as the data alone does not show the funding source for these outflows.