Cementos Pacasmayo S.A.A. (CPAC) Income Statement

The growth profile shows a clear turn from roughly flat-to-low-single-digit expansion in 2024 to double-digit growth in 2025Q3 and 2026Q3, with 2026Q2 at 15.4%. Because the data supplied does not break revenue into volume versus pricing, the source of this acceleration cannot be attributed, and investors should monitor whether the trend reflects cyclical construction demand or sustainable share gains. The sustainability of double-digit growth warrants further investigation before extrapolating it.

The margin recovery is substantial and sustained across the last several quarters, with 2026Q1 through 2026Q3 all above 39%. Relative to peers, CPAC's 44.0% gross margin is above CEMEX's 32.9% and EXP's 28.3%, though below USLM's 48.8%, which suggests meaningful but not dominant pricing power. The data does not isolate price versus input cost effects, so the durability of this expansion may depend on cost trends not captured here.

Operating income grew from $80.4M to $197.3M over the series while revenue rose by roughly 42%, which points to effective fixed-cost absorption and SG&A discipline. SG&A has stayed within a relatively narrow band around $85M to $97M per quarter despite higher sales, which supports this interpretation. However, quarterly operating margin fluctuated, with 2025Q4 falling to 20.9%, so the leverage benefit may be sensitive to revenue timing.