Cepal S.A. Services and Holdings reported solid growth in 2025, according to its latest financial statements, with higher revenues and profitability reflecting an expansion of its core business activities. Consolidated turnover reached €142.4 million, up from €131.6 million in 2024, representing an increase of about 8.3%. The rise was largely attributed to the company’s growing role in receivables management and the addition of new portfolios.
Profitability also improved at the group level. Pre-tax profits climbed to €28.8 million, marking a 22.5% increase compared to the previous year, while net profits after tax rose by approximately 24.4% to €21.5 million. The group also strengthened its liquidity position, with cash reserves increasing by 5.9% to €42.2 million, suggesting it maintains a comfortable cash buffer.
However, beneath the headline growth figures, the financial results reveal a number of underlying weaknesses. The most notable deterioration occurred at the parent company level, which swung from profitability in 2024 to a loss-making position in 2025. After posting net profits of €12.9 million the previous year, the parent company recorded a net loss of €107,000, marking a sharp reversal in performance.
Another area of concern is the steep drop in investment activity. Investments fell dramatically by nearly 90%, from €169.9 million in 2024 to just €17.5 million in 2025, a development that could constrain the company’s future growth potential. At the same time, the group’s equity base declined significantly, falling by 62.8% to €85.5 million. The contraction was even more pronounced at the parent company level, where equity dropped by 87.6% to €23.4 million.
Key financial indicators point to a weakening capital structure. The ratio of equity to liabilities for the group fell sharply to 32%, down from 177% a year earlier, indicating a substantial reduction in capital strength. The parent company showed a similarly negative trend, with financial ratios deteriorating markedly. Looking ahead, the outlook for 2026 appears challenging, as external conditions remain uncertain. Ongoing geopolitical tensions in the Middle East, combined with uncertainty over the trajectory of interest rates, are expected to continue weighing on performance. Cepal has highlighted its exposure to interest rate risk, estimating that a one-percentage-point increase in Euribor would raise its financial costs by approximately €1.77 million in 2026, adding further pressure in an already high-interest-rate environment.
