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CEMATRIX Q3 2025 Earnings Call Presentation November 6, 2025 CEMATRIX Corporation TSX:CEMX | OTCQB:CTXXF TM
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TSX: CEMX | OTCQB: CTXXF Disclaimer 2 Forward Looking Statements This presentation contains certain statements that may be deemed "forward-looking statements". All statements in this document, other than statements of historical fact, that address events or developments that CEMATRIX (“the Company”) expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward- looking statements. Factors that could cause the actual results to differ materially from those in forward looking statements include, failure to successfully negotiate or subsequently close such transactions, inability to obtain required shareholder or regulatory approvals, uncertainty with respect to findings under exploration programs and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by law the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
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TSX: CEMX | OTCQB: CTXXF Key Investor Highlights 3 Innovative Cellular Concrete Solutions • Leading provider of lightweight, cost-effective, and durable cellular concrete for infrastructure projects • Strong competitive advantage • Works primarily as a subcontractor for major North American general contractors Financial Strength & Overall Growth Trend • Revenue CAGR of 24% since 2017 • Margins improving • Record 2025 commitment achieved early • 2026 forecast to be another good year Significant Market Opportunity • CEMATRIX is an industry leader • The global cellular concrete market is significant and is expected to continue to grow • Increased infrastructure spending in Canada & U.S. provides a strong tailwind ($ Millions) 2025 YTD 2024 2023 Revenue $32.6 $35.4 $53.3 Gross Margin % 33% 27% 22% aEBITDA $5.9 $3.3 $4.9 Cashflow from Ops* $5.6 $3.1 $4.7 Cash $9.9 $10.3 $3.3
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TSX: CEMX | OTCQB: CTXXF Team & Corporate Timeline 4 Management • Randy Boomhour, CEO • Jordan Wolfe, President MOS • Marie-Josée (“MJ”) Cantin, CFO Board of Directors • Minaz Lalani (Chair) • Patrick Breen • Steve Bjornson • Anna Maria Cuglietta • John Kim Insider Ownership • Shares outstanding: ~150.2 million shares • Fully diluted: ~166.8 million shares • Insider ownership: ~15.4 million shares or roughly 10% • Largest insiders: Jordan Wolfe ~12.2 million shares and Randy Boomhour ~1.8 million shares Company Timeline Founded CEMATRIX goes public Financial crisis Pivot to infrastructure markets / applications Oil price crash Strategic alliance with Lafarge (Amrize) Acquired MixOnSite Acquired Pacific International Grout COVID Pandemic started Completed public offering raising $23M in gross proceeds Supply chain / cement shortages Record year ($53M in revenue) Jeff retires, Randy named CEO 1999 2006 2008 2009 2016 2016 2018 2019 2020 2021 2022 2023 2024
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TSX: CEMX | OTCQB: CTXXF Cellular Concrete 5 Key Properties • Cost effective • Low density / lightweight • High bearing capacity • Extremely pumpable • Highly flowable / self leveling • Self compacting • Thermal insulating properties • Durable • Excavatable Primary Applications • Lightweight engineered fill • MSE / retaining wall fill • Lightweight insulating road subbase • Flowable self compacting fill • Pipe & culvert abandonments • Tunnel & annular grout • Shallow utility and foundation insulation Product Description • Cellular concrete is made by mixing cement, water, and a foaming agent. The foaming agent creates bubbles in the mixture, resulting in a cellular structure when the concrete sets
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TSX: CEMX | OTCQB: CTXXF Customers & Competitive Advantage 6 Key Customers • CEMATRIX is almost always a subcontractor to a general contractor • Occasionally we will contract directly with an owner (usually on small scopes of work) • We have worked with many of the largest general contractors in North America Competitive Advantage • Our Reputation. We have been successfully delivering cellular concrete solutions on time and on budget for over 25 years • Our Team & Expertise. Over 200 years of in the field experience • Our Equipment. Large fleet of mobile technologically advanced equipment for producing cellular concrete with capacity to grow • Our Size & Scale. Multiple locations from coast to coast. Successfully completed projects across Canada and the US • More Sustainable. Generally, more environmentally friendly than the legacy products that we replace
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TSX: CEMX | OTCQB: CTXXF Customers & Market Opportunity 7 Market Size / Opportunity • Third party data on the size of the global cellular concrete market varies considerably • Estimates range from as low as $4 billion (Market Research Future) to as high as $27 billion (Allied Market Research) • All agree the market for cellular concrete is growing • Market for lightweight fills, which includes competitive products, is a multiple of size larger Infrastructure Spending • Infrastructure in Canada and the US is aging. Infrastructure needs to be repaired and replaced • Populations continue to grow requiring new infrastructure and placing additional loads on existing infrastructure • Spending on infrastructure is expected to continue and increase into the future • This increased spending on infrastructure is significant “tailwind” for cellular concrete for many years to come
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TSX: CEMX | OTCQB: CTXXF Company Financials 8 Financial Highlights • Record year forecasted for 2025 • Commitment achieved early in Q3 • Top Line Growth Trend • CAGR of 24% since 2017 • Despite “step back” in 2024 overall revenue trend line is growing • Positive Bottom Line / Generating Cash • Record $5.9M 2025 YTD aEBITDA • Record $5.6M 2025 YTD cashflow from ops* • Healthy Balance Sheet with Low Leverage • $9.9M in cash, no long-term debt as at Q3 2025 Keys to Understanding our Business • Revenue growth will be “lumpy”. It will not be a “staircase”. Financial results will be variable based on the timing of when large projects start and stop • Construction is a seasonal business with higher revenues in warmer months. Average revenue over last 5 years: • Q1: 18%, Q2: 18%, Q3: 36%, Q4: 28% • We are a specialty construction contractor. Margins tend to be higher than general contractors, but we have more “bench” time / more fixed costs • Project size impacts margins. Larger projects have more competition and as a result lower margins • We have excess capacity which enables us to do significantly more revenue with existing equipment and staffing levels
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9 CEMATRIX TM Q3 2025 Financials Results Highlights
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TSX: CEMX | OTCQB: CTXXF Q3 2025 Financials Highlights 10 Revenue $15.3M in Q3 vs $10.1M in 2024 – 51% increase $32.6M YTD vs $25.0M in 2024 – 30% increase Gross Margins $5.3M (34%) in Q3 vs $2.8M (27%) in 2024 – 7% GM increase $10.8M (33%) YTD vs $6.4M (26%) in 2024 – 7% GM increase Operating Income $2.8M in Q3 vs $0.7M in 2024 – $2.1M increase $3.9M YTD vs -$0.1M in 2024 – $4.0M increase Adjusted EBITDA $3.5M in Q3 vs $1.4M in 2024 – 150% increase $5.9M YTD vs $1.8M in 2024 – 228% increase Cashflow from Operations* $3.2M in Q3 vs $1.3M in 2024 – 146% increase $5.6M YTD vs $1.7M in 2024 – 229% increase *Cashflow from operations before non-cash working capital changes Cash On hand as at September 30th, 2025 – $9.9M On hand as at September 30th, 2024 – $9.9M Record YTD adjusted EBITDA!
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TSX: CEMX | OTCQB: CTXXF Q3 2025 Financial Highlights 11 Share Structure – September 30, 2025 11% 25% 26% 21% 17% 9% 22% 27% 33% 0% 5% 10% 15% 20% 25% 30% 35% 2017 2018 2019 2020 2021 2022 2023 2024 YTD 2025 Gross Margin % Improving over the last few years $- $0.2 $0.4 $0.6 $0.8 $1.0 $1.2 $1.4 $- $2.5 $5.0 $7.5 $10.0 $12.5 $15.0 $17.5 $20.0 $22.5 2017 2018 2019 2020 2021 2022 2023 2024 Q3 2025 Debt & Interest Strong balance sheet: Debt and interest significantly reduced since 2017 Debt Interests Security Type Outstanding Common shares outstanding Issued & outstanding 150,202,584 Potential dilutive instruments outstanding Options Common shares 5,936,667 Restricted share units Common shares 2,448,091 Warrants Common shares 8,213,520 166,800,862 $7.7 $17.6 $22.6 $26.6 $22.6 $29.0 $53.3 $35.4 $32.6 $- $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 $40.0 $45.0 $50.0 $55.0 2017 2018 2019 2020 2021 2022 2023 2024 YTD 2025 Revenue Seasonal revenue: Q1 18% | Q2 18% | Q3 36% | Q4 28% Compound annual growth rate (CAGR) since 2017 is 24%
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TSX: CEMX | OTCQB: CTXXF Q3 2025 Financial Highlights 12 New Project Awards - $43.6 Million Q1 $11.2M | Q2 $15.4M | Q3 $17.0M Growing Backlog Backlog continues to grow with sales success 2025 Impact due to Key Contract Structure The structure of a key contract in 2025 was arranged to allow the customer to buy the cement and the Company made the same gross margin dollars. Under our traditional contracting model our revenue and cost of sales would have been higher and the resulting gross margin % would have been lower: Dec. 31 Sep. 30 2024 2025 Contracts-in-process 20.3$ 13.5$ Backlog 49.3 61.5 Total backlog 69.6$ 75.0$ Opening backlog 94.9$ 69.6$ Awards and change orders 26.0 41.7 Adjustments to backlog (15.8) (3.8) Revenue (35.4) (32.6) Ending backlog 69.6$ 75.0$ $49.3 $61.5 $20.3 $13.5 $- $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 $70.0 $80.0 2024 Q3 2025 Contracts-in-process Contracted $75.0M As Reported Proforma As Reported Proforma Q3 2025 Q3 2025 YTD 2025 YTD 2025 Revenue $15.3 $19.4 $32.6 $36.7 Cost of Sales $10.0 $14.1 $21.7 $25.8 Gross Margin $5.3 $5.3 $10.8 $10.8 Gross Margin % 34% 27% 33% 30% $69.6M
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13 CEMATRIX TM Closing Remarks
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TSX: CEMX | OTCQB: CTXXF Why invest? 14 Why Invest • We are an industry leader. Well positioned to capitalize on the large opportunity in the large and growing infrastructure construction segment • We are a growth company. Growing revenue, positive adjusted EBITDA, positive cashflow from operations, and a strong balance sheet • We believe that we are currently undervalued based on traditional valuation metrics • Forward revenue and EBITDA multiples • No new capital raises required to fund a burn rate. Only new capital should be in support of an accretive acquisition • We have capital to deploy. Looking to continue to grow organically and via acquisition Investor Relations Contacts • Retail – Howard Group • Jeff Walker, VP, Howard Group • jeff@howardgroupinc.com • 403-221-0915 • Institutional – Bristol Capital • Glen Akselrod, President, Bristol Capital • glen@bristolir.com • 905-326-1888 ext. 1 Analyst Coverage • Beacon Securities • Russell Stanley • rstanley@beaconsecurities.ca • 416-507-3966
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CEMATRIX 2024 Q4 Financial Review and Business Update CANADA TM CEMATRIX TM Questions?