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CEMATRIX TM Q3 2026 Earnings Call Presentation October 29, 2026 CEMATRIX Corporation TSX:CEMX | OTCQB:CTXXF
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TSX: CEMX | OTCQB: CTXXF Disclaimer 2 Forward Looking Statements This presentation and the accompanying oral discussion contain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively, "forward-looking statements"). All statements other than statements of historical fact are forward-looking statements. Forward- looking statements are generally identified by words such as "expects," "anticipates," "plans," "believes," "estimates," "intends," "projects," "potential," "may," "will," "would," "could," and similar expressions. Forward-looking statements in this presentation include, among other things, statements regarding expected financial performance, revenue growth, profitability, project execution, conversion of backlog into revenue, market opportunities, infrastructure spending, business strategy, capital allocation, and future operating results. These forward-looking statements are based on management's current expectations, estimates, projections and assumptions that management believes are reasonable as of the date hereof. Such assumptions include, among other things, assumptions regarding market conditions, the timing of project awards, timely project execution, customer demand and payment patterns, the availability and cost of labour, cement and other materials, infrastructure spending levels, and general economic conditions. Readers are cautioned that the foregoing list of factors is not exhaustive. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those expressed or implied by such statements. These factors include, without limitation, project delays or cancellations, adverse weather conditions, labour shortages, increases in the cost or reduced availability of materials, competitive market conditions, changes in customer demand, changes in economic conditions, regulatory developments, and other risks described under "Key Risks and Uncertainties" in the Company's 2025 Management's Discussion and Analysis, as well as in the Company's other public disclosure documents available on SEDAR+ (www.sedarplus.ca). The forward-looking statements contained in this presentation are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. Non-GAAP Measures This presentation includes certain specified financial measures that do not have standardized meanings under IFRS Accounting Standards and therefore may not be comparable to similar measures presented by other issuers. These measures should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Definitions and reconciliations of these measures are provided in the Company's most recently filed Management's Discussion and Analysis available on SEDAR+ and on the Company’s website at www.cematrix.com/investors/financials/.
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TSX: CEMX | OTCQB: CTXXF Key Investor Highlights 3 Cellular Concrete Specialty Contractor • Leading provider of lightweight, cost-effective, and durable cellular concrete for infrastructure projects • Provide solutions to our customers geo-technical challenges using cellular concrete – on time, on budget and on quality • Customers choose cellular concrete because of one or more of its physical properties • Strong competitive advantage Financial Strength & Overall Growth Trend • Revenue CAGR of 25% since 2017 • Last 3 years - consistent positive financial results • Record 2025 in almost all financial KPIs • 2026 on track for another record year • Clean balance sheet - $20M in cash Significant Market Opportunity • CEMATRIX is an industry leader • The global cellular concrete market is significant and is expected to continue to grow • Increased infrastructure spending in Canada & U.S. provides a strong tailwind TTM YTD FY FY FY ($ Millions) 2026 2026 2025 2024 2023 Revenue 50.5 37.9 45.1 35.4 53.3 Gross Margin % 30% 26% 35% 27% 22% aEBITDA 8.3 5.9 8.3 3.3 4.9 Cashflow from Ops* 8.2 5.7 8.2 3.1 4.7 Cash 20.5 20.5 11.9 10.3 3.3 EPS (in cents) 3.1 2.0 2.7 0.2 0.9
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TSX: CEMX | OTCQB: CTXXF Team and 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: ~149.7 million shares • Fully diluted: ~157.8 million shares • Insider ownership: ~16.0 million shares or ~11% • Largest insiders: Jordan Wolfe ~12.2 million shares and Randy Boomhour ~1.8 million shares (~3.4 million shares including RSU’s) Company Timeline Founded CEMATRIX goes public Financial crisis Pivot to infrastructure markets / applications Oil price crash Strategic alliance with Amrize (Lafarge) Acquired MixOnSite Acquired Pacific International Grout COVID Pandemic started Completed $23M financing Supply chain / cement shortages Jeff retires Randy CEO Record year 1999 2006 2008 2009 2016 2016 2018 2019 2020 2021 2022 2024 2025
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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 and 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 and Market Opportunity 7 Market Size / Opportunity • Third party data on the size of the global cellular concrete market varies considerably • Recent estimate for just the US market size is $1.2B (Grand View Research) • All agree the market for cellular concrete is growing • Market for lightweight fills, which includes competitive products, is a multiple of size larger “Tailwinds” • 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 Understanding our Financials 8 Financial Highlights • Record year for 2025 • EBITDA higher than previous 20 years combined • aEBITDA of $8.3M higher than previous two best years combined (2023 = $4.9M & 2024 = $3.3M) • “Rule of 40” – revenue growth 27% + EBITDA margin of 18% • Top Line Growth Trend, Positive Bottom Line, Generating Cash • Revenue CAGR of 25% since 2017 • Record $8.3M 2025 aEBITDA • Record $8.2M 2025 cashflow from ops* • Record EPS of 2.7 cents per share • Healthy Balance Sheet with Low Leverage • $11.9M in cash, no long-term debt as at Q4 2025 • $20.5M in cash as of September 30, 2026 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: 17%, Q3: 34%, Q4: 31% • 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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TM CEMATRIX TM Q3 2026 Financial Results Highlights
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TSX: CEMX | OTCQB: CTXXF Q3 2026 Financials 10 Our Q3 2026 Interim Condensed Consolidated Financial Statements are filed on SEDAR+ and include the accompanying notes which are integral part of these consolidated financial statements.
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TSX: CEMX | OTCQB: CTXXF Q3 2026 Financial Highlights 11 Revenue $11.9M in Q3 vs $15.3M in 2025 – 22% decrease $37.9M YTD vs $32.6M in 2025 – 16% increase Gross Margins $2.8M (23%) in Q3 vs $5.3M (34%) in 2025 – 11% GM decrease $10.0M (26%) YTD vs $10.8M (33%) in 2025 – 7% GM decrease Selling, General & Administrative Expenses $2.1M in Q3 vs $2.4M in 2025 – $0.3M improvement $6.3M YTD vs $6.9M in 2025 – $0.6M improvement Adjusted EBITDA $1.4M in Q3 vs $3.5M in 2025 – $2.1M decrease $5.9M YTD vs $5.9M in 2025 – no change Cashflow from Operations* $1.5M in Q3 vs $3.2M in 2025 – $1.7M decrease $5.7M YTD vs $5.6M in 2025 – $0.1M increase *Before non-cash working capital changes Cash $20.5M as at September 30th, 2026 $11.9M as at December 31st, 2025 Record YTD revenue and adjusted EBITDA! Operating Income $0.7M in Q3 vs $2.8M in 2025 – $2.1M decrease $3.7M YTD vs $3.9M YTD in 2025 – $0.2M decrease Cashflow from Operations including WC $4.6M in Q3 vs $1.8M in 2025 – $2.8M increase $10.3M YTD vs $0.9M in 2025 – $9.4M increase
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TSX: CEMX | OTCQB: CTXXF 2026 Financial Highlights 12 Sales Success & Backlog Sales Success: • 2026 YTD Project awards – $43.2 M • 2026 Book-to-Bill – 1.14x • 2025 Full year – $50.5M Backlog: • Backlog supports future revenues • Current backlog is $65.6M • Largest project in backlog is underway $7.7 $17.6 $22.6 $26.6 $22.6 $29.0 $53.3 $35.4 $45.1 $37.9 $- $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 2025 YTD Q3 2026 Revenue Seasonal revenue: Q1 18% | Q2 17% | Q3 34% | Q4 31% Compound annual growth rate (CAGR) since 2017 is 25% 11% 25% 26% 21% 17% 9% 22% 27% 35% 26% 0% 5% 10% 15% 20% 25% 30% 35% 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD Q3 2026 Gross Margin % 30% is the target moving forward $49.4 $43.5 $18.3 $22.2 $- $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 $70.0 $80.0 2025 Q3 2026 Contracted Contracts in process $67.7M $65.6M Key Contract Structure Impact on 2025 * Under traditional contract structure. Actual Proforma(*) As reported Actual Proforma(*) As reported Q3 2026 Q3 2025 Q3 2025 YTD 2026 YTD 2025 YTD 2025 Revenue $ 11.9 $ 19.4 $ 15.3 $ 37.9 $ 36.7 $ 32.6 Gross margin $ 2.8 $ 5.3 $ 5.3 $ 10.0 $ 10.8 $ 10.8 Gross margin % 23% 27% 34% 26% 30% 33% ($ millions)
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TSX: CEMX | OTCQB: CTXXF 2026 Financial Highlights 13 • Current share price on October 21, 2026 = $0.485 • Increase = 87% vs December 31, 2024 of $0.260 • Increase = 194% vs low on March 14, 2025 of $0.165 • In the past, we stalled out share price appreciation with new capital raises • No plans to raise capital / issue shares • Repurchased 1,993,248 common shares under NCIB in 2025 / 2026 Total Return on $100 Investment Since January 1, 2025 Select Key Financial Ratios * Where applicable, ratios as at Sep. 30, 2026 are calculated using trailing twelve- month financial results. $70 $95 $120 $145 $170 $195 $220 Jan 1 Jan 25 Feb 25 Mar 25 Apr 25 May 25 Jun 25 Jul 25 Aug 25 Sep 25 Oct 25 Nov 25 Dec 25 Jan 26 Feb 26 Mar 26 Apr 26 May 26 Jun 26 Jul 26 Aug 26 Sep 26 CEMATRIX Corporation S&P TSX Composite Ratios Sep 30, 2026 2025 2024 Return on Assets (ROA) 9.2% 8.9% 0.7% Return on Equity (ROE) 11.1% 10.4% 0.8% Return on Invested Capital (ROIC) 17.3% 12.7% 0.9% Price / Earnings (P/E) 15.33x 13.33x 130x Price / Book (P/B) 1.63x 1.33x 1.05x Current Ratio 4.89x 6.57x 5.15x Quick Ratio 4.68x 6.2x 4.76x $- $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 2025 Q3 2026 Debt & Interest Strong balance sheet: Debt and interest significantly reduced since 2020 Debt Interest Share Price Appreciation
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TM CEMATRIX TM Closing Remarks
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TSX: CEMX | OTCQB: CTXXF Why invest? 15 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 (but the gap is closing) • Forward revenue, EBITDA or EPS 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 – CEMATRIX • Randy Boomhour, President and CEO • public.company@cematrix.com • 403-219-0484 • 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 2025 Q4 Financial Review and Business Update CEMATRIX (Canada) CEMATRIX TM Questions?