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RESULTS Q3 2025 1 2025 Results Q3 Mortuary in Viladecans (Barcelona) built with concrete and aggregates by Molins.
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RESULTS Q3 2025 2 The English version is only a translation, for information purposes, of the original in Spanish. In the event of any inconsistency or ambiguity in relation to the meaning of any word or phrase in translation, the Spanish original shall prevail. This document may contain forward-looking statements regarding intentions, expectations, or forecasts about Molins. These statements may include financial projections and estimates with assumptions, statements regarding plans, objectives, and expectations that may relate to various subjects, among others, the customer base and its evolution, growth in different business lines, and the global business, possible purchases, divestitures, or other operations, the Company’s results, and other aspects of its activity and position. The forward-looking statements or predictions contained in this document can be identified, in some cases, by the use of words such as “expectation”, “anticipation”, “purpose”, “belief” or similar terms, or their corresponding negative form, or by the very prediction nature of those issues relating to strategies, plans, or intentions. These forward-looking statements or predictions reflect the views of Molins regarding future events. By their very nature, they do not imply guarantees of future fulfillment and are conditioned by risks and uncertainties that could cause the developments and results to significantly differ from those stated in these intentions, expectations, or predictions. Among such risks and uncertainties, we can find those identified in the documents that contain detailed information and that were filed by Molins with different supervisory bodies of the securities market in which it lists its shares and, in particular, with the Spanish National Securities Market Commission (CNMV). The information set out in this document should be taken into account by all those persons or entities that may have to buy or sell, develop or disseminate opinions relating to securities issued by the Company and, in particular, by analysts and investors. Except as required by applicable law, Molins undertakes no obligation to publicly update the result of any revision that it may perform regarding these statements to conform them to events or circumstances subsequent to this document, including, among others, changes in the Company’s business, its business development strategy, or any other possible supervening circumstances. This document may contain abbreviated financial information or unaudited information. The information contained herein should be read in conjunction with, and is subject to, all available public information about the Company, including, where appropriate, other documents issued by the Company that contain detailed information. Finally, neither this document nor anything contained herein constitutes an offer to buy, sell, or exchange, or a solicitation of an offer to buy, sell, or exchange any securities, or a recommendation or advice in respect of any securities Legal Note
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RESULTS Q3 2025 3 ▪ Slight recovery in the markets while global economic uncertainty continues . ▪ Sales of Q3 increased by 5%. Sales YTD 09 of € 1,004 M, -2% 2024 (LFL¹ +7%) with positive impact of selling price s and negative impact of currency fluctuations . ▪ EBITDA Q3 increased by 4%. EBITDA YTD 09 amounts to € 263 M, -4% 2024 (LFL¹ +6%), driven by higher volumes, net contribution of selling prices over costs, and operating efficiencies, mitigated by the unfavorable impact of exchange rates, especially the Mexican and Argentinian currencies . ▪ EBITDA increased at constant currencies across all regions . ▪ EBITDA Margin remained stable at 26 %. ▪ Net Profit reaches € 141 M, -8% 2024 , driven by operating results , offset by the unfavorable impact of exchange rates and hyperinflation adjustment in Argentina . ▪ Strong cash generation , slowed by one -off impacts . Net Financial Debt maintains a net cash balance amounting to € 96 M. ▪ Gradual progress continues in the main indicators of the 2030 Sustainability Roadmap , with the target to reduce the emissions by 20 % in 2030 and supply carbon neutral concrete by 2050 . Robust results continue Proportional consolidation. ¹ Like-for-like: constant currencies, without hyperinflation in Argentina and Turkey, and same consolidation’s scope. In a global environment of economic uncertainty
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RESULTS Q3 2025 4 Q3 2025 Q3 2024 % var. % LFL ¹ 9M 2025 9M 2024 % var. % LFL ¹ 345 329 5% 10% Sales 1.004 1.022 -2% 7% 89 85 4% 7% EBITDA 263 274 -4% 6% 25,7% 25,9% -0,3 -0,2 EBITDA Margin 26,2% 26,9% -0,6 -0,3 68 69 -1% -1% EBIT 200 214 -7% 3% 45 48 -7% -7% Net Result 141 153 -8% 3% 0,68 0,73 -7% EPS (€) 2,13 2,32 -8% -96 -72 - - Net Financial Debt -96 -72 - - Proportional consolidation. Figures in €M. ¹ Like-for-like: constant currencies, without hyperinflation in Argentina and Turkey, and same consolidation’s scope. Robust results continue In a global environment of economic uncertainty
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RESULTS Q3 2025 5 Gradual recovery of activity ▪ Recovery of activity continues across all regions (Q2’25 +1%, Q3 ‘25: +4%). ▪ On a year-to-date basis, activity has increased in South America, Asia, and North Africa. ▪ Trend change with slight activity increase in Q3 (Q1’25: -3%, Q2’25: -4%, Q3’25: +2%). ▪ Gradual recovery of activity in Mexico. ▪ Sales Q3 2025 up 5% 2024 (LFL +10%). ▪ Positive impact of average selling prices and negative impact of currency fluctuations. ▪ Continued good order backlog in Precast Solutions and Urban Landscape businesses. 9M 2024 9M 2025 5,411 5,509 +2% 1.166 1.145 9M 2024 9M 2025 -2% SALES (€M)PORTLAND CEMENT VOLUME (Th. t) CONCRETE VOLUME (Th. m³) Proportional consolidation. ¹ Like-for-like: constant currencies, without hyperinflation in Argentina and Turkey, and same consolidation’s scope. 329 345 Q3 2024 Q3 2025 +5% Q3 2024 Q3 2025 1,817 1,894 +4% 385 393 Q3 2024 Q3 2025 +2% 1.022 1.004 9M 2024 9M 2025 -2%
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RESULTS Q3 2025 6 EBITDA MARGIN LTM BY QUARTER (%)EBITDA BY QUARTER (€M) Proportional consolidation. 21.8 Q4’22 22.7 Q1’23 23.7 Q2’23 24.9 Q3’23 25.0 Q4’23 25.4 Q1’24 25.9 Q2’24 25.8 Q3’24 26.1 Q4’24 26.0 Q1’25 25.7 Q2’25 Q3’25 25.6 86 93 99 59 90 99 85 82 87 87 89 Q1 Q2 Q3 Q4 -3% -11% +4% 2023 2024 2025 Annualized margin remains around 26% Sustainable and profitable growth
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RESULTS Q3 2025 7 ▪ EBITDA like-for-like¹ increased by 6%: positive impact of volumes, net contribution of selling prices over costs, and efficiency plans. ▪ Unfavourable impact of currency fluctuations especially the depreciation of the Mexican and Argentinean peso, and the hyperinflation adjustment in Argentina. ▪ EBITDA Margin like-for-like reaches 26.6%. Proportional consolidation. Figures in €M. ¹ Like-for-like: constant currencies, without hyperinflation in Argentina and Turkey, and same consolidation’s scope. 10 22 4 274 272 287 263-24 EBITDA LFL¹ 9M 2025 Non-recurrent -19 Price and Variable costs VolumenEBITDA 9M 2024 without hyperinflation Fixed and Overhead costs EBITDA 9M 2024 EBITDA 9M 2025 FX, scope & Hyperinflation +6% -4% EBITDA Margin 26.2%26.9% 26.6% EBITDA driven by selling prices and costs efficiencies
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RESULTS Q3 2025 8 9M2025 9M2024 % var. % LFL ¹ 9M2025 9M2024 % var. % LFL ¹ Europe 458 423 8% 4% 88 81 9% 1% Mexico 231 262 -12% -1% 109 119 -8% 3% South America 211 233 -10% 23% 54 62 -12% 19% Asia and North Africa 104 103 1% 5% 28 29 -2% 1% Corporate and Others - - - - -18 -14 - - Non-recurrent - - - - 2 -2 - - Total 1.004 1.022 -2% 7% 263 274 -4% 6% SALES EBITDA Sales and EBITDA by Region Sales and EBITDA increased on a like-for-like basis by 7% and 6%, respectively. Proportional consolidation. Figures in €M. ¹ Like-for-like: constant currencies, without hyperinflation in Argentina and Turkey, and same consolidation’s scope.
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RESULTS Q3 2025 9 ▪ Cash flow generation of € 111M in YTD 09, achieving a cash-conversion-rate of 43%. ▪ Increase in working capital due to seasonal and one-off impacts. ▪ Strengthening of sustaining investments, with a focus on sustainability, efficiency, and digitalization. Decarbonisation subsidies in Spain partly collected. ▪ Higher tax payments due to the early collection of tax refunds in Spain in Dec 2024. 263 111 5 1 Change in NFD 9M 2025 EBITDA 9M 2025 -54 Change in working capital -39 Sustaining investments Interest payment -50 Tax payment Change long term items Free Cash Flow -93 Growth investments Dividends Others -9 -36 22 Cash conversion rate 43% Proportional consolidation. Figures in €M. Strong cash flow generation
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RESULTS Q3 2025 10 ▪ Net cash position of € 96M, with a debt coverage ratio¹ of 2.4x. ▪ Gross debt totaling € 325M, with more than 41 % maturing from 2029 onwards. ▪ Sustainable financing: 62 % of total debt is linked to sustainability objectives. ▪ Active management of foreign exchange exposure, ensuring a proper alignment between financial assets and liabilities by currency. 62 % of debt is denominated in EUR, while 62 % of cash is held in EUR and USD. -96 -100 -102 -91 -72 Sep 2025 Jun 2025 Mar 2025 Dec 2024 Sept 2024 Treasury Undrawn Credit facilities Proportional consolidation. 1 Cash and cash equivalents + undrawn credit facilities / total debt Liquidity margin with a balanced debt maturity profile (€M)Net Financial Debt (€M) Strong financial position enables future projects and fuels continued expansion DEBT MATURITY 342 26 42 62 62 133 421 Sep 2025 Q4 2025 2026 2027 2028 ≧ 2029 763
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RESULTS Q3 2025 11 Consolidation 100%. Net CO2 emissions (kg CO2/t cementitious material) Alternative fuels rate (% alternative fuels) Clinker rate (% t clinker per ton cement) Improvement continues aligned with sustainability roadmap 590 545 532 2019 2024 9M 2025 2030 < 500 -58 kg 2019 2024 9M 2025 2030 7.6% 13.8% 15.0% 40% +7.4 bps 2019 2024 9M 2025 2030 71.9% 69.1% 67.7% 68% -4.2 bps Commitment to setting targets through the Science Based Targets initiative (SBTi).
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RESULTS Q3 2025 12 Acquisition of the leader in precast concrete solutions in Southeast Europe COMM ▪ Agreement with TITAN to boost the precast concrete solutions business in Southeast Europe. ▪ First joint acquisition of Baupartner, specialized in the design, manufacture and assembly of customized precast structural solutions. ▪ Operates in Bosnia and Herzegovina, Croatia and Serbia. ▪ Employs 300 people.
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RESULTS Q3 2025 13 Building the present. Shaping the future.
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RESULTS Q3 2025 14 (M€) Pro po rt io nal met h o d Adjustment comp. accounted via equity method Adjustm. comp. accounted via full consolidation EU- IFRS applic at ion Pro po rt io nal met h o d Adjustment comp. accounted via equity method Adjustm. comp. accounted via full consolidation EU- IFRS applic at ion Intangible assets 268,8 (14,7) 0,1 254,2 270,0 (15,0) 0,3 255,3 Fixed assets 819,1 (315,4) 188,3 692,0 866,5 (322,9) 235,6 779,2 Right-of-use assets 25,0 (7,0) 1,4 19,4 28,5 (7,9) 1,8 22,4 Financial fixed assets 5,0 (3,1) 0,4 2,3 5,2 (3,3) 0,4 2,3 Companies accounted for via equity method - 474,5 0,9 475,4 - 444,9 0,9 445,8 Goodwill 178,3 (32,5) (0,7) 145,1 136,7 (33,0) (0,7) 103,0 Other non-current assets 54,0 (15,4) 0,9 39,5 51,5 (12,0) 1,0 40,5 NON- C URRENT ASSETS 1.350,2 86,4 191,3 1.627 ,9 1.358,4 50,8 239,3 1.648,5 Stocks 194,5 (47,8) 36,6 183,3 189,8 (46,5) 43,6 186,9 Trade debtors and others 262,5 (70,6) 23,7 215,6 252,0 (75,1) 25,7 202,6 Temporary financial investments 67,3 (2,4) 0,6 65,5 39,4 (2,6) 1,0 37,8 Cash and equivalents 353,7 (183,9) 28,6 198,4 321,8 (172,9) 9,0 157,8 C URRENT ASSETS 87 8,0 (304,7 ) 89,5 662,8 803,0 (297 ,1) 7 9,3 585,2 TOTAL ASSETS 2.228,2 (218,3) 280,8 2.290,7 2.161,4 (246,3) 318,6 2.233,7 Net equity attributed to the parent company 1.309,8 - - 1.309,8 1.253,4 - - 1.253,4 Net equity from minority shareholders - 0,1 166,8 166,9 - 0,1 182,0 182,1 TOTAL NET EQUITY 1.309,8 0,1 166,8 1.47 6,7 1.253,4 0,1 182,0 1.435,5 Non-current financial debt 279,4 (72,8) 18,9 225,5 228,9 (79,6) 17,2 166,5 Other non-current liabilities 215,4 (11,0) 38,2 242,6 202,0 (12,1) 49,9 239,8 NON- C URRENT LIABILITIES 494,8 (83,8) 57 ,1 468,1 430,9 (91,7 ) 67 ,1 406,3 Current financial debt 45,2 (7,8) 11,5 48,9 42,3 (8,9) 12,0 45,4 Other current liabilities 378,4 (126,8) 45,4 297,0 434,8 (145,8) 57,5 346,5 C URRENT LIABILITIES 423,6 (134,6) 56,9 345,9 47 7 ,1 (154,7 ) 69,5 391,9 TOTAL NET EQUITY AND LIABILITIES 2.228,2 (218,3) 280,8 2.290,7 2.161,4 (246,3) 318,6 2.233,7 S ep 30th, 2025 Dec 31 st, 2024 Annex: Conciliation between the financial statements with proportional basis and the financial statements resulting by the application of international accounting standards EU-IFRS Conciliation Consolidated Balance Sheet
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RESULTS Q3 2025 15 M€ Proportional method Adjustment comp. accounted via equity method Adjustm. comp. accounted via full consolidation EU-IFRS application Proportional method Adjustment comp. accounted via equity method Adjustm. comp. accounted via full consolidation EU-IFRS application Income 1.004,3 (385,9) 133,0 751,4 1.021,5 (408,9) 158,1 770,7 Material costs (278,6) 78,3 (41,8) (242,1) (270,8) 77,9 (45,1) (238,0) Personnel expenses (162,0) 27,9 (19,1) (153,2) (158,9) 28,1 (23,2) (154,0) Other operating expenses (300,4) 130,5 (38,5) (208,4) (317,4) 146,5 (46,2) (217,1) EBITDA 263,3 (149,2) 33,6 147,7 274,4 (156,4) 43,6 161,6 Amortizations (64,0) 20,7 (14,6) (57,9) (64,7) 21,8 (15,6) (58,5) Results for impairment/sale of assets 0,4 (0,1) 0,2 0,5 4,8 (3,4) 0,1 1,5 Operating result 199,7 (128,6) 19,2 90,3 214,4 (138,0) 28,1 104,5 Financial results (15,9) 2,8 (9,3) (22,4) (2,1) (6,0) (2,5) (10,6) Results Cos. equity method - 93,8 - 93,8 - 104,3 - 104,3 Results before tax 183,7 (32,0) 9,9 161,6 212,3 (39,7) 25,6 198,2 Taxes (43,2) 32,0 (1,3) (12,5) (59,1) 39,7 (9,0) (28,4) Minority - - (8,6) (8,6) - - (16,6) (16,6) Net Income 140,6 0,0 - 140,6 153,2 - - 153,2 9M 2025 9M 2024 (M€) Pro po rt io nal met h o d Adjustment comp. accounted via equity method Adjustm. comp. accounted via full consolidation EU- IFRS applic at ion Pro po rt io nal met h o d Adjustment comp. accounted via equity method Adjustm. comp. accounted via full consolidation EU- IFRS applic at ion Financial liabilities 324,6 (80,6) 30,4 274,4 270,8 (88,0) 29,2 212,0 Current financial liabilities (*) 45,2 (7,8) 11,5 48,9 41,9 (8,4) 12,0 45,5 Non-current financial liabilities 279,4 (72,8) 18,9 225,5 228,9 (79,6) 17,2 166,5 Long term deposits (0,0) 0,0 - - (0,0) 0,0 - - Long term loans group companies (0,2) - 0,2 - (0,2) - 0,2 - Short term financial investments (66,7) 2,4 (1,3) (65,5) (39,4) 2,7 (1,1) (37,8) Cash and equivalent liquid assets (353,7) 183,9 (28,6) (198,3) (321,8) 173,1 (9,0) (157,8) NET F INANCIAL DEBT (95, 9) 1 05, 7 0, 8 1 0, 6 (90, 6) 8 7, 7 1 9, 3 1 6, 4 S ep 30th, 2025 Dec 31 st, 2024 Annex: Conciliation between the financial statements with proportional basis and the financial statements resulting by the application of international accounting standards EU-IFRS Conciliation Consolidated Net Financial Debt Conciliation Consolidated Profit & Loss Statement
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RESULTS Q3 2025 16 Molins actively takes part in the management of the companies which consolidates through the equity method, whether this is in conjunction with another shareholder or by means of relevant participation in its decision-making bodies. Following the guidelines and recommendations of the European Securities and Markets Authority (ESMA), whose objective is to promote the usefulness and transparency of the alternative performance measures included in the regulated information or in any other information submitted by the listed companies, the information included in this "Results Q3 2025" is based on the application of the proportionality principle in the consolidation method of its investees, applying the final shareholding percentage in each one of them. This way, Molins deems that the management of the businesses and the way their results are assessed for the decision-making process are reflected in the suitable manner. Therefore, the following parameters are defined in the presentation: • Sales: Net turnover by company, multiplied by the percentage of ownership in each company. • EBITDA: Result before financial results, taxes, amortizations, and results for the impairment and sale of assets, by company, multiplied by the percentage of ownership in each company. • EBIT: Net result before financial results and taxes (operating result) by company, multiplied by the percentage of ownership in each company. • Sustaining CAPEX: Payments for investments (additions to property, materials, and intangibles) to maintain the activity level, to sustain or improve productivity, by company, multiplied by the percentage of ownership in each company. • Growth CAPEX: Payments for significant investments (additions to property, tangibles, and intangibles) to increase capacity through green fields or expansion of capacity in existing industrial facilities, as well as carbon capture projects, by company, multiplied by the percentage of ownership in each company. • Free Cash Flow: Net cash flow from ordinary activities, consisting of cash generated from operations, (+/-) change in working capital, (-) sustaining CAPEX paid, (-) financial expenses paid and (+) financial income collected, (-) corporate income taxes paid, by company, multiplied by the percentage of ownership in each company. • Cash-Conversion-Rate: Cash conversion cycle, representing the relation between Free Cash Flow and EBITDA. • Net Financial Debt: Financial debt, subtracting cash, temporary financial investments, and long-term taxes, by company, multiplied by the percentage of ownership in each company. If there is a cash net balance, it is reported with a negative sign. • Volume: Physical units that have been sold of portland cement and concrete by company, multiplied by the percentage of ownership in each company. • Like-for-Like (LFL): It considers the comparable variation at constant currencies, without hyperinflation adjustment in Argentina and Turkey (IAS 29), and with same consolidation’s scope. As an annex, the Consolidated Summary Financial Statements of Molins and its subsidiaries are included in accordance with International Financial Reporting Standards (IFRS-EU), along with the reconciliation to the criteria adopted in this presentation. Basis for information presentation