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RESULTS 2025 1 2025 Results Molins urban furniture at Barajas airport, Madrid. Molins urban furniture at Adolfo Suárez Madrid-Barajas airport, Madrid.
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RESULTS 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 2025 3 Global company with family roots and listed in Spain ▪ Established in 1928, almost a century creating products and developing innovative and sustainable solutions for the construction sector. ▪ Stock listed since 1942 at Barcelona Stock Exchange. ▪ Market cap c. € 2.2 billion. ▪ An integrated business model comprising a wide range of products and solutions for building solutions with six businesses. ▪ One purpose: We aim to boost social development and people's quality of life by creating innovative and sustainable building solutions.
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RESULTS 2025 4 Geographic and business diversification Over 7,200 employees en 13 países 33% 51% 49% 33% 50% 100% 70% 29% % Molins % Partner % Others 100% MEXICO Sales €942m EBITDA €428m 1,370 employees COLOMBIA Sales €139m EBITDA €46m 271 employees BOLIVIA Sales €111m EBITDA €27m 227 employees ARGENTINA Sales €287m EBITDA €80m 780 employees URUGUAY Sales €72m EBITDA €13m 171 employees BANGLADESH Sales €213m EBITDA €70m 673 employees TUNISIA Sales €108m EBITDA €31m 648 employees SPAIN Sales €530m EBITDA €101m 2,551 employees REST EUROPE Sales €102m EBITDA €19m 548 employees 6% 14% 20% 58% OTHERS CONSTRUCTION SOLUTIONS CONCRETE & AGGREGATES PRECAST SOLUTIONS CEMENT EBITDA €356m PROPORTIONAL CONSOLIDATION SALES €1,368m
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RESULTS 2025 5 SPAIN: capacity 1.9 Mt MEXICO: capacity 9.5 Mt ARGENTINA: capac. 3,9 Mt URUGUAY: capac. 0.7 Mt BOLIVIA: capacity 1.0 Mt GLOBAL: Calcium Aluminate Cement (plants in Spain and Croatia) COLOMBIA: capac. 1.7 Mt BANGLADESH: capac. 3.4 Mt TUNISIA: capacity 2.1 Mt BOSNIA-HERZEGOVINA PORTUGAL Geographic and business diversification Cement Concrete Aggregates Construction Precast Urban Circular Solutions Solutions Landscape Economy
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RESULTS 2025 6 ▪ Differentiated behaviour between the first and second semesters . ▪ Q4 sales up 6%. Sales in 2025 reached €1,368 m in line with the previous year (LFL¹ +8%) with like -for -like growth across all regions . Effective price management, a strong precast solutions order backlog, and acquisitions offset adverse FX effects . ▪ Q4 EBITDA up 14%. EBITDA in 2025 achieved €356 m, in line with 2024 (LFL¹ +10 %). ▪ The greater contribution of businesses in Europe, supported by the positive net effect of prices on costs and efficiency plans, together with the incorporation of new businesses, offset the adverse impact of exchange rates . ▪ The EBITDA Margin remains at 26 .1%. ▪ Net profit reaches an all -time high of €185 m, +1% 2024 . ▪ Earnings per share of €2.80. ▪ Strong cash generation . Net Financial Debt increases the net cash balance to €94 m. Strong operating results In a global context of economic and geopolitical uncertainty Proportional consolidation. Figures in €m. ¹ Like-for-like: constant currencies, without hyperinflation in Argentina and Turkey, and same consolidation’s scope. ▪ Improvement 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 .
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RESULTS 2025 7 Q4 2025 Q4 2024 % var. % LFL ¹ 2025 2024 % var. % LFL ¹ 363 343 +6% +11% Sales 1.368 1.365 +0% +8% 93 82 +14% +24% EBITDA 356 356 +0% +10% 25,6% 23,8% +1,8 +2,0 EBITDA Margin 26,1% 26,1% -0,0 +0,5 64 46 +38% +46% EBIT 263 261 +1% +11% 45 31 +45% +41% Net Result 185 184 +1% +10% 0,68 0,47 +45% EPS (€) 2,80 2,78 +1% -94 -91 +4% - Net Financial Debt -94 -91 +4% - Strong operating results In a global context of economic and geopolitical uncertainty 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 2025 8 Strong activity in the second half of the year SALES (€m)PORTLAND CEMENT VOLUME (Th. t) CONCRETE VOLUME (Th. m³) ▪ Slight decline in activity in Q4 following a positive Q3 (Q3’25: +2%, Q4’25: -2%). ▪ Slow reactivation of public works in Mexico and South America. ▪ Q4 sales up 6% (LFL +11%). ▪ Sales 2025 in line with 2024 (LFL +8%) driven by volume and average selling prices, offset by adverse FX. ▪ Strong order backlog in Precast Solutions and Urban Landscape. ▪ Recovery of activity continues across all regions (Q2’25: +1%, Q3’25: +4%, Q4’25: +6%). ▪ Annual volume up 3% driven by higher activity in South America, Asia and North Africa. 2024 2025 7,193 7,389 +3% 2024 2025 1,558 1,529 -2% 343 363 Q4 2024 Q4 2025 +6% Q4 2024 Q4 2025 1,782 1,880 +6% 392 384 Q4 2024 Q4 2025 -2% 2024 2025 1,365 1,368 0% 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 2025 9 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 22.7 23.7 24.9 25.0 25.4 25.9 25.8 26.1 26.0 25.7 25.6 26.1 LTM EBITDA MARGIN BY QUARTER (%)EBITDA BY QUARTER (€m) Differentiated performance by semester, with a solid contribution in the second half of the year Annualized margin remains above 26% Sustainable and profitable growth 86 93 99 59 90 99 85 82 87 87 89 93 1T 2T 3T 4T -3% -11% +4% +14% 2023 2024 2025 Proportional consolidation.
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RESULTS 2025 10 ▪ EBITDA like-for-like¹ up 10%, reflecting a net positive price–cost effect and efficiency initiatives. ▪ Adverse FX impact, mainly from the depreciation of the Mexican peso and Argentine peso, and negative effect of hyperinflation accounting in Argentina. ▪ EBITDA Margin like-for-like¹ reaches 26.6%. EBITDA driven by volume, pricing, and cost efficiency 19 28 10 356 349 384 356-28 EBITDA LFL¹ 2025 Non-recurrent -23 Price and Variable costs VolumeEBITDA 2024 w/o hyperinflation Fixed and Overhead costs EBITDA 2024 EBITDA 2025 FX, scope & hyperinflation +10% 0% EBITDA Margin 26.1%26.1% 26.6% 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 2025 11 2025 2024 % var. % LFL ¹ 2025 2024 % var. % LFL ¹ Europe 628 569 11% 4% 120 111 7% 3% Mexico 314 334 -6% 2% 143 149 -4% 5% South America 287 327 -12% 23% 79 89 -11% 25% Asia & North Africa 138 136 2% 7% 38 37 2% 18% Corporate & Others - - - - -24 -21 - - Non-recurrent - - - - 1 -9 - - Total 1.368 1.365 0% 8% 356 356 0% 10% SALES EBITDA Sales and EBITDA by Region Sales and EBITDA increased on a like-for-like basis by 8% and 10% %, 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 2025 12 ▪ €67m allocated to sustaining capex, focused on sustainability, digitalization, and operational efficiency. ▪ Growth capex reached €102m, driven by bolt-on acquisitions supporting the development of the precast solutions business. Alternative fuel storage and processing installation at the Tepetzingo plant (Mexico). Investments focused on sustainability and inorganic growth 68 67 29 102 2024 2025 Growth Sustaining 98 170 INVESTMENTS (€m) New 25 kg bagging lines at Olavarría and San Luis plants (Argentina). Alternative fuel storage at the Barcelona plant. Proportional consolidation.
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RESULTS 2025 13 ▪ Strong cash generation: €176m, achieving a cash conversion ratio of 50% (54% on a comparable basis1). ▪ Strengthened investments: 40% allocated to sustaining capex focused on sustainability, efficiency, and digitalization, and 60% to growth capex. Decarbonisation subsidies in Spain partly collected. ▪ Higher tax payments in 2025 due to the normalisation of the collection schedule for corporate tax refunds in Spain. 1 On a comparable basis with 2024, the Cash Conversion Rate for 2025 reaches 54%, after normalising the impact of the collection schedule for corporate income tax refunds in Spain. Proportional consolidation. Figures in M€. 356 176 Change in working capital -67 Sustaining investments Interest payment -89 Change in NFD 2025 OthersDividends -70 Growth investments -102 Free Cash Flow Change long term items Tax payment -7 -16 -1 0 3 EBITDA 2025 Cash conversion rate 50% Strong cash generation
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RESULTS 2025 14 Strong financial position DEBT MATURITY Liquidity margin with a balanced debt maturity profile (€m)Net Financial Debt (€m) ▪ Net cash balance of €94m with a debt coverage ratio¹ of 2.3x. ▪ Gross debt of €334m, with 50% maturing from 2030 onwards. ▪ Sustainable financing: 62% of total debt linked to sustainability targets. ▪ Active FX exposure management, ensuring alignment between financial assets and liabilities by currency. 62 % of debt is denominated in EUR, while 63 % of cash is held in EUR and USD. ▪ New amendment to the sustainable syndicated financing signed in December, extending maturity to 2030. -94 -91 -17 Dec 2025 Dec 2024 Dec 2023 338 51 56 30 31 166 428 Dec 2025 2026 2027 2028 2029 ≧ 2030 Treasury Undrawn credit facilities 766 Proportional consolidation. 1 Cash and cash equivalents + undrawn credit facilities / total debt
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RESULTS 2025 15 Strategic Plan 2024-26 ▪ The 2024–2026 Strategic Plan aims to deliver profitable and sustainable growth built on five pillars: 2030 Agenda, sustainable products and solutions, digital agenda, sustainable growth, and people. ▪ Relevant progress achieved across all five pillars in 2025. ▪ Expected consolidation of Secil in 2026 would trigger early completion of the current Strategic Plan 2024–26 and the launch of a new Strategic Plan incorporating the expanded perimeter.
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RESULTS 2025 16 Consolidation 100%. ¹ Corporate Sustainability Reporting Directive for companies in the European Union. Net CO2 emissions (kg CO2/t cementitious material) Alternative fuels rate (% alternative fuels) Clinker rate (% t clinker per ton cement) 590 545 524 2019 2024 2025 2030 < 500 -66 kg 2019 2024 2025 2030 7.6% 13.8% 15.5% 40% +7.9 bps 2019 2024 2025 2030 71.9% 69.1% 67.7% 68% -4.2 bps Improvement continues aligned with sustainability roadmap Publication of the 2024 and 2025 Sustainability Reports in compliance with CSRD¹ Sustainable Fitch has reaffirmed the rating CDP climate performance rating of A-
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RESULTS 2025 17 Roadmap 2030 Results 2025: ✓ FR = 2.7 Results 2025: ✓ 15.5% of alternative fuels ✓ 67.7% clinker rate Results 2025: ✓ 29.5% of comsuption ✓ Emission factor 524 kgCO2/t Results 2025: ✓ PM = 32 g/t clinker ✓ NOx = 1,531 g/t clinker ✓ SOx = 49 g/t clinker ✓ 53% with biodiversity programs Results 2025: ✓ 38% community engagement plans ✓ 19% of women in management positions Datos: Consolidación 100% Health and Safety Our target 2030: ▪ Zero accidents Our targets 2030: ▪ 55% of electricity consumption from renewable sources ▪ Emission factor < 500 kgCO2/t cementitious Our targets 2030: ▪ Community engagement plans in 100% of our operations ▪ 23% of women in management positions Circular Economy Energy and Climate Change Environment and Nature Corporate Social Responsibility Our targets 2030: ▪ 40% of alternative fuels rate ▪ 68% clinker rate Our targets 2030: ▪ Emissions particulate matter (PM) = 50 g/t clinker, NOx = 1,400 g/t clinker and SOx= 32 g/t clinker ▪ Biodiversity management programs for quarries
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RESULTS 2025 18 New targets under validation by the Science Based Targets initiative (SBTi). ▪ Decarbonisation strategy updated, increasing emissions reduction ambition and revising 2030 interim targets, aligned with a 1.5°C scenario. ▪ Specific reduction targets defined for scope 1, 2 and 3 emissions, including a 20% reduction in scope 1 and 2 emissions per ton of cementitious product versus 2023. ▪ New targets defined for the remaining pillars. ▪ Communication planned for Q2 2026. Data: legal consolidation perimeter under IFRS. New Roadmap 2030
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RESULTS 2025 19 01 02 03 04 05 Second year of our range of solutions with sustainable attributes We continue to engage with institutions to foster demand for these sustainable solutions. Susterra promotes our sustainability goals and brings value to our customers'. Cements with CO2 emissions reductions greater than 20%. Concretes with emissions reductions greater than 25% compared to conventional concrete. Mortars and pavements manufactured with more than 2.5% recycled raw materials in their composition. Cementitious products certified with the EMICODE seal for very low emissions of volatile organic components. Urban furniture with 10% of recycled aggregates in its composition.
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RESULTS 2025 20 ▪ Deployment of scalable digital solutions. ▪ Apps for commercial teams. ▪ New logistics optimization solution. ▪ AI-driven real-time optimization of cement kilns, grinding processes and raw mills. ▪ IoT analytics applied to industrial and logistics data. ▪ Apps deployed in cement and precast plants. ▪ Leveraging generative AI to drive productivity. ▪ Intelligent automation: scaling 100 RPAs with generative AI integration. ▪ Adoption of generative AI in the workplace. ▪ VIRTUS program to foster digital culture and drive adoption of digital tools. ▪ Training sessions on generative AI, knowledge sharing, data culture and cybersecurity. ▪ First “Agent Builder”, a generative AI hackathon. ▪ Focus on building a data-driven culture and ensuring robust data governance. ▪ Ecosystem of specialized partners. ▪ Execution of seven strategic projects. CUSTOMER EXPERIENCE DIGITAL PLANT HYPERAUTOMATION DATA AND ARTIFICAL INTELIGENCE PEOPLE EMERGING TECHNOLOGIES ▪ Open innovation challenge at MWC 2025. ▪ Open innovation-focused matchmaking process, in collaboration with TechBarcelona. Digital agenda 30 digital initiatives launched in 2025 | 60 accumulated since the start of the plan
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RESULTS 2025 21 Leadership model: transformation towards a flexible and adaptive organization People Our people are a key pillar of value creation. Cultural transformation at Molins ensures the talent needed to deliver the Strategic Plan. ▪ Implementation of the new Talent Map, identifying key and high-potential talent aligned with business objectives. ▪ Rollout of the People Review, covering 100% of the evaluated population. ▪ Acceleration of leadership development through the Leadership Journey. Talent development:transforming the talent we have into the talent we need. Commitment: cultural transformation guided by the company’s purpose. Compensation and benefits: becoming an increasingly attractive employer for our talent ▪ Fostering a digital, inclusive and diverse culture. ▪ Launch of “Molins Talent Factory” for specialist profiles. ▪ Strengthening digital capabilities through the VIRTUS program. ▪ Deployment of the employee engagement survey across all countries. ▪ Definition of an action plan focused on addressing employees’ key needs. ▪ Launch of Cobee and Wellhub flexible benefits platforms. ▪ Global engagement initiatives to foster collaboration and wellbeing. ▪ Top Employer and Great Place to Work certifications obtained in multiple countries, reinforcing the employee value proposition. ACTIONS 2025TARGETS
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RESULTS 2025 22 Sustainable growth Acquisition of the leading precast concrete solutions provider in Southeastern Europe. Acquisition of the market leader in precast concrete solutions in Portugal. Development of a concrete urban furniture plant in Oklahoma (United States). Acquisition in Spain to expand the manufacturing of reinforced and prestressed structural precast elements. New precast solutions plant in Spain to triple capacity in industrialized housing. Expansion of the construction solutions plant in Quer (Spain). Agreement acquisition of Secil ▪ Presence in eight markets with an annual cement production capacity of 10 million tones. ▪ Strengthens Molins’ presence in Europe and completes its expansion in Latin America with entry into Brazil. ▪ Drive the sustainability strategy through the combination of technical and innovation capabilities. ▪ The transaction is subject to customary closing conditions and is expected to be completed in the first quarter of 2026.
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RESULTS 2025 23 Attractive shareholder remuneration DIVIDEND DEVELOPMENT (EUR/SHARE) Dividend for FY 2025 of €0.98 per share, equivalent to a 35% pay-out ratio. o Interim dividend of €0.55 per share paid in December 2025. o Complementary dividend of €0.43 per share to be paid in July 2026, subject to approval by the Annual General Meeting. 2020 2021 2022 2023 2024 2025 0.98 0.42 0.56 0.68 0.92 1.11
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RESULTS 2025 24 Building the present. Shaping the future.
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RESULTS 2025 25 Annex RESULTS BY REGION
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RESULTS 2025 26 ▪ Sales increased across all business lines despite the completion of major projects, with particularly strong performance in precast solutions for industrialized residential buildings, construction solutions, and urban landscape. ▪ Weak demand in Central and Northern European markets, impacting calcium aluminate cement sales. ▪ Integration of Portugal and Bosnia-Herzegovina. ▪ Successful launch of cement CEM II/B-M (Q-L) 42.5 R (calcined clays). ▪ Execution of investments under the Industrial Decarbonization PERTE at the Barcelona plant. Europe: Profitable growth while preserving margins Proportional consolidation Top Employer 2025 certification in Spain. Award of the precast concrete structures for the Multilevel Cross-Docking Barcelona City Hub project. Launch of a new solution to ensure long-lasting flooring, PROPAM FLOOR 100 MAX, and update of the PROPAM IMPE waterproofing range. 100th anniversary of Calucem in Croatia. 193,000 tones of waste recovered at the Alternative Raw Materials plant. in €m 2025 2024 % var. % LFL Sales 628 569 +11% +4% EBITDA 120 111 +7% +3% EBITDA Margin 19% 20% -50 bps
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RESULTS 2025 27 ▪ Tensions with the United States generated uncertainty in manufacturing investment and nearshoring projects.. ▪ Activity picked up in Q4 2025, despite a year-on-year contraction in the construction sector, particularly in public works and residential investment. ▪ Solid results. Pricing management to offset inflation and cost efficiency initiatives supported sustained margins. ▪ Strong depreciation of the Mexican peso against the euro, with an average annual depreciation of 10%. ▪ Investments in alternative fuel facilities, capacity expansion, and efficiency improvements. Mexico: Growth in local currency with margin improvement Proportional consolidation Documentary “A home in the Sea” on the installation of artificial reef structures in the waters of Yucatán. Concrete supply for the Legend Tower in Guadalajara. Environmental Product Declarations (EPDs) for more than 2,800 products. Installation of alternative fuels storage and processing facilities in Tepetzingo. in €m 2025 2024 % var. % LFL Sales 314 334 -6% +2% EBITDA 143 149 -4% +5% EBITDA Margin 45% 45% 80 bps
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RESULTS 2025 28 ▪ Increase in activity across the region. ▪ Sales growth in all countries, except Bolivia, impacted by a challenging social environment and political tension. ▪ Improved results in local currency driven by pricing management and cost efficiency. ▪ Relevant devaluation of the Argentine peso and negative impact from hyperinflation accounting. ▪ Completion of industrial investments in Argentina: adaptation of packing lines for 25 kg bags and installation of alternative fuels dosing systems. Proportional consolidation South America: Operational efficiency improvements driving local-currency results New offices at the Olavarría plant (Argentina). Wind farm at Olavarría (Argentina) Launch of a new lower-emissions structural cement in Bolivia. in €m 2025 2024 % var. % LFL Sales 287 327 -12% +23% EBITDA 79 89 -11% +25% EBITDA Margin 28% 27% 40 bps
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RESULTS 2025 29 BANGLAD ESH ▪ A year of economic reforms following the institutional crisis in 2024 . ▪ Positive impact from efficiency plans . ▪ Growth in the aggregates business . ▪ Sustained margins . ▪ Agreement to extend gas supply for a further ten years . TUNISIA ▪ Increase in local activity offset by lower exports . ▪ Improved results driven by the positive impact of efficiency plans and the normalization of energy costs . ▪ Ongoing photovoltaic project for self -consumption . Proportional consolidation Asia & North Africa: Performance improvement Signing of a ten-year gas supply agreement in Bangladesh. Agreement to cover 80% of the Kairouan plant’s electricity consumption with renewable energy. in €m 2025 2024 % var. % LFL Sales 138 136 +2% +7% EBITDA 38 37 +2% +18% EBITDA Margin 28% 28% 10 bps
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RESULTS 2025 30 €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 Intangible assets 303,5 (15,7) 7,9 295,7 270,0 (15,0) 0,3 255,3 Fixed assets 851,2 (334,0) 195,8 713,1 866,5 (322,9) 235,6 779,2 Right-of-use assets 26,0 (7,6) 1,8 20,2 28,5 (7,9) 1,8 22,4 Financial fixed assets 5,5 (3,3) 0,4 2,7 5,2 (3,3) 0,4 2,3 Companies accounted for via equity method - 464,7 0,9 465,5 - 444,9 0,9 445,8 Goodwill 165,7 (32,7) 9,3 142,3 136,7 (33,0) (0,7) 103,0 Other non-current assets 63,2 (18,4) 0,9 45,7 51,5 (12,0) 1,0 40,5 NON-CURRENT ASSETS 1.415,1 53,0 217,1 1.685,2 1.358,4 50,8 239,3 1.648,5 Stocks 183,6 (48,7) 35,6 170,6 189,8 (46,5) 43,6 186,9 Trade debtors and others 309,7 (81,5) 29,3 257,5 252,0 (75,1) 25,7 202,6 Temporary financial investments 18,7 (3,3) 0,9 16,4 39,4 (2,6) 1,0 37,8 Cash and equivalents 409,2 (180,9) 11,2 239,5 321,8 (172,9) 9,0 157,8 CURRENT ASSETS 921,3 (314,4) 77,1 684,0 803,0 (297,1) 79,3 585,2 TOTAL ASSETS 2.336,4 (261,4) 294,2 2.369,2 2.161,4 (246,3) 318,6 2.233,7 Net equity attributed to the parent company 1.329,4 - - 1.329,4 1.253,4 - - 1.253,4 Net equity from minority shareholders - 0,1 172,1 172,2 - 0,1 182,0 182,1 TOTAL NET EQUITY 1.329,4 0,1 172,1 1.501,6 1.253,4 0,1 182,0 1.435,5 Non-current financial debt 283,1 (73,3) 19,4 229,2 228,9 (79,6) 17,2 166,5 Other non-current liabilities 204,2 (8,6) 39,5 235,1 202,0 (12,1) 49,9 239,8 NON-CURRENT LIABILITIES 487,3 (81,9) 58,9 464,3 430,9 (91,7) 67,1 406,3 Current financial debt 51,5 (7,8) 13,6 57,3 42,3 (8,9) 12,0 45,4 Other current liabilities 468,2 (171,7) 49,5 346,0 434,8 (145,8) 57,5 346,5 CURRENT LIABILITIES 519,7 (179,5) 63,1 403,3 477,1 (154,7) 69,5 391,9 TOTAL NET EQUITY AND LIABILITIES 2.336,4 (261,4) 294,2 2.369,2 2.161,4 (246,3) 318,6 2.233,7 Dec 31st, 2025 Dec 31st, 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 2025 31 €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 1.367,5 (524,8) 184,9 1.027,6 1.364,8 (530,4) 225,8 1.060,2 Material costs (386,9) 106,8 (56,3) (336,3) (371,8) 105,0 (64,2) (331,0) Personnel expenses (221,1) 38,2 (27,2) (210,1) (214,8) 37,8 (32,1) (209,1) Other operating expenses (403,3) 177,4 (51,4) (277,3) (422,0) 190,6 (64,8) (296,2) EBITDA 356,3 (202,4) 50,0 204,0 356,2 (197,0) 64,7 223,9 Amortizations (93,5) 28,6 (25,0) (89,9) (89,4) 29,2 (22,3) (82,5) Results for impairment/sale of assets 0,6 (1,1) (0,1) (0,6) (6,2) (3,4) 11,3 1,7 Operating result 263,4 (174,9) 25,0 113,5 260,6 (171,2) 53,6 143,0 Financial results (23,1) 4,0 (13,2) (32,4) (6,0) 2,7 (17,5) (20,8) Results Cos. equity method - 126,6 - 126,6 - 117,2 - 117,2 Results before tax 240,2 (44,3) 11,8 207,7 254,6 (51,3) 36,1 239,4 Taxes (55,0) 44,3 (1,3) (12,0) (70,5) 51,3 (13,8) (33,0) Minority - - (10,5) (10,5) - - (22,4) (22,4) Net Income 185,2 (0,0) 0,0 185,2 184,1 (0,0) 0,0 184,1 FY 2025 FY 2024 €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 Financial liabilities 334,2 (81,0) 33,0 286,2 270,8 (88,0) 29,2 212,0 Current financial liabilities (*) 51,0 (7,7) 13,6 57,0 41,9 (8,4) 12,0 45,5 Non-current financial liabilities 283,1 (73,3) 19,4 229,2 228,9 (79,6) 17,2 166,5 Long term deposits (0,0) 0,0 - 0,0 (0,0) 0,0 - - Long term loans group companies (0,2) - 0,2 0,0 (0,2) - 0,2 - Short term financial investments (18,8) 3,3 (0,9) (16,4) (39,4) 2,7 (1,1) (37,8) Cash and equivalent liquid assets (409,2) 180,9 (11,2) (239,5) (321,8) 173,1 (9,0) (157,8) NET FINANCIAL DEBT (94,0) 103,2 21,1 30,3 (90,6) 87,7 19,3 16,4 Dec 31st, 2025 Dec 31st, 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 2025 32 € million 2025 2024 Europe 119,6 110,0 South America 80,5 112,3 North Africa 30,2 29,4 Corporate & Others -24,0 -19,8 TOTAL 206,3 231,9 For information purposes: main Joint Ventures accounted for using the equity method. Mexico (100%) 428,4 448,2 Bangladesh (100%) 69,5 57,8 Colombia (100%) 46,2 47,4 Operating EBITDA € million 2025 2024 OPERATING RESULT (EBIT) 113,5 143,0 Depreciation and Amortization 89,9 82,5 Results for impairment/sale of assets 0,6 -1,7 Non recurrent items -2,3 8,0 OPERATING EBITDA 206,3 231,9 Results companies equity method 126,6 117,2 ADJUSTED EBITDA 332,9 349,1 € million 2025 2024 Europe 632,2 569,0 South America 287,2 389,1 North Africa 108,2 102,1 Corporate & Others - - TOTAL 1.027,6 1.060,2 For information purposes: main Joint Ventures accounted for using the equity method. Mexico (100%) 941,9 998,8 Bangladesh (100%) 213,3 220,6 Colombia (100%) 138,6 131,0 Sales Annex: Update of Alternative Performance Measures (APMs) From Q1 2026, a new definition of management metrics will be implemented to more accurately reflect the economic contribution of equity-accounted companies subject to active and ongoing management. Conciliation Sales by region EBITDA by region Operating EBITDA Operating result (EBIT) before non-recurrent incomes and expenses, depreciation and amortization, and gains or losses from asset impairments and disposals, for companies included within the consolidation perimeter. Ratio between Operating EBITDA and sales. Operating EBITDA plus Results of companies accounted for using the equity method. EBITDA Margin Adjusted EBITDA
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RESULTS 2025 33 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 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