Slides
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H1 2026 RESULTS 4 August 2026 Pietro Buzzi - CEO KJ Den Haag Complex , The Hague Netherlands . 1
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H1 2026 Results | 4 August 2026 1 H1 2026 IN BRIEF +5.4% -4.2% +0.1% +1.1% lfl -8.2% -8.2% lfl -190bps -€214m Cement volumes slightly declined in Europe, reflecting weaker demand and adverse weather conditions in Q1, partly offset by strong performances in the U.S. and Brazil. Including scope changes, cement volumes increased by 5.4%, while rmx volumesdeclinedby 4.2%. Net Sales were broadly stable, benefiting from a €61m contribution from scope changes, while H1 EBITDA reached €483m, including a €9m positive scope effect. At constant scope, profitability improved in Italy, Poland, UAE and Brazil thanks to stronger operating leverage, while higher production costs pressuredmarginselsewhere. Net cash position decreased by €214m, primarily reflecting the share buyback program and higher capex
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H1 2026 Results | 4 August 2026 2 NET SALES VARIANCE ANALYSIS (€m) Unfavorable impact Favorable impact*FX effect calculated with a comparison to the full H1 2025 **Intercompany eliminations and adjustments Volume Price Scope Volume Price Scope Volume Price FX Volume Price FX Volume Price FX Volume Price FX* Scope 1H 25 ITALY CENTRAL EUROPE EASTERN EURPE USA BRAZIL Others* 1H 26 ITALY CENTRAL EUROPE EASTERN EUROPE USA BRAZIL UAE Others** 2,187 2,189 (26) 14 3 (22) 6 4 (12) (16) 11 7 (12) (50) 12 19 9 53 7 (1) (5) 1
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H1 2026 Results | 4 August 2026 3 EBITDA VARIANCE (€m) Unfavorable impact Favorable impact (€m) 1H 25 Volume Price Variable Cost Fixed Cost Others CO2 FX Scope 1H 26 (42) 19 13 (18) (15) 0 (9) 9 483 526
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H1 2026 Results | 4 August 2026 4 Net Cash FY 25 Net Cash from Op. Capex Equity Inv. Dividends paid Dividends received Shares Buyback Others Net Cash 1H 26 Unfavorable impact Favorable impact 1 2 3 343 354 261 1H 24 1H 25 1H 26 1 218 219 264 1H 24 1H 25 1H 26 108 124 123 1H 24 1H 25 1H 26 3 2 Net Cash Flow from Op. Capex Dividends paid CASH GENERATION & CAPITAL ALLOCATION (€m) 1,110 896 261 (264) (11) (123) 41 (180) 62
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H1 2026 Results | 4 August 2026 5 TRADING BY GEOGRAPHICAL AREA Cimento Nacional Plant in Sete Lagoas, Brazil.
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H1 2026 Results | 4 August 2026 6 UNITED STATES OF AMERICA Residential construction still constrained by elevated interest rates, while private non-residential activity weakened; public infrastructure and data center investments continued to support overall constructionactivity. Cement volumes increasedby 1.6%, on the back of a strong Q1. Rmx volumes fell by 1.5%. Margin declined, mainly because of cost inflation pressureson operations. Negative FX impact on Net Sales (€49.6m) and EBITDA (€12.6m) -20.7% -15.3% lfl -450 bps -6.9% -0.6% lfl * Recurring
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H1 2026 Results | 4 August 2026 7 ITALY Construction sector supported by still-active but winding-down PNRR projects, while residential activity weakened amid lower incentives and tighter financing. Cement volumes declinedby 6.2% in H1, with ready- mix concretevolumes followinga similar trend, down 6.3%. Margin expansion was driven by positive pricing dynamicsand efficientcost management. Net Sales benefited from a positive scope effect (€3.4m) following the acquisition of an additional rmx batch. +11.1% +10.6% lfl +280 bps -2.2% -3.1% lfl * Recurring
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H1 2026 Results | 4 August 2026 8 CENTRAL EUROPE German construction activity remained weak in H1 2026, with residential construction under pressure, while commercial and civil engineering segments showed signs of stabilization. Benelux markets remainedbroadlyflat. Weak demand conditions weighed on volumes, with Germany recording declines of 3.5% in cement and 6.9% in ready-mix concrete. Cement volumes were flat in Luxembourg, while rmx volumes in the Netherlandsdecreasedby 8.2%. Cement margins came under pressure as price increaseslagged cost inflationin the region The acquisitionof additionalrmx batchesin Germany contributed a positive scope effect of €4.4m to Net Sales. * Recurring -27.7% -27.3% lfl -390 bps -2.3% -3.2% lfl
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H1 2026 Results | 4 August 2026 9 EASTERN EUROPE Poland benefited from resilient infrastructureactivity and an improving residential market, supported by rising housing starts. In the Czechia, construction activity continued to expand, driven by growth in both building and civil engineering works, alongside a strong housingrecovery. Cement and rmx volumes in Poland declined by 10.6% and 13.4%, respectively,mainly due to a weak Q1. In contrast, Czechia recorded solid growth, with cement and rmx volumes increasing by 5.5% and 10.9%, respectively,while cement volumes in Russia decreasedby 8.9%. Excluding Russia, positive pricing execution and cost control measures supported resilient margin performancedespitemarket challenges. PositiveFX contributionto Net Sales (+€10.6m) and EBITDA (+€2.0m). *Recurring -20.3% -22.3 lfl -440 bps -5.5% -7.9 lfl
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H1 2026 Results | 4 August 2026 10 BRAZIL Residential construction remains supported by the Minha Casa, Minha Vida program, while infrastructure, energy, and transport investments sustain non-residential activity and overall sector growth. Cement volumes increasedby 3.2% comparedto H1 2025 levels. Improving pricing in local currency continues to support margin gains, more than offsetting cost inflation,mainly logistics. Positive FX impact on Net Sales (+€9.0m) and EBITDA (+€2.5m). * Recurring Brazil - consolidated from Q4 2024, YoY comparison made assuming 100% ownership also in 2024. +55.9% +48.9% lfl +570 bps+23.8% 18.3% lfl
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H1 2026 Results | 4 August 2026 11 UNITED ARAB EMIRATES Constructionactivity continues to expand, supported by robust non-oil economic growth, ongoing investmentin infrastructureand energy projects,and improvedaccess to sector financing. Robust price growth in local currency has provided greaterflexibilityto offset and manage cost volatility. Negative FX impact of €5.1m on Net Sales and €0.7m on EBITDA Scope effect contributing €53.2m to Net Sales and €8.8m to EBITDA *Recurring UAE - consolidated from May 2025, YoY comparison made only considering consolidated portion of the year
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H1 2026 Results | 4 August 2026 12 MEXICO Construction activity remains supported by infrastructureinvestment, withMexico’sconstruction output postinga modest recover Cement volumes increased by 12.7%, while ready- mix volumesfell 5.8% YoY. Positivepricingmomentumin local currency Production costs increased slightly across both fixed and variablecomponents. FavorableFX movementscontributed€37.5m to Net Sales and €17.4m to EBITDA. * Recurring +23.7% +15.6% lfl +100 bps26.4% +18.1% lfl
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H1 2026 Results | 4 August 2026 13 OUTLOOK 2026 | UPDATE Guided Tour During the Family & Friends Event at the Trino Plant, Italy.
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H1 2026 Results | 4 August 2026 14 OUTLOOK 2026 | UPDATE Construction demand is expected to remain broadly stable through year-end, with second-half trends consistent with H1 performance. Geopolitical and trade-related uncertainties are likely to continue driving cost volatility. - USA: Weak residentialand non-residentialdemand is partly offset by continuedstrengthin data center and infrastructureinvestments. - Italy: phase-out of governmentincentivescontinuesto weigh on residentialand infrastructuredemand, with currenttrends expectedto persist. - Central Europe: Construction demand remains below expectations,with support from the Federal InfrastructurePlan in Germany expected to become visibleafter Q4. - Eastern Europe: Following a weather-impacted start to the year, demand trends remain supported by government initiatives in the Czech Republicand Poland. - Brazil: Outlook remains favourable, supportedby ongoing interestrate cuts, low unemploymentand improvingconstructionactivity. - UAE: Despite geopoliticaltensions,constructionactivityremains robust, and the first full year of UAE consolidationcontributespositiveresults. - Mexico: Markettrends are expectedto remain broadlyconsistentwith H1, with USMCA developmentsrepresentinga key source of uncertainty. - . Inflationary pressures are expected to continue driving production costs, while energy markets remain volatile and may affectthe broader supply chain. The company remains focused on pricing discipline to preserve a positive price-cost balance across all regions. Recurring EBITDA expected to marginally decline, projected to be in the range of €1,100-1,200 million. FX headwinds are expected to persist, primarily reflecting the continued weakness of the U.S. dollar.
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H1 2026 Results | 4 August 2026 15 APPENDIX
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H1 2026 Results | 4 August 2026 16 CEMENT AND RMX VOLUMES VARIANCE Cement volumes (mton) Ready-mix volumes (mm3) 1H 25 Italy USA Central Europe Eastern Europe Brazil UAE 1H 26 14.9 15.7 -6.2% +1.6% -2.9% -7.1% 1H 25 Italy US Central Europe Eastern Europe 1H 26 4.8 4.6 +3.2% +100% -6.3% -1.5% -7.2% +1.1%
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H1 2026 Results | 4 August 2026 17 HISTORICAL VOLUME EVOLUTION 26.8 27.9 29.1 29.3 31.2 28.3 26.3 26.3 31.9 14.9 15.7 2017 2018 2019 2020 2021 2022 2023 2024 2025 1H25 1H26 12.3 12.1 12.1 11.7 12.1 11.5 10 9.7 9.9 4.8 4.6 2017 2018 2019 2020 2021 2022 2023 2024 2025 1H25 1H26 Cement (mt) Ready-mix concrete (mm3)
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H1 2026 Results | 4 August 2026 18 FY 2021=100 187 138 167 159 169 137 H1 26 158 80 90 100 110 120 130 140 150 160 170 180 190 200 2021 2022 2023 2024 2025 1H 2026 Italy USA Germany Luxembourg Poland Czech Republic Brazil UAE Mexico 138 PRICE INDEX BY COUNTRY 164
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H1 2026 Results | 4 August 2026 19 FX CHANGES *Current as of 27 July 2026 H1 26 H1 25 ∆ Current * EUR 1 = avg avg % USD 1.17 1.09 -6.8 1.14 RUB 89.20 95.10 6.2 89.37 CZK 24.31 25.00 2.8 24.16 PLN 4.24 4.23 -0.3 4.32 MXN 20.38 21.80 6.5 19.88 BRL 6.01 6.29 4.4 5.79 AED 4.28 4.01 -6.8 4.18
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H1 2026 Results | 4 August 2026 20 NET SALES BY COUNTRY H1 26 H1 25 ∆ ∆ Forex Scope ∆ l-f-l EURm abs % abs abs % Italy 393.5 402.5 (9.0) -2.2 - 3.4 -3.1 United States 733.0 787.1 (54.2) -6.9 (49.6) - -0.6 Germany 378.4 388.2 (9.9) -2.5 - 4.4 -3.7 Lux / Netherlands 97.8 99.4 (1.6) -1.6 - - -1.6 Poland 89.1 98.4 (9.3) -9.4 (0.2) - -9.2 Czech Rep / Slovakia 116.3 100.6 15.8 +15.7 3.1 - +12.6 Brazil 204.0 164.8 39.2 +23.8 9.0 - +18.3 United Arab Emirates 75.8 21.1 54.7 n.s. (5.1) 53.2 +31.3 Russia 124.4 147.6 (23.2) -15.7 7.7 - -20.9 Eliminations (23.8) (22.3) (1.5) Total 2,188.5 2,187.4 1.1 +0.1 (35.1) 61.0 -1.1 Mexico (100%) 572.1 452.8 119.3 +26.4 37.5 - +18.1
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H1 2026 Results | 4 August 2026 21 EBITDA BY COUNTRY H1 26 H1 25 ∆ ∆ Forex Scope ∆ l-f-l EURm abs % abs abs % Italy 100.8 84.0 16.8 +20.0 - 0.5 +19.5 United States 186.5 235.1 (48.5) -20.7 (12.6) - -15.3 Germany 37.9 50.7 (12.8) -25.2 - (0.3) -24.6 Lux / Netherlands 12.5 19.0 (6.5) -34.4 - - -34.4 Poland 25.2 26.9 (1.7) -6.3 (0.1) - -6.0 Czech Rep / Slovakia 36.6 33.3 3.3 +10.0 1.0 - +7.0 Brazil 56.1 36.0 20.1 +55.9 2.5 - +48.9 United Arab Emirates 10.5 2.9 7.6 n.s. (0.7) 8.8 -17.1 Russia 16.7 38.3 (21.6) -56.5 1.0 - -59.2 Adjustments (0.0) 0.0 Total 482.7 526.0 (43.3) -8.2 (8.9) 9.0 -8.2 Mexico (100%) 264.9 214.1 50.8 +23.7 17.4 - +15.6
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H1 2026 Results | 4 August 2026 22 CONSOLIDATED INCOME STATEMENT H1 26 H1 25 ∆ ∆ EURm abs % Net Sales 2,188.5 2,187.4 1.1 +0.1 EBITDA 482.7 526.0 (43.3) -8.2 of which, non recurring 7.5 0.0 % of sales (recurring) 21.7% 24.0% Depreciation and amortization (171.3) (160.1) (11.2) Operating Profit (EBIT) 311.4 365.9 (54.5) -14.9 % of sales 14.2% 16.7% Equity earnings 68.5 59.3 9.3 Net finance costs 55.0 120.9 (65.8) Profit before tax 434.9 546.0 (111.1) -20.3 Income tax expense (110.2) (156.3) 46.1 Net profit 324.8 389.8 (65.0) -16.7 Minorities (0.4) (3.4) 3.0 Consolidated net profit 324.3 386.3 (62.0) -16.0
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H1 2026 Results | 4 August 2026 23 CONSOLIDATED CASH FLOW STATEMENT EURm H1 26 H1 25 Cash generated from operations 338.4 460.3 % of sales 15.4% 21.0% Interest paid (8.5) (13.8) Income tax paid (68.4) (92.2) Net cash from operating activities 261.5 354.3 % of sales 11.9% 16.2% Capital expenditures (263.9) (219.4) Equity investments (11.3) (90.4) Purchase of treasury shares (180.3) (2.7) Dividends paid (123.5) (123.8) Dividends received from associates 40.9 5.8 Disposal of fixed assets and investments 5.9 37.3 Translation differences* 52.2 (18.0) Accrued interest payable (2.2) 1.4 Interest received 7.4 5.8 Change in scope of consolidation and other (0.5) (14.2) Change in net debt (213.7) (64.0) Net cash (end of period) 896.1 691.2
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H1 2026 Results | 4 August 2026 24 NET CASH Long 83% Short 17% EUR 86% USD 7% Floating 75% Fixed 25% Bank 76% Leases 18% Others 6% BRL 2% AED 5% Jun 26 Dec 25 ∆ Jun 25 EURm abs Cash and other financial assets 1,398.2 1,551.6 (153.4) 1,288.0 Short-term debt (57.8) (45.3) (12.5) (210.2) Short-term leasing (28.5) (27.3) (1.3) (23.1) Net short-term cash 1,311.8 1,479.0 (167.1) 1,054.7 Long-term debt (352.9) (305.6) (47.3) (324.5) Long-term leasing (62.9) (63.7) 0.8 (61.0) Net cash 896.1 1,109.7 (213.7) 669.2 Gross debt breakdown (502.1) (441.8)
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H1 2026 Results | 4 August 2026 25 KJ Den Haag Complex, The Hague Netherlands. H1 2026 RESULTS 5 August 2025 Pietro Buzzi – CEO