Slides
Page 1
2025 Results and Industrial Plan 2026-2028 Investor Presentation R O M E , 1 2 F E B R U A R Y 2 0 2 6
Page 2
Agenda 03 07 14 Preliminary 2025 results and 2026 Guidance 2026 - 2028 Industrial Plan financials 2026 - 2028 Industrial Plan update
Page 3
01 Preliminary 2025 results and 2026 Guidance
Page 4
2025 Key Metrics Data as of December 31st, 2025. Revenue, EBITDA, Net Cash and ROCE are based on reported figures. Cement capacity and employees figures are adjusted for the disposal of 100 % of Kars Cimento AS in Türkiye, closed on December 1st , 2025. 4 Revenue 1.64 Bn€ -2.8% vs. 2024 EBITDA 439 M€ +7.9% vs. 2024 Cement capacity 12.5 M tons Annually Net Cash 465 M€ +175 M€ vs. 2024 ESG Ratings Credit Rating BBB- with Stable Outlook Employees 2,987 -95 vs. 2024 ROCE 19.5 % +280 bps vs. 2024
Page 5
5 2025 Preliminary results highlights Financial Highlights – Non GAAP* Revenue reached 1,639.6 M€ (-2.8% yoy); non-GAAP* Revenue reached 1,644 M€ (-0.3% yoy) • 97M€ negative impact of currency depreciation (mainly TKY) • Cement volumes increased by 3.1% due to good trading in Türkiye, Egypt and Asia Pacific, which offset volume reductions in Nordic & Baltic and Belgium • RMC volumes declined by 4.8% due to the negative performance of Türkiye, Denmark and Belgium. Aggregates volumes up by 3.4% EBITDA reached 439.5 M€ (7.9% yoy); non-GAAP* EBITDA: 460.2 M€ (15.3% yoy) • 52 M€ of net non-recurring gains (major items: 36 M€ capital gain from disposals and 19.7 M€ insurance proceeds for fire at Gaurain plant in Belgium (2024: non-recurring charges of 4.4 M€). Non-GAAP EBITDA excluding non-recurring items was 408.2 M€, up 1.1% • 20.9 M€ negative FX impact of currency depreciation (mainly TKY) Profit before taxes: 286.3 M€ (+0.5% yoy); non-GAAP* Profit before taxes: 325 M€ (+10.1% yoy) Net cash: 465.1 M€, an improvement of 174.6 M€ year on year, including 43.5 M€ dividends by the parent plus 9 M€ dividends to third-parties; 51 M€ proceeds from the disposal of Kars Cimento (*) Non-GAAP figures exclude both the impact of IAS 29 application and of non-industrial property revaluation in Türkiye Net Debt / (Cash)
Page 6
401 2025 Actual 2026 Guidance 465 590 2025 Actual 2026 Guidance 2026 Guidance Guidance refers to like-for-like ongoing operations, non-GAAP, excluding extraordinary items The above guidance excludes the negative repercussions of geopolitical shocks or other extraordinary events. As the expectations described above are based on certain preconditions and assumptions that are beyond management’s control, actual results may deviate significantly from such expectations The foregoing exclusively reflects the point of view of the company's management, and does not represent a guarantee, a promise, an operational suggestion or even just an investment advice. +5% REVENUE* (€ BN) <5% EBITDA* (€ M) +125 M€ NET CASH (€ M) Revenue ~ 1.7 BN€ EBITDA 400 - 420 M€ Net cash ~ 590 M€ Capex ~ 128 M€ Financial Highlights 400-420 (*) 2025 pro-forma Revenue and EBITDA, excluding non-recurring items and the contribution of Kars Cimento, which was sold on December the 1st, 2025 1.62 1.70 2025 Actual 2026 Guidance 6 Pro-Forma Pro-Forma
Page 7
02 2026-2028 Industrial Plan update
Page 8
8 Group strategic priorities Sustainability Competitiveness Innovation Growth and Positioning People and Safety • Sustainability Roadmap update ₋ Alternative fuels increase ₋ Implementation of ACCSION project (CCS) in Denmark ₋ New CO2 regulations in Turkiye and China • Product and value chain circularity • Renewable energy projects • Digitalization • Manufacturing, maintenance and supply chain process improvement and harmonization • Business process review streamlining and standardizing Group processes • Application of Artificial intelligence to Business Processes • New Materials and Products development ₋ Portfolio enlargement: low carbon cements and other value-added solutions • Reinforce vertical integration in the Nordics, Belgium and Türkiye • Keep global white cement leadership • Seize M&A opportunities in core businesses • Trading business further development • Zero Accidents program: foster a high- performance culture focused on Safety • Development of human capital and leadership program • Attracting talent focusing on sustainability and innovation • Engagement survey
Page 9
9 Structural Drivers underpinning a more sustainable industry Our strategy directly addresses all main secular trends Climate Change & Decarbonization ₋ Stringent CO2 and new building regulations ₋ Technological solutions for Net Zero (CCS) ₋ Demand for low-carbon products (FUTURCEM®, D-Carb®) Urbanization & Infrastructure Gap ₋ Population growth and urban migration ₋ Public / Private infrastructure spending ₋ Significant pent-up demand for our products Resource Efficiency & Circular Economy ₋ Rising energy & raw material costs ₋ Increased use of alternative fuels and recycled materials ₋ Embrace circularity Innovation, Digitalization & Efficiency ₋ New and more efficient building methods ₋ Reduced cement content in concrete Trends Impact/ Response Sustainability
Page 10
82% 83% 81% 79% 80% 80% 82% 82% 81% 80% 823 730 915 919 886 846 859 867 0% 50% 100% 150% 200% 250% 300% 400 500 600 700 800 900 1000 2020 2021 2022 2023 2024 2025 2026 2027 2028 2030 82% 81% 80% 79% 77% 76% 75% 73% 72% 69% 567 418 718 684 672 655 632 610 0% 50% 100% 150% 200% 250% 300% 200 300 400 500 600 700 800 2020 2021 2022 2023 2024 2025 2026 2027 2028 2030 10 New 2030 decarbonization targets (Scope 1 emissions) * Target reductions from 2020 baseline. TCE stands for “tons of cement equivalent”, an indicator based on the conversion of clinker production to cement, based on the yearly average clinker ratio -42% vs 2020 Grey cement target Kg Gross CO2 /TCE * -20% vs 2020 White cement target Kg Gross CO2 /TCE * Clinker ratio (%) TAXONOMY CO2 LEVEL = 460 kg/TCE 2028 Target 2030 Target 2030 Target 2028 Target Clinker ratio (%) Sustainability
Page 11
11 The ACCSION Project • Pioneering carbon capture and storage (CCS) initiative in consortium with Air Liquide, aiming to establish Europe’s first fully onshore CCS value chain • The project targets 1.5 million tonnes of CO₂ captured annually* • Awarded EUR 220 million grant by the EU Innovation Fund • Technology: Cryogenic technology (Cryocap ) enabling high-purity CO₂ capture from cement grey and white kiln emissions ACCSION stands for Aalborg CCS using Infrastructure Onshore in North Jutland * Twelve months avoidance run-rate of 1.4Mt from CCS and 0.1Mt from district heating Disclaimer: Funded by the European Union. Views and opinions expressed are however those of the author(s) only and do not necessarily reflect those of the European Union or the European Climate, Infrastructure and Environment Executive Agency (CINEA). Neither the European Union nor the granting authority can be held responsible for them. • Consortium with Air Liquide • World’s first “multi-stream” capture system, processing emissions from both white and grey cement kilns through a single unit • Thanks to its proprietary and innovative technology, Air Liquide will capture, purify and liquefy approx. 95% of the CO2 emitted by the cement kilns • The captured CO2 will be transported through a newly built pipeline and permanently stored in a new onshore storage facility • Significant increase in district heating supply to the city of Aalborg • Expected to be operational from 2030, according to the timing of the new logistic infrastructure, which depends on third-party responsibility Sustainability
Page 12
12 Continued ESG commitment Sustainability In April 2025, Cementir was included for the second year in the Financial Times’ “Europe’s Climate Leaders” ranking, which lists the 600 top European companies for reducing carbon emissions intensity. In June 2025, Cementir was included in the TIME ranking of the World’s 500 Most Sustainable Companies. In December 2025, CDP included Cementir in its “A list” for the second time. Rating Ranking Scale 2025 2024 2023 2022 2021 2020 Climate Change D to A A A A- A- A- B Water Security D to A A- A- A- A- B F CCC to AAA A A A BBB BBB BBB LSEG Score London Stock Exchange Group D- to A+ B+ A- A- B+ B C- D- to A C+ Prime C+ Prime C+ Prime C+ Prime Not rated Not rated Risk: from “100-Severe Risk” to “0-Negligible Risk” 22.2 Medium risk 22.3 Medium risk 29.2 Medium risk Not rated Not rated Not rated Corporate Sustainability Assessment 0 to 100 65 61 56 54 52 Not rated 0 to 100 75 75 70 64 57 56
Page 13
Innovation: Transition towards lower carbon products Innovation Cementir is accelerating the transition to sustainable construction by expanding its low carbon cement portfolio and developing concrete solutions that use new blends and more recycled materials 13 Low carbon CEMENT Low carbon CONCRETE • Driving market adoption of FUTURECEM®, which saves up to 30% of CO2 • Progressive shift to blended cements with lower carbon footprint compared to OPC in all Regions, leveraging on additional SCMmaterials (like GBFS, Fly Ashes, pozzolan) and limestone. • Global expansion (Europe, MENA, APAC) ofD-Carb® white cement family, with 15% lower CO2 emissions compared to Aalborg White® CEM I. • Provide transparency and credibility through Environmental Product Declarations (EPD), showing environmental footprint and lifecycle impact • Promotion of sustainable ready-mixed concrete through circularity and low carbon cements (FUTURECEM® and other blended cements) • New low-carbon products range in Denmark, Norway (UNI-Versal) • C-GREEN range in Belgium / France reduces carbon footprint and integrates recycled aggregates (C-GREEN NEUTRAL, C-GREEN RECY with recycled aggregates, C-GREEN RECY+ with recycled aggregates combined with low-carbon cement) • Extensive use of low carbon concrete also in Türkiye where we are frontrunners.
Page 14
03 2026-2028 Industrial Plan financials
Page 15
2026-2028 Industrial Plan key metrics 15 CAGR EUR billion NET CASH EUR millionEUR million CAGR 24.8% ~23.6%EBITDA Margin RECURRING EBITDA*REVENUE* +4.7% ~330 465 590 800 2025 Actual 2026 Guidance 2028 E Figures exclude the intensification of geopolitical tensions and any extraordinary event 1.62 1.70 1.95 2025 Actual 2026 Guidance 2028 E +6-7% 400-420 (*) Non-GAAP (excluding IAS 29 ), excluding non-recurring items. 2025 Revenue and EBITDA are presented on a pro-forma basis, excluding the contribution of Kars Cimento, which was sold on December the 1st, 2025 Pro-Forma Pro-Forma 401 460 2025 Actual 2026 Guidance 2028 E
Page 16
2026-2028 Industrial Plan: key 2028 targets (*) 16 M€ 2025 Actual Non-GAAP Target 2028 • Cumulative ~ 330M€ of cash flow generation. Dividend payout ratio in the 20% - 25% range • Maintenance & expansion Capex / Sales ratio ˜5-6 % • Cumulative capex 2026-28 of 386 M€, which 77 M€ for sustainability initiatives, including 16 M€ for ACCSION project in 2026 • ACCSION net capex Group’s share from 2027 is around 120 M€ in three years. The profile of net cash out will depend on the timing of the logistic infrastructure execution, which is third-party responsibility • EBITDA growth in Nordic & Baltic, Belgium, Asia-Pacific, Egypt and trading; decline in Türkiye in 2026 • increase in raw materials costs, electricity and certain fuel costs • Negative impact from currency volatility, particularly TRY and EGP • ~ 130,000 tons CO2 average yearly shortage, including a step up in 2027 due to lower free allowances at our European plants • ~6-7% Revenue CAGR in the 2026-28 period. Moderate increase in cement volumes: Nordic & Baltic residential construction is expected to recover from 2027; higher export volumes from Egypt, and improved trading in Belgium, China and Malaysia, partly offset by lower volumes in Türkiye in 2026. Volumes CAGR of 2-3% for cement; 1% for RMC, 1% for aggregates • Prices generally in line with local inflation, particularly in Türkiye, reflecting higher energy, raw material and CO2 costs. Revenue Pro-forma* 1,617 ~1,950 Recurring EBITDA Pro-forma* 401 ~460 Avg. Yearly Capex (including Sustainability) 98 129 Net Cash (year end) 465 ~800 EBITDA Margin 24.8% 23.6% • Mean reversion to long term average (*) Non-GAAP (excluding IAS 29 ), excluding non-recurring items. 2025 Revenue and EBITDA are presented on a pro-forma basis, excluding the contribution of Kars Cimento, which was sold on December the 1st, 2025
Page 17
309 77 386 2026-2028 17 2026-2028 Capex highlights EUR million ▪ ~386 M€ of cumulative investments, of which 77 M€ for sustainability projects, including 16 M€ for CCS ▪ Main capex initiatives: • ACCSION project in Denmanrk (CCS) • Wind turbines in Belgium • Facility upgrade for FUTURECEM® production in Denmark • Natural gas transition in Aalborg and Gaurain plants • Alternative fuels and energy efficiency projects in Türkiye • Alternative fuels usage ramp-up in Malaysia and China Capex Breakdown* Total ACCSION project capex has been included only in 2026. Net capex Group’s share from 2027 is around 120 M€ in three years. The profile of net cash out will depend on the timing of the logistic infrastructure execution, which is third-party responsibility 90 96 9 3298 128 2025 Actual 2026 Maintenance and expansion capex Sustainability capex (*) Figures exclude investments related to the application of IFRS 16
Page 18
Q&A