Slides
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2026 First Half Results Conference Call Presentation R O M E , 2 9 J U L Y 2 0 2 6
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Key takeaways 2 Significant improvement in the second quarter despite a first quarter impacted by exceptionally adverse weather conditions. At constant perimeter, Q2 cement volumes increased by 3.4%, non- GAAP revenue by 5.3% and EBITDA by 12.9%, confirming a positive reversal compared to the weak start of the year Volume declined across all business lines, with cement -2.9%, ready-mix concrete -10.9%, aggregates -2.6%. At constant perimeter, excluding the disposal of Kars Cimento, cement volumes increased by 1.4% in H1 2026. Positive trend in Belgium and Egypt, following the restart of the second kiln Reported performance was affected by foreign exchange headwinds mainly due to the depreciation of the Turkish lira and the US dollar. The negative impact amounted to 37.4 M€ on non- GAAP revenue and 2.6 M€ on non-GAAP EBITDA EBITDA was affected by lower volumes in Nordic & Baltic and Türkiye due to weather conditions, while Egypt, Belgium and North America improved year on year Clear improvement in Q2 2026: No significant direct impact from geopolitical conflicts on operations; energy cost volatility largely mitigated through a structured risk management approach and hedging, while some pressure persists on petcoke supply and logistics FY 2026 guidance confirmed, despite the uncertain macroeconomic and geopolitical environment
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2026 First half results highlights* Revenue reached 798.1 M€ (+0.2% yoy); non-GAAP** Revenue reached 793.7 M€ (-1.7% yoy and -0.2% at constant perimeter) • 37.4 M€ negative FX impact, mainly due to TRY and USD depreciation • Cement volumes decreased by 2.9%, due to exceptionally adverse weather conditions in Q1 in Nordic & Baltic and Türkiye. Positive performance in Egypt and Belgium. At constant perimeter volumes were + 1.4%. In Q2 volumes partially recovered • RMC volumes declined by 10.9% and aggregates volumes -2.6% with weakness in Türkiye and Denmark, partially offset by Sweden, Belgium and new business in the US EBITDA reached 163.9 M€ (-5.5% yoy); non-GAAP* EBITDA: 153.6 M€ (-10.4% yoy and -9.5% at constant perimeter) • EBITDA decline mainly driven by Nordic & Baltic and Türkiye (26.6 M€), lower volumes and negative FX impact of 2.6 M€ • Non-GAAP EBITDA Margin at 19.3% (21.2% in H1 2025) Group net profit: 62.0 M€ (-15.7% yoy); non-GAAP* Group net profit: 66.0 M€ (-18.9% yoy) Net cash: 276.8 M€, an improvement of 132.8 M€ year on year, including 51.0 M€ Kars Cimento disposal, 19.7 M€ insurance proceeds, 18.6 M€ Just Transition Fund, and 54.9 M€ of dividend distribution * 2025 Figures include the contribution of Kars Cimento, which was sold on Dec. 1st, 2025 ** Non-GAAP figures exclude the impact of hyperinflation and the valuation of non-industrial real estate in Türkiye. Financial Highlights – Non GAAP** Net Cash 3
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Nordic & Baltic 4 Asset overview Grey cement plant (1) White cement plant (1) RMC (66) (23) (10) Terminals (18) Quarries (8) (33) (x8) Share of Group EBITDA 45% 2026 H1 Non-GAAP DENMARK • Construction market remained weak, especially residential, due to restrictive financing conditions, energy-cost uncertainty and project postponements • Grey domestic cement volumes -4% yoy, impacted by exceptionally harsh winter weather and delays to the Fehmarn project, although deliveries improved during Q2. White cement up12%, supported by stronger demand • Exports -16% due to lower deliveries to Norway and Iceland, partially offset by growth in the Poland, France and Finland • RMC volumes -11%, aggregates volumes -21% • EBITDA down 21% yoy, impacted by lower volumes, higher CO₂ taxes, increased variable costs NORWAY • RMC sales volumes -5% due to weak demand, lower activity on major projects and adverse weather. Market with overcapacity and price competition • EBITDA increased driven by higher prices, partly offset by increased variable costs • Norwegian Krone appreciated by 4.2% vs. Euro average SWEDEN • RMC sales volumes up +10% driven by the recovery from March, the restart of postponed projects and several new contracts; aggregates volumes up 24% supported by new projects and temporary closure of a competitor’s quarry • EBITDA increased driven by higher volumes and prices, partly offset by increased variable costs • Swedish Krona appreciated by 2.8% vs. Euro average EUR '000 H1 2026 H1 2025 Chg % Revenue 321,066 316,157 1.6% Denmark 237,519 244,698 (2.9%) Norway / Sweden 79,717 71,146 12.0% Others (*) 39,443 39,728 (0.7%) Eliminations (35,613) (39,415) EBITDA 68,535 82,762 (17.2%) Denmark 60,450 76,141 (20.6%) Norway / Sweden 4,715 3,023 56.0% Others (*) 3,370 3,598 (6.3%) EBITDA Margin % 21.3% 26.2% (*) Others include: Iceland, Poland and white cement sales from Denmark to Belgium and France
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Belgium and France* 5 Asset overview 32% Share of Group EBITDA * Includes Compagnie des Ciments Belges S.A. results only BELGIUM AND FRANCE • Domestic cement volumes were up 5% supported by new customers and a major infrastructure project in the Antwerp area, despite adverse weather in the beginning of the year and unusually high temperatures in the second half of June • Exports up 17% to France and Netherlands driven by new customers and a major project in the Antwerp • RMC volumes declined 6%, mainly due to weaker performance in Belgium (-10%), affected by adverse weather conditions, Easter-related site shutdowns and a high comparison base in H1 2025.Volumes in France up +3% • Aggregates volumes +2%, mainly in France and the Netherlands benefiting from stronger infrastructure and construction activity from March onwards • EBITDA up 7% reflecting higher cement volumes and lower raw material and CO₂ costs, partly offset by higher costs related to a different maintenance schedule, lower RMC volumes and higher variable costs Grey cement plant (1) RMC (12) Terminals (4) Quarries (3) Views of the Company’s cement plant in Gaurain, Belgium 2026 H1 Non-GAAP EUR '000 H1 2026 H1 2025 Chg % Revenue 173,908 164,377 5.8% EBITDA 49,263 46,113 6.8% EBITDA Margin % 28.3% 28.1%
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Türkiye Asset overview 5% 6 Share of Group EBITDA Grey cement plant (3)* RMC (23) Waste (1) Quarries (18) (x6) TÜRKIYE • Challenging operating environment, impacted by hyperinflation, high interest rates, exceptionally adverse weather in Q1 and weaker post-earthquake reconstruction demand • Domestic cement volumes -13% yoy (-2.2% excluding the disposal of the Kars plant) affected by adverse weather conditions, gradual completion of major post-earthquake reconstruction projects and mixed regional trends (Aegean +15%, Marmara -2%, Eastern Anatolia -32%) • Exports +2%, supported by deliveries to Mediterranean and Balkan countries • RMC volumes -15% and aggregates volumes -26%, due to the slowdown in reconstruction activity, although June showed a strong recovery supported by a major infrastructure project in the Izmir area • Revenues declined by -19% yoy impacted by TRY depreciation • EBITDA declined reflecting lower volumes and higher variable and fixed costs, only partly offset by price increases • Divestment of Kars Cimento completed on December 1st, 2025 • 27% TRY devaluation vs. Euro average 2026 H1 Non-GAAP EUR '000 H1 2026 (Non-GAAP) H1 2025 (Non-GAAP) Chg % Revenue 133,882 165,021 (18.9%) EBITDA 7,763 20,053 (61.3%) EBITDA Margin % 5.8% 12.2% * Kars was sold on December 1st, 2025 From April 2022 Türkiye is considered “hyperinflationary”. Reported figures are non-GAAP i.e. exclude the impacts of hyperinflation and the valuation of non-industrial property
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North America 7 7% Asset overview Share of Group EBITDA White cement plants (2) Precast concrete plants (1) Terminals (25) UNITED STATES • White cement volume were broadly stable yoy, demonstrating resilience despite a generally softer market environment and weak residential demand • Florida recorded a +10% increase driven by demand from key customers • In Texas volumes were down -7% due to a January snowstorm and competitive pressures from imports • In California volumes were down -9% due to intense competition. The York region recorded a slight decline • EBITDA was up 1.8% with cement business impacted by higher variable costs, FX effect, only partly compensated by higher selling prices. Precast and aggregate businesses delivered higher EBITDA • 6.8% USD depreciated vs. Euro average Views of the Company’s cement plant in York, Pennsylvania 2026 H1 Non-GAAP EUR '000 H1 2026 H1 2025 Chg % Revenue 88,220 90,741 (2.8%) EBITDA 11,512 11,308 1.8% EBITDA Margin % 13.0% 12.5%
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Egypt 8 5% Asset overview Share of Group EBITDA White cement plants (1) Quarries (2) EGYPT • Revenues were up ~57% despite a 7.3% depreciation of the Egyptian pound • Macro context remains challenging with high inflation, currency volatility, rising energy costs • Domestic cement volumes increased 31% supported by stronger commercial positioning and market share gains • Export volumes grew ~78%, benefiting from deferred shipments from Dec. 2025 and the resolution of technical issues following the restart of the second production line, particularly supporting sales to the United States. • EBITDA was up 43%, driven by higher volumes, and a more favorable geographic mix focused on higher-margin export destinations, more than offsetting higher energy and production costs • 7.3% EGP depreciation vs. Euro average Views of the Company’s cement plant at El Arish, Sinai pensinsula 2026 H1 Non-GAAP EUR '000 H1 2026 H1 2025 Chg % Revenue 32,761 20,912 56.7% EBITDA 7,277 5,088 43.0% EBITDA Margin % 22.2% 24.3%
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Asia Pacific 9 3% Asset overview Share of Group EBITDA CHINA • Volumes -6% yoy, impacted by weak domestic demand, intense competition, adverse weather conditions in January, the slowdown around the Chinese New Year • Market environment remains weak despite government stimulus • Revenues decreased -10.5% yoy, reflecting lower volumes and selling prices • EBITDA down -21.4% yoy, due to lower volumes and prices and higher fixed costs, partly offset by variable cost savings • 1.1% CNY depreciation vs. Euro average MALAYSIA • Total volumes increased by ~2%, with domestic volumes, though marginal, declined by 11% due to order timing effect and weaker retail demand following price increases • Cement exports grew +14% supported by higher deliveries to Australia, the Philippines and Vietnam, while clinker exports decreased by 24%, mainly due to shipment timing differences to Australia • Revenue up by 8.3% supported by higher export volumes and a more favorable product mix, EBITDA -55% due to higher variable and fixed costs, particularly distribution and logistics expenses • 2.8% MYR appreciated vs. Euro average 2026 H1 Non-GAAP White cement plants (2) Terminals/Warehouse (12) Quarries (3) EUR '000 H1 2026 H1 2025 Chg % Revenue 46,837 47,428 (1.2%) China 21,005 23,482 (10.5%) Malaysia 26,001 24,016 8.3% Eliminations (169) (70) EBITDA 4,378 6,858 (36.2%) China 3,031 3,856 (21.4%) Malaysia 1,347 3,002 (55.1%) EBITDA Margin % 9.3% 14.5%
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Nymølle acquisition: expanding in Danish aggregates 10 A bolt-on acquisition in the aggregates business, enhancing vertical integration and securing a stronger Nordic platform. • On July 1, 2026 completed acquisition of 100% of Nymølle Stenindustrier A/S • Enterprise Value: DKK 900 M (˜120 M€ on a cash and debt- free basis) • Expected synergies of around DKK 30 M approx. 4 M€ within 24 months, through integration with existing Nordic & Baltic operations TRANSACTION HIGHLIGHTS • The largest aggregates player* in Denmark, with around 10% market share • Operates 26 land-based aggregate quarries across Denmark and holds a well-developed reserve base • FY ending April 2026: ₋ Revenues of DKK 230 M — approx. 30 M€ ₋ Pro-forma EBITDA of DKK 93 M — approx. EUR 12.5 M€ Nymølle - Active Nymølle - Inactive Cementir RMC plants Cementir aggregates quarries Metropolitan areas NYMØLLE PROFILE * Based on capacity
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2026 Guidance - confirmed 11 1.62 1.70 2025 Actual 2026 Guidance 401 2025 Actual 2026 Guidance 465 590 2025 Actual 2026 Guidance * 2025 pro-forma Revenue and EBITDA, excluding non-recurring items and the contribution of Kars Cimento, which was sold on Dec. 1st, 2025. 2026 figures exclude the contribution from Nymølle, whose acquisition was completed on July 1st, 2026. +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€ 400-420Pro-Forma* Pro-Forma* 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. In light of the results achieved in H1 2026 and despite the uncertain macroeconomic and geopolitical environment we reiterate our full-year guidance
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Appendix 02 G R E E N B E L T B R I D G E , D E N M A R K
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Appendix – Consolidated Income Statement – H1 2026 13 (*) Non-GAAP figures exclude the impact of hyperinflation and the valuation of non-industrial real estate in Türkiye. REVENUE FROM SALES AND SERVICES 798.1 796.7 0.2% 793.7 807.1 (1.7%) Change in inventories (9.6) (4.1) 131.7% (8.3) (2.8) 202.6% Increase for internal work and other income 24.5 13.0 88.3% 9.0 4.8 85.4% TOTAL OPERATING REVENUE 813.0 805.6 0.9% 794.4 809.1 (1.8%) Raw materials costs (331.2) (325.8) 1.7% (325.3) (328.3) (0.9%) Personnel costs (115.1) (112.0) 2.7% (114.3) (113.1) 1.0% Other operating costs (202.8) (194.2) 4.4% (201.2) (196.2) 2.6% TOTAL OPERATING COSTS (649.1) (632.0) 2.7% (640.8) (637.7) 0.5% EBITDA 163.9 173.5 (5.5%) 153.6 171.5 (10.4%) EBITDA Margin % 20.5% 21.8% 19.3% 21.2% Amortisation, depreciation, impairment losses and provisions (72.9) (71.5) 2.0% (68.5) (66.5) 3.1% EBIT 91.0 102.0 (10.8%) 85.0 105.0 (19.0%) EBIT Margin % 11.4% 12.8% 10.7% 13.0% NET FINANCIAL INCOME (EXPENSE) (2.1) (1.5) (38.8%) 1.6 2.7 (42.0%) PROFIT BEFORE TAXES 88.8 100.5 (11.6%) 86.6 107.7 (19.6%) Profit (loss) before taxes Margin % 11.1% 12.6% 10.9% 13.3% Income taxes (27.2) (26.7) 1.7% (21.8) (26.0) (16.2%) PROFIT FROM CONTINUING OPERATIONS 61.7 73.8 (16.4%) 64.8 81.6 (20.7%) PROFIT FOR THE YEAR 61.7 73.8 (16.4%) 64.8 81.6 (20.7%) Non controlling interests (0.3) 0.3 n.m. (1.3) 0.2 n.m. GROUP NET PROFIT 62.0 73.5 (15.7%) 66.0 81.4 (18.9%) Chg % H1 2026 (Non-GAAP)* H1 2025 (Non-GAAP)*(EUR million) H1 2026 H1 2025 Chg %
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Appendix – Consolidated Income Statement – Q2 2026 14 (*) Non-GAAP figures exclude the impact of hyperinflation and the valuation of non-industrial real estate in Türkiye. REVENUE FROM SALES AND SERVICES 452.2 428.6 5.5% 449.7 436.5 3.0% Change in inventories 2.2 (1.9) n.m. 2.9 (1.4) n.m. Increase for internal work and other income 22.8 10.5 116.4% 7.3 2.3 212.7% TOTAL OPERATING REVENUE 477.2 437.2 9.1% 459.8 437.4 5.1% Raw materials costs (190.3) (177.6) 7.1% (187.1) (180.8) 3.5% Personnel costs (58.0) (56.1) 3.4% (57.5) (56.9) 1.1% Other operating costs (103.8) (96.4) 7.7% (103.0) (97.9) 5.2% TOTAL OPERATING COSTS (352.1) (330.1) 6.6% (347.6) (335.6) 3.6% EBITDA 125.1 107.1 16.8% 112.2 101.8 10.2% EBITDA Margin % 27.7% 25.0% 24.9% 23.3% Amortisation, depreciation, impairment losses and provisions (36.5) (36.2) 0.6% (34.2) (34.1) 0.3% EBIT 88.7 70.9 25.1% 78.0 67.7 15.1% EBIT Margin % 19.6% 16.5% 17.3% 15.5% NET FINANCIAL INCOME (EXPENSE) (7.2) (0.7) n.m. (6.2) 0.2 n.m. PROFIT BEFORE TAXES 81.5 70.2 16.1% 71.8 68.0 5.6% Profit (loss) before taxes Margin % 18.0% 16.4% 16.0% 15.6% Chg % Q2 2026 (Non-GAAP)* Q2 2025 (Non-GAAP)*(EUR million) Q2 2026 Q2 2025 Chg %
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M&A track record Since 2001 around EUR 2 billion invested with no recourse to shareholder equity 2001 - Cimentas AS and Cimbeton AS Entered the Turkish cement market with 2 plants 2004 - Aalborg Portland A/S and Unicon A/S Transforming deal: - Product diversification (new products: white cement and aggregates and strong position in ready-mix) - Geographical presence (new countries: Denmark, Norway, Sweden, Egypt, Malaysia, China, US) 2005 Edirne plant in Türkiye Vianini Pipe Inc. Concrete products in US 2006 Elazig plant in Türkiye 2007 - Bolt-on acquisitions Sweden, Türkiye and minority stake in China 2008 - Kudsk & Dahl A/S Aggregates in Denmark 2009 – Sureko Entered the waste management in Türkiye 2010 – Bolt-on acquisitions 14 ready-mix plants in Italy 2011 – Acquisition Urban waste in Türkiye 2012 – NWM Holdings Ltd Entered the waste management in UK Jul. 2016 - Sacci Cement and ready-mix in Italy Oct 2016 - Compagnie des Ciments Belges(CCB) - Cement, aggregates and ready-mix in Belgium - Ready-mix in France Jan. 2018 – Exit from Italy Disposal of cement and RMC businesses 315 M€ Cash inflow in January 2018 Mar. 2018 – Acquisition of 38.75% stake in Lehigh White Cement Co. - Reached majority stake of 63.25% - Largest player and sole manufacturer in the U.S. white cement market 2021 – Ege Kirmatas AS Aggregates in Türkiye 2023 – Casa Bayan Sdn Bhd Aggregates in Malaysia 2024 – Bolt-on acquisitions Ready-mix business in Denmark Acquisition of an additional 25.4% stake in Egypt 2025 – Kars plant Sale of Kars cement plant in Türkiye 2026 – Nymølle A/S Acquisition of the largest aggregate player in Denmark 254 600 152 112 4 22 11 9 5 11 125 312 -315 87 4 4 48 -51 120 2001 2004 2005 2006 2007 2008 2009 2010 2011 2012 Jul-16 Oct-16 Jan-18 Mar-18 2021 2023 2024 15 2025 2026
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149 72 107 165 139 106 104 52 -54 20 205 552 1,884 2,566 2,656 Türkiye historical figures 16 Grey cement plant (3) RMC (23) (x6) IZMIR ELAZIG EDIRNE Waste (1) Quarries (18) Türkiye - Cement Market (Mt) * Türkiye – EBITDA evolution ** Hyperinflation years * Source: Turkish Statistical Institute, Turkish Cement Manufacturers Association (TÇMB). ** Non-GAAP EBITDA, excluding non-recurring income 83.5 31.3 42.3 57.8 44.4 32.1 21.5 11.4 -8.7 3.2 20.0 30.9 70.6 72.1 73.3 2007 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TRY millionEUR million PEAK TROUGH
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Disclaimer and Other information 17 This presentation has been prepared by and is the sole responsibility of Cementir Holding N.V. (the “Company”) for the sole purpose described herein. In no case may it or any other statement (oral or otherwise) made at any time in connection herewith be interpreted as an offer or invitation to sell or purchase any security issued by the Company or its subsidiaries, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision in relation thereto. This presentation is not for distribution in, nor does it constitute an offer of securities for sale in Canada, Australia, Japan or in any jurisdiction where such distribution or offer is unlawful. Neither the presentation nor any copy of it may be taken or transmitted into the United States of America, its territories or possessions, or distributed, directly or indirectly, in the United States of America, its territories or possessions or to any U.S. person as defined in Regulation S under the US Securities Act 1933 as amended. The content of this document has a merely informative and provisional nature and is not to be construed as providing investment advice. The statements contained herein have not been independently verified. No representation or warranty, either express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness, correctness or reliability of the information contained herein. Neither the Company nor any of its representatives shall accept any liability whatsoever (whether in negligence or otherwise) arising in any way in relation to such information or in relation to any loss arising from its use or otherwise arising in connection with this presentation. The Company is under no obligation to update or keep current the information contained in this presentation and any opinions expressed herein are subject to change without notice. This document is strictly confidential to the recipient and may not be reproduced or redistributed, in whole or in part, or otherwise disseminated, directly or indirectly, to any other person. The information contained herein and other material discussed at the presentation may include forward-looking statements that are not historical facts, including statements about the Company’s beliefs and current expectations. These statements are based on current plans, estimates and projections, and projects that the Company currently believes are reasonable but could prove to be wrong. However, forward-looking statements involve inherent risks and uncertainties. We caution you that a number of factors could cause the Company’s actual results to differ materially from those contained or implied in any forward- looking statement. Such factors include but are not limited to: trends in company’s business, its ability to implement cost-cutting plans, changes in the regulatory environment, its ability to successfully diversify and the expected level of future capital expenditures. Therefore, you should not place undue reliance on such forward-looking statements. Past performance of the Company cannot be relied on as a guide to future performance. No representation is made that any of the statements or forecasts will come to pass or that any forecast results will be achieved. By attending this presentation or otherwise accessing these materials, you agree to be bound by the foregoing limitations. Investor Relations: Phone +39 06 32493305 Email invrel@cementirholding.it Web Address: www.cementirholding.com 2026 Financial Calendar: 12 February Preliminary 2025 Results and Industrial Plan 2026-2028 update 11 March Full year 2025 Results 23 April AGM 7 May First Quarter Results 29 July First Half Results 5 November Nine Months Results Stock listing information: Euronext Milan market, Euronext STAR Milan segment Ticker: CEMI.IM (Reuters) Ticker: CEM.IM (Bloomberg) Registered Office: Zuidplein 36 1077 XV – Amsterdam, The Netherlands