Slides
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2026 First Nine Months Results Conference Call Presentation R O M E , 5 N O V E M B E R 2 0 2 6
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Key takeaways 2 Progressive performance improvement continued into Q3, helping to close the gap accumulated at the beginning of the year. 9M results were affected by exceptionally adverse weather conditions in Europe and Türkiye and a different maintenance schedule in the first quarter. At constant perimeter*, Q3 non-GAAP revenue increased by 7.8% and EBITDA by 10.8%, bringing 9M growth to 2.6% for revenue and narrowing the EBITDA gap from last year to -1.5% Volumes showed a progressive recovery. At constant perimeter, 9M cement volumes increased by 0.6%, supported by Egypt, Belgium, Türkiye and Malaysia, ready-mix concrete declined by 4.6%, while aggregates decreased by 1.7% 48.3 M€ FX headwinds on revenue and 6.0 M€ on EBITDA , mainly due to the Turkish lira and US dollar translation effect into Euro No significant direct impact from geopolitical conflicts; energy cost volatility remained largely mitigated through risk management and hedging FY 2026 guidance confirmed * Changes at constant perimeter exclude the effects of the disposal of Kars Cimento AS, completed on 1 December 2025, and the acquisition of Nymølle Stenindustrier A/S, consolidated as of 1 July 2026
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2026 First nine months results highlights* Revenue reached 1,255.1 M€ (+2.3% yoy); non-GAAP** Revenue reached 1,248.9 M€ (+1.3% yoy and +2.6% at constant perimeter) • 48.3 M€ negative FX impact, mainly due to TRY and USD depreciation • Cement volumes decreased by 4.2%, mainly reflecting Kars disposal; +0.6% at constant perimeter supported by Egypt, Belgium, Türkiye and Malaysia while Nordic & Baltic, China and US remained weaker • RMC volumes declined by 4.6%; aggregates volumes increased by 6.7%, mainly due to Nymølle, and fell by 1.7% at constant perimeter EBITDA reached 286.3 M€ (-0.3% yoy); non-GAAP* EBITDA: 278.2 M€ (-2.0% yoy and -1.5% at constant perimeter) • Underlying performance improved progressively, driven by Egypt, North America and Belgium, while Nordic & Baltic and Türkiye improved in Q3 • Excluding net non-recurring charges (2.7 M€ in 2025 and 1.1 M€ in 2026) and at constant perimeter, EBITDA would have been 275.8 M€ (-2.1% yoy) • 6.0 M€ negative FX impact Profit before taxes: 172.2 M€ (-0.9% yoy); non-GAAP* Profit before taxes: 176.1 M€ (-4.1% yoy) Net cash: 209.1 M€ after total dividend payments of 54.6 M€, of which 7.9 M€ to minority shareholders, Nymølle acquisition of 120 M€ and higher industrial investments compared to historical levels, mainly related to the initial preparatory investments for the ACCSION project * 2025 figures include the contribution of Kars Cimento, sold on Dec. 1st, 2025 and 2026 figures include the contribution of Nymølle from July 1st, 2026 ** 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 (36) (33) (x8) Share of Group EBITDA 46% 2026 9M Non-GAAP DENMARK • Construction market was weak, affected by restrictive financing conditions, energy-cost uncertainty and project postponements • Grey domestic cement volumes slightly down, impacted by exceptionally harsh winter weather and Fehmarn project delays; volumes +5% in Q3; white cement volumes +11% • Cement exports -14% mainly due to lower deliveries to Norway, Iceland, Germany and Belgium • RMC volumes -6%; aggregates +117% reported following the Nymølle acquisition, -27% at constant perimeter • EBITDA down 6.4% in 9M, impacted by weak volumes and higher operating costs. Q3 EBITDA +17.0%, partly supported by Nymølle’s contribution (3.5 M€) NORWAY • RMC sales volumes -4% reflecting weak demand, delays, lower volumes on major projects and adverse weather. Market with overcapacity and competitive pressure • EBITDA increased driven by higher prices, partly offset by increased variable costs • Norwegian Krone appreciated by 5.3% vs. Euro average SWEDEN • More supportive market environment, benefiting from public investments • RMC volumes +5%, aggregates +31% • EBITDA increase driven by higher volumes and prices, partly offset by higher variable costs • Swedish Krona appreciated by 1.9% vs. Euro average * 2026 figures include the contribution of Nymølle, whose acquisition was completed on July 1st, 2026 ** Others include: Iceland, Poland and white cement sales from Denmark to Belgium and France EUR '000 9M 2026 9M 2025 Chg % Revenue 503,601 478,282 5.3% Denmark * 376,463 368,538 2.2% Norway / Sweden 122,513 108,336 13.1% Others ** 58,989 61,951 (4.8%) Eliminations (54,364) (60,543) EBITDA 127,269 133,931 (5.0%) Denmark * 114,378 122,222 (6.4%) Norway / Sweden 7,551 5,499 37.3% Others ** 5,340 6,210 (14.0%) EBITDA Margin % 25.3% 28.0%
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Belgium and France* 5 Asset overview 27% Share of Group EBITDA * Includes Compagnie des Ciments Belges S.A. results only. EBITDA 2025 included EUR 2.7 million of net non-recurring charges BELGIUM AND FRANCE • Domestic cement volumes moderately up, supported by new customers and a major infrastructure project in Antwerp • Exports to France and Netherlands up 14% driven by a gradual recovery in construction activity, an expanded customer base and solid demand from key existing customers • RMC volumes down 4%, with Belgium -8% due to weak market conditions and competitive pressure, partly offset by France +6% supported by improved activity and new contracts • Aggregates volumes broadly stable, amid weak and competitive markets in Belgium and France, while volumes increased in the Netherlands • EBITDA up 4.1% (+0.3% on a recurring basis), supported by higher cement volumes and lower raw material, fuel and CO₂ costs, partly offset by an unfavorable mix, higher maintenance costs and lower RMC profitability in Belgium Grey cement plant (1) RMC (12) Terminals (4) Quarries (3) Views of the Company’s cement plant in Gaurain, Belgium 2026 9M Non-GAAP EUR '000 9M 2026 9M 2025 Chg % Revenue 254,140 242,454 4.8% EBITDA 74,365 71,439 4.1% EBITDA Margin % 29.3% 29.5%
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Türkiye Asset overview 12% 6 Share of Group EBITDA Grey cement plant (3)* RMC (23) Waste (1) Quarries (18) (x6) TÜRKIYE • Challenging operating environment with high interest rates and inflation, although gradually easing, geopolitical tensions and energy market volatility • Domestic cement volumes -8.5% yoy due to the Kars disposal, but +3.8% at constant perimeter. After the weather-affected Q1 and the gradual completion of major post-earthquake reconstruction projects, demand gradually recovered from Q2 supported by infrastructure, urbanization and residential projects • Mixed regional trends: strong growth in Aegean (+22%), slight increase in Marmara, 19% decline in Eastern Anatolia despite a progressive recovery from June. Exports in line with 2025 • RMC volumes -5% mainly due to lower post-earthquake reconstruction activity, while aggregates volumes -22%, as demand normalized from previous peak levels • Revenues declined by -9% yoy (-0.9% at constant perimeter) • EBITDA -23.6% yoy (-13.2% excluding Kars), impacted by lower volumes and higher costs, partly offset by higher average selling prices • Kars Cimento divestment completed on 1 December 2025 • 22.5% TRY devaluation vs. Euro average 2026 9M Non-GAAP * 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 EUR '000 9M 2026 (Non-GAAP) 9M 2025 (Non-GAAP) Chg % Revenue 230,023 253,695 (9.3%) EBITDA 32,402 42,403 (23.6%) EBITDA Margin % 14.1% 16.7%
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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 • Residential market remained challenging, with high mortgage rates (~7%) and rising construction costs • White cement volumes -2% yoy, showing overall resilience despite the fourth consecutive year of declining US cement consumption • Mixed regional trends: Texas -6%, impacted by adverse weather, import competition and project delays; California - 9% on competitive pressure and weaker pool-related demand; Florida +2% supported by new customers; York slightly up, supported by new projects • EBITDA was up 6% driven by higher selling prices and improved performance in precast concrete and aggregates • 3.8% USD depreciated vs. Euro average Views of the Company’s cement plant in York, Pennsylvania 2026 9M Non-GAAP EUR '000 9M 2026 9M 2025 Chg % Revenue 134,530 137,419 (2.1%) EBITDA 19,186 18,108 6.0% EBITDA Margin % 14.3% 13.2%
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Egypt 8 4% Asset overview Share of Group EBITDA White cement plants (1) Quarries (2) EGYPT • Strong performance despite a challenging macroeconomic environment, with high inflation, currency volatility and rising energy costs • Domestic white cement volumes +28%, supported by resilient construction demand, stronger commercial positioning and market share gains • Export volumes +56%, benefiting from the restart of the second production line and a stronger presence in key export markets, particularly the US • Revenue were up 48.8% yoy, despite a 5.6% depreciation of the Egyptian pound against the Euro • EBITDA was up 50.2%, driven by higher volumes and a more favorable geographic export mix, more than offsetting higher energy, transportation and fixed costs Views of the Company’s cement plant at El Arish, Sinai pensinsula 2026 9M Non-GAAP EUR '000 9M 2026 9M 2025 Chg % Revenue 50,662 34,050 48.8% EBITDA 10,075 6,707 50.2% EBITDA Margin % 19.9% 19.7%
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Asia Pacific 9 3% Asset overview Share of Group EBITDA CHINA • Market environment remains weak despite government support measures, with subdued domestic demand, a persistently weak real estate sector and industry overcapacity • Volumes -7% yoy, also impacted by adverse weather conditions • Revenues decreased -8.6% yoy, reflecting lower volumes and selling prices • EBITDA -42.2% yoy, due to lower volumes and prices and higher fixed costs, partly offset by variable cost savings • 1.9% CNY appreciation vs. Euro average MALAYSIA • Total volumes increased by ~4%, with domestic volumes, marginal to overall sales, declined by 15% due to order timing, weak demand and increased imports from China • Cement exports grew +11% driven by stronger deliveries to the Philippines, while clinker exports -5%, mainly due to shipment timing differences to Australia • Revenue up by 10.5% supported by higher volumes and a more favorable market mix • EBITDA -26.2% as higher variable and fixed costs, particularly distribution costs to Australia, more than offset higher volumes and prices • 3.6% MYR appreciated vs. Euro average 2026 9M Non-GAAP White cement plants (2) Terminals/Warehouse (12) Quarries (3) EUR '000 9M 2026 9M 2025 Chg % Revenue 74,143 73,448 0.9% China 33,278 36,398 (8.6%) Malaysia 41,081 37,180 10.5% Eliminations (216) (130) EBITDA 7,587 11,768 (35.5%) China 3,978 6,881 (42.2%) Malaysia 3,609 4,887 (26.2%) EBITDA Margin % 10.2% 16.0%
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9M 2026 EBITDA bridge – recovery since Q1 10 Euro M 284.0 (28.9) 12.8 11.8 (1.6) 278.2 EBITDA 9M 2025 Delta Q1* Delta Q2* Delta Q3* Perimeter effect EBITDA 9M 2026 Q2 and Q3 EBITDA improvement offset most of the Q1 shortfall 24.6 M€ Q2 + Q3 recovery * Q1, Q2 and Q3 deltas represent the year-on-year change in Non-GAAP EBITDA at constant perimeter
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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 of 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 the nine months 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 – Nine Months 2026 13 (*) Non-GAAP figures exclude the impact of hyperinflation and the valuation of non-industrial real estate in Türkiye. (EUR million) 9M 2026 9M 2025 Chg % 9M 2026 (Non-GAAP)* 9M 2025 (Non-GAAP)* Chg % REVENUE FROM SALES AND SERVICES 1,255.1 1,227.1 2.3% 1,248.9 1,232.4 1.3% Change in inventories (6.9) 9.0 n.m. (5.3) 10.8 n.m. Increase for internal work and other income 27.7 18.5 50.0% 12.0 10.1 19.0% TOTAL OPERATING REVENUE 1,275.9 1,254.6 1.7% 1,255.6 1,253.4 0.2% Raw materials costs (518.7) (517.7) 0.2% (509.9) (519.2) (1.8%) Personnel costs (170.0) (163.0) 4.3% (168.8) (163.2) 3.4% Other operating costs (301.0) (286.6) 5.0% (298.7) (286.9) 4.1% TOTAL OPERATING COSTS (989.6) (967.2) 2.3% (977.4) (969.4) 0.8% EBITDA 286.3 287.3 (0.3%) 278.2 284.0 (2.0%) EBITDA Margin % 22.8% 23.4% 22.3% 23.0% Amortisation, depreciation, impairment losses and provisions (112.7) (108.0) 4.3% (105.6) (100.0) 5.6% EBIT 173.6 179.3 (3.2%) 172.6 184.0 (6.2%) EBIT Margin % 13.8% 14.6% 13.8% 14.9% NET FINANCIAL INCOME (EXPENSE) (1.4) (5.5) 74.4% 3.4 (0.3) n.m. PROFIT BEFORE TAXES 172.2 173.8 (0.9%) 176.1 183.6 (4.1%) Profit (loss) before taxes Margin % 13.7% 14.2% 14.1% 14.9%
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Appendix – Consolidated Income Statement – Q3 2026 14 (*) Non-GAAP figures exclude the impact of hyperinflation and the valuation of non-industrial real estate in Türkiye. (EUR million) Q3 2026 Q3 2025 Chg % Q3 2026 (Non-GAAP)* Q3 2025 (Non-GAAP)* Chg % REVENUE FROM SALES AND SERVICES 456.9 430.4 6.2% 455.2 425.4 7.0% Change in inventories 2.7 13.1 (79.2%) 3.1 13.6 (77.5%) Increase for internal work and other income 3.2 5.5 (41.0%) 3.1 5.3 (41.9%) TOTAL OPERATING REVENUE 462.9 449.0 3.1% 461.3 444.2 3.8% Raw materials costs (187.4) (191.9) (2.4%) (184.6) (190.9) (3.3%) Personnel costs (54.9) (50.9) 7.8% (54.5) (50.1) 8.8% Other operating costs (98.2) (92.4) 6.3% (97.5) (90.7) 7.5% TOTAL OPERATING COSTS (340.5) (335.2) 1.6% (336.6) (331.7) 1.5% EBITDA 122.4 113.8 7.6% 124.7 112.5 10.8% EBITDA Margin % 26.8% 26.4% 27.4% 26.5% Amortisation, depreciation, impairment losses and provisions (39.7) (36.5) 8.9% (37.1) (33.5) 10.6% EBIT 82.6 77.3 6.9% 87.6 79.0 10.9% EBIT Margin % 18.1% 18.0% 19.2% 18.6% NET FINANCIAL INCOME (EXPENSE) 0.7 (4.0) n.m. 1.9 (3.1) n.m. PROFIT BEFORE TAXES 83.4 73.3 13.7% 89.5 76.0 17.8% Profit (loss) before taxes Margin % 18.2% 17.0% 19.7% 17.9%
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Nymølle acquisition: expanding in Danish aggregates 15 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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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 16 2025 2026
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149 72 107 165 139 106 104 52 -54 20 205 552 1,884 2,566 3,564 Türkiye historical figures 17 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; Kars Cimento was sold on December 1st, 2025. 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 18 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