Slides
Page 1
2026 Italian Excellences Mid Corporate Conference Investor Presentation P A R I S , 1 3 O C T O B E R 2 0 2 6
Page 2
Agenda Group Overview3 2026 - 2028 Industrial Plan11 2026 First Half Results and Guidance23 Appendix34 2 ESG strategy16
Page 3
2025 Group Highlights 3 Revenue 1.64 Bn€ -2.8% vs. 2024 EBITDA 440 M€ +7.9% vs. 2024 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. Employees 2,987 -95 vs. 2024 Cement capacity 12.5 M tons Annually ESG Ratings Credit Rating BBB- with Stable Outlook Net Cash 465 M€ +175 M€ vs. 2024 Returns ROCE: 19.5 % ROE: 10.6 %
Page 4
Aalborg, DK Gaurain, BE Waco, TX York, PA El Arish, EG Izmir, TR Trakya, TR Elazig, TR Anqing, CN Ipoh, ML Industrial footprint* 4 PLANTS Cement plants: 10 Terminals: 59 RMC plants: 101 Quarries: 34 Precast products plants: 1 Waste management facilities: 1 CAPACITY / 2025 SALES Grey cement capacity: 9.2 mt White cement capacity: 3.3 mt Grey cement sales: 8.4 mt White cement sales: 2.6 mt RMC sales: 4.3 mm3 Aggregate sales: 10.4 mt Precast concrete sales: 0.06 mt White cement plants Grey cement plants Countries of operation *As of December 31st, 2025. Data on capacity and # plants exclude Kars Cimento AS in Türkiye, sold on December 1st, 2025.
Page 5
Grey Cement VOLUMES SOLD (mt) Business segments 5 White Cement Ready-Mixed Concrete Aggregates REVENUE = 1,106 M€ EBITDA = 351 M€ EBITDA MARGIN = 32% REVENUE = 495 M€ EBITDA = 48 M€ EBITDA MARGIN = 10% 2025 KEY FIGURES VOLUMES SOLD (mt) VOLUMES SOLD (mm3) VOLUMES SOLD (mt) REVENUE = 110 M€ EBITDA = 33 M€ EBITDA MARGIN = 30%
Page 6
BY BUSINESS 2025 EBITDA breakdown* 6 76% of Ebitda from mature markets (Currencies: EUR, USD, DKK, NOK, SEK) 77% 12% 8% 1%2% 45% 25% 6% 18% 2%4% BY GEOGRAPHY 408 M€ * Non-GAAP recurring EBITDA (excluding non-recurring items, the impact of hyperinflation and the valuation of non-industrial real estate in Türkiye). Reported EBITDA: 439.5 M€ 408 M€ CEMENT WASTEAGGREGATES READY-MIXED CONCRETE NORDIC & BALTICBELGIUM NORTH AMERICA TURKEY EGYPT ASIA PACIFIC OTHER
Page 7
Global leadership in white cement 7 Local presence and global leadership #1 in USA, Continental Europe, China, Australia, South-East Asia Total market of 20 Mt 3.3 Mt Cement Capacity 2.6 Mt White cement and clinker volumes sold in 2025 25% Share of Global Traded flows Global leader in trading flows In 2025, exports accounted for approx 40% of 2.6 Mt total volumes sold 20+ countries Local market presence 80+ countries Commercial Presence Local sales force and/or controlled logistic setup in 20 key target markets Sales in more than 80 countries
Page 8
Main white cement applications 8 Main Applications: 1.Precast concrete 2.City Furniture 3.Paving and masonry products 4.GRC (Glass Fiber Reinforced Concrete) 5.UHPC (Ultra High- Performances Concrete) 6.Dry Mix Mortars 7.RMC 1.Precast concrete façade (D-Carb Lower Carbon White Cement) B-Park Office Building, Balma, France 2. City Furniture White Concrete Benches at Butcher Green Elementary School , Grandview, USA 3. Paving blocks (D-Carb Lower Carbon White Cement) Belgium 4. GRC façade Azabudai Hills, Tokyo, Japan 5. UHPC façade: Luhu Culture Center, Shenzhen, China 6. Dry Mix Mortar -Brick masonry mortar Coundrey House, Brisbane, Australia 7. Cast in-situ white concrete China Xuan Paper Town, Xuancheng, China
Page 9
White cement iconic projects 9 Louvre, Abu Dhabi, United Arab Emirates * Beijing Civil Aviation Third Center, Beijing, China National Museum of Qatar, Doha, Qatar* Nanjing Youth Olympic Games Center, Nanjing, China* * Photo credits: Louvre and National Museum of Qatar: Contec prefab; Nanjing Youth Olympic Games Center: Nanjing BeiLida New Material
Page 10
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
Page 11
2026-2028 Industrial Plan N A V I T A S P A R K , A A R H U S ( D E N M A R K ) 01
Page 12
Group strategic priorities 12 Sustainability • 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 Competitiveness • Digitalization • Manufacturing, maintenance and supply chain process improvement and harmonization • Business process review streamlining and standardizing Group processes Innovation • Application of Artificial intelligence to Business Processes • New Materials and Products development ₋ Portfolio enlargement: low carbon cements and other value- added solutions Growth and Positioning • 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 People and Safety • 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 13
2026-2028 Industrial Plan key metrics 13 REVENUE* EUR billion CAGR 1.62 1.70 1.95 2025 Actual 2026 Guidance 2028 E RECURRING EBITDA* EUR million CAGR 401 460 2025 Actual 2026 Guidance 2028 E NET CASH EUR million 465 590 800 2025 Actual 2026 Guidance 2028 E 24.8% ~23.6%EBITDA Margin Figures exclude the intensification of geopolitical tensions and any extraordinary event 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 1st, 2025. Figures exclude the contribution of Nymølle, acquired on July 1st, 2026. Pro-Forma* Pro-Forma* +6-7% +4.7% ~330
Page 14
2026-2028 Industrial Plan: key 2028 targets * 14 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 1st, 2025. Figures exclude the contribution of Nymølle, acquired on July 1st, 2026.
Page 15
2026-2028 Capex highlights 15 ▪ ~386 M€ of cumulative investments, of which 77 M€ for sustainability projects, including 16 M€ for CCS ▪ Main capex initiatives: • ACCSION project in Denmark (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 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 Capex Breakdown* 90 96 9 3298 128 2025 Actual 2026 Sustainability capex Maintenance and expansion capex EUR million 309 77 386 2026-2028 Total * Figures exclude investments related to IFRS 16 application
Page 16
ESG Strategy 02
Page 17
Our path to reach net zero emissions by 2050 17 29.3% CO2 reduction in scope 1 and scope 2 per ton of cementitious material (2021 baseline) validated by SBTi* 23.0% CO2 reduction in emissions per ton of purchased clinker and cement (2021 baseline) validated by SBTi* Grey cement target: -42% from 718 to 418 kg CO2/ton cement equivalent (2020 baseline) ** White cement target: -20% from 915 to 730 kg CO2/ton cement equivalent (2020 baseline) ** Implementation of Carbon Capture & Storage (CCS) technology Net zero greenhouse emissions across the value chain validated by SBTi 96.1% CO2 reduction in scope 1 and scope 2 per ton of cementitious material (2021 baseline) 90% CO2 reduction in scope 3 (2021 baseline) FUTURECEM® and D-Carb® widespread use 100% fossil fuels-free energy 2030 ROADMAP 2050 TARGET NET ZERO * SBTi targets validated in February 2024 ** Roadmap updated in February 2026, including the operations of the CCS plant from 2030 in Aalborg, Denmark.
Page 18
As Is: Scope 1, 2 and 3 CO2 emissions footprint * 18 DIRECT EMISSIONS Scope 1 Sources: • Process and fuel emissions from clinker production • Other process heating (e.g. slag drying) • Company facilities heating • Internal transportation 71% 7.1 mt (vs. 6.9 in 2024) INDIRECT EMISSIONS (ELECTRICITY) Scope 2 Sources: • Purchased electricity, steam, heating and cooling for own use (grinding, etc.) 4% 0.4 mt (vs. 0.4 in 2024) INDIRECT EMISSIONS (VALUE CHAIN) Scope 3 Sources: • Upstream and downstream indirect emissions (excavation, transport of raw materials and fuels, business travel, cement distribution, etc.) 25% 2.5 mt (vs. 2.5 in 2024) TOTAL CO2 EMISSIONS 10.0 mt (vs. 9.8 in 2024) * 2025 data, based on GHG protocol , i.e. Scope 2 emissions are calculated applying the location-based method Scope 3 CEMENT and OTHER Scope 1 CEMENT Scope 2 CEMENT Scope 1 and 2 OTHER 71% 4% 0% 25% 100%
Page 19
New 2030 decarbonization targets (Scope 1 emissions) 19 * Target reductions from 2020 baseline, including the operations of the CCS plant from 2030 in Aalborg, Denmark. TCE stands for “tons of cement equivalent”, an indicator based on the conversion of clinker production to cement, based on the yearly average clinkerratio Grey cement target Kg Gross CO2 /TCE * -42% vs 2020 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 White cement target Kg Gross CO2 /TCE * -20% vs 2020 Clinker ratio (%) TAXONOMY CO2 LEVEL = 460 kg/TCE 2028 Target 82% 83% 81% 79% 80% 80% 82% 82% 81% 80% 823 730 915 919 886 846 859 868 0% 50% 100% 150% 200% 250% 300% 400 500 600 700 800 900 1000 2020 2021 2022 2023 2024 2025 2026 2027 2028 2030 2030 Target 2030 Target 2028 Target Clinker ratio (%)
Page 20
Low carbon products: FUTURECEM® and D-Carb® 20 • FUTURECEM® is based on a unique limestone and calcined clay synergic combination which enables around 30% CO2 reduction compared to ordinary Portland through clinker substitution • It allows to produce a more sustainable concrete while preserving overall performance strength comparable to CEM I • Acknowledged by IEA as clinker ratio reduction solution (*) • Currently marketed in Denmark, France and Benelux CO2 reduction = ˜30% based on clinker substitution (*) Roadmap for Low Carbon transition in the cement industry by the International Energy Agency, 2018; “low clinker cements” in the “Cementing the European Green Deal”, 2020 • D-Carb® is an umbrella brand for white low-carbon cements, supporting our white cement decarbonization efforts • D-Carb® family covers several products according to the region with a lower carbon footprint (from ~10% to 20% reduction) compared to the reference Aalborg White® CEM I • D-Carb optimizes white clinker and pure limestone relative contents in the cement through a fit-for-purpose grinding aid • Currently marketed in Europe, Asia Pacific and MENA ORDINARY PORTLAND CEMENT Clinker Other Clinker Limestone Calcined Clay Other Clinker Limestone Clinker Limestone ORDINARY PORTLAND CEMENT CO2 reduction = ˜10% - 20% based on regions/ products
Page 21
The ACCSION Project 21 ACCSION stands for Aalborg CCS using Infrastructure Onshore in North Jutland • 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* • Cryocap cryogenic technology to capture high-purity CO₂ from cement grey and white kiln emissions • Capex: EUR 220 million grant by the EU Innovation Fund • OpEx: operating costs subsidy of EUR 117 per ton of CO2 captured from the Danish Fund for 15 years * Twelve months avoidance run-rate of 1.4Mt from CCS and 0.1Mt from district heating • World’s first “multi-stream” capture system, processing emissions from both white and grey cement kilns • 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 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.
Page 22
Continued ESG commitment 22 (*) New 0–5 rating framework in April 2026, under which Cementir ranks first among 119 global Construction Materials companies w ith an ESG score of 3.94. (**) Copyright ©2025 Sustainalytics, a Morningstar company. All rights reserved. This section includes information and data p rovided by Sustainalytics and/or its content providers. Information provided by Sustainalytics is not directed to or intended for use or distribution to India -based clients or users and its distribution to Indian resident individuals or entities is not permitted. Morningstar/Sustainalytics accepts no responsibility or liability whatsoever for th e actions of third parties in this respect. Use of such data is subject to conditions available at https://www.sustainalytics.com/legal-disclaimers/. In May 2026, Cementir was included for the third year in the Financial Times’ “Europe’s Climate Leaders” ranking In June 2026, Cementir was included in the TIME ranking of the World’s 750 Most Sustainable Companies In Dec. 2025, Cementir was included in “A list” of CDP for the second time Rating Ranking Scale (from worst to best) 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+ 0 to 5* 3.94/5* A- A- B+ B C- D- to A B- 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 77 75 70 64 57 56 **
Page 23
2026 First Half results and Guidance03
Page 24
Key takeaways 24 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
Page 25
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 25
Page 26
Nordic & Baltic 26 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
Page 27
Belgium and France* 27 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%
Page 28
Türkiye Asset overview 5% 28 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 Cimento 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
Page 29
North America 29 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%
Page 30
Egypt 30 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 peninsula 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%
Page 31
Asia Pacific 31 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%
Page 32
2026 Guidance - confirmed 32 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 H1 2026 and despite the uncertain macroeconomic and geopolitical environment we reiterate our full-year guidance
Page 33
Increased shareholders return in the last 5 years 33 • Dividend per Share +67% and Earnings per Share +83% vs 2021 • The 2026-2028 Industrial Plan assumes the distribution of an increasing dividend, with a payout ratio between 20% and 25% Dividend per Share +67% Earnings per Share +83% Payout Ratio 20-25% range
Page 34
Appendix 04 G R E E N B E L T B R I D G E , D E N M A R K
Page 35
Appendix – Consolidated Income Statement – H1 2026 35 (*) 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 %
Page 36
Consolidated Income Statement – FY 2025 36 REVENUE FROM SALES AND SERVICES 1,639.6 1,686.9 (2.8%) 1,644.0 1,648.8 (0.3%) Change in inventories 24.4 (0.5) n.m. 26.6 3.7 n.m. Increase for internal work and other income 62.7 27.4 128.3% 71.3 11.5 n.m. TOTAL OPERATING REVENUE 1,726.7 1,713.9 0.7% 1,741.9 1,664.1 4.7% Raw materials costs (697.3) (708.4) (1.6%) (692.0) (677.8) 2.1% Personnel costs (213.0) (215.2) (1.0%) (213.0) (211.8) 0.6% Other operating costs (377.0) (382.9) (1.5%) (376.7) (375.2) 0.4% TOTAL OPERATING COSTS (1,287.2) (1,306.6) (1.5%) (1,281.7) (1,264.8) 1.3% EBITDA 439.5 407.3 7.9% 460.2 399.3 15.3% EBITDA Margin % 26.8% 24.1% 28.0% 24.2% Amortisation, depreciation, impairment losses and provisions (144.4) (145.3) (0.6%) (132.6) (132.6) 0.0% EBIT 295.1 262.0 12.6% 327.5 266.7 22.8% EBIT Margin % 18.0% 15.5% 19.9% 16.2% NET FINANCIAL INCOME (EXPENSE) (8.8) 22.9 n.m. (2.5) 28.6 n.m. PROFIT BEFORE TAXES 286.3 284.9 0.5% 325.0 295.3 10.0% Profit (loss) before taxes Margin % 17.5% 16.9% 19.8% 17.9% Income taxes (77.4) (70.4) 9.8% (76.1) (58.8) 29.4% PROFIT FROM CONTINUING OPERATIONS 208.9 214.5 (2.6%) 248.9 236.5 5.2% LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX 0.0 0.0 0.0 1.0 PROFIT FOR THE YEAR 208.9 214.5 (2.6%) 248.9 236.5 5.2% Non controlling interests 2.5 12.8 (80.5%) 3.0 12.7 (76.6%) GROUP NET PROFIT 206.4 201.6 2.4% 245.9 223.8 9.9% (EUR million) 2025 2024 Chg % Chg %2025 (Non-GAAP)* 2024 (Non-GAAP)*
Page 37
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 37 2025 2026
Page 38
Key differences between white and grey cement 38 WHITE CEMENT GREY CEMENT Market Size • ~ 20 million tons per year (0.5% of grey) • > 4 billion tons per year • Niche product: high value, small volumes • Commodity: basic value, large volumes Industry Features • Raw materials scarcity, fewer producers, growth end-markets, high switching costs, export-driven • Raw materials widespread presence, many producers, cyclical end-markets, local demand (only 5% exported) Growth drivers • Consumption driven by home renovation, restructuring and technology. High tech product • Higher market growth rates in developed countries • Consumption driven by infrastructure & residential- commercial. Low tech product. • Demand growth in line with GDP in developed countries End markets • Main clients are large dry mix players (Saint Gobain-Weber, Mapei, etc) and pre-cast producers • Main clients are ready-mix companies, construction companies and precast producers Product Features • High workability, high electrical conductivity, aesthetics. Increasingly used for landmark buildings, urban fittings, eco-friendly construction projects • The most widespread construction material, used mostly for new build and infrastructure Applications * • Dry mix producers/mortars/specialty products (50-70%) • Bricks, blocks and tiles (20-30%) • In-situ and pre-cast concrete (10-20%) • Ready-mixed and precast concrete (55-65%) • Bricks, blocks and tiles (30-40%) • Dry mix/mortars and other (5-10%) * Cementir estimates of European cement consumption by segment
Page 39
149 72 107 165 139 106 104 52 -54 20 205 552 1,884 2,566 3,564 Türkiye historical figures 39 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
Page 40
Locations of cement plants and CO2 storage sites in Europe 40 Cement plants Source: Johannes Ruppert, VDZ 2025 CO2 storage sites Source: Karen Lyng Anthonsen & Niels Peter Christensen: EU Geological CO₂ storage summary. GEUS report 2021/34
Page 41
Disclaimer and Other information 41 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