Dangote Cement Plc · NSENG:DANGCEM
Dangote Cement — Investor Day (September 2026)
82 slides from Dangote Cement's investor day presentation, September 2026
Slide 1: Dangote Cement Capital Markets Presentation
Dangote Cement Capital Markets Presentation A Global Leader, Proudly African September 2026
Slide 2: Opening remarks
Opening remarks Emmanuel Ikazoboh Olakunle Alake Chairman, Non-Executive Director, Dangote Cement Plc Dangote Cement Plc years of experience, Emmanuel is an experienced Chairman with senior management experience years of experience, Olakunle is a seasoned finance and strategy leader with deep expert
Slide 3: Dangote Group is one of the largest privately-owned African industrial conglomerates
Dangote Group is one of the largest privately-owned African industrial conglomerates, and DCP has been a significant part of the Group Africa’s largest The largest integrated and Cement energy-self- producer in sufficient Africa REFINING & Refinery CEMENT PETROCHEMICALS Listed Private One of Africa’
Slide 4: Dangote Group has a clear Vision to 2030
Dangote Group has a clear Vision to 2030, and DCP is a part of the Group growth engine …with continued initiatives One of Africa’s most to drive sustainable renowned conglomerates… industrialisation in Africa Au tom re $45bn R tu ea o ti v e f r a struc Investment plan lE In en t st a y Su te rg m g
Slide 5: Introducing today's presenters
Introducing today’s presenters Arvind Pathak Gbenga Fapohunda Group Managing Director & CEO, Group CFO, Dangote Cement Plc Dangote Cement Plc years of experience, Arvind is an experienced CEO with a strong track-record in shareholder years of experience, Gbenga is a multi-skilled finance professiona
Slide 6: Today's agenda
Today’s agenda Opening Introduction to Dangote Cement The African generational build-out story Our irreplicable business model focused on community empowerment Q&A and break Mid-term growth strategy Financials overview Q&A 6 CONFIDENTIAL
Slide 7: Introduction to Dangote Cement
01 Introduction to Dangote Cement STRICTLY PRIVATE AND CONFIDENTIAL ……
Slide 8: DCP is the largest Pan-African cement manufacturer
DCP is the largest Pan-African cement manufacturer with a best-in-class African set-up DCP, A GLOBAL LEADER, PROUDLY AFRICAN DCP’S STRATEGICALLY LOCATED FOOTPRINT AND DISTRIBUTION NETWORK ⚫ The largest1, leading cement company in Africa Senegal ⚫ An integrated “quarry-to-customer” operating model un
Slide 9: A differentiated track-record of compounding growth, revenues and hard-currency economics
A differentiated track-record of compounding growth, revenues and hard-currency economics TRACK-RECORD OF PROFITABLE GROWTH REVENUE EVOLUTION (US$bn)1 Revenue CAGR Adjusted EBITDA CAGR Dividend CAGR2 2023-2025 2023-2025 2023-2025 +40% +50% +22% US$3.1bn +22% L12M Jun. ’26 revenue1 3.1 L12M Jun. ’26
Slide 10: DCP's flagship operation, Obajana, is one of the largest cement plants globally
DCP’s flagship operation, Obajana, is one of the largest cement plants globally1 Site highlights Evolution of Obajana plant – An impressive and complex size integrated plant ⚫ DCP’s flagship manufacturing site and one of the largest cement plants globally1 2007 ~1.0Bt ⚫ Vertically integrated and Com
Slide 11: DCP is a differentiated opportunity to invest in Africa's generational build-out
DCP is a differentiated opportunity to invest in Africa’s generational build-out The right platform A Pan-African Well-invested asset Differentiated Continued track- Clear mid-term to capture structural cement champion base with an logistics network record of profitable, growth strategy trends that
Slide 12: Cement is the foundational input across structural trends making Africa the growth engine
1 AFRICAN OPPORTUNITY Cement is the foundational input across the structural trends that will make Africa the global growth engine SIGNIFICANT ROOM FOR GROWTH IN THE AFRICAN CEMENT MARKET … … POWERED BY CLEAR, STRUCTURAL MEGATRENDS Country Nigeria China Europe1 India LatAm2 US Structural housing Rap
Slide 13: Cementing Africa's economic self-sufficiency through free trade agreements
1 AFRICAN OPPORTUNITY Cementing Africa’s economic self-sufficiency by making the regional and continental free trade agreements a reality DCP IS UNIQUELY POSITIONED TO TAKE ADVANTAGE OF THE STRUCTURAL DCP’S STRATEGICALLY LOCATED FOOTPRINT AND DISTRIBUTION NETWORK OPPORTUNITY IN SUB-SAHARAN AFRICA ST
Slide 14: DCP is well-placed to capture the opportunity across cement and Building Solutions
1 AFRICAN OPPORTUNITY DCP is well-placed to capture this opportunity across cement and the wider Building Solutions space A capital-light growth strategy articulated across three levels A C B One-Stop-Shop Building All cement categories Cement-based adjacencies Solutions provider DCP’s vertically in
Slide 15: DCP is truly a global cement player with a proven track record of expansion
2 CAPACITY AND NETWORK DCP is truly a global cement player with a proven track record of expansion Top global (ex-China) cement producers as of 2025 by capacity (in New kilns and grinding stations built in the last 10 years Mta) by global major cement producers Global position # cement plants and gr
Slide 16: Fully integrated quarry-to-customer business model
3 STRONG ASSET BASE Fully integrated quarry-to-customer business model ensuring control over the entire value chain RESERVES AND QUARRIES KILNS AND PRODUCTION DISTRIBUTION AND SALES Scaled and modern, energy- ~4.2Bt Limestone Reserves with a Vertically integrated, logistics- efficient plants allow f
Slide 17: Decarbonisation, resource efficiency and human capital programmes
3 STRONG ASSET BASE DCP’s success is underpinned by proactive decarbonisation, resource efficiency and human capital programmes DECARBONISING OPERATIONS MINIMISING RESOURCE USE EMPOWERING PEOPLE (Net Scope 1 intensity kg CO2/t Cementitious product) 2024 2025 606 Training Hours 575 Completed Other EM
Slide 18: DCP benefits from an extensive land, rail and seaborne distribution network
4 DCP NETWORK DCP benefits from an extensive land, rail and seaborne distribution network KEY INDICATORS DCP’s operational distribution infrastructure DCP is a leader across its operations 5 Operational ports across West and Central Africa with top 3 positions in most of its Mali Niger 2 Chad Sudan
Slide 19: Clear structural advantages in DCP's distribution set-up
4 DCP NETWORK There are clear structural advantages in DCP’s distribution set-up THREE DISTINCT PURPOSES PROVIDING THREE DISTINCT ADVANTAGES 1 SPARE CAPACITY UTILISATION 2 ECONOMIC BENEFITS 3 CNG/EV1 ROLLOUT ⚫ Maximises utilisation of Nigeria’s asset base ⚫ Leverages Nigeria’s integrated plants to f
Slide 20: DCP is both a growth and yield story
5 RESILIENT PERFORMANCE DCP is both a growth and yield story consistently delivered over time SOLID FOUNDATION THE DCP MULTIPLIER STRONG SHAREHOLDER Attractive market dynamics underpinned by 2% RETURNS 2025-50 demographics and urbanisation population CAGR Fully vertically integrated in Nigeria Exten
Slide 21: Strong cash flow generation, healthy leverage ratios and attractive payback periods
6 MID-TERM GROWTH STRATEGY Strong cash flow generation, healthy leverage ratios and attractive payback periods BACKING FURTHER INVESTMENTS IN A DISTINCTIVE SET-UP PROVEN CASH GENERATION AND ROI Itori, Nigeria Ethiopia Expansion 2026 Q4 2028 6Mta / $800m investment 2.5Mta / $400m investment 2.5 Avera
Slide 22: DCP is a differentiated opportunity to invest in Africa's generational build-out
DCP is a differentiated opportunity to invest in Africa’s generational build-out The right platform A Pan-African Well-invested asset Differentiated Continued track- Clear mid-term to capture structural cement champion base with an logistics network record of profitable, growth strategy trends that
Slide 23: The African generational build-out story
02 The African generational build-out story STRICTLY PRIVATE AND CONFIDENTIAL ……
Slide 24: Africa stands out as one of the last major cement growth frontiers
AFRICAN MARKET In an industry defined by mature markets, Africa stands out as one of the last major cement growth frontiers Cement consumption rises with economic development before plateauing as housing and infrastructure needs mature Consumption Emerging markets Maturing markets Mature markets Ben
Slide 25: Africa's cementitious building materials market valued up to ~$100bn+ annually
AFRICAN MARKET Africa's cementitious building materials market is valued up to ~$100bn+ annually, and cement represents ~35% of the opportunity CEMENT REMAINS THE CORNERSTONE OF AFRICA'S CONSTRUCTION SECTOR, UNDERPINNING DEMAND ACROSS A BROAD ECOSYSTEM OF CEMENTITIOUS BUILDING MATERIALS Cementitious
Slide 26: Africa's demographic and urban transition creates a multi-decade cement demand runway
AFRICAN MARKET Africa's demographic and urban transition is creating a multi-decade cement demand runway unmatched by most global markets Production capacity and per capita consumption to global average, by African country How this pulls Key demand drivers cement demand Population growth with c.60%
Slide 27: Africa's $130-170bn annual infrastructure gap
AFRICAN MARKET Africa’s $130-170bn annual infrastructure gap creates a multi-decade construction opportunity INFRASTRUCTURE INVESTMENT REMAINS MATERIALLY BELOW REQUIREMENTS ACROSS AFRICA, CREATING A STRUCTURAL AND LONG-DURATION SOURCE OF CEMENT DEMAND GROWTH Roads & Highways Ports & Logistics Power
Slide 28: Three distinct growth engines shaping Sub-Saharan Africa's cement demand outlook
AFRICAN MARKET Three distinct growth engines are shaping Sub-Saharan Africa's cement demand outlook Key takeaways Africa's largest domestic demand pools, where SCALE-DRIVEN population growth, urbanisation and housing needs MARKETS drive cement consumption Large populations create substantial long-te
Slide 29: Regional trade corridors unlocking cross-border cement demand
AFRICAN MARKET Regional trade corridors are unlocking cross-border cement demand by linking production hubs to structurally undersupplied markets WEST AFRICA EAST AFRICA CENTRAL AND SOUTHERN AFRICA TRADE & PORT-TO-INLAND GATEWAY PORT TO INLAND DEMAND MINING HUBS & STRATEGIC TRADE ROUTES ROAD FLOW TR
Slide 30: Most attractive cement markets combine structural demand with favourable market structure
AFRICAN MARKET The most attractive cement markets combine strong structural demand with favourable market structure and limited import exposure MOST ATTRACTIVE LEAST ATTRACTIVE PROTECTED DOMESTIC MARKETS CONTESTED CORRIDOR EXPOSED COASTAL Structural pricing power Competition shaped by logistics Pric
Slide 31: Nigeria's macro reset is gaining traction
FOCUS ON NIGERIA Nigeria's macro reset is gaining traction as growth recovers, inflation eases and policy credibility improves FOUNDATION STABILISATION DEMAND IMPLICATIONS 1 REAL GDP GROWTH 3 INFLATION RATES 5 POPULATION & URBANISATION Real GDP growth (%) Inflation rate, 2019-2026F (%) Rural and Urb
Slide 32: Demand drivers: structural fundamentals support decade-long cement growth runway
FOCUS ON NIGERIA Demand drivers | Structural demand fundamentals support a decade-long cement growth runway BACKING FURTHER INVESTMENTS IN A DISTINCTIVE SET-UP STRUCTURAL DRIVERS OF FUTURE DEMAND Nigeria's ~32Mt cement market is growing at 4.9% CAGR on a base case scenario Housing Demand Gap ⚫ Housi
Slide 33: Supply Footprint & Capacity: industry structure
FOCUS ON NIGERIA Supply Footprint & Capacity | Industry structure combines high concentration with capacity available to support future demand growth Production assets are located close to both limestone reserves and Market leadership is concentrated among three producers, with Nigeria's largest dem
Slide 34: Nigeria provides the scale anchor for Africa's largest cement platform
FOCUS ON NIGERIA Nigeria provides the scale anchor for Africa's largest cement platform Overview of cement producers in Africa (by installed capacity, Mta) DCP HIGHLIGHTS 80+ ✓ The African cement scale and cost leader EXPANSION FUTURE The foremost cement producer in the region with 55.01 ✓ a signifi
Slide 35: Nigeria Case Study: five sequenced decisions compounded into market position
FOCUS ON NIGERIA Nigeria Case Study | Five sequenced decisions compounded into a ~51% market position1 and ~60% Adjusted EBITDA margin DCP's approach to the Cement Market Compound into Build a structural leadership Deploy large-scale distribution fleet capacity KEY TAKEAWAYS Lock-in critical Each la
Slide 36: Our irreplicable business model focused on community empowerment
03 Our irreplicable business model focused on community empowerment STRICTLY PRIVATE AND CONFIDENTIAL ……
Slide 37: Fully integrated quarry-to-customer business model
ASSET BASE Fully integrated quarry-to-customer business model ensuring control over the entire value chain How we do it Plant procurement Quarries and Technical Sales and Production Premium product and construction mining standardisation distribution ⚫ Proven track record of ⚫ New mines enable ⚫ Cen
Slide 38: DCP tailors its integrated and grinding footprint to each market's demand
ASSET BASE DCP tailors its integrated and grinding footprint to each market's demand DCP’S MANUFACTURING FOOTPRINT (CURRENT & PLANNED) INTEGRATED GRINDING ⚫ Vertically integrated quarry- ⚫ Clinker-to-cement MODEL to-customer conversion Senegal ⚫ On-site clinker and cement ⚫ Milled from Group clinker
Slide 39: Strategic access to high-quality limestone close to demand centers
ASSET BASE RESERVES AND QUARRIES DCP has strategic access to high-quality limestone close to demand centers KEY INDICATORS DCP’s limestone reserves and quarries limestone reserves mainly located ~4.2Bt close to demand centres mine life securing long-term access to 80 year2 a critically strategic res
Slide 40: Multi-feed fuel systems allowing optimised fuel mix
ASSET BASE MULTI-FEED FUEL SYSTEMS Multi-feed fuel systems allowing for an optimised fuel mix across plants and consistent cost efficiency MULTI-FEED FUEL SYSTEM GROUP WIDE ALTERNATIVE FUELS PROGRAMME Increasing our adoption of alternative fuels across operations enables efficient fuel switching to
Slide 41: A full-stack sales network optimised for availability, scale and coverage
ASSET BASE DISTRIBUTION AND SALES A full-stack sales network optimised to win on availability, scale and coverage Built for reach, availability, and fast delivery across African markets, anchored by Nigeria DISTRIBUTION AND SALES Integrated network engine PAN-AFRICAN COVERAGE MODEL: Strong domestic
Slide 42: A customer-centric business anchored on quality, reliability, service
ASSET BASE DISTRIBUTION AND SALES A customer-centric business anchored on quality, reliability, service and performance MAJORITY OF SALES THROUGH DISTRIBUTOR NETWORK Retail Customers Retail-led customer base, with ~90% ~65,000 of sales made through the distributor Retail outlets across Nigeria One-s
Slide 43: Embedding AI & digitalisation across the business
ASSET BASE AI & DIGITALISATION Embedding AI & digitalisation across the business to unlock sustainable cost savings KILN, MILL & PROCESS OPTIMISATION DEMAND FORECASTING¹ Predicts where/when bagged cement will sell to reduce Recommends operating setpoints to stabilise quality c stockouts and excess i
Slide 44: End-to-end fully automated distributor management system
ASSET BASE AI & DIGITALISATION End-to-end fully automated distributor management system E-POD: Mobile-First Transaction Interface DCP ePOD solution digitises and streamlines the delivery confirmation process — providing real-time visibility into deliveries, improving customer experience, and enhanci
Slide 45: Pan-African distribution across land, rail and sea
LOGISTICS DCP’s Pan-African distribution benefits from a modern set-up across land, rail and sea, leading to a successful export strategy Cement and clinker export sales by source country (Mta) Nigeria Tanzania Congo Zambia Senegal RSA 3,138 2,629 LAND RAIL SEABORNE 1,952 1,947 1,810 995 2020 2021 2
Slide 46: Extensive land, rail and seaborne distribution network
LOGISTICS DCP benefits from an extensive land, rail and seaborne distribution network DCP’S OPERATIONAL DISTRIBUTION INFRASTRUCTURE KEY INDICATORS Senegal 2 Nigeria Côte Ethiopia Sierra Leone d’lvoire Anchor export terminals1 3 Receiving terminals2 Tanzania Zanzibar 1 Export terminal, Lagos state Ex
Slide 47: Export terminals as nodes in regional export logistics
LOGISTICS SEABORNE EXPORTS DCP’s export terminals positioned as important nodes in its regional export logistics DCP’S SEABORNE EXPORT LOGISTICS OVERVIEW OF DCP’S SEABORNE LOGISTICS Niger Chad ⚫ Export-to-import terminals now live: Apapa (Lagos) and Onne (Port Harcourt) EXPORT Sokoto Lake TERMINALS
Slide 48: Seaborne clinker exports turning Nigeria into a regional supply hub
LOGISTICS CEMENT AND CLINKERS DCP’s seaborne clinker exports are turning Nigeria into a regional supply hub HIGH AMOUNT OF CLINKER SHIPMENTS IN 2025… …WITH ROOM FOR GROWTH BASED ON PAST TRACK RECORD 8 ships 222k tonnes Nigeria Ghana Côte d’lvoire 22 ships Cameroon 615k tonnes Cement and clinker expo
Slide 49: Modern receiving terminals and jetty ensuring consistent supply
LOGISTICS RECEIVING TERMINALS Modern receiving terminals and jetty ensuring consistent supply RECEIVING TERMINALS JETTY GHANA SIERRA LEONE Senegal CAMEROON Operations consolidated in ✓ 2012 ✓ Commissioned in 2017 ✓ Under construction ✓ Commissioned in 2015 199m long terminal with a 199m long termina
Slide 50: Logistics set-up addresses key infrastructure and supply chain challenges
LOGISTICS DCP’s logistics set-up addresses key industry challenges around infrastructure and supply chain reliability KEY CONSIDERATIONS ON OUR OPERATING ENVIRONMENT … … TACKLED BY OUR ORGANISATIONAL SET-UP POOR ROAD INFRASTRUCTURE CONDITIONS AND HIGH INLAND Dense network of plants, depots, and cont
Slide 51: Clear structural advantages in DCP's distribution set-up
LOGISTICS There are clear structural advantages in DCP’s distribution set-up THREE DISTINCT PURPOSES PROVIDING THREE DISTINCT ADVANTAGES 1 2 3 SPARE CAPACITY UTILISATION ECONOMIC BENEFITS CNG/EV1 ROLLOUT ⚫ Maximises utilisation of Nigeria’s asset base ⚫ Leverages Nigeria’s integrated plants to feed
Slide 52: Customer truck empowerment scheme
LOGISTICS Customer truck empowerment scheme – investing in our business partner program CUSTOMER TRUCK EMPOWERMENT SCHEME (CTES) A BENEFICIAL PARTNERSHIP >4,000 trucks provided Financing ~5,000 to customers, empowering trucks on the streets of partners and promoting Nigeria entrepreneurship KEY THE
Slide 53: 7-pillar sustainability approach
ESG Our 7-pillar sustainability approach provide the framework in which we have embedded our corporate values and strategic objectives Financial Institutional Economic Operational Environmental Cultural Social ⚫ Achieve financial ⚫ Build a world- ⚫ Achieve inclusive ⚫ Leverage ⚫ Mitigate ⚫ Integrate
Slide 54: Key focal points of our sustainability strategy
ESG Key focal points of our sustainability strategy Carbon Environmental Governance Workforce Social emissions impact framework empowerment investments ⚫ Reducing emissions ⚫ Reducing water ⚫ Maintaining robust Board ⚫ Investing in employee ⚫ Supporting host intensity through consumption, oversight,
Slide 55: Alternative Fuels strategy
ESG DCP’s Alternative Fuels strategy offers a reliable solution to fossil fuel dependency whilst providing a significant cost reduction DCP’S THERMAL SUBSTITUTION RATE (“TSR”) ALTERNATIVE FUELS STRATEGY AND BENEFITS OF ADOPTION 2022 2025 Replacing fossil fuels with agricultural, industrial and 157k
Slide 56: Governance Framework empowering the Board
ESG DCP’s Governance Framework is designed to empower the Board to provide effective strategic oversight A BOARD DEDICATED TO GOVERNANCE EFFECTIVENESS, THE DCP BOARD DELEGATES RESPONSIBILITIES ACROSS FOUR SUSTAINABLE GROWTH AND OPERATIONAL EXCELLENCE DEDICATED COMMITTEES up Gro ng Chair n g a i Ma r
Slide 57: Workforce central to operational excellence
ESG DCP’s workforce is central to its operational excellence and delivering long- term value creation A CULTURE OF TRANSPARENCY BUILDING AND EMPOWERING NEXT INCLUSION AND EQUALITY GENERATION OF LEADERS 18 month, fully paid and structured Focused on embedding a culture of Graduate Training Programme,
Slide 58: Q&A and break
Q&A and break CONFIDENTIAL
Slide 59: Mid-term growth strategy
04 Mid-term growth strategy STRICTLY PRIVATE AND CONFIDENTIAL …… ……
Slide 60: DCP's journey so far
DCP’s journey so far: From dominant Nigerian cement player to Pan-African building materials conglomerate Diversified building materials company Established Nigerian cement player with an integrated “quarry-to-customer” operating model and full value chain presence Positioning as an export house Exp
Slide 61: Well-defined strategy to deliver on Group mid-term priorities
Well-defined strategy to deliver on the Group mid-term priorities 1 2 3 Capturing the upside from Africa’s Driving operational efficiency Supported by next generation generational buildout underpinned by green transition leaders Developing a pipeline of future leaders Robust capacity expansion to ca
Slide 62: Robust Pan-African capacity expansion
1 CAPACITY EXPANSION Robust Pan-African capacity expansion… Itori Greenfield Plant CAPACITY EXPANSION TO 2030 (mt) Greenfield Brownfield New acquisition ⚫ US$800m investment in construction of two cement production lines at Itori, Ogun State 3.0 0.5 2.5 80 ⚫ Annual capacity of c.6mt, with an 2.5 add
Slide 63: Case study: Itori greenfield cement plant
1 CAPACITY EXPANSION Case study: Itori greenfield cement plant Site details Itori cement plant ⚫ c.6mta integrated cement plant comprising of two production lines, located in Itori, Ogun Itori, Ogun State State, on a 533-hectare site ⚫ Upon completion, the total capacity of DCP’s cement plants in Og
Slide 64: Operational efficiency initiatives driving margin improvements
2 COST EFFICIENCY Operational efficiency initiatives driving further margin improvements ILLUSTRATIVE COST SAVINGS 2026-2030 (US$m) 1 1 c.5 c.65 c.250 1 c.700-750 1 c.400 Logistics cost Fuel cost Power cost Other cost initiatives Total cost savings CNG trucks in Nigeria O&M4 self operations Select I
Slide 65: Developing next generation leaders
3 LEADERSHIP DEVELOPMENT Developing next generation leaders to drive our mid-term growth strategy Deep bench of homegrown leaders… … combined with dedicated training programmes Top 50 Managers1 Programme Impacts Development Programme 10+ Years Dangote Leadership 66% Tenure Participants per 229 Total
Slide 66: Historical financials and medium-term guidance
05 Historical financials and medium-term guidance STRICTLY PRIVATE AND CONFIDENTIAL …… ……
Slide 67: DCP at a Glance: strong growth, profitability and cash generation
OVERVIEW DCP at a Glance: strong growth, profitability and cash generation DCP's strong financial performance reflects the strength of its brand, pricing power and pan-African platform, driving resilient growth, high margins, strong cash generation and compelling shareholder returns. KEY FINANCIAL A
Slide 68: Proven track record of sustained growth
GROWTH Proven track record of sustained growth DCP has consistently grown revenue and adjusted EBITDA over the last decade, significantly outpacing underlying volume growth. L10Y PERFORMANCE OBSERVATIONS L10Y Sales Volume L10Y Revenue L10Y adj. EBITDA Mt $m $m ⚫ Sales volumes increased from 23.6Mt i
Slide 69: Strong growth and margin expansion across geographies
GROWTH Strong growth and margin expansion across geographies Revenue and adjusted EBITDA growth in recent past have been largely driven by price increase as volume has been largely flat. VOLUMES, REVENUE AND ADJUSTED EBITDA BREAKDOWN BY REGION OBSERVATIONS Sales Volumes Revenue Adj. EBITDA Mt $m $m
Slide 70: Growth-oriented capex programme
CAPITAL ALLOCATION Growth-oriented capex programme fuelling Dangote's expansion across the high-growth continent DCP's investment has accelerated materially since FY23, with growth capex as the primary driver and a c.$4.5bn plan committed through the medium term. CAPEX BREAKDOWN OBSERVATIONS Capex B
Slide 71: Robust cash flow generation coupled with solid shareholder returns
CASH FLOW Robust cash flow generation coupled with solid shareholder returns DCP combines robust cash generation with substantive returns to shareholders who also benefit from attractive payback periods on greenfield and brownfield investments. CASH GENERATION AND RETURNS PROFILE SELECTED KPIs FCF1
Slide 72: Sustained attractive shareholder distributions
DIVIDEND PROFILE Sustained attractive shareholder distributions supported by strong cash flow generation DCP increased dividends in 2025 and has ample cash flow headroom and balance sheet flexibility to continue to make investments into the business, whilst also rewarding shareholders. DIVIDEND PROF
Slide 73: Significant balance sheet headroom supported by active deleveraging
LEVERAGE Significant balance sheet headroom supported by active deleveraging Strong cash generation and deleveraging have materially improved DCP's balance sheet flexibility. LEVERAGE AND FINANCING POSITION OBSERVATIONS Net Debt $m ⚫ Net debt has declined from $345m in FY23 to a net cash Net Leverag
Slide 74: Disciplined capital allocation
CAPITAL ALLOCATION Disciplined capital allocation supporting value accretive growth and attractive shareholder return Pillars of capital allocation Maintain Existing Asset Invest in Expansion Shareholder Return Opportunistic M&A and Base Community Investment • $4.5bn Capex expansion plan, targeting
Slide 75: Elaborating on DCP's selected success factors
SUCCESS FACTORS Elaborating on DCP's selected success factors DCP's operations benefit from scale, vertical integration and logistics capabilities, which have historically supported profitability. STRUCTURAL MARGIN SUPPORT Huge Limestone Reserve Top 3 Market Leadership Protection from Imports Obajan
Slide 76: Medium-term guidance
Medium-term guidance REVENUE ADJUSTED EBITDA Consolidated Revenue Consolidated Adjusted EBITDA 11.0-11.5 NGNtn NGNtn Targeting a mid-single digit pp. increase in EBITDA margin Targeting growth of 25%+ 4.3 Targeting broadly stable margins 2.0 2025A 2026E Medium Term 2025A 2026E Medium Term Medium-ter
Slide 77: Medium-term guidance
Medium-term guidance Medium-term guidance ~7-9% We expect depreciation to steadily increase as a percentage of revenue, reaching ~7-9% of revenue by the D&A of revenue medium-term, reflecting the expansion capex required Days inventory outstanding are expected to increase steadily as we build strate
Slide 78: Dividend policy and net leverage guidance
Dividend policy and net leverage guidance ⚫ DCP intends to maintain a sustainable track record of delivering long term value for shareholders. Our well-defined capital allocation framework continues to seek to deliver strong returns to the shareholders while continuing to invest in growth and mainta
Slide 79: Q&A
Q&A CONFIDENTIAL
Slide 80: Glossary
Glossary Term Definition AFR Alternative Fuels and Raw Materials AGO Automotive Gas Oil CEMAC Economic and Monetary Community of Central Africa (“Communauté économique et monétaire de l'Afrique centrale“) CFA West African CFA franc CISS Comprehensive Import Supervision Scheme CNG Compressed Natural
Slide 81: Disclaimer
Disclaimer This presentation is not intended to be accessed, viewed, downloaded or distributed in any jurisdiction where doing so would be unlawful. Persons accessing this presentation are responsible for informing themselves of, and complying with, any applicable legal or regulatory restrictions in
Slide 82: CONFIDENTIAL
CONFIDENTIAL