Gcc Sab De Cv · BMV:GCC
Gcc Sab De Cv — Q4 2025 Earnings Presentation
47 slides from Gcc Sab De Cv's earnings presentation, February 2026
Slide 1: Corporate Presentation Q4 2025
CORPOR ATE PRESENTATION Q4 2025 FEBRUARY 2026
Slide 2: Safe Harbor Statement
This presentation has been prepared by GCC, S.A.B. de C.V. (together EBITDA with its subsidiaries, “GCC”). Nothing in this presentation is intended to We define EBITDA as consolidated net income after adding back or be taken by any person as investment advice, a recommendation to buy, subtracting, a
Slide 3: Vision, Mission and Anchor Strategies
ANCHOR STRATEGIES DRIVING GCC’S PURPOSE Strengthen relationships with employees, customers, VISION PEOPLE suppliers, and communities by fostering trust, collaboration, To improve quality of life by creating a better tomorrow. and shared growth. Drive profitable growth by enhancing the quality of pro
Slide 4: One of the Strongest Players in the Industry
REFLECTION OF THE STRATEGY EXECUTION SINCE 2020 Deleveraging as soon as possible ONE OF THE Maintaining balanced cash levels STRONGEST PLAYERS IN THE INDUSTRY Refinancing bank debt and notes, extending maturities and reducing the average cost of debt Debottlenecking project at the Samalayuca plant,
Slide 5: Investment Highlights
INVESTMENT 1 Leading position in attractive U.S. regional markets and in Chihuahua, Mexico HIGHLIGHTS Mexico operations also provide a strong base, and add operational flexibility 2 with export capacity TICKER: BMV: GCC 3 Vertically integrated, with best in class production facilities and logistics
Slide 6: More Than Ten Years of Operational and Financial Transformation
MORE THAN TEN YE ARS Disciplined expansion Prudent balance sheet OF O PER ATIONAL management Customer focus AND F INANCIAL Increased shareholder Operational excellence value T R ANSFORMATION AS OF Cement EBITDA EBITDA Net Debt/ Share Price (02/04/26) Capacity Growth Margin EBITDA DECEMBER 2025 VS 20
Slide 7: GCC at a Glance: A Unique Market Presence
6 MMT1 cement production capacity 3.5 MMT in U.S. + 2.5 MMT in Mexico GCC AT A G L ANCE: #1 or #2 share in core markets CEMENT AND READY-MIX CONCRETE OPERATIONS Landlocked states, insulated from ACROSS THE “CENTER CUT“ OF NORTH AMERICA A UNIQUE MARKET seaborne competition PRESENCE 8 cement plants, 2
Slide 8: Regional Leader in U.S. Mid-Continent Markets
ALBERTA REGIONAL LEADER IN U.S. MID-CONTINENT MARKETS #2 #2 WELL-POSITIONED TO CAPTURE U.S. GROWTH AND CONSTRUCTION INDUSTRY RECOVERY MT ND #1 MN #1 ID SD Leadership position in 13 contiguous states WY CO, MN, MT, ND, NM, SD, UT and W.TX are our core markets, with 90% of U.S. sales #2 IA NE #2 No ot
Slide 9: Markets with Demonstrated Volume and Price Recovery
GCC U.S. CEMENT SALES GCC U.S. CONCRETE SALES (’000 MT) 4yr CAGR (’000 M3 / YEAR) 4yr CAGR -0.5% +7.9% MARKETS WITH 5.6% 2.9% -5.1% -2.2% 2.6% DEMONSTRATED 31.5% 3.1% 5.9% -5.6% -19.1% VOLUME AND PRICE RECOVERY 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 GCC U.S. CEMENT PRICES GCC U.S. CONCRET
Slide 10: Fragmented Competition and Diversified Business Mix
WHERE GCC FACES FRAGMENTED COMPETITION AND HAS A DIVERSIFIED BUSINESS MIX GCC MARKET POSITION AND COMPETITORS IN CORE MARKETS COLORADO N. MEXICO N. DAKOTA S. DAKOTA W. TEXAS WYOMING MONTANA GCC market position #2 #1 #2 #1 #1 #2 #2 * Refers to West Texas only GCC cement plant in state — — ** Aprox. 1
Slide 11: Clear Need for Increased Infrastructure Spending
AND A CLEAR NEED FOR INCREASED INFRASTRUCTURE SPENDING DEFICIENT ROADS 1 CEMENT FUNDAMENTALS 2 LANE MILES RATED ‘POOR’ BASED ON ACA SECTOR COMPOSITE AS A SHARE OF TOTAL LANE MILES RANKINGS* WA WA NH ME NH ME MT ND VT MT VT ND OR OR MN MN ID SD NY MA ID NY MA WII SD WI RI RI WY MI WY MI CT CT IA PA I
Slide 12: Positive Outlook Driven by Expected Infrastructure Spending
FORECAST CEMENT CONSUMPTION HIGHWAYTOTAL FORECAST BUDGETU.S.AUTHORIZATIONS CEMENT U.S CEMENT IN ALL GCC U.S. MARKETS (MMT) INCLUDED IN (MMT) CONSUMPTION THE FAST ACT ($ BB) ¹² IMPORTS W 4yr CAGR 4yr CAGR -1.2% -2.9% 47.1 47.1 37.9 107.8 107.1 46.0 45.0 120 LEADING TO A 36.4 36.2 35.4 43.1 44.0 101.6
Slide 13: Favorable Phase of the U.S. Cement Cycle
WHILE IN A FAVORABLE PHASE OF THE U.S. CEMENT CYCLE U.S. CEMENT PRODUCTION AND CONSUMPTION 140 120 Consumption -23% Actual 2003-2025 100 Estimated 2026-2028 Production 80 60 40 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 2027E Source: USGS, ACA 2025 U.S. apparent consumption is still
Slide 14: Solid Outlook in Key States
AMERICAN CEMENT ASSOCIATION (ACA) FORECAST AND MAIN CONSUMERS COLORADO TEXAS WITH A SOLID 3,000 20,000 OUTLOOK IN KEY 2,500 16,000 17.0% STATES 2,000 12,000 1,500 0.4% -1.0% 8,000 1,000 -1.8% -3.9% -9.4% -0.8% -2.7% -3.9% -8.1% 4,000 500 - - 2022 2023 2024 2025 2026E 2022 2023 2024 2025 2026E 1- Res
Slide 15: U.S. Infrastructure Plan Will Boost the Cement Industry
U.S. INFRASTRUCTURE PLAN The Infrastructure Investment and Jobs Act is a $1.2 trillion infrastructure package. Included in the package is roughly $550 billion in new surface transportation spending. The plan will take 5-years and combines transformational efforts in roads, bridges, railroads, and do
Slide 16: Leading Producer in Chihuahua with Export Capacity
GCC IS THE LEADING PRODUCER IN THE STATE OF CHIHUAHUA, WITH SIGNIFICANT EXPORT CAPACITY Exports to U.S. GCC is sole producer of cement and the leading producer Juarez of ready-mix concrete in Chihuahua Samalayuca Close economic ties between Chihuahua and the U.S. Cyclical recovery benefit Chihuahua
Slide 17: Vertically Integrated Operations
Coal mine in Colorado provides a significant source of fuel FUEL for GCC cement plants, lowering costs and reducing price volatility GCC owns most of the limestone quarries needed to supply RAW MATERIALS cement, ready-mix and aggregates operations over the long-term VERTICALLY INTEGRATED 8 plants in
Slide 18: State of the Art Production Facilities
Pueblo, CO 1.1 MMT WITH STATE 2008 startup Chihuahua, Chih. OF THE ART Rapid City, SD 1.1 MMT 1941 startup 1.1 MMT PRODUCTION 2018 expansion 2009 modernized FACILITIES Samalayuca, Chih. United States Tijeras, NM 0.4 MMT 6.0 MMT 1.2 MMT Mexico 3.5 MMT 2015 modernized Cement production 1995 startup 2.
Slide 19: Operating at Near-Optimal Capacity Utilization Levels
OPERATING AT NEAR-OPTIMAL CAPACITY UTILIZATION LEVELS 89% 84% 86% 83% 82% U.S. industry 79% 77% estimated average 70% 71% 70% 71% 70% 73% 69% 68% 67% 64% 65% 61% 50% 2024 2025 Chihuahua Samalayuca Juarez Tijeras Rapid City Pueblo Odessa Trident MX US GCC MEXICO UNITED STATES 19
Slide 20: Sophisticated Distribution Network
ROBUST LOGISTICS PLATFORM STRETCHES FROM NORTHERN MEXICO TO THE U.S. BORDER WITH CANADA ALBERTA LINKED BY Operational flexibility SOPHISTICATED Cost efficiency DISTRIBUTION Faster delivery time ID MT WI NETWORK THAT ND MN Advanced logistics LEVERAGES Reduced supply disruption risk WI CONTIGUOUS ID S
Slide 21: Recent Developments Enhance GCC's Value Proposition
EBITDA Cement Capacity Debt Falling Increased free Growing Growing and float and RECENT Refinancing liquidity DEVELOPMENTS +59.5% +514k mt -0.71x 46% ENHANCE Odessa in 2016 Net leverage of total shares EBITDA growth GCC’S VALUE since 2020 acquisition on BMV PROPOSITION 34.9% +440k mt BBB +23% 2025 m
Slide 22: Bond and Bank Debt Refinancing
REDUCTION OF INTEREST COUPON BY 1.636 PERCENTAGE POINTS MATURITY PROFILE (US$ million) Fitch and S&P upgraded GCC’s rating to investment grade (Q1-21) 500 BOND AND Bond interest coupon decreased to 3.614% from 5.250% (January 2022) BANK DEBT Undrawn ~US$270mm revolving credit facility to support liq
Slide 23: Sustainability Linked Bond US$500 MM
SUSTAINABILITY LINKED BOND FIRST ISSUANCE AS AN INVESTMENT GRADE COMPANY 2.8x oversubscribed orderbook US$500 MM Drove a 25bps compression from IPTs to launch GCC hosted conference calls with over 75 accounts, over a 4-day marketing exercise, while simultaneously BBB leveraging an electronic roadsho
Slide 24: Sustainability Linked Bond
SUSTAINABILITY LINKED BOND REINFORCING GCC’S COMMITMENT TO DECARBONIZATION First SLB from a cement company in the Americas, positioning GCC 770 767 Actuals at the forefront of the industry’s decarbonization strategy 754 754 755 746 741 740 SUSTAINABILITY PERFORMANCE TARGET 710 706 689 679 Carbon Int
Slide 25: Debt and Capital Efficiency Indicators Steadily Improving
DEBT AND CAPITAL EFFICIENCY INDICATORS STEADILY IMPROVING EBITDA MARGIN EBITDA MARGIN FREE CASH FLOW FREE CASH FLOW (US$ million) (US$ million) 71% 71% 34.9% 34.9% 41.4% 41.4% 349 349 322 322 279 279 +13 ppt +13 ppt 246 244 246 244 234 234 138 138 107 112 106 107 112 106 21.9% 21.9% 68 68 2015 2016
Slide 26: Strengthened Margins and Lower Indebtedness Than Peers
STRENGTHENED MARGINS AND LOWER INDEBTEDNESS THAN MOST OF OUR PEERS 2026 Net Debt/EBITDA multiples* 5.1x U.S. Average 1.4x 1.5x 1.2x 1.4x 1.3x 2.1x -0.7x 1.8x EXP VMC MLM AMRZ CX GCC LatAm Average -1.9x -5.9x CEMARGOS 2026 EBITDA margins* U.S. Average 30.5% LatAm Average 21% 35.0% 32.2% 30.8% 33.1% 2
Slide 27: Capital Markets Transactions Increased Float and Liquidity
CAPITAL MARKETS TRANSACTIONS INCREASED SHARE FLOAT AND LIQUIDITY; VALUATION REMAINS ATTRACTIVE TRANSACTIONS BENEFIT PUBLIC 2026 ESTIMATED EV/EBITDA MULTIPLES 1 MARKET SHAREHOLDERS Transparent control group shareholdings Float increased to 49% of shares U.S. Average 14.3x Increased liquidity LatAm Pe
Slide 28: Liquidity Enhancing Events
LIQUIDITY HAS INCREASED SIGNIFICANTLY AS A RESULT OF CORPORATE DEVELOPMENTS AND STOCK MARKET POSITIONING AVERAGE DAILY TRADING VOLUME, SHARES1 “Re-IPO,” February 2017 420,000 IPC Index inclusion, September 2018 FTSE Index inclusion, March 2019 LIQUIDITY 278,000 ENHANCING 64,000 EVENTS Coverage Ratin
Slide 29: Sustainable Development Performance Targets
GCC IS MEMBER OF THE GLOBAL CEMENT AND CONCRETE ASSOCIATION MAIN GOALS SUSTAINABLE DEVELOPMENT GOALS 2020 ✓ HOW? REDUCE NET CO2 Climate & Energy EMISSIONS BY 9% Sustainable Development Performance Targets Energy efficiency Circular Economy 2030 Alternative fuels REDUCE NET CO2 EMISSIONS BY 30.7% Hea
Slide 30: Sustainability Initiatives: Alternative Fuels
SUPPORTED BY SUSTAINABILITY INITIATIVES RESULTING IN DIRECT ECONOMIC AND ENVIRONMENTAL BENEFITS ALTERNATIVE FUELS (AF) USAGE AF USAGE BY PLANT 11.5% 10.7% 9.7% 10.2% 9.4% 9.1% 9.1% 7.7% 7.1% 49% 38% 34% 30% 30% 27% 24% 24% 50k 81k 78k 78k 88k 84k 64k 55k 72k 73k 18% 18% 16% 10% 7% 4% 3% 3% 2% 3% 1%
Slide 31: Sustainability Initiatives: Clinker Factor and Blended Cement
SUPPORTED BY SUSTAINABILITY INITIATIVES RESULTING IN DIRECT ECONOMIC AND ENVIRONMENTAL BENEFITS % CLINKER FACTOR LOWER CLINKER FACTOR TRANSLATES INTO LOWER CO2 EMISSIONS 92.0% 91.0% 91.2% 91.0% 91.0% 90.6% GCC reduced clinker factor to 83% in 2025 89.7% 89.0% 88.9% Blended cement represented a 78% o
Slide 32: Latest ESG Achievements
GCC’s CO2 emissions decreased to 679kg CO2 in 2025 from 689kg CO2 in 2024; a 1.4% record reduction 100%, 48% and 25% of the electricity consumed at the Odessa, Rapid City and Montana plants, respectively, came from renewable sources in 2025 LATEST ESG Pueblo and Rapid City cement plants earned the 2
Slide 33: Experienced Management Team, Sound Corporate Governance
EXPERIENCED MANAGEMENT TEAM, WITH SOUND CORPORATE GOVERNANCE ENRIQUE ESCALANTE, CEO 49.1% 50.9% GCC since 1999; 26 years in the industry Free float CAMCEM MAIK STRECKER, CFO GCC since 2020; 25 years in the industry RON HENLEY, U.S. DIVISION PRESIDENT GCC since 2012; 39 years in the industry Propriet
Slide 34: Compensation Plan
COMPENSATION PLAN GOAL: CLOSELY ALIGN PAY WITH PERFORMANCE AND VALUE CREATION OVER THE SHORT AND LONG-TERM FIXED PAY VARIABLE PAY BASE SALARY ANNUAL INCENTIVE Smallest component of target TDC Based on EBITDA: CEO: 34% Budgeted growth Key executives: 40% - 62% EBITDA margin TOTAL DIRECT Pays out betw
Slide 35: Disciplined Approach to Acquisition and Growth Investments
WITH A DISCIPLINED APPROACH TO ACQUISITION AND GROWTH INVESTMENTS GROWTH FRAMEWORK STRATEGIC PRIORIZATION AND EVALUATION OF ALTERNATIVES Seek out Increase market share Cement opportunities 1 Increase presence in existing markets Vertical integration Cement Value-added products Case (U.S.) by case Ag
Slide 36: Building Shareholder Value Through Strategic Capital Allocation
BUILDING SHAREHOLDER VALUE THROUGH STRATEGIC CAPITAL ALLOCATION ORGANIC GROWTH INORGANIC GROWTH Odessa cement plant Aggregates operations US$116M expansion in Texas Samalayuca CASH RETURNS debottlenecking project US$183M US$1,042M Annual dividend US$743M (2021-2025) payments New cement distribution
Slide 37: Reinforcing the 2026 Outlook
REINFORCING THE 2026 OUTLOOK UNITED STATES CONSOLIDATED Volumes EBITDA growth Mid-single digit increase Cement High-single digit increase Concrete High-single digit decrease FCF Conversion Rate > 60% Prices Total CAPEX US$270 million Cement Growth US$200 million Flat Maintenance US$70 million Concre
Slide 38: Enrique Escalante, CEO Q4 2025 Quote
ENRIQUE Enrique Escalante, GCC’s Chief Executive Officer, commented: “GCC delivered strong results in 2025, achieving record full-year sales and a record EBITDA margin in ESCALANTE the fourth quarter, driven by a solid performance in the United States and our CEO Q4 2025 QUOTE teams’ disciplined app
Slide 39: Appendix
O05 APPENDIX
Slide 40: Q4 & FY 2025 Results
Q4 & FY 2025 RESULTS SALES (US$ MILLION) EBITDA & EBITDA MARGIN (US$ MILLION) FREE CASH FLOW (US$ MILLION) 36.2% 39.6% 36.6% 34.9% 322 349 1,367 1,409 +8.5% +3.1% 500 492 -1.7% 156 130 +20.3% 335 360 143 +7.3% 122 +17.3% Q4-24 Q4-25 2024 2025 Q4-24 Q4-25 2024 2025 Q4-24 Q4-25 2024 2025 NET SALES BY
Slide 41: Q4 2025 Results Highlights
Q4 2025 RESULTS HIGHLIGHTS Millions of dollars Q4-25 Q4-24 Var 2025 2024 Var Net sales 359.8 335.3 7.3% 1,408.7 1,366.7 3.1% Operating income before other expenses 110.2 94.2 17.0% 378.1 399.4 -5.3% EBITDA 142.5 121.5 17.3% 491.8 500.4 -1.7% EBITDA Margin 39.6% 36.2% 34.9% 36.6% Consolidated net inc
Slide 42: Sales Volumes and Prices
SALES VOLUMES AND PRICES Q4-25 vs Q4-24 2025 vs 2024 Cement volumes U.S. 1.4% 2.6% Favorable price environment in U.S. concrete and Mexico Mexico 11.0% -3.0% The most dynamic market segment during the quarter was renewable energy Concrete volumes Mexico sales during the quarter were primarily driven
Slide 43: Sales
SALES Million dollars Q4-25 Q4-24 Var 2025 2024 Var Consolidated 359.8 335.3 7.3% 1,408.7 1,366.7 3.1% U.S. 260.7 246.9 5.6% 1,044.7 974.8 7.2% Mexico 99.1 88.4 12.1% 364.0 391.9 -7.1% U.S. SALES MEXICO SALES Robust ready-mix activity from renewable energy projects Successful pricing strategy Solid
Slide 44: Income Statement (Million Dollars)
INCOME STATEMENT (MILLION DOLLARS) Q4-25 Q4-24 Var 2025 2024 Var Net Sales 359.8 335.3 7.3% 1,408.7 1,366.7 3.1% U.S. 260.7 246.9 5.6% 1,044.7 974.8 7.2% Mexico 99.1 88.4 12.1% 364.0 391.9 -7.1% Cost of sales 217.5 214.7 1.3% 909.9 849.0 7.2% SG&A expenses 32.0 26.4 21.5% 120.7 118.3 2.0% Other expe
Slide 45: Free Cash Flow (Million Dollars)
FREE CASH FLOW (MILLION DOLLARS) Q4-25 Q4-24 Var 2025 2024 Var Operating income before other expenses 110.2 94.2 17.0% 378.1 399.4 -5.3% Depreciation and amortization 32.3 27.3 18.2% 113.7 101.0 12.6% EBITDA 142.5 121.5 17.3% 491.8 500.4 -1.7% Increased free cash flow in Q4-25 reflects: Higher EBITD
Slide 46: Balance Sheet (Million Dollars)
BALANCE SHEET (MILLION DOLLARS) December December Var 2025 2024 Total assets 3,523.4 3,001.1 17.4% Current assets 1,320.0 1,156.4 14.1% Cash 969.5 830.6 16.7% Net leverage (net debt/EBITDA) ratio totaled Other current assets 350.5 325.8 7.6% -0.71x as of December 2025 Non-current assets 2,203.4 1,84
Slide 47: Contact
CONTACT: Maik Strecker, Chief Financial and Planning Officer mstrecker@gcc.com WWW.GCC.COM Sahory Ogushi, Head of Investor Relations soguship@gcc.com +52 (614) 442 3176 + 1 (303) 739 5943