Grupo Argos S.a. · BVC:GRUPOARGOS
Grupo Argos — Investor Presentation (March 2026)
50 slides from Grupo Argos's investor presentation, March 2026
Slide 1: Investments that transform
yr N N 4 GRUPO ARGOS Investments that transform
Slide 2: Grupo Argos is a leading investment player in the Americas
G r u p o A rgo s i s a l e a d i n g i nve st m e nt p l aye r i n t h e A m e r i ca s co m m i tte d to b u i l d i n g l o n g - te r m va l u e t h ro u g h i nve st m e nt s i n i n f ra st r u c t u re a n d b u i l d i n g m ate r i a l s 2
Slide 3: We connect investors to a unique and hard-to-replicate portfolio
We co n n e c t i nve sto rs to a u n i q u e a n d h a rd - to - re p l i cate p o r t fo l i o i n i n f ra st r u c t u re a n d b u i l d i n g m ate r i a l s w i t h i n h i g h - g ro w t h m a r ke t s 3
Slide 4: Where global capital meets Latin American growth
Where global capital meets latin american growth +92 years ~9,000 $16.5bn 22% Founded in 1934 as a cement Operating employees and 40 USD investment portfolio Equity growth annualized over operation in Colombia employees at HoldCo level in building materials, energy, 90 years² and uninterrupted trans
Slide 5: Portfolio of public and private companies in assets and geographies with high growth potential
Portfolio of public and private companies in assets and geographies with high growth potential Urban Building Materials Energy Transport Infra Real Estate Development − Generation − Toll Road Concessions − Real Estate Portfolio − Development of Land − Cement Bank − Aggregates − Transmission − Airpor
Slide 6: Our proven track record and deep local expertise empower us to create value
Our proven track record and deep local expertise empower us to create value 1 Invest in High Growth Segments Regional infrastructure and housing deficit, accelerated demand of energy and renewable 2 Generate and Capture Attractive Returns Expertise in developing value generating platforms across the
Slide 7: Our proven track record and deep local expertise empower us to create value
Our proven track record and deep local expertise empower us to create value 1 Invest in High Growth Segments Regional infrastructure and housing deficit, accelerated demand of energy and renewable 2 Generate and Capture Attractive Returns Expertise in developing value generating platforms across the
Slide 8: Invest in High Growth Segments
1 Invest in High Growth Segments Building Materials Energy Transportation Concessions Cement consumption in Colombia is around Per capita energy consumption in Colombia Air travel in Latin America, a region of over 250 kg per capita, below the regional average averages just 25% of the OECD level, 65
Slide 9: Our proven track record and deep local expertise empower us to create value
Our proven track record and deep local expertise empower us to create value 1 Invest in High Growth Segments Regional infrastructure and housing deficit, accelerated demand of energy and renewable 2 Generate and Capture Attractive Returns Expertise in developing value generating platforms across the
Slide 10: Generate and Capture Attractive Returns
2 Generate and Capture Attractive Returns Building Materials Infrastructure M&A Track Record Pricing power and operational ▪ 18% is the average IRR of the current ▪ +USD 10 bn in +30 M&A transactions during the last efficiency have leveraged a 700bp Airport and Toll Road concessions 20 years EBITDA
Slide 11: Our proven track record and deep local expertise empower us to create value
Our proven track record and deep local expertise empower us to create value 1 Invest in High Growth Segments Regional infrastructure and housing deficit, accelerated demand of energy and renewable 2 Generate and Capture Attractive Returns Expertise in developing value generating platforms across the
Slide 12: Generate Value with a Long-term Vision
3 Generate Value with a Long-term Vision Recognitions -Merco Empresas: ranked 8th among companies with Stable and Predictable Cash Flows the best reputation in Colombia and 1st among business conglomerates - Airport Concessions - Toll Road Concessions -Forbes – The World’s Top Female- - Energy Trans
Slide 13: Our proven track record and deep local expertise empower us to create value
Our proven track record and deep local expertise empower us to create value 1 Invest in High Growth Segments Regional infrastructure and housing deficit, accelerated demand of energy and renewable 2 Generate and Capture Attractive Returns Expertise in developing value generating platforms across the
Slide 14: Deep Regional Know-how
4 Deep Regional Know-how Seasoned management teams Leading Operating Companies Decades of local experience ▪ +80 years of experience in building ▪ #1 Cement Player in Colombia and local ▪ +90 years of experience (founded in materials leader in other 17 countries Colombia in 1934) ▪ +25 years of expe
Slide 15: Investment Portfolio
Investment Portfolio We are evolving into a pure-play infrastructure and building materials company, uniquely positioned to generate long-term value 1 5
Slide 16: Grupo Argos: Inversiones que transforman
rN | GRUPO ARGOS Inversiones que transforman own ARGOS CELSIA ODINSA
Slide 17: A strong strategic position across core businesses
A strong strategic position across core businesses Grupo Argos 55% 55% 37% 100% 100% Cementos Urban Dev. Celsia Pactia Odinsa Argos Business 65% 50% 50% 100% Asset Land Building Energy Services Rental Airports Toll Roads Water Yield Management Materials Assets Bank Growth 65% 33%1 10% C2Energía 65%
Slide 18: Value Creation Potential for Grupo Argos Shareholders
Value Creation Potential for Grupo Argos Shareholders Figures in COP tn 30 Short-Term Upside* Including assumptions for each business 25 21.8 Short-Term Upside 19.9 COP 29,000/acc 20 16.8 Arbitrage Price 0.2 14.9 1.0 COP 21,800/acc 15 0.6 2.1 -1.0 -0.9 2.6 2.4 2.9 10 1.6 5 8.2 0 CemArgos Celsia Odin
Slide 19: Value Creation Potential for Grupo Argos Shareholders
Value Creation Potential for Grupo Argos Shareholders Figuren in COP tn + $40,000 per share 27.5 30 $29,000 per share $21,800 25 per share 19.9 20 14.9 15 10 5 0 SOTP SOTP Short-Term Catalizadores Valor Fundamental arbitraje arbitrage Catalysts Corto Plazo Fundamental value 2026 2027 --> 2029 2030 *
Slide 20: Strategy
Strategy We focus on long-term value creation through the disciplined execution of our strategic priorities 19
Slide 21: Our strategy: long term value creation
Our strategy: long term value creation 1 2 3 Long Term investor that Lead with subsidiaries for major Uninterrupted and consistently opportunistically rotates capital allocation and long-term growing distributions to portfolio strategy shareholders -Initiated in the building materials -Actively part
Slide 22: Proven capital allocation with over USD 7 billion in M&A and platform development
Proven capital allocation with over USD 7 billion in M&A and platform development over the past 20 years First acquisition of Reorganization of Divestment of Spinoff of Grupo Sura building materials assets CemArgos and Grupo port business and Divestment of stake in (financial services) to focus in U
Slide 23: And the best is yet to come…
And the best is yet to come… USD ✓ Proven origination capacity 10bn 1. USD 5 bn in airports and toll roads ✓ High growth sectors Robust pipeline across 2. USD 2,8 bn to be deployed building materials and in building materials ✓ Attractive returns infraestructure 3. USD 2,2 bn in energy ✓ Long term v
Slide 24: We deliver stable and growing returns to our shareholders
We deliver stable and growing returns to our shareholders Dividend per share evolution Last 10 years 750 688 636 CAGR 16-26’ = 11% 575 25 million shares repurchased since 2023 (≈ 4 % of the total 382 shares outstanding) 376 350 310 328 287 268 Grupo Argos shareholders received COP 10.8 trillion in G
Slide 25: Financial Results
Financial Results We manage a high-performing, hard-to-replicate portfolio in construction materials and infrastructure, supported by a strong regional footprint 24
Slide 26: Consolidated Net Income Triples YoY
Consolidated Net Income Triples YoY Net income (cont. interest) Revenue EBITDA Net Income Figures in COP tn Figures in COP tn Figures in COP bn Figures in COP bn +32% -12% +14% +16% +13% +243% +2388% 423 1,075 12.8 3.1 11.3 2.7 313 17 4T2024 Dec24 4T2025 Dec25 4T2024 Dec24 4T2025 4T2024 4T2025 Dec25
Slide 27: Separated Net Income reaches COP 449 bn
Separated Net Income reaches COP 449 bn Revenue EBITDA Net Income Figures in COP bn Figures in COP bn Figures in COP bn +86% +297% +1023% 1,015 694 449 544 175 40 4T2024 4T2025 4T2024 4T2025 4T2024 4T2025 Dec24 Dec25 Dec24 Dec25 Dec24 Dec25 26
Slide 28: Through Cementos Argos we have presence in the building materials segment
Through Cementos Argos we have presence in the building materials segment Argos LATAM Operations 4Q2025 - revenue 4Q2025 - EBITDA Cement 1,429 bn USD 350m USD 7 Integrated cement plants 7 Grinding Facilities 14.4 MTPA Cement Grinding Capacity 45% 35% 55% Trading & Exports 65% Col CCA 11 Ports & Term
Slide 29: CemArgos: Recovery in Cement and RMX Volumes
CemArgos: Recovery in Cement and RMX Volumes Operational Revenue COP bn EBITDA COP bn 4,000 2,000 -3% 0.2% Cement RMC 1,800 4Q2025 vs 4Q2024 4Q2025 vs 4Q2024 3,500 (YOY) (YOY) 361 1,600 1,366 $60 of $93* 3,000 -8% 1,308 1,283 1,275 1,400 1,231 impairment 2,500 2,325 Cement (M Ton) 2,110 2,192 2,171
Slide 30: Through Celsia, we are present across the energy value chain
Through Celsia, we are present across the energy value chain, including generation, transmission, distribution, and commercialization Generation Distribution Energy efficiency 19 Hydro power plants 190 Distribution substations 2 Thermal districts 3 Thermal power plants 46,688 km Aerial lines +90 Ons
Slide 31: Celsia: Improvement in EBITDA margin driven by higher hydropower generation
Celsia: Improvement in EBITDA margin driven by higher hydropower generation Operational Revenue COP bn EBITDA COP bn 4Q2025 vs 4Q2024 -37% 4Q2025 vs 4Q2024 -3% Generation Commercialization (YOY (YOY) 4% Platform EBITDA* Year-over-year revenue decline due to price 2,098 +126 normalization and higher
Slide 32: Through Odinsa, we have presence in toll roads and airports
Through Odinsa, our concession business, we have presence in toll roads and airports Countries Airport Concession Colombia contract Ecuador Aeropuerto Internacional El Dorado México Aeropuerto Internacional Mariscal Sucre Aruba Toll roads USD +5 Bn pipeline Concession contract IP Nuevo Aeropuerto de
Slide 33: Odinsa: TPD grow 6% YOY
Odinsa: TPD grow 6% YOY Quarterly Results IRR (E) COP Revenue COP bn EBITDA COP bn Net Income COP bn TPD thousands 4T2025 vs 4T2024 +35 4T2025 vs 4T2024 -11% 4T2025 vs 4T2024 -6% 4T2025 vs 4T2024 +25% Concesión Vial de los Llanos 11% 369 145 69 116 119 137 Autopistas del Café 22% 55 Concesión La Pin
Slide 34: Odinsa: airport traffic grows 12% YOY
Odinsa: airport traffic grows 12% YOY Quarterly Results IRR (E) PAX mn TPD Revenue USD mn EBITDA USD mn Net Income USD mn 4T2025 vs 4T2024 -8% 4T2025 vs 4T2024 +13% 4T2025 vs 4T2024 +34% 4T2025 vs 4T2024 +6% Aeropuerto Mariscal Sucre 11% 14 22 12 193 84 21 Aeropuerto El Dorado 22% 170 62 4T 4T 4T 4T
Slide 35: Robust Pipeline of Private Initiatives in Colombia with more than USD 5.0 bn
Robust Pipeline of Private Initiatives in Colombia with more than USD 5.0 bn IP Nuevo Aeropuerto de IP Bogotá El Dorado Max IP Campo de Vuelo Fase II Túnel de Oriente IP Conexión Centro IP Perimetral de la Sabana Cartagena Expansion project to maximize Project to increase operational A new airport i
Slide 36: Urban Development and Property Rental: NDU land portfolio
Urban Development and Property Rental: NDU oversees a USD 600 million land portfolio located throughout Colombia Barranquilla, Portfolio Composition Pto. Colombia Cartagena The land portfolio includes different types of land such as: urban, suburban, rural, protected and port land. Half of the portf
Slide 37: Urban Development and Property Rental: development in Cartagena and Barranquilla
Urban Development and Property Rental: NDU’s main development activity is concentrated in Cartagena (Barú) and Barranquilla Development Strategy Our masterplans establish roads and public zones, allocate areas for urban facilities and zones of environmental relevance, define private lots for real es
Slide 38: We fuel shareholder value creation through consistent margin discipline
We fuel shareholder value creation through consistent margin discipline Recurring Expenses vs CPI (COP MM) 120,000 118,622 Compound Annual Growth Rate (last 10 years) 100,000 Real CAGR -4% 80,100 80,000 ≈ COP 39 bn lower than inflation- adjusted growth 60,000 40,000 2015 2016 2017 2018 2019 2020 202
Slide 39: Capital Structure & Shareholder Structure
Capital Structure & Shareholder Structure We rely on a solid capital base and long-term investor trust 38
Slide 40: Solid balance sheet and capital markets access strengthen our financial flexibility
Solid balance sheet and capital markets access strengthen our financial flexibility Capital Structure (COP bn) Current Credit Rating Gross Debt / Dividends AAA | 1,6x (Dec-2025) 10.5 1.0 AAA | Cost of Debt 7,6% (Dec-2025) Net Debt Market Cap (12/25) 39
Slide 41: Solid balance sheet and capital markets access (Consolidated Debt)
Solid balance sheet and capital markets access strengthen our financial flexibility (Consolidated Debt) Gross Debt Consolidated COP bn Consolidated Net Debt1 COP bn Net financial expenses COP bn 11,026 1,575 9,288 9,216 1,347 300 1,293 1,310 53 134 239 17 5,298 975 5,514 4,677 640 781 4,961 2,572 -1
Slide 42: Shareholder Structure
Shareholder Structure + 42.248 Shareholders Voting Rights Economic Rights 21% 36% 5% 58% 74% 6% Colombian Funds ETFs Others Grupo Argos has 398,836,329 ordinary shares and 288,813,749 preferred shares subscribed, of which 39,096,939 have been repurchased as of December 31, 2025 (this figure changes
Slide 43: ESG Strategy
ESG Strategy We drive regional leadership in sustainability to build resilient, future-ready businesses 43
Slide 44: We have ambitious ESG goals for 2030
We have ambitious ESG goals for 2030 Environmental Social (incl. Talent) Governance - 46% reduction in CO₂e intensity emissions - Female leadership : - 100% of assets under management by 2030, baseline year 2018 29% of senior leadership roles held by women evaluated with ESG criteria - 36% reduction
Slide 45: 13 years among the Dow Jones Best in Class Index by S&P
13 years among the Dow Jones Best in Class Index by S&P for its forefront ESG practices 1st 2nd Grupo Argos and Cementos Argos were recognized in the Sustainability Yearbook 2025 by S&P as global leaders for their best practices in governance, environmental and social areas materials for the industr
Slide 46: Leadership Team
Leadership Team We are over 10,000 people united by a purpose and led by an industry-experienced leadership team 47
Slide 47: Highest Standards of Corporate Governance
Highest Standards of Corporate Governance Board of Directors Jaime Ana Cristina Claudia Juan Guillermo Miguel Joaquin David Palacio Arango Betancourt Castañeda Heras Losada Yanovich Independent Non-Independent Non-Independent Independent Independent Independent Non-Independent (Chair of the Board) E
Slide 48: We'd be glad to connect
We’d be glad to connect Corporate Affairs IR Director Juan Esteban Mejía Carolina Arango (574) 315 8400 (574) 315 8400 jemejia@grupoargos.com carangoz@grupoargos.com w w w. g r u p o a r g o s . c o m 50
Slide 49: Cautionary Statement
Cautionary Statement This presentation contains certain forward-looking representations and information related to Grupo Argos and its subsidiaries based on currently known facts, expectations and forecasts, circumstances and assumptions regarding future events. Many factors could cause the future r
Slide 50: Thank You
Thank You