Grupo Argos S.a. · BVC:GRUPOARGOS
Grupo Argos — Q1 2026 Earnings Presentation
25 slides from Grupo Argos's earnings presentation, May 2026
Slide 1: Results Presentation First Quarter 2026
RESULTADOS GRUPO ARGOS 1Q2026 Results Presentation First Quarter 2026 May 2026 1 Mayo 2026
Slide 2: Disclaimer
Resultados Primer Trimestre del 2019 RESULTADOS GRUPO ARGOS 1Q2026 QUARTERLY RESULTS PRESENTATION Disclaimer This presentation contains certain forward-looking representations and information related to GRUPO ARGOS and its subordinate companies based on currently known facts, expectations and foreca
Slide 3: A specialized, simpler and more flexible Grupo Argos continues to move forward
Grupo Argos A specialized, simpler and more flexible Grupo Argos continues to move forward, focused on operational excellence and value generation Cementos Argos Celsia • Advance rapidly in the separation of Argos USA • COP 1 trillion reduction plan and Argos Latam. • Third-party capital investment
Slide 4: Grupo Argos: a hard-to-replicate portfolio whose fundamental value exceeds its arbitrage value
RESULTADOS GRUPO ARGOS 1Q2026 25 Grupo Argos: a hard-to-replicate portfolio whose fundamental value significantly exceeds its current arbitrage value 20 0.2 15 1.0 2.1 1.7 10 2.8 15.8 5 8.0 0 CemArgos Celsia Odinsa NDU Pactia Otros Others Valor Portafolio Portfolio Value Investment Portafolio Portfo
Slide 5: Operating Results – Grupo Argos Businesses
RESULTADOS GRUPO ARGOS 1Q2026 Operating Results – Grupo Argos Businesses 5 5 Mayo 2026
Slide 6: CemArgos: strategic transformation and a new stage of value creation
RESULTADOS GRUPO ARGOS 1Q2026 CemArgos: strategic transformation and a new stage of value creation Cement Infra Portfolio Evolution towards two specialized platforms • Definition of the structure to separate Argos Materials and Argos Latam • Objective: to capture opportunities in each market and str
Slide 7: CemArgos: Cement and RMX volume recovery
RESULTADOS GRUPO ARGOS 1Q2026 CemArgos: Cement and RMX volume recovery Cement Infra Portfolio Operational Revenue COP bn EBITDA COP bn Cemento RMC 1Q2026 vs 1Q2025 -1% 1Q2026 vs 1Q2025 5% 4,000 2,000 (YOY) (YOY) 361 1,800 3,500 1,366 $60 of $93* 1,283 1,275 impairment 1,231 1,222 1,600 3,000 4% 270
Slide 8: Celsia: active management in a challenging hydrological environment
RESULTADOS GRUPO ARGOS 1Q2026 Celsia: active management in a challenging hydrological environment Cement Infra Portfolio Increased water availability and reduced market price • Flows above historical averages brought the market price to COP 187/kWh, a reduction of close to 52% YoY. • A gradual corre
Slide 9: Celsia: Increased energy generation in an environment with reduced spot prices
RESULTADOS GRUPO ARGOS 1Q2026 Celsia: Increased energy generation in an environment with reduced spot prices Cement Infra Portfolio Operational Revenue COP bn EBITDA COP bn Generación Comercialización 1Q2026 vs 1Q2025 -12% 1Q2026 vs 1Q2025 -21% (YOY) 16% Platform EBITDA* 2,000 2,000 +126 1,800 1,800
Slide 10: Odinsa: Strengthened operations and platform growth
RESULTADOS GRUPO ARGOS 1Q2026 Odinsa: Strengthened operations and platform growth Cement Infra Portfolio Simplified organization and strengthened operations • Integration of a management team with financial, operational and business development capabilities. Operational growth drove roadway and airp
Slide 11: Odinsa: Roadway vertical
RESULTADOS GRUPO ARGOS 1Q2026 Odinsa: Roadway vertical Cement Infra Portfolio Quarterly Results 5% 7% 5% 18% 298 164 63 157 116 110 54 280 1Q2025 1Q2026 1Q2025 1Q2026 1Q2025 1Q2026 1Q2025 1Q2026 ADT (thousands) TPD (miles) Ingresos Revenue(COP (COPk M) mm) EBITDA EBIDTA(COP (COPk M) mm) Ut.Net Neta
Slide 12: Odinsa: Airport Vertical
RESULTADOS GRUPO ARGOS 1Q2026 Odinsa: Airport Vertical Cement Infra Portfolio Quarterly Results (in USD) +16% +13% +21% 9% 13 12 87 34 198 77 170 28 1Q2025 1Q2026 1Q2025 1Q2026 1Q2025 1Q2026 1Q2025 1Q2026 PAXPAX (thousands) (mm) Revenue(USD Ingresos (COPmm) M) EBIDTA(USD EBITDA (COPmm) M) Net Ut. In
Slide 13: Real Estate Business: NDU Net Income +33% YoY
RESULTADOS GRUPO ARGOS 1Q2026 Real Estate Business: NDU Net Income +33% YoY Cement Infra Portfolio Real Estate Business COP bn CASH FLOW Mar-26 Mar-25 VAR YOY Sales revenue 40,778 26,057 56.5% Others 1,003 1,894 (47.0%) REVENUE 41,781 27,951 49.5% Costs 11,322 25,029 (54.8%) GROSS CASH FLOW 30,459 2
Slide 14: Pactia: EBITDA grows 16% year-over-year
RESULTADOS GRUPO ARGOS 1Q2026 Pactia: EBITDA grows 16% year-over-year Cement Infra Portfolio Operational Revenue COP bn EBITDA COP bn AUMs 1Q2026 vs 1Q2025 +5% 1Q2026 vs 1Q2025 +16% COP 3.73 bn (YOY) (YOY) Debt: COP 998 bn Equity: COP 2.74 bn 125 70 119 113 114 114 65 60 GLA 57 57 683,915 m2 30% - R
Slide 15: Consolidated and separated financial results
RESULTADOS GRUPO ARGOS 1Q2026 Consolidated and separated financial results 15 15 Mayo 2026
Slide 16: Separated results: Grupo Argos achieved an EBITDA margin of 65%
RESULTADOS GRUPO ARGOS 1Q2026 Separated results: Grupo Argos achieved an EBITDA margin of 65% Revenue EBITDA Net Income Figures in COP bn Figures in COP bn Figures in COP bn Margin 65% Margin 41% 271 192 221 144 144 91 1T2025 1T2026 1T2025 1T2026 Mar 25* Mar 26 Mar 25* Mar 26 1T2025 1T2026 Mar 25* M
Slide 17: Separated Results Statement
RESULTADOS GRUPO ARGOS 1Q2026 Separated Results Statement Separated Statement of Income - Proforma (COP bn) First quarter 2026 2025 Var YOY REVENUE 221 271 -19% EBITDA 144 192 -25% EBIDTA Margin 65% 71% Net Income 91 144 -37% Separated Statement of Income (COP bn) First Quarter 2026 2025 Var YOY TOT
Slide 18: Consolidated results: strong operational performance by businesses for the quarter
RESULTADOS GRUPO ARGOS 1Q2026 Consolidated results: strong operational performance by businesses for the quarter Net income controlling Revenue EBITDA Net Income interest Figures in COP tn Figures in COP bn Figures in COP bn Figures in COP bn Margin 26% Margin 7% Margin 3% 809 2.9 245 113 2.7 713 19
Slide 19: Consolidated Statement of Income
RESULTADOS GRUPO ARGOS 1Q2026 Consolidated Statement of Income Consolidated Statement of Income - Proforma (COP bn) First quarter 2026 2025 Var YOY REVENUE 2,692 2,903 -7% EBITDA 713 809 -12% EBIDTA Margin 26% 28% Net Income 194 245 -21% Net income to the controlling interest 87 113 -23% Consolidate
Slide 20: Grupo Argos' sound equity structure supported by a AAA rating ratified by S&P
RESULTADOS GRUPO ARGOS 1Q2026 Grupo Argos’ sound equity structure supported by a AAA rating ratified by S&P Gross Debt Consolidated COP bn Consolidated Net Debt1 COP bn Net Financial Expenses COP bn 1,347 11,458 1,445 119 1,170 1,846 9,987 100 18 280 1,668 5,784 -92% 4,881 227 781 mar-2025 mar-2026
Slide 21: The cost of Grupo Argos's separated debt stands at 8%
RESULTADOS GRUPO ARGOS 1Q2026 The cost of Grupo Argos’s separated debt stands at 8% Indebtedness1 Maturity profile (capital) 5 COP bn Cost of debt and half-life COP bn Net Debt = 1.2 tn 58% 370 2% 337 - 13.2% 12.4% 11.7% 11.5% 10.8% 10.5% 3.7 10.3% 10.6% 10.7% 3.0 213 221 3.3 3.4 2.9 2.9 3.2 2.8 COP
Slide 22: Accumulated Cash Flow
RESULTADOS GRUPO ARGOS 1Q2026 Accumulated Cash Flow Cash flow Notes COP COP million million 1. Div. received: 119,440. Div. Paid: 118,235 COP million 1 Dividendos Net netos Net dividends dividends 1,206 2. Property tax: 41,473, W. Tax: 31,057, Income and ICA: 1,234, Others: 1,071 Ingresos NDU NDU Re
Slide 23: Fitch and S&P confirmed Grupo Argos' AAA rating
RESULTADOS GRUPO ARGOS 1Q2026 Fitch and S&P, in their annual review, confirmed Grupo Argos' AAA rating AAA AAA 1 1 Stable Stable May 2025 May 2025 "Grupo Argos' ratings reflect its solid capital structure" "Solid business position in the markets and geographies where its subsidiaries operate and cla
Slide 24: www.grupoargos.com
RESULTADOS GRUPO ARGOS 1Q2026 CEO CFO Juan Esteban Calle. Felipe Aristizábal IR Director Carolina Arango (574) 315 8400 carangoz@grupoargos.com www.grupoargos.com 24 Febrero 2026
Slide 25: RESULTADOS GRUPO ARGOS 1Q2026
RESULTADOS GRUPO ARGOS 1Q2026 25 Mayo 2026