Grupo Argos S.a. · BVC:GRUPOARGOS
Grupo Argos — Q2 2026 Earnings Presentation
24 slides from Grupo Argos's earnings presentation, 2026
Slide 1: Results Presentation Second Quarter 2026
Results Presentation Second Quarter 2026 1
Slide 2: Three enablers to close the gap between market price and fundamental value
ACE| Three enablers to close the gap between the market price and its fundamental value 2028 Profitability Push* Holding Company’s Role Grupo Argos ▲ USD $75m Asset Management Latam Ebitda • Sole Business Group asset ▲ 1,000 bps 1. Operational manager EBIDTA margin Excellence • Sourcing of investmen
Slide 3: Operational Results
rN \. , GRUPO ARGOS Infraestructura que transforma Operational Results
Slide 4: CemArgos: Strategic execution and advancement of growth platforms
CemArgos: Strategic execution and advancement of growth platforms Cement Infra Portfolio Operational Performance: Strength in Colombia and Regional Recovery • Colombia: Local cement +10.5% and concrete 15.9% YoY, driven by the recovery of retail and self-construction, and by a solid pipeline of infr
Slide 5: Argos Materials: An executive team with execution capacity and M&A experience
Argos Materials: An executive team with execution capacity and M&A experience Cement Infra Portfolio Jason Teter Kendall Gregory Chad Weems Juan Camilo Juan Camilo Martínez Martínez Chief Executive Chief Financial Chief Operations Country Officer Officer Officer Manager 20 years of experience in Mor
Slide 6: CemArgos: Volume recovery in Latam leverages a path of profitability
CemArgos: Volume recovery in Latam leverages a path of profitability Cement Infra Portfolio Operational Revenue COP bn EBITDA COP bn Cemento RMC 2Q2026 vs 2Q2025 +2% 2Q2026 vs 2Q2025 -5% 4,000 2,000 (YOY) (YOY) 1,366 361 1,800 $93* 1,315 3,500 $60 of 1,283 1,275 impairment 1,600 1,222 3,000 +2% 1,40
Slide 7: Celsia: Strategic Execution and Advancement of Growth Platforms
Celsia: Strategic Execution and Advancement of Growth Platforms Cement Infra Portfolio Structural expansion of the EBITDA margin • Margin from 30.9% in 2025 to 40% in 2028, leveraged on operational excellence (+500–600 bps), investment consolidation (+200–300 bps) and capital allocation (+100–200 bp
Slide 8: Celsia: Improved sales during a quarter involving preventive reservoir management
Celsia: Improved sales during a quarter involving preventive reservoir Cement Infra Portfolio management Operational Revenue COP bn EBITDA COP bn Generación Comercialización 2Q2026 vs 2Q2025 +3% 2Q2026 vs 2Q2025 -14% (YOY) (YOY) -19% 2,000 2,000 1,585 1,800 1,800 1,600 1,600 1,316 1,297 1,331 1,351
Slide 9: Odinsa: Evolving towards Grupo Argos Asset Management
Odinsa: Evolving towards Grupo Argos Asset Management Cement Infra Portfolio Odinsa’s evolution towards Grupo Argos Asset Management • Strengthening of the asset management model, supported by a long-term portfolio, lower leverage and AAA rating. Integration of TICSA and consolidation of the water v
Slide 10: Odinsa: Roadway vertical
Odinsa: Roadway vertical Cement Infra Portfolio Quarterly Results 0% +21% -8% +120% 109 110 372 167 154 51 307 23 2Q2025 2Q2026 2Q2025 2Q2026 2Q2025 2Q2026 2Q2025 2Q2026 ADT ADT(Thousands) (Thousands) TPD (miles) Revenue(COP Ingresos (COPk bn) mm) EBITDA(COP EBITDA (COPk bn) mm) Ut.Net Inc.(COP Neta
Slide 11: Odinsa: Airport vertical
Odinsa: Airport vertical Cement Infra Portfolio Quarterly Results (in USD) +12% +10% +18% +4% 12 13 89 39 189 207 81 33 2Q2025 2Q2026 2Q2025 2Q2026 2Q2025 2Q2026 2Q2025 2Q2026 PAX(mm) PAX (M) Revenue(USD Ingresos (USDmm) M) Net Inc. (USD EBITDA (COP mm) bn) Net Ut. Inc.(USD Neta (USDmm) M) EBITDA (m
Slide 12: Real Estate Business: Strong commercial performance strengthens cash generation
Real Estate Business: Strong commercial performance strengthens cash Cement Infra Portfolio generation and supports outlook for the second half of the year NET CASH FLOW COP bn CASH REVENUE COP bn DEALS CLOSED COP bn as of Jun26 as of Jun25 Var QOQ NDU P&L Revenue 82,873 44,869 85% Revenue from sale
Slide 13: Pactia: EBITDA grew 22% year-over-year
Pactia: EBITDA grew 22% year-over-year Cement Infra Portfolio Operational Revenue COP bn EBITDA COP bn AUMs 2Q2026 vs 2Q2025 +3% 2Q2026 vs 2Q2025 +22% COP 3.79 bn (YOY) (YOY) Debt: COP 0.9 bn Equity: COP 2.8 bn 125 70 119 116 67 112 114 65 GLA 55 57 677,246 m2 27% - Retail 19% - Offices 2% - Hotels
Slide 14: Consolidated and separated financial results
Consolidated and separated financial results 15
Slide 15: Separated results: Grupo Argos achieved an EBITDA margin of 67%
Separated results: Grupo Argos achieved an EBITDA margin of 67% Cement Infra Portfolio Revenue EBITDA Net Income Figures in COP bn Figures in COP bn Figures in COP bn Margin 67% Margin 45% 458 316 387 261 217 174 1T2025 1T2026 1T2025 1T2026 Jun 25* Jun 26 Jun 25* Jun 26 1T2025 1T2026 Jun 25* Jun 26
Slide 16: Separated results statement
Separated results statement Cement Infra Portfolio Separated Statement of Income - Proforma (COP bn) Second quarter Cumulative to June 2026 2025 Var YOY 2026 2025 Var YOY REVENUE 166 187 -11% 387 458 -16% EBITDA 117 124 -6% 261 316 -17% EBIDTA Margin 70% 66% 67% 69% Net Income 83 74 12% 174 217 -20%
Slide 17: Consolidated results: Strong operational performance by the businesses during the quarter
Consolidated results: Strong operational performance by the businesses during the quarter Net income controlling Revenue EBITDA Net Income interest Figures in COP tn Figures in COP tn Figures in COP bn Figures in COP bn Margin 26% Margin 7% Margin 3% 5.6 1.5 5.4 1.4 524 188 161 362 1T2025 1T2026 1T2
Slide 18: Consolidated statement of income
Consolidated statement of income Consolidated Statement of Income - Proforma (COP bn) Second quarter Cumulative to June 2026 2025 Var YOY 2026 2025 Var YOY REVENUE 2,739 2,689 2% 5,432 5,592 -3% EBITDA 705 711 -1% 1,418 1,520 -7% EBIDTA Margin 26% 26% 26% 27% Net Income 168 278 -40% 362 524 -31% Net
Slide 19: Grupo Argos' sound equity structure supported by a AAA rating ratified by S&P
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 1,061 11,490 1,604 135 123 1,116 9,824 22 803 1,936 274 5,811 -178% 4,909 123 1,642 6 215 jun-2025 jun-2026 635 6,061 -14% 5,210 -5
Slide 20: Synthetic hedges reduce debt exposure to rate and CPI volatility
Synthetic hedges reduce debt exposure to rate and CPI volatility Indebtedness1 Maturity profile (capital) 2 COP bn Debt by type2 COP bn 0% 568 Bonos Bonds 1,936 41% Banks Bancos -15.2% 1,642 59% Repos/Sim. 370 464 Indexation related debt3 213 221 -30.4% 169 1,604 370 - IBR 1,116 39% 221 IPC 46 6 213
Slide 21: Accumulated Cash Flow
Accumulated Cash Flow Cash flow Notes COP bn 1. Div. received: 296,484. Div. Paid: 246,535 COP bn 1 Dividendos netos Net dividends 49,949 2. Tidis: 6,082, Property tax: 42,315, W. Tax: 40,029, Equity: 8,042, Ingresos NDU NDU Revenue 93,848 Others: 4,209 Purchase/sale Compra/venta shares acciones 3,6
Slide 22: Fitch and S&P confirm Grupo Argos' AAA rating
Fitch and S&P confirm Grupo Argos' AAA rating. All companies achieved AAA ratings. AAA AAA 1 1 Stable Stable May 2026 April 2026 “Ratings reflect the company’s sound equity structure” “Sound business position, reflect structural strength and a consistent corporate strategy” ▪ Grupo Argos will mainta
Slide 23: Our team
Our team Juan Esteban Calle Felipe Aristizábal Rafael Olivella Juan Esteban Mejía Carolina Arango CEO Chief Officer for Finance Chief Officer for Legal Chief Officer for Investor Relations & Strategy Affairs Corporate Affairs Director Contact: invgrupoargos@grupoargos.com 24
Slide 24: Grupo Argos
rN 4. , GRUPO ARGOS forma *, COLOMBIA