Grupo Argos S.a. · BVC:GRUPOARGOS
Grupo Argos — Investor Day (February 2026)
35 slides from Grupo Argos's investor day presentation, February 2026
Slide 1: Investor Day
rN | GRUPO ARGOS Inversiones que transforman Investor Day Febrero 2026
Slide 2: Disclaimer
Disclaimer Esta presentación ha sido preparada por Grupo Argos con fines exclusivamente informativos e incluye declaraciones prospectivas basadas en supuestos y estimaciones razonables de la administración, incluyendo proyecciones financieras, metas estratégicas, expectativas de desempeño, retornos
Slide 3: Grupo Argos
rN 4 GRUPO ARGOS 7
Slide 4: Equipo Cementos Argos
Equipo Cementos Argos Juan Esteban Jason Felipe Calle Teter Aristizábal CEO CEO Argos Materials LLC CFO Carolina Velásquez IR 4
Slide 5: Introducción al negocio
Introducción al negocio SPRINT Argos Materials Visión de Valor 5
Slide 6: Industria impulsada por sólidos fundamentos
Cemento: una plataforma estratégica para el crecimiento, la generación de caja y la generación de valor sostenible Déficit global Déficit global Urbanización Transición Necesidad de infra Demanda energía Ausencia de de vivienda en infra global energética resilientes al cambio e infra para sustitutos
Slide 7: La geopolítica está redefiniendo el crecimiento: América resurge como motor de la construcción
La geopolítica está redefiniendo el crecimiento: América resurge como motor de la construcción EE. UU. ancla un ciclo de inversión centrado en América: política pública enfocada en producción local, infraestructura, energía y seguridad refuerza la demanda de construcción en todo el continente Venezu
Slide 8: Capacidades logísticas de clase mundial, posicionadas para capitalizar sólidos fundamentos industriales
Capacidades logísticas de clase mundial, posicionadas para capitalizar sólidos fundamentos industriales USA – EN PROGRESO 3 Solidez financiera 1 PUERTOS Y TERMINALES Desempeño del negocio Conversión de caja y Caribbean desapalancamiento ROCE > WACC 2 4 2 PLANTAS ESTACIONES DE Cadena de suministro CO
Slide 9: Resumen estratégico: valorización de la acción está impulsada por fundamentos sólidos
Resumen estratégico: valorización de la acción está impulsada por fundamentos sólidos y con perspectivas de continuidad Nuestra ambición: para 2030 seremos una compañía líder de cementantes, agregados y concreto en las Américas, duplicando nuestro EBITDA actual y generando retornos consistentes por
Slide 10: SPRINT
Introducción al negocio SPRINT Argos Materials Visión de Valor 10
Slide 11: SPRINT tiene objetivos claros para mejorar el retorno y revelar valor
SPRINT tiene objetivos claros para mejorar el retorno y revelar valor para los accionistas Pilar SPRINT SPRINT 2.0 SPRINT 3.0 Resultados operativos Margen EBITDA >22% Margen EBITDA >22% Margen EBITDA >25% y financieros ROCE 14%-15% Distribuciones a los COP 445 mil millones COP 585 mil millones (+31%
Slide 12: Desde Sprint 1, el retorno total al accionista ha aumentado 760% en USD
Desde Sprint 1, el retorno total al accionista ha aumentado 760% en USD, con distribuciones de ~USD 1,5 mm SPRINT 1.0 SPRINT 2.0 SPRINT 3.0 Capitalización (feb 23 - feb 24) (MAR 24 - dic 24) (Dic-24 – Presente) de mercado Distribuciones totales: USD 134 M Distribuciones totales: USD 150 M Distribuci
Slide 13: Desempeño Operacional: Latam registra 3 años consecutivos de sólido crecimiento en EBITDA y ROCE
Desempeño Operacional: Latam registra 3 años consecutivos de sólido crecimiento en EBITDA y ROCE 2 Ingresos (USD $MM) EBITDA (USD $m) ROCE 2 CAGR2022-2025 = 2.6% CAGR2022-2025 = 7.7% SG&A Corp. Neto 2 -30 -40 -33 -13 16.0% 1 1.30 1.27 24.7% 1.23 22.6% 14.1% 1.18 21.1% 1 17.8% 335 341 11.4% 1 0.57 0.
Slide 14: SPRINT 4.0: Consolidando la presencia en EE. UU. e impulsando la liquidez
SPRINT 4.0: Consolidando la presencia en EE. UU. e impulsando la liquidez para un ADR Nivel III Pilar SPRINT 3.0 SPRINT 4.0 Margen EBITDA >25% Margen EBITDA 24-26% Resultados operativos y ROCE 14%-15% EBITDA Latam de USD 400 millones financieros ROCE >15% COP 1 billón en 2025 (50% base / 50% COP 520
Slide 15: Argos Materials: U.S Expansion Strategy - Why Aggregates?
Introducción al negocio SPRINT Argos Materials: U.S Expansion Strategy 1. Why Aggregates? Visión de Valor 15
Slide 16: Introduction to aggregates market dynamics: A Large and Structurally Attractive Market
Introduction to aggregates market dynamics: A Large and Structurally Attractive Market U.S aggregate production and value Aggregates Production by State & Type 2024 3,500 $40 Tons (Mn Mt) 39% 320,000 3,000 $35 Crushed stone sand and gravel 270,000 61% $30 2,500 $25 220,000 2,000 $20 170,000 1,500 $1
Slide 17: The industrial logic behind durable aggregates pricing
The industrial logic behind durable aggregates pricing Four structural drivers of stable and rising aggregates prices in the U.S. 18 CAGR 2007-2012 180 +4.9% Aggregates Price -1.5% +1.1% CAGR (24 Years) 16 160 Cement prices Aggs prices 14 140 12 120 Scarcity of Aggregates Market Cement $/Ton Reserve
Slide 18: Reserves scarcity is an important aspect of an attractive aggregates industry
Reserves scarcity is an important aspect of an attractive aggregates industry Stable Price Growth ▪ Finite Resource Base: Aggregate reserves are Reserve Scarcity depleting and not economically replaceable, structurally limiting future supply. ▪ Market Recognition of Scarcity: Over the past Market Dy
Slide 19: How Geology and Geography Define North America's Regions
How Geology and Geography Define North America’s Regions AGGREGATES DEFICIT IN THE US Coastal markets in the US have a structural shortage of local coarse aggregates Estimated demand of 97Mn ST in most attractive costal cities markets as: ▪ Houston ▪ Tampa ▪ New Orleans ▪ Jacksonville ▪ Savannah Sou
Slide 20: How Geology and Geography Define North America's Regions: The Geologic Fall Line
How Geology and Geography Define North America’s Regions THE GEOLOGIC FALL LINE Logistics-Driven Pricing: Limited local hard-rock availability below the Fall Line forces longer haul distances, raising delivered costs and reinforcing pricing power. 1 North of the Fall line upland region of hardrock ▪
Slide 21: Market Dynamics shaped by logistics create an attractive industry
Market Dynamics shaped by logistics create an attractive industry Stable Price Growth ▪ Localized Supply: Remote distribution yards become ‘virtual’ quarries reinforcing Reserve Scarcity localized supply structures. ▪ Logistics-Driven network: ratio of freight value to total product value limits Mar
Slide 22: Combined with a significant shortage of local and import aggregates in Florida
…Combined with a significant current and long-term shortage of Local and import aggregates in Florida… 3 Canada 1 Georgia – Tampa: +400 mi rail Large Crushed Granite quarries High quality stone Ongoing Greenfield projects Georgia 1 Quarries Asphalt use 2 Lakes Belt – Tampa: +250 mi rail Large Crushe
Slide 23: Unique operational characteristics help with market stability
Unique operational characteristics help with market stability Stable Price Growth ▪ Low Fixed-Cost Model: Quarries are structurally Reserve Scarcity more flexible than cement plants, allowing rapid response to demand cycles. ▪ Supply Elasticity: Sites can be idled or restarted Market Dynamics with m
Slide 24: Flexible Operations enable suppliers to adjust production and hold unitary cost
Flexible Operations enable suppliers to adjust production and hold unitary cost to meet the market demand AGGREGATES OPERATIONAL PROCESS 1 Simplified production flow 1 2 3 3 Raw Processing Stockpiling material plant for final sale 3 extraction ▪ Simple, modular processing flow ▪ Limited fixed infras
Slide 25: High Barriers to entry drive industry attractiveness
Last, but not least, High Barriers to entry drive industry attractiveness Stable Price Growth ▪ Capital Intensity: Significant upfront investment required ($50–90M over ~5 years) to develop a Reserve Scarcity site with meaningful scale (1M+ tons) ▪ Permitting & Entitlement: Lengthy, complex permitti
Slide 26: Argos Materials: U.S Expansion Strategy - Why Argos Materials?
Introducción al negocio SPRINT Argos Materials: U.S Expansion Strategy 2. Why Argos Materials? Visión de Valor 26
Slide 27: Business model consisting of three pillars
Through its capabilities, Argos is positioned to generate value from a business model consisting of three pillars PILLARS CAPABILITIES Strong reputation and Firepower to acquire and extensive experience in develop synergistic 1. Aggregates’ import platform the us market aggregates assets in us + 2.
Slide 28: 70+ years of successful operations and expertise in the US market
70+ years of successful operations and expertise in the US market serve as foundation for this new chapter Consolidation of a vertically integrated Combined U.S. operations Successfully Beginning of cement heavy building materials industry leader with Summit Materials in a monetized stake in exports
Slide 29: Argos familiarity and know how has secured key assets to support the platform
Argos Familiarity and know how has secured key assets to support the platform at a low entry multiple High Quality assets which can competitively service East and Gulf Coast Markets • Reserves: High-quality reserves in Dominican Republic and Panama and is developing additional sources • Source Ports
Slide 30: The Dominican Republic is a unique, competitively advantaged asset
The Dominican Republic is a unique, competitively advantaged asset Quarry Public port 7km Estimated Reserves Proximity to ports Proximity to prioritized markets Estimated resources exceeding 300M tons + ~7 Km form nearest port + ~4-5 navigation days 30
Slide 31: M&A and Greenfields will be synergistic with the import platform
M&A and Greenfields will be synergistic with the import platform, creating a robust business over time! CAPABILITIES BOLT- ON M&A GREENFIELDS Low relative capital entry opportunity STRATEGY ▪ Owned by smaller local producers Complement both the import business as well as the M&A ▪ Reasonable scale a
Slide 32: A robust ambition by 2030 and beyond
A robust ambition by 2030 and beyond…. FIREPOWER TO ACQUIRE STRONG REPUTATION AND AND DEVELOP SYNERGISTIC EXTENSIVE EXPERIENCE AGGREGATES ASSETS IN US IN THE US MARKET WINNING ASPIRATION To become a high- quality and reliable supplier of aggregate in The U.S. market • 2030 EBITDA of +$200m • Operati
Slide 33: Visión de valor
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Slide 34: Basado en la valoración SOTP, nuestro precio base por acción es de USD ~4,4
Basado en la valoración SOTP, nuestro precio base por acción es de USD ~4,4 con un potencial de alza del 40-50% en el corto plazo, incorporando el impacto esperado de nuestra estrategia de crecimiento Driver Ebitda de Caja: $2.5 mm Mejora de $75m en Subtotal Capex: $500m Total Potencial $350m @ 9x D
Slide 35: Investor Day
rN | GRUPO ARGOS Inversiones que transforman Investor Day Febrero 2026 35