Cementir Holding N.v. · MIL:CEM
Cementir — UBS Investing in Europe Conference 2026
41 slides from Cementir's conference presentation, May 19, 2026
Slide 1: UBS Investing in Europe Conference
UBS Investing in Europe Conference Investor Presentation FRANKFURT, 19 MAY 2026
Slide 2: Agenda
3 Group Overview Agenda 10 2026 - 2028 Industrial Plan update 2026 First Quarter Results and 2026 21 Guidance 34 Appendix 2
Slide 3: 2025 Group Highlights
2025 Group Highlights Revenue EBITDA Net Cash ROCE 1.64 Bn€ 440 M€ 465 M€ 19.5 % -2.8% vs. 2024 +7.9% vs. 2024 +175 M€ vs. 2024 +280 bps vs. 2024 Credit Rating ESG Ratings BBB- Cement capacity Employees with Stable Outlook 12.5 M tons 2,987 Annually -95 vs. 2024 Data as of December 31st, 2025. Reven
Slide 4: Industrial footprint
Industrial footprint* White cement plants Grey cement plants Countries of operation Aalborg, DK Trakya, TR Gaurain, BE York, PA Izmir, TR Elazig, TR Anqing, CN Waco, TX El Arish, EG Ipoh, ML PLANTS CAPACITY / 2025 SALES Cement plants: 10 Quarries: 34 Grey cement capacity: 9.2 mt RMC sales: 4.3 mm3 T
Slide 5: Business segments
Business segments Grey White Ready-Mixed Aggregates Cement Cement Concrete VOLUMES SOLD VOLUMES SOLD VOLUMES SOLD VOLUMES SOLD (mt) (mt) (mm3) (mt) 2025 KEY FIGURES REVENUE = 1,106 M€ REVENUE = 495 M€ REVENUE = 110 M€ EBITDA = 351 M€ EBITDA = 48 M€ EBITDA = 33 M€ EBITDA MARGIN = 32% EBITDA MARGIN =
Slide 6: 2025 EBITDA breakdown
2025 EBITDA breakdown* BY GEOGRAPHY BY BUSINESS ASIA PACIFIC AGGREGATES WASTE EGYPT 2%4% 8% 1% 2% 12% OTHER TURKEY 18% 6% 408 M€ 45% 408 M€ NORTH AMERICA 77% 25% CEMENT NORDIC READY-MIXED BELGIUM & BALTIC CONCRETE 76% of Ebitda from mature markets (Currencies: EUR, USD, DKK, NOK, SEK) * Non-GAAP rec
Slide 7: Global leadership in white cement
Global leadership in white cement #1 in USA, Continental Europe, China, Local presence and Australia, South-East Asia global leadership Total market of 20 Mt (0.5% of grey cement demand) 3.3 Mt 2.6 Mt White cement and clinker Cement Capacity volumes sold in 2025 25% Global leader in trading flows Sh
Slide 8: Main white cement applications
Main white cement applications 1.Precast 2. City Furniture Main Applications: concrete White Concrete Benches at Butcher Green 1.Precast concrete façade (D-Carb Elementary School , Grandview, USA 2.City Furniture Lower Carbon 3.Paving and masonry White Cement) products B-Park Office 4.GRC (Glass Fib
Slide 9: White cement iconic projects
White cement iconic projects Louvre, Abu Dhabi, United Arab Emirates Beijing Civil Aviation Third Center, Beijing, China Nanjing Youth Olympic Games Center, Nanjing, China* National Museum of Qatar, Doha, Qatar* Photo credits: Nanjing BeiLida New Material / Contec prefab 9
Slide 10: 2026-2028 Industrial Plan update
01 2026-2028 Industrial Plan update NAVITAS PARK, AARHUS (DENMARK)
Slide 11: Group strategic priorities
Group strategic priorities Sustainability Competitiveness Innovation Growth and People and Positioning Safety • Sustainability • Digitalization • Application of • Reinforce • Zero Accidents Roadmap update Artificial vertical program: foster a • Manufacturing, intelligence to integration in high-perf
Slide 12: Scope 1, 2 and 3 CO2 emissions footprint
As Is: Scope 1, 2 and 3 CO2 emissions footprint * DIRECT INDIRECT EMISSIONS INDIRECT EMISSIONS TOTAL CO2 EMISSIONS EMISSIONS (ELECTRICITY) (VALUE CHAIN) Scope 1 Scope 2 Scope 3 Scope 3 CEMENT and OTHER Scope 1 and 2 25% OTHER Sources: Sources: Sources: • Process and fuel • Purchased electricity, • U
Slide 13: Our path to reach net zero emissions by 2050
Our path to reach net zero emissions by 2050 2030 ROADMAP 2050 TARGET NET ZERO 29.3% CO2 reduction in scope 1 and scope Implementation of Carbon Capture & Storage 2 per ton of cementitious material (2021 (CCS) technology baseline) validated by SBTi* Net zero greenhouse emissions across the 23.0% CO2
Slide 14: New 2030 decarbonization targets
New 2030 decarbonization targets (Scope 1 emissions) Grey cement target White cement target Kg Gross CO2 /TCE * Kg Gross CO2 /TCE * -42% vs 2020 -20% vs 2020 800 300% 1000 300% 2028 718 2028 915 919 Target 684 672 Target 886 700 250% 900 868 2030 250% 655 846 859 632 823 Target 610 2030 200% 800 600
Slide 15: Low carbon products: FUTURECEM and D-Carb
Low carbon products: FUTURECEM® and D-Carb® • FUTURECEM® is based on a unique limestone and • D-Carb® is an umbrella brand for white low-carbon cements, calcined clay synergic combination which enables around supporting our white cement decarbonization efforts 30% CO2 reduction compared to ordinary
Slide 16: The ACCSION Project
The ACCSION Project ACCSION stands for Aalborg CCS using Infrastructure Onshore in North Jutland • Pioneering carbon capture and storage (CCS) initiative in consortium with Air Liquide, aiming to establish Europe’s first fully onshore CCS value chain • The project targets 1.5 million tonnes of CO₂ c
Slide 17: Continued ESG commitment
Continued ESG commitment In Dec. 2025, Cementir In April 2025, Cementir was In June 2025, Cementir was included in “A list” included for the second year was included in the TIME of CDP for the second in the Financial Times’ ranking of the World’s 500 time “Europe’s Climate Leaders” Most Sustainable
Slide 18: 2026-2028 Industrial Plan key metrics
2026-2028 Industrial Plan key metrics Figures exclude the intensification of geopolitical tensions and any extraordinary event REVENUE* RECURRING EBITDA* NET CASH EUR billion EUR million EUR million EBITDA 24.8% ~23.6% Margin CAGR CAGR +6-7% +4.7% ~330 Pro-Forma* 1.95 Pro-Forma * 400-420 460 800 1.7
Slide 19: 2026-2028 Industrial Plan: key 2028 targets
2026-2028 Industrial Plan: key 2028 targets * 2025 Actual Target M€ Non-GAAP 2028 • ~6-7% Revenue CAGR in the 2026-28 period. Moderate increase in cement volumes: Nordic & Baltic residential construction is expected to recover from 2027; higher export volumes from Egypt, and improved trading in Belg
Slide 20: 2026-2028 Capex highlights
2026-2028 Capex highlights Capex Breakdown* ▪ ~386 M€ of cumulative investments, of EUR million which 77 M€ for sustainability projects, including 16 M€ for CCS Total ▪ Main capex initiatives: • ACCSION project in Denmanrk (CCS) 386 • Wind turbines in Belgium 128 77 • Facility upgrade for FUTURECEM®
Slide 21: 2026 First Quarter results and Guidance
03 2026 First Quarter results and Guidance
Slide 22: Key takeaways
Key takeaways Q1 2026 results impacted by marked seasonality and a different maintenance schedule: the harshest winter in the past 20 years in Europe and Türkiye, together with a different maintenance schedule and a sharper-than-expected volumes and profitability decline in Türkiye Volume down acros
Slide 23: 2026 First quarter results highlights
2026 First quarter results highlights Revenue reached 345.9 M€ (-6.0% yoy); non-GAAP* Revenue Financial Highlights – Non GAAP* reached 344.1 M€ (-7.1% yoy) • Lower volumes across several regions and a 21.4 M€ negative FX impact, mainly due to TRY and USD depreciation • Cement volumes decreased by 3.
Slide 24: Q1 2025 – Q1 2026 EBITDA bridge
Q1 2025 – Q1 2026 EBITDA bridge Gap vs Q1 2025 breaks down into two components: planned (16.7M€) and unplanned (11.6M€) Shortfall vs. Budget is weather-related and to a lesser extent due to weak trading in Türkiye ~75% of such gap historically is recovered in subsequent quarters → residual risk: 4–5
Slide 25: Nordic & Baltic
Nordic & Baltic Asset overview Share of Group EBITDA DENMARK • Exceptionally adverse weather conditions in Jan–Feb • Grey domestic cement volumes -10% yoy, the coldest start of 47% the year in 20 years, partial recovery in March (+6%). White (33) cement up 15%, supported by stronger demand (23) • Ex
Slide 26: Belgium and France
Belgium and France* Asset overview Share of Group EBITDA BELGIUM AND FRANCE • Domestic cement volumes up 8% supported by new customers and strong precast segment, despite adverse 42% weather and weak residential demand • Exports up 30% to France and Netherlands driven by new customers; signs of reco
Slide 27: Türkiye
Türkiye Asset overview Share of Group EBITDA TÜRKIYE • From April 2022 Türkiye is considered “hyperinflationary”. -7% Reported figures are non-GAAP i.e. exclude the impacts of hyperinflation and the valuation of non-industrial property • Highly challenging market environment, impacted by (x6) hyperi
Slide 28: North America
North America Asset overview Share of Group EBITDA UNITED STATES • White cement volume were +4% yoy, showing a resilient 10% performance despite competitive pressures, adverse weather and selective pricing dynamics • In Texas volumes moderately down due to a January snowstorm and strong competition
Slide 29: Asia Pacific
Asia Pacific Asset overview Share of Group EBITDA CHINA • Volumes -15% yoy, impacted by stagnant demand, intense competition, heavy snowfall in January and the 1% slowdown around the Chinese New Year • Market environment remains weak despite government stimulus • Revenues decreased -24.7% yoy, refle
Slide 30: Egypt
Egypt Asset overview Share of Group EBITDA EGYPT • Revenues were up ~41.5% despite the Egyptian pound devaluation of 7.7% 6% • Domestic cement volumes increased 50% also benefiting from the timing shift of deliveries from December 2025; macro context remains challenging (high inflation, currency dev
Slide 31: 2026 Guidance - confirmed
2026 Guidance - confirmed Despite a weak Q1 and the turbulent geopolitical scenario, pending greater visibility on its evolution, we reiterate our full-year guidance REVENUE* (€ BN) EBITDA* (€ M) NET CASH (€ M) Revenue ~ 1.7 BN€ +5% <5% +125 M€ Pro-Forma* EBITDA 400 - 420 M€ 1.62 1.70 Pro-Forma* 400
Slide 32: Operating costs: evolution and mitigating actions
Operating costs: evolution and mitigating actions Energy cost volatility largely mitigated through structured risk management and hedging strategy, covering the majority of electricity, coal and gas supply Some pressure remains on petcoke supply and logistics, with an expected extra cost of 38 M€ in
Slide 33: Increased shareholders return in the last 5 years
Increased shareholders return in the last 5 years • Dividend per Share +67% and Earnings per Share +83% vs 2021 • The 2026-2028 Industrial Plan assumes the distribution of an increasing dividend, with a payout ratio between 20% and 25% Dividend per Share Earnings per Share Payout Ratio +67% +83% 20-
Slide 34: Appendix
04 Appendix GREEN BELT BRIDGE, DENMARK
Slide 35: Consolidated Income Statement – Q1 2026
Consolidated Income Statement – Q1 2026 Q1 2026 Q1 2025 (EUR million) Q1 2026 Q1 2025 Chg % Chg % (Non-GAAP)* (Non-GAAP)* REVENUE FROM SALES AND SERVICES 345.9 368.1 (6.0%) 344.1 370.5 (7.1%) Change in inventories (11.8) (2.2) n.m. (11.2) (1.3) n.m. Increase for internal work and other income 1.7 2.
Slide 36: Consolidated Income Statement – FY 2025
Consolidated Income Statement – FY 2025 2025 2024 (EUR million) 2025 2024 Chg % Chg % (Non-GAAP)* (Non-GAAP)* REVENUE FROM SALES AND SERVICES 1,639.6 1,686.9 (2.8%) 1,644.0 1,648.8 (0.3%) Change in inventories 24.4 (0.5) n.m. 26.6 3.7 n.m. Increase for internal work and other income 62.7 27.4 128.3%
Slide 37: M&A track record
M&A track record Since 2001 around EUR 2 billion invested with no recourse to shareholder equity 600 254 312 152 112 22 9 125 87 48 4 11 5 11 -315 4 4 -51 120 2001 2004 2005 2006 2007 2008 2009 2010 2011 2012 Jul-16 Oct-16 Jan-18 Mar-18 2021 2023 2024 2025 2026 2001 - Cimentas AS and Cimbeton AS 200
Slide 38: Key differences between white and grey cement
Key differences between white and grey cement WHITE CEMENT GREY CEMENT • ~ 20 million tons per year (0.5% of grey) • > 4 billion tons per year Market Size • Niche product: high value, small volumes • Commodity: basic value, large volumes Industry • Raw materials widespread presence, many • Raw mater
Slide 39: Türkiye historical figures
Türkiye historical figures Türkiye - Cement Market (Mt) * EDIRNE (x6) IZMIR ELAZIG Grey cement plant (3) Waste (1) RMC (23) Quarries (18) Türkiye – EBITDA evolution €M ** PEAK TROUGH Hyperinflation years 83.5 70.6 72.1 73.3 57.0 43.2 44.8 31.3 32.1 30.9 21.5 20.0 11.5 3.2 -8.7 2007 2012 2013 2014 20
Slide 40: Locations of cement plants and CO2 storage sites in Europe
Locations of cement plants and CO2 storage sites in Europe Cement plants CO2 storage sites Source: Johannes Ruppert, VDZ 2025 Source: Karen Lyng Anthonsen & Niels Peter Christensen: EU Geological CO₂ storage summary. GEUS report 2021/34 40
Slide 41: Disclaimer and Other information
Disclaimer and Other information This presentation has been prepared by and is the sole responsibility of Cementir Holding N.V. (the “Company”) for the sole purpose described herein. In no case may it or any other Investor Relations: statement (oral or otherwise) made at any time in connection herew
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