Dangote Cement Plc · NSENG:DANGCEM
Dangote Cement — FY2025 Earnings Presentation
29 slides from Dangote Cement's earnings presentation, Mar 4, 2026
Slide 1: FY 2025 results
FY 2025 results AUDITED RESULTS FOR FULL YEAR ENDED 31st December 2025 4th March 2026 @dangotecement www.dangotecement.com
Slide 2: Key milestones in 2025
6 Key milestones in 2025 5 CNG trucks Alternative Fuel Robust export strategy Cost Optimisation • Reduction in logistics cost through CNG. • Significant investment in Alternative • Over 200% growth in export sales over • Substitution of local coal for imported coal • Deployed over 3,000 CNG trucks t
Slide 3: A global leader, proudly African
A global leader, proudly African Dangote Cement is sub-Saharan Africa’s largest and leading cement company, with operations in 11 African countries. We are resolute in transforming Africa, while creating sustainable value for all our stakeholders. 8 1 2 10 11 9 Integrated 7 55Mta Grinding 6 Our visi
Slide 4: SSA – Macroeconomic environment
6 SSA – Macroeconomic environment 5 SSA GDP growth SSA inflation (average) Currency performance against the dollar YTD in 2025 19.4% 7.6% Nigeria (Naira) 4.6% 4.4% 13.9% South Africa (Rand) 4.1% -18.6% Ethiopia (Birr) 13.4% FCFA (XAF) 13.1% -1.0% Tanzania (TZS) 10.9% 40.3% Ghana (Cedis) 26.1% Zambia
Slide 5: Domestic macroeconomic environment - Nigeria
Domestic macroeconomic environment - Nigeria Real GDP growth Interest rate Oil production • IMF projects faster growth of 4.4% in 2026,, supported • The Central Bank reduced MPR by 50bps from 27% to • Nigeria signs executive order mandating oil and gas by ongoing fiscal and monetary reforms. 26.5% i
Slide 6: Our Strategic Initiatives
2 OUR STRATEGIC INITIATIVES 1. Expanding Capacity for Growth 2. Strengthening Export–Import Strategy 3. Driving Cost Efficiency 4. Leveraging Extensive Retail Coverage 5. Delivering Long-Term Shareholder Value Investor Presentation Dangote Cement | Page 6
Slide 7: 1. Expanding Sales Volume for Growth
1. Expanding Sales Volume for Growth Over the past decade, Dangote Cement expanded from Nigeria into 10+ African countries, with volumes growing to 27.5Mta in 2025. Operations across 11 countries reduce volatility in sales, EBITDA, and profitability, as strong markets offset weaker ones In Nigeria,
Slide 8: 1. Expanding Capacity for Growth
1. Expanding Capacity for Growth We aim to expand installed capacity to 80.0Mta by 2030, supporting our long-term vision of making Africa self-sufficient in cement and clinker production. This growth will be driven by a mix of greenfield and brownfield projects. • We have commissioned our 3Mta Côte
Slide 9: 2. Strengthening Export–Import Strategy
2. Strengthening Export–Import Strategy Categories of DCP Exports Nigeria exports trend (Kt) 33% CAGR Self Consumption: These are exports to our grinding plants and bagging 970 197 56 Mali plants in other countries. 907 Niger 280 Senegal Ethiopia 706 748 Third Party Export to Competition in 197 425
Slide 10: 3. Driving Cost Efficiency (Across the Group)
3. Driving Cost Efficiency (Across the Group) Significant Logistics Cost Reduction through CNG Adoption (Group wide Fuel Cost Optimisation initiative - Where Applicable) • Fleet Transformation: DCP has deployed over 3,000 full CNG trucks and 1,000+ dual-fuel (CNG + AGO) • Substitution of expensive f
Slide 11: 4. Leveraging Extensive Retail Coverage
4. Leveraging Extensive Retail Coverage Strong retail coverage CTEs scheme • Largest Distribution Fleet: Over 7,000 trucks in DCP’s fleet, enabling unmatched nationwide logistics capacity. • Customer Truck Empowerment: DCP has provided over 4,000 trucks to customers, strengthening • Retail Coverage
Slide 12: 5. Delivering Long-Term Shareholder Value
5. Delivering Long-Term Shareholder Value… 2025 Group revenue up Group Revenue (N’B) Group EBITDA (N’B) 4800 20% at 4400 4,306 2500 ₦4,306.7B 4000 3600 2000 1981.1 3200 2800 1500 2400 2000 1000 2025 Group EBITDA up 1600 1200 43% at 800 241 500 400 134.0 ₦1,981.1B 0 0 2011 2012 2013 2014 2015 2016 20
Slide 13: FY 2025: Resilient performance despite challenges
FY 2025: Resilient performance despite challenges FINANCIAL OPERATIONAL SUSTAINABILITY SDG Alignment 31% female Board Group revenue up 20% Commissioned 3Mta Cote representation to ₦4,306.7B d’Ivoire grinding plant Diverse Board with 7 different nationalities Published 2024 combined Group EBITDA up 4
Slide 14: Solid 43.4% EBITDA growth driving margin expansion
Solid 43.4% EBITDA growth driving margin expansion Full year ended 31st December 2025 2024 Change Financial Sales volumes* ‘000t ‘000t % • Group revenues up 20%, reflecting improved pricing in line with Nigeria volumes 17,684 17,682 - inflation realities Pan-African volumes 10,954 11,131 (2%) • Grou
Slide 15: Record PAT crossing ₦1 trillion-mark, 2× higher than FY 2024
Record PAT crossing ₦1 trillion-mark, 2× higher than FY 2024 Rewarding shareholding Income Statement FY 2025 ₦m FY 2024 ₦m % change Dividend paid (N’B) Revenue 4,306,704 3,580,550 20% 600 Cost of sales (1,634,430) (1,645,651) (1%) 503 503 500 Gross profit 2,672,274 1,934,899 38% Gross margin 62% 54%
Slide 16: Group financial overview (cont’d)
Group financial overview (cont’d) Sustained Minimum Leverage Ratios to Support Liquidity Balance Sheet Ratios FY 2025 FY’2024* As at 31/12/25 As at 31/12/24 ₦m ₦m Current ratio 0.8x 0.7x Property, plant and equipment 3,917,363 3,271,322 Debt/capital 29% 40% Receivables from related parties - 1,045,5
Slide 17: Group financial overview (cont’d)
Group financial overview (cont’d) Focused on strong cash generation • Net cash of ₦1,870.3.8B was generated from 2400 operations in 2025 • ₦497.4B was spent on capex to fund the 417 construction of new plants in West African countries, distribution trucks as well as 1900 improvements in our energy e
Slide 18: Nigeria – Robust revenue growth, improved EBITDA margins
Nigeria – Robust revenue growth, improved EBITDA margins Average cement price across our operations, $/t • Sales volume was flat at 17.7Mt. 165 • Nigeria revenues up 35% to ₦2,956.5 Weighted Average cement • Nigeria EBITDA up 62% to ₦1,763.5B, with a margin of 60% 145 price of $87 • Strong reduction
Slide 19: Pan-Africa – Election uncertainties impact sales
Pan-Africa – Election uncertainties impact sales • Volumes down marginally by 2% to 10.9Mt, due to post-election uncertainties in Senegal and South Africa, as well as liquidity constraints in Ethiopia. • Revenues down 2% to ₦1,456.0B, due to lower sales across major of our pan Africa markets • EBITD
Slide 20: Country updates
Country updates CAMEROON CONGO ETHIOPIA • DCP Cameroon sales volume • DCP Congo sold 970.5Kt in FY • DCP sales of 2.3Mt in FY 2025 declined by 14% to 1.2Mt in 2025 (including exports), up by was 4% lower year-on-year. FY 2025, owing to election 11% year-on-year. uncertainties. • The downturn in sale
Slide 21: Country updates
Country updates GHANA SENEGAL SOUTH AFRICA • Economic activities in South • DCP Ghana sold 395.8Kt of • Post election uncertainties Africa are yet to recover from cement in FY 2025, down stalled economic and delay in post election uncertainties. 20% from 491.6Kt . budget execution • In FY 2025, sale
Slide 22: Country updates
Country updates D D TANZANIA ZAMBIA Cote d’Ivoire • DCP sold 2.2Mt in FY 2025, up • DCP Zambia sold 930.7Kt of • Sales volume from our newly by 16% cement in FY 2025, up by 14% commissioned grinding plant • Ongoing infrastructure supported by increased export stood at 60.4Kt as we ramped initiatives
Slide 23: Debt and Liquidity
Debt and Liquidity Robust Capital Structure Investor Presentation
Slide 24: Track record of accessing debt capital market
Track record of accessing debt capital market Commercial paper programme • Dangote Cement Plc's corporate family rating (CFR) upgraded to B3 from Caa1; and long-term national scale corporate family rating (NSR) to A3.ng from Baa3.ng. 350 • The national scale long-term and short-term issuer ratings o
Slide 25: Sustainability & Corporate Governance
Sustainability & Corporate Governance Investor Presentation
Slide 26: Strong Board and Governance Framework
Strong Board and Governance Framework Board of Directors Diverse Board (includes four Independent Directors) ✓ Independent Director appointed as Chairman ✓ 31% Female Board Members (Gender diversity) Emmanuel Ikazoboh* Ernest Ebi * ✓ 7 Nationalities Arvind Pathak Devakumar Edwin Olakunle Alake Viswa
Slide 27: Sustainability & Governance – The Dangote Way
Sustainability & Governance – The Dangote Way Chairman stepped down for an Independent Director, demonstrating strong succession planning and governance. E s G Environment Social Governance • CDP rating was upgraded to B from C • N13.2b spent on CSR in 2024 and over • Chairman stepped down for an •
Slide 28: Social performance
Social performance Sustainability Week Leadership Programme ₦20.0B spent on CSR in 2025, up by 51.7% GCHRO addressing 2025 graduate trainee inductees Investor Presentation
Slide 29: For further information contact
For further information contact: Micheal Ani Investor Relations Dangote Cement Plc ir@dangote.com InvestorRelationsDangoteCement@dangote.com @dangotecement www.dangotecement.com