Cementos Argos Sa · BVC:CEMARGOS
Cementos Argos Sa — Q3 2025 Earnings Presentation
25 slides from Cementos Argos Sa's earnings presentation, Dec 1, 2025
Slide 1: Building on a Strong Foundation for Growth
Cementos Argos Building on a Strong Foundation for Growth Investor Presentation Q3 2025
Slide 2: Investment Thesis
Investment THESIS
Slide 3: Pure building materials player positioned to lead by 2030
We are a pure BUILDING MATERIALS PLAYER, WITH BEST IN CLASS OPERATIONAL AND LOGISTICAL CAPABILITIES , A SOLID TRACK RECORD OF SHAREHOLDER VALUE CREATION , AND A FORTRESS BALANCE - SHEET, POSITIONED TO BECOME THE INDUSTRY LEADER ACROSS South US/ NORTH LATAM BY 2030
Slide 4: Well positioned to further drive shareholder value
We are well Positioned to Further Drive Shareholder Value Investment thesis Strategic Pillar enabler Expected result Best-in-class operator exposed • Market leading position within 16 geographies $400m EBITDA in the Latam A. to interconnected markets, with • Strong value proposition to target client
Slide 5: Best-in-class logistics capabilities leveraging key locations
A. BEST - IN CLASS LOGISTICS CAPABILITIES leveraging key locations Integrated supply chain supports USA – in progress 3 Ports and terminals both domestic and export markets 1 Caribbean Cross-regional synergies and 2 2 4 Concrete plants Grinding plants asset flexibility optimize clinker and cement fl
Slide 6: Strong EBITDA growth, margin expansion and continuous ROCE improvement
A. Strong EBITDA growth, margin expansion and continuous ROCE improvement REVENUES($bn) EBITDA ($m) ROCE 2,9 2,4 2,6 2,7 2,9 1,3 1,3 535 456 575 489 620 294 315 Summit Materials 25,0% transaction 22,0% 22,6% 21,1% 18,7% 18,7% 17,8% 3,2 16,0% 2,9 2,9 661 2,7 590 14,1% 2,5 535 522 466 11,4% 1,7 10,0%
Slide 7: Above average expected growth for LATAM, driven by Colombian catch up
A. above average expected growth for latam , driven by a catch up of the Colombian market Cement VOLUME ( Tons ) AVG. Price/ton ( usd ) Demand fundamentals -7% -25% 1/3 of population without adequate housing in 140- Latam 110- 13,5 12,6 150* ~400M people in Latam without 115 access to drinking water
Slide 8: Robust balance sheet with USD 4Bn of firepower
A. robust balance sheet with USD 4Bn of firepower Our former US operation generated total returns of 4.3Bn for the company, resulting from the combination with Summit Materials (cash-out) and the later monetization of the investment, enabling a solid financial position Historical lows in Significant
Slide 9: Unique opportunity in a high-growth market with limited supply
B. We have a UNIQUE OPPORTUNITY TO leverage A HIGH - GROWTH MARKET WITH LIMITED SUPPLY STRONG DEMAND Drivers for building Fragmented AGGREGATES industry with materials SUPPLY CONSTRAINTS 1.5m yearly housing deficit in the US 3 BN of aggregates supplied in st / year the US Migration boom to the south
Slide 10: Two-phase journey to reenter the US
B. THE Two - Phase Journey TO REENTER THE US, leverages our deep knowledge of the market 1 Consolidate an export-oriented aggregates platform connected to south- MULTI-ORIGIN Other eastern US ports: opportunities under evaluation • $150 - 200M of additional EBITDA Under • Capital light business with
Slide 11: Visionary team focused on value creation
C. WE HAVE A Visionary TEAM FOCUSED ON VALUE CREATION Implementation of focused strategy to drive long-term shareholder value, as evidenced by success of SPRINT Juan Esteban Calle Tomás Restrepo Felipe Aristizabal Maria Isabel Echeverri CEO VP Strategy & Growth CFO VP of Legal Affairs Successful dis
Slide 12: Since SPRINT launch, total shareholder return of ~600%
C. Since SPRINT launch, we have achieved Total shareholder return of ~600% Cemargos stock price Distributions per share Sale of Summit's USD 230 M share MSCI Small Cap repurchase announcement Index Inclusion Stake to Quikrete 25/11/2024 18/09/2025 SPRINT SPRINT 2.0 30/08/2024 Launch 22/02/2024 Share
Slide 13: Our success story in the US supports a track record of strong performance
C. Our success story in the us, supports a track record of strong performance • 2005–2016: Acquired RMX and cement assets and built a vertically integrated platform including terminals and distribution networks across the Southeast and Mid-Atlantic. • Became one of the top 10 cement producers in the
Slide 14: Company Snapshot
COMPANY SNAPSHOT
Slide 15: Cementos Argos at a Glance
Cementos Argos AT A GLANCE Financial Operational Value creation One of the largest integrated producers in Close to 600% in TSR $1.3 billion Latam with 8.3 million since the SPRINT program in revenues 2025E tons of cement launch dispatched Installed capacity of 14.4 Total 2025E EBITDA million tons o
Slide 16: Proven Legacy of Success
Proven Legacy of Success Foundation 1934 Consolidation and 1990 Optimization of 2017 Internationalization US platform In 1934, Cementos 1940 Panama, Dominican Republic, and Haiti. 2010 2024 Strategic divestments by RMX for ~ Argos S.A. was founded by local businessmen USD 480 million Begins expansio
Slide 17: Direct presence in 16 countries and territories
$1.4 billion in revenues 2025E 55 % 45% WE EXPORT TO Colombia CCA +30 Destinies Total 2025E EBITDA is $350 million 11 Marine terminals 65% 35% Colombia CCA 37 Distribution Centers Total installed capacity DIRECT 14.4 million tons of cement PRESENCE IN 16 COUNTRIES AND 60% 40% Colombia CCA TERRITORIE
Slide 18: #1 in Sustainability in the Global Industry recognized by S&P Global
#1 in SUSTAINABILITY IN the Global Industry RECOGNIZED by S&P Global We are aligned with leading We are committed to our 2030 goals (non-exhaustive): international ESG assessment 2024 actuals 2030 goal frameworks Scope 2 (by market method) Net for Scope 1 (kgCO2/t cem mat) (kgCO2/t cem mat) CLIMATE
Slide 19: Argos Outlook
ARGOS OUTLOOK bea,
Slide 20: Attractive Outlook & Growth Potential
Attractive Outlook & Growth Potential (1 - 2 Years) GOAL YTD 3Q25 EBITDA margin >25% 23.9% Mid-term guidance: Within the next 2 years ROCE 14 -2025 15% 15.7% LTM USD USD CAPEX 70 – 90 M 49.3 M 2025 USD USD EBITDA (ADJUSTED) 300 – 350 M 225 M 2025 NET DEBT/ EBITDA 2.0X - 6.7X Negative due to the stro
Slide 21: Long-Term Drivers of Value Creation
Long - Term Drivers of Value Creation (3 - 5 Years) Build a U.S. platform, capable of generating $300-400 million in annual EBITDA within 3-5 years. This includes acquiring high-quality aggregates assets in the Caribbean and leveraging logistics advantages By 2030 we will be a Cement, Aggregates and
Slide 22: Expected EBITDA composition by 2030
Expected ebitda composition by 2030 Geographic presence portfolio CONCRETE CONCRETE OTHER 9% 5% 10% PANAMA 6% CCA 25% DOMINICAN REP. 11% AGGREGATES HONDURAS 25% COLOMBIA 25% 16% COLOMBIA USA CEMENT CEMENT 57% 50% 90% 70% TODAY 2030 TODAY 2030
Slide 23: www.argos.co/en/ir
www.argos.co/en/ir ir@argos.co
Slide 24: Consolidated Results 3Q25 – Improved market dynamics and further margin expansion
Consolidated Results 3Q25 – Improved market dynamics and further margin expansion EBITDA Margin % Change Cement Vol. (000’s MT) RMX Vol . (000s m3) Revenues (COP MM) EBITDA (COP MM) 23.7% 27.4% 22.2% 23.9% +7.5% -0.4% -7.9% -15.7% +2.3% -2.8% +18.2% +4.6% 7.016 6.991 3.991 3.881 1.988 1.675 887 928
Slide 25: SPRINT 3.0 – Execution advancing in line with the plan
SPRINT 3.0 – Execution advancing in line with the plan Operational and financial results Stock liquidity We are on track to exceed our 25% EBITDA margin We continue advancing toward inclusion in the MSCI guidance one year ahead of plan, reaching 24% year-to- Emerging Markets Standard Index, supporte