Grupo Argos S.a. · BVC:GRUPOARGOS
Grupo Argos — Investor Presentation (June 2026)
57 slides from Grupo Argos's investor presentation, June 2026
Slide 1: Grupo Argos – Inversiones que transforman
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Slide 2: Leading investment player in the Americas
Grupo Argos is a leading investment player in the Americas committed to building long-term value through investments in infrastructure and building materials 2
Slide 3: Connecting investors to a hard-to-replicate infrastructure portfolio
We co n n e c t i nve sto rs to a u n i q u e a n d h a rd - to - re p l i cate p o r t fo l i o i n i n f ra st r u c t u re a n d b u i l d i n g m ate r i a l s w i t h i n h i g h - g ro w t h m a r ke t s 3
Slide 4: Where global capital meets Latin American growth
Where global capital meets Latin American growth +92 years ~9,000 USD 15.8bn 22% Founded in 1934 as a cement operating employees and 30 Investment portfolio in building Equity growth annualized over operation in Colombia employees at HoldCo level materials, energy, toll road and 90 years² and uninte
Slide 5: Portfolio of public and private companies
Building Energy Transport Infra Real Estate Urban Development Materials − Generation − Toll Road Concessions − Real Estate Portfolio − Development of − Cement Land Bank − Aggregates − Transmission − Airport Concessions − Ready Mix Concrete − Distribution − Commercialization The AGM of Portfolio ofGr
Slide 6: Our proven track record and deep local expertise create value
1 Invest in High Growth Segments Regional infrastructure and housing deficit, 2 Generate and Capture Attractive Returns Expertise in developing value generating platforms accelerated demand of energy and renewable across the Americas, underpinned by operational transition and growing demand in trans
Slide 7: Our proven track record and deep local expertise create value
1 Invest in High Growth Segments Regional infrastructure and housing deficit, 2 Generate and Capture Attractive Returns Expertise in developing value generating platforms accelerated demand of energy and renewable across the Americas, underpinned by operational transition and growing demand in trans
Slide 8: Invest in High Growth Segments
1 Invest in High Growth Segments + USD 85 trillion in infrastructure Energy demand is accelerating at LatAm: potential in Materials, over the next 15 years an unprecedented pace Energy and Concessions • Modernization of aging infrastructure. • Global energy demand will grow by 3,500 • Cement consump
Slide 9: Our proven track record and deep local expertise create value
1 Invest in High Growth Segments Regional infrastructure and housing deficit, 2 Generate and Capture Attractive Returns Expertise in developing value generating platforms accelerated demand of energy and renewable across the Americas, underpinned by operational transition and growing demand in trans
Slide 10: Generate and Capture Attractive Returns
2 Generate and Capture Attractive Returns Building Materials Infrastructure Mergers and Acquisitions EBITDA margin expansion of 700bps at ▪ The average IRR of Grupo Argos’ ▪ +USD 10 bn in 30 M&A transactions over the last 20 CemArgos over the past four years airport and toll road concessions is year
Slide 11: Our proven track record and deep local expertise create value
1 Invest in High Growth Segments Regional infrastructure and housing deficit, 2 Generate and Capture Attractive Returns Expertise in developing value generating platforms accelerated demand of energy and renewable across the Americas, underpinned by operational transition and growing demand in trans
Slide 12: Generate Value with a Long-term Vision
3 Generate Value with a Long-term Vision Stable and Predictable Cash Flows Recognitions - Airport Concessions • Merco Empresas: ranked 8th among companies with the best reputation in - Toll Road Concessions Colombia and 1st among business conglomerates - Energy Transmission and Distribution • Forbes
Slide 13: Our proven track record and deep local expertise create value
Our proven track record and deep local expertise empower us to create value 1 Invest in High Growth Segments Regional infrastructure and housing deficit, 2 Generate and Capture Attractive Returns Expertise in developing value generating platforms accelerated demand of energy and renewable across the
Slide 14: Deep Regional Know-how
4 Deep Regional Know-how Seasoned management teams Leading Operating Companies Decades of local experience ▪ +80 years of experience in building ▪ #1 Cement Player in Colombia and local ▪ +90 years of experience (founded in materials leader in 17 other countries Colombia in 1934) ▪ +25 years of expe
Slide 15: Investment Portfolio
Investment Portfolio We are evolving into a pure-play infrastructure and building materials company, uniquely positioned to generate long-term value 15
Slide 16: A strong strategic position across core businesses
A strong strategic position across core businesses Grupo Argos 55% 56% 37% 100% 100% Cementos Urban Dev. Celsia Pactia Odinsa Business Argos 65% 50% 50% 100% Energy Asset Building Services Airports Toll Roads Water Management Rental Assets Land Bank Materials Yield Growth 33%1 65% Opain 60% 10% 65%
Slide 17: Value Creation Potential for Grupo Argos Shareholders
Value Creation Potential for Grupo Argos Shareholders Figures in COP tn 30 Short-Term Upside* Including assumptions for each business 25 21.8 Short-Term Upside 19.9 COP 29,000/sh 20 16.8 Arbitrage Price 0.2 14.9 1.0 COP 21,800/sh 15 0.6 2.1 -1.0 -0.9 2.6 2.4 2.9 10 1.6 5 8.2 0 CemArgos Celsia Odinsa
Slide 18: Value Creation Potential for Grupo Argos Shareholders
Value Creation Potential for Grupo Argos Shareholders Figures in COP tn + $40,000 per share 27.5 30 $29,000 per share $21,800 25 per share 19.9 20 14.9 15 10 5 0 SOTP Catalizadores Valor arbitraje Corto Plazo Fundamental 2026 2027 --> 2029 2030 *Arbitrage value calculated based on the market value o
Slide 19: Strategy
Strategy We focus on long-term value creation through the disciplined execution of our strategic priorities 19
Slide 20: Long-term investor that opportunistically rotates portfolio
1 2 3 Long-term investor that Lead with subsidiaries for major Uninterrupted and consistently opportunistically rotates capital allocation and long-term growing distributions to portfolio strategy shareholders -Initiated in the building materials -Actively participate in reinvestment -Stable and con
Slide 21: Proven capital allocation with over USD 7 billion in M&A
Proven capital allocation with over USD 7 billion in M&A and platform development over the past 20 years Divestment of the ports business Divestment of Grupo Spin-off of Grupo Sura (financial services) and and acquisition of a larger stake in Nutresa (the portfolio's elimination of the cross-shareho
Slide 22: And the best is yet to come…
And the best is yet to come… USD ✓ Proven origination 10bn 1. USD 5 bn in airports and toll roads capacity 2. USD 2,8 bn to be deployed Robust pipeline across in building materials ✓ High growth sectors building materials and infrastructure 3. USD 2,2 bn in energy ✓ Attractive returns ✓ Long term vi
Slide 23: We deliver stable and growing returns to our shareholders
We deliver stable and growing returns to our shareholders Dividend per share evolution 2016 → 2026 750 688 636 CAGR 16-26 = 11% 575 25 million shares repurchased since 2023 376 382 (≈ 4% of the total shares outstanding) 350 310 328 287 268 Grupo Argos shareholders received COP 10.8 trillion in Grupo
Slide 24: Argos Convergence Effort
Argos Convergence Effort 24
Slide 25: Portfolio of prime assets essential to regional infrastructure
We leverage a portfolio of prime assets, essential to the region's infrastructure matrix Materials ✓ Interconnected platform in Colombia, Central America and the Caribbean + Aggregate platform in the USA +USD 350m 25% +USD 4bn EBITDA in 2026(e) Ebitda margin Of fire power for growth, mainly in the U
Slide 26: ACE: A program with a single goal
ACE: A program with a single goal, with simple, executable, and quantifiable enablers Objective Generation, transfer and capture of value for all shareholders Sequential Pillars as Sponsors: Board of program enablers Directors and the C-Suite Flexibility to move forward by adapting Trust in the comp
Slide 27: ACE pillars to transfer and capture value
ACE | 3 pillars that will enable a path for our shareholders to transfer and capture value Profitability Push 2028* Holding Company’s Role Grupo Argos ▲ USD $75m Asset Management Latam Ebitda • Sole asset manager of Grupo ▲ 1,000 bps 1. Operational Empresarial Argos EBITDA margin Excellence • Invest
Slide 28: Goals 12–24 months
Pillar 1 Operational Excellence | Commitments and targets by business* Materials Argos Materials Argos Latam • Accelerated profitability → +USD 75m Progress with the business plan and capital • Structural simplification redeployment • Entry into Venezuela and expansion in Guatemala Energy Operationa
Slide 29: Consolidation of Grupo Argos Asset Management
Pillar 2 Consolidation of Grupo Argos Asset Management and capital raising role Grupo Argos Fewer layers = maximized dividends ✓ We reduce redundancies between our operating assets and our shareholders, increasing dividend flows. Portfolio companies Grupo Argos Lower portfolio replicability Dividend
Slide 30: Accelerated stock buyback program
Pillar 3 Accelerated Grupo Argos’ stock buyback program Target COP 500 bn over the next 6-12 months Conditions Funding Sources Buybacks should generate higher returns than any Stabilized and monetizable assets 1 A Fire power: up to COP 2 trillion other project where the company could reinvest the mo
Slide 31: ACE Expected Results
ACE | Expected Results In 24–36 months OUR ASPIRATION +70% That Grupo Argos’ shares Consolidated EBITDA for Grupo Argos will reflect their 75–100% fundamental value, with Total share return (TSR) increased liquidity and +100% improved eligibility Dividend per share paid conditions for global stock m
Slide 32: Financial Results
Financial Results We manage a high-performing, hard-to-replicate portfolio in construction materials and infrastructure, supported by a strong regional footprint 32
Slide 33: Resilient financial performance of the portfolio
The strength of Grupo Argos’ portfolio supports resilient financial performance Revenue EBITDA Net Income Net income (cont. interest) Figures in COP tn Figures in COP tn Figures in COP bn Figures in COP bn Margin Margin Margin +32% +14% 26% +13% 7% 3% 5.6 1.5 5.4 1.4 524 188 161 362 1Q2025 1Q2026 1Q
Slide 34: Grupo Argos reached a 67% EBITDA margin
Grupo Argos reached a 67% EBITDA margin Revenue EBITDA Net Income Figures in COP bn Figures in COP bn Figures in COP bn Margin Margin 67% 45% 458 316 387 261 217 174 1Q2025 1Q2026 1Q2025 1Q2026 1Q2025 1Q2026 Jun 25 Jun 26 Jun 25 Jun 26 Jun 25 Jun 26 34
Slide 35: Cementos Argos: presence in building materials
Through Cementos Argos we have presence in the building materials segment Argos LATAM Operations 2Q26 - revenue 2Q26 - EBITDA Cement 363 m USD 77 m USD 7 Integrated cement plants 11 Grinding facilities 14.4 MTPA Cement grinding 45% 37% 35% capacity 55% 63% 65% Col CCA Trading & Exports 11 Ports & te
Slide 36: CemArgos: Latam volume recovery underpins profitability
CemArgos: Latam volume recovery underpins the path to profitability Operational Revenue COP bn EBITDA COP bn 4,000 2,000 +2% -5% Cement RMC 2Q2026 vs 2Q2025 2Q2026 vs 2Q2025 1,800 (A/A) (A/A) 3,500 1,600 $60 of 361 $93* +2% impairment 3,000 1,366 1,400 1,283 1,275 1,315 1,222 279 2,500 2,325 2,254 2
Slide 37: Celsia across the energy value chain
Through Celsia, we are present across the energy value chain, including generation, transmission, distribution, and commercialization Generation Distribution Energy efficiency 14 Hydro power plants 190 Distribution substations 2 Thermal districts 3 Thermal power plants 46,688 km Aerial lines +90 Ons
Slide 38: Celsia: higher commercialization in a quarter of preventive reservoir management
Celsia: higher commercialization in a quarter of preventive reservoir management Operational Revenue COP bn EBITDA COP bn 2Q20206 vs 2Q2025 +3% 2Q206 vs 2Q2025 -14% Generation Commercialization (A/A) (A/A) 2,000 -19% 2,000 1,800 1,800 1,585 1,600 1,600 1,316 1,297 1,331 1,351 1,271 442 Energy (MWh)
Slide 39: Odinsa: toll roads and airports
Through Odinsa, our concession business, we have presence in toll roads and airports Countries Airport concessions -Colombia -Ecuador -Aeropuerto Internacional El Dorado -Aruba -Aeropuerto Internacional Mariscal Sucre Toll roads USD 10bn pipeline -IP Nuevo Aeropuerto de Cartagena -Autopistas del Caf
Slide 40: Odinsa: Toll Roads Vertical
Odinsa: Toll Roads Vertical Quarterly Results IRR (E) COP EBITDA Revenue COP bn COP bn Net Income COP bn TPD thousands 2Q2026 vs 2Q2025 0% 2Q2026 vs 2Q2025 +21% 2Q2026 vs 2Q2025 -8% 2Q2026 vs 2Q2025 +120% Concesión Vial de los Llanos 11% 372 167 154 109 110 51 Autopistas del Café 22% 307 Concesión L
Slide 41: Odinsa: Airports Vertical
Odinsa: Airports Vertical Quarterly Results (in USD) IRR (E) PAX mn Pax Revenue USD mm EBITDA USD mm Net Income USD mm 2Q2026 vs 2Q2025 +4% 2Q2026 vs 2Q2025 +12% 2Q2026 vs 2Q2025 +10% 2Q2026 vs 2Q2025 +18% Aeropuerto Mariscal Sucre 11% 89 38 13 177 198 81 Aeropuerto El Dorado 17% 12 32 2Q 2Q 2Q 2Q 2
Slide 42: Robust pipeline of Private Initiatives in Colombia
Robust pipeline of Private Initiatives in Colombia with more than USD 6.0 bn IP Nuevo Aeropuerto de IP Bogotá El Dorado Max IP Campo de Vuelo Fase II Túnel de Oriente IP Conexión Centro IP Perimetral de la Sabana Cartagena Expansion project to maximize Project to increase operational A new airport i
Slide 43: NDU manages a land portfolio valued at USD 600 million
Urban Development and Property Rental: NDU manages a land portfolio valued at USD 600 million, located across different regions of Colombia Barranquilla, Portfolio Composition Pto. Colombia Cartagena The land portfolio includes different types of land: urban, suburban, rural, protected and port land
Slide 44: NDU development concentrated in Cartagena and Barranquilla
Urban Development and Property Rental: NDU’s main development activity is concentrated in Cartagena (Barú) and Barranquilla Development Strategy Our masterplans define roads and public zones, allocate areas for urban facilities and zones of environmental relevance, define private lots for real estat
Slide 45: Consistent margin discipline
We fuel shareholder value creation through consistent margin discipline Recurring Expenses vs CPI (COP mn) 120,000 118,622 Compound Annual Growth Rate (last 10 years) 100,000 Real CAGR -4% 80,100 80,000 ≈ COP 39 bn lower than inflation- adjusted growth 60,000 40,000 2015 2016 2017 2018 2019 2020 202
Slide 46: Capital Structure & Shareholder Structure
Capital Structure & Shareholder Structure We rely on a solid capital base and long-term investor trust 46
Slide 47: Solid balance sheet and capital markets access
Solid balance sheet and capital markets access strengthen our financial flexibility Capital Structure (COP tn) Current Credit Rating Gross Debt / Dividends 2.1x AAA | (Jun-2026) 10.6 1.1 AAA | Cost of Debt 11.8% (Jun-2026) Net Debt Market Cap (06/26) 47
Slide 48: Solid capital structure backed by S&P AAA rating
Solid capital structure at Grupo Argos, backed by S&P’s reaffirmed AAA rating Gross Debt Consolidated COP bn Consolidated Net Debt1 COP bn Net financial expenses COP bn 1,061 11,490 1,604 135 1,116 123 1,936 9,824 5,811 22 803 4,909 274 1,642 123 215 -178% 6 jun-2025 jun-2026 -5,303 635 6,061 -14% 5
Slide 49: Shareholder Structure
Shareholder Structure + 42,248 Shareholders Voting Rights Economic Rights 21% 36% 5% 58% 74% 6% Colombian Funds ETFs Others Grupo Argos has 398,836,329 ordinary shares and 288,813,749 preferred shares subscribed, of which 39,096,939 have been repurchased as of December 31, 2025 (this figure changes
Slide 50: ESG Strategy
ESG Strategy We drive regional leadership in sustainability to build resilient, future-ready businesses 50
Slide 51: Ambitious ESG goals for 2030
We have ambitious ESG goals for 2030 Environmental Social Governance – 46% reduction in CO₂e emissions intensity – Female leadership: 29% of senior leadership - 100% of assets under management evaluated by 2030, baseline year 2018 roles held by women with ESG criteria – 36% reduction in absolute CO₂
Slide 52: 13 consecutive years in Dow Jones Best in Class Index
13 consecutive years in the Dow Jones Best in Class Index by S&P, thanks to its forefront ESG practices #1 #2 Grupo Argos and Cementos Argos were recognized in the Sustainability Yearbook 2025 by S&P as global leaders for their best practices in governance, environmental and social areas relevant to
Slide 53: Leadership Team
Leadership Team We are over 10,000 people united by a common purpose and led by a team with extensive experience in the building materials and infrastructure industry 53
Slide 54: Highest Standards of Corporate Governance
Highest Standards of Corporate Governance Board of Directors Jaime Ana Cristina Claudia Juan Guillermo Miguel Joaquin David Palacio Arango Betancourt Castañeda Heras Losada Yanovich Independent Non-Independent Non-Independent Independent Independent Independent Non-Independent (Chair of the Board) E
Slide 55: We'd be glad to connect
We’d be glad to connect Corporate Strategy and Investor Relations Finance VP Director Felipe Aristizábal Carolina Arango (574) 315 8400 carangoz@grupoargos.com w w w. g r u p o a r g o s . c o m 55
Slide 56: Cautionary Statement
Cautionary Statement This presentation contains certain forward-looking representations and information related to Grupo Argos and its subsidiaries based on currently known facts, expectations and forecasts, circumstances and assumptions regarding future events. Many factors could cause the future r
Slide 57: Thank You
Thank You