Cementir Holding N.v. · MIL:CEM
Cementir — Euronext Sustainability Week 2025
41 slides from Cementir's conference presentation, Sep 10, 2025
Slide 1: Euronext Sustainability Week 2025
Euronext Sustainability Week 2025 Investor Presentation VIRTUAL, 10 SEPTEMBER 2025
Slide 2: Agenda
3 2024 Group Highlights Agenda 7 2025 - 2027 Industrial Plan update 12 ESG Strategy 22 2025 First Half results and Guidance 34 Appendix 2
Slide 3: 2024 Group Highlights
2024 Group Highlights Data as of December 31st , 2024 Revenue EBITDA Employees Cement capacity 1.69 Bn€ 407 M€ 3,082 13.1 M tons -0.4% vs. 2023 -0.9% vs. 2023 Annually Training per capita LTI frequency Rate* CO2 emissions** CO2 emissions** Grey cement White cement 24 hours 3.0 632 kg /ton 859 kg /to
Slide 4: Industrial footprint
Industrial footprint * White cement plants Grey cement plants Countries of operation Aalborg, DK Trakya, TR Gaurain, BE Kars, TR York,PA Izmir, TR Elazig, TR Anqing, CN Waco,TX El Arish, EG Ipoh, ML PLANTS CAPACITY / 2024 SALES Cement plants: 11 Quarries: 38 Grey cement capacity: 9.8 mt RMC sales: 4
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) 8.0 8.0 8.1 2.8 2.7 2.6 4.8 4.6 10.5 9.4 10.1 4.3 2022 2023 2024 2022 2023 20 24 2022 2023 2024 2022 2023 2024 2024 KEY FIGURES REVENUE = 1,112 M€ REVEN
Slide 6: 2024 EBITDA breakdown
2024 EBITDA breakdown * BY GEOGRAPHY BY BUSINESS ASIA PACIFIC AGGREGATES WASTE EGYPT 5% 9% 1% 4% 10% OTHER TURKEY 18% 43% 404 M€ 404 M€ 6% NORTH AMERICA 80% 24% NORDIC READY-MIXED CEMENT BELGIUM & BALTIC CONCRETE 72% of Ebitda from mature markets (Currencies: EUR, USD, DKK, NOK, SEK) * Non-GAAP recu
Slide 7: 2025-2027 Industrial Plan update
01 2025-2027 Industrial Plan update NAVITAS PARK, AARHUS (DENMARK)
Slide 8: Our Strategy is aimed at creating long term value for all stakeholders
Our Strategy is aimed at creating long term value for all stakeholders Sustainability Competitiveness Innovation Growth and People Positioning • More aggressive • Improve • Focus on low • Reinforce • Zero Accidents CO2 reduction profitability and carbon cements vertical program targets to 2030 seek
Slide 9: 2025-2027 Industrial Plan update: Financials
2025-2027 Industrial Plan update: Financials REVENUE RECURRING EBITDA NET CASH EUR billion EUR million EUR million 24.5% EBITDA 23.3% Margin 2024 2027 CAGR CAGR +410 M€ +6-7% +5% 700 2.0 465 1.65 1.75 404 415 410 290 2024 2025 2027E 2024 2025 2027E 2024 2025 2027E Actual Guidance Actual Guidance Act
Slide 10: Industrial Plan update: key 2027 targets
Industrial Plan update: key 2027 targets * 2024 A Target M€ Non-GAAP 2027 • ~6-7% Revenue CAGR in 2025-27. Moderate increase in cement volumes, with acceleration in 2025 driven by increased capacity in Egypt and recovery in Revenue 1,649 ~2,000 Denmark and Asia-Pacific, offset by a slight decline in
Slide 11: 2025-2027 Capex highlights
2025-2027 Capex highlights ▪ ~ 53 M€ of sustainability investments, INDUSTRIAL PLAN CAPEX * focused on operational and energy EUR million efficiencies, product innovation and circularity 125 114 ▪ Main capex initiatives: 39 98 99 24 • Facility upgrade for FUTURECEM® production in Aalborg, Denmark 14
Slide 12: ESG Strategy
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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 Net zero greenhouse emissions across the and scope 2 per ton of cementitious value chain validated by SBTi material (2021 baseline) validated by SBTi 96.1% CO2 reduction in scope 1 and scop
Slide 14: Rating improvement reflects our continued ESG commitment
Rating improvement reflects our continued ESG commitment Science Based Target initiative (SBTi) validated Cementir’s near and long-term decarbonization targets aligned with the 1.5°C scenario in February 2024. SBTi also approved overall net-zero emissions target by 2050. In April 2025 Cementir has b
Slide 15: As Is: 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 16: Scope 1 emissions: new 2030 decarbonization targets
Scope 1 emissions: new 2030 decarbonization targets Grey cement target White cement target Kg Gross CO2 /TCE * Kg Gross CO2 /TCE * 800 -42% to 417 Kg from 718 Kg 300% -29% to 653 Kg from 915 Kg 718 1000 300% 684 NEW ROADMAP 915 919 NEW ROADMAP 700 672 250% 655 GREY CEMENT 886 WHITE CEMENT 900 859 25
Slide 17: Scope 3 emissions: 25% of total carbon footprint
Scope 3 emissions: 25% of total carbon footprint Reduction commitment BY CATEGORY • Target to reduce Scope 3 emissions by 23% FUEL AND compared to 2021 levels. ENERGY-RELATED • Significant progress achieved in 2024: CO₂ emissions ACTIVITIES per ton of purchased clinker and cement were 48% reduced to
Slide 18: Low carbon products: FUTURECEM and D-Carb
Low carbon products: FUTURECEM® and D-Carb® • FUTURECEM® is based on a unique limestone and calcined • D-Carb® is an umbrella brand for white low-carbon cements, clay synergic combination which enables around 30% CO2 supporting our white cement decarbonization efforts reduction compared to ordinary
Slide 19: The ACCSION Project: CCS in Aalborg
The ACCSION Project: CCS in Aalborg • ACCSION stands for Aalborg CCS using Infrastructure Onshore in North Jutland • Awarded EUR 220 million grant by the EU Innovation Fund • Objective: Avoidance of 1.5 million tons CO2/year * • Technology: Cryogenic technology (Cryocap ) enabling high-purity CO₂ ca
Slide 20: Health and Safety: developing a strong H&S culture
Health and Safety: developing a strong H&S culture ▪ Cementir is strengthening its H&S LOST TIME INJURY FREQUENCY RATE * culture through workers’ engagement 11.0 9.0 9.9 and participation 8.0 6.0 5.2 4.2 4.2 4.2 3.5 2.9 4.1 2.9 3.0 2.9 ▪ Main initiatives: • Group policy, Group guidelines, Group 2020
Slide 21: Responsible Governance
Responsible Governance Strong governance is a pre-requisite to deliver on our ESG goals • BOARD DIVERSITY • SHORT TERM REMUNERATION 50% of Directors are women 15%-20% of C-level pay linked to ESG KPIs, based on metrics relevant /material for Cementir • BOARD INDEPENDENCE • BUSINESS ETHICS AND COMPLI
Slide 22: 2025 First half results and 2025 Guidance
02 2025 First half results and 2025 Guidance
Slide 23: Key takeaways
Key takeaways First Half 2025 Results are in line with management expectations, with overall cement sales volumes stable, albeit accelerating in Q2 as far as cement and aggregates are concerned, slightly higher revenues and lower EBITDA compared to H1 2024, mainly due to negative currency impact and
Slide 24: 2025 First Half results highlights
2025 First Half results highlights Revenue reached 796.7 M€ (-1.9% yoy); non-GAAP* Revenue reached 807.1 M€ (+0.5% yoy) Financial Highlights – Non GAAP * • Higher revenue in Nordic & Baltic, Türkiye and Malaysia, FX headwinds in Türkiye and Egypt, lower revenue in all other regions • Cement volumes
Slide 25: Nordic & Baltic
Nordic & Baltic Asset overview Share of Group Ebitda DENMARK • Grey domestic cement volumes were slightly down vs H1 2024, more marked decline for white domestic cement with 48% still weak residential sector. Exports increased by 7% mainly (33) due to higher deliveries to Norway and Iceland (22) • R
Slide 26: Belgium and France
Belgium and France * Asset overview Share of Group Ebitda BELGIUM AND FRANCE • Domestic cement volumes declined by ˜8% in the first half 27% due to persistently weak demand; exports fell by ˜7% even if showing an improvement over Q1 25, due to the slowdown in construction activity in Northern France
Slide 27: Türkiye
Türkiye Asset overview Share of Group Ebitda TÜRKIYE • From April 2022 Türkiye is considered “hyperinflationary”. Reported figures are non-GAAP i.e. exclude the 12% application of IAS 29 and revaluation of non-industrial (x4) property (x6) • Domestic cement volumes rose by ˜5% with a strong rebound
Slide 28: North America
North America Asset overview Share of Group Ebitda UNITED STATES • White cement volume declined by ˜3%, with 7% improvement in Q2 • The residential market remains under pressure due to high mortgage rates, amid persistent inflation • Texas saw the sharpest decline, impacted by adverse weather and su
Slide 29: Asia Pacific
Asia Pacific Asset overview Share of Group Ebitda CHINA • Revenue decreased by 11.5% due to lower selling prices in a context of stagnant demand and delayed effects from 4% government stimulus measures • EBITDA dropped by 31.9%, affected by weaker prices despite only a slight decrease in volumes • 1
Slide 30: Egypt
Egypt Asset overview Share of Group Ebitda EGYPT • Revenue declined by ˜11% mainly due to the 23% depreciation of the Egyptian pound, despite a 9% increase 3% in local currency revenue • White cement volumes declined ˜2%, impacted by a weak second quarter, mainly due to lower exports linked to the p
Slide 31: Non-financial highlights
Non-financial highlights NON-FINANCIAL INDICATORS Grey cement 2020 2024 H1 2025 CO2 emissions (kg CO2 /ton cement) 718 632 616 • Decarbonization commitment continues: Clinker ratio 82% 77% 76% • CO2 emissions per ton of grey cement down 3% to 616 kg Alternative fuel use (%) 28% 34% 37% • CO2 emissio
Slide 32: 2025 Guidance – Confirmed
2025 Guidance – Confirmed REVENUE (€ BN) EBITDA (€ M) NET CASH (€ M) Revenue ~ 1.75 BN€ +6% 1.65 1.75 +3% +120 M€ EBITDA ~ 415 M€ 404 415 410 290 Net cash ~ 410 M€ 2024 2025 2024 2025 2024 2025 Capex ~ 98 M€ Actual Guidance Actual Guidance Actual Guidance Guidance refers to like-for-like ongoing ope
Slide 33: Increased shareholders return
Increased shareholders return • Dividend per Share and Earnings per Share doubled vs 2020 • The 2025-2027 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 +100% +102% 20-25% range 0.28 0.28
Slide 34: Appendix
03 Appendix GREEN BELT BRIDGE, DENMARK
Slide 35: 2024 Full year results highlights
2024 Full year results highlights Revenue reached 1,686.9 M€ (-0.4% yoy); non-GAAP* Revenue Financial Highlights reached 1,648.8 M€ (-2.7% yoy) • Cement volumes increased by 0.5% due to good trading in Türkiye, EUR million US and Egypt, which offset volume reductions in other regions 1.800 1,694.2 1
Slide 36: Appendix – Consolidated Income Statement – FY 2024
Appendix – Consolidated Income Statement – FY 2024 2024 2023 (EUR million) 2024 2023 Chg % Chg % (Non-GAAP)* (Non-GAAP)* REVENUE FROM SALES AND SERVICES 1,686.9 1,694.2 (0.4%) 1,648.8 1,694.6 (2.7%) Change in inventories (0.5) 11.7 (104.3%) 3.7 17.1 (78.3%) Increase for internal work and other incom
Slide 37: Appendix – Consolidated Income Statement – First Half 2025
Appendix – Consolidated Income Statement – First Half 2025 H1 2025 H1 2024 (EUR million) H1 2025 H1 2024 Chg % Chg % (Non-GAAP)* (Non-GAAP)* REVENUE FROM SALES AND SERVICES 796.7 811.8 (1.9%) 807.1 803.3 0.5% Change in inventories (4.1) 5.0 (182.0%) (2.8) 7.1 (138.9%) Increase for internal work and
Slide 38: M&A track record
M&A track record Since 2001 over EUR 1.8 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 2001 2004 2005 2006 2007 2008 2009 2010 2011 2012 Jul-16 Oct-16 Jan-18 Mar-18 2021 2023 2024 2001 - Cimentas AS and Cimbeton AS 2008 - Kudsk & Dahl A
Slide 39: 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 40: Türkiye historical figures
Türkiye historical figures Türkiye - Cement Market (Mt) * 160 EDIRNE (x4) KARS 120 8 8 7 8 8 17 18 19 15 17 (x6) 80 15 11 11 10 11 8 6 7 11 14 IZMIR 40 5 6 7 8 65 65 68 72 64 60 55 65 65 42 42 41 40 48 53 55 62 45 56 25 27 28 31 35 ELAZIG - 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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