West China Cement Ltd. · HKEX:2233
West China Cement — H1 2026 Earnings Presentation
26 slides from West China Cement's earnings presentation, August 2026
Slide 1: West China Cement Limited 2026 Interim Results
West China Cement Limited 2026 Interim Results August 2026
Slide 2: Disclaimer
Disclaimer By attending the meeting where this presentation is made, or by reading the presentation materials, you agree to be bound by the following limitations: The information in this presentation has been prepared by representatives of West China Cement Limited (the “Issuer” together with its su
Slide 3: Company Overview
Company Overview ◆ West China Cement Limited (“WCC”, “the Company”, 2233.HK) ▪ The largest cement producer in Shaanxi Province1 with further capacity in Guizhou and Sichuan ▪ Expansion into sub-Saharan Africa and Central Asia since 2020 ▪ Capacity in Ethiopia, Mozambique, the Democratic Republic of
Slide 4: Strategies and Vision
Strategies and Vision Our Core Market Strategy: Acquire high quality limestone, close to cement end-markets and capture a commanding market position Maintain Our Shaanxi Stable Financials, Strong Continued Development Replicate our Core Province Core Market Growth & Efficient of Emissions Standards
Slide 5: Section I: 2026 Interim Results
Section I 2026 Interim Results Lemi National Cement, Amhara, Ethiopia
Slide 6: 2026 Interim Results – Key Data
2026 Interim Results – Key Data Operational* Financial Developments Sales Volume Revenue Rmb4.5 bn (-16.5%) ▪ The 3.0m ton Moroto plant, Uganda, commissioned in March 2026. China 5.15 mt (-22.6%) EBITDA Rmb1.5 bn (-17.8%) Overseas 5.39 mt (+29.3%) ▪ Successfully issued 10.5% US$300m Total 10.54 mt (
Slide 7: 2026 Interim Results – Key Data
2026 Interim Results – Key Data Interim Results Key Performance Indicators RMB mn 1H26 1H25 YoY 1H26 1H25 Sales Volume (m tons) Cement & Volume ASP*/Ton GP/Ton Volume ASP*/Ton GP/Ton clinker in mt (RMB) (RMB) in mt (RMB) (RMB) Cement & clinker 10.54 10.82 (2.6%) PRC 5.15 224 12 6.65 280 64 Other* 2.
Slide 8: 2026 Interim Results – Contribution Analysis
2026 Interim Results – Contribution Analysis Contribution Analysis: China vs Overseas RMB bn Period China % Contribution Overseas Total 2022 7.3 85% 15% 1.2 8.5 2023 6.3 69% 31% 2.8 9.0 Revenue 2024 5.2 62% 38% 3.2 8.4 2025 4.9 51% 49% 4.7 9.6 1H2026 1.5 33% 67% 3.0 4.5 2022 1.6 72% 28% 0.6 2.2 2023
Slide 9: Production Costs
Production Costs RMB (million) (RMB per ton) Average Coal Cost Production Cost (Cement) 1,200 1066 1073 1,000 837 800 740 702 6,000 834 600 809 687 700 609 400 200 China Overseas 5,000 6.5% 6.9% 0 9.4% 6.2% 2022 2023 2024 2025 1H2026 5.4% 7.1% 5.0% 5.9% 14.1% 14.2% (RMB per kWh) Average Electricity
Slide 10: Section II: Business Overview
Section II Business Overview Dugongo Plant, Maputo, Mozambique
Slide 11: Business Overview – China
Business Overview – China Cement & clinker China current total cement capacity: 25mt Province / Area Cement capacity 17.6 16.0 13.0 Central Shaanxi 13.1 mta Southern Shaanxi 8.6 mta Sales 5.15 volume Sichuan 1.5 mta (mt) Guizhou 1.8 mta Shaanxi Sichuan Tongchuan Utilization rate 4,752 Guizhou Weinan
Slide 12: Business Overview – Sub-Saharan Africa
Business Overview – Sub-Saharan Africa Cement & clinker Sub-Saharan Africa current total 7.0 cement capacity: 14mt 3.6 4.0 3.0 Sales volume Great Lakes Cement Plant, DRC Lemi National Cement, Ethiopia (mt) DRC Cement/ Ethiopia Commissioning Ethiopia Plant Grinding date Commissioning Cement Capacity
Slide 13: Macro Overview – Sub-Saharan Africa & Central Asia
Macro Overview – Sub-Saharan Africa & Central Asia Rapid GDP growth Below Average Cement Consumption (Real GDP growth rate, %) (Per capita cement consumption in 2024, kg/year) 8% 1,000 6% 800 600 4% 400 2% 200 0 Global Uganda Ethiopia Mozambique Greak Lakes Uzbekistan 0% Region Global Uganda Ethiopi
Slide 14: Business Overview – Ethiopia
Business Overview – Ethiopia Overview Cement Plant Commissioning date capacity ◼ 1H2026: Sales volume of 1.99 million tons with gross profit per ton of RMB189 National Cement Oct 20221 1.3 mta ◼ 1H2025: Sales volume of 1.99 million tons with gross profit per ton of RMB182 Lemi National Cement Sep 20
Slide 15: Business Overview – Mozambique
Business Overview – Mozambique Overview Cement Plant Commissioning date capacity ◼ 1H2026: Sales volume of 0.87 million tons with gross profit per ton of RMB238 Dugongo Cement Dec 2020 2.0 mta ◼ 1H2025: Sales volume of 0.96 million tons with gross profit per ton of RMB300 ◼ JV ownership: WCC owns a
Slide 16: Business Overview – DRC
Business Overview – DRC Overview Cement/Grinding Plant Commissioning date capacity ◼ 1H2026: Sales volume of 0.86 million tons with gross profit per ton of RMB391 Great Lakes Plant Dec 2022 1.5 mta ◼ 1H2025: Sales volume of 0.42 million tons with gross profit per ton of RMB171 Rwanda Grinding Mill A
Slide 17: Business Overview – Uganda
Business Overview – Uganda Overview Plant Commissioning date Cement capacity ◼ 1H2026: Sales volume of 0.53 million tons with gross profit per ton of RMB340 WIH Uganda Moroto SMC Mar 2026 ◼ JV ownership: WCC owns a 85% stake in Moroto plant with a local minority shareholder 3.0 mta WIH Uganda-Jinja
Slide 18: Business Overview – Central Asia
Business Overview – Central Asia Cement & clinker Uzbekistan - total capacity: 2.5mt Plant Commissioned Cement Capacity Andijan Plant May 2024 2.5 mta 1.8 1.1 Market Size of Cement Industry (by Revenue) Sales volume 0.4 RMB bn (mt) Nil 10 7.5 6.8 6.0 5.9 6.1 5.5 1.9 4.5 4.9 1.8 5 1.7 1.6 4.1 4.4 1.6
Slide 19: Section III: Financial Data
Section III Financial Data Great Lakes Cement, Kalemie, D.R. Congo
Slide 20: Key Profitability Metrics
Key Profitability Metrics Revenue breakdown by regions1 Revenue (RMB m) EBITDA (RMB m) China (33%) 3,015 2,769 2,630 Ethiopia (19%) 9,021 8,345 9,621 Mozambique (12%) -17.8% 1H2026 DRC (14%) -16.5% RMB 4,527m 1,518 Uganda (9%) 1,847 4,527 5,418 Uzbekistan (7%) Other countries (6%) China: 33% vs Over
Slide 21: Debt & Credit Ratios
Debt & Credit Ratios Breakdown by type Total debt to EBITDA3 Net debt to EBITDA4 4.6x 3.6x 3.9x 3.8x 4.0X 3.3x 3.1x 3.1x Bank borrowings - secured 3.1x 2.4x Bank borrowings - unsecured Senior notes (USD) - unsecured Secured: 41% vs Unsecured: 59% 2022 2023 2024 2025 1H2026 2022 2023 2024 2025 1H2026
Slide 22: Consolidated Income Statement
Consolidated Income Statement RMB ’000 2023 2024 2025 1H2025 1H2026 Revenue 9,020,901 8,344,946 9,621,185 5,418,323 4,526,885 Cost of Sales (6,560,882) (6,371,161) (7,162,664) (3,866,354) (3,122,683) Gross Profit 2,460,019 1,973,785 2,458,521 1,551,969 1,404,202 Selling & Marketing Expenses (132,386
Slide 23: Consolidated Balance Sheet
Consolidated Balance Sheet Assets (RMB ’000) 2023 2024 2025 1H2026 Liabilities & equity (RMB ’000) 2023 2024 2025 1H2026 Non-current Assets Non-current Liabilities Property, Plant & Equipment 20,809,466 23,183,932 22,720,761 22,559,723 Borrowings 2,719,404 3,172,381 3,923,843 3,089,990 Right of use
Slide 24: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement RMB ’000 2023 2024 2025 1H2025 1H2026 Net cash from operating activities 2,700,141 2,042,739 1,846,840 664,869 702,234 Net cash used in investing activities (3,353,393) (1,878,291) (1,774,599) (1,426,116) (828,739) Net cash from (used in) financing 139,807 85,463 (48
Slide 25: Organizational Structure
Organizational Structure Zhang Jimin (Chairman) 100% Conch International and Asia Gain Investments Other public shareholders parties acting in concert (BVI-incorporated) 32% 29% West China Cement Limited 39% (Jersey-incorporated, 2233.HK) 100% 100% WC Cement Limited Yaobai International (BVI-incorpo
Slide 26: Thank you
Thank you