Cementir Holding N.v. · MIL:CEM
Cementir — Euronext STAR Conference 2026
34 slides from Cementir's conference presentation, Mar 25, 2026
Slide 1: Euronext STAR Conference 2026
Euronext STAR Conference 2026 Investor Presentation MILAN, 25 MARCH 2026
Slide 2: Agenda
3 2025 Group Highlights Agenda 7 2026 - 2028 Industrial Plan update 2025 Full year Results and 2026 19 Guidance 29 Appendix 33 2
Slide 3: 2025 Group Highlights
2025 Group Highlights Revenue EBITDA Net Cash ROCE 1.64 Bn€ 440 M€ 465 M€ 19.5 % -2.8% vs. 2024 +7.9% vs. 2024 +175 M€ vs. 2024 +280 bps vs. 2024 Credit Rating ESG Ratings BBB- Cement capacity Employees with Stable Outlook 12.5 M tons 2,987 Annually -95 vs. 2024 Data as of December 31st, 2025. Reven
Slide 4: Industrial footprint
Industrial footprint* White cement plants Grey cement plants Countries of operation Aalborg, DK Trakya, TR Gaurain, BE York, PA Izmir, TR Elazig, TR Anqing, CN Waco, TX El Arish, EG Ipoh, ML PLANTS CAPACITY / 2025 SALES Cement plants: 10 Quarries: 34 Grey cement capacity: 9.2 mt RMC sales: 4.3 mm3 T
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) 2025 KEY FIGURES REVENUE = 1,106 M€ REVENUE = 495 M€ REVENUE = 110 M€ EBITDA = 351 M€ EBITDA = 48 M€ EBITDA = 33 M€ EBITDA MARGIN = 32% EBITDA MARGIN =
Slide 6: 2025 EBITDA breakdown
2025 EBITDA breakdown * BY GEOGRAPHY BY BUSINESS ASIA PACIFIC AGGREGATES WASTE EGYPT 2%4% 8% 1% 2% 12% OTHER TURKEY 18% 6% 408 M€ 45% 408 M€ NORTH AMERICA 77% 25% CEMENT NORDIC READY-MIXED BELGIUM & BALTIC CONCRETE 76% of Ebitda from mature markets (Currencies: EUR, USD, DKK, NOK, SEK) * Non-GAAP re
Slide 7: 2026-2028 Industrial Plan update
01 2026-2028 Industrial Plan update NAVITAS PARK, AARHUS (DENMARK)
Slide 8: Group strategic priorities
Group strategic priorities Sustainability Competitiveness Innovation Growth and People and Positioning Safety • Sustainability • Digitalization • Application of • Reinforce • Zero Accidents Roadmap update Artificial vertical program: foster a • Manufacturing, intelligence to integration in high-perf
Slide 9: Structural Drivers underpinning a more sustainable industry
Structural Drivers underpinning a more sustainable industry Our strategy directly addresses all main secular trends Trends Impact/ Response ₋ Stringent CO2 and new building regulations Climate Change & ₋ Technological solutions for Net Zero (CCS) Decarbonization ₋ Demand for low-carbon products (FUT
Slide 10: 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 11: 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 12: New 2030 decarbonization targets (Scope 1 emissions)
New 2030 decarbonization targets (Scope 1 emissions) Grey cement target White cement target Kg Gross CO2 /TCE * Kg Gross CO2 /TCE * -42% vs 2020 -20% vs 2020 800 300% 1000 300% 2028 718 2028 915 919 Target 684 672 Target 886 700 250% 900 868 2030 250% 655 846 859 632 823 Target 610 2030 200% 800 600
Slide 13: Low carbon products: FUTURECEM and D-Carb
Low carbon products: FUTURECEM® and D-Carb® • FUTURECEM® is based on a unique limestone and • D-Carb® is an umbrella brand for white low-carbon cements, calcined clay synergic combination which enables around supporting our white cement decarbonization efforts 30% CO2 reduction compared to ordinary
Slide 14: The ACCSION Project
The ACCSION Project ACCSION stands for Aalborg CCS using Infrastructure Onshore in North Jutland • Pioneering carbon capture and storage (CCS) initiative in consortium with Air Liquide, aiming to establish Europe’s first fully onshore CCS value chain • The project targets 1.5 million tonnes of CO₂ c
Slide 15: Continued ESG commitment
Continued ESG commitment In Dec. 2025, Cementir In April 2025, Cementir was In June 2025, Cementir was included in “A list” included for the second year was included in the TIME of CDP for the second in the Financial Times’ ranking of the World’s 500 time. “Europe’s Climate Leaders” Most Sustainable
Slide 16: 2026-2028 Industrial Plan key metrics
2026-2028 Industrial Plan key metrics Figures exclude the intensification of geopolitical tensions and any extraordinary event REVENUE* RECURRING EBITDA* NET CASH EUR billion EUR million EUR million EBITDA 24.8% ~23.6% Margin CAGR CAGR +6-7% +4.7% ~330 Pro-Forma 1.95 Pro-Forma 400-420 460 800 1.70 1
Slide 17: 2026-2028 Industrial Plan: key 2028 targets
2026-2028 Industrial Plan: key 2028 targets * 2025 Actual Target M€ Non-GAAP 2028 • ~6-7% Revenue CAGR in the 2026-28 period. Moderate increase in cement volumes: Nordic & Baltic residential construction is expected to recover from 2027; higher export volumes from Egypt, and improved trading in Belg
Slide 18: 2026-2028 Capex highlights
2026-2028 Capex highlights Capex Breakdown* ▪ ~386 M€ of cumulative investments, of EUR million which 77 M€ for sustainability projects, including 16 M€ for CCS Total ▪ Main capex initiatives: • ACCSION project in Denmanrk (CCS) 386 • Wind turbines in Belgium 128 77 • Facility upgrade for FUTURECEM®
Slide 19: 2025 Full year results and 2026 Guidance
03 2025 Full year results and 2026 Guidance
Slide 20: 2025 results highlights
2025 results highlights Revenue reached 1,639.6 M€ (-2.8% yoy); non-GAAP* Financial Highlights – Non GAAP* Revenue were 1,644 M€ (-0.3% yoy) • 97M€ negative impact of currency depreciation (mainly TKY) • Cement volumes increased by 3.1% due to good trading in Türkiye, Egypt and Asia Pacific, which o
Slide 21: Nordic & Baltic
Nordic & Baltic Asset overview Share of Group Ebitda DENMARK • Grey domestic cement volumes were 6% down vs 2024,mainly due to lower volumes for the Fehmarn Belt 40% project. Exports rose by 3% mainly due to higher deliveries to (33) Norway, Poland and Belgium (23) • RMC volumes decreased by 7%, agg
Slide 22: Belgium and France
Belgium and France* Asset overview Share of Group Ebitda BELGIUM AND FRANCE • Domestic cement volumes declined by ~3% due to persistently 26% weak demand; exports fell by ~5% penalised by negative performance of residential sector in Northern France; sales in the Netherlands remained stable. • RMC v
Slide 23: 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 impacts 20% of hyperinflation and the valuation of non-industrial property (x6) • Domestic cement volumes rose by ~4% yoy despite ongoing
Slide 24: North America
North America Asset overview Share of Group Ebitda UNITED STATES • White cement volume were in line with 2024, 5% outperforming the market (-7% in the residential segment) • In Texas volumes declined significantly due to higher competition and adverse weather, with gas supply disruptions • The York
Slide 25: Asia Pacific
Asia Pacific Asset overview Share of Group Ebitda CHINA • Revenue decreased by 9.5% yoy because of lower selling prices due to strong competition and stagnant 4% demand, despite government stimulus measures • Volumes slightly up vs. 2024, supported by good H2 performance • EBITDA down 19.3%, affecte
Slide 26: Egypt
Egypt Asset overview Share of Group Ebitda EGYPT • Revenues were up ~3.8% despite the Egyptian pound depreciation, +18% in local currency 2% • White cement volumes increased ~12%, driven by export (+21%) to US, Morocco, Middle East, France • Domestic cement volumes fell 4% due to a soft market (down
Slide 27: 2026 Guidance
2026 Guidance REVENUE* (€ BN) EBITDA* (€ M) NET CASH (€ M) Revenue ~ 1.7 BN€ +5% <5% +125 M€ Pro-Forma EBITDA 400 - 420 M€ 1.62 1.70 Pro-Forma 400-420 401 590 Net cash ~ 590 M€ 465 Capex ~ 128 M€ 2025 2026 2025 2026 2025 2026 Actual Guidance Actual Guidance Actual Guidance Guidance refers to like-fo
Slide 28: Increased shareholders return
Increased shareholders return • Dividend per Share +67% and Earnings per Share +83% vs 2021 • The 2026-2028 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 +67% +83% 20-25% range 28
Slide 29: Appendix
04 Appendix GREEN BELT BRIDGE, DENMARK
Slide 30: Appendix – Consolidated Income Statement – FY 2025
Appendix – Consolidated Income Statement – FY 2025 2025 2024 (EUR million) 2025 2024 Chg % Chg % (Non-GAAP)* (Non-GAAP)* REVENUE FROM SALES AND SERVICES 1,639.6 1,686.9 (2.8%) 1,644.0 1,648.8 (0.3%) Change in inventories 24.4 (0.5) n.m. 26.6 3.7 n.m. Increase for internal work and other income 62.7
Slide 31: 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 -51 2001 2004 2005 2006 2007 2008 2009 2010 2011 2012 Jul-16 Oct-16 Jan-18 Mar-18 2021 2023 2024 2025 2001 - Cimentas AS and Cimbeton AS 2008 - Kudsk
Slide 32: Türkiye historical figures
Türkiye historical figures Türkiye - Cement Market (Mt) * EDIRNE (x6) IZMIR ELAZIG Grey cement plant (3) Waste (1) RMC (23) Quarries (18) Türkiye – EBITDA evolution €M ** PEAK TROUGH Hyperinflation years 83.5 70.6 72.1 73.3 57.0 43.2 44.8 31.3 32.1 30.9 21.5 20.0 11.5 3.2 -8.7 2007 2012 2013 2014 20
Slide 33: 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 34: 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