Cementir Holding N.v. · MIL:CEM
Cementir — ISMO Conference Intesa Sanpaolo 2025
36 slides from Cementir's conference presentation, Jun 5, 2025
Slide 1: ISMO Conference Intesa Sanpaolo 2025 Investor Presentation
ISMO Conference Intesa Sanpaolo 2025 Investor Presentation PARIS, 5 JUNE 2025
Slide 2: Agenda
Agenda 3 Group Highlights 7 2025 - 2027 Industrial Plan update 19 2025 First Quarter results and 2025 Guidance 29 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 /ton
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
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: 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, •
Slide 10: 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 11: Scope 1 emissions: new 2030 decarbonization targets
Scope 1 emissions: new 2030 decarbonization targets Grey cement targets White cement targets 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
Slide 12: 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 13: The ACCSION Project: CCS in Aalborg
The ACCSION Project: CCS in Aalborg • ACCSION stands for Aalborg CCS using Infrastructure Onshore in North Jutland • EUR 220 million grant from the EU Innovation Fund • Objective: Avoidance of 1.5 million tons CO2/year* • Technology: Cryogenic technology (Cryocap ) enabling high-purity CO₂ capture f
Slide 14: 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 15: 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
Slide 16: Industrial Plan update: key 2027 targets
Industrial Plan update: key 2027 targets • Top line growth acceleration thanks to new capacity in Egypt and key markets recovery • EBITDA margin to remain at high level despite mean reversion • Continued significant cash generation and dependable growth trajectory New 2025-2027 Industrial Plan 2024-
Slide 17: 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 1
Slide 18: Rating improvement reflects our continued ESG commitment
Rating improvement reflects our continued ESG commitment Science Based Target initiative (SBTi) validated Cementir 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 been
Slide 19: 2025 First quarter results and 2025 Guidance
02 2025 First quarter results and 2025 Guidance
Slide 20: 2025 First quarter results highlights
2025 First quarter results highlights Revenue reached 368.1 M€ (-0.1% yoy); non-GAAP* Revenue Financial Highlights reached 370.5 M€ (+0.9% yoy) • Higher revenue in Nordic & Baltic, Türkiye and Malaysia, FX headwinds in Türkiye and Egypt • RMC volumes up by 2.1% driven by the positive performance of
Slide 21: Nordic & Baltic
Nordic & Baltic Asset overview Share of Group Ebitda DENMARK • Grey domestic cement volumes were in line with Q1 2024, slight reduction in white cement. Still weak residential sector, 47% partly balanced by infrastructure projects. Exports increased (33) by 3% due to higher deliveries to Norway and
Slide 22: Belgium and France
Belgium and France * Asset overview Share of Group Ebitda BELGIUM AND FRANCE • Domestic cement volumes decreased by 8% due to weak demand; exports declined more sharply due to the 28% slowdown in construction activity in Northern France • RMC volumes were up 8% with more marked growth in Belgium tha
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 11% application of IAS 29 and revaluation of non-industrial (x4) property (x6) • Domestic cement volumes decreased by 5% mainly due to slow
Slide 24: North America
North America Asset overview Share of Group Ebitda UNITED STATES • White cement volume were down 7%, with a more 6% significant decline in Texas, which suffered from snowfall and frost in January and February. In York region and Florida moderate reduction due to bad weather while in California sales
Slide 25: Asia Pacific
Asia Pacific Asset overview Share of Group Ebitda CHINA • Revenue decreased by 5% due to lower selling prices in a context of stagnant demand, high inventory levels and 4% delayed effects from government stimulus measures • Volumes were in line with previous year • EBITDA impacted by lower sales pri
Slide 26: Egypt
Egypt Asset overview Share of Group Ebitda EGYPT • Revenue declined by 7.5% mainly due to the 38% depreciation of the Egyptian pound, despite a 27.7% 3% increase in local currency revenue • White cement volumes increased by 3% thanks to exports which more than offset the decline in the domestic volu
Slide 27: 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 28: 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 29: Appendix
03 Appendix GREEN BELT BRIDGE, DENMARK
Slide 30: 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 31: 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 32: Appendix – Consolidated Income Statement - Q1 2025
Appendix – Consolidated Income Statement - Q1 2025 Q1 2025 Q1 2024 (EUR million) Q1 2025 Q1 2024 Chg % Chg % (Non-GAAP)* (Non-GAAP)* REVENUE FROM SALES AND SERVICES 368.1 368.3 (0.1%) 370.5 367.1 0.9% Change in inventories (2.2) 4.6 (148.5%) (1.3) 5.2 (125.8%) Increase for internal work and other in
Slide 33: 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 34: 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 35: Türkiye historical figures
Türkiye historical figures Türkiye - Cement Market (Mt)* 160 EDIRNE (x4) KARS 120 17 18 19 15 17 (x6) 8 8 7 8 8 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 36: 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
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