Cementos Argos Sa · BVC:CEMARGOS
Cementos Argos Sa — Q4 2025 Earnings Presentation
30 slides from Cementos Argos Sa's earnings presentation, Feb 19, 2026
Slide 1: Cementos Argos 4Q25 Results
Cementos Argos Click to edit Master title style 4Q25 Results 02/19/2026
Slide 2: Presenters
Click to edit Master title style Juan Esteban Calle Felipe Aristizabal Maria Isabel Echeverri CEO CFO VP of Legal Affairs Carlos Yusty Gustavo Uribe Jason Teter VP of the Colombia Division Leader of Central America CEO Argos Materials
Slide 3: Disclaimer
Disclaimer Click to edit Master title This document contains forward-looking statements and information related to Cementos Argosstyle S.A. and its subsidiaries (together referred to as “Argos”) that are based on the knowledge of current facts, expectations and projections, circumstances and assumpt
Slide 4: Highlights – 4Q25
Click to edit Master title Highlights – 4Q25 style A B C Strong Latam Historical Shareholder Relevant progress in positioning distributions U.S. market reentry • Strong performance delivering COP 3.5 Tn in shareholder • Argos Materials CEO COP 1.3 tn EBITDA with a distributions combining appointment
Slide 5: Strong Latam performance and positioning, ready to capture growth opportunities
A. Strong Latam performance and positioning, ready to capture growth opportunities Solid operational results Guidance Actual 2025 Strategic position for a potential expansion into Venezuela 16,3% 1,25 1,28 25,0% 24,7% 14,5% Metric Tons 7.743 1.938 5.495 Adjusted EBITDA COP Tn EBITDA Margin ROCE 5.49
Slide 6: Record shareholder distributions for COP 3.5 Tn driving a 760% total return
B. Record shareholder distributions for COP 3.5 Tn driving a 760% total return by January 2026 since Sprint launch COP$ 1 TN COP$ 1 tn in consolidated share repurchases for COP$ 1.5 tn Grupo Sura Shares In Dividends 2025, including the current buy-back Spin-off (50% ordinary / 50% Extraordinary) pro
Slide 7: Key milestones in the US in 2025
JASON Teter C. Key milestones in the US in 2025 CEO – Argos Materials LLC. 1 Secured prime aggregates asset in the Caribbean to serve the US Southeast coastal region 2 Validated product quality and reached operational readiness, with first shipment of 47,000 tons successfully arriving in Tampa 3 Sec
Slide 8: US Growth Strategy
1 Us GROWTH STRATEGY
Slide 9: Aggregates: why aggregates?
Why aggregates? They exhibit stable and growing prices in the US due to four structural industry drivers 18 CAGR 2007-2012 180 +4.9% Aggregates Price 16 -1.5% Cement +1.1% Aggs 160 CAGR (24 Years) prices prices 14 140 12 120 Aggregates Scarcity of Cement Market $/Ton $/Ton Reserves 10 100 Dynamics 8
Slide 10: Why Argos? We are positioned to generate value through our key capabilities
Why Argos? We are positioned to generate value through our key capabilities Strong reputation and extensive experience in the US market 60+ years of successful operations and expertise in the US market serve as foundation for this new chapter Acquisition of premium source import assets at low entry
Slide 11: Sprint
2 sprint
Slide 12: Since the Sprint launch, total shareholder return has reached 764% in USD
Since the Sprint launch, total shareholder return has reached 764% in USD Price Cemargos Distributions per share MSCI Small Cap Index USD 230 M Share Inclusion repurchase 30/08/2024 Sale of Summit's 14/11/2025 Market SPRINT SPRINT 2.0 Stake to Quikrete capitalization Launch USD 22/02/2024 25/11/2024
Slide 13: SPRINT 4.0 focuses on the consolidation of a relevant presence in the U.S.
SPRINT 4.0 focuses on the consolidation of a relevant presence in the U.S. and an increased share liquidity that set the basis for a potential Level III ADR listing Pillar SPRINT 3.0 SPRINT 4.0 Operational and EBITDA Margin >25% EBITDA Margin 24-26% financial results ROCE 14%-15% Latam EBITDA USD 40
Slide 14: Consolidated Results
2 Consolidated Results
Slide 15: 4Q25 – Executing amid complexity, delivering ahead of guidance
4Q25 – Executing amid complexity, delivering ahead of guidance EBITDA Margin % Change Cement Vol. (000’s MT) RMX Vol . (000s m3) Revenues (COP MM) EBITDA (COP MM) 23.7% 27.2% 22.6% 24.7% +3.0% +0.5% +2.0% -11.7% -2.5% -2.7% +12.2% +6.6% 2.575 9.269 9.312 2.274 5.299 5.156 1.196 1.275 309 347 587 599
Slide 16: Colombia Region
3 Colombia Region
Slide 17: 4Q25 – Colombia
4Q25 – Colombia EBITDA Margin % Change Cement Vol. (000’s MT) RMX Vol. (000’s m3) Revenues (COP MM) EBITDA (COP MM) 28.9% 30.7% 26.6% 28.4% -3.7% -5.5% -3.1% -10.2% +2.8% -3.0% +9.3% +3.6% 5.349 5.055 2.385 2.946 2.857 2.142 784 812 715 735 1.337 1.287 552 569 207 226 4Q YTD 4Q YTD 4Q YTD 4Q YTD 202
Slide 18: Caribbean and Central America Region
4 Caribbean and Central America Region
Slide 19: 4Q25 - Caribbean and Central America
4Q25 - Caribbean and Central America EBITDA Margin % Change Cement Vol. (000’s MT) RMX Vol. (000’s m3) Revenues (USD M) EBITDA (USD M) 27.3% 25.6% 25.1% 25.4% +12.6% +8.6% -14.2% -30.4% -1.0% -2.7% -7.1% -1.5% 4.257 569 554 3.921 190 143 141 132 917 1.033 134 132 36 31 36 34 4Q YTD 4Q YTD 4Q YTD 4Q
Slide 20: 2026 Outlook
5 2026 Outlook
Slide 21: Guidance 2026
GUIDANCE 2026 GOAL 2026 EBITDA margin 24 -26% Mid-term guidance: Within the next 2 years ROCE >16% For the next 2 years USD CAPEX 80 – 100 m 80 – 100 m LATAM US COP EBITDA ≥1.3 Tn ADJUSTED Equivalent to approx. USD 350 m NET DEBT/ EBITDA 2.0x Within the next 3 – 5 years as our growth plan advances
Slide 22: Balance Sheet
6 Balance Sheet
Slide 23: Debt Profile
Debt Profile Net Debt / (EBITDA + Dividends received) EBITDA / Net financial Expense 18,2x ▪ The coverage ratio closed at -20x, as net financial expenses turned negative driven by 6,9x 5,9x 6,1x 4,8x 3,9x 4,5x 4,1x 5,0x interest income from the Summit Materials 4,6x 4,1x 2,6x 2,7x 3,2x divestment an
Slide 24: Appendix
o ARGOS APPENDIX
Slide 25: Detailed adjusted figures
Detailed adjusted figures Consolidated: Central America & Caribbean: Key Figures - Adjusted QUARTER YTD COP billion 2024.Q4 2025.Q4 Var 2024.Q4 2025.Q4 Var Key Figures - Adjusted QUARTER YTD Revenue 1.308 1.275 -2,5% 5.299 5.156 -2,7% USD million 2024.Q4 2025.Q4 Var 2024.Q4 2025.Q4 Var 309 347 12,2%
Slide 26: IFRS results per regional / other businesses
IFRS results per regional / other businesses Revenue EBITDA COP billion 2024.Q4 2025.Q4 Var 2024.Q4 Mgn (%) 2025.Q4 Mgn (%) Var pbs Colombia 715 735 2,8% ActualTotalCOPColombiaEBITDA 207 28,9% with IFRS16 213 28,9% 6 CCA 585 504 -13,8% 112 19,1% 116 23,0% 387 Central America 243 223 -8,4% ActualTota
Slide 27: Reconciliation figures
QUARTER YTD Consolidated 2024.Q4 2025.Q4 2024.Q4 2025.Q4 Cement Volume TON 2.110 2.171 8.710 8.684 Third party traded volumes TON 144 149 559 628 Cement Volume - Adjusted TON 2.254 2.320 9.269 9.312 Consolidated QUARTER 2024.Q4 2025.Q4 2024.Q4 YTD 2025.Q4 Reconciliation figures EBITDA - IFRS COP Bn
Slide 28: Income statement in USD
Income statement in USD thousands YTD December YTD December 25 Var.% 24 Income from operations 1.272.100 1.300.836 -2,2 Variable costs (922.990) (973.924) -5,2 Cost of sales (829.501) (876.236) -5,3 Depreciation and amortization (93.489) (97.688) -4,3 Gross profit 349.110 326.912 6,8 Gross margin 27
Slide 29: 4Q25 Consolidated Cash flow
4Q25 Consolidated Cash flow COP – Billion 4 5 6 7 Notes and Reconciliations vs Accounting 11.667 method 11.753 -960 1 Gain from the divestment of the 31% stake in Summit Materials, net of transaction fees and other 9.348 1.065 9.247 adjustments, along with other non-recurring or non- -2.405 cash ite
Slide 30: IR Team Contact Information
Carolina Velásquez carolina.velasquez@argos.com.co Contact Juan Santiago Alba Information juan.alba@argos.com.co IR TEAM IR Website https://argos.co/en/ir/ This recognition, called Reconocimiento Emisores – IR is given by the Colombian Stock Exchange, Bolsa de Valores de Colombia S.A. It is not a re