Grupo Argos S.a. · BVC:GRUPOARGOS
Grupo Argos — Investor Presentation (July 2025)
52 slides from Grupo Argos's investor presentation, July 2025
Slide 1: Grupo Argos: Investments that transform
yr N N 4 GRUPO ARGOS Investments that transform
Slide 2: Leading investment player in the Americas
G r u p o A rgo s i s a l e a d i n g i nve st m e nt p l aye r i n t h e A m e r i ca s co m m i tte d to b u i l d i n g l o n g - te r m va l u e t h ro u g h i nve st m e nt s i n i n f ra st r u c t u re a n d b u i l d i n g m ate r i a l s 2
Slide 3: Connecting investors to a unique portfolio in infrastructure and building materials
We co n n e c t i nve sto rs to a u n i q u e a n d h a rd - to - re p l i cate p o r t fo l i o i n i n f ra st r u c t u re a n d b u i l d i n g m ate r i a l s w i t h i n h i g h - g ro w t h m a r ke t s 3
Slide 4: Where global capital meets Latin American growth
Where global capital meets latin american growth +90 years ~10,000 $4.8bn 22% Founded in 1934 as a cement Operating employees and 40 USD investment portfolio Equity growth annualized over operation in Colombia employees at HoldCo level in building materials, energy, 90 years² and uninterrupted trans
Slide 5: Portfolio of public and private companies in high growth assets and geographies
Portfolio of public and private companies in assets and geographies with high growth potential Urban Building Materials Energy Transport Infra Real Estate Development − Generation − Toll Road Concessions − Real Estate Portfolio − Development of Land − Cement Bank − Aggregates − Transmission − Airpor
Slide 6: Proven track record and deep local expertise empower us to create value
Our proven track record and deep local expertise empower us to create value 1 Invest in High Growth Segments Regional infrastructure and housing deficit, accelerated demand of energy and renewable 2 Generate and Capture Attractive Returns Expertise in developing value generating platforms across the
Slide 7: Proven track record and deep local expertise empower us to create value
Our proven track record and deep local expertise empower us to create value 1 Invest in High Growth Segments Regional infrastructure and housing deficit, accelerated demand of energy and renewable 2 Generate and Capture Attractive Returns Expertise in developing value generating platforms across the
Slide 8: Invest in High Growth Segments
1 Invest in High Growth Segments Building Materials Energy Transportation Concessions Cement consumption in Colombia is around Per capita energy consumption in Colombia Air travel in Latin America, a region of over 250 kg per capita, below the regional average averages just 25% of the OECD level, 65
Slide 9: Proven track record and deep local expertise empower us to create value
Our proven track record and deep local expertise empower us to create value 1 Invest in High Growth Segments Regional infrastructure and housing deficit, accelerated demand of energy and renewable 2 Generate and Capture Attractive Returns Expertise in developing value generating platforms across the
Slide 10: Generate and Capture Attractive Returns
2 Generate and Capture Attractive Returns Building Materials Infrastructure M&A Track Record Pricing power and operational ▪ 18% is the average IRR of the current ▪ +USD 10 bn in +30 M&A transactions during the last efficiency have leveraged a +600bp Airport and Toll Road concessions 20 years EBITDA
Slide 11: Proven track record and deep local expertise empower us to create value
Our proven track record and deep local expertise empower us to create value 1 Invest in High Growth Segments Regional infrastructure and housing deficit, accelerated demand of energy and renewable 2 Generate and Capture Attractive Returns Expertise in developing value generating platforms across the
Slide 12: Generate Value with a Long-term Vision
3 Generate Value with a Long-term Vision Recognitions -Merco Empresas: ranked 8th among companies with Stable and Predictable Cash Flows the best reputation in Colombia and 1st among business conglomerates - Airport Concessions - Toll Road Concessions -Forbes – The World’s Top Female- - Energy Trans
Slide 13: Proven track record and deep local expertise empower us to create value
Our proven track record and deep local expertise empower us to create value 1 Invest in High Growth Segments Regional infrastructure and housing deficit, accelerated demand of energy and renewable 2 Generate and Capture Attractive Returns Expertise in developing value generating platforms across the
Slide 14: Deep Regional Know-how
4 Deep Regional Know-how Seasoned management teams Leading Operating Companies Decades of local experience ▪ +40 years of experience in building ▪ #1 Cement Player in Colombia and local ▪ +90 years of experience (founded in materials leader in other 17 countries Colombia in 1934) ▪ +25 years of expe
Slide 15: Investment Portfolio
Investment Portfolio We are evolving into a pure-play infrastructure and building materials company, uniquely positioned to generate long-term value. 1 5
Slide 16: A strong strategic position across core businesses
A strong strategic position across core businesses 49% Grupo Argos Grupo Sura1 54% 53% 37% 100% 100% Cementos Urban Dev. Celsia Pactia Odinsa Argos Business 65% 100% 50% 50% Building Celsia Celsia Centro Rental Land Airports Toll Roads Materials Colombia América Assets Bank Gx, Tx, 100% 51% 65% Opai
Slide 17: Investment portfolio grew 26% during the last 12 months
The investment portfolio grew 26% during the last 12 months while increasing focus in infrastructure Sura $ 6.7 CemArgos Nutresa $ 7.3 $ 2.0 CemArgos $ 4.3 COP 21.1 tn Sura (USD 5.0 bn) COP 16.7 tn $ 3.8 (USD 3.9 bn) Celsia $ 1.7 Real Estate Celsia Odinsa $ 3.2 $ 2.1 Real Odinsa Estate $ 1.5 $ 1.6 $
Slide 18: Valuation gap and market discount present upside potential
The valuation gap and market discount on public investmets presents a clear upside potential for investors Arbitrage Price per Share Market Price per Share1 Private 24,432 Investmets Book Value 21,600 16,580 Public Investments Market Price1 BVC:PFGRUPOARG Arbitrage Investments Expenses BVC:GRUPOARGS
Slide 19: Strategy
Strategy We focus on long-term value creation through the disciplined execution of our strategic priorities 19
Slide 20: Our strategy: long term value creation
Our strategy: long term value creation 1 2 3 Long Term investor that Lead with subsidiaries for major Uninterrupted and consistently opportunistically rotates capital allocation and long-term growing distributions to portfolio strategy shareholders -Initiated in the building materials -Actively part
Slide 21: Proven capital allocation with over USD 7 billion in M&A
Proven capital allocation with over USD 7 billion in M&A and platform development over the past 20 years First acquisition of Reorganization of Divestment of Spinoff of Grupo Sura building materials assets CemArgos and Grupo port business and Divestment of stake in (financial services) to focus in U
Slide 22: And the best is yet to come…
And the best is yet to come… USD ✓ Proven origination capacity 10bn 1. USD 5 bn in airports and toll roads ✓ High growth sectors Robust pipeline across 2. USD 2,8 bn to be deployed building materials and in building materials ✓ Attractive returns infraestructure 3. USD 2,2 bn in energy ✓ Long term v
Slide 23: Stable and growing returns to our shareholders
We deliver stable and growing returns to our shareholders Dividend per share evolution Last 10 years 688 636 CAGR 16-25’ = 10% 575 32 million shares repurchased since 2023 (≈ 4 % of the total 382 shares outstanding) 376 350 310 328 287 268 Grupo Argos shareholders will directly receive COP 10.8 tril
Slide 24: Financial Results
Financial Results We manage a high-performing, hard-to-replicate portfolio in construction materials and infrastructure, supported by a strong regional footprint 24
Slide 25: Accumulated consolidated EBITDA grows +28% YOY
Accumulated consolidated EBITDA grows +28% YOY Net income (cont. interest) Revenue EBITDA Net Income Figures in COP tn Figures in COP tn Figures in COP bn Figures in COP bn +32% -0% +14% +28% +13% +424% +396% 4.5 7.6 15.2 15.1 5.1 4.0 1.5 0.9 2T2023 Dec23 2T2024 Dec24 2T2023 Dec23 2T2024 2T2023 2T20
Slide 26: Separated Cumulative Net Income reaches COP 2.5 trillion
Separated Cumulative Net Income reaches COP 2.5 trillion Revenue EBITDA Net Income Figures in COP tn Figures in COP tn Figures in COP bn +148% +241% +221% 3.5 3.2 2.5 1.4 0.9 0.8 2T2023 2T2024 2T2023 2T2024 2T2023 2T2024 Dec23 Dec24 Dec23 Dec24 Dec23 Dec24 26
Slide 27: Cementos Argos presence in building materials
Through Cementos Argos we have presence in the building materials segment Argos LATAM Operations 1Q2024* 1Q2024 Cement 1.23bn USD 295m USD 7 Integrated cement plants 7 Grinding Facilities 14.4 MTPA Cement Grinding Capacity 41% 42% 59% 58% Trading & Exports Col CCA 11 Ports & Terminals 4 Vessels 3.5
Slide 28: CemArgos: EBITDA margin reaches 21% cumulative
CemArgos: EBIDTA Margin reaches 21% cumulative for the year Operational Revenue COP bn EBITDA COP bn 4,000 2,000 +6% -6% Cement RMC 1,800 4Q2024 vs 4Q2023 4Q2024 vs 4Q2023 3,500 (YOY) (YOY) 311 1,600 3,000 -8% 1,311 1,344 1,336 1,308 291 1,400 1,240 270 265 2,500 2,297 2,292 2,197 253 Cement (M Ton)
Slide 29: Celsia across the energy value chain
Through Celsia, we are present across the energy value chain, including generation, transmission, distribution, and commercialization Generation Distribution Energy efficiency 19 Hydro power plants 184 Distribution substations 2 Thermal districts 3 Thermal power plants 46,635 km Aerial lines 92 Onsi
Slide 30: Celsia: Platform EBITDA
Celsia: Platform EBITDA reached COP 130 billion, in line with the contribution for 2023 Operational Revenue COP bn EBITDA COP bn 2,000 2,000 4Q2024 vs 4Q2023 -+27% 4Q2024 vs 4Q2023 -19%* (YOY) Generation Commercialization Platform EBITDA* 1,800 1,800 -14% 1,600 1,600 2,098 +138 +130 1,433 1,925 1,35
Slide 31: Odinsa: toll roads and airports concessions
Through Odinsa, our concession business, we have presence in toll roads and airports Countries Airport Concession Colombia contract Ecuador Aeropuerto Internacional El Dorado Aruba Aeropuerto Internacional Mariscal Sucre Toll roads Concession contract USD +5 Bn pipeline IP Nuevo Aeropuerto de Cartag
Slide 32: Odinsa: ADT grow 6% YOY
Odinsa: ADT grow 6% YOY Quarterly Results IRR (E) COP Revenue COP mn EBITDA COP mn Net Income COP mn ADT thousands 4Q2024 vs 4Q2023 +6 4Q2024 vs 4Q2023 +13 4Q2024 vs 4Q2023 -5 4Q2024 vs 4Q2023 -2 Concesión Vial de los Llanos 11% 369 56 55 Autopistas del Café 22% 116 152 110 145 Concesión La Pintada
Slide 33: Odinsa: airport traffic grows 12% YOY
Odinsa: airport traffic grows 12% YOY Quarterly Results IRR (E) PAX mn ADT Revenue USD mn EBITDA USD mn Net Income USD mn 4Q2024 vs 4Q2023 +6 4Q2024 vs 4Q2023 -1 4Q2024 vs 4Q2023 -12 4Q2024 vs 4Q2023 -1 Aeropuerto Mariscal Sucre 11% 21 21 14 Aeropuerto El Dorado 22% 169 71 13 168 62 4Q 4Q 4Q 4Q 4Q 4
Slide 34: Robust Pipeline of Private Initiatives in Colombia
Robust Pipeline of Private Initiatives in Colombia with more USD 5.0 bn IP Nuevo Aeropuerto de IP Bogotá El Dorado Max IP Campo de Vuelo Fase II Túnel de Oriente IP Conexión Centro IP Perimetral de la Sabana Cartagena Expansion project to maximize Project to increase operational A new airport in Col
Slide 35: Urban Development and Property Rental: land portfolio
Urban Development and Property Rental: NDU oversees a USD 600 million land portfolio located throughout Colombia Santa Marta Barranquilla, Ciénaga Portfolio Composition Pto. Colombia Tubará Cartagena The land portfolio includes different types of land such as: urban, suburban, Juan de Acosta rural,
Slide 36: Urban Development: development in Cartagena and Barranquilla
Urban Development and Property Rental: NDU’s main development activity is concentrated in Cartagena (Barú) and Barranquilla Development Strategy Our masterplans establish roads and public zones, allocate areas for urban facilities and zones of environmental relevance, define private lots for real es
Slide 37: Consistent margin discipline fuels shareholder value
We fuel shareholder value creation through consistent margin discipline Recurring Expenses vs CPI (COP MM) 120 114 Compound Annual Growth 100 Rate (last 10 years) 84 80 Dividend per share 11,0% 60 Inflation 40 5,7% 20 Recurring expenses 0 2,2% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Recurr
Slide 38: Capital Structure & Shareholder Structure
Capital Structure & Shareholder Structure We rely on a solid capital base and long-term investor trust 38
Slide 39: Solid balance sheet and capital markets access
Solid balance sheet and capital markets access strengthen our financial flexibility Capital Structure (COP bn) Current Credit Rating Gross Debt / Dividends AAA | 2,2x (Dec-2024) 17.1 1.3 AAA | Cost of Debt 8,0% (Dec-2024) Net Debt Market Cap (05/25) 39
Slide 40: Financial flexibility (Consolidated Debt)
Solid balance sheet and capital markets access strengthen our financial flexibility (Consolidated Debt) Gross Debt Consolidated COP bn Consolidated Net Debt1 COP bn Net financial expenses COP bn 13,581 375 12,027 4 10 328 1,613 663 11,167 220 383 9,096 44 1,716 178 5 4,883 300 5,578 1,241 151 -18% 5
Slide 41: Shareholding Structure
Shareholding Structure Share Type Composition1 Voting Rights Economic Rights (Ordinary Shares) (Ordinary + Preferred Shares) 24% 33% 36% 39% 43% 658 m 869 m Ordinary + Ordinary Shares Preferred Shares 76% 6% 5% 13% 26% Ordinary Shares Preferred Shares Grupo Sura Colombian Pension Funds Grupo Sura Co
Slide 42: Upside potential supported by growth pipeline and valuation gap
Upside potential supported solid growth pipeline and valuation gap 150% BVC:GRUPOARGOS +130% valuation in past 5Y for our ordinary shares 125% BVC:PFGRUPOARG +111% valuation in past 5Y 100% for our preffered shares 75% 50% MSCI COLCAP +48% increase in the MSCI COLCAP 25% 0% -25% -50% 05/2020 05/2021
Slide 43: ESG Strategy
ESG Strategy We drive regional leadership in sustainability to build resilient, future-ready businesses 43
Slide 44: Ambitious ESG goals for 2030
We have ambitious ESG goals for 2030 Environmental Social and Talent Gobernance - Net zero carbon emissions by 2050 - Female leadership at Cementos Argos: - 100% of assets under management 35% of leadership roles held by women evaluated with ESG criteria - 46% reduction in CO₂e intensity emissions b
Slide 45: 12 years among most sustainable companies per S&P
12 years among the most sustainable companies in the world according to S&P 2nd 3rd Grupo Argos and Cementos Argos were recognized in the Dow Jones Sustainability Index as global leaders for their best practices in economic, social, environmental, and corporate governance management. 45
Slide 46: Argos USA project receives US Department of Energy grant
Project from Argos USA receives grant from the Department of Energy of USA The United States Department of Summit Materials was selected for one This project was initially conceived by Energy released the list of high-impact of these projects with a grant (non- the innovation teams at Cementos proje
Slide 47: Leadership Team
Leadership Team We are over 10,000 people united by a purpose and led by an industry-experienced leadership team 47
Slide 48: Highest Standards of Corporate Governance
Highest Standards of Corporate Governance Board of Directors Rosario Jorge Ana Cristina Jaime Claudia Juana Francisca Ricardo Córdoba Uribe Arango Palacio Betancourt Llano Jaramillo Independent Independent Independent Independent Non-Independent Non-Independent Non-Independent (Chair of the Board) E
Slide 49: Experienced leadership team with deep industry expertise
Experienced leadership team with deep industry expertise Management Committee Jorge Mario Velásquez Rafael Olivella Alejandro Piedrahita CEO of Grupo Argos since 2016, CLO at Grupo Argos since 2019. CFO at Grupo Argos since 2015. with a prior role as CEO of He was CLO at Cementos Argos He worked as
Slide 50: We'd be glad to connect
We’d be glad to connect Corporate Affairs IR Director Juan Esteban Mejía Carolina Arango (574) 315 8400 (574) 315 8400 jemejia@grupoargos.com carangoz@grupoargos.com w w w. g r u p o a r g o s . c o m 50
Slide 51: Cautionary Statement
Cautionary Statement This presentation contains certain forward-looking representations and information related to Grupo Argos and its subsidiaries based on currently known facts, expectations and forecasts, circumstances and assumptions regarding future events. Many factors could cause the future r
Slide 52: Thank You
Thank You