Dangote Cement Plc · NSENG:DANGCEM
Dangote Cement — 9M 2025 Earnings Presentation
29 slides from Dangote Cement's earnings presentation, Oct 30, 2025
Slide 1: 9M 2025 results
9M 2025 results UNAUDITED RESULTS FOR NINE MONTHS ENDED 30th SEPTEMBER 2025 30th October 2025 @dangotecement www.dangotecement.com
Slide 2: Key milestones in 2025
6 Key milestones in 2025 5 CNG trucks Alternative Fuel Robust export strategy Cost Optimisation • Reduction in logistics cost through CNG. • Significant investment in Alternative • Over 200% growth in export sales over • Substitution of local coal for imported coal • Deployed over 3,000 CNG trucks t
Slide 3: A global leader, proudly African
A global leader, proudly African Dangote Cement is sub-Saharan Africa’s largest and leading cement company, with operations in 11 African countries. We are resolute in transforming Africa, while creating sustainable value for all our stakeholders. 8 1 2 10 11 9 Integrated 7 55Mta Grinding 6 Our visi
Slide 4: SSA – Macroeconomic environment
6 SSA – Macroeconomic environment 5 SSA GDP growth SSA inflation (average) Currency depreciation against the dollar YTD in September 4.7% Nigeria (Naira) 4.1% 4.1% 20.3% 19.4% 9.4% South Africa (Rand) -13.9% Ethiopia (Birr) 3.7% 13.5% FCFA (XAF) 13.1% -0.2% Tanzania (TZS) 18.0% Ghana (Cedis) 16.5% Z
Slide 5: Domestic macroeconomic environment - Nigeria
Domestic macroeconomic environment - Nigeria Real GDP growth Interest rate Oil production • Nigeria’s economy expanded 4.2% in Q2 2025 (vs. 3.48% • The Central Bank reduced the MPR by 50 bps to 27%, • 9M 2025 oil production averaged 1.5 mbpd, up 10% in Q2 2024), led by oil sector. • The reduction si
Slide 6: Our Strategic Initiatives
2 OUR STRATEGIC INITIATIVES 1. Expanding Capacity for Growth 2. Strengthening Export–Import Strategy 3. Driving Cost Efficiency 4. Leveraging Extensive Retail Coverage 5. Delivering Long-Term Shareholder Value Investor Presentation Dangote Cement | Page 6
Slide 7: 1. Expanding Sales Volume for Growth
1. Expanding Sales Volume for Growth Over the past decade, Dangote Cement expanded from Nigeria into 10+ African countries, with volumes growing at 10% CAGR to 27.3Mta in 2024. Operations across 11 countries reduce volatility in sales, EBITDA, and profitability, as strong markets offset weaker ones
Slide 8: 1. Expanding Capacity for Growth
1. Expanding Capacity for Growth We aim to expand installed capacity to 66.4Mta by 2030, supporting our long-term vision of making Africa self-sufficient in cement and clinker production. This growth will be driven by a mix of greenfield and brownfield projects. • We have commissioned the first phas
Slide 9: 2. Strengthening Export–Import Strategy
2. Strengthening Export–Import Strategy Categories of DCP Exports Nigeria exports trend (Kt) 34.6% CAGR Self Consumption: These are exports to our grinding plants and bagging 762 145 56 Mali plants in other countries. 646 Niger 137 Senegal Ethiopia 520 581 Third Party Export to Competition in 174 36
Slide 10: 3. Driving Cost Efficiency (Across the Group)
3. Driving Cost Efficiency (Across the Group) Significant Logistics Cost Reduction through CNG Adoption (Group wide Fuel Cost Optimisation initiative - Where Applicable) • Fleet Transformation: DCP has deployed over 3,000 full CNG trucks and 1,000+ dual-fuel (CNG + AGO) • Substitution of expensive f
Slide 11: 4. Leveraging Extensive Retail Coverage
4. Leveraging Extensive Retail Coverage Strong retail coverage CTEs scheme • Largest Distribution Fleet: Over 7,000 trucks in DCP’s fleet, enabling unmatched nationwide logistics capacity. • Customer Truck Empowerment: DCP has provided over 4,000 trucks to customers, strengthening • Retail Coverage
Slide 12: 5. Delivering Long-Term Shareholder Value
5. Delivering Long-Term Shareholder Value… 2024 Group revenue up Group Revenue (N’B) Group EBITDA (N’B) 4000 62.2% at 3,581 1600 1,382 3600 ₦3,580.6B 3200 1400 2800 1200 2400 1000 2000 800 1600 600 2024 Group EBITDA up 1200 800 400 56.0% at 241 134 400 200 ₦1,382.0B 0 0 2011 2012 2013 2014 2015 2016
Slide 13: 9M 2025: Resilient performance despite challenges
9M 2025: Resilient performance despite challenges FINANCIAL OPERATIONAL SUSTAINABILITY SDG Alignment 31% female Board Group revenue up 23.2% Commissioned 3Mta Cote representation to ₦3,154.8B d’Ivoire grinding plant Diverse Board with 7 different nationalities Published 2024 combined Strong reductio
Slide 14: Solid 45.3% EBITDA growth driving margin expansion
Solid 45.3% EBITDA growth driving margin expansion Nine months ended 30th September 2025 2024 Change Financial Sales volumes* ‘000t ‘000t % • Group revenues up 23.2%, reflecting improved pricing in line with Nigeria volumes 13,210 13,161 0.4% inflation realities Pan-African volumes 7,940 8,357 (5.0%
Slide 15: Record ₦743.3B PAT, 1.5× higher than FY 2024
Record ₦743.3B PAT, 1.5× higher than FY 2024 Rewarding shareholding Income Statement 9M 2025 ₦m 9M 2024 ₦m % change Dividend paid (N’B) Revenue 3,154,757 2,560,573 23.2% 600 Cost of sales (1,286,094) (1,236,316) 4.0% 503 500 Gross profit 1,868,663 1,324,257 41.1% Gross margin 59.2% 51.7% 7.5pp 400 3
Slide 16: Group financial overview (cont’d)
Group financial overview (cont’d) Sustained Minimum Leverage Ratios to Support Liquidity Balance Sheet Ratios 9M 2025 FY’2024* As at 30/9/25 As at 31/12/24 ₦m ₦m Current ratio 0.8x 0.7x Property, plant and equipment 3,600,326 3,271,322 Debt/capital 35% 40% Receivables from related parties - 1,045,57
Slide 17: Group financial overview (cont’d)
Group financial overview (cont’d) Focused on strong cash generation • Net cash of ₦1,291.1B was generated from 1980 operations in 9M 2025 • ₦461.8B was spent on capex to fund the 1,397 169 construction of new plants in West African countries, distribution trucks as well as 115 improvements in our en
Slide 18: Nigeria – Robust revenue growth, improved EBITDA margins
Nigeria – Robust revenue growth, improved EBITDA margins Average cement price across our operations, $/t • Sales volume recorded a modest growth of 0.4% to 13.2Mt. 165 • Nigeria revenues up 42.4% to ₦2,181.1B Weighted Average cement • Nigeria EBITDA up 85.2% to ₦1,291.4B, with a margin of 59.2% 145
Slide 19: Pan-Africa – Election uncertainties impact sales
Pan-Africa – Election uncertainties impact sales • Volumes down 5.0% to 7.9Mt, due to post-election uncertainties in Senegal and South Africa, as well as liquidity constraints in Ethiopia. • Revenues down 3.4% to ₦1,056.6B, due to lower sales across major of our pan Africa markets • EBITDA down 18.6
Slide 20: Country updates
Country updates CAMEROON CONGO ETHIOPIA • DCP Cameroon sales volume • DCP Congo sold 706.2Kt in 9M • DCP sales of 1.6Mt in 9M 2025 declined by 9.3% to 927.3Kt 2025 (including exports), up by was 8.8% lower year-on-year. in 9M 2025, owing to election 2.8% year-on-year. uncertainties. • The downturn i
Slide 21: Country updates
Country updates GHANA SENEGAL SOUTH AFRICA • Economic activities in South • DCP Ghana sold 307.0Kt of • Post election uncertainties Africa are yet to recover from cement in 9M 2025, down stalled economic and post election uncertainties. from 375.6Kt in same period construction activities last year.
Slide 22: Country updates
Country updates TANZANIA ZAMBIA • DCP sold 1.6Mt in 9M 2025, up • DCP Zambia sold 674.3Kt of by 21.7% cement in 9M 2025, up by 3.1% • Ongoing infrastructure • High production costs, limited initiatives—including the Rufiji . liquidity, and shrinking local and Dam, Mtwara Airport export markets, stra
Slide 23: Debt and Liquidity
Debt and Liquidity Robust Capital Structure Investor Presentation
Slide 24: Track record of accessing debt capital market
Track record of accessing debt capital market Commercial paper programme • Dangote Cement Plc's corporate family rating (CFR) upgraded to B3 from Caa1; 350 and long-term national scale corporate family rating (NSR) to A3.ng from Baa3.ng. 300 • Rating upgrade reflects strong fundamentals and ability
Slide 25: Sustainability & Corporate Governance
Sustainability & Corporate Governance Investor Presentation
Slide 26: Strong Board and Governance Framework
Strong Board and Governance Framework Board of Directors Diverse Board (includes four Independent Directors) ✓ Independent Director appointed as Chairman ✓ 31% Female Board Members (Gender diversity) Emmanuel Ikazoboh* Ernest Ebi * ✓ 7 Nationalities Arvind Pathak Devakumar Edwin Olakunle Alake Viswa
Slide 27: Sustainability & Governance – The Dangote Way
Sustainability & Governance – The Dangote Way Chairman stepped down for an Independent Director, demonstrating strong succession planning and governance. E s G Environment Social Governance • CDP rating was upgraded to B from C • N13.2b spent on CSR in 2024 and over • Chairman stepped down for an •
Slide 28: Social performance
Social performance Sustainability Week Leadership Programme ₦18.4B spent on CSR in 9M 2025, up by 171.7% GCHRO addressing 2025 graduate trainee inductees Investor Presentation
Slide 29: For further information contact
For further information contact: Temilade Aduroja Head of Investor Relations Dangote Cement Plc ir@dangote.com InvestorRelationsDangoteCement@dangote.com @dangotecement www.dangotecement.com