Slide 1: FY 2025 Results
FY 2025 RESULTS 31 March 2026 Pietro Buzzi – CEO Reinhard & Sonja Ernst Foundation, , Wiesbaden, Germany.
Slide 2: FY 2025 in Brief
FY 2025 Results | 31 March 2026 1 FY 2025 IN BRIEF Stable LFL net sales, driven by higher volumes in Central and Eastern Europe. Turnover negatively Net Sales EBITDA EBITDA Margin impacted by FX (-€51m) and supported by a positive (€m) (€m) (%) scope effect (+€233m). 1,243 1,276 1,237 28.8 29.6 4,51
Slide 3: Portfolio Expansion and Optimization
FY 2025 Results | 31 March 2026 2 PORTFOLIO EXPANSION AND OPTIMIZATION 2025 M&A TRANSACTIONS January-2025 March-December 2025 March: Acquisition of a 37.6% stake in Gulf Cement Company Sale of Fanna production plant to Alpacem Cementi Italia (UAE) through the 90% owned subsidiary TC Mena Holdings Ma
Slide 4: Net Sales Variance by Region
FY 2025 Results | 31 March 2026 3 NET SALES VARIANCE BY REGION (€m) 86 (4) 265 4,519 57 25 11 12 6 6 (32) (3) 4,313 (43) (71) (47) (4) 16 2 (5) (71) Volume Price Scope Volume Price Scope Volume Price FX Scope Volume Price FX Volume Price FX Scope Scope Others ITALY CENTRAL EUROPE EASTERN EUROPE USA
Slide 5: EBITDA Variance
FY 2025 Results | 31 March 2026 4 EBITDA VARIANCE (€m) 44 (17) 61 (31) 1,276 (37) 1,237 (36) (3) (20) FY24 Volume Price Variable Cost Fixed Cost Others CO2 FX Scope FY25 Unfavorable impact Favorable impact
Slide 6: Cash Generation & Capital Allocation
FY 2025 Results | 31 March 2026 5 CASH GENERATION & CAPITAL ALLOCATION Operating Cash Flow Capex Cash to Shareholders (€m) (€m) (€m) Shareholders Return -1.99% -5.23% Proposing to distribute a dividend of €0.70 per share 258.3 Up to €200m authorized for the 932.6 914.0 program 448.4 425.0 818.9 Trea
Slide 7: Trading by Geographical Area
FY 2025 Results | 31 March 2026 6 TRADING BY GEOGRAPHICAL AREA Workers at Cimento Nacional plant, Arcos Brazil, Bruno César Vilela Gonzaga
Slide 8: United States of America
FY 2025 Results | 31 March 2026 7 UNITED STATES OF AMERICA Net Sale EBITDA* EBITDA Margin* (€m) (€m) (%) Restrictive credit conditions remained a headwind for -7.0% -11,9% new residential investment, whereas government -200 bps -2.9% lfl -8% lfl programs sustained activity in non-residential and pub
Slide 9: Italy
FY 2025 Results | 31 March 2026 8 ITALY Net Sale EBITDA* EBITDA Margin* (€m) (€m) (%) Residential activity remains weak across both renovation and new construction. Meanwhile, -3.3% -10.2% +2,1% lfl +3.5% lfl -170 bps confirmed support from the PNRR is sustaining public building and infrastructure p
Slide 10: Central Europe
FY 2025 Results | 31 March 2026 9 CENTRAL EUROPE Net Sale EBITDA* EBITDA Margin* Demand is recovering slowly, with residential (€m) (€m) (%) investment still weak, while infrastructure shows a stronger rebound. In Benelux, demand also -12.4% +2.1% -12.4% lfl -260 bps improved, supported by growing s
Slide 11: Eastern Europe
FY 2025 Results | 31 March 2026 10 EASTERN EUROPE Poland recorded positive momentum in civil EBITDA* engineering, while tight credit conditions continue to Net Sale EBITDA Margin* (€m) (€m) (%) weigh on residential construction. In Czech Republic, the sector is expanding, supported by public +8.4% =
Slide 12: Brazil
FY 2025 Results | 31 March 2026 11 BRAZIL Net Sale EBITDA* EBITDA Margin* (€m) (m) (%) Construction sector is progressing steadily, even as it -2.9% +4.0% faces persistent challenges from a lack of skilled +5.0% lfl +12.6% lfl +190 bps workers. Cement volumes increased by 2.7% compared to 394 28.6 3
Slide 13: Mexico
FY 2025 Results | 31 March 2026 12 MEXICO Net Sale EBITDA* EBITDA Margin* Construction activity remained volatile in 2025, with (€m) (€m) (%) overall production down most of the year and only late-year gains, while civil works and infrastructure -5.8% -3.1% +2.9% lfl +5.9% lfl +130 bps stayed under
Slide 14: Outlook 2026
FY 2025 Results | 31 March 2026 13 OUTLOOK 2026 Workers at Cimento Nacional plant, Arcos Brazil, Bruno César Vilela Gonzaga
Slide 15: Outlook 2026
FY 2025 Results | 31 March 2026 14 OUTLOOK 2026 Construction activity is anticipated to remain steady across nearly all key markets where we operate. Nevertheless, geopolitical tensions and their effects on global trade are introducing considerable uncertainty regarding the projections for the year.
Slide 16: Sustainability
FY 2025 Results | 31 March 2026 15 SUSTAINABILITY Saxon Construction Bank, Leipzig, Germany
Slide 17: Our Journey to Net Zero: Roadmap Update
FY 2025 Results | 31 March 2026 16 «OUR JOURNEY TO NET ZERO» ROADMAP UPDATE 2025 551 Kg CO2/t cem.ious product (net – scope 1) KgCO2/t cem.ious prod. CO2 emissions reduction in line with our roadmap 2030 NET ZERO <500 KgCO2/t cem.ious prod. Target confirmed 2021 2025 2030 2050 Note: Roadmap perimete
Slide 18: Appendix
FY 2025 Results | 31 March 2026 17 APPENDIX
Slide 19: Volumes by Region
FY 2025 Results | 31 March 2026 18 VOLUMES BY REGION Cement volumes (mton) Ready-mix volumes (mm3) >100%* +3.4% +1.9% +6% 31.9 +100% (6.3%) +5.9% 9.7 9.9 26.3 26.3 (10.6%) (12.3%) (2.2%) Central Eastern Central Eastern FY 24 Italy USA UAE Brazil FY 25 FY 24 Italy USA FY 25 Europe Europe Europe Europ
Slide 20: Historical Volume Evolution
FY 2025 Results | 31 March 2026 19 HISTORICAL VOLUME EVOLUTION Cement (mt) Ready-mix concrete (mm3) 31.2 31.9 29.1 29.3 27.9 28.3 26.3 26.3 12.1 12.1 11.7 12.1 11.5 10 9.7 9.9 2018 2019 2020 2021 2022 2023 2024 2025 2018 2019 2020 2021 2022 2023 2024 2025
Slide 21: FX Changes
FY 2025 Results | 31 March 2026 20 FX CHANGES 2025 2024 ∆ Current * EUR 1 = avg avg % USD 1.13 1.08 -4.4 1.16 RUB 94.33 100.41 6.1 95.31 UAH - 43.23 n.s. - CZK 24.69 25.12 1.7 24.51 PLN 4.24 4.31 1.5 4.28 MXN 21.67 19.83 -9.3 20.59 BRL 6.31 6.22 -1.4 6.07 AED 4.26 3.98 -7.1 4.28 *Current as of 20 Ma
Slide 22: Net Sales by Country
FY 2025 Results | 31 March 2026 21 NET SALES BY COUNTRY 2025 2024 ∆ ∆ Forex Scope ∆ l-f-l EURm abs % abs abs % Italy 790.9 818.0 (27.1) -3.3 - (43.4) +2.1 United States 1,605.8 1,726.8 (121.1) -7.0 (70.6) - -2.9 Germany 801.2 792.3 8.9 +1.1 - - +1.1 Lux / Netherlands 196.8 183.0 13.8 +7.5 - (2.5) +9
Slide 23: EBITDA by Country
FY 2025 Results | 31 March 2026 22 EBITDA BY COUNTRY 2025 2024 ∆ ∆ Forex Scope ∆ l-f-l EURm abs % abs abs % Italy 184.0 196.6 (12.6) -6.4 - (13.8) +0.6 United States 584.8 663.8 (79.0) -11.9 (25.7) - -8.0 Germany 121.7 164.1 (42.4) -25.8 - - -25.8 Lux / Netherlands 26.0 14.5 11.5 +79.2 - (0.1) +80.3
Slide 24: Energy Costs
FY 2025 Results | 31 March 2026 23 ENERGY COSTS Power and Fuel cost evolution (cement only) Total energy cost evolution (cement only) Excluding Russia Excluding Russia Power cost €/t Fuel cost €/t Power cost/Sales Fuel cost/Sales 20 11.8% % ON SALES 16.7% 16.2% 10.7% 21.6% 20.3% 9.5% 9.8% 8.8% 9.2%
Slide 25: Consolidated Income Statement
FY 2025 Results | 31 March 2026 24 CONSOLIDATED INCOME STATEMENT 2025 2024 ∆ ∆ EURm abs % Net Sales 4,518.8 4,313.0 205.7 +4.8 EBITDA 1,236.6 1,276.1 (39.6) -3.1 of which, non recurring 2.5 4.5 % of sales (recurring) 27.3% 29.5% Depreciation and amortization (338.5) (274.2) (64.2) Operating Profit (
Slide 26: Consolidated Cash Flow Statement
FY 2025 Results | 31 March 2026 25 CONSOLIDATED CASH FLOW STATEMENT EURm 2025 2024 Cash generated from operations 1,167.2 1,178.3 % of sales 25.8% 27.3% Interest paid (27.5) (28.5) Income tax paid (225.6) (217.2) Net cash from operating activities 914.1 932.6 % of sales 20.2% 21.6% Capital expenditu
Slide 27: Net Financial Position
FY 2025 Results | 31 March 2026 26 NET FINANCIAL POSITION Dec 25 Dec 24 ∆ Dec 23 EURm abs Cash and other financial assets 1,551.6 1,425.0 126.6 1,271.1 Short-term debt (45.3) (284.0) 238.7 (287.3) Short-term leasing (27.3) (21.6) (5.7) (19.7) Net short-term cash 1,479.0 1,119.4 359.6 964.2 Long-term
Slide 28: FY 2025 Results
FY 2025 Results | 31 March 2026 27 FY 2025 RESULTS 31 March 2026 Pietro Buzzi – CEO Reinhard & SonjaSaxon Ernst Foundation, Construction, Wiesbaden, Germany. Bank, Leipzig, Germany. .