Emsteel Building Materials Pjsc · ADX:EMSTEEL
Emsteel Building Materials Pjsc — Investor Presentation (November 2025)
46 slides from Emsteel Building Materials Pjsc's investor presentation, November 2025
Slide 1: Investor Presentation
Investor Presentation November 2025
Slide 2: Legal Disclaimer
Legal Disclaimer These materials have been prepared by EMSTEEL Building Materials PJSC (“EMSTEEL” or the “Company”). The Company relies on information obtained from sources believed to be reliable. No representation, warranty or undertaking, stated or implied, is given as to the accuracy of the info
Slide 3: Table of Contents
TABLE OF CONTENTS Business Overview 4 Key ESG Credentials 12 Market Context 23 Financial and Operational Highlights 29 Growth Strategy 33 Board and Executive Committee 37 Appendix 40 EMSTEEL GROUP
Slide 4: Business Overview
Business Overview 4
Slide 5: Quick facts about the Group
Quick facts about the Group Key Finished Steel Products Located in UAE Steel Steel assets - Abu Dhabi production Cement plant - Al Ain capacity: 3.5 mtpa DRI + EAF Technology Revenue split FY24 10% Revenue of AED 8.3 bn Rebar Wire rod 90% EBITDA of AED 0.9 bn Steel Cement Ownership structure and ADX
Slide 6: Merger Recap: Key Milestones
Merger Recap: Key Milestones • Arkan listed on ADX • ACF** construction starts Arkan Dry Mortar August 9 April 27 Arkaninception ACF Operation Starts Arkan General Assembly approves Adopting ‘Emirates Steel Arkan’ as interim brand and operation starts merger trading ticker change to EMSTEEL 2006 200
Slide 7: Our Product Lines
Our Product Lines A leading producer of A prominent wire rod The largest producer of The only producer of Rebar in Coils high -quality rebar with a producer in the GCC with a heavy and jumbo sections hot-rolled sheet piles in provides greater production capacity of production capacity of in the GCC
Slide 8: EMSTEEL use of DRI technology
EMSTEEL use of DRI technology Different steel production routes and relative CO2 Scope 1 emission intensity ( without EAF ) HOT BRIQUETTED IRON (HBI) (part of potential Growth project - see slide #33) -> -> -> MATERIAL HANDLING DIRECT REDUCTION PLANT (DRP) JETTY AREA IRON PELLETS DIRECT REDUCTION PR
Slide 9: Geographic Footprint
Geographic Footprint The Group contributes 10% of Abu Dhabi’s non - oil manufacturing United Arab Emirates output and exports steel products to • Abu Dhabi – Steel Division more than 70 countries. • Al Ain – Cement Division UAE steel market share, FY24 : 60% of rebar and wire rod. 70% of heavy secti
Slide 10: EMSTEEL focused on capturing emerging opportunities in the UAE market during 9M'25
EMSTEEL focused on capturing emerging opportunities in the UAE market during 9M’25 During 9M’25 global steel prices remained under pressure. At the same time UAE Following a surge in steel exports from China, the US, EU, and steel demand continued to grow. several other countries have already revise
Slide 11: Some of the projects we are proud of
Some of the projects we are proud of Burj Khalifa Sheikh Zayed Bridge Dubai Metro Khalifa Port Suez Canal Fulham Football Ground Louvre Abu Dhabi Yas Island Emirates Palace Barakah Nuclear Power Plant AD International Airport Guggenheim Museum EMSTEEL GROUP 11
Slide 12: Key ESG Credentials
Key ESG Credentials 12
Slide 13: Sustainability Management (1/2)
Sustainability Management (1/2) Materiality Assessment EMSTEEL’s ESG Commitments Sustainability Governance Model ESG Board Committee Environmental Social Governance ESG Steering Committee Group ESG & Sustainability Function GHG Emissions Health and Safety Business Integrity and Ethics ESG Sustainabi
Slide 14: Sustainability Management (2/2)
Sustainability Management (2/2) ESG Ratings Sustainability Rating 2023 Score 2024 Score 2025 / Latest Score Provisional ESG Rating N/A N/A AA ▲ ESG Risk Rating 32.3 ▼ 29.1 ▼ 24.2 ▼ (lower score – less risk) Climate B- ▲ B▲ B Water N/A B- ▲ B- Responsible Pass Very Good ▲ Very Good Sourcing Sustainab
Slide 15: Focus on Health and Safety delivers tangible results
Focus on Health and Safety delivers tangible results In October 2025, in recognition of EMSTEEL’s significant progress in As of Q3’25 EMSTEEL Group achieved a Lost - Time Injury Frequency Rate health and safety, the Group received the Worldsteel Excellence Award (LTIFR) of 0.00 and a Total Recordabl
Slide 16: First Steelmaker Worldwide to Capture its CO2 Emissions
First Steelmaker Worldwide to Capture its CO2 Emissions CO2 Al Reyadah CCUS Molten steel EMSTEEL is the world’s first steel company to capture its CO2 emissions. Partnership with ADNOC allows us to accumulate up to 800 kt of CO2/year as part of Carbon Capture Utilization and Storage (CCUS). This way
Slide 17: Actively implementing an industry-leading sustainability program
… Actively implementing an industry - leading sustainability program Group Emissions* 0.93 0.91 0.86 0.78 0.72 0.67 0.66 0.69 0.65 0.65 0.61 0.68 0.68 0.64 0.64 0.55 2,588 1,996 2,128 2,362 2,230 1,674 ** 1,807 3,203 2,535 2,553 2,605 2,205 2,057 1,922 2019 2020 2021 2022 2023 2024 9M'25 2030 (Targe
Slide 18: … and well positioned for CO2-conscious market
… and well positioned for CO 2 - conscious market EMSTEEL is operating state -of-art, low -carbon -footprint On the demand side, there is growing momentum in CO2-related production facilities based on direct -reduced iron (DRI) initiatives led by steel buyer coalitions, such as SteelZero in EU. • St
Slide 19: ESG in Practice: Case Study of projects launched in 2025
ESG in Practice: Case Study of projects launched in 2025 Solar PV Rooftop Project 1st of-a-kind MENA region Green Hydrogen to Green Steel Pilot facility In partnership with Yellow Door Energy, EMSTEEL will develop the largest industrial In 2024 EMSTEEL together with Masdar have successfully launched
Slide 20: True:Green by EMSTEEL
True:Green by EMSTEEL • In September 2025, EMSTEEL launched its True:Green brand, embodying the Company’s vision for sustainable steel production. • All True:Green products and solutions will be accompanied by an Environmental Product Declarations (EPDs) - a globally recognised certification that pr
Slide 21: In 2025 EMSTEEL launched Green Finance Framework
In 2025 EMSTEEL launched Green Finance Framework Framework is based on: 11. EMSTEEL website Use of Proceeds 2 Project Selection and Evaluation Assets, CapEx, and/or OpEx associated with: A dedicated “Green Finance Committee” in place, formed by members of finance, investor relations, legal sustainab
Slide 22: Moody's Second Party Opinion on the Framework
Moody’s Ratings provided a Second Party Opinion (SPO), awarding the Framework a Sustainability Quality Score of SQS2 (Very Good) Alignment with Green Bond Principles and Green Loan Principles: Contribution to Sustainability Manufacture of Steel Process for Project Evaluation “The decarbonization of
Slide 23: Market Context
Market Context 23
Slide 24: Long-term factors influencing steel demand
Long - term factors influencing steel demand Major trends in the global steel industry UAE Growth Strategy Geopolitics The UAE steel and cement demand is Increased trade barriers supported by nation - wide strategies: Global steel overcapacity • “We, the UAE 2031” Vision • Double the country’s gross
Slide 25: Global markets stable in Q3'25, but import tariffs tightened
Global markets were relatively stable throughout Q3’25, but major economies further tightened steel import tariffs From August to November 2025, the US reached trade agreements with In June 2025, the US doubled steel tariffs from 25% to 50%. most of its key partners, including China . As a result, t
Slide 26: Middle East remains to be the most attractive region for Steel
Middle East remains to be the most attractive region for Steel Global Steel Demand in 2024 has decreased Global Iron Ore prices in Q3’25 were shaped by increase of Chinese mills profitability and speculations that followed launch of USD 167bn project to build the world’s largest hydropower by ▼- 2.2
Slide 27: UAE steel market outperforms within GCC
UAE steel market outperforms within GCC further supported by strong pipeline of projects awarded during 9M’25 GCC Steel Demand in 2024 has increased by ▲+11%, YoY Buildings’ construction projects awards in the UAE have reached an est. USD 66bn in 9M’25 with UAE leading the growth at ▲+20%, YoY Proje
Slide 28: UAE Energy Support Program (ESP)
UAE Energy Support Program (“ESP”) According to World Steel Association energy (incl. electricity) constitutes a significant portion of the cost of steel produc tio n, from 20% to 40%. In this context it’s important that Abu Dhabi Government incentivizes manufacturing entities, that suffice certain
Slide 29: Financial and Operational Highlights
Financial and Operational Highlights 29
Slide 30: EMSTEEL strong operational performance in Q3 & 9M'25
EMSTEEL strong operational performance in Q3 & 9M’25 In 9M’25 EMSTEEL increased sales of finished steel products by In 9M’25 EMSTEEL cement and clinker sales grew by ▲+17% YoY, driven ▲+21% YoY, supported by continued momentum in by increased demand and improved capacity utilisation. UAE constructio
Slide 31: Robust financial performance supported by improved capacity utilization
Robust financial performance supported by improved capacity utilization Driven primarily by efficient use of available capacity, EMSTEEL reported In 9M’25 EBITDA reached AED 823 million, up ▲+28 % YoY. 9M’25 Revenue of AED 6.5bn, up ▲+10 % YoY EBITDA margin of 12.7% During 9M’25 Emirates Steel divis
Slide 32: Persistent FCF generation setting up foundation for future growth
Persistent FCF generation setting up foundation for future growth In 9M’25 EMSTEEL has improved OCF by ▲ +46%, YoY, and FCF generation Since the merger in October 2021, EMSTEEL has steadily improved its by ▲ +13%, YoY. This growth was driven primarily by increase of EBITDA leverage position clearing
Slide 33: Growth Strategy
Growth Strategy 33
Slide 34: EMSTEEL's Strategy to succeed in an evolving market
EMSTEEL’s Strategy to succeed in an evolving market Vision Strategy Pillars To be the region's steel and building materials Maximize Current Diversify Product Integrated Iron champion Business Value Portfolio Ore Value Chain To deliver value to our shareholders To invest in innovation enhancing cust
Slide 35: EMSTEEL Capex focused on maximizing current business value and diversifying portfolio
EMSTEEL Capex is focused on maximizing current business value and diversifying product portfolio In 9M’25 EMSTEEL accelerated investment under Asset Enhancement Asset Enhancement Programme 2025 - 2027 Programme , resulting in an increase of Growth Capex. The increase in Maintenance Capex reflected t
Slide 36: Integrated Iron ore Value Chain
Integrated Iron ore Value Chain EMSTEEL has partnered with ITOCHU and JFE Steel to carry out feasibility studies to consider the construction of a ferrous raw material production facility in Abu Dhabi. Subsidiary of JFE Holdings, TYO : 8001 Inc. – TYO: 5411 One of the largest Japanese Leading steel
Slide 37: Board and Executive Committee
Board and Executive Committee 37
Slide 38: Board of Directors
Board of Directors Hamad Abdulla Ahmed Ali Mohamed Eng. Saeed Ghumran Abdulaziz Abdulla Ismail Nabeel Qadir Fatima Abdulla Farah Abdulla Mohamed AlShorafa Ali Alshamsi Al Remeithi Mohamed Al Hajri Mohamed Sharif Mohamed Ali Al Hammadi Abdulla Al Fahim Al Mazrui CHAIRMAN VICE CHAIRMAN BOARD MEMBER BO
Slide 39: Executive Committee
Executive Committee Eng. Saeed Ghumran Mark Tonkens Hugo Losada Eng. Hassan Salim Vladimir Arshinov Al Remeithi Shashaa GROUP CEO GROUP CFO CEO, EMIRATES CEMENT GROUP CHIEF GROUP CHIEF PROJECT OFFICER TECHNOLOGY OFFICER Al Remeithi has over 21 Tonkens has over 30 years’ With over 21 years of Shashaa
Slide 40: Appendix
Appendix 40
Slide 41: Overview of FY 2024 results
Overview of FY 2024 results Revenue This decrease in Revenue is due to various factors, including fluctuations in global steel prices, increased AED 8.3bn competition, and changing demand trends driven by economic uncertainties in key markets. -6% YoY EBITDA EMSTEEL’s FY24 profitability was supporte
Slide 42: FY Operational & Financial results
FY Operational & Financial results Steel Cement & Clinker Financial Results Production, kt Production, kt Revenue, AED bn EBITDA, AED bn & EBITDA Margin, % 3,244 3,211 3,237 3,254 2,964 2,835 9.5 1.3 2,711 2,695 8.9 1.2 2,245 8.3 0.9 1,568 1,662 1,571 12.6% 14.2% 10.9% 2022 2023 2024 2022 2023 2024
Slide 43: Consolidated statement of financial position
Consolidated statement of financial position Assets, AED mn 9M 2025 2024 2023 Equity and Liabilities 9M 2025 2024 2023 Non - current assets Net equity 9,004 8,720 8,332 PPE 6,263 6,416 6,564 Non - current liabilities Goodwill - - - Lease liabilities 321 321 333 Right - of - use assets 206 214 229 Pr
Slide 44: Consolidated statement of profit or loss
Consolidated statement of profit or loss AED mn 9M 2025 9M 2024 2024 2023 Revenue 6,469 5,879 8,337 8,899 Cost of sales (5,682) (5,319) (7,578) (7,802) Gross profit 787 560 760 1,097 Selling and distribution expenses (44) (31) (44) (54) General and administrative expenses (386) (317) (417) (390) Oth
Slide 45: Consolidated statement of cash flows
Consolidated statement of cash flows AED mn 9M 2025 9M 2024 2024 2023 Operating cash flows before movements in working capital 873 679 867 1,372 Net movements in working capital (97) (154) (174) 84 Cash generated from operations 776 524 693 1,456 Employees' end of service benefit paid (13) (16) (20)
Slide 46: Thank You
THANK YOU Gleb Diachkov - Gertcev Director of Investor Relations ir@emsteel.com Public
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