Grupo Argos S.a. · BVC:GRUPOARGOS
Grupo Argos — Q3 2025 Earnings Presentation
30 slides from Grupo Argos's earnings presentation, November 2025
Slide 1: Results Presentation Third Quarter 2025
Results Presentation Third Quarter 2025 November 2025 1 Noviembre 2025
Slide 2: Disclaimer
Resultados Primer Trimestre del 2019 QUARTERLY RESULTS PRESENTATION Disclaimer This presentation contains certain forward-looking representations and information related to GRUPO ARGOS and its subordinate companies based on currently known facts, expectations and forecasts, circumstances, and assump
Slide 3: The investment of Grupo Argos Shareholders appreciated by over 49% in 2025
GRUPO ARGOS RESULTS 3Q2025 The investment of Grupo Argos Shareholders appreciated by over 49% in 2025 Grupo Argos Ordinary Shares Grupo Argos Preffered Shares $23,774 $30,615 $24,800 $18,580 $13.115 $15,500 $10,709 $20,480 $24,800 $18,580 $20,480 $15,500 $17.500 $12,900 01-ene-25 Pre spin-off Pre-Es
Slide 4: A Future that Focuses on Construction Materials and Infrastructure
GRUPO ARGOS RESULTS 3Q2025 A Future that Focuses on Construction Materials and Infrastructure 100% of ourpipeline focused on construction materials and infraestructura 1 3 21,963 22.174 18,801 Pactia, 1,389 1,360 2 NDU, 3,089 3,073 Nutresa, 2,728 2 2x Odinsa, 2,494 2,398 43% Sura, 5,413 10,660 Celsi
Slide 5: Strategic Milestones for the Quarter
GRUPO ARGOS RESULTS 3Q2025 Strategic Milestones for the Quarter • Celsia announced the creation of Atera, an • Creation of Odinsa Aguas, a water • Successfully completed a close to COP energy efficiency company in partnership infrastructure investment platform to 900 billion share buyback program at
Slide 6: Balance Sheet
RESULTADOS GRUPO ARGOS 3Q2025 Main Accounting Impacts resulting from the spin-off operation Profit of COP 1.6 bn in consolidated results for 3Q 2025 P&L Profit of COP 3.2 bn in separated results for 3Q 2025* Expenses associated with the transaction totaling COP 48,000 million Balance Sheet • On the
Slide 7: Grupo Argos' net income has generated COP 11.7 tn in shareholder profits over the past 2 years
GRUPO ARGOS RESULTS 3Q2025 Grupo Argos' net income has generated COP 11.7 tn in shareholder profits over the past 2 years ✓ Grupo Argos Over the past two years, the company has consolidated COP 7,647 11.7 trillion in net profit, which reflects Grupo Argos' capacity to generate value in its investmen
Slide 8: Consolidated net income tripled year over year
GRUPO ARGOS RESULTS 3Q2025 Consolidated net income tripled year over year Adjusted Figures - Proforma Revenue EBITDA Net Income Net inc. control. Int. Figures in COP tn Figures in COP tn Figures in COP bn Figures in COP bn -8% +13% +14% +13% +197% +363% 939 402 9.2 8.5 2.4 2.1 317 87 3T2024 3T2025 3
Slide 9: Separated figures from business operations grow year-over-year
GRUPO ARGOS RESULTS 3Q2025 Separated figures from business operations grow year-over-year Adjusted Figures - Proforma Revenue EBITDA Net Income Figures in COP bn Figures in COP bn Figures in COP bn +32% +90% +189% +14% +13% +304% 806 604 428 425 209 106 3T2024 3T2025 3T2024 3T2025 Sep24 Sep25 Sep24
Slide 10: Consolidated P&L
GRUPO ARGOS RESULTS 3Q2025 Consolidated P&L Consolidated Statement of Income - Proforma Third Quarter Cumulative to September 2025 2024 Var YOY 2025 2024 Var YOY REVENUE 2,889 2,946 -1.9% 8,481 9,197 -7.8% EBITDA 884 778 13.6% 2,404 2,128 13.0% Ebitda Margin 30.6% 26.4% 28.3% 23.1% Net Income 415 19
Slide 11: Separated Results P&L
GRUPO ARGOS RESULTS 3Q2025 Separated Results P&L Separated Results Statement - Proforma Third Quarter Cumulative to September 2025 2024 Var YOY 2025 2024 Var YOY REVENUE 348 171 103.2% 806 424 90.1% EBITDA 288 116 148.5% 604 209 189.1% Ebitda Margin 82.9% 67.8% 75.0% 49.3% Net Income 210 78 168.7% 4
Slide 12: Operating Results – Grupo Argos Businesses
Operating Results – Grupo Argos Businesses Cement Infra Portfolio 14 Noviembre 2025
Slide 13: CemArgos: Progress with the United States Re-Entry Strategy
GRUPO ARGOS RESULTS 3Q2025 CemArgos: Progress with the United States Re-Entry Strategy Cement Infra Portfolio Aggregates Platform • This quarter it finished preparing operations for a test shipment during the fourth quarter and obtained quality results to continue the process towards DOT certificati
Slide 14: CemArgos: EBITDA grows 16% YOY
GRUPO ARGOS RESULTS 3Q2025 CemArgos: EBITDA grows 16% YOY due good Colombia and CA operating performance Cement Infra Portfolio Operational Revenue COP bn EBITDA COP bn Cemento RMC 3Q2025 vs 3Q2024 2% 3Q2025 vs 3Q2024* 16% 4,000 2,000 (YOY) (YOY) 1,800 361 3,500 1,336 1,308 1,366 $60 of 1,283 impair
Slide 15: Celsia: hydrology normalization + operational efficiency
GRUPO ARGOS RESULTS 3Q2025 Celsia: hydrology normalization + operational efficiency Cement Infra Portfolio Creation of a new Energy Efficiency Platform: Atera • In partnership with Brookfield, this company will focus on client energy efficiency solutions • +500 clients and an investment plan of over
Slide 16: Celsia: reconfiguration of the generation grid compared to 2024
GRUPO ARGOS RESULTS 3Q2025 Celsia: reconfiguration of the generation grid compared to 2024 Cement Infra Portfolio Operational Revenue COP bn EBITDA COP bn Generación Comercialización 3Q2025 vs 3Q2024 -8% 3Q2025 vs 3Q2024 +10%* (YOY) 2,000 2,000 8% Platform EBITDA* 2,098 1,800 1,800 1,600 1,600 +126
Slide 17: Odinsa: Creation of new business vertical with acquisition of TICSA
GRUPO ARGOS RESULTS 3Q2025 Odinsa: Creation of new business vertical with acquisiquisition of TICSA Cement Infra Portfolio Second phase of Tunel de Oriente achieves financial closing at COP 1.8 trillion Financial results driven by the appreciation of Odinsa’s investment in the private equity fund es
Slide 18: Odinsa: Roadway vertical
GRUPO ARGOS RESULTS 3Q2025 Odinsa: Roadway vertical Cement Infra Portfolio Quarterly Results 5% 43% 0% 10% 111 314 154 154 106 70 63 220 3Q2024 3Q2025 3Q2024 3Q2025 3Q2024 3Q2025 3Q2024 3Q2025 TPD (miles) Ingresos (COP k mm) EBITDA (COP k mm) Ut. Neta (COP k mm) ADT (thousands) Revenue (COP bn) EBIT
Slide 19: Odinsa: Airport Vertical
GRUPO ARGOS RESULTS 3Q2025 Odinsa: Airport Vertical Cement Infra Portfolio Quarterly Results (in USD) +12% +14% +18% 13% 13 13 36 88 193 78 30 173 3Q2024 3Q2025 3Q2024 3Q2025 3Q2024 3Q2025 3Q2024 3Q2025 PAX (mm) Ingresos (USD mm) EBITDA (USD mm) Ut. Neta (USD mm) Net Income (millions of PAX (M) Reve
Slide 20: Odinsa signed a contract to acquire TICSA, a leader in the Mexican water treatment market
Odinsa signed a contract to acquire TICSA, a leader in the Mexican water treatment market Company overview Strategic Rationale ◼ Tecnología Intercontinental S.A.P.I. ("TICSA") is a consolidated company with extensive experience in the water treatment industry in Mexico. It has: ◼ This acquisition re
Slide 21: Pactia: EBITDA decreases after selective divestments
GRUPO ARGOS RESULTS 3Q2025 Pactia: EBITDA decreases after selective divestments but grows in terms of same assets Operational Revenue COP bn EBITDA COP bn AUMs 3Q2025 vs 3Q2024 -9% 3Q2025 vs 3Q2024 -15% COP 3.63 bn (YOY) (YOY) Debt: COP 1.08 bn +7% proforma +7% proforma Equity COP 2.55 bn 125 113.7
Slide 22: Real Estate Business: Cash sales of COP 96 bn year to date
GRUPO ARGOS RESULTS 3Q2025 Real Estate Business: Cash sales of COP 96 bn year to date Cement Infra Portfolio Real Estate Business CASH FLOW Sep-25 Sep-24 VAR YOY Sales revenue 96 121 (21%) Others 6 4 65% REVENUE 102 125 (18%) Costs 62 52 20% GROSS CASH FLOW 40 73 (45%) Expenses 32 23 39% Property ta
Slide 23: Consolidated and separated financial results
PRESENTACIÓN DE RESULTADOS TRIMESTRALES Consolidated and separated financial results 25 Noviembre 2024
Slide 24: Grupo Argos' sound equity structure supported by a AAA rating ratified by S&P
GRUPO ARGOS RESULTS 3Q2025 Grupo Argos’ sound equity structure supported by a AAA rating ratified by S&P Gross Debt Consolidated COP bn Consolidated Net Debt1 COP bn Net Financial Expenses COP bn 9,260 1,425 311 11,929 170 292 11,394 1,729 32 1,803 5,160 105 5 2,003 283 248 5,281 149 2,505 148 5,353
Slide 25: Accumulated Cash flow
GRUPO ARGOS RESULTS 3Q2025 Accumulated Cash flow Cash flow Notes COP million Dividendos netos 291,528 Ingresos NDU 102,281 Compra/venta acciones 99,904 Egresos GA 70,216 405,184 - 178,441 Egresos NDU 93,783 9,142 322,713 Impuestos 308,348 86,827 FCO -178,441 Intereses neto 106,325 Créditos neto 193,
Slide 26: The cost of Grupo Argos' separate debt stands at 8.9%
GRUPO ARGOS RESULTS 3Q2025 The cost of Grupo Argos' separate debt stands at 8.9% Indebtedness1 COP bn Maturity profile (capital) COP bn Cost of debt and half-life COP bn Net Debt = 1.4 tn 16% 15.7% 14.7% 4.3 4.0 13.2% 12.4% 25% Bonos Bancos 3.7 11.7% 10.8% 3.3 3.4 10.7% COP 392 370 11.0% 3.2 10.5% 2
Slide 27: Fitch and S&P confirmed Grupo Argos' AAA rating
Fitch and S&P, in their annual review, confirmed Grupo Argos' AAA rating AAA AAA 1 1 Stable Stable May 2025 May 2025 "Grupo Argos' ratings reflect its solid capital structure" "Solid business position in the markets and geographies where its subsidiaries operate and clarity and consistency in its st
Slide 28: Grupo Argos receives AA ESG rating according to MSCI
Llamada de resultados SUSTAINABILITY Grupo Argos receives AA ESG rating according to MSCI In October 2025, Grupo Argos received a AA rating on a AAA – CCC scale on MSCI’s Environmental, Social and Corporate Governance evaluation. MSCI ESG Research provides MSCI ESG ratings to global public companies
Slide 29: www.grupoargos.com
PRESENTACIÓN DE RESULTADOS TRIMESTRALES CEO CFO Jorge Mario Velasquez Alejandro Piedrahita Chief Officer for Corporate and Presidential Affairs IR Director Juan Esteban Mejia Carolina Arango (574) 315 8400 (574) 315 8400 jemejia@grupoargos.com carangoz@grupoargos.com www.grupoargos.com 31 Noviembre
Slide 30: Inversiones que transforman
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