Grupo Argos S.a. · BVC:GRUPOARGOS
Grupo Argos — Q2 2025 Earnings Presentation
30 slides from Grupo Argos's earnings presentation, Aug 9, 2025
Slide 1: Results Presentation Second Quarter 2025
Results Presentation Second Quarter 2025 August 2025 1
Slide 2: Disclaimer
Resultados Primer Trimestre del 2019 QUARTERLY RESULTS PRESENTATION Disclaimer This presentation contains certain forward-looking statements and information related to GRUPO ARGOS and its subsidiaries. These are based on current knowledge of facts, expectations and projections, circumstances, and as
Slide 3: Post-Transaction Benefits Evident
Grupo Argos 2Q2025 Results Post-Transaction Benefits Evident Shareholders ✓ Shareholders increased their economic stake in Grupo Argos by 20% (Grupo Argos cancelled 143M of its own shares). ✓ Received Grupo Sura´s shares directly ✓ The investment has appreciated by COP 1.5 trillion ✓ 50% more divide
Slide 4: Stock Price Evolution Over the Last Two Years
GRUPO ARGOS RESULTS 2Q2025 Stock Price Evolution Over the Last Two Years Grupo Argos Common Share Grupo Argos Preferred Share Spin-off Spin-off 30,000 Announcement 28.439 Announcement Spin-off Including 0.23 20,000 Spin-off 19.820 Announcement shares of GS Including 0.23 25,000 divestment Summit Ann
Slide 5: Investment Portfolio Evolution Over the Last 2 Years
GRUPO ARGOS RESULTS 2Q2025 Investment Portfolio Evolution Over the Last 2 Years Grupo Argos Portfolio per Share¹ (at market and book value) Evolution and Growth Over the Last 2 Years 35,000 33,348 ▪1 Two years ago, 43% of Grupo Argos’ 30,000 Sura; portfolio was invested in Financial 3 +75% 11,385 Se
Slide 6: Future Focused on Construction Materials and Infrastructure
GRUPO ARGOS RESULTS 2Q2025 Future Focused on Construction Materials and Infrastructure 100% of the pipeline is focused on construction materials and infrastructure 35,000 32,991 ▪1 Hace 2 años el 43% del Portfolio de Grupo 30,000 Argos estaba invertido en Servicios 3 Sura; 11,385 Financieros y Alime
Slide 7: Non-recurring events arising from the execution of strategic transactions for Grupo Argos
GRUPO ARGOS RESULTS 2Q2025 Non-recurring events arising from the execution of strategic transactions for Grupo Argos Consolidated Separated ✓ Grupo Sura • 2024 was the last year in which EMA income was included in the P&L and reclassified as discontinued operations below EBITDA. Additionally, the im
Slide 8: Consolidated Net Income Doubled Year-over-Year
GRUPO ARGOS RESULTS 2Q2025 Consolidated Net Income Doubled Year-over-Year Adjusted Figures – Pro Forma Revenue EBITDA Net Income Net income cont. interest Figures in COP tn Figures in COP tn Figures in COP bn Figures in COP bn -11% +6% +161% +338% 183 1.5 514 6.3 1.4 5.6 197 42 2T2024 2T2025 2T2024
Slide 9: Consolidated Financial Statements
RESULTADOS GRUPO ARGOS 2Q2025 Consolidated Financial Statements Consolidated Financial Statements - Proforma Second Quarter YTD 2025 2024 Var Y/Y 2025 2024 Var Y/Y REVENUE 2.689 3.437 -21,8% 5.592 6.251 -10,5% EBITDA 704 828 -15,0% 1.513 1.422 6,4% EBITDA MARGIN 26,2% 24,1% 27,1% 22,7% Net Income 26
Slide 10: Consolidated Financial Statements (Segment Contribution)
RESULTADOS GRUPO ARGOS 2Q2025 Consolidated Financial Statements (Segment Contribution) Segment Contribution YTD - June 2025 Cement Energy Real Estate Portfolio Coal Concesions Adjustments Total Net Revenue 2,514 2,767 110 37 55 161 -10 5,634 Less: Inter-segment -6 -4 -1 -9 -23 0 0 -43 Consolidated R
Slide 11: Separated figures from core business operations show year-over-year growth
GRUPO ARGOS RESULTS 2Q2025 Separated figures from core business operations show year-over-year growth Adjusted Figures – Pro Forma Revenue EBITDA Net Income Figures in COP bn Figures in COP bn Figures in COP bn +32% +55% +134% +14% +13% +218% 453 310 212 292 132 67 2T2024 2T2025 2T2024 2T2025 2T2024
Slide 12: Separated Financial Statements
RESULTADOS GRUPO ARGOS 2Q2025 Separated Financial Statements Separated Financial Statements - Proforma Second Quarter YTD 2025 2024 Var Y/Y 2025 2024 Var Y/Y Revenue 164 172 -5.0% 435 292 49.1% EBITDA 100 100 0.1% 293 132 121.1% EBITDA Margin 61.3% 58.2% 67.3% 45.4% Net Income 50 54 -7.2% 194 67 191
Slide 13: Operating Results – Grupo Argos Businesses
Operating Results– Grupo Argos Businesses Cement Infra Portfolio 13
Slide 14: CemArgos: Progress on the Aggregates Platform to Supply U.S. Markets
GRUPO ARGOS RESULTS 2Q2025 CemArgos: Progress on the Aggregates Platform to Supply U.S. Markets Cement Infra Portfolio Through the Spin-Off by Absorption, Cementos Argos distributed COP 1.4 trillion to its shareholders Consolidation of the Aggregates Platform • Cementos Argos took control of operati
Slide 15: CemArgos: EBITDA impacted by accounting impairment
GRUPO ARGOS RESULTS 2Q2025 CemArgos: EBITDA impacted by accounting impairment Cement Infra Portfolio Operational Revenue COP bn EBITDA COP bn Cemento RMC 2Q2025 vs 2Q2024 -5% 2Q2025 vs 2Q2024* 11%* 4,000 2,000 (YoY) (YoY) 311 1,800 1,344 1,336 1,308 3,500 1,283 $60 1,231 Puerto Rico 1,600 4% 265 258
Slide 16: Celsia: Deleveraging as a key strategic priority
GRUPO ARGOS RESULTS 2Q2025 Celsia: Deleveraging as a key strategic priority Cement Infra Portfolio Creation of a New Energy Efficiency Platform • An independent platform will be established to consolidate energy efficiency solutions • The assets comprising this new platform generated over $150 milli
Slide 17: Celsia: Reconfiguration of the Generation Matrix Compared to 2024
GRUPO ARGOS RESULTS 2Q2025 Celsia: Reconfiguration of the Generation Matrix Compared to 2024 Cement Infra Portfolio Operational Revenue COP bn EBITDA COP bn Energy 2Q2025 vs 2Q2024 -31% 2Q2025 vs 2Q2024 -3%* Generación Generation Comercialización Sales (YoY) 2,000 2,000 -7% EBITDA Platform* 2,098 +9
Slide 18: Odinsa: El Dorado Airport is recognized for its operational excellence
GRUPO ARGOS RESULTS 2Q2025 Odinsa: El Dorado Airport is recognized for its operational excellence Cement Infra Portfolio El Dorado Airport and Quiport received recognition from Skytrax • El Dorado International Airport has been selected, for the seventh time and fourth consecutive year, as the Best
Slide 19: Odinsa: Roads Segment
GRUPO ARGOS RESULTS 2Q2025 Odinsa: Roads Segment Cement Infra Portfolio Quarter Results 6% -36% 14% -52% 167 109 103 345 146 48 221 23 2Q2024 2Q2025 2Q2024 2Q2025 2Q2024 2Q2025 2Q2024 2Q2025 Ut. NetNeta (COP k Income TPDTPD (thousands) (miles) Revenue(COP Ingresos (COPkbn) mm) EBITDA(COP EBITDA (COP
Slide 20: Odinsa: Airports segment
GRUPO ARGOS RESULTS 2Q2025 Odinsa: Airports segment Cement Infra Portfolio Quarter Results (USD) +10% +10% +6% -3% 13 12 181 82 32 164 74 31 2Q2024 2Q2025 2Q2024 2Q2025 2Q2024 2Q2025 2Q2024 2Q2025 PAX (mm) Revenue Ingresos(USD (USDmm) mm) EBITDA (USD mm) NetNeta Ut. Income (USD (USD mm) mm) PAX (mm)
Slide 21: Pactia: EBITDA decreases following selective divestments
GRUPO ARGOS RESULTS 2Q2025 Pactia: EBITDA decreases following the execution of selective divestments Operational Revenue COP bn EBITDA COP bn AUMs 2Q2025 vs 2Q2024 -9% 2Q2025 vs 2Q2024 -15% COP 3,631 bn (YoY) (YoY) Debt: COP 1,112 bn Equity: COP 2,519 bn 125 119 67 113.7 65 63 GLA 95 95 57.0 683,382
Slide 22: Real Estate Business (NDU): Annual revenues reached COP 49 bn in cash
GRUPO ARGOS RESULTS 2Q2025 Real Estate Business (NDU): Annual revenues reached COP 49 bn in cash Cement Infra Portfolio Real Estate Business CASH FLOW jun-25 jun-24 VAR YoY Sales Revenue 49 90 (45%) Other 5 3 69% REVENUE 54 93 (42%) Costs 43 28 54% GROSS CASH FLOW 11 65 (83%) Expenses 16 15 4% Prope
Slide 23: Consolidated and Separate Financial Results
PRESENTACIÓN DE RESULTADOS TRIMESTRALES Consolidated and Separate Financial Results 23
Slide 24: Strength of Grupo Argos' capital structure supported by S&P's AAA rating
RESULTADOS GRUPO ARGOS 2Q2025 Strength of Grupo Argos’ capital structure supported by S&P’s reaffirmation of its AAA rating. Consolidated Gross Debt COP bn Consolidated Net Debt1 COP bn Net Financial Expenses COP bn 8,681 1,335 12,247 179 1,625 392 11,334 137 1,725 4,944 42 3 284 1,894 5,772 270 2,2
Slide 25: Cumulative cash flow
GRUPO ARGOS RESULTS 2Q2025 Cumulative cash flow Cash Flow Notes COP mn COP mn 1. Dividends received: 548,250. Dividends paid: 277,574 Dividendos netos Net dividends 291,528 1 2. 49,555 for repurchase of 2.4mm Ord of Grupo Argos at COP 20,906 per sh. 16,665 for acquisition of 1.6 mm shares of Cements
Slide 26: Grupo Argos' separated debt cost is 8.6%
GRUPO ARGOS RESULTS 2Q2025 Grupo Argos’ separated debt cost is 8.6%. Debt¹ COP bn Maturity Profile (Capital) COP bn Cost of Debt and Average Life COP bn Net Debt = 1,5 tn 14% 23% 23% 8% 10% 0% 22% 20% 16.3% Bonds Bonos Banks Bancos 15.7% 14.7% 4.3 4.3 13.2% 4.0 12.4% COP 35% 392 386 370 12.1% 3.7 11
Slide 27: Fitch and S&P confirmed Grupo Argos' AAA credit rating
Fitch and S&P, in their annual periodic review, confirmed Grupo Argos’ AAA credit rating AAA AAA 1 1 Stable Stable May 2025 May 2025 “Grupo Argos’ Ratings Reflect its Solid Capital Structure” “Strong business position in the markets and geographies where its subsidiaries operate, as well as clarity
Slide 28: Grupo Argos and its subsidiaries reaffirm their Sustainability rating according to S&P Global
Llamada de resultados ESG Grupo Argos and its subsidiaries reaffirm their outstanding Sustainability rating according to S&P Global Grupo Argos and its subsidiaries participate annually in the S&P Corporate Sustainability Assessment with the objective of maintaining an independent third-party perspe
Slide 29: www.grupoargos.com
PRESENTACIÓN DE RESULTADOS TRIMESTRALES CEO CFO Jorge Mario Velásquez Alejandro Piedrahita Manager of Corporate and Presidential Affairs IR Director Juan Esteban Mejía Carolina Arango (574) 315 8400 (574) 315 8400 jemejia@grupoargos.com carangoz@grupoargos.com www.grupoargos.com 29
Slide 30: Grupo Argos
30 yN _ GRUPO ARGOS Inversiones que transforman ry {GRUPO ARGOS Inversiones que transforman