Gcc Sab De Cv · BMV:GCC
Gcc Sab De Cv — Grupo Cementos De Chihuah — Q4 2025 Earnings Presentation
25 slides from Gcc Sab De Cv's earnings presentation, Jan 28, 2026
Slide 1: Q4 2025 Earnings Conference Call
Q4 2025 EARNINGS CONFERENCE CALL ENRIQUE ESCALANTE, CEO MAIK STRECKER, CFO JANUARY 28, 2026
Slide 2: Safe Harbor Statement
This presentation has been prepared by GCC, S.A.B. de C.V. (together with other results to be materially different from the results expressed or its subsidiaries, “GCC”). Nothing within this presentation is intended to be implied by said projections. taken by any person as investment advice, a recom
Slide 3: Our Strategy Remains Constant
OUR STRATEGY REMAINS CONSTANT • Flexibility to adapt to short term conditions • Focus on: • Disciplined execution US$1.4B Record sales in 2025 • Operational reliability • Capital allocation • External conditions influenced timing of customer decisions Strong operating model, • Increased emphasis on
Slide 4: Record sales demonstrate resilience of demand
Record sales demonstrate Q4 2025 resilience of • Reliable operations demand Efficiencies, cost • Strong customer relationships actions, commercial initiatives, and • Improved execution network investments driving new records • Record quarterly results 2024 remains the benchmark for margins and retur
Slide 5: People
PEOPLE • Safety performance improved in Q4 Safety • Recordable incidents declining 10.5% YoY in 2025 • Continued recognition as a Great Place to Work GPTW • Reflects a strong culture and employee engagement GCC • 15,000+ hours of training during the year Training • Supports reliability Institute • P
Slide 6: Energy Star Planet
Continued to reduce clinker factor Pueblo and Rapid City Increased blended plants received cement production ENERGY STAR PLANET certification Support cost efficiency and operational resilience Expanded the share Prioritizing efficiency, of alternative fuels reliability, and long-term value creation
Slide 7: U.S. Overview
U.S. OVERVIEW • Ready-mix as primary growth driver 72% • Strong project activity of sales • Record volumes in 2025 • Outperformed the U.S. cement market • High utilization across concrete operations Q4 25 vs. Q4 24 2025 vs. 2024 • Energy-related projects provided volume support Volumes Prices Volume
Slide 8: U.S. Overview
U.S. OVERVIEW Stable infrastructure demand Residential remains under pressure • Continues to provide visibility into 2026 • Mortgage rates above 6% • Multi-year funding programs • No meaningful improvement expected in H1 26 • Ongoing execution at the state and local level Oil and gas activity soften
Slide 9: Mexico Overview
MEXICO OVERVIEW 28% of sales • Q4 performance in line with expectations • Residential demand and bagged cement provided stability • Infrastructure projects advanced • Mining-related comparisons normalized • Industrial customers remained cautious Q4 25 vs. Q4 24 2025 vs. 2024 Volumes Prices Volumes P
Slide 10: Capital Allocation
Cement distribution and aggregates Odessa expansion CAPITAL Ensuring recent across the network on schedule and ALLOCATION investments reach within budget full potential Ship product to more destinations 10
Slide 11: M&A and 2026 A Pivotal Year
M&A • Continue to evaluate opportunities • Strengthen the existing network • Meet strategic and financial criteria • Maintaining balance sheet strength and flexibility 2026 A PIVOTAL YEAR • Odessa completing construction and entering ramp-up • Focused on: • Integrating capacity • Optimizing logistic
Slide 12: Financial Results
FINANCIAL RESULTS MAIK STRECKER, CFO
Slide 13: Consolidated Net Sales
CONSOLIDATED NET SALES +3.1% Q4 25 vs. Q4 24 2025 vs. 2024 1,367 1,409 Volumes Prices* Volumes Prices* 392 364 Cement United States 1.4% -3.6% 2.6% -1.2% +7.3% Mexico 11.0% -1.7% -3.0% 1.9% 360 975 1,045 Concrete 335 88 99 United States 27.4% 9.2% 31.5% 10.9% 247 261 Mexico -2.6% 2.5% -9.0% 2.3% Q4
Slide 14: Cost of Sales
COST OF SALES FY 2025 % of sales • Absence of the natural gas hedge benefit 64.0% 60.5% 62.1% 64.6% • Higher fuel prices and power costs - 350 BPS + 250 BPS • Lower contribution from oil-well cement • Increased transfer freight • New terminals 849 910 • Maintain customer service Q4 2025 215 217 • Di
Slide 15: SG&A and EBITDA
SG&A EBITDA % of sales EBITDA margin 7.9% 8.9% 8.7% 8.6% 36.2% 39.6% 36.6% 34.9% + 100 BPS - 10 BPS + 340 BPS - 170 BPS -1.7% +17.3% 118 121 500 492 26 32 122 142 Q4 24 Q4 25 2024 2025 Q4 24 Q4 25 2024 2025 (US$ Million) (US$ Million) 15
Slide 16: Free Cash Flow
FREE CASH FLOW 71% Conversion rate US$ million 20 (37) (58) (4) (63) $492 $349 EBITDA Interest income Working capital Taxes Accruals Maintenance Free cash flow 2025 increase and others CapEx 2025 16
Slide 17: Net Leverage Ratio and Cash
US$45M share buybacks and dividends NET LEVERAGE RATIO Q4 24 Q1 24 Q2 25 Q3 25 Q4 25 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 US$309M strategic investments -0.48x -0.56x -0.55x -0.67x -0.71x US$969M cash and equivalents 17
Slide 18: Delivered Record Sales
2025 Delivered record sales Absorbed mix and one-off impacts Maintained strong operating discipline Invested in strengthening the network 18
Slide 19: Guidance
United States Consolidated Volumes EBITDA growth Mid-single digit increase Cement High-single digit increase FCF Conversion Rate > 60% 2026 Prices Concrete High-single digit decrease Total CapEx US$270M GUIDANCE Cement Strategic & growth US$200M Flat Maintenance US$70M Concrete Mexico Net Debt/EBITD
Slide 20: Restore Margins Toward the Levels Achieved in 2024
Restore margins toward the levels achieved in 2024 Execute the Odessa ramp-up and maintain financial flexibility 20
Slide 21: Questions
QUESTIONS CONTACT: Maik Strecker, Chief Financial and Planning Officer mstrecker@gcc.com WWW.GCC.COM Sahory Ogushi, Head of Investor Relations soguship@gcc.com +52 (614) 442 3176 + 1 (303) 739 5943 2 1
Slide 22: Appendix
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Slide 23: Income Statement
INCOME STATEMENT US$ million Q4 25 Q4 24 Var 2025 2024 Var Net sales 359.8 335.3 7.3% 1,408.7 1,366.7 3.1% Cost of sales 217.5 214.7 1.3% 909.9 849.0 7.2% SG&A 32.0 26.4 21.5% 120.7 118.3 2.0% Other expenses, net 0.2 3.7 -94.5% 4.8 11.1 -56.8% Operating income 110.0 90.5 21.5% 373.3 388.3 -3.9% Oper
Slide 24: Balance Sheet
BALANCE SHEET December 2025 December 2024 Variation Total assets 3,523.4 3,001.1 17.4% Current assets 1,320.0 1,156.4 14.1% Cash and equivalents 969.5 830.6 16.7% Other current assets 350.5 325.8 7.6% Non-current assets 2,203.4 1,844.7 19.4% Plant, property and equipment 1,786.4 1,445.6 23.6% Goodwi
Slide 25: Free Cash Flow
FREE CASH FLOW US$ million Q4 25 Q4 24 Var 2025 2024 Var EBITDA 142.5 121.5 17.3% 491.8 500.4 -1.7% Interest income (expense) (1.2) 4.1 n.m. 20.0 43.6 -54.0% Decrease (increase) in working capital 28.2 33.9 -16.9% (37.3) (47.1) -20.7% Taxes (23.3) (24.6) -5.5% (58.4) (83.3) -30.0% Prepaid expenses 2
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