West China Cement Ltd. · HKEX:2233
West China Cement — FY2025 Earnings Presentation
28 slides from West China Cement's earnings presentation, March 2026
Slide 1: West China Cement Limited 2025 Annual Results
West China Cement Limited 2025 Annual Results March 2026
Slide 2: Disclaimer
Disclaimer By attending the meeting where this presentation is made, or by reading the presentation materials, you agree to be bound by the following limitations: The information in this presentation has been prepared by representatives of West China Cement Limited (the “Issuer” together with its su
Slide 3: Company Overview
Company Overview ◆ West China Cement Limited (“WCC”, “the Company”, 2233.HK) ▪ The largest cement producer in Shaanxi Province1 with further capacity in Guizhou and Sichuan ▪ Expansion into sub-Saharan Africa and Central Asia since 2020 ▪ Capacity in Ethiopia, Mozambique, the Democratic Republic of
Slide 4: Strategies and Vision
Strategies and Vision Our Core Market Strategy: Acquire high quality limestone, close to cement end-markets and capture a commanding market position Maintain Our Shaanxi Stable Financials, Strong Continued Development Replicate our Core Province Core Market Growth & Efficient of Emissions Standards
Slide 5: Section I 2025 Annual Results
Section I 2025 Annual Results Lemi National Cement, Amhara, Ethiopia
Slide 6: 2025 Annual Results – Key Data
2025 Annual Results – Key Data Operational* Financial Developments Sales Volume Revenue Rmb9.6bn (+15%) ▪ Acquisition of the 1.2m ton CILU plant, Kinshasa, DRC in January and China 13.0mt (-18.8%) EBITDA Rmb3.0bn (+15%) May 2025 and completed in Overseas 8.8mt (+120%) December 2025. Total 21.8mt (+9
Slide 7: 2025 Annual Results – Key Data
2025 Annual Results – Key Data Annual Results Key Performance Indicators RMB Mn FY25 FY24 YoY FY25 FY24 Sales Volume (m tons) Cement & Volume ASP*/Ton GP/Ton Volume ASP*/Ton GP/Ton clinker in mt (RMB) (RMB) in mt (RMB) (RMB) Cement & clinker 21.8 20.0 9.0% PRC 13.0 251 39 16.0 268 41 Other* 5.9 4.9
Slide 8: 2025 Annual Results – Contribution Analysis
2025 Annual Results – Contribution Analysis Contribution Analysis: China vs Overseas RMB bn Period China % Contribution Overseas Total 2022 7.3 85% 15% 1.2 8.5 2023 6.3 69% 31% 2.8 9.0 Revenue 2024 5.2 62% 38% 3.2 8.4 2025 4.9 51% 49% 4.7 9.6 2022 1.6 72% 28% 0.6 2.2 2023 1.1 43% 57% 1.4 2.5 Gross P
Slide 9: Production Costs
Production Costs RMB (million) (RMB per ton) Average Coal Cost Production Cost (Cement) 1,200 1066 1073 1,000 796 800 700 6,000 702 809 834 740 600 609 400 499 200 China Overseas 5,000 6.5% 6.9% 0 9.4% 6.2% 2021 2022 2023 2024 2025 5.4% 7.1% 6.6% 5.0% 6.1% 5.9% 14.1% 14.2% (RMB per kWh) Average Elec
Slide 10: Section II Business Overview
Section II Business Overview Dugongo Plant, Maputo, Mozambique
Slide 11: Business Overview – China
Business Overview – China Cement & clinker China current total cement capacity: 25mt (after Xinjiang asset disposal1) Province / Area Cement capacity 17.6 16.0 Central Shaanxi 13.1 mta 13.0 Southern Shaanxi 8.6 mta Sales volume Sichuan 1.5 mta (mt) Guizhou 1.8 mta Shaanxi 2023 2024 2025 Sichuan Tong
Slide 12: Business Overview – Sub-Saharan Africa
Business Overview – Sub-Saharan Africa Cement & clinker Sub-Saharan Africa current total cement capacity: 11mt 7.0 Sales 3.0 3.6 volume Great Lakes Cement Plant, DRC Lemi National Cement, Ethiopia (mt) Great Lakes Region1 2023 2024 2025 Cement/ Ethiopia Ethiopia Commissioning Plant Grinding Commissi
Slide 13: Macro Overview – Sub-Saharan Africa & Central Asia
Macro Overview – Sub-Saharan Africa & Central Asia Rapid GDP growth Below Average Cement Consumption (Real GDP growth rate, %) (Per capita cement consumption in 2024, kg/year) 8% 1,000 6% 800 600 4% 400 2% 200 0 Global Uganda Ethiopia Mozambique Greak Lakes Uzbekistan 0% Region Global Uganda Ethiopi
Slide 14: Business Overview – Ethiopia
Business Overview – Ethiopia Overview Cement Plant Commissioning date capacity ◼ 2025: Sales volume of 4.00 million tons with gross profit per ton of RMB159 National Cement Oct 20221 1.3 mta ◼ 2024: Sales volume of 1.35 million tons with gross profit per ton of RMB316 Lemi National Cement Sep 2024 5
Slide 15: Business Overview – Mozambique
Business Overview – Mozambique Overview Cement Plant Commissioning date capacity ◼ 2025: Sales volume of 1.97 million tons with gross profit per ton of RMB295 Dugongo Cement Dec 2020 2.0 mta ◼ 2024: Sales volume of 1.52 million tons with gross profit per ton of RMB286 Dugongo Cement Nampula 1Q20271
Slide 16: Business Overview – Great Lakes Region
Business Overview – Great Lakes Region1 Overview Cement/Grinding Plant Commissioning date capacity ◼ 2025: Sales volume of 0.97 million tons with gross profit per ton of RMB173 Great Lakes Plant Dec 2022 1.5 mta ◼ 2024: Sales volume of 0.72 million tons with gross profit per ton of RMB285 Rwanda Gri
Slide 17: Business Overview – Uganda
Business Overview – Uganda Overview Cement/Grinding Plant Commissioning date capacity ◼ Demand: 2025-29F CAGR GDP 7.3% (UGX terms) and FAI 9.1% (USD terms). Demand is driven by oil WIH Uganda Moroto SMC 1Q20261 3.0 mta exploration (Lake Albert Oilfield) and pipeline construction (East African Crude
Slide 18: Business Overview – Central Asia
Business Overview – Central Asia Cement & clinker Uzbekistan - total capacity: 2.5mt Plant Commissioned Cement Capacity Andijan Plant May 2024 2.5 mta 1.8 Market Size of Cement Industry (by Revenue) Sales volume RMB bn (mt) 0.4 Nil 10 2023 2024 2025 7.5 6.8 6.0 5.9 6.1 5.5 1.9 4.5 4.9 1.8 5 1.7 1.6
Slide 19: ESG - Environment
ESG - Environment Emission reduction measures Sulphur Dioxide Emissions 1,000 0.04 ▪ Cement kiln flue gas DDN deep NOx proprietary technology. ▪ Active desulphurisation and particle emission reduction. 500 0.02 ▪ Carbon emission monitoring of all coal use. ▪ Waste heat generation in China, 30% elect
Slide 20: ESG – Social, Governance
ESG – Social, Governance People Health & Safety ▪ 2025: 9,422 employees, over 5,500 overseas. 1,072 mid-management; 384 senior ▪ Adherence to the PRC “Work Safety Law” and local regulations. management. Increasing overseas localisation. ▪ Safety Production Committee headed by Group CEO + 6 specialis
Slide 21: Section III Financial Data
Section III Financial Data Great Lakes Cement, Kalemie, D.R. Congo
Slide 22: Key Profitability Metrics
Key Profitability Metrics Revenue breakdown by regions1 Revenue (RMB m) EBITDA (RMB m) China (51%) +15.3% 9,621 Ethiopia (17%) 9,021 +14.6% 3,083 3,015 8,489 8,345 Mozambique (14%) 2,769 2025 2,630 RMB 9,621m Great Lakes Region (8%) Uzbekistan (5%) Other countries (5%) China: 51% vs Overseas: 49% 20
Slide 23: Debt & Credit Ratios
Debt & Credit Ratios Breakdown by type Total debt to EBITDA3 Net debt to EBITDA4 4.6x 3.6x 3.9x 3.8x 3.3x 3.1x Bank borrowings - secured 3.1x 2.4x Bank borrowings - unsecured Senior notes (USD) - unsecured Secured: 51% vs Unsecured: 49% 2022 2023 2024 2025 2022 2023 2024 2025 Debt maturity profile I
Slide 24: Consolidated Income Statement
Consolidated Income Statement RMB ’000 2022 2023 2024 2025 Revenue 8,489,135 9,020,901 8,344,946 9,621,185 Cost of Sales (6,307,305) (6,560,882) (6,371,161) (7,162,664) Gross Profit 2,181,830 2,460,019 1,973,785 2,458,521 Selling & Marketing Expenses (75,197) (132,386) (131,782) (150,218) Administra
Slide 25: Consolidated Balance Sheet
Consolidated Balance Sheet Assets (RMB ’000) 2022 2023 2024 2025 Liabilities & equity (RMB ’000) 2022 2023 2024 2025 Non-current Assets Non-current Liabilities Property, Plant & Equipment 18,195,355 20,809,466 23,183,932 22,720,761 Borrowings 1,457,917 2,719,404 3,172,381 3,923,843 Right of use asse
Slide 26: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement RMB ’000 2022 2023 2024 2025 Net cash from operating activities 2,134,538 2,700,141 2,042,739 1,846,840 Net cash used in investing activities (3,254,819) (3,353,393) (1,878,291) (1,774,599) Net cash from (used in) financing activities (1,100,299) 139,807 85,463 (482,
Slide 27: Organizational Structure
Organizational Structure Zhang Jimin (Chairman) 100% Conch International and Asia Gain Investments Other public shareholders parties acting in concert (BVI-incorporated) 32% 29% West China Cement Limited 39% (Jersey-incorporated, 2233.HK) 100% 100% WC Cement Limited Yaobai International (BVI-incorpo
Slide 28: Thank you
Thank you