CH Press release First quarter 2026 results 07052026

• Declining volumes: cement (-3.3%), ready-mix concrete (-23.7%) and aggregates (-5.1%)

• Revenue: EUR 345.9 million (-6.0% on EUR 368.1 million in the first quarter of 2025); Non-GAAP Revenue reached EUR 344.1 million (-7.1% on 2025)

• EBITDA: EUR 38.8 million (-41.6% on EUR 66.4 million in the first quarter of 2025). Non-GAAP EBITDA was EUR 41.4 million (-40.6% on 2025)

• Profit before taxes: EUR 7.4 million, -75.7% on EUR 30.3 million in the first quarter of 2025. Non-GAAP profit before taxes was EUR 14.8 million (-62.7% on 2025)

• Net cash: EUR 303.7 million (net cash of EUR 143.2 million at 31 March 2025)

• Targets for the year are confirmed

Please note that as of April 2022, the Turkish economy is considered hyperinflationary according to the

criteria set out in "IAS 29-Financial Reporting in Hyperinflationary Economies".

Consolidated Data

‌1 Non-GAAP figures exclude the impacts of hyperinflation and the valuation of non-industrial real estate in Türkiye.

Francesco Caltagirone Jr, Chairman and Chief Executive Officer, commented:

"The first quarter of 2026 was affected by the harshest winter in the past 20 years in Europe and Türkiye, as well as by a different maintenance schedule, which had a significant impact on volumes and profitability. In March, a recovery in volumes was recorded in certain regions. Within a complex and uncertain macroeconomic and geopolitical environment and pending greater visibility in the coming months we believe we are able to confirm the guidance for the year".

In the first three months of 2026, cement and clinker sales volumes, equal to around 2.2 million tonnes, decreased by 3.3% compared to the same period of 2025. The decline is mainly attributable to the exceptionally adverse weather conditions that affected several European countries and Türkiye during the first part of the year, the latter impacted by the progressive completion of post-earthquake reconstruction, as well as the weak performance of Asia Pacific. These effects were partially offset by the better performance in Egypt, thanks to the reactivation of the second clinker line, and in Belgium.

Ready-mixed concrete sales volumes, amounting to 0.8 million cubic metres, recorded a 23.7% reduction compared to the first quarter of 2025, with a more marked decline in Türkiye due to the progressive completion of post-earthquake reconstruction and, in general, in the Nordic countries and Belgium, due to unfavourable weather conditions and the postponement of some infrastructure projects.

Aggregates sales volumes amounted to 2.3 million tonnes, a decrease of 5.1% compared to the same period of the previous year. The trend reflects above all the weakness of demand in Türkiye and Denmark, only partially offset by the growth recorded in Sweden, the good performance of Belgium and the new business in the United States.

370.5 million in the first quarter of 2025. The decrease in revenues is mainly attributable to the reduction in volumes in several regions and the negative exchange effect of EUR 21.4 million, in particular due to the devaluation of the Turkish lira and the US dollar against the Euro. At the geographical level, there was a growth in revenues in Belgium and Egypt, while there was a decline in Türkiye, Nordic & Baltic, Asia Pacific and the United States.

At EUR 293.2 million, operating costs fell by 2.9% compared to EUR 302.1 million in the first quarter of 2025.

The cost of raw materials, equal to EUR 138.2 million, recorded a reduction of 6.3%, mainly due to the lower volumes produced and the exchange effect.

The EBITDA margin fell to 12.0% from 18.8% in the first quarter of 2025.

in the same period of the previous year. Amortisation, depreciation, impairment losses and provisions include EUR 9.0 million of amortisation and depreciation due to the application of IFRS 16 (EUR 9.0 million in the same period of 2025).

During the first quarter of 2026, the Group made total investments of approximately EUR 53.1 million (EUR 31.6 million in the first quarter of 2025), of which EUR 18.8 million (EUR 9.6 million in the first quarter of 2025) in connection with the application of IFRS 16.

8.7 million, the collection for the sale of Kars Cimento for about EUR 51 million, the collection of the insurance reimbursement for EUR 19.7 million and the collection of EUR 18.6 million relating to the "Just Transition Fund" contribution to support investments for the reduction of greenhouse gas emissions of the plant in Belgium. The net cash position includes EUR 81.5 million of debt due to the effect of IFRS 16 application (EUR 86.1 million as of 31 March 2025).

The reduction of EUR 161.4 million compared to net cash at 31 December 2025 is due to the seasonality of the activity in the first quarter, the dynamics of working capital, as well as the lower result for the period and a different annual maintenance schedule.

Performance by geographical segment Nordic and Baltic

(1) Iceland, Poland and white cement operating activities in Belgium and France

In the first quarter of 2026, sales revenue reached EUR 102.6 million, down 8.1% compared to the same period in 2025, mainly due to exceptionally adverse weather conditions in the first two months of the year, which negatively affected sales volumes.

The volumes of grey cement on the domestic market decreased by about 10% compared to the first quarter of 2025, in a context characterised by the coldest start to the year in the last 20 years; however, in March there was a partial recovery (+6%). On the other hand, sales of white cement showed a positive trend with a growth of 15%, thanks to more sustained demand.

Cement exports fell 7% mainly due to lower deliveries to Norway and Iceland, partially offset by growth in the UK, France and Finland.

Ready-mixed concrete volumes decreased by 22% compared to the first quarter of 2025, reflecting the slowdown in activities in January and February due to the aforementioned weather conditions, followed by a recovery in sales in March. The growing attention of the market towards sustainable products represents an element of competitive advantage for the company's offer. Aggregate sales volumes also decreased (-29%), due to similar dynamics; in March, sales volumes were in line with those of the previous year.

EBITDA amounted to EUR 17.6 million (EUR 31.6 million in the first quarter 2025), down 44.2%. The decline is mainly attributable to the cement sector due to lower sales volumes, the incidence of government taxes on CO₂ emissions, and higher costs related to a different maintenance schedule. Ready-mixed concrete also had a negative impact on the result, due to lower volumes and variable costs increase.

Investments for the quarter amounted to EUR 22.4 million, of which approximately EUR 20.9 million in the cement sector, mainly for efficiency improvements, extraordinary maintenance, preliminary studies for CO2 capture and storage projects, and for the introduction of natural gas as an alternative fuel. Investments in the concrete sector amounted to EUR 1.2 million. Investments include EUR 4.4 million accounted for under IFRS 16.

In the first quarter of 2026, the performance of the markets in Norway and Sweden overall remained weak, affected by unfavourable weather conditions, the postponement of some infrastructure projects and a macroeconomic context still characterised by high interest rates, with signs of improvement emerging in March.

In Norway, concrete sales volumes decreased by 13% compared to the first quarter 2025, due to weak demand, slippage of some major infrastructure projects and adverse weather conditions. In March, the decline was reduced to 2.5% thanks to the launch of some initiatives. The market remains characterised by high production capacity and price pressure, while the government is also paying more attention to products with a lower environmental impact.

In Sweden, ready-mixed concrete volumes decreased by 10% compared to the first quarter 2025 mainly due to harsh weather conditions in January and February; in March sales grew by 14%. The context remains weak, especially in the south of the country, an area of greater presence.

Aggregate volumes, on the other hand, increased by 14% supported by the start of several projects in March (+60% compared to March 2025).

In the period, the Norwegian krona revalued by 2.3% and the Swedish krona by 4.8% compared to the average exchange rate of the Euro in the same quarter of 2025.

In the first quarter of 2026, sales revenue in Norway and Sweden increased by 1.4% to EUR 32.5 million (EUR 32 million in the first quarter of 2025). EBITDA was negative for EUR 0.1 million compared to a positive value of EUR 0.4 million in the same period of 2025, due to lower sales volumes, with the sole exception of the aggregates in Sweden, and the increase in variable costs, only partially offset by higher sales prices.

Investments amounted to EUR 2.8 million (EUR 1.4 million in Norway and EUR 1.4 million in Sweden), of which EUR 2.1 million accounted for according to IFRS 16.

In the first quarter of 2026, cement sales volumes in the domestic market increased by 8% compared to the same period in 2025, despite the snowfall at the beginning of the year that slowed down the start of activities, thanks to the acquisition of new customers and the good performance of the prefabricated segment. However, demand remains weak due to international tensions, the high cost of materials and low market confidence, with the residential segment still weak.

Exports grew by 30% to France and the Netherlands, thanks to the contribution of new customers, despite the adverse weather conditions at the beginning of the year in the Île-de-France area. In France, there are signs of recovery in the construction sector, albeit in a still uncertain macroeconomic context.

Demand for low-CO2 products is growing throughout the region, particularly in public tenders and large projects.

Ready-mixed concrete sales decreased by 4% compared to the first quarter of 2025, with a more marked contraction in Belgium (-9%) due to snowfall at the beginning of the year and the comparison with a significant project carried out in the first quarter of 2025; in France, on the other hand, volumes grew by about 10%.

Aggregate sales increased by 4%, mainly in the Netherlands and France, supported by market recovery. In Belgium, growth was lower due to the difficult climatic conditions and the high competitiveness of the road segment.

Sales revenue increased by 7% to EUR 80.7 million compared to EUR 75.4 million in the same period of 2025. EBITDA, on the other hand, decreased by 12% to EUR 17.5 million (EUR 19.9 million in the first quarter of 2025), mainly penalised by the cement sector due to higher costs related to a different maintenance schedule. These effects were only partially offset by the higher volumes. Ready-mixed concrete, particularly in Belgium, was affected by lower volumes and increased production costs.

Investments made in the first three months of the year amounted to EUR 12 million and concerned the cement segment for EUR 10.6 million, mainly for extraordinary maintenance, efficiency improvements to production capacity, preliminary studies relating to CO2 capture and storage projects, and the introduction of natural gas as an alternative fuel. Investments accounted for under IFRS 16 amounted to EUR 5.7 million, relating to contracts for cement transport vehicles.

In the United States, sales volumes of white cement increased by 4% compared to the first quarter of 2025, showing an overall resilient trend, despite a context characterised by high competitive pressure, unfavourable weather conditions in some areas, and still selective price dynamics.

In Texas, volumes registered a moderate decline following a snowstorm in January that disrupted activity for more than a week, against a backdrop of fierce competition from importers. In the York region, the decline was more contained, but still influenced by the harsh weather conditions.

In California, sales remained in line with the previous year, while in Florida they grew significantly thanks to a dynamic market, despite aggressive competition.

The dollar devalued by 11.2% compared to the average exchange rate of the Euro in the first quarter of 2025.

Overall, revenues decreased by 5.3% to EUR 39.1 million (EUR 41.3 million in the first quarter of 2025), mainly due to the devaluation of the dollar. Gross operating margin decreased by 1.7% to EUR 4.0 million (EUR 4.05 million in 2025), penalised by higher transport, cement purchase, energy and maintenance costs, as well as the foreign exchange effect, only partially offset by higher volumes and sales prices. EBITDA for the new aggregates business was positive and ahead of the previous year.

Investments in the first three months of 2026 amounted to EUR 2 million, of which EUR 1.6 million was allocated to the two cement plants for sustainability projects, production rationalisation and extraordinary maintenance. Investments recognised as a result of IFRS 16 were EUR 0.9 million.

In the first quarter of 2026, the market environment in Türkiye remained complex, characterised by hyperinflation, high interest rates and exceptionally adverse weather conditions in the first two months of the year, as well as seasonal effects related to the month of Ramadan. In addition, the progressive completion of major post-earthquake reconstruction projects has led to a slowdown in demand in some areas of the country. In the period, the Turkish lira devalued by 33.9% compared to the average exchange rate of the Euro in the first quarter of 2025.

Sales volumes of cement on the domestic market decreased by 18% compared to the first quarter of 2025, penalised by the harsh winter, among the most severe in the last 20 years, the unfavourable economic environment, and the sale of the Kars plant at the end of 2025.

The Aegean region (Izmir) recorded growth of 5%, boosted by the recovery in late 2025 and new urban transformation and public investment programmes. In the Marmara (Trakya) region, volumes decreased by 8% mainly due to weather conditions, with strong demand from large customers but limited possibilities for price adjustment to inflation.

In Eastern Anatolia (Elazig), sales fell by more than 50%, significantly affected by the completion of major post-earthquake reconstruction projects, as well as adverse weather conditions.

Cement and clinker exports, while still limited compared to domestic sales, recorded an 80% growth, driven by higher sales in Albania, Bulgaria, Italy, Montenegro and North Africa.

The volumes of ready-mixed concrete and aggregates decreased by 34% and 30% respectively, penalised by the aforementioned dynamics.

In the waste sector, the subsidiary Sureko, active in the treatment of industrial waste, recorded slightly increased revenues, supported by the start of the new landfill in the third quarter of 2025 and the development of alternative fuels and materials, with positive effects on profitability.

Overall revenues amounted to EUR 53.2 million, down 31.3% compared to the first three months of 2025 (EUR 77.4 million), as a result of the devaluation of the Turkish lira. EBITDA was negative by EUR 3.0 million, worsening compared to the first quarter of 2025 (positive by EUR 7.9 million), following the decline in volumes and the increase in variable and fixed costs, only partially offset by higher average sales prices.

Investments amounted to EUR 10.4 million, of which EUR 4.5 million in ready-mixed concrete mainly for safety, environment and reconversion of the electricity grid in the Trakya plant, and EUR 5.8 million in ready-mixed concrete; in this last segment, these are investments relating to transport vehicles, almost entirely accounted for in accordance with IFRS 16.

Sales revenues amounted to EUR 16.1 million, an increase of 41.5% compared to EUR 11.4 million in the first quarter of 2025, despite the devaluation of the Egyptian pound (-7.7% against the euro compared to the first quarter of 2025).

Sales volumes of white cement on the domestic market increased by 50% compared to the first quarter of 2025, also benefiting from the temporary deferral of some deliveries originally planned for December 2025. The country remains characterised by high inflation, currency depreciation and rising energy costs.

Exports increased by 68% following the reactivation during 2025 of the second production line, which allowed an expansion of production capacity and a stronger presence on the main foreign markets, particularly the United States and Western Europe.

EBITDA increased by 6.4% to EUR 2.6 million (EUR 2.4 million in the first quarter of 2025), thanks to higher sales volumes, lower average prices as a result of the destination mix, as well as higher energy costs.

Investments in the first three months of 2026 amounted to about EUR 1.0 million and mainly concerned efficiency and extraordinary maintenance interventions on the two clinker production lines.

In the first quarter, sales volumes decreased by 15% compared to the first quarter of 2025, affected by still stagnant demand and strong competition in the market, which put pressure on selling prices.

The market environment in China remained weak, despite the economic stimulus measures introduced by the government, in a context still characterised by deflationary pressures, a slowdown in the construction sector, and trade tensions with the United States. Deliveries were also penalised by heavy snowfall in January and a prolonged slowdown in activity before and after the Chinese New Year.

Sales revenue decreased by 24.7% to EUR 7.4 million (EUR 9.9 million in the first quarter of 2025). EBITDA decreased by 43.4% to EUR 0.5 million (EUR 0.9 million in the same period of 2025), due to lower sales volumes and prices, and higher fixed costs, only partially offset by savings on variable costs.

The Chinese Renminbi depreciated by 5.8% against the average euro exchange rate in the first quarter of 2025.

Investments in the first three months of the year amounted to approximately EUR 0.9 million and concerned projects to increase the functionality and efficiency of the plant, as well as extraordinary maintenance.

Total sales volumes decreased by 30% compared to the first quarter of 2025, mainly due to timing differences in clinker shipments to Australia. The domestic market, although marginal in terms of total volumes, recorded a 13% drop, partly attributable to the advance of some orders in December 2025, in a still weak residential market characterised by a high stock of unsold apartments and difficulties in accessing credit.

Cement exports were down slightly compared to the first quarter 2025, with higher deliveries to Vietnam and lower volumes to Cambodia.

Malaysia has introduced a new legislation on sustainability, which will come into force in the next two years and which provides for a preliminary phase of monitoring CO2 emissions.

Sales revenue decreased by 19.1% to EUR 9.8 million (EUR 12.1 million in the corresponding period of 2025), due to lower sales volumes, mainly concentrated in clinker exports.

EBITDA was at breakeven, from EUR 1.6 million in the corresponding quarter of 2025, due to lower sales volumes, higher freight rates for exports and scheduled maintenance costs incurred during the period, partially offset by a higher average sales price resulting from a different product mix.

The Malaysian Ringgit appreciated by 0.9% against the average Euro exchange rate in the first quarter of 2025.

Investments in the first quarter of 2026 amounted to approximately EUR 1 million and involved projects to increase the functionality and efficiency of the plant, as well as extraordinary maintenance.

This grouping includes the parent company, Cementir Holding, the trading company, Spartan Hive, and other minor companies. EBITDA increased compared to the previous year thanks to the better result of Spartan Hive, supported by higher intermediation margins, and the reduction of fixed costs of the parent company Cementir Holding.

Significant events during and after the first quarter

On 12 February 2026, the Board of Directors of the Parent Company approved the update of the 2026-2028 Industrial Plan, please see the press release for more information.

On 23 March 2026, the Group, through its Danish subsidiary Aalborg Portland Holding A/S, entered into a binding agreement to acquire 100% of the share capital of Nymølle Stenindustrier A/S. The transaction has an enterprise value of DKK 900 million (approximately EUR 120 million) on a cash- and debt-free basis and is expected to generate synergies of DKK 30 million (approximately EUR 4 million) once fully implemented. The completion of the acquisition is subject to the occurrence of the usual suspensive conditions, including the necessary regulatory authorisations, and is expected by the third quarter of 2026.

On 5 May 2026, the Danish Energy Agency notified our Danish subsidiary Aalborg Portland A/S of the positive outcome of the governmental subsidy award process regarding the CO2 capture, transport and storage within the ACCSION project framework. The effectiveness of such subsidy award is subject to the related contract execution, which is expected to occur during the second quarter of 2026.

Outlook

The macroeconomic scenario remains characterised by high uncertainty, in a context influenced by geopolitical and trade tensions and US protectionist measures, which continue to weigh on global growth prospects. In this scenario, the Group remains focused on cost control and cash generation.

The trend in the first quarter must be considered exceptional, as it was influenced by particularly adverse weather conditions that affected several European countries and Türkiye in January and February. These factors came on top of a different maintenance schedule and to a sharper than expected decline in volumes and margin in Türkiye. In March, a recovery in volumes was recorded in certain regions.

The ongoing conflict in the Middle East did not have a significant impact on the first quarter results in terms of energy and logistics costs. With reference to energy costs, Cementir adopts a structured risk management approach, based on operational flexibility in the fuel mix, adequate stock levels, alternative fuels, renewable energy and hedging instruments, especially for electricity, natural gas and coal.

The most significant impacts concern the sourcing of petcoke and logistics. In this context, the Group has launched initiatives to mitigate the impact on profitability.

In light of the above, despite a very complex and uncertain macroeconomic and geopolitical context, and pending greater visibility on its evolution, the Group believes it can confirm the following financial-economic objectives announced in February 2026:

• Consolidated revenue of approximately EUR 1.7 billion, mainly supported by inflation-related price increases and a slight increase in volumes in the second half of the year with the sole exception of China and Türkiye. In the latter, a contraction in domestic volumes is expected following the completion of post-earthquake projects and the decommissioning of the Kars plant. For ready-mixed concrete and aggregates, substantial stability or a slight decline is expected due to the negative performance of the Turkish market.

• EBITDA is expected to be between EUR 400 million and EUR 420 million, slightly up compared to a pro-forma recurring 2025 EBITDA of EUR 401.3 million, excluding non-recurring items and the contribution of the company Kars Cimento, sold on 1 December 2025.

• Net cash position expected to be around EUR 590 million at the end of the period, on a like-for-like basis.

  Investments amount to approximately EUR 128 million (EUR 98 million in 2025), of which approximately EUR 32 million are in sustainability projects. R&D expenses and the average number of employees are expected to be in line with 2025, net of the divestment of the company Kars Cimento.

  These forward-looking statements do not include: i) the impacts of IAS 29 application; (ii) any non-recurring items; (iii) the impact of any deterioration in the geopolitical situation or other extraordinary events.

  The foregoing solely reflects the views of the company's management, and does not constitute a guarantee, promise, operational suggestion or even investment advice. Therefore, it should not be taken as a forecast on future market trends and of any financial instruments concerned.

  Sustainability

  In the first quarter of 2026, the Group's commitment to decarbonisation continued, in line with the sustainability path and with the medium-long-term objectives.

  In February 2026 Cementir submitted the application to the Danish Fund for costs subsidy for a period of 15 years for the ACCSION project in Denmark, expected to come into operation from 2030.

  In April 2026, Cementir ranked first out of 119 global companies in the construction materials sector analysed by LSEG (London Stock Exchange Group), with an ESG score of 3.94 out of 5, confirming the effectiveness of the Group's integrated approach to environmental, social and governance issues.

  In the same period, ISS ESG, sustainability rating agency of the Deutsche Börse Group, awarded Cementir Holding a Corporate ESG Rating equal to B- with "Prime status", an improvement compared to the previous C+, positioning the Company in the first decile (top 10%) of the Construction Materials sector.

  Cementir was also recognised among the winners of the Plus24-Il Sole 24 Ore ESG Observatory, an initiative carried out in collaboration with the University of Milan-Bicocca that rewards companies listed on the Milan Stock Exchange that have obtained the best rating on the basis of three indicators related to ESG awareness, monitoring capacity and sustainability governance.

  Also in April 2026, the Group's Belgian subsidiary again submitted an application for financial grant to the European Innovation Fund for a carbon capture and storage project at the Gaurain plant in Belgium.

  Conference call details

  First quarter results 2026 will be presented to the financial community in a conference call and an audio webcast to be held today, Thursday 7 May, at 6.00 pm (CET).

  Participants can connect to the audio webcast by registering at this link, where the details for accessing the conference call and participating in the Q&A session will also be available.

  The supporting presentation will be made available on the website https://www.cementirholding.com in the Investors section before the start of the conference call.

  Other information

  The Interim Financial Report as at 31 March 2026, unaudited, will be published in the manner and within the deadline required by current regulations.

  * * *

  The unaudited consolidated results for the first quarter of 2026 are attached.

  Disclaimer

  This press release contains forward-looking statements. These statements are based on current expectations and projections of the Group regarding future events and, by their very nature, are exposed to inherent risks and uncertainties.

  They reflect solely the views of the Company's Management, and do not represent a guarantee, promise, operational suggestion or even investment advice. They should therefore not be taken as predictive support for the future performance of the markets and financial instruments concerned.

  These statements relate to events and depend on circumstances that may or may not occur or exist in the future. Accordingly, readers should not place undue reliance on them. Actual results may differ materially from those stated due to multiple factors, including: the volatility and deterioration of capital and financial markets, changes in commodity prices, changes in macroeconomic conditions and economic growth and other changes in business conditions, changes in atmospheric conditions, floods, earthquakes or other natural disasters, changes in the regulatory and institutional framework (both in Italy and abroad), production difficulties, including constraints on the use of plants and supplies and many other risks and uncertainties, most of which are outside the Group's control.

  In addition to conventional financial indicators under IFRS, the Cementir Holding Group also uses a number of alternative performance indicators to allow a better assessment of earnings and financial performance. In line with Consob Communication 92543/2015 and the ESMA Guidelines (ESMA/2015/1415), the meaning and content of the indicators used in this press release are provided below.

  • EBITDA: an indicator of operating performance calculated by adding together "EBIT" and "Amortisation, depreciation, impairment losses and provisions";
  • Net financial debt: an indicator of financial structure calculated according to Consob Communication No. 6064293/2006, updated based on the Notice no. 5/21 of 29 April 2021 in implementation of the recommendations contained in paragraph 175 of ESMA Recommendation 32-382-1138 of 4 March 2021, as the sum of the items:

    • Current financial assets;

    • Cash and cash equivalents;

    • Current and non-current liabilities.

  • Net capital invested: calculated as the total amount of non-financial assets, net of non-financial liabilities.

About Cementir Holding

Cementir Holding is an international manufacturer and supplier of a wide range of building materials products and innovative building solutions, with operations in 18 countries and a workforce of around 3,000 people. The Group is global leader in the white cement business and is one of the largest constituents of the Star segment of the Euronext Milan Stock Exchange.

With sustainability at the core of its strategy, Cementir has its emissions reduction targets independently verified by the Science Based Target initiative and it is rated A for Climate Change and A- for Water Security by CDP. The Company is also rated BBB-with Stable Outlook by S&P.

Learn more about Cementir Holding on https://www.cementirholding.com

Contacts

T +39 06 45412365 T +39 06 32493305

ufficiostampa@caltagironegroup.it invrel@cementirholding.it

Financial highlights

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