Cementir N : Presentation Conference Call - 2024 First quarter results

Cementir Holding N.V. 2024 First Quarter results

May 9th, 2024

Conference Call | Rome, 9 May 2024

Key takeaways

• Q1 2024 Results are in line with management expectations
• Cement, RMC and Aggregates volumes in positive territory year on year
• Some important infrastructure projects being delayed are expected to kick-in later in the year
• Nordic & Baltic and Belgium performance impacted by fewer working days, severe weather conditions and still weak residential market
• Strong result in Türkiye impacted by currency devaluation
• Over 53% devaluation of the Egyptian Pound vs. Euro in March 2024

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2024 First Quarter results highlights

FINANCIAL HIGHLIGHTS

NET DEBT / (CASH)

Revenues reached 368.3 M€ (-11.2% yoy); non-GAAP* Revenues: 367.1 M€ (-11.3% yoy)

• Cement volumes up by 2.3% due to the increase recorded in Türkiye, which offset the reduction in volumes in the other regions
• RMC volumes up by 3.7% driven by the positive performance in Türkiye. Aggregates volumes up by 8.9%
• Unfavorable weather conditions, fewer working days due to Easter holidays and negative exchange rate effect (TRY/EGP), which reduced revenues by ˜50 M€

EBITDA reached 66.5 M€ (-18.1% yoy); non-GAAP* EBITDA: 69.3 M€ (- 19.0% yoy)

• Lower EBITDA in Denmark and Norway and, to a lesser extent, in US and Asia Pacific, and a negative foreign exchange effect of 9.7 M€
• Non-GAAPEBITDA Margin decreased from 20.7% to 18.9% due to adverse geographical mix (lower volumes in Europe only partially offset by higher sales in Türkiye)

EBIT: 34.2 M€ (-30.4% yoy); non-GAAP* EBIT: 39.6 M€ (-29.6% yoy)

Profit before taxes: 58.7 M€ (-8.2% yoy); non-GAAP* Profit before taxes:

64.1 M€ (-6.2% yoy)

Net cash: 76.6 M€, an improvement of 108.7 M€ year on year, including

34.2 M€ dividend distribution (IFRS 16 impact of 83.4 M€ vs. 82.5 M€ on 31 Mar. 2023)

1. Non-GAAPfigures exclude both the impact of IAS 29 and of non-industrial property revaluation in Türkiye

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Nordic & Baltic

ASSET OVERVIEW

(32)

(27)

(9)

Grey cement plant (1)	Terminals (15)
White cement plant (1)
RMC (68)

SHARE OF GROUP EBITDA

39%

Q1 2024 Non-GAAP

DENMARK

• Domestic cement declined due to harsh weather conditions, fewer working days (Easter in Q1) and a residential market still not recovering
• RMC volumes were down 4% , while aggregates volumes increased slightly
• EBITDA contraction due to lower volumes despite savings on main input costs

NORWAY

− RMC sales volumes declined by 29% due to demand slowdown,

adverse weather conditions and delays in some infrastructure

projects

EUR '000	Q1 2024	Q1 2023	Chg %
Revenue	(*)	138,034	164,129	(15.9%)
Denmark	105,381	123,472	(14.7%)
Norway / Sweden	30,431	40,573	(25.0%)
Others (**)	16,174	17,178	(5.8%)
Eliminations	(13,952)	(17,094)
EBITDA		26,791	41,368	(35.2%)
Denmark	26,253	39,729	(33.9%)
Norway / Sweden	(481)	667	(172.1%)
Others (**)	1,019	972	4.8%
EBITDA Margin %	19.4%	25.2%

− EBITDA contraction due to lower volumes

− Norwegian Krone depreciated by 4% vs. Euro average

SWEDEN

• RMC sales volumes increased by 13%, while aggregates volumes were down 12%
• EBITDA improved vs. last year
• Swedish Krona broadly in line with Euro average

(*) Revenue from Sales and Services

(**) Includes: Iceland, Poland and white cement sales from Denmark to Belgium and France

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Belgium and France (*)

ASSET OVERVIEW

Grey cement plant (1)

RMC (12) Terminals (4)

SHARE OF GROUP EBITDA

31%

Q1 2024 Non-GAAP

BELGIUM AND FRANCE

• Domestic cement volumes declined by 3% ; exports to France and the Netherlands down double-digit, due to adverse weather conditions and a general market weakness
• RMC volumes were down 20% with a more significant drop in France while aggregates volumes were flat vs. Q1 2023
• EBITDA increased thanks to careful energy costs and selling price management

EUR '000	Q1 2024	Q1 2023	Chg %
Revenue	79,433	90,582	(12.3%)
EBITDA	21,639	21,208	2.0%
EBITDA Margin %	27.2%	23.4%

Views of the Company's cement plant in Gaurain,

Belgium

(*) Includes Compagnie des Ciments Belges S.A. results only

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Türkiye

ASSET OVERVIEW

Grey cement plant (4)

RMC (21)

Waste (1)

SHARE OF GROUP EBITDA

13%

Q1 2024 Non-GAAP

TÜRKIYE

• From April 2022 Türkiye is considered "hyperinflationary".
  Reported figures are non-GAAP i.e. exclude the application of IAS 29 and revaluation of non-industrial property
• Domestic cement volumes increased by +22% thanks to significantly higher sales in Eastern Anatolia and Aegean region, supported by post-earthquake reconstruction
• Cement exports were up by 8%, RMC volumes increased by 31%, and aggregates volumes were strongly up due to the opening of a new quarry in Eastern Anatolia
• Revenue decreased by 2.6%, penalized by TRY devaluation
• EBITDA reached 9.2 M€ driven by higher sales volumes and average cement prices despite currency devaluation
• 65.8% TRY devaluation vs. Euro average

EUR '000	Q1 2024	Q1 2023	Chg %
(Non- GAAP) (Non- GAAP)
Revenue	73,255	75,248	(2.6%)
EBITDA	9,219	7,769	18.7%
EBITDA Margin %	12.6%	10.3%

1. Non-GAAPfigures exclude both the impact of IAS 29 (Financial Reporting for hyperinflationary economies) and of non-industrial property revaluation

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North America

ASSET OVERVIEW

White cement plants (2)

Terminals (32)

SHARE OF GROUP EBITDA

7%

Q1 2024 Non-GAAP

UNITED STATES

• White cement volume declined by 4%, as deliveries to Texas and in York region were impacted by both harsh weather conditions and fewer working days, with the backdrop of a residential market still suffering from high interest rates. In California deliveries grew in all market segments.
• EBITDA declined due to lower cement volumes, lower selling prices due to strong competition and higher cement purchase costs.
• 1.2% USD devaluation vs. Euro average

EUR '000	Q1 2024	Q1 2023	Chg %
Revenue	42,636	45,833	(7.0%)
EBITDA	4,988	5,657	(11.8%)
EBITDA Margin %	11.7%	12.3%

Views of the Company's cement plant in York,

Pennsylvania

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Egypt

ASSET OVERVIEW

White cement plants (1)

SHARE OF GROUP EBITDA

5%

Q1 2024 Non-GAAP

EGYPT

• Domestic white cement volumes decreased by 16% due to a weak construction market and fewer working days; export volumes increased
• Revenue in local currencies was up 17.4%. Revenue in Euro declined by 1.7% because of EGP devaluation
• EBITDA decreased due to lower sales volumes, higher operating costs and EGP devaluation, not offset by higher sales prices
• During the month of March 2024, the EGP devalued by over 53% vs. Euro

EUR '000	Q1 2024	Q1 2023	Chg %
Revenue	12,271	12,487	(1.7%)
EBITDA	3,323	3,385	(1.8%)
EBITDA Margin %	27.1%	27.1%

Views of the Company's cement plant at El Arish,

Sinai pensinsula

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Asia Pacific

ASSET OVERVIEW

White cement plants (2) Terminals/Warehouse (13)

SHARE OF GROUP EBITDA

5%

Q1 2024 Non-GAAP

CHINA

• Revenue decreased by 17% , with volumes declining by 10%, modest price reductions and 6% CNY devaluation
• Volumes were affected by low temperature, early closure for Chinese New Year and weak real estate demand
• EBITDA decreased due to lower sales volumes and prices
• 6.3% CNY depreciation vs. Euro average

MALAYSIA

EUR '000	Q1 2024	Q1 2023	Chg %
Revenue	20,568	24,118	( 14.7%)
China	10,443	12,577	(17.0%)
Malaysia	10,368	11,545	(10.2%)
Eliminations	(243)	(4)
EBITDA	3,091	3,630	( 14.8%)
China	1,763	2,024	(12.9%)
Malaysia	1,328	1,606	(17.3%)
EBITDA Margin %	15.0%	15.1%

• Cement volumes increased by 6% with domestic volumes down by 9% due to strong comparable figures. Exports were up, driven by higher shipments to the Philippines and Vietnam
• Revenue and EBITDA were down due to a less favorable sales mix and MYR devaluation
• 8.9% MYR devaluation vs. Euro average

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2024 Guidance - Confirmed

FINANCIAL HIGHLIGHTS

• Revenues ~ 1.8 BN€

• EBITDA ~ 385 M€

• Net cash ~ 300 M€

• Capex ~ 135 M€

Guidance refers to like-for-like ongoing operations, non-GAAP, excluding extraordinary items

The above guidance excludes the negative repercussions of geopolitical shocks or other extraordinary events. As the expectations

described above are based on certain preconditions and assumptions that are beyond management's control, actual results may deviate

significantly from such expectations The foregoing exclusively reflects the point of view of the company's management, and does not represent a guarantee, a promise, an operational suggestion or even just an investment advice.

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