Board of Directors approves consolidated results as of 30 September 2021

PRESS RELEASE

Cementir Holding: Board of Directors approves consolidated results as of 30 September 2021

• Revenue: EUR 1,008.3 million (EUR 896.8 million in the nine months of 2020)
• EBITDA: EUR 215.1 million (EUR 178.1 million in the nine months of 2020)
• Profit before taxes: EUR 121.2 million (EUR 81.2 million in the nine months of 2020)
• Net financial debt: EUR 100.1 million (EUR 218.5 million at 30 September 2020)
• Conclusion of share buyback program with a consideration of EUR 28.8 million at 30 September 2021

Rome, 11 November 2021 - The Board of Directors of Cementir Holding N.V. today examined and approved the consolidated unaudited results for the first nine months and the third quarter of 2021.

Financial highlights

(Euro millions)	Jan-Sept	Jan-Sept	Change
2021	2020	%
Revenue from sales and services	1,008.3	896.8	12.4%
EBITDA	215.1	178.1	20.8%
EBITDA/Revenue from sales and services %	21.3%	19.9%
EBIT	133.3	97.7	36.5%
Net financial income (expense) and share of net profits of	(12.2)	(16.4)	-26.1%
equity-accounted investees
Profit before taxes	121.2	81.2	49.1%

Sales volumes

('000)	Jan-Sept	Jan-Sept	Change
2021	2020	%
Grey, White cement and Clinker (metric tonnes)	8,331	7,702	8.2%
Ready-mixed concrete (m3)	3,767	3,123	20.6%
Aggregates (metric tonnes)	8,259	7,514	9.9%

Net financial debt

(millions of euros)	30-09-2021	30-09-2020	31-12-2020
Net financial debt	100.1	218.5	122.2

Cementir Holding N.V.	Share capital: € 159,120,000
Registered office: 36, Zuidplein, 1077 XV, Amsterdam, Netherlands	VAT number: 02158501003
T: [phone]	Tax number: 00725950638
Secondary and operational office: 200, Corso di Francia, 00191 Rome, Italy	Netherlands Chamber of Commerce number 76026728
T: [phone]
www.cementirholding.com

Group employees

30-09-202130-06-202131-12-202030-09-2020

Number of employees

3,090

3,090

2,995

3,009

"In the first nine months of 2021, the Group reported a set of results in line with our expectations, with revenues up by 12.4% and EBITDA up by 20.8% compared to 2020. Over the last 12 months we have reduced net financial debt by 118.4 million euros, after EUR 22.3 million of dividend distribution and EUR

28.8 million of share buyback" commented Francesco Caltagirone Jr, Chairman and Chief Executive Officer.

During the first nine months of 2021, cement and clinker sales volumes, reached 8.3 million tonnes, up by 8.2% compared to the same period of 2020. The increase is mainly attributable to performance in Turkey, Denmark and Belgium.

Sales volumes of ready-mixed concrete, equal to 3.8 million cubic metres, were up by 20.6% mainly due to the increase in Turkey, Belgium and Nordic & Baltic region.

In the aggregates sector, sales volumes amounted to 8.3 million tonnes, up 9.9% mainly due to increases in Sweden, Denmark, Belgium and Turkey.

Group revenue reached EUR 1,008.3 million, up 12.4% compared to EUR 896.8 million in the first nine months of 2020. At constant 2020 exchange rates, revenue would have reached EUR 1,040.9 million, up by 16.1% on the previous period.

Operating costs, equal to EUR 804.9 million, increased by 11.7% compared to EUR 720.3 million in the first nine months of 2020.

The cost of raw materials reached EUR 406.8 million (EUR 341.4 million in the first nine months of 2020), up by over 19% due to higher business volumes mainly in Turkey as well as the generalised increase in fuel prices on international markets.

Personnel costs of EUR 138.1 million were in line with the same period in 2020.

Other operating costs totalled EUR 260.0 million, up 8.5% compared to EUR 239.7 million in the first nine months of 2020.

EBITDA reached EUR 215.1 million, an increase of 20.8% compared to EUR 178.1 million in the first nine months of 2020 as a result of improved results in Turkey, Belgium and, to a lesser extent, in Asia Pacific and the United States. It should be noted that in the first nine months of 2020, the results included non- recurring costs of EUR 5.6 million linked to the disposal of some equipment in Turkey and the execution of a settlement agreement. Net of these non-recurring costs, the increase was 17.1%.

The EBITDA margin was 21.3% compared to 19.9% in the first nine months of 2020.

At constant exchange rates with previous year 2020, EBITDA would have been EUR 217.5 million, up 22.2% compared to the same period last year.

EBIT, after EUR 81.8 million of amortisation, depreciation, impairment losses and provisions (EUR 80.4 million in the first nine months of 2020), was EUR 133.3 million, up 36.5% compared to EUR 97.7 million in the first nine months of the previous year. Amortisation and depreciation due to IFRS 16 application was EUR 20.6 million compared to EUR 19.5 million in the same period of 2020.

At constant 2020 exchange rates, EBIT would have been EUR 133.7 million.

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The share of net profits of equity-accounted investees was positive for EUR 0.6 million (EUR 0.3 million in the first nine months of 2020).

Net financial expense of EUR 12.8 million (expense of EUR 16.7 million in the same period of the previous year), includes net financial charges of EUR 8.3 million (EUR 11.7 million in the first nine months of 2020), net foreign exchange charges of EUR 2.8 million (EUR 5.9 million in the first nine months of 2020) and the impact of the valuation of derivatives.

Profit before taxes was EUR 121.2 million, an increase of 49.1% on EUR 81.2 million in the first nine months of 2020.

During the first nine months of 2021, the Group made investments of approximately EUR 64.4 million (EUR 62.7 million in the corresponding period of 2020), of which around EUR 10.8 million (EUR 23.7 million in the first nine months of 2020) related to the application of IFRS 16.

Net financial debt as at 30 September 2021 was EUR 100.1 million, a decrease of EUR 118.4 million compared to EUR 218.5 million as at 30 September 2020. These amounts include EUR 75.3 million due to the application of IFRS 16 (EUR 85.2 million at 30 September 2020), the distribution of dividends of EUR 22.3 million in May and the share buyback for EUR 28.8 million at 30 September 2021.

Total equity at 30 September 2021 amounted to EUR 1,235.4 million (EUR 1,183.0 million at 31 December 2020 and 1,153.6 at 30 September 2020).

Performance in the third quarter of 2021

In the third quarter of 2021, cement and clinker sales volumes declined by 7.5% to 2.9 million tonnes compared to the same period in 2020, which, mainly in Turkey and Belgium, was affected by the significant increase of activity following the lockdown.

Sales volumes of ready-mixed concrete, equal to 1.3 million cubic metres, were up by 3.5% thanks to the positive trend in the Nordic & Baltic region and Turkey. In the aggregates segment, sales volumes reached 2.7 million tonnes, up by 6.5% mainly as a result of the contribution of the new aggregate activity in Turkey.

Revenue from sales was EUR 343.8 million, up 5.3% compared to EUR 326.4 million in the third quarter of 2020. There was an increase in revenues mainly in Nordic & Baltic, Turkey and Asia Pacific while Belgium recorded a slight decrease.

Operating costs increased 9.2% to EUR 268.2 million (EUR 245.6 million in the third quarter of 2020). This increase was mainly due to the increase in the purchase cost of raw materials, fuel and transport.

EBITDA reached EUR 81.6 million, up 1.6% on the third quarter of 2020 (EUR 80.3 million).

EBIT amounted to EUR 54.3 million (EUR 54.5 million in the third quarter of 2020).

The share of net profits of equity-accounted investees was EUR 0.2 million (EUR 0.4 million in the same period of 2020).

Net financial expense was EUR 2.7 million (expense of EUR 5.6 million in the third quarter of 2020).

Profit before taxes came to EUR 51.8 million, slightly up on the third quarter of 2020 (EUR 49.2 million).

In the third quarter of 2021, investments amounted to EUR 20.1 million (EUR 20.5 million in the third quarter of 2020), of which EUR 2.5 million accounted according to IFRS 16 (EUR 8 million in the third quarter of 2020).

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Performance by geographical segment

Nordic and Baltic

(EUR'000)		Jan-Sept		Jan-Sept	Change
	2021		2020	%
Revenue		460,575		418,087	10.2%
Denmark		310,313		289,506	7.2%
Norway / Sweden		141,695		126,884	11.7%
Others (1)
	51,441		44,588	15.4%
Eliminations		(42,874)		(42,981)
EBITDA		109,948		110,336	(0.4%)
Denmark		91,751		97,054	(5.5%)
Norway / Sweden		13,861		11,409	21.5%
Others (1)
	4,336		1,873	131.5%
EBITDA Margin %		23.9%		26.4%
Investments		31,870		26,474

1. Iceland, Poland, Russia and white cement operating activities in Belgium and France

Denmark

In the first nine months of 2021 sales revenues increased by 7.2% to EUR 310.3 million compared to EUR 289.5 million in the first nine months of 2020, due to improved trading in all business lines.

Cement volumes in the domestic market increased by around 7%, due to growth in the ready-mixed concrete, precast and bagged cement segments, the acquisition of new customers and some major white cement projects. From the fourth quarter of the year, incremental volumes from new infrastructural projects are expected. Average selling prices in the domestic market increased in line with inflation and as a result of the favorable product mix.

White cement exports grew by 6%, driven by higher exports to the UK, Germany and France.

Ready-mixed concrete and aggregate volumes increased by 8% and 27% respectively, compared to 2020.

EBITDA declined by 5.5% to EUR 91.8 million in the first nine months of 2021 (EUR 97.1 million in 2020). The contraction is attributable to the cement sector, which recorded higher costs for raw materials, semi- finished products, fuel and electricity, and higher fixed production costs, partly offset by the growth in sales volumes and prices.

Total investments in the nine months amounted to EUR 22.6 million, of which approximately EUR 16.7 million in the cement sector, focused on sustainability, rationalization and production efficiency projects and EUR 5.6 million in ready-mixed concrete. Investments included EUR 3 million accounted according to IFRS 16.

Norway and Sweden

In Norway, ready-mixed concrete sales volumes increased by around 6% compared to the same period of the previous year. After a relatively slow start in 2021, since March, there has been a significant recovery in activities compared to 2020, thanks to the start of some projects that had been delayed in the previous months.

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It is important to underline that Norwegian krone appreciated by 4.5% compared to the average euro exchange rate in the same period of 2020.

In Sweden, ready-mixed concrete and aggregates volumes increased by 9% and 5% respectively, compared to the previous year. In 2021, the sector benefited from favorable weather conditions and a very solid construction market performance, especially in the residential and infrastructure sectors.

The Swedish krona appreciated by 3.9% compared to the average euro exchange rate for the corresponding period in 2020.

In the first nine months of 2021, revenues from sales in Norway and Sweden increased by 11.7% to EUR

141.7 million (EUR 126.9 million in 2020) while EBITDA grew 21% at EUR 13.9 million (EUR 11.4 million in 2020).

Investments made in the area in the first nine months of 2021 amounted to EUR 8.9 million of which EUR 2 million accounted for in accordance with IFRS 16.

Belgium

(EUR'000)		Jan-Sept		Jan-Sept	Change
	2021		2020	%
Revenue		205,131		187,051	9.7%
EBITDA		47,936		41,350	15.9%
EBITDA Margin %		23.4%		22.1%
Investments		13,637		19,264

In the first nine months of 2021, cement sales volumes increased by 3% compared to 2020 due to good weather conditions and growth in all market segments. However, the negative performance in March and April 2020 as a result of Covid-19 should be noted. During the period, volumes were very positive in Belgium and France, and down in the Netherlands. In Q3, however, sales were down compared to the same quarter in 2020, due to a lack of products in some areas and a shortage of specialized personnel.

Ready-mixed concrete sales volumes in Belgium and France increased by around 19% in the first nine months of 2021, partly due to the start-up of a number of major projects and the full operational start-up of a new plant in France. In July and August, volumes were lower than in 2020, not only due to the reasons mentioned above but also to the floods in Belgium in July.

Sales volumes of aggregates increased by around 5% compared to the first nine months of 2020, due to the good performance of the Belgian market and exports to France, benefiting from the increase in construction activity, while the contraction continued in road construction due to a lack of major projects. Also the aggregates sector recorded a downturn in July and September compared to the same months in 2020.

Overall, in the first nine months of 2021, sales revenue amounted to EUR 205.1 million (EUR 187.1 million in the same period of 2020) and EBITDA amounted to EUR 47.9 million (EUR 41.3 million the previous year), an increase of 15.9%.

EBITDA benefited from a favorable development of volumes and average sales prices in cement and ready-mixed concrete sectors.

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