Cementir Holding (CEM) Investor presentation summary

2025 profile and market position

• FY25 reported revenue €1.64bn (-2.8% YoY), EBITDA €439.5m (+7.9%) and net cash €465m, up €175m YoY.

• ROCE was 19.5% and ROE 10.6%; cement capacity was 12.5m tonnes and headcount 2,987, with capacity and employee figures adjusted for the Kars disposal.

• Operating footprint included 10 cement plants, 59 terminals, 34 quarries and 101 RMC plants; 2025 sales were 8.4mt grey cement, 2.6mt white cement and 4.3m m³ RMC.

• White cement capacity was 3.3mt, with sales in 80+ countries and 25% of global traded flows; 2025 exports represented ~40% of white cement and clinker volumes sold.

Industrial plan and investment

• 2028 targets: revenue ~€1.95bn and recurring EBITDA ~€460m, with 2026–28 CAGRs of 6–7% and 4.7%, respectively; EBITDA margin target 23.6%.

• Plan assumptions include cement volume CAGR of 2–3%, RMC and aggregates volume growth of 1% each, and prices generally tracking local inflation; currency volatility and ~130,000 tonnes of annual CO₂ allowance shortfall weigh on outlook.

• Cumulative 2026–28 capex is €386m, including €77m for sustainability; planned cash generation is ~€330m, with dividend payout ratio of 20–25%.

• Completed 100% acquisition of Nymølle on July 1, 2026, at DKK 900m enterprise value; expected synergies are ~DKK 30m within 24 months.

Decarbonization and ESG

• 2030 targets include 29.3% lower Scope 1 and 2 emissions per tonne of cementitious material and 23.0% lower emissions per tonne of purchased clinker and cement, both vs. 2021 and SBTi-validated.

• By 2030, grey cement emissions target is 418 kg CO₂/TCE (-42% vs. 2020) and white cement 730 kg CO₂/TCE (-20%); net-zero value-chain emissions target is set for 2050.

• FUTURECEM offers ~30% CO₂ reduction vs. ordinary Portland cement; D-Carb products target ~10–20% lower footprint than reference Aalborg White CEM I.

• ACCSION targets 1.5mt of annual CO₂ capture, with operations expected from 2030; EU Innovation Fund grant is €220m and Danish operating subsidy is €117 per tonne captured for 15 years.