Cementir Holding (CEM) Investor presentation summary

Financial performance and key metrics

• 2025 revenue reached €1.64 billion, down 2.8% from 2024, while EBITDA rose 7.9% to €440 million and net cash increased by €175 million to €465 million.

• ROCE was 19.5% and ROE 10.6%, with a cement capacity of 12.5 million tons and 2,987 employees.

• 2026 first half revenue was €798.1 million (+0.2% yoy), with EBITDA at €163.9 million (-5.5% yoy) and net cash at €276.8 million.

• 2026 full-year guidance confirmed: revenue €1.7 billion, EBITDA €400–420 million, net cash €590 million, and capex €128 million.

• Dividend per share increased 67% and earnings per share 83% since 2021, with a payout ratio of 20–25%.

Business segments and geographic performance

• Grey cement, white cement, ready-mixed concrete, and aggregates are the main business lines, with 2025 revenues of €1,106 million, €495 million, and €110 million respectively.

• 76% of EBITDA comes from mature markets; Belgium, Nordic & Baltic, and North America are key contributors.

• White cement leadership: 3.3 Mt capacity, 25% share of global traded flows, sales in 80+ countries, and #1 position in USA, Europe, China, Australia, and SE Asia.

• Nymølle acquisition in Denmark strengthens aggregates business, adding 26 quarries and expected synergies of €4 million within 24 months.

Strategic priorities and industrial plan

• Focus on sustainability, competitiveness, innovation, growth, and people/safety.

• 2026–2028 plan targets revenue of ~€1.95 billion and recurring EBITDA of ~€460 million by 2028, with a 6–7% revenue CAGR and 2–3% cement volume CAGR.

• Cumulative capex of €386 million (2026–28), including €77 million for sustainability and €16 million for the ACCSION CCS project.

• Net cash expected to reach €800 million by 2028, with a dividend payout ratio of 20–25%.