Grupo Argos (GRUPOARGOS) Corporate presentation summary

Investment profile and portfolio

• USD 16.5bn portfolio spans building materials, energy, transport infrastructure, real estate and urban development; operations across 18 countries in the Americas.

• Portfolio is shifting toward a pure-play infrastructure and building materials focus; shareholders approved a spin-off distributing 0.23 Grupo Sura shares per share held.

• Cementos Argos is Colombia’s leading cement and ready-mix producer, with ~35% market share; ~50% of revenues are USD-denominated.

• Celsia operates across generation, transmission, distribution and commercialization, with direct presence in five countries and renewable generation capabilities.

• Odinsa operates toll roads and airports in Colombia, Ecuador, Mexico and Aruba; its identified airport and road project pipeline exceeds USD 5bn.

Strategy and shareholder value

• Strategy prioritizes long-term investing with opportunistic portfolio rotation, subsidiary-led capital allocation, partnerships and consistently growing shareholder distributions.

• More than USD 7bn deployed in M&A and platform development over 20 years; a separate track record cites 30+ transactions and USD 10bn+ in M&A over the same period.

• Pipeline totals USD 10bn: USD 5bn in airports and toll roads, USD 2.8bn in building materials and USD 2.2bn in energy.

• Dividend per share CAGR was 11% for 2016–2026; 25m shares repurchased since 2023, equivalent to ~4% of shares outstanding.

• February 2026 valuation materials show COP 29,000 per share short-term upside versus COP 21,800 arbitrage price; 2030 fundamental value shown above COP 40,000 per share.

Financial performance

• FY2025 consolidated revenue was COP 11.3tn, down 12% YoY; EBITDA was COP 3.1tn, up 16%, and net income was COP 1,075bn, up 243%.

• FY2025 separated revenue reached COP 1,015bn, up 86% YoY; EBITDA was COP 694bn, up 297%, and net income was COP 449bn, up 1,023%.

• Building materials EBITDA margin expanded 700 bps over four years, from 17.8% in 2022 to 24.7% in 2025.

• In 4Q2025, Celsia revenue declined 3% YoY and EBITDA declined 37%; higher hydropower generation supported margin improvement, while revenue reflected price normalization and comparison with El Niño-affected 2024.

• In 4Q2025, Odinsa road traffic grew 3% YoY and airport passenger traffic declined 8%; airport revenue rose 13%, EBITDA 34% and net income 6%.