#1c cementirholding CALTAGIRONE GROUP Euronext STAR Conference 2024 Investor Presentation STAR Conference 2024 | Milan, 21 March 2024#2Agenda Group Highlights ESG strategy 2023 Full year results and 2024 Guidance Appendix 3 10 19 28 C cementirholding 2 Co Concretely Dynamic CALTAGIRONE GROUP#3C CALTAGIRONE GROUP cementirholding 3 Group Highlights Navitas Science and Innovation Building, Denmark Ca Concretely Dynamic#4Group Highlights REVENUE EBITDA EMPLOYEES 1.69 Bn€ 411 M€ 3,045 -1.7% vs. 2022 +22.6% vs. 2022 TRAINING PER CAPITA 26 hours LTI FREQUENCY RATE* 2.9 CO2 EMISSIONS* ** Grey cement 655 kg/ton +18% vs. 2022 vs. 4.2 in 2022 vs. 672 in 2022 自 Data as of December 31st, 2023 C cementirholding CALTAGIRONE GROUP CEMENT CAPACITY 13.1 M tons Annually CO2 EMISSIONS* ** White cement 846 kg/ton vs. 886 in 2022 Concretely Dynamic * Lost Time Injury frequency rate for workers: (number of injuries with working days of absence /hours worked) x 1,000,000 ** Scope 1 cement emissions 4 Ca#5Industrial footprint York Waco Grey cement plants O White cement plants Countries with CH operations C cementirholding CALTAGIRONE GROUP Aalborg, DK Gaurain, BE Kars Trakya Izmir Anqing Elazig El Arish Data as of December 31st, 2023 5 Ipoh PLANTS Cement plants: 11 Terminals: 65 RMC plants: 101 Quarries: 34 Precast products plants: 1 Waste management facilities: 1 CAPACITY / SALES Grey cement capacity: 9.8 mt White cement capacity: 3.3 mt Grey cement sales: 8.0 mt White cement sales: 2.7 mt RMC sales: 4.3 mm³ Aggregate sales: 9.4 mt Co Concretely Dynamic#6Business segments GREY CEMENT WHITE CEMENT READY-MIXED CONCRETE AGGREGATES CONCRETE PRODUCTS / WASTE 0 CCB VOLUMES SOLD (mt) VOLUMES SOLD (mt) VOLUMES SOLD (mm³) VOLUMES SOLD (mt) WASTE PROCESSED * (mt) 11.1 10.5 9.4 8.2 8.0 8.0 3.0 2.8 2.7 5.1 4.8 4.3 0.22 0.16 0.06 2021 2022 2023 2021 2022 2023 2021 2022 2023 2021 2022 2023 2021 2022 2023 2023 KEY FIGURES REVENUE =1,167 M€ EBITDA = 337 M€ 29% EBITDA MARGIN = C REVENUE = 487 M€ EBITDA = 41 M€ EBITDA margin = 8% REVENUE 100 M€ EBITDA = 31 M€ EBITDA MARGIN = = 31% EBITDA MARGIN = REVENUE = 29 M€ EBITDA = 2 M€ = 7% cementirholding CALTAGIRONE GROUP * In November 2023 the British companies active in the waste business were sold 6 Co Concretely Dynamic#7C Our Strategy is based on five pillars We pursue a sustainable growth strategy aimed at creating value for all stakeholders ■ Push towards product and value chain circularity 1 SUSTAINABILITY 2023 EBITDA BREAKDOWN (*) ■ Carbon capture and storage in Denmark by 2030 ☐ Focus on low carbon cements like FUTURECEMⓇ and other value-added products 2 INNOVATION Egypt 3% Asia Pacific 6% ■ Other initiatives: CCS and Al solutions in production, sales and supply chain Turkey 17% 3 COMPETITIVENESS North America 6% 410.3 M€ 4 GROWTH AND POSITIONING ■ 5 VALUING PEOPLE Nordic & Baltic 43% Digitalization to drive process efficiencies: lean manufacturing & logistics, eProcurement, smart maintenance, integrated digital sales Reinforce vertical integration in the Nordics, Belgium and Türkiye Keep global white cement leadership ■ Seize M&A opportunities in core business ▪ Zero Accidents program Development of human capital and leadership Program ■ Talent management and succession plan Belgium 24% 73% of Ebitda from mature markets (Currencies: EUR, USD, DKK, NOK, SEK) cementirholding CALTAGIRONE GROUP (*) Non-GAAP (excluding IAS 29) and excluding non-recurring items. 2023 Reported EBITDA: 411 m€ 7 Ca Concretely Dynamic#8Industrial Plan update: key 2026 targets (*) ЄM 2023 A 2026 Revenues 1,695 ~ 2,000 EBITDA 410 2 ~425 (recurring) ■~5-6% Sales CAGR in the 2023-26 period ■ Moderate increase in volumes, with stronger volume growth in 2024, except for China: CAGR of 4-5% for cement; 5-6% for RMC, 4-5% for aggregates ■ Prices broadly stable / moderately up ■ High 2023 EBITDA comparable figure ◉ Output optimization in Egypt and Belgium ■ Increase in selected input costs and freight rates ~ 250,000 tons CO2 average yearly shortage, including a step up in 2026 due to lower free allowances in European plants and first year of phase-out Back to average profitability after a spike in '22-23 ■ Maintenance & expansion Capex / Sales ratio ~4-5% ■ Cumulative sustainability capex of 100 M€. Yearly capex includes kiln upgrades, investment in FUTURECEMⓇ value chain, waste heat recovery, alternative fuels usage increase, cleaner fuels switch ■ Cumulative 500M€ of Free cash flow generation before dividend distribution. Dividend payout ratio in the 20% - 25% range. Any M&A transaction excluded. EBITDA Margin 24.2% 21.3% ◉ Avg. Yearly Capex (including Sustainability Capex) 104 112 Net Cash 218 ~ '600 C cementirholding CALTAGIRONE GROUP (*) Non-GAAP (excluding IAS 29 ) and excluding non-recurring items. Excludes any intensification of geopolitical tensions or extraordinary event 8 Concretely Dynamic Ca#9White Cement: unique competitive position Local presence & global leadership Cement Capacity #1 in USA, Continental Europe, China, Australia, South-East Asia Total market of 20 Mt (0.5% of grey cement demand) 2.7 Mt White cement and clinker volumes sold in 2023 Global leadership in white cement 3.3 Mt C cementirholding CALTAGIRONE GROUP 25% Share of Global Traded flows Global leader in trading flows In 2023, exports accounted for approx 40% of ~2.7 Mt total volumes sold 20+ countries Local market presence 80+ countries Commercial Presence Local sales force and/or controlled logistic setup in 20 key target markets Sales in more than 80 countries 6 Ca Concretely Dynamic#10C cementirholding CALTAGIRONE GROUP ESG Strategy Green Belt Bridge, Denmark 10 10 Co Concretely Dynamic#11Our path to reach net zero emissions by 2050 ☐ ☐ 2050 AMBITION Net-zero greenhouse emissions across the value chain validated by SBTi 96.1% reduction in scope 1 and scope 2 per ton of cementitious material (2021 baseline) 90% reduction in scope 3 (2021 baseline) FUTURECEMⓇ widespread use 100% fossil fuels-free energy Implementation of Carbon Capture & Storage (CCS) technology ☐ Carbon offset as an option to compensate unavoidable residual emissions UPDATED 2030 ROADMAP 2030 2050 NET ZERO ■ ■ 29.3% reduction in scope 1 and scope 2 per ton of cementitious material (2021 baseline) validated by SBTi 29.0% reduction in emissions per ton of purchased clinker and cement (2021 baseline) validated by SBTi Grey cement target: -36% from 718 to 458 kg CO2/ton cement equivalent White cement target: -19% from 915 to 737 kg CO2/ton cement equivalent C cementirholding CALTAGIRONE GROUP 11 Concretely Dynamic Co#12Rating improvement reflects our continued ESG commitment Science Based Target initiative (SBTi) validated Cementir near and long-term decarbonization targets aligned with the 1.5°C scenario in February 2024. SBTI also approved overall net-zero emissions target by 2050 Rating Ranking Scale (From F to A) 2023 2022 2021 SCIENCE BASED TARGETS DRIVING AMBITIOUS CORPORATE CLIMATE ACTION 2020 CDP DRIVING SUSTAINABLE ECONOMIES Climate Change CDP DRIVING SUSTAINABLE ECONOMIES Water Security MSCI REFINITIV D- to A A- F: no filing A- A- B D- to A A- A- B F F: no filing CCC to AAA A BBB BBB BBB D- to A+ A- B+ B C- ☑ Corporate ESG Performance ISS ESGE Prime D- to A+ C+ Prime C+ Prime Not rated Not rated MOODY'S ESG Solutions 0 to 100 55 55 Not rated 45 S&P Global 0 to 100 56 54 52 EthiFinance 0 to 100 70 64 57 56 INTEGRATED GOVERNANCE INDEX 0 to 100 Rated 0' (*) Risk: from Severe to MONSTAR SUSTAINALYTICS Negligible 62 52 Medium risk 57 Not rated 54 Not rated C (*) Copyright ©2023 Sustainalytics. All rights reserved. This section contains information developed by Sustainalytics (www.sustainalytics.com). Such information and data are proprietary of Sustainalytics and/or its third-party suppliers (Third Party Data) and are provided for informational purposes only. They do not constitute an endorsement of any product or project, nor an investment advice and are not warranted to be complete, timely, accurate or suitable for a particular purpose. Their use is subject to conditions available at https://www.sustainalytics.com/legal-disclaimers. 12 cementirholding CALTAGIRONE GROUP 61 Not rated C Concretely Dynamic#13C Scope 1, 2 and 3 CO2 emissions footprint (*) DIRECT EMISSIONS INDIRECT EMISSIONS INDIRECT EMISSIONS (VALUE CHAIN) TOTAL CO2 EMISSIONS Scope 1 + (ELECTRICITY) Scope 2 ☑ Sources: ☐ ◉ ◉ Process and fuel emissions from clinker production Other process heating (e.g. slag drying) Company facilities heating Internal transportation 7.2 mt (vs. 7.3 in 2022) 70% Scope 3 Sources: ☐ Purchased electricity, steam, heating and cooling for own use (grinding, etc.) Sources: Upstream and downstream indirect emissions (excavation, transport of raw materials and fuels, business travel, cement distribution, etc.) 0.4 mt (vs. 0.4 in 2022) 2.6 mt (vs. 3.6 in 2022) 4% 26% Scope 3 CEMENT and OTHER. 25% Scope 1 and 2 OTHER 1% Scope 2 CEMENT 4% (*) 2023 data. According to GHG protocol (Scope 2 emissions calculated applying the location-based method) cementirholding CALTAGIRONE GROUP 13 10.2 mt (vs. 11.3 in 2022) 100% Scope 1 CEMENT 70% Cone Concretely Dynamic#14C Decarbonisation drive across the value chain RAW MATERIALS ENERGY PRODUCTION LOGISTICS ■ Calcined clay GBFS, fly ash and limestone Circularity: water, materials and process waste recycle ■ Switch to natural gas and biomass in Aalborg ■ Alternative fuels increase District heating Green energy investment (solar/wind) ■ Plants upgrade ■ Clinker ratio reduction ■ Kiln heat consumption reduction Waste heat recovery Predictive maintenance ■ Green Transportation (Hybrid trucks) Network and routes optimization ■ eProcurement FUTURECEM rollout across all geographies Development and adoption of new technologies (Carbon Capture & Storage) cementirholding CALTAGIRONE GROUP 14 Ca Concretely Dynamic#15C Scope 1 emissions: new 2030 decarbonization targets (*) Kg Gross CO2/TCE 1300 1238 1200 NEW ROADMAP 1100 WHITE CEMENT 1000 900 800 700 721 926 915 919 915 2026 Target OLD ROADMAP 839 846 886 792 2030 Target 718 696 679 2026 684 737 655 Target 672 601 600 NEW ROADMAP OLD ROADMAP GREY CEMENT 500 494 2030 Target 458 TAXONOMY CO2 LEVEL = 469 kg/TCE 400 1990 2019 2020 2021 2022 2023 2024 2025 2026 2030 Clinker ratio: 2020 2022 2023 White cement 82% 81% 79% Grey cement 82% 80% 79% 2026 2030 79% 78% 74% 64% White cement target (Kg CO2/TCE) -19% to 737 Kg from 915 Kg Grey cement target (Kg CO2/TCE) -36% to 458 Kg from 718 Kg cementirholding CALTAGIRONE GROUP (*) Target reduction from 2021 baseline. TCE means "tons of cement equivalent", an indicator based on the conversion of clinker production to cement, based on the yearly average clinker ratio 15 Co Concretely Dynamic#16FUTURECEM® is a key pillar of our sustainability strategy ☐ ☐ ☐ Innovative limestone and calcined clay technology which enables over 30% CO2 reduction compared to ordinary Portland through clinker substitution Allows to produce a greener and more sustainable concrete while preserving overall performance strength, comparable to CEM I Fully acknowledged by IEA as clinker ratio reduction solution (*) Recognized in the EN 197-5 European standard for II/C-M cements ■ 2021: Launch in Denmark with sales targets achieved 2022: Launch in France and Benelux. Progressive roll-out in all regions within 2030 By 2030 FUTURECEMⓇ is expected to represent around 51% of total volumes sold in Europe and 60% of grey cement volumes ORDINARY PORTLAND CEMENT FUTURECEM ROLL-OUT PLAN SALES VOLUMES IN EUROPE FUTURECEM 4.5 4.0 Other Calcined Clay 3.5 Clinker Volumes sold (Mt) 3.0 2.5 2.0 1.5 1.0 0.5 423239 9 9 8 8 Other Clinker 0 Limestone CO₂ reduction ≥ 30% based on clinker substitution C cementirholding CALTAGIRONE GROUP 0.0 2021 2022 2023 FUTURECEM (LHS) 2024 2025 2026 2027 2028 2029 2030 Other products FUTURECEM % of Total Volumes (RHS) (*) Roadmap for Low Carbon transition in the cement industry by the International Energy Agency, 2018; "low clinker cements" in the "Cementing the European Green Deal", 2020 16 55% 45% 35% 25% 15% 5% Co Concretely Dynamic#17Capex: main initiatives for CO2 emissions reduction RENEWABLES IN DENMARK AND BELGIUM CARBON CAPTURE AND STORAGE (CCS) Power Purchase Agreement (PPA): Long-term contracts with renewable energy generators for direct purchase of electricity from renewable projects ■ On-site Renewable Generation: Valuation of renewable energy systems nearby cement plants, such as wind turbines or solar panels, reducing both costs and carbon footprint. Possibility of financing support from governments ☐ CORT project*: ☐ Pilot carbon capture plant with the potential to be scaled up to capture 400,000 CO2 tons per year by 2030. Oct. 2022 Technology: amine solvents and new heat integration methods Location: Aalborg ☐ ConsenCUS project**: C cementirholding CALTAGIRONE GROUP International R&D initiative leading to a pilot carbon capture plant. Nov. 2023 ■ Technology: electro-chemical CO2 emission reduction using green electricity - Location: Aalborg Non-binding agreements for onshore and off- shore CO2 transportation and storage (Fluxys in Belgium, Fidelis and Greenport Scandinavia in Denmark) * Carbon capture Open tests and Review of Technologies ** Carbon Neutral clusters through Electricity-based innovations in CCUS 17 Co Concretely Dynamic#182024-26 Capex highlights ~ 100 M€ of sustainability* investments, focused on operational efficiencies via plant upgrades and product innovation Main initiatives: Kiln 4 upgrade in Gaurain, Belgium Switch to natural gas in Aalborg and Gaurain plants - CCS preliminary studies in Denmark and Belgium Facility upgrade for FUTURECEMⓇ production in Aalborg, Denmark Waste heat recovery in Türkiye Kiln upgrade for alternative fuels in Izmir, Türkiye Ongoing digitalization of main processes C cementirholding CALTAGIRONE GROUP EUR million INDUSTRIAL PLAN CAPEX BREAKDOWN 135 107 104 48 96 23 27 24 87 81 80 72 2023 Actual 2024 2025 2026 Maintenance and expansion capex Sustainability capex (*) Excludes digitalization capex, which is part of Maintenance and Expansion Capex 18 Co Concretely Dynamic#199 583 Leeds Sheffield $1105 25 $900.00 769.00 $583 403 305 315294 5800.00 $588.00 $700.CO 5517.00 $625.00 $600 00 3500.00 3400.00 $375.00 $424 0 $400.00 26.00 $351.00 $300.00 $785.00 1/9/2008 19 0012 1/7/2008.00 1/5/2008 1/11/2008 01/15/2008/19/2008 5200.00 5643.21 5100.00 000 $19010 17/13/2008 1/17/2008 565 Platinum 6 Copper Beryllium Aluminum Nickel 3790% $194 20 Gold 2.20 Silver Steel Manganese Chrome Bauxite 455 2742 88 21648 27 $300.00 $235.00 2537 43 12 60% $400.0 5264.58 2139 88 8.80% $250.00 $244 34 ORA AD $216.11 $316 40 1542.84 1661111704 $200.00 $262.60 $158.00 $37.2 436.6 515.2 419.44 14.16 0 4/7/2010 4/11/2010 4/15/2010 3/19/2010 4/9/2010 4/13/2010 4/5/2010 Kotton C cementirholding CALTAGIRONE GROUP $90.00 Flax Textiles Wool Fur Sateen Silk 32.00 31423 Bauxite 5.540.00 Cotton Flax Textiles Wool For Sateen Silk Onl G Gas Electric power 2023 Full year results and 2024 Guidance 19 Co Concretely Dynamic#20C 2023 Full year results highlights EUR million 2,000 1,500 1,000 1,723.1 FINANCIAL HIGHLIGHTS 1,694.2 500 335.2 411.1 162.3 201.4 0 2022 Revenue 2023 EBITDA ■Group net profit NET CASH EUR million 0 -50 -95.5 -100 -150 -200 -250 31/12/2022 cementirholding CALTAGIRONE GROUP -217.6 31/12/2023 Revenues reached 1,694.2 M€ (-1.7% yoy); non-GAAP* Revenues reached 1,694.6 M€ (-1.5% yoy) - Cement volumes down by 1.6% due to Denmark, Belgium, US, Egypt and Malaysia, partially offset by growth in Türkiye and China RMC volumes down by 11.1% due to a negative trend in all countries, above all Nordic & Baltic, except Türkiye. Aggregates volumes down by 10.1% EBITDA reached 411.1 M€ (+22.6% yoy); non-GAAP* EBITDA: 421.9 M€ (+25.4% yoy) - - - Higher EBITDA in all regions except for the US EBITDA includes non-recurring income of 11.6 M€ mainly related to gains on assets sale. Non-GAAP EBITDA excluding non-recurring items is 410.3 M€, up 22.0% like-for-like on 336.3 M€ in 2022. Non-GAAP EBITDA Margin increased from 19.5% to 24.9% EBIT: 278.3 M€ (+36.2% yoy); non-GAAP* EBIT: 299.2 M€ (+39.3% yoy) Group net profit: 201.4 M€ (+24.1% yoy); non-GAAP* Group net profit: 223.3 M€ (+38.5% yoy) Net cash: 217.6 M€, an improvement of 122.1 M€ year on year, including 34.2 M€ dividend distribution (IFRS 16 impact of 82.3 M€ vs. 73.0 M€ on 31 Dec. 2022) (*) Non-GAAP figures exclude both the impact of IAS 29 application and of non-industrial property revaluation in Türkiye (2023: 7.7 M€, 2022: 16.3 M€) 20 Co Concretely Dynamic#21Nordic & Baltic O ASSET OVERVIEW (27) SHARE OF GROUP EBITDA Grey cement plant (1) White cement plant (1) RMC (68) A Terminals (16) Waste (1) 2023 Non-GAAP 43% DENMARK - Cement volumes declined as domestic market was affected by slowing demand due to higher interest rates, partially compensated by infrastructure RMC volumes were down 20%, also aggregates declined with a recovery in Q4 EBITDA increased thanks to careful management of energy and distribution costs and lower CO2 consumption. Return to Pre-Covid profitability levels EBITDA includes a non-recurring 6.8 M€ gain on assets sale NORWAY - RMC sales volumes declined by 24% due to demand slowdown, higher competition and delays in infrastructure projects EBITDA contraction due to lower volumes and higher operating costs - Norwegian Krone depreciated by 13% vs. Euro average SWEDEN - RMC and aggregates sales volumes were sharply down (-43% and -20% respectively) as a result of residential sector demand slump EBITDA contraction due to lower volumes and higher operating costs Swedish Krona depreciated by 8% vs. Euro average EUR '000 2023 2022 Chg % Revenue (*) 644,669 736,210 (12.4%) Denmark 484,494 509,817 (5.0%) Norway/Sweden 157,923 216,533 (27.1%) Others (**) 76,341 82,240 (7.2%) Eliminations (74,089) (72,380) EBITDA 181,250 165,707 9.4% Denmark 168,302 141,107 19.3% Norway/Sweden 8,831 20,767 (57.5%) Others (**) 4,117 3,833 7.4% - EBITDA Margin % 28.1% 22.5% C cementirholding CALTAGIRONE GROUP (*) Revenue from Sales and Services (**) Includes: Iceland, Poland and white cement sales from Denmark to Belgium and France 21 Ca Concretely Dynamic#22Belgium and France (*) ASSET OVERVIEW SHARE OF GROUP EBITDA Grey cement plant (1) RMC (12) A Terminals (4) 2023 Non-GAAP 23% BELGIUM AND FRANCE - Cement volumes declined by 8% mostly due to a generalized demand slowdown RMC volumes were down 10% both in Belgium and France - Aggregates volumes were down 13% both on domestic and export markets also due to a particularly good performance in H1 2022 and stronger competition EBITDA increased thanks to tight operating cost control, increasing selling prices and lower CO2 consumption. EUR '000 2023 2022 Chg % Revenue 359,873 334,396 EBITDA 97,559 76,533 7.6% 27.5% EBITDA Margin % 27.1% 22.9% C Ge Views of the Company's cement plant in Gaurain, Belgium cementirholding CALTAGIRONE GROUP (*) Includes Compagnie des Ciments Belges S.A. results only 22 Co Concretely Dynamic#23Türkiye ASSET OVERVIEW SHARE OF GROUP EBITDA Grey cement plant (4): RMC (21) ◇ Waste (1) EUR '000 Revenue EBITDA EBITDA Margin % C 18% 2023 Non-GAAP 2023 2022 Chg % (Non-GAAP) (Non-GAAP) 329,744 74,834 272,581 30,880 21.0% 142.3% 22.7% 11.3% 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. Revenue increased by 21%, with domestic cement volumes +16% thanks to significantly higher sales in Marmara and Eastern Anatolia. Many new projects driven by anti-seismic investments. Cement exports were down by 27% due to sales optimization RMC volumes increased by 7%, aggregates volumes increased by 11%, despite negative trend in H1 2023 due to temporary operational issues EBITDA reached 75 M€ driven by cement prices more than offsetting production cost increase and currency devaluation EBITDA includes a non-recurring 3.7 M€ gain on assets sale Excluding non-recurring items, EBITDA would have reached 71 M€, up by 130% on a like for like basis 48% TRY devaluation vs. Euro average cementirholding CALTAGIRONE GROUP (*) Non-GAAP figures exclude both the impact of IAS 29 (Financial Reporting for hyperinflationary economies) and of non-industrial property revaluation (2023: 7.7 M€, 2022: 16.3 M€) 23 Ca Concretely Dynamic#24North America UNITED STATES ASSET OVERVIEW SHARE OF GROUP EBITDA 6% O White cement plants (2) A Terminals (32) 2023 Non-GAAP EUR '000 2023 2022 Chg % Revenue 182,840 196,370 (6.9%) EBITDA 26,282 28,949 (9.2%) EBITDA Margin % 14.4% 14.7% C cementirholding CALTAGIRONE GROUP 24 White cement volume declined by 14%, in line with the residential market. Deliveries to Texas and Florida suffered from a stronger contraction due to competitive pressures from imports and lower demand. More moderate decline in York region and California EBITDA down due to lower cement volumes and higher variable costs, partially offset by higher average prices. Higher contribution from concrete products (Vianini Pipe) 2.7% USD devaluation vs. Euro average Views of the Company's cement plant in York, Pennsylvania Co Concretely Dynamic#25Asia Pacific ASSET OVERVIEW SHARE OF GROUP EBITDA O White cement plants (2) A Terminals/Warehouse (13) 6% CHINA - - Volumes increased by 18% despite Q1 sales were negatively affected by lockdowns; competition put downward pressure on pricing - EBITDA includes a net non-recurring income of 1 M€ mainly because of gains from asset disposals - 8.2% CNY depreciation vs. Euro average 2023 Non-GAAP EUR '000 Revenue 2023 2022 Chg % 121,440 124,588 (2.5%) China 68,053 66,316 2.6% Malaysia 54,207 58,272 (7.0%) Eliminations (820) 0 EBITDA 26,879 22,682 18.5% China 18,524 17,096 8.4% Malaysia 8,355 5,586 49.6% EBITDA Margin % 22.1% 18.2% C cementirholding CALTAGIRONE GROUP MALAYSIA - Volumes declined by 10%, with exports down 13%, driven by a decline in clinker exports to Australia. Domestic volumes increased by 17% as a result of good recovery in the construction market EBITDA grew as a result of higher prices and careful management of freight costs and variable costs - 6.6% MYR devaluation vs. Euro average Concretely Dynamic 25 Co#26Egypt ASSET OVERVIEW SHARE OF GROUP EBITDA O White cement plants (1) 2023 Non-GAAP 3% EGYPT - - - - Revenue declined by 12% because of the strong devaluation of Egyptian pound vs Euro. Revenue in local currencies were up 44.6% White cement volumes were stable both on domestic deliveries and exports EBITDA increased thanks to careful management of selling prices and production costs, despite the negative effects of EGP devaluation 64% EGP devaluation vs. Euro average EUR '000 Revenue 2023 2022 50,255 57,113 Chg % (12.0%) EBITDA 12,539 11,792 6.3% EBITDA Margin % 25.0% 20.6% C cementirholding CALTAGIRONE GROUP 26 Views of the Company's cement plant at El Arish, Sinai pensinsula Co Concretely Dynamic#272024 Guidance EUR million 500 400 300 200 100 0 FINANCIAL HIGHLIGHTS EBITDA Net cash 2 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. C cementirholding CALTAGIRONE GROUP 27 Co Concretely Dynamic#28C cementirholding CALTAGIRONE GROUP Appendix 28 Co Concretely Dynamic#29Appendix - Consolidated Income Statement - FY 2023 2023 2022 (Non- (EUR million) 2023 2022 Chg % Chg % (Non-GAAP)* GAAP)* REVENUE FROM SALES AND SERVICES 1,694.2 1,723.1 (1.7%) 1,694.6 1,720.9 (1.5%) Change in inventories 11.7 18.7 (37.7%) 17.1 23.2 (26.6%) Increase for internal work and other income 31.6 35.7 (11.4%) 26.0 19.9 30.7% TOTAL OPERATING REVENUE 1,737.5 1,777.5 (2.3%) 1,737.7 1,764.0 (1.5%) Raw materials costs (739.1) (829.4) (10.9%) (728.8) (817.2) (10.8%) Personnel costs (203.1) (198.2) 2.5% (202.9) (197.7) 2.6% Other operating costs (384.2) (414.7) (7.4%) (384.2) (412.9) (6.9%) TOTAL OPERATING COSTS (1,326.4) (1,442.3) (8.0%) (1,315.8) (1,427.7) (7.8%) EBITDA 411.1 335.3 22.6% 421.9 336.3 25.4% EBITDA Margin % 24.3% 19.5% 24.9% 19.5% Amortisation, depreciation, impairment losses and provisions (132.8) (130.8) 1.5% (122.6) (121.5) 0.9% EBIT 278.3 204.4 36.2% 299.2 214.7 39.3% EBIT Margin % 16.4% 11.9% 17.7% 12.5% NET FINANCIAL INCOME (EXPENSE) 12.4 32.0 (61.3%) 16.5 12.0 n.m. PROFIT BEFORE TAXES 290.7 236.4 23.0% 315.8 226.7 39.3% Income taxes (75.2) (54.9) 37.1% (78.7) (46.8) 68.0% PROFIT FROM CONTINUING OPERATIONS 215.5 181.6 18.7% 237.1 179.9 31.8% PROFIT FOR THE YEAR 215.5 181.6 18.7% 237.1 179.9 31.8% Non controlling interests 14.1 19.3 (26.7%) 13.8 18.7 (26.4%) GROUP NET PROFIT 201.4 162.3 24.1% 223.3 161.2 38.5% C cementirholding CALTAGIRONE GROUP (*) Non-GAAP figures exclude both the impact of IAS 29 application and of non-industrial properties revaluation in Türkiye (2023: 7.7 M€, 2022: 16.3 M€) 29 Concretely Dynamic Co#30C Increasing shareholders return +27% Dividend per Share increase vs. 2022 (21.6% payout ratio) The 2024-2026 Industrial Plan assumes the distribution of an increasing dividend with a payout ratio between 20% and 25% DIVIDEND PER SHARE 0.18 0.22 +27% 0.28 EARNINGS PER SHARE 0.724 1.044 +24% 1.295 24.9% PAYOUT RATIO 20-25% range 25% 20% 21.1% 21.6% 2021 2022 2023 2021 2022 2023 2021 2022 2023 cementirholding CALTAGIRONE GROUP 30 Concretely Dynamic Co#31C M&A track record Since 2001 over EUR 1.7 billion invested with no recourse to shareholder equity (M€) 600 254 152 112 2001 2004 2005 2006 312 125 87 -315 Jul-16 Oct-16 Jan-18 Mar-18 2001 - Cimentas AS and Cimbeton AS Entered the Turkish cement market with 2 plants 2004 Aalborg Portland A/S and Unicon A/S Transforming deal: |- Product diversification (new products: white cement and aggregates and strong position in ready-mix) |- Geographical presence (new countries: Denmark, Norway, Sweden, Egypt, Malaysia, China, US) 2005 Edirne plant in Türkiye Vianini Pipe Inc. in US (Concrete products) 2006 Elazig plant in Türkiye Jul. 2016 Sacci Cement and ready-mix in Italy Oct 2016 - Compagnie des Ciments Belges - Cement, aggregates and ready-mix in Belgium - Ready-mix in France Jan. 2018-Sale of all assets and activities in Italy Disposal of cement and RMC businesses Cash in of 315 M€ in January 2018 Mar. 2018 Acquisition of 38.75% stake in Lehigh White Cement Company Majority stake of 63.25%. Largest player in the U.S. white cement market From being a 100% domestic player, Cementir today has operations in 18 countries cementirholding CALTAGIRONE GROUP 31 Co Concretely Dynamic#32Key differences between white and grey cement WHITE CEMENT Market Size ~ 20 million tons per year (0.5% of grey) Niche product: high value, small volumes ■ Industry Features GREY CEMENT > 4 billion tons per year Commodity: basic value, large volumes Raw materials scarcity, fewer producers, growth end- markets, high switching costs, export-driven Raw materials widespread presence, many producers, cyclical end-markets, local demand (only 5% exported) Growth drivers End markets Product Features Applications * Consumption driven by home renovation, restructuring and technology. High tech product ■ Higher market growth rates in developed countries ☐ Main clients are large dry mix players (Saint Gobain- Weber, Mapei, etc) and pre-cast producers High workability, high electrical conductivity, aesthetics. Increasingly used for landmark buildings, urban fittings, eco-friendly construction projects Dry mix producers/mortars/specialty products (50-70%) ■ Bricks, blocks and tiles (20-30%) ■In-situ and pre-cast concrete (10-20%) " Consumption driven by infrastructure & residential- commercial. Low tech product. Demand growth in line with GDP in developed countries Main clients are ready-mix companies, construction companies and pre-cast producers The most widespread construction material, used mostly for new build and infrastructure ■ Ready-mixed and pre-cast concrete (55-65%) ■ Bricks, blocks and tiles (30-40%) Dry mix/mortars and other (5-10%) C cementirholding CALTAGIRONE GROUP (*) Cementir estimates of cement consumption by segment in Europe 32 Co Concretely Dynamic#33PEAK 19.8 EDIRNE Turkey and Egypt historical figures Turkey IZMIR • ELAZIG KARS Egypt 160 EL ARISH 120 Grey cement plants (#4) White cement plant (#1) ◇ RMC plants Waste EGYPT EBITDA EVOLUTION ЄM 18.8 15.2 12.8 12.7 13.4 11.4 11.6 12.5 10.8 9.8 11.8 6.3 3.2 80 40 40 TURKEY - CEMENT CAPACITY AND CONSUMPTION (MT) (*) 25 27 28 31 35 42 42 41 40 48 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 PEAK 83.5 53 55 62 65 65 68 74 2011 2012 2013 2014 2015 2016 I Consumption (M ton) Capacity (M ton) 67 56 59 66 2017 2018 2019 2020 2021 TURKEY - EBITDA EVOLUTION €M (**) 57.0 43.2 44.8 31.3 32.1 21.5 11.5 3.2 20.0 30.9 -8.7 60 2022 2023 71.1 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2007 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 C cementirholding CALTAGIRONE GROUP (*) Source: Turkish Cement Manufacturers Association (TCMB). (**) Non-GAAP EBITDA, excluding non-recurring income due to land revaluation 33 Ca Concretely Dynamic 66#34C Disclaimer and Other information •This presentation has been prepared by and is the sole responsibility of Cementir Holding N.V. (the "Company") for the sole purpose described herein. In no case may it or any other statement (oral or otherwise) made at any time in connection herewith be interpreted as an offer or invitation to sell or purchase any security issued by the Company or its subsidiaries, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision in relation thereto. This presentation is not for distribution in, nor does it constitute an offer of securities for sale in Canada, Australia, Japan or in any jurisdiction where such distribution or offer is unlawful. 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These statements are based on current plans, estimates and projections, and projects that the Company currently believes are reasonable but could prove to be wrong. However, forward- looking statements involve inherent risks and uncertainties. We caution you that a number of factors could cause the Company's actual results to differ materially from those contained or implied in any forward- looking statement. Such factors include but are not limited to: trends in company's business, its ability to implement cost-cutting plans, changes in the regulatory environment, its ability to successfully diversify and the expected level of future capital expenditures. Therefore, you should not place undue reliance on such forward-looking statements. Past performance of the Company cannot be relied on as a guide to future performance. No representation is made that any of the statements or forecasts will come to pass or that any forecast results will be achieved. By attending this presentation or otherwise accessing these materials, you agree to be bound by the foregoing limitations. Investor Relations: Phone +39 06 32493305 [email protected] Email Web Address: www.cementirholding.com 8 February 2024 Financial Calendar: Preliminary 2023 Results and Industrial Plan 2024-2026 update Full year 2023 Results AGM First Quarter Results First Half Results Nine Months Results 11 March 22 April 9 May 29 July 6 November Stock listing information: Euronext Milan market, Euronext STAR Milan segment Ticker: CEMI.IM (Reuters) Ticker: CEM.IM (Bloomberg) Registered Office: Zuidplein 36 1077 XV - Amsterdam, The Netherlands cementirholding CALTAGIRONE GROUP 34 Concretely Dynamic Ca