Investor Presentaiton
Industrial 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
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