Investor Presentaiton

October 12, 2021 GBM MEXICO'S FUNDAMENTALS: SHIFT TOWARDS HARD FLOORING A noticeable shift towards hard flooring. Tile, wood, and other materials were present in only 26.3% of households back in 1980, in contrast with 43% in 2020. As the image below shows, there is a clear trend to change from dirt to concrete and then to hard floor covering. In our view, this is the reason why the ceramic tiles industry is outperforming the GDP growth of both Mexico and the construction sector over the past decades. (More detail on slide 13). Housing deficit. According to the National Housing Commission (CONAVI), at least 25% of households in Mexico live in inadequate housing conditions, while -2% need a house. On top of that, Mexico's growing young population will continue to demand more housing and ceramic tiles, for that matter- the latter should be top-of-mind for consumers when thinking about hard flooring options, given their characteristics, explained in greater detail on slide 5. Floor Materials in Mexican Households -Percentage of households 80.0% 75.5% 73.7% 69.2% 62.7% 57.0% It is all about home improvement. This is no secret; a household is never finished doing home improvements and most (if not all) people aspire to live in a place where they feel pleased or fulfilled. Due to technological improvements that lowered the cost of producing ceramic tiles and their physical appearance (tiles that look like wood or stone), they are a great option for consumers when thinking about floor or wall enhancements. Traditional or mom & pop stores (i.e., not large home centers) hold a relevant share of renovation material sales in Mexico because people tend to renovate their homes on their own. This is feasible because of the support granted through government social programs, such as INFONAVIT'S MEJORAVIT, where people borrow money specifically to make home improvements, which is positive for a sector that continues to grow as fundamentals remain favorable. According to our estimates, the value of the Mexican home improvement market is expected to maintain its growth pace toward 2024 (2019-2024 CAGR of 2.3%), while a sample of floor and wall covering sales indicates that they together represent almost a third (28%) of the total home improvement sales. More importantly, they have slightly outperformed the industry, which we attribute to the increased penetration of better floor covering materials. Home Improvement Breakdown 60.0% 40.0% 20.0% 43.0% 37.3% 30.8% 26.3% 24.5% 0.0% 1980 1990 2000 2010 2020 Dirt, cement and not specified Tile, wood or others Source: Mexico's National Statistics Agency (INEGI) Others 2015-2020 CAGR 72.0% Floor covering 23.5% 4.5% Home improvement 4.5% Wall covering ~5% ~5.5% Floor covering Wall covering Source: GBM Research LAMOSA/CERAMIC: THE ROAD TO GROWTH IS PAVED WITH TILES. | 8

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