Investor Presentaiton

October 12, 2021 CERAMIC: GBM ESTIMATES GBM Stock Information Last Price GBM Financial Estimates P$54.0 Stock Returns - MXN Million 2020 2021e 2022e 2023e 2024e 2025e No. Shares ('000s) 141,755 1M 20.0% Revenues 10,798 12,005 12,557 13,418 14,061 13,992 YOY % 3.3% 11.2% 4.6% 6.9% 4.8% -0.5% Mkt Cap (MXN Million) $7,655 3M 20.0% Maj. Revenues 10,390 11,472 11,991 12,807 13,408 13,359 6M ADVT (MXN Million) $1.0 6M 25.6% Op. Profit 875 1,113 1,220 1,278 1,353 1,305 Net Debt (MXN Million) $2,358 1 Yr 45.9% Op. Mg. 8.1% 9.3% 9.7% 9.5% 9.6% 9.3% Net Debt incl. IFRS 16 $3,742 3 Yrs -5.8% EBITDA 1,783 1,990 2,137 2,258 2,380 2,327 Float 24.0% 5 Yrs 31.7% YOY % 11.2% 11.6% 7.4% 5.7% 5.4% -2.2% Max 52w P$44.0 EBITDA Mg. 16.5% 16.6% 17.0% 16.8% 16.9% 16.6% Min 52w P$37.7 Maj. EBITDA 1,695 1,864 2,001 2,111 2,221 2,170 YOY % 11.8% 10.0% 7.4% 5.5% 5.2% -2.3% Valuation Ratios EBITDA Mg. 16.3% 16.2% 16.7% 16.5% 16.6% 16.2% 2020 2021e 2022e 2023e 2024e 2025e Net Profit 145 443 537 544 591 577 EV/EBITDA 5.2x 5.8x 5.6x 5.3x 4.8x 4.6x YOY % -61.2% 204.8% 21.2% 1.3% 8.7% -2.4% P/E 37.5x 17.3x 14.3x 14.1x 12.9x 13.3x Net Mg. 1.3% 3.7% 4.3% 4.1% 4.2% 4.1% P/S 0.5x 0.7x 0.6x 0.6x 0.6x 0.6x P/BV 1.6x 2.1x 1.9x 1.8x 1.6x 1.5x Free Cash Flow -MXN Million 2020 2021e 2022e 2023e 2024e 2025e Net Debt/EBITDA 2.0x 1.7x 1.7x 1.6x 1.3x 1.1x (+) EBITDA 1,783 1,990 2,137 2,258 2,380 2,327 ROE 4.3% 12.1% 13.5% 12.5% 12.6% 11.5% (-) Working Capital -112 205 173 344 221 72 ROIC 7.7% 11.3% 11.3% 11.2% 12.0% 11.8% (-) Cash Interest 201 198 200 234 246 220 Op. FCF Yield 15.3% 9.1% 11.1% 9.5% 11.5% 12.8% (-) Cash Taxes 260 269 262 267 291 284 FCF Yield 15.1% 8.7% 1.3% 5.1% 10.6% 11.9% (-) CAPEX (Maintenance) 602 623 649 685 745 771 Dividend Yield 0.0% 2.6% 2.6% 2.6% 3.0% 3.5% (=) Op. FCF 832 695 853 727 879 981 (-) CAPEX (Growth) 6 30 753 335 70 70 (=) FCF 827 665 100 392 808 911 Maj. Dividend 0 199 198 199 228 266 Net Debt incl. IFRS 16 3,357 3,097 3,474 3,447 2,924 2,341 Maj. Net Debt incl. IFRS 16 3,357 3,097 3,474 3,447 2,924 2,341 LAMOSA/CERAMIC: THE ROAD TO GROWTH IS PAVED WITH TILES. | 51

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