Thank you. Good evening, and welcome to Cementir Holding first quarter 2026 results webcast.

I'm here with our Chairman and Chief Executive, Francesco Caltagirone.

Good afternoon.

Who is happy to take your questions at the end of my short presentation. Starting with the key takeaways on page 2.

Q1 2026 results were impacted by marked seasonality and a different maintenance schedule. The harshest winter in the past 20 years in Europe and Türkiye, together with a different maintenance schedule and a sharper than expected volumes and profitability decline in Turkey has impacted our results.

Volumes were down across all business lines: cement -3.3%, ready-mix -23.7%, aggregates -5.1%, mainly driven by weather disruption, weaker demand in Asia-Pacific, and lower activity in Türkiye. Positive trends in Belgium and Egypt following the restarts of the second kiln, and a volume recovery was visible in March in some regions.

Revenue was down 7.1% year-on-year, driven by lower volumes across several regions and a negative FX impact of around €21.4 million, mainly due to Turkish lira and US dollar depreciation. EBITDA was down around 40.6% for the quarter, of which around €25 million relate to Nordic & Baltic and Türkiye, reflecting lower volumes and different scheduling of maintenance activities, while the FX impact was negligible.

There was no significant direct impact from geopolitical conflict on our operations in the first quarter. Energy cost volatility has been largely mitigated through a structured risk management approach and hedging, while some pressure still persists on petcoke supply and logistics.

The full year 2026 guidance is confirmed despite a highly uncertain macroeconomic and geopolitical environment, and pending greater visibility on its evolution in the coming months. Turning to page 3, a bit more granularity on the results.

Revenues reached €345.9 million, -6% year-on-year; non-GAAP revenue reached €344.1 million, -7.1%. Lower volumes across several regions and a €21.4 million negative FX, mainly due to the Turkish lira and dollar depreciation.

As mentioned, cement volumes were down 3.3%, mainly due to exceptionally adverse weather conditions, weaker demand in Asia-Pacific, and lower activity in Türkiye, partially offset by a stronger performance in Egypt and Belgium. RMC volumes were down 23.7%; aggregates were down -5.1%.

EBITDA reached €38.8 million, -41.6%; non-GAAP EBITDA was €41.4 million, -40.6%. €25 million of EBITDA decline was between Nordic & Baltic and Türkiye, driven by lower volumes on top of a different annual maintenance schedule.

Non-GAAP EBITDA margin stood at 12%, as opposed to the 18.8% in the first quarter of last year. Pre-tax was €7.4 million; non-GAAP pre-tax was €14.8 million.

Net cash reached €303.7 million, an improvement of €160.5 million year-on-year, including €51 million from the disposal of Kars Çimento, €19.7 million of insurance proceeds, €18.6 million of the Just Transition Fund, and €52.2 million of dividends paid. Turning to page number 4, focus on Nordic and Baltic, accounting for around 47% share of group EBITDA for the quarter.

In Denmark, there were exceptionally adverse weather conditions, especially in January and February, leading a grey domestic demand down by around 10%, the coldest start of the year in the last 20 years. There was a partial recovery in March with a +6%, whereas white cement volumes were up 15%, supported by stronger demand.

Exports were down 7% due to lower deliveries to Norway and Iceland, partially offset by growth in the UK, France, and Finland. RMC volumes were down 22%; aggregate volumes down 29% with a partial recovery in March.

EBITDA was down 44%, again impacted mainly by lower volumes and higher costs due to a different maintenance schedule. Norway, we have only RMC activity there, and sales volumes were down 13%, impacted by weak demand and some delays in infrastructure projects on top of adverse weather, marked with overcapacity and price competition.

Lower EBITDA was due to lower volumes and higher variable costs, partially offset by pricing action. The Norwegian krone appreciated by around 2.3% versus the euro average in the period.

In Sweden, RMC volumes were down 10%, again due to harsh weather. There was a very strong rebound in March, +14%, and aggregate volumes were up 14%, supported by the start-up of several projects.

March volumes were 60% up. EBITDA was impacted by lower RMC volumes and partly mitigated by aggregates performance and pricing.

In the period, the Swedish krona devaluated by around 4.8% versus the euro. Turning to page 5, Belgium and France, accounting for around 42% of group EBITDA in the period.

Here, domestic cement volumes were up 8%, supported by new customers and strong precast segment despite adverse weather and weak residential demand. Exports were up 30% in France and the Netherlands, driven by new customers, and there were signs of recovery in the French construction sector.

RMC volumes were up 4%; aggregate volumes were up 4% as well, mainly in France and the Netherlands. EBITDA was down 12%, mainly because of the cement segment due to higher costs related to a different maintenance schedule, only partially offset by higher volumes.

RMC was impacted by lower volumes in Belgium and higher production costs. Turning to page number 6 on Türkiye.

I remind you that from April '22 Türkiye is considered hyperinflationary, and the reported figures are non-GAAP, i.e. they exclude the impact of hyperinflation and the valuation of non-industrial property.

In Türkiye, there was a highly challenging market environment impacted by hyperinflation, higher interest rates, and exceptionally adverse weather in January and February. There was also the impact of Ramadan seasonality and weaker post-earthquake reconstruction demand.

As a consequence, domestic cement volumes were down 18% year-on-year, affected by severe winter conditions, weak macro, and the disposal of the Kars plant. Exports were up 80%, mainly due to higher deliveries to Albania, Bulgaria, and other countries.

RMC volumes were down 34% and aggregate volumes were down 30% on the quarter, impacted by weaker demand. Revenues were down 31.3%, also because of Turkish lira devaluations.

The EBITDA was negative, reflecting lower volumes and higher variable and fixed costs, only partially offset by price increases. The divestment of Kars Çimento was completed on December 31st, 2025.

I remind you that the Turkish lira devalued by 34% against the euro in the period. Turning to page 7, North America, accounting for 10% of group EBITDA in the period.

White cement volumes were up 4% in the US, showing a resilient performance despite competitive pressure, adverse weather, and select pricing dynamics. Texas volumes were moderately down due to a snowstorm in January and strong competition.

In the York region, it was slightly down again due to harsh weather. California volumes were broadly flat, while Florida recorded a significant increase supported by a dynamic market despite aggressive competition.

EBITDA was down 1.7%, impacted by higher transport, cement purchase, energy, and maintenance cost, and some FX effect, partially offset by higher volumes and prices. The new aggregate business contributed positively.

In the period, the US dollar devalued by around 11.2% versus the euro. Turning to page number 8, Asia-Pacific, accounting for 1% of group EBITDA.

In China, volumes were down 15%, impacted by stagnant demand, intense competition, and heavy snowfall in January, and a slowdown around the Chinese New Year. Market environment remains weak despite the government stimulus.

Revenues were down 44.7%, EBITDA was down 43.4%, and the renminbi devalued by around 5.8% in the period. In Malaysia, total volumes were down 30%, mainly due to timing difference in clinker shipments to Australia, while domestic volumes, though marginal, declined by 13% due to residential weakness.

Cement exports were slightly down. Revenues were down 19%, while EBITDA at breakeven due to lower volumes, higher freight rates, and scheduled maintenance, despite better product mix.

The Malaysian ringgit was up by 0.9% versus the euro in the period. The last geography on page 9, Egypt, accounting for 6% of group EBITDA.

Revenues were up 41.5% despite the devaluation of the Egyptian pound of around 7.7%. Domestic cement volumes were up 50%, also benefiting from the timing shift of deliveries from December, and the macro context though remains challenging with high inflation, currency devaluation, and high energy costs.

Export volumes were up 68%, supported by the restart of the second production line in 2025, strengthening presence in the US and Western Europe. EBITDA was up 6.4%, driven by higher volumes, partially offset by lower average price due to destination mix and higher energy costs.

Last slide, number 10, regarding guidance, which is confirmed for 2026. Despite a weak Q1 and a turbulent geopolitical scenario, pending greater visibility on its evolution, we reiterate our full-year guidance, which you can see here, with revenues up from the pro forma of last year 5% to €1.7 billion, EBITDA between €400 and €420 million, net cash up €125 million to €590 million.

This guidance refers to like-for-like ongoing operations, non-GAAP, and excluding any extraordinary items. This ends my short presentation, and now I leave the floor to Mr.

Caltagirone, who is happy to take your questions. Thank you very much.

Before you start the questions, I want to point out a few things, because for sure this has been a difficult quarter, and whatever could went wrong went wrong, and in a small quarter this is exacerbate the number. Let's say that, as Marco said, we reported €41 million of EBITDA, and our budget that you are not aware of was 53.

Anyway, 20 six- sorry, €16 million below last year. This means that today in our forecast, we see a delay of 12 the real delay is €12 million and is 100% linked to weather situation in Scandinavia and in Turkey.

The other part of the delta with the previous year it is mainly due to the maintenance of different, let me say, planning, and this should be reabsorbed with the year. The second thing is that March, but even April seems promising.

We are seeing a picking up of demand mostly everywhere except for China. Even, as last year the weakest part of our perimeter was Belgium-France, and even in this difficult situation, Belgium and France performed quite well.

Now I am open to receive your questions. Please.

Yes, good afternoon. Thanks for taking my questions.

My first question would be on raw material and energy costs and your pricing actions. I'm wondering how much inflationary pressure are you seeing for the various costs items and can you also maybe elaborate on how you are adjusting pricing to that?

That's the first question. Then the second one on me would be an update on the Nimmolle acquisition.

Are you still expecting closure there in the third quarter? Can you maybe give us some updates on the process and whether you see any antitrust issues popping up or do you expect that to be a smooth transaction?

Those were my questions. Thank you.

Starting from your second question about Nimmolle, I can say that so far the communication with the antitrust are smooth and regular. We expect probably by end of June, early in July an answer.

Far, we don't see any kind of, let me say, issue. Regarding the cost pressure or price or inflation pressure, as, let me say, said recently in a meeting in the Milan Stock Exchange, is that if the situation will continue as it is today with the sort of up and down in the energy prices and special logistic prices, we are going to book nearly €38 million of extra cost.

We have, more or less nearly, all region already asked to applied new list price. As there is a lag, but, as I said, what I'm saying is that already in April we are seeing that we are recovering most of this cost inflation.

This is our forecast as we see and now the things, and with, let me say, the oil around 100. Then if the situation might change abruptly, we have to design a different scenario.

Far let's say that this €38 million that are energy and especially logistic, land and sea logistic, can all together bring, let me say, the sum of the extra cost to €38 million.

Very clear. Thank you very much.

Good afternoon, everybody. Thank you for taking my question.

I can start with two questions. The first one is on the volume side.

You clearly mentioned some volume recovery in March and let's say, positive indication on April. Can you just discuss a little bit more on these, specifically on the Nordics and on the Turkish market?

Still on the Turkish market, can you let's say, elaborate on your expectation for the full year, given the weak start to the year? The second one is on the guidance, because basically the guidance is pointing to a flat EBITDA, and you started the first quarter short of €30 million year-on-year or €12 million versus your budget.

Can you guide us on how and when do you expect to recover these €12 million versus your budget, and if there is any specific country supporting this improvement in the remaining part of the year? Thank you.

In terms of volume recovery, we continue to see some recovery in France, Belgium. Let's say that Norway is still flat because, let's say, also the pick-up in consumption let's say, in April we had also Easter holidays, to see the full recovery, we might, let me say, check at the end of May.

We are seeing recovery in France, Belgium, and also in Türkiye. In Türkiye, in our budget, we already discounted some lower volumes because of the end of some, let me say, big project for the earthquake.

In our, let me say, scenario and guidance was already booked that Turkey would have been a bit weaker this year. Let's say, so far beside, as I mentioned, the weather issue, we are not seeing other issue other than, let me say, cost inflation, but let's say, we are recovering this cost inflation by, let me say, adjusting the list price almost everywhere.

It seems, let's say, I cannot say that, as you can imagine, you can update the list price every week, but for the gap that we saw for the first let me say, 2 months of this war, let's say, we have, let me say, already aligned the prices. We think that we might recover, let me say, this cost inflation that is €38 million during the year.

In terms of recovering the €12 million of gap weather, say, statistically when you have this, let me say, harsh winter, more or less you recover during the year between 2/3 and the whole amount. I cannot say that the weather in the next 8 months will be beautiful, but let's say that usually you should recover around 2/3 to 75% of this gap.

This leave, let's say, a gap of €4-5 million so far to be recovered, let me say, in the perimeter during the remaining 8 months of the year. Something that we see affordable now.

Thank you very much.

thank you. Good evening.

I have two questions. The first one is related to Turkey.

Turkey seems more than just weather-related, no, because you have clearly say that there is this end of the earthquake reconstruction effect, which I think is going to last. My question is, what is your budget assumption for volumes for Turkey this year?

The second question is, if to maybe help bridging the gap in meeting the bottom end at least of the guidance, which would be basically flat EBITDA this year, are you also implementing sort of cost actions? We know that for a cement company, apart the key cost are energy cost, maybe maintenance, logistics, and so on.

Maybe are you implementing or not some targeted cost actions on other costs to maybe help to fill the gap? Thanks.

Starting from the second question, the first one will be answered by Marco. I can say that we are putting in place all the action that we can recover.

As I said, today, let's say, we reported, as €41 million against, let's say, around 400 for the full year. This is the 10% of, let me say, our full-year results.

What I'm saying is that having the other 90% of the results that has to be deployed, I think, as I also said before, that we have more than reasons to believe that we can recover the gap. Also, if the war end, let me say, as few time also declared by the USA shortly, that the recovery may be also even larger.

Today is difficult to forecast. We are doing whatever we can, and we see the possibility, as I said, that we can close this gap.

Thank you.

On your first question, internally our projection for volume growth in Turkey is -13, 1-3. We were already budgeting for a double-digit decline in volumes for the reasons you just explained, which is the phasing out of a number of structural projects and the tailwinds of earthquake reconstruction.

That was already in our internal numbers.

If I can add one thing, the government just few weeks ago asked to all the company in Turkey to curb the export because they see, because of Syria and other potential, let me say, reconstruction, that there is a potential big outflow of cement from Turkey, and this could create some, let me say, difficulty in finding the cement in some part of Turkey. This seems bullish, because the same things has been asked more than 2 years ago, and they curbed the export, and they are trying to do the same now.

Their expectation is that probably what is not, let me say, absorbing now the internal market can be more than, let me say, outbalanced with the export in the surrounding region.

Hello. Thank you for picking up my question.

Sorry for torture once again with Turkey, but you said that your ready-mix concrete volumes were down 34% and aggregates -30%, while cement was only down 18%. Probably it's a question from an amateur, but it seems to me that that's an unusual wide gap between cement and downstream products.

Could you probably give some colors through what's driving this divergence, what's that difference between them? Is it a project mix, regional concentration, competitive dynamics, or something else?

Why they do not fall equally, for example? Thank you.

Mainly we don't serve by 100% our ready-mix. Sometimes in some part of because even because there is more convenient to buy for logistics from other parts.

You see a wider gap in ready-mix and a lower gap in cement, because mainly some part of the cement it is bought or has been bought in the past from several of our ready-mix plants from other competitors. We say we lost, let me say, from market point of view part of this ready-mix supply directly of our cement, but some it is suffered by other competitors.

Okay. Thank you.

Yes, hi. Good evening to everybody.

I have three questions, okay, for me. The first one, sorry, is a clarification on the comments you made on the extra cost linked to fuel and the logistic cost.

The amount you mentioned, the €38 million, is it something you already accounted? Is this something that you forecasted?

Just to understand which kind of, let's say, assumption you made on this, also considering that you announced price increase. Just to understand the assumption behind this if I understood well, you mentioned a brand price close to $100, $100, sorry.

Just to understand the assumption behind this and if this is basically an additional delta compared to your budget. This is the first question.

Thanks.

When I think everybody made the forecast for 2026, it was impossible to forecast the war. Now what we have forecasted is just that at the beginning of this, let me say, problems, there is a lot of volatility.

Now the things are more, let me say, stable, even, let me say, with the oil around 90, 100, electricity, oil, and especially the diesel for inland distribution is hitting a lot, I think, everybody. Our forecast is just saying that if the actual situation going forward by the end of the year, we will sum up extra €38 million of cost.

Now with the extra, let me say, price hike in the various region, we will recover most of this with a bit of a lag. Usually you have a lag in the beginning, but then when the situation should calm down, you, let me say, don't adjust, let me say, with the same speed the list price.

For sure, in the big projects, there is the list price for a normal, let me say, customer, and then there is the supply for the big project. For sure, the big project has been treated in a way where we say, okay, we don't know where the energy price will go up and down.

We will charge you every week or every 2 weeks the extra cost. As soon as they go up, we will charge you every, let me say, 1% increase, but as soon as they will go down, we will realign with the 14 days of delay.

This is for the big project. For the other, there is a list price that is adjusted in a monthly basis.

Thanks. As you said before, this is basically fuel, logistics, while electricity is it something that you mostly hedged, if I recover, no, what you said the last call?

Yes, most of the electricity and gas supply is hedged. Mainly is diesel and oil for distribution that is, let me say, the origin of this cost.

Thanks. The second question, sorry, is on Denmark.

First, I read in the press release, no, that there was an update on the Denmark energy division, something like this, okay, regarding the grant or something like this

you're

going to get for the action. If you can comment which kind of next step we're going to have into the project, because if I recover, this step was pretty important, okay, for you on the OPEX side.

Still linked, okay, to Denmark, also if you can help me understand which kind of volume, let's say, expectation we may have this year considering the negative start in Q1. Thanks.

Regarding our carbon capture project, you are right. Yesterday the Danish government wrote us that we are fully eligible.

This means that we can ask for the funds together with another, let me say, electric player. This means that we are wait to sign, let me say, the contract, because, as probably you are aware, the project is divided in three parts: one is the capture inside the plant, then there is the pipeline, and then there is the sequestration site.

We need to have more visibility on the other two steps because, as you can imagine, we need to end up aligned. This means, as I said, that when the project will go, let me say, live, 2030, 2031, depending also on the other two parts of the project, that we might recover I don't know, let's say, from €50 to €80 million per year of OPEX.

Okay. Sorry, the lateral question also on Denmark, no, related to let's say, the expectation for the full year on the volume side, because in the past probably you commented on let's say, a slower contribution, no, from the public works.

If you can let's say, give us an idea of year-end expectation for Denmark.

Sorry, just to complete the previous answer, this amount is per year for 15 years. It's quite an important amount if you, let me say, multiply from 2030 to 2045.

Regarding your last question, Marco, please.

Yes. Our expectations for the year is that Nordic and Baltic cement should grow in low single digits, and that RMC should do the same roughly, and the aggregates again, between 0% and 5%.

These are the central budget expectations. Now clearly Q1 has been very harsh, but we, as the Chairman said, expect to recover.

There are signals in March and April that there is a rebound. This is the central budget in our numbers.

Yes, in April, Nordic and Baltic recovered in volumes 6%.

So Thanks. The last question, sorry, is on Egypt.

I recall it last year, no, this let's say, huge volatility also due to the second production line. In the end, in absolute terms, the EBITDA in Q1 was basically similar to the one you had last year.

The reason why, let's say, we didn't have, no, let's say, a progress, no, on the EBITDA side, is it due to a matter of energy cost as you mentioned in the press release? Because I recall it that in full year you mentioned the expectation of having €17-18 million, okay, EBITDA from Egypt.

Just to understand which kind of progression we should expect, no, in Egypt. Thanks.

As you are saying, our forecast is this. This is as for everybody, is the maintenance month, and so in, let me say, this part is charged.

As you see, the result is similar to last year, because let's say having two lines, we have, let's say, the double of the maintenance. During the remaining part of the year, you will see that we will recover, and the volume and the revenues are already picking up.

Taking consideration that during February, March the Egyptian pound devaluated 12%. That the average is 7.7% in the quarter, but just in the last month devaluated 12%.

This will be recovered for sure, but let's say it is difficult to show the full potential of, let me say, the second line in action just in the first quarter. Let's say we are completely aligned with, let me say, the forecast that we have for Egypt for the full year.

Okay. Thanks.

Yes. Good evening, everyone.

I wanted to ask about Belgium and France. I was a little bit surprised of the positive dynamic for domestic volumes in the first quarter.

I'd like to understand if it is an easy year-on-year comparison or also you mentioned new customers, if you can elaborate a little bit above all for understanding if this can impact in your budgeted volumes expectations for Belgium and France for the rest of the year, or if it was already factored in your budget. A second question concerned the pricing environment.

I would like to understand what was on average the pricing environment in the first quarter of the year, and if you plan pricing only as an instrument to offset eventual increase of costs, or if you have in mind anyway if there could be room for further price increases in some areas independently of that, and perhaps also in relation to CBAM in Europe. How do you see the pricing environment going forward?

For sure, the price environment at the beginning of the year was, let me say, slightly up in most of our region. Then, let me say, it's arrived this, let me say, headwinds of energies, and now we are readjusting.

As you can imagine, to recover €38 million of cost or revenues of EBITDA over 400 is nearly at a 10% on average. In some areas, it's a huge increase.

Frankly speaking, I don't see the space to increase further, because then there is also the issue about market absorption of this, because what we are seeing in, let me say, most region is that most of the customer, like probably most of us, are expecting a fast solution to this, let me say, war. What they are acting is that they postpone few weeks, few months the start of the project because they say, okay, but in 3 months probably the cement or the cost of everything, because cement is just part of the cost of infrastructure or real estate, will come down and so this is adding a little bit of headwind in the consumption in some area.

We don't want to exacerbate the relationship with the customer and with the reality. Frankly speaking, I don't see space to increase further.

Probably, the best things that we can hope is that we will have, let me say, a slower unwinding of some of the price hike in some area that can, let me say, let us to recover more than what we suffered. This is our best guess.

The other question? The question, the CBAM?

Yes, was related to Belgium and France,

yes,

on the volumes.

Yes. Belgium and France last year were quite depressed because of the end of the Olympics in 2024.

We were forecasting that there should have been a bounce, and new customer is just, let me say, because we are repositioning ourselves, especially in Northern France, because we served or supplied some of the big project in the Paris area during Olympics, and for sure we need a bit of a time to, let me say, recover our portfolio of different client, because some project, as you can imagine, are one-off linked to the Olympics. We see that if there are not other, let me say, issue, this trend should continue for France and Belgium.

Thank you.

Oh, excellent. Then thank you very much for your participation, your interest in Cementir Holding, and we wish you a pleasant rest of your evening and day.

Thank you.

Thank you. Good evening.

Bye-bye.

Bye.