Cementir N : Interim Financial Report at 31 March 2024

INTERIM FINANCIAL REPORT

31 MARCH 2024

Cementir Holding N.V.	Share capital: € 159.120.000
VAT number: 02158501003
Registered Office: 36, Zuidplein, 1077 XV, Amsterdam, The Netherlands
Tax number: 00725950638
T: [phone]
CCI number: 76026728 - Netherlands Chamber of Commerce
Secondary and operational office: 200, Corso di Francia, 00191 Rome, Italy
T: [phone]
www.cementirholding.com

CORPORATE BODIES

Board of Directors1	Executive Director,	Francesco Caltagirone Jr.
In office until approval of 2025 financial statements	Chairman and CEO
	Vice Chairman2 and	Alessandro Caltagirone
	Non-Executive Director
	Vice Chairwoman2 and	Azzurra Caltagirone
	Non-Executive Director
	Non-Executive Directors	Saverio Caltagirone
		Fabio Corsico
		Adriana Lamberto Floristan (independent)
		Senior Non Executive Director2
		Annalisa Pescatori (independent)
		Benedetta Navarra (independent)
Audit Committee3	Chairwoman	Benedetta Navarra (independent)
	Members	Annalisa Pescatori (independent)
		Adriana Lamberto Floristan (independent)
Remuneration and Nomination	Chairwoman	Annalisa Pescatori (independent)
Committee3	Members	Benedetta Navarra (independent)
		Adriana Lamberto Floristan (independent)
Sustainability Committee3	Chairman	Francesco Caltagirone Jr.
	Members	Annalisa Pescatori (independent)
		Benedetta Navarra (independent)
		Adriana Lamberto Floristan (independent)
Auditing Company		PricewaterhouseCoopers Accountants N.V.
For the period 2021-2030

1. Appointed by resolution of the Annual General Meeting of 20 April 2023
2. Appointed by board resolution of 27 April 2023
3. Established by board resolution of 27 April 2023

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INTERIM FINANCIAL REPORT AT 31 MARCH 2024

INTRODUCTION

This Interim Financial Report refers to the Cementir Group's consolidated financial statements as at 31 March 2024, prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the EU and with Part 9 of Book 2 of the Dutch Civil Code.

As of April 2022, the Turkish economy is considered hyperinflationary according to the criteria set out in "IAS 29-Financial Reporting in Hyperinflationary Economies".

For the purpose of preparing this Interim Financial Report and in accordance with the provisions of IAS 29, certain items on the balance sheets of investee companies in Türkiye have been re-measured by applying the general consumer price index to historical data; this makes it possible to reflect changes in the purchasing power of the Turkish Lira as of the reporting date of the investees themselves.

This report was prepared on the basis of the going concern assumption.

It should be noted that the Group's business is by nature seasonal, with performance in the first few months of the year being affected by weather conditions and plant maintenance. It follows that the first quarter (interim) results cannot be considered representative of the performance for the entire year.

Finally, it is noted that this Interim Financial Report is unaudited.

GROUP PROFILE

Cementir Holding N.V. is a multinational company with registered office in the Netherlands, listed on the Euronext Star Milan segment, operating in the building materials sector and focused on four main business lines: grey cement, white cement, ready-mixed concrete and aggregates. With more than 3,000 employees, Cementir is the world leader in the niche white cement segment, the leading cement producer in Denmark and ready-mixed concrete producer in the Scandinavian region, the third in Belgium and among the leading international players in Türkiye, with two companies listed on the Istanbul Stock Exchange. In Belgium, the Group operates one of the largest aggregate quarries in Europe while in Türkiye it operates in the treatment of industrial waste, producing fuel from waste for cement plants.

Cementir pursues a strategy of sustainable growth, focusing on product leadership, the pursuit of excellence and the efficiency of operational processes. In the last two years, the Group has received notable ESG awards, including the validation of the 2030 decarbonisation targets by the Science Based Target initiative (SBTi) and an A- rating from CDP. The Group also achieved an investment grade BBB- financial rating with a stable outlook from Standard & Poor's.

Since 1992, Cementir has been part of the Caltagirone Group, one of the leading private business groups in Italy with activities in the residential construction, infrastructure, publishing, real estate and finance sectors.

GROUP PERFORMANCE

TÜRKIYE - HYPERINFLATED ECONOMY: IMPACTS OF THE APPLICATION OF IAS 29

As of April 2022, the Turkish economy is considered hyperinflationary according to the criteria set out in "IAS 29-Financial Reporting in Hyperinflationary Economies".

The accounting effects of hyperinflation are reflected in the opening balance sheet as of 1 January 2024, incorporate the changes for the period. In particular, the effect related to the re-measurement of non-monetary assets and liabilities, equity items, and income statement items recognised in 2024 was recognised in a

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separate income statement item under financial income and expenses. The related tax effect of non-cash assets was recognised in taxes for the period.

To take into account the impact of hyperinflation also on the local currency exchange rate, profit and loss account balances expressed in hyperinflationary currencies have been converted into euro (Group currency), applying the final exchange rate instead of the average exchange rate for the period, in line with IAS 21's requirement to report these amounts at current values.

The cumulative levels of the general consumer price indices are as follows:

• From 1 January 2005 to 31 December 2023: 1,533%
• From 1 January 2024 to 31 March 2024: 15%

In the first quarter of 2024, the application of IAS 29 resulted in the recognition of a net financial charge (pre- tax) of EUR 0.2 million.

The consolidated income statement for the first quarter of 2024 is reported below, with comparative figures provided for the same period of 2023.

Financial Highlights

(EUR'000)	1st Quarter	1st Quarter	Change
2024	2023	%
REVENUE FROM SALES AND SERVICES	368,263	414,804	-11.2%
Change in inventories	4,585	10,194	-55.0%
Increase for internal work and other income	1,925	2,841	-32.2%
TOTAL OPERATING REVENUE	374,773	427,839	-12.4%
Raw materials costs	(160,709)	(196,742)	-18.3%
Personnel costs	(52,991)	(51,679)	2.5%
Other operating costs	(94,608)	(98,266)	-3.7%
TOTAL OPERATING COSTS	(308,308)	(346,687)	-11.1%
EBITDA	66,465	81,152	-18.1%
EBITDA MARGIN %	18.05%	19.56%
Amortisation, depreciation, impairment losses and provisions	(32,220)	(31,946)	0.9%
EBIT	34,245	49,206	-30.4%
EBIT Margin %	9.30%	11.86%
Share of net profits of equity-accounted investees	(206)	(197)	4.9%
Net financial income (expense)	24,662	14,906	65.5%
NET FINANCIAL INCOME (EXPENSE)
AND SHARE OF NET PROFITS OF EQUITY-ACCOUNTED	24,456	14,709	66.3%
INVESTEES
PROFIT BEFORE TAXES	58,701	63,915	-8.2%
PROFIT BEFORE TAXES/REVENUE %	15.94%	15.41%

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Non-GAAP Financial Summary

The Non-GAAP consolidated income statement and comments for the first three months of 2024 are reported below, with comparative figures provided for the same period of 2023.

These results, unlike those presented in the previous paragraph, do not include the impact of the application of IAS 29 - Financial Reporting for Hyperinflationary Economies for Türkiye, and the valuation of non-industrial real estate in Türkiye. This representation allows a better comparison of the Group's performance compared to the same period of the previous year. The data below are considered "non-GAAP" measures.

	1st Quarter	1st Quarter	Change
(EUR'000)	2024	2023
%
	(Non-GAAP)(Non-GAAP)
REVENUE FROM SALES AND SERVICES	367,107	413,780	-11.3%
Change in inventories	5,166	11,140	-53.6%
Increase for internal work and other income	1,888	3,228	-41.5%
TOTAL OPERATING REVENUE	374,161	428,148	-12.6%
Raw materials costs	(157,665)	(192,863)	-18.3%
Personnel costs	(52,854)	(51,616)	2.4%
Other operating costs	(94,310)	(98,049)	-3.8%
TOTAL OPERATING COSTS	(304,829)	(342,528)	-11.0%
EBITDA	69,332	85,620	-19.0%
EBITDA MARGIN %	18.89%	20.69%
Amortisation, depreciation, impairment losses and provisions	(29,771)	(29,455)	1.1%
EBIT	39,561	56,165	-29.6%
EBIT Margin %	10.78%	13.57%
Share of net profits of equity-accounted investees	(206)	(197)	4.6%
Net financial income (expense)	24,759	12,357	100.4%
NET FINANCIAL INCOME (EXPENSE)
AND SHARE OF NET PROFITS OF EQUITY-ACCOUNTED	24,553	12,160	101.9%
INVESTEES
PROFIT BEFORE TAXES	64,114	68,325	-6.2%
PROFIT BEFORE TAXES/REVENUE %	17.46%	16.51%

Sales volumes

('000)	1st Quarter	1st Quarter	Change
2024	2023	%
Grey, White cement and Clinker (metric tons)	2,389	2,336	2.3%
Ready-mixed concrete (m3)	1,056	1,018	3.7%
Aggregates (metric tons)	2,391	2,195	8.9%

Group employees

	31-03-2024	31-12-2023	31-03-2023
Number of employees	3,051	3,045	3,103

In the first three months of 2024, cement and clinker sales volumes of, equal to 2.4 million tons, increased by 2.3% compared to the same period of 2023 thanks to the increase recorded in Türkiye, which offset the decline in volumes in other geographical areas.

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Volumes of ready-mixed concrete, equal to about 1.1 million cubic metres, increased by 3.7%, driven by the positive trend in Türkiye and, to a lesser extent in Sweden, while there was a decline in Denmark, Norway and Belgium mainly due to particularly adverse weather conditions.

In the aggregates sector, sales volumes amounted to 2.4 million tons, up 8.9% with an increase in Türkiye, due to the opening of a new quarry, and Denmark, while sales in Belgium remained stable.

Group revenue from sales and services reached EUR 367.1 million, down 11.3% compared to EUR 413.8 million in the first quarter of 2023. The decrease in sales was caused by unfavourable weather conditions, fewer working days due to the Easter holidays, and a negative exchange effect of EUR 50.1 million. It should be noted that at constant 2023 exchange rates, revenues would have amounted to EUR 417.2 million, an increase of 0.8% compared to the same period of the previous year.

At EUR 304.8 million, operating costs fell by 11% compared to EUR 342.5 million in the first quarter of 2023.

The cost of raw materials, equal to EUR 157.7 million, decreased by 18.3% compared to EUR 192.9 million in the first quarter of 2023, due to both a reduction in the cost of some production inputs and an exchange rate effect, especially in Türkiye.

At EUR 52.9 million, personnel costs increased by 2.4% compared to EUR 51.6 million for the same period of 2023.

Other operating costs, equal to EUR 94.3 million, fell by 3.8% compared to EUR 98.0 million in the first quarter of 2023.

EBITDA amounted to EUR 69.3 million, down 19% compared to EUR 85.6 million in the first quarter of 2023, reflecting lower results in Denmark and Norway and, to a lesser extent, in the United States and Asia Pacific as well as a negative exchange effect of EUR 9.7 million. At constant exchange rates in 2023, EBITDA would have amounted to EUR 79.0 million, down 7.7% compared to the same period of the previous year.

The EBITDA margin was 18.9% compared to 20.7% in the first quarter of 2023, due to lower volumes in Europe, which were only partially offset by higher sales in Türkiye.

EBIT, taking into account amortisation, depreciation, impairment losses and provisions of EUR 29.8 million (EUR 29.5 million in the first quarter of 2023), amounted to EUR 39.6 million compared to EUR 56.2 million in the same period of the previous year. Amortisation, depreciation, impairment losses and provisions include amortisation and depreciation due to the application of IFRS 16 of EUR 8.3 million (EUR 7.9 million in the same period of 2023).

At constant 2023 exchange rates, EBIT would have been EUR 47.6 million.

The share of net profits of equity-accountedinvestees was negative by EUR 0.2 million (negative by EUR 0.2 million in the first quarter of 2023).

Net financial income was EUR 24.8 million (income of EUR 12.4 million in the same period of the previous year) and included net financial income of EUR 0.9 million (net financial expenses of EUR 2.1 million in the same period of 2023), net foreign exchange income of EUR 23.6 million (EUR 13.6 million in the same period of 2023) and the effect of the valuation of derivatives.

Profit before taxes was EUR 64.1 million, down 6.2% from EUR 68.3 million in the first quarter of 2023.

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Financial highlights

(EUR'000)	31-03-2024	31-12-2023	31-03-2023
Unaudited	Audited	Unaudited
Net capital employed	1,603,123	1,433,223	1,583,141
Total equity	1,679,753	1,650,833	1,551,073
Net financial debt (Net Cash)	(76,630)	(217,610)	32,068

Net cash as at 31 March 2024 was EUR 76.6 million, with a positive change of EUR 108.7 million over the last twelve months, and includes a EUR 34.2 million dividend payment in the month of May 2023. These amounts include EUR 83.4 million due to the application of IFRS 16 (EUR 82.5 million at 31 March 2023).

The EUR 141 million reduction compared to the net cash as at 31 December 2023 is due to the seasonality of the business in the first quarter, also due to the annual maintenance cycle, and to working capital dynamics.

Total equity at 31 March 2024 amounted to EUR 1,679.8 million (EUR 1,650.8 million at 31 December 2023 and EUR 1,551.1 million at 31 March 2023).

FINANCIAL INDICATORS

The following table provides the most significant indicators for a brief assessment of the performance and financial position of the Cementir Holding Group. Return on equity and Return on Capital Employed allows for a rapid understanding of how the operational performance of the Group has an impact on overall profitability. The other Financial Indicators highlight the ability of the company to meet its financial obligations.

PERFORMANCE INDICATORS	31-03-2024	2023	31-03-2023	Composition
Return on Equity	12.6%	13.1%	12.5%	Profit from continuing operations/Equity
Return on Capital Employed	16.4%	19.4%	13.9%	EBIT/(Equity + Net financial debt)
Financial indicators	31-03-2024	2023	31-03-2023	Composition
Equity Ratio	66.6%	64.9%	62.5%	Adjusted Equity/Total Assets
Net Gearing Ratio	-4.6%	-13.3%	2.1%	Net financial debt/ Adjusted Equity
Liquidity Ratio	1.17	1.15	0.97	Cash + Receivables / Current Liabilities
Cash Flow	1.47	1.58	0.95	Operating Cash Flow / Total Financial
Debt
Finance Needs	-76.6	-217.6	32.1	Net Financial Position
(Net cash)

The improvement in economic indicators is due to the positive trend of the current economic management and the impact generated by the cash flow from ordinary activities.

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The balance sheet indicators show a further strengthening of the Group's equity and financial structure, which closed the period with a net cash position of EUR 76.6 million (taking into account the seasonal dynamics of working capital).

PERFORMANCE BY GEOGRAPHICAL SEGMENT

The data reported in the Türkiye paragraph do not include the impact of the application of IAS 29 - Accounting for hyperinflated economies, the effects of which are reported in the section "Türkiye - Hyperinflated Economy: impacts for the application of IAS 29", and do not include the valuation of non- industrial real estate.

Nordic and Baltic

(EUR'000)	1st Quarter	1st Quarter	Change
2024	2023	%
Revenue from sales	138,034	164,129	-15.9%
Denmark	105,381	123,472	-14.7%
Norway / Sweden	30,431	40,573	-25.0%
Other (1)	16,174	17,178	-5.8%
Eliminations	(13,952)	(17,094)
EBITDA	26,791	41,368	-35.2%
Denmark	26,253	39,729	-33.9%
Norway / Sweden	(481)	667	-172.2%
Other (1)	1,019	972	4.9%
EBITDA Margin %	19.4%	25.2%
Investments	12,756	22,281

1. Iceland, Poland and white cement operating activities in Belgium and France

Denmark

In the first quarter of 2024, sales revenues reached EUR 105.4 million, a decrease of 14.7% compared to EUR 123.5 million in the first quarter of 2023.

Domestic cement volumes, both grey and white, declined compared to the first quarter of 2023 due to harsh weather conditions, especially in January, and fewer working days in anticipation of the Easter holidays in a market environment that is still not recovering. High inflation and unchanged interest rates continued to negatively impact the residential sector, whose weakness was minimally offset by the supply of cement for the undersea tunnel linking Denmark and Germany (Fehmarn Belt), which entered the operational phase with volumes still modest compared to the full-scale forecast.

Cement exports declined due to lower deliveries to Belgium, France, Norway and the Faroe Islands, partially offset by higher deliveries to the United Kingdom and Iceland.

In Denmark, ready-mixed concrete volumes decreased by 4% compared to the corresponding quarter of 2023 due to the above-mentioned particularly severe weather conditions in the month of January, while sales volumes of aggregates increased slightly compared to 2023 despite some short production stoppages.

EBITDA amounted to EUR 26.3 million (EUR 39.7 million in the first quarter of 2023), down 33.9% mainly due to lower sales volumes, which were only partially offset by savings in purchasing costs and fuel and electricity consumption.

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