H12026
RESULTS
4 August 2026 Pietro Buzzi –CEO KJ Den Haag Complex, The Hague Netherlands.
H1 2026 Results | 4 August 2026 1
H1 2026 IN BRIEF
+5.4%
-4.2%
+0.1%
+1.1% lfl
-8.2%
-8.2% lfl
-190bps
-€214mCement volumes slightly declined inEurope, reflecting weaker demand and adverse weather conditions inQ1,partly offset by strong performances inthe U.S.and Brazil .Including scope changes, cement volumes increased by 5.4%,while rmxvolumes declined by4.2%.
NetSales were broadly stable, benefiting from a €61mcontribution from scope changes, while H1 EBITDA reached €483m,including a€9mpositive scope effect .
Atconstant scope ,profitability improved inItaly, Poland, UAE and Brazil thanks tostronger operating leverage, while higher production costs pressured margins elsewhere .
Netcash position decreased by€214m,primarily reflecting theshare buyback program andhigher
capex
H1 2026 Results | 4 August 2026 2
NET SALES VARIANCE ANALYSIS
(€m)
Unfavorable impact Favorable impact *FXeffect calculated with acomparison tothefullH12025 **Intercompany eliminations andadjustmentsVolume Price Scope Volume Price Scope Volume Price FX Volume Price FX Volume Price FX Volume Price FX* Scope 1H 25 ITALY CENTRAL EUROPE EASTERN EURPE USA BRAZIL Others* 1H 26ITALY CENTRAL EUROPE EASTERN EUROPE USA BRAZIL UAE Others**2,187 2,189
(26)143
(22)64
(12)
(16)117
(12)
(50)1219953
7
(1) (5)1
H1 2026 Results | 4 August 2026 3
EBITDA VARIANCE
(€m)
Unfavorable impact Favorable impact(€m) 1H 25 Volume Price Variable Cost Fixed Cost Others CO2 FX Scope 1H 26(42)1913
(18)
(15)0
(9)9
483526
H1 2026 Results | 4 August 2026 4
Net Cash
FY 25Net Cash
from Op.CapexEquity
Inv.Dividends
paidDividends
receivedShares
BuybackOthersNet Cash
1H 26
Unfavorable impact Favorable impact1 2
3343 354
261
1H 24 1H 25 1H 261
218 219264
1H 24 1H 25 1H 26
108124123
1H 24 1H 25 1H 2632Net Cash Flow from Op.
Capex
Dividends paid
CASH GENERATION & CAPITAL ALLOCATION
(€m)
1,110
896261
(264) (11)
(123)41
(180)62
H1 2026 Results | 4 August 2026 5
TRADING BY GEOGRAPHICAL AREA
Cimento Nacional Plant in Sete Lagoas , Brazil.
H1 2026 Results | 4 August 2026 6
UNITED STATES OF AMERICA
Residential construction stillconstrained byelevated interest rates, while private non-residential activity weakened ;public infrastructure and data center investments continued to support overall construction activity .
Cement volumes increased by1.6%,ontheback ofa strong Q1.Rmx volumes fellby1.5%.
Margin declined, mainly because ofcost inflation pressures onoperations .
Negative FXimpact onNet Sales (€49.6m)and
EBITDA (€12.6m)
-20.7%
-15.3% lfl-450bps
-6.9%
-0.6% lfl
* Recurring
H1 2026 Results | 4 August 2026 7
ITALY
Construction sector supported bystill-active but winding -down PNRR projects, while residential activity weakened amid lower incentives andtighter financing .
Cement volumes declined by6.2%inH1,with ready -
mixconcrete volumes following asimilar trend, down 6.3%.
Margin expansion was driven bypositive pricing dynamics andefficient costmanagement .
Net Sales benefited from apositive scope effect (€3.4m)following theacquisition ofanadditional rmxbatch .
+11.1 %
+10.6% lfl +280bps-2.2%
-3.1% lfl
* Recurring
H1 2026 Results | 4 August 2026 8
CENTRAL EUROPE
German construction activity remained weak inH1 2026 ,with residential construction under pressure, while commercial and civil engineering segments showed signs ofstabilization .Benelux markets remained broadly flat.
Weak demand conditions weighed onvolumes, with Germany recording declines of3.5%incement and 6.9%inready -mixconcrete .Cement volumes were flat inLuxembourg, while rmx volumes inthe Netherlands decreased by8.2%.
Cement margins came under pressure asprice increases lagged costinflation intheregion Theacquisition ofadditional rmxbatches inGermany contributed apositive scope effect of€4.4mtoNet Sales .
* Recurring-27.7%
-27.3% lfl -390 bps-2.3%
-3.2% lfl
H1 2026 Results | 4 August 2026 9
EASTERN EUROPE
Poland benefited from resilient infrastructure activity and animproving residential market, supported by rising housing starts .IntheCzechia, construction activity continued toexpand, driven bygrowth in both building andcivilengineering works, alongside astrong housing recovery .
Cement and rmx volumes inPoland declined by 10.6%and13.4%,respectively, mainly duetoaweak Q1.Incontrast, Czechia recorded solid growth, with cement and rmx volumes increasing by5.5%and 10.9%,respectively, while cement volumes inRussia decreased by8.9%.
Excluding Russia, positive pricing execution andcost control measures supported resilient margin performance despite market challenges .
Positive FXcontribution toNetSales (+€10.6m)and EBITDA (+€2.0m).
*Recurring-20.3%
-22.3 lfl-440 bps-5.5%
-7.9 lfl
H1 2026 Results | 4 August 2026 10
BRAZIL
Residential construction remains supported bythe Minha Casa, Minha Vida program, while infrastructure, energy, and transport investments sustain non-residential activity and overall sector growth .
Cement volumes increased by3.2%compared toH1 2025 levels .
Improving pricing inlocal currency continues to support margin gains, more than offsetting cost inflation, mainly logistics .
Positive FXimpact onNet Sales (+€9.0m)and EBITDA (+€2.5m).
* Recurring
Brazil -consolidated from Q4 2024, YoY comparison made assuming 100% ownership also in 2024.+55.9% +48.9% lfl+570bps +23.8 %
18.3% lfl
H1 2026 Results | 4 August 2026 11
UNITED ARAB EMIRATES
Construction activity continues toexpand, supported byrobust non-oileconomic growth, ongoing investment ininfrastructure andenergy projects, and improved access tosector financing .
Robust price growth inlocal currency hasprovided greater flexibility tooffset andmanage costvolatility .
Negative FXimpact of€5.1monNet Sales and
€0.7monEBITDA
Scope effect contributing €53.2mtoNetSales and
€8.8mtoEBITDA
*Recurring
UAE -consolidated from May 2025, YoY comparison made only considering consolidated portion of the year
H1 2026 Results | 4 August 2026 12
MEXICO
Construction activity remains supported by infrastructure investment, withMexico’s construction output posting amodest recover Cement volumes increased by12.7%,while ready -
mixvolumes fell5.8%YoY.
Positive pricing momentum inlocal currency Production costs increased slightly across both fixed andvariable components .
Favorable FXmovements contributed €37.5mtoNet Sales and€17.4mtoEBITDA .
* Recurring+23.7 % +15.6% lfl+100 bps 26.4%
+18.1% lfl
H1 2026 Results | 4 August 2026 13
OUTLOOK 2026 | UPDATE
Guided Tour During the Family & Friends Event at the Trino Plant, Italy.
H1 2026 Results | 4 August 2026 14
OUTLOOK 2026 | UPDATE
Construction demand is expected to remain broadly stable through year -end, with second -half trends consistent with H1 performanc e. Geopolitical and trade -related uncertainties are likely to continue driving cost volatility.
-USA:Weak residential andnon-residential demand ispartly offset bycontinued strength indata center andinfrastructure investments .
-Italy:phase -outofgovernment incentives continues toweigh onresidential andinfrastructure demand, with current trends expected topersist .
-Central Europe :Construction demand remains below expectations, with support from theFederal Infrastructure Plan inGermany expected to become visible after Q4.
-Eastern Europe :Following aweather -impacted start totheyear, demand trends remain supported bygovernment initiatives intheCzech Republic andPoland .
-Brazil :Outlook remains favourable ,supported byongoing interest ratecuts, lowunemployment andimproving construction activity .
-UAE:Despite geopolitical tensions, construction activity remains robust, andthefirstfullyearofUAEconsolidation contributes positive results .
-Mexico :Market trends areexpected toremain broadly consistent with H1,with USMCA developments representing akeysource ofuncertainty .
-.
Inflationary pressures are expected to continue driving production costs, while energy markets remain volatile and may affect the broader supply chain. The company remains focused on pricing discipline to preserve a positive price -cost balance across all regions.
Recurring EBITDA expected to marginally decline, projected to be in the range of €1,100 -1,200 million.FX headwinds are expected to persist, primarily reflecting the continued weakness of the U.S. dollar.
H1 2026 Results | 4 August 2026 15
APPENDIX
H1 2026 Results | 4 August 2026 16
CEMENT AND RMX VOLUMES VARIANCE
Cement volumes (mton ) Ready -mix volumes (mm3) 1H 25 Italy USACentral
EuropeEastern
EuropeBrazil UAE 1H 2614.915.7
-6.2%+1.6%
-2.9%-7.1%
1H 25 Italy USCentral
EuropeEastern
Europe1H 264.84.6+3.2%+100%
-6.3% -1.5%-7.2%+1.1%
H1 2026 Results | 4 August 2026 17
HISTORICAL VOLUME EVOLUTION
26.827.929.1 29.331.2
28.3
26.3 26.331.9
14.915.7
2017 2018 2019 2020 2021 2022 2023 2024 2025 1H25 1H2612.3 12.1 12.111.712.111.5
10 9.7 9.9
4.8 4.6
2017 2018 2019 2020 2021 2022 2023 2024 2025 1H25 1H26Cement (mt) Ready -mix concrete (mm3)
H1 2026 Results | 4 August 2026 18
FY 2021=100
187 138
167 159
169
137H1 26
158
8090100110120130140150160170180190200
2021 2022 2023 2024 2025 1H 2026Italy USA
Germany
Luxembourg
Poland
Czech Republic
Brazil
UAE
Mexico 138PRICE INDEX BY COUNTRY
164
H1 2026 Results | 4 August 2026 19
FX CHANGES
*Current as of 27 July 2026H1 26 H1 25 ∆ Current * EUR 1 = avg avg %
USD 1.17 1.09 -6.8 1.14
RUB 89.20 95.10 6.2 89.37
CZK 24.31 25.00 2.8 24.16
PLN 4.24 4.23 -0.3 4.32
MXN 20.38 21.80 6.5 19.88
BRL 6.01 6.29 4.4 5.79
AED 4.28 4.01 -6.8 4.18
H1 2026 Results | 4 August 2026 20
NET SALES BY COUNTRY
H1 26 H1 25 ∆ ∆ Forex Scope ∆ l-f-l EURm abs % abs abs % Italy 393.5 402.5 (9.0) -2.2 - 3.4 -3.1 United States 733.0 787.1 (54.2) -6.9 (49.6) - -0.6 Germany 378.4 388.2 (9.9) -2.5 - 4.4 -3.7 Lux / Netherlands 97.8 99.4 (1.6) -1.6 - - -1.6 Poland 89.1 98.4 (9.3) -9.4 (0.2) - -9.2 Czech Rep / Slovakia 116.3 100.6 15.8 +15.7 3.1 - +12.6 Brazil 204.0 164.8 39.2 +23.8 9.0 - +18.3 United Arab Emirates 75.8 21.1 54.7 n.s. (5.1) 53.2 +31.3 Russia 124.4 147.6 (23.2) -15.7 7.7 - -20.9 Eliminations (23.8) (22.3) (1.5) Total 2,188.5 2,187.4 1.1 +0.1 (35.1) 61.0 -1.1 Mexico (100%) 572.1 452.8 119.3 +26.4 37.5 - +18.1
H1 2026 Results | 4 August 2026 21
EBITDA BY COUNTRY
H1 26 H1 25 ∆ ∆ Forex Scope ∆ l-f-l EURm abs % abs abs % Italy 100.8 84.0 16.8 +20.0 - 0.5 +19.5 United States 186.5 235.1 (48.5) -20.7 (12.6) - -15.3 Germany 37.9 50.7 (12.8) -25.2 - (0.3) -24.6 Lux / Netherlands 12.5 19.0 (6.5) -34.4 - - -34.4 Poland 25.2 26.9 (1.7) -6.3 (0.1) - -6.0 Czech Rep / Slovakia 36.6 33.3 3.3 +10.0 1.0 - +7.0 Brazil 56.1 36.0 20.1 +55.9 2.5 - +48.9 United Arab Emirates 10.5 2.9 7.6 n.s. (0.7) 8.8 -17.1 Russia 16.7 38.3 (21.6) -56.5 1.0 - -59.2 Adjustments (0.0) 0.0 Total 482.7 526.0 (43.3) -8.2 (8.9) 9.0 -8.2 Mexico (100%) 264.9 214.1 50.8 +23.7 17.4 - +15.6
H1 2026 Results | 4 August 2026 22
CONSOLIDATED INCOME STATEMENT
H1 26 H1 25 ∆ ∆
EURm abs % Net Sales 2,188.5 2,187.4 1.1 +0.1
EBITDA 482.7 526.0 (43.3) -8.2
of which, non recurring 7.5 0.0 % of sales (recurring) 21.7% 24.0% Depreciation and amortization (171.3) (160.1) (11.2) Operating Profit (EBIT) 311.4 365.9 (54.5) -14.9 % of sales 14.2% 16.7% Equity earnings 68.5 59.3 9.3 Net finance costs 55.0 120.9 (65.8) Profit before tax 434.9 546.0 (111.1) -20.3 Income tax expense (110.2) (156.3) 46.1 Net profit 324.8 389.8 (65.0) -16.7 Minorities (0.4) (3.4) 3.0 Consolidated net profit 324.3 386.3 (62.0) -16.0
H1 2026 Results | 4 August 2026 23
CONSOLIDATED CASH FLOW STATEMENT
EURm H1 26 H1 25
Cash generated from operations 338.4 460.3 % of sales 15.4% 21.0% Interest paid (8.5) (13.8) Income tax paid (68.4) (92.2) Net cash from operating activities 261.5 354.3 % of sales 11.9% 16.2% Capital expenditures (263.9) (219.4) Equity investments (11.3) (90.4) Purchase of treasury shares (180.3) (2.7) Dividends paid (123.5) (123.8) Dividends received from associates 40.9 5.8 Disposal of fixed assets and investments 5.9 37.3 Translation differences * 52.2 (18.0) Accrued interest payable (2.2) 1.4 Interest received 7.4 5.8 Change in scope of consolidation and other (0.5) (14.2) Change in net debt (213.7) (64.0) Net cash (end of period) 896.1 691.2
H1 2026 Results | 4 August 2026 24
NET CASH
Long
83%Short
17% EUR
86%USD
7%
Floating
75%Fixed
25%
Bank
76%Leases
18%
Others
6%BRL
2%AED
5%Jun 26 Dec 25 ∆ Jun 25
EURm abs
Cash and other financial assets 1,398.2 1,551.6 (153.4) 1,288.0 Short -term debt (57.8) (45.3) (12.5) (210.2) Short -term leasing (28.5) (27.3) (1.3) (23.1) Net short -term cash 1,311.8 1,479.0 (167.1) 1,054.7 Long -term debt (352.9) (305.6) (47.3) (324.5) Long -term leasing (62.9) (63.7) 0.8 (61.0) Net cash 896.1 1,109.7 (213.7) 669.2 Gross debt breakdown (502.1) (441.8)
H1 2026 Results | 4 August 2026 25 KJ Den Haag Complex, The Hague Netherlands.H1 2026
RESULTS
5 August 2025 Pietro Buzzi –CEO