Cementos Molins, S.A. · BME:CMO
Cementos Molins — FY2025 Earnings Presentation
33 slides from Cementos Molins's earnings presentation, Feb 26, 2026
Slide 1: 2025 Results
RESULTS 2025 2025 Results Molins Molins urban urban furniture furniture at Adolfo at Barajas Suárez airport, Madrid-Barajas airport, Madrid. Madrid. 1
Slide 2: Legal Note
RESULTS 2025 Legal Note The English version is only a translation, for information purposes, of the original in Spanish. In the event of any inconsistency or ambiguity in relation to the meaning of any word or phrase in translation, the Spanish original shall prevail. This document may contain forwa
Slide 3: Global company with family roots and listed in Spain
RESULTS 2025 Global company with family roots and listed in Spain ▪ Established in 1928, almost a century creating products and developing innovative and sustainable solutions for the construction sector. ▪ Stock listed since 1942 at Barcelona Stock Exchange. ▪ Market cap c. € 2.2 billion. ▪ An inte
Slide 4: Geographic and business diversification
RESULTS 2025 Geographic and business diversification % Others Over 7,200 employees en 13 países % Molins 100% % Partner 100% REST EUROPE Sales €102m EBITDA €19m 548 employees SPAIN PROPORTIONAL CONSOLIDATION Sales €530m CONSTRUCTION CONCRETE EBITDA €101m SOLUTIONS & AGGREGATES 2,551 employees OTHERS
Slide 5: Geographic and business diversification
RESULTS 2025 Geographic and business diversification GLOBAL: Calcium Aluminate Cement (plants in Spain and Croatia) SPAIN: capacity 1.9 Mt MEXICO: capacity 9.5 Mt ARGENTINA: capac. 3,9 Mt URUGUAY: capac. 0.7 Mt BOLIVIA: capacity 1.0 Mt COLOMBIA: capac. 1.7 Mt BANGLADESH: capac. 3.4 Mt TUNISIA: capac
Slide 6: Strong operating results
RESULTS 2025 Strong operating results In a global context of economic and geopolitical uncertainty ▪ Differentiated behaviour between the first and second semesters. ▪ Q4 sales up 6%. Sales in 2025 reached €1,368m in line with the previous year (LFL¹ +8%) with like-for-like growth across all regions
Slide 7: Strong operating results
RESULTS 2025 Strong operating results In a global context of economic and geopolitical uncertainty Q4 2025 Q4 2024 % var. % LFL ¹ 2025 2024 % var. % LFL ¹ 363 343 +6% +11% Sales 1.368 1.365 +0% +8% 93 82 +14% +24% EBITDA 356 356 +0% +10% 25,6% 23,8% +1,8 +2,0 EBITDA Margin 26,1% 26,1% -0,0 +0,5 64 4
Slide 8: Strong activity in the second half of the year
RESULTS 2025 Strong activity in the second half of the year PORTLAND CEMENT CONCRETE SALES (€m) VOLUME (Th. t) VOLUME (Th. m³) +6% +3% -2% -2% +6% 0% 1,880 7,193 7,389 392 384 1,558 1,529 363 1,365 1,368 1,782 343 Q4 2024 Q4 2025 2024 2025 Q4 2024 Q4 2025 2024 2025 Q4 2024 Q4 2025 2024 2025 ▪ Recove
Slide 9: Sustainable and profitable growth
RESULTS 2025 Sustainable and profitable growth Differentiated performance by semester, with a solid contribution in the second half of the year Annualized margin remains above 26% EBITDA BY QUARTER (€m) LTM EBITDA MARGIN BY QUARTER (%) -11% +14% -3% +4% 99 99 93 93 90 89 86 87 87 85 82 25.4 25.9 25.
Slide 10: EBITDA driven by volume, pricing, and cost efficiency
RESULTS 2025 EBITDA driven by volume, pricing, and cost efficiency ▪ EBITDA like-for-like¹ up 10%, reflecting a net positive price–cost effect and efficiency initiatives. ▪ Adverse FX impact, mainly from the depreciation of the Mexican peso and Argentine peso, and negative effect of hyperinflation a
Slide 11: Sales and EBITDA by Region
RESULTS 2025 Sales and EBITDA by Region Sales and EBITDA increased on a like-for-like basis by 8% and 10% %, respectively. SALES EBITDA 2025 2024 % var. % LFL ¹ 2025 2024 % var. % LFL ¹ Europe 628 569 11% 4% 120 111 7% 3% Mexico 314 334 -6% 2% 143 149 -4% 5% South America 287 327 -12% 23% 79 89 -11%
Slide 12: Investments focused on sustainability and inorganic growth
RESULTS 2025 Investments focused on sustainability and inorganic growth INVESTMENTS (€m) 170 ▪ €67m allocated to sustaining capex, focused on sustainability, digitalization, and operational efficiency. ▪ Growth capex reached €102m, driven by bolt-on acquisitions supporting the development of the pre
Slide 13: Strong cash generation
RESULTS 2025 Strong cash generation ▪ Strong cash generation: €176m, achieving a cash conversion ratio of 50% (54% on a comparable basis1). ▪ Strengthened investments: 40% allocated to sustaining capex focused on sustainability, efficiency, and digitalization, and 60% to growth capex. Decarbonisatio
Slide 14: Strong financial position
RESULTS 2025 Strong financial position ▪ Net cash balance of €94m with a debt coverage ratio¹ of 2.3x. ▪ Gross debt of €334m, with 50% maturing from 2030 onwards. ▪ Sustainable financing: 62% of total debt linked to sustainability targets. ▪ Active FX exposure management, ensuring alignment between
Slide 15: Strategic Plan 2024-26
RESULTS 2025 Strategic Plan 2024-26 ▪ The 2024–2026 Strategic Plan aims to deliver profitable and sustainable growth built on five pillars: 2030 Agenda, sustainable products and solutions, digital agenda, sustainable growth, and people. ▪ Relevant progress achieved across all five pillars in 2025. ▪
Slide 16: Improvement continues aligned with sustainability roadmap
RESULTS 2025 Improvement continues aligned with sustainability roadmap Publication of the 2024 and 2025 Sustainability Reports in compliance with CSRD¹ Sustainable Fitch has reaffirmed the rating CDP climate performance rating of A- Net CO2 emissions Alternative fuels rate Clinker rate (kg CO2/t cem
Slide 17: Roadmap 2030
RESULTS 2025 Roadmap 2030 Health and Circular Energy and Climate Environment and Corporate Social Safety Economy Change Nature Responsibility Our target 2030: Our targets 2030: Our targets 2030: Our targets 2030: Our targets 2030: ▪ Zero accidents ▪ 40% of alternative ▪ 55% of electricity ▪ Emission
Slide 18: New Roadmap 2030
RESULTS 2025 New Roadmap 2030 New targets under validation by the Science Based Targets initiative (SBTi). ▪ Decarbonisation strategy updated, increasing emissions reduction ambition and revising 2030 interim targets, aligned with a 1.5°C scenario. ▪ Specific reduction targets defined for scope 1, 2
Slide 19: Second year of our range of solutions with sustainable attributes
RESULTS 2025 Second year of our range of solutions with sustainable attributes We continue to engage with institutions to foster demand for these sustainable solutions. Susterra promotes our sustainability goals and brings value to our customers'. 01 02 03 04 05 Cements with CO2 Concretes with emiss
Slide 20: Digital agenda
RESULTS 2025 Digital agenda 30 digital initiatives launched in 2025 | 60 accumulated since the start of the plan CUSTOMER EXPERIENCE DIGITAL PLANT ▪ Deployment of scalable digital solutions. ▪ AI-driven real-time optimization of cement kilns, grinding processes and raw mills. ▪ Apps for commercial t
Slide 21: People
RESULTS 2025 People Our people are a key pillar of value creation. Cultural transformation at Molins ensures the talent needed to deliver the Strategic Plan. TARGETS ACTIONS 2025 ▪ Implementation of the new Talent Map, identifying key and high-potential Leadership model: transformation towards talen
Slide 22: Sustainable growth
RESULTS 2025 Sustainable growth Development of a concrete Acquisition of the leading urban furniture plant in precast concrete solutions Oklahoma (United States). provider in Southeastern Europe. Acquisition in Spain to expand the manufacturing of reinforced and prestressed structural precast elemen
Slide 23: Attractive shareholder remuneration
RESULTS 2025 Attractive shareholder remuneration Dividend for FY 2025 of €0.98 per share, equivalent to a 35% pay-out ratio. o Interim dividend of €0.55 per share paid in December 2025. o Complementary dividend of €0.43 per share to be paid in July 2026, subject to approval by the Annual General Mee
Slide 24: Building the present. Shaping the future.
RESULTS 2025 Building the present. Shaping the future. 24
Slide 25: Annex: Results by Region
RESULTS 2025 Annex RESULTS BY REGION 25
Slide 26: Europe: Profitable growth while preserving margins
RESULTS 2025 Europe: Profitable growth while preserving margins ▪ Sales increased across all business lines despite the completion of major projects, with particularly strong performance in precast solutions for industrialized residential buildings, construction Top Employer 2025 solutions, and urba
Slide 27: Mexico: Growth in local currency with margin improvement
RESULTS 2025 Mexico: Growth in local currency with margin improvement ▪ Tensions with the United States generated uncertainty in manufacturing investment and nearshoring projects.. ▪ Activity picked up in Q4 2025, despite a year-on-year contraction in the construction sector, particularly in public
Slide 28: South America: Operational efficiency improvements driving local-currency results
RESULTS 2025 South America: Operational efficiency improvements driving local-currency results ▪ Increase in activity across the region. ▪ Sales growth in all countries, except Bolivia, impacted by a challenging social environment and political tension. ▪ Improved results in local currency driven by
Slide 29: Asia & North Africa: Performance improvement
RESULTS 2025 Asia & North Africa: Performance improvement BANGLADESH ▪ A year of economic reforms following the institutional crisis in 2024. Agreement to cover 80% of the Signing of a ten-year gas supply ▪ Positive impact from efficiency plans. Kairouan plant’s electricity agreement in Bangladesh.
Slide 30: Annex: Conciliation between proportional and EU-IFRS financial statements
RESULTS 2025 Annex: Conciliation between the financial statements with proportional basis and the financial statements resulting by the application of international accounting standards EU-IFRS Conciliation Consolidated Dec 31st, 2025 Dec 31st, 2024 Adjustment comp. Adjustm. comp. Adjustment comp. A
Slide 31: Annex: Conciliation between proportional and EU-IFRS financial statements
RESULTS 2025 Annex: Conciliation between the financial statements with proportional basis and the financial statements resulting by the application of international accounting standards EU-IFRS Conciliation Consolidated FY 2025 FY 2024 Profit & Loss Statement Proportional Adjustment comp. accounted
Slide 32: Annex: Update of Alternative Performance Measures (APMs)
RESULTS 2025 Annex: Update of Alternative Performance Measures (APMs) From Q1 2026, a new definition of management metrics will be implemented to more accurately reflect the economic contribution of equity-accounted companies subject to active and ongoing management. Operating result (EBIT) before n
Slide 33: Basis for information presentation
RESULTS 2025 Basis for information presentation Molins actively takes part in the management of the companies which consolidates through the equity method, whether this is in conjunction with another shareholder or by means of relevant participation in its decision-making bodies. Following the guide