Cementos Argos Sa · BVC:CEMARGOS
Cementos Argos Sa — Q2 2026 Earnings Presentation
30 slides from Cementos Argos Sa's earnings presentation, September 2026
Slide 1: Cementos Argos: Building Growth on a Strong Foundation
Cementos Argos Building Growth on a Strong Foundation Investor Presentation Q2 2026
Slide 2: Important notice
Important notice This presentation contains certain forward-looking statements and information related to CEMENTOS ARGOS S.A. and its subsidiaries (together, “ARGOS”) that are based on knowledge of current facts, expectations and projections, circumstances and assumptions about future events. Many f
Slide 3: Investment Thesis
Investment THESIS
Slide 4: Pure building materials player with best in class capabilities
We are a pure BUILDING MATERIALS PLAYER, WITH BEST IN CLASS OPERATIONAL AND LOGISTICAL CAPABILITIES , A SOLID TRACK RECORD OF SHAREHOLDER VALUE CREATION , AND A FORTRESS BALANCE - SHEET, POSITIONED TO establish the leading platforms in the U.S and NORTH LATAM
Slide 5: Best-in-class logistics capabilities leveraging key locations
BEST - IN CLASS LOGISTICS CAPABILITIES leveraging key locations Integrated supply chain supports 1 USA – In Progress Central America 2 2 Ports and 1 both domestic and export markets Ports and Aggregate terminalsterminals plant (In the D.R) 1 Cement 3 Grinding Caribbean Plant plants Cross-regional sy
Slide 6: Strong EBITDA growth, margin expansion and continuous ROCE improvement
Strong EBITDA growth, margin expansion and continuous ROCE improvement Revenues($bn) EBITDA ($m) ROCE 2,9 2,4 2,6 2,7 2,9 1,3 1,3 535 456 575 489 620 294 315 24.7% Summit Materials 22.0% 22.6% 21.1% Transaction 18.7% 18.7% 17.8% 661 16.3% 3.2 590 2.9 2.9 535 522 FCF 14.1% 2.5 2.7 466 Conversion 11.4
Slide 7: Robust balance sheet with over USD 3 Bn of firepower
robust balance sheet with over USD 3 Bn of firepower Our former US operation generated total returns of 4.3Bn for the company, resulting from the combination with Summit Materials (cash-out) and the later monetization of the investment, enabling a solid financial position Historical lows in leverage
Slide 8: New operating model to unlock value through two focused platforms
New operating model to unlock value through two focused platforms, positioned to capture growth opportunities in their markets Progress • Assessment of the value creation potential of the separation and the paths to capture that value for our shareholders • Organizational structure and governance fr
Slide 9: We are well positioned to drive shareholder value
We are well positioned to drive shareholder value Investment Thesis Strategic Pillar Enabler Expected Result • High-growth market with limited supply A. Argos Materials: a focused, U.S.- +25M tons/yr and $200-$300M based aggregates platform built to • Diversified sourcing: Sources un the EBITDA in t
Slide 10: A. Argos Materials: a focused, U.S.-based aggregates platform
We are well positioned to drive shareholder value Investment thesis ARGOS Materials: a focused, U.S.-based aggregates platform platform built to unlock value for A. shareholders
Slide 11: Argos Materials: our story in the U.S.
B. Argos Materials : Our story in the u.s. , a track record of strong performance supports a new growth phase • 2005–2016: Acquired RMX and cement assets, developing a vertically integrated platform including terminals and distribution networks across the Southeast and Mid-Atlantic. • Became one of
Slide 12: Unique opportunity to leverage a high-growth market with limited supply
B. Argos Materials : We have a UNIQUE OPPORTUNITY TO leverage A HIGH - GROWTH MARKET WITH LIMITED SUPPLY STRONG DEMAND DRIVERS FOR BUILDING MATERIALS IN THE U.S HOUSING & MIGRATION ~4M housing units undersupplied in the U.S., with the gap continuing to grow Migration boom to the south: in 2024 the S
Slide 13: Why aggregates? Target market
B. Argos Materials : We have a UNIQUE OPPORTUNITY TO leverage A HIGH - GROWTH MARKET WITH LIMITED SUPPLY WHY AGGREGATES? TARGET MARKET TARGET MARKET +4.9% 24-year US aggregates price CAGR THE GEOLOGIC FALL LINE 3 BN ST/YEAR of aggregates supplied in the US North: hardrock Scarcity of Market Reserves
Slide 14: The three-phase journey to re-enter the US
B. Argos Materials : THE Three - Phase Journey TO RE - ENTER THE US leveraged in our deep knowledge of the market 1 Organic: build capacity in the Caribbean region MULTI - ORIGiN • $100–150M of EBITDA from the organic platform Other • 5–7M tons/yr import volume into 7 U.S. coastal markets opportunit
Slide 15: B. Argos Latam: core Latin American platform
We are well positioned to drive shareholder value Investment thesis ARGOS Materials: a focused, U.S.-based aggregates platform platform built to unlock value for A. shareholders B. ARGOS Latam: core Latin American platform, a leading, cost-efficient cement and concrete producer
Slide 16: Argos Latam: solid fundamentals and a proven playbook
B. Argos LATAM: solid fundamentals and a proven track record in Colombia, now a playbook to be replicated in latam ~20M tons/yr cement demand gap in LATAM ~US$75M of additional EBITDA in the next 2 years 275kg/hab LATAM 310kg/hab World ex-China 70% Colombia 30% Rest of LATAM 45% of Latam population
Slide 17: Above average expected growth in Colombia and new markets
B. Argos LATAM: above average expected growth, driven by recovery in Colombia and expansion to new markets Venezuela Guatemala Tons Tons (Own) Grey Cement CAGR: 30% 140,000 White Cement 7,743 5,495 1,938 100,000 80,000 65,000 5,495 5,805 510 2023 2024 2025 2026 Target: reach 2–3% market share, with
Slide 18: C. Focus on value generation through the SPRINT program
We are well positioned to drive shareholder value Investment thesis ARGOS Materials: a focused, U.S.-based aggregates platform platform built to unlock value for A. shareholders B. ARGOS Latam: core Latin American platform, a leading, cost-efficient cement and concrete producer C. Focus on value gen
Slide 19: Visionary experts focused on value creation
C. Team: WE HAVE Visionary experts FOCUSED ON VALUE CREATION Board of Directors · Cementos Argos Juan Esteban Calle Chairman of the Board of Directors Board of Directors Steering Committee Argos Materials Argos Latam Jason Teter Carlos H. Yusty Tomás Restrepo CEO · Argos Materials CEO · Argos Latam
Slide 20: SPRINT: value generation program to close the gap
C. SPRINT: VALUE generation PROGRAM to CLOSe THE GAP between share price AND FUNDAMENTAL VALUE Price Cemargos Distributions per share USD 230 M Share MSCI Small Cap Index repurchase Inclusion Market SPRINT SPRINT 2.0 Sale of Summit's 14/11/2025 SPRINT 4.0 capitalization 30/08/2024 Stake to Quikrete
Slide 21: SPRINT 4.0: enabling the two-platform vision
C. SPRINT 4.0: enabling the two - platform vision through growth, liquidity and distributions to shareholders Stock liquidity Operational and financial results Our double market maker structure is now fully active, an important step in deepening trading • EBITDA margin reached 21.7% in 1H26. We rema
Slide 22: Argos Outlook
ARGOS OUTLOOK bea,
Slide 23: 2026 Guidance
2026 Guidance (1 - 2 Years) GOAL 2026 Actual 1 H 26 EBITDA margin 24 - 26% 2 1.7% Mid-term guidance: Within the next 2 years ROCE >16% 16.5% For the next 2 years USD USD CAPEX 80 – 100 m 80 – 100 m 33 .8 M LATAM USA COP COP EBITDA (ADJUSTED) ≥1.3 Tn 550 bn Equivalent to approx. USD 350 m USD 150 M N
Slide 24: Expected EBITDA composition by 2030
Expected ebitda composition by 2030 Geographic presence portfolio CONCRETE CONCRETE OTHER 10% 5% 10% PANAMA 6% CCA 25% DOMINICAN REP. 11% AGGREGATES HONDURAS 25% COLOMBIA 25% 13% COLOMBIA USA CEMENT CEMENT 60% 50% 90% 70% TODAY 2030 TODAY 2030
Slide 25: Company Snapshot
COMPANY SNAPSHOT
Slide 26: Cementos Argos at a glance
Cementos Argos AT A GLANCE Financial Operational Value creation One of the largest integrated producers in Close to 750% in TSR $1.27 billion Latam with 9.3 million since the SPRINT program in revenues 2025 tons of cement launch dispatched in 2025 Installed capacity of 14.4 Total 2025 EBITDA million
Slide 27: 2Q26 solid demand dynamics sustain top-line growth
2Q26 - Solid demand dynamics sustain top-line growth in a maintenance-heavy semester EBITDA Margin % Change Cement Vol. (000’s MT) RMX Vol . (000s m3) Revenues (COP MM) EBITDA (COP MM) 23.0% 21.2% 22.0% 21.7% -7.4% -4.3% +15.5% +12.4% +2.4% +0.9% -5.2% -0.6% 4,527 4,331 1,206 2,514 2,536 2,433 1,073
Slide 28: Proven Legacy of Success
Proven Legacy of Success Foundation 1934 Consolidation and 1990 Optimization of 2017 Internationalization US platform In 1934, Cementos 1940 Panama, Dominican Republic, and Haiti. 2010 2024 Strategic divestments by RMX for ~ Argos S.A. was founded by local businessmen USD 480 million Begins expansio
Slide 29: #1 in sustainability in the global industry
#1 in SUSTAINABILITY IN the Global Industry RECOGNIZED by S&P Global We are aligned with leading We are committed to our 2030 goals (non-exhaustive): international ESG assessment 2025 actuals 2030 goal frameworks Scope 2 (by market method) Net for Scope 1 (kgCO2/t cem mat) (kgCO2/t cem mat) CLIMATE
Slide 30: www.argos.co/en/ir
www.argos.co/en/ir [email protected]