Cementir N : CH 2023 ING web

Dear Shareholders,

The year 2023 closes with further extraordinary achievements for Cementir Group.

We reported the best results in our history, with revenues of around EUR 1.7 billion, an EBITDA at an all-time record of EUR 411 million, and a Return on Capital Employed of 19.4 percent, among the highest in the cement industry.

Our significant operating cash flow enabled us to close the year with a net cash position of more than EUR 217 million, after distributing EUR 34 million of dividends, up by 22% on 2022.

During 2023, in spite of an increasingly uncertain macroeconomic scenario due to rising geopolitical tensions and tighter monetary conditions, the

Group demonstrated significant resilience, achieving ambitious targets thanks in part to an increasingly diversified geographic and product mix.

The Group continues to maintain a strong commitment to mitigating its environmental impact. We have planned to invest around EUR 100 million in sustainability projects over the 2024-26 industrial plan period, aiming to reduce our carbon footprint by 30 percent by 2030, with the ambition of becoming carbon-neutral by 2050. At the center of the sustainability roadmap is FUTURECEM®, the low-carbon cement we developed in-house, which while maintaining the same performance as traditional Portland cement, enables a 30 percent reduction in CO2 emissions due to a lower clinker content.

Among other sustainability initiatives, I would like to mention: the increasing use of alternative fuels and raw materials in the production process, with the gradual substitution of coal with natural gas; improvements in the kilns' thermal efficiency and, above all, the use of new technologies such as Carbon Capture, with which we have inaugurated the second pilot plant in Denmark and started the feasibility study for a similar investment in Belgium. We continue to contribute to the prosperity of the communities in which we operate through the provision of value-added services, such as district heating, the restoration of biodiversity in dismantled quarries, and the promotion of education through high school and college scholarships, to name only the most relevant examples.

Our commitment to sustainability is evident from Cementir's constantly improving ESG ratings' trajectory in the last few years. It is worth mentioning that the "A-" rating by CDP, both on climate change and water security, is among the best in our sector.

It is worth nothing our focus aimed at strengthening the culture of injury prevention, which has enabled us to improve all key Health

and Safety performance indicators such as - for example - accident frequency and severity rates per worked hours. In addition, through the WASH Pledge, we have committed to ensuring to our workforce both adequate access to drinking water and better sanitation standards in the workplace.

In relation to human resources, I emphasize our constant ambition to ensure equal opportunities, promote inclusion, and stimulate the growth of our people by enhancing their skills and qualifications. During 2023 we completed the Emerging Talent Program targeting 35 colleagues from all our Regions and concluded the second edition of the Global Graduate Program. The Cementir Academy, our learning and education hub, further expanded its training offering with the inclusion of new interactive platforms.

Once again, I would like to emphasize how the structure and composition of our business portfolio, today provides Cementir Group with renewed growth potential and significant capacity to absorb external shocks.

I would like to thank our employees and the entire Board of Directors for their support and dedication during this fiscal year.

Francesco Caltagirone Jr.

Chairman of the Board of Directors

11

CEMENT PLANTS

1,694

(million/€)

REVENUE

13.1

(million t)

CEMENT PRODUCTION

CAPACITY

411

(million/€)

EBITDA

101

READY-MIXED

CONCRETE PLANTS

3,045

EMPLOYEES

IDENTITY

We are an international group aspiring to be product leader who believes that the constant search for quality in every business process is key to success.

We are a dynamic Group, constantly looking for new opportunities, who gives importance to the development of our employees, of the community in which we operate and to the value creation for our shareholders.

We believe in sustainable development and in diversity as a fundamental value of our activity.

VISION

We want to keep our uniqueness on the market by focusing on innovation, sustainable solutions and business diversification. We are concrete.

At the same time, we want to create value thanks to an agile organization, capable of taking advantage of growth opportunities, respecting the environment and promoting dialogue and interaction with local communities. We are dynamic.

We are Concretely

Dynamic.

• ANNUAL REPORT 2023 GENERAL INFORMATION

MISSION

Our Mission is to generate value for our stakeholders through a path of sustainable growth by focusing on product leadership, the pursuit of excellence and the efficiency of operating processes.