Cementir (AO) | Buy | Waiting for visibility on the EU ETS, structurally well-positioned on CCS

Research evidence excerpt

Cementir (AO) | Buy | Waiting for visibility on the EU ETS, structurally well-positioned on CCS

Italian Investment Conference Feedback

Release date: 22 May 2026

Matteo Bonizzoni

Head of Italian Equity Research

Buy +39 02 80 62 83 43Cementir mbonizzoni@keplercheuvreux.com

Italy | Constr., Infra & Materials Beta Profile: MCap: EUR2.1bn

Target Price: EUR20.00 Bloomberg: CEM IM Reuters: CEMI.MI

Current Price: EUR13.40 Free float 28%

Up/downside: 49.3% Avg. daily volume (EURm) 4.9

YTD abs performance -28.6% Market data: 21 May 2026

52-week high/low (EUR) 20.25/12.74

Waiting for visibility on the EU ETS, structurally well-positioned on CCS

Key points

Investors' requests were on CCS, EU ETS, and the short-term outlook by geography.

Management is not expecting a major revision of the EU ETS and is sticking to the roadmap. Nordics exposure, the presence of

just two large plants (Denmark and Belgium), and the proximity to storage sites, are helping Cementir on a relative basis.

We value the stock at EUR20 per share. Valuation has significantly derated, and it looks particularly low at 4.0x EV/EBITDA 2026E.

Speakers

Francesco Caltagirone jr, CEO; Marco Maria Bianconi, Group Chief M&A and IR Officer; Elisa Pettinari, IR

Temperature and company's pitch

Investors' requests were on CCS, EU ETS, and short-term outlook by geography- Management is not expecting a major revision of

the EU ETS and is sticking to the roadmap.

Key messages - What's new?

EU ETS expected revision and CCS projects: management expects some watering down of the rules, but not an overall change

of the EU ETS framework and rationale. If this scenario is confirmed, revisions to the EU ETS framework would not affect

Cementir's CCS roadmap in Denmark and Belgium.