Cementir (AO) | Buy | Large subsidy in Denmark boosts IRR for the ACCSION CCS project

Research evidence excerpt

Cementir (AO) | Buy | Large subsidy in Denmark boosts IRR for the ACCSION CCS project

News comment

Release date: 09 June 2026

Matteo Bonizzoni

Head of Italian Equity Research

+39 02 80 62 83 43

mbonizzoni@keplercheuvreux.com

BuyCementir

Italy | Constr., Infra & Materials Beta Profile: MCap: EUR2.2bn

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

Current Price: EUR13.62 Free float 28%

Up/downside: 46.8% Avg. daily volume (EURm) 4.7

YTD abs performance -27.5% Market data: 08 June 2026

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

Large subsidy in Denmark boosts IRR for the ACCSION CCS project

Key points:

Aalborg Portland, Cementir's Danish subsidiary, signed an agreement with the Danish Energy Agency to receive a carbon capture

subsidy for its CCS project, ACCSION, of EUR 117 per ton of CO2 captured for up to 1.25 million tons of CO2 annually from 2030,

when the CCS plant is expected to be operational. This subsidy is covering opex (mainly electricity costs and logistics) in relation o

c90% of the targeted captured emission of 1.5 m tons per year. The subsidy is worth up to EUR 146m per year over 15 years, for a

maximum cumulative amount of EUR 2.2bn, to be indexed to inflation.

The IRR for the ACCSION project depend on four key determinants: 1) capex (limited to EUR120m), 2) opex including the fee to be

paid to Air Liquide: these are set to be substantially alleviated by this EUR2.2bn cumulated grant which covers 15 years; 3) CO2

costs avoidance which in a mid term scenario of price of EUR150/ton is worth>EUR220m per year; 4) the price premium for green

cement in Denmark which will chiefly depend on the presence of "green mandates". All in all, we believe Cementir is going to

generate attractive returns on the ACCSION initiative.