CEEMEA Corporates Today: Cimko Cimento, Limak Cement

Research evidence excerpt

CEEMEA Corporates Today: Cimko Cimento, Limak Cement

J P M O R G A N CEEMEA Credit Research

29 June 2026

CEEMEA Corporates Today

Cimko Cimento, Limak Cement

News EM CEEMEA Corporate Research

Zafar Nazim, CFA AC

• Cimko Cimento and Limak Cement report weak 1Q26 results – Remain (44-20) 7134-7551

Neutral zafar.nazim@jpmorgan.com

J.P. Morgan Securities plc

Prices in this Note are as of the time of writing on June 29th 2026 Lorenzo Parisi, CFA AC

(44-20) 3493-3150

lorenzo.parisi@jpmorgan.com

Emerging Europe J.P. Morgan Securities plc

Cimko Cimento and Limak Cement report weak 1Q26 results – Remain Konstantin Rozantsev

Neutral (44-20) 7742-0275

konstantin.rozantsev@jpmorgan.com

Our take and recommendation: We are Neutral CIMKOC 30s (offered at 105.5,

Nikhil Bhat, CFA

z+457, YTW 8.6%) and LIMAK 29s (offered at 101.75, z+482, YTW 8.8%). Both

(44-20) 3493-8074

Turkish cement companies had already telegraphed bad weather conditions as the nikhil.x1.bhat@jpmorgan.com

key culprit for a weak 1Q26 (see here and here for example). J.P. Morgan Securities plc

Nandini Bommakanti

We believe that the impact of the harsh winter was mainly on sales volumes, as (44-20) 3493-3515

prices continued to remain supportive (and even higher than 1Q25/2025 average). nandini.bommakanti@jpmorgan.com

Based on 1Q26 figures, Cimko seems to have suffered relatively more than Limak. J.P. Morgan Securities plc

Keshav Maheshwari

Despite the weak 1Q26 print, credit metrics and liquidity remain healthy and we (91-22) 6157-3133

keshav.x.maheshwari@jpmchase.com

would expect numbers to improve over the course of the year. That said, our J.P. Morgan India Private Limited

Neutral recommendation on these names at the moment is predominantly

predicated on the macro view, rather than fundamentals.