Risk Reward Update

Research evidence excerpt

Not for redistribution without written consent of Morgan Stanley

M

Update

August 14, 2026 10:00 PM GMT

Cementos Argos S.A. | Latin America

Morgan Stanley México, Casa de Bolsa, S.A. de C.V.+

Alejandra Obregon

Equity Analyst

Risk Reward Update

Cementos Argos S.A. (CEMARGOS.CN, CEMARGOS CB)

What’s Changed

Latin America Building & Construction | Colombia

Updated Components

Stock Rating

Industry View

Price target

Shr price, close (Aug 13, 2026)

52-Week Range

EPS

Bull Base Bear Scenarios

Risk Reward for Cementos Argos S.A. (CEMARGOS.CN) has

been updated

Reason for change

We incorporate 2Q26 results, new macro forecasts, and mark to market on recent

Overweight

No Rating

Co$13,700.00

Co$10,940.00

Fiscal Year Ending

12/25 12/26e 12/27e 12/28e

EPS (Co$)**

Prior EPS (Co$)**

2,051.60 452.26 561.80 613.48

- 404.86 506.77 601.01

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

e = Morgan Stanley Research estimates

cement trends into our model. Our estimates are fairly unchanged. We remain OW,

with an unchanged PT of Co$13,700/share.

Morgan Stanley does and seeks to do business with

companies covered in Morgan Stanley Research. As a result,

investors should be aware that the firm may have a conflict of

interest that could affect the objectivity of Morgan Stanley

Research. Investors should consider Morgan Stanley

Research as only a single factor in making their investment

decision.