Votorantim Cimentos International S.A. (subsidiary issuer): Stronger than usual 1Q revenues EBITDA; Reiterate Marketweight

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Votorantim Cimentos International S.A. (subsidiary issuer): Stronger than usual 1Q revenues EBITDA; Reiterate Marketweight

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Votorantim Cimentos International S.A. (subsidiary issuer)

Stronger than usual 1Q revenues EBITDA;

Reiterate Marketweight

Earnings Review

Top-line strength drives margin expansion; Affirm MW 19 May 2026

Net revenue was up 24% YoY (-16% QoQ) to US$1.2bn in 1Q26. Growth was driven by Global Emerging Markets | Corporate

higher cement sales volumes (+4% YoY) and price increases across regions. Adj. EBITDA Credit

grew 42% YoY (-65% QoQ) to US$145mn with margin at 12.1% in 1Q26 (+149bps YoY; LatAm | Brazil

Building Materials-1,685bps QoQ). We reiterate our MW rating on the '34s and '41s, yielding 5.4-5.9%

which is in line with its peer group in North America. Anne Milne

Research Analyst

Brazil offsets weakness in North America BofAS+1 646 855 4096

Brazil was the clear highlight, with revenues up 31% YoY and EBITDA up 60% YoY, anne.milne@bofa.com

supported by strong demand and prices. Europe & Asia also delivered solid growth of Isabella Pacheco

revenues (+22% YoY) and EBITDA (+32% YoY) on better volumes and efficiency gains. Merrill Lynch (Brazil)

LatAm stood out with 43% YoY revenue growth and EBITDA more than doubling (+134% +55 11 2188 4487 isabella.pacheco@bofa.com

YoY), driven by pricing and volumes in Bolivia and Uruguay. North America saw stable

GEMS Corporate Credit Rsch

revenues (+1% YoY) but negative EBITDA of US$44mn, impacted by seasonality, weaker BofAS

demand and maintenance, as well as a tougher comparison base. +1 646 855 4096

See Team Page for List of Analysts

Investments focused on capacity and lower cost assets

Capex reached US$197mn in 1Q26 (+20% YoY), reflecting accelerated execution in

Brazil.