Cementir (AO) | Buy | Q2 preview (29 July): improving trend, but more needed in H2

研报英文原文证据摘录

Cementir (AO) | Buy | Q2 preview (29 July): improving trend, but more needed in H2

#EarningsPreview

Release date: 22 July 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: EUR2.3bn

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

Current Price: EUR14.47 Free float 28%

Up/downside: 38.2% Avg. daily volume (EURm) 4.7

YTD abs performance -22.9% Market data: 21 July 2026

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

Q2 preview (29 July): improving trend, but more needed in H2

Key points:

On 29 July in the afternoon, Cementir will release Q2 2026 results, followed by a conference call at 18:00 CET.

The company is following a no pre-close calls policy.

After a weak Q1, Cementir confirmed its guidance, supported by inflation-related price increases and a slight increase in volumes

mainly expected in H2. In the Q1 conference call (May), the company said that there was an improving trend in March and April

compared to very weak January and February (largely weather-related). We expect an improving trend in Q2, but more recovery

is needed in H2 to meet the guidance.

The stock is trading at 4.5x EV/EBITDA, 11.6x PE 2026E, with a 7% FCF yield. Buy, TP EUR20.

Reporting date 29 July in the afternoon

Conference call 29 July, 18.00 CET

Dial in number Registration link: Diamond Pass Registration

Guidance: with the Q1 2026 release, guidance was confirmed despite a weak trend at the beginning of the year. The company

guided for sales of cEUR1.7bn, supported by inflation-related price increases and a slight increase in volumes in H2. In Turkey, a

contraction in domestic volumes is also expected in Q2-Q4, following the completion of post-earthquake projects. EBITDA is