Operator

Good afternoon. This is the Chorus Call Conference operator. Welcome, and thank you for joining the Cementir First Quarter 2026 Results Conference Call. [Operator Instructions]

At this time, I would like to turn the conference over to Marco Maria Bianconi, Chief M&A and IR Officer. Please go ahead, sir.

Marco Bianconi
Group Chief M&A & Investor Relations Officer

Thank you. Good evening, and welcome to Cementir Holding First Quarter 2026 Results Webcast. I'm here with our Chairman and Chief Executive, Francesco Caltagirone.

Francesco Caltagirone
Chairman & Group CEO

Good afternoon.

Marco Bianconi
Group Chief M&A & Investor Relations Officer

We're happy to take your questions at the end of my short presentation. So starting with the key takeaways on Page 2. Q1 2026 results were impacted by marked seasonality and a different maintenance schedule. The harshest winter in the past 20 years in Europe and Turkiye together with a different maintenance schedule and a sharper-than-expected volumes and profitability decline in Turkey has impacted our results.

Volumes were down across our business lines, cement minus 3.3%, ready-mix minus 23.7%, aggregates minus 5.1%, mainly driven by weather disruption, a weaker demand in Asia Pacific and lower activity in Turkiye. Positive trends in Belgium and Egypt, following the restart of the second kiln and volume recovery was visible in March in some regions.

Revenue was