Cementir Holding Acquiring leading Danish aggregates producer Nymølle for c. € 120m

The proposed acquisition of leading Danish aggregates player Nymølle for an EV of c. € 120m further strengthens Cementir's leading position in Denmark and offers sizeable synergies. We remind that Cementir recently guided for FY 26 Recurring EBITDA to be slightly up, despite severe winter conditions in ao Nordics & Baltics at the start of the year. Cementir's diversified footprint with some key regional strongholds like Denmark and Belgium along with a deeply vertically integrated model in those regions allows to realize solid profitability, as witnessed by the current solid Recurring EBITDA margins (24.8%). A sizeable net cash position, which we estimate at close to € 0.5bn at the end of 2026 after incorporating the acquisition of Nymølle, gives Cementir significant firepower for additional acquisitions in a still fragmented cement industry whilst the presence of a reference shareholder (Caltagirone group) allows to keep a long term horizon. We still consider valuation to be attractive and maintain our Accumulate rating and € 20 target price.