Balance Sheet

Consolidated figures in millions of pesos 2021 2022

ASSETS
Cash and cash equivalents 483,229 790,086
Other financial assets(1) 16,263 470,805
Derivative financial instruments 160 66,715
Trade receivables and other accounts receivable, net 1,130,253 1,353,453
Tax asset 155,790 173,580
Inventories 1,035,296 1,502,691
Other non-financial assets 126,816 244,559
Assets held for sale 42,507 40,944
Total current assets 2,990,314 4,642,833
Trade receivables and other accounts receivable, net 48,782 47,705
Investments in associates and joint ventures 26,602 49,084
Derivative financial instruments 15,974 87,544
Other financial assets 876,394 1,219,082
Other intangible assets, net 704,845 669,344
Assets by right of use of leases, net 595,787 580,846
Biological assets 19,953 19,470
Property, plant and equipment, net 11,890,008 13,401,459
Investment property 225,282 266,953
Goodwill 1,862,913 2,011,850
Deferred tax assets 312,948 259,645
Other non-current assets - 10,117
Total non current assets 16,579,488 18,623,099

Non-current assets held for sale

TOTAL ASSETS 19,569,802 23,265,932
US$ dollars (millions) 4,916 4,837

LIABILITIES
Financial liabilities 1,476,758 1,197,958
Leasing liability 118,945 126,980
Trade liabilities and accounts payable 983,726 1,383,501
Tax liability 63,100 94,530
Employee benefits 180,102 173,361
Provisions 95,660 109,179
Other financial liabilities - 85,018
Derivative financial instruments 1,360 21,908
Outstanding bonds and preferred shares 317,884 458,288
Other non-financial liabilities 247,135 272,419
Total current liabilities 3,484,670 3,923,142
Financial liabilities 1,615,678 3,119,319
Leasing liability 556,586 563,899
Trade liabilities and accounts payable 5 -
Employee benefits 237,982 191,913
Derivative financial instruments 47,451 649
 Provisions 201,762 189,720
Outstanding bonds and preferred shares 2,926,871 2,740,742
Deferred tax liabilities 293,992 467,394
Total non-current liabilities 5,880,327 7,273,636

Liabilities associated with assets held for sale

TOTAL LIABILITIES 9,364,997 11,196,778
US$ dollars (millions) 2,352 2,328

Equity attributable to the owners of the parent company 9,250,118 11,018,470

Non-controlling interest 954,687 1,050,684
EQUITY 10,204,805 12,069,154
US$ dollars (millions) 2,563 2,509

TOTAL EQUITY AND LIABILITIES 19,569,802 23,265,932

(1)
CDTs “with various financial entities with terms of less than 1 year”

* On January 12, 2024, the transaction was closed under w

United States were combined with Summit. In this scenario
financial statements for 2023 were constructed, simulating
operations from the 2023 results, in accordance with the a
for this type of transaction.

Additional material changes that will appear in the 2024

balance:
1. An additional cash balance of approximately $730 millio
off the debt associated with the United States, which was
transaction closed. These funds will mainly be used to pay
from the asset combination.
2. An investment of 54.7 million shares of Summit's comm
reflected under the account "Investments in associates and
market prices. Changes in the valuation and/or devaluatio
be recorded in equity. The accumulated profits from this in
recorded in equity year by year using the equity method.
3. The non-current asset and liability lines held for sale in t
statement correspond to the US business and will be remo
sheet after January 12 with the transaction closing.
4. Equity will decrease in the same proportion as the asset
Profits recorded by the equity method of the investment in
recorded in equity year by year.
 2023 2023 Pro-forma* Notes

1,008,527 690,610 1
127 127
135,390 135,390
1,184,294 464,164
199,616 199,616
1,219,898 723,660
234,567 118,657
236 -
3,982,655 2,332,224
41,208 41,208
39,238 39,238 2
34,916 34,916
852,755 852,647
484,712 420,764
433,223 150,838
16,164 16164
11,523,084 4,977,082
240,569 198,068
1,601,761 920,646
250,136 250,136
10,318 10,170
15,528,084 7,911,877

9,266,638 3
19,510,739 19,510,739
5,105 5,105

1,819,111 1,799,253 1
103,151 49,197
1,160,101 657,191
49,078 41,797
252,106 141,754
71,504 27,247
88,266 88,266
226,270 226,270
196,845 196,845
265,213 229,394
4,231,645 3,457,214
2,234,376 685,817 1
422,628 103,867

232,015 222,094
114,138 114,138
 185,436 53,995
2,497,133 2,497,133
518,369 183,659
6,204,095 3,860,703

3,117,823 3
10,435,740 10,435,740
2,730 2,730

8,355,403 8,355,403 2, 4
719,596 719,596
9,074,999 9,074,999
2,374 2,374

19,510,739 19,510,739

the transaction was closed under which Argos' assets in the

mbined with Summit. In this scenario, these pro forma
r 2023 were constructed, simulating the exclusion of US
023 results, in accordance with the applicable IFRS standards
tion.

anges that will appear in the 2024 post-transaction

alance of approximately $730 million, resulting from paying

with the United States, which was received after the
ese funds will mainly be used to pay off the debt resulting
ation.
.7 million shares of Summit's common stock, which will be
ount "Investments in associates and joint ventures" at
s in the valuation and/or devaluation of this investment will
The accumulated profits from this investment will also be
r by year using the equity method.
et and liability lines held for sale in this pro forma financial
to the US business and will be removed from the balance
with the transaction closing.
in the same proportion as the assets and liabilities decrease.
equity method of the investment in Summit will be
r by year.
 Income statement

Consolidated figures in millions of pesos Quarterly

1Q22 2Q22 3Q22 4Q22
Operaciones continuadas
Income from operations 2,577,281 2,851,315 3,117,690 3,137,769
US$ dollar (millions) 659 728 710 648
Cost of sales (2,213,276) (2,317,094) (2,517,009) (2,579,817)
Cost of sales (2,005,169) (2,116,239) (2,295,830) (2,350,929)
Depreciation and amortization (208,107) (200,855) (221,179) (228,888)
Gross profit 364,005 534,221 600,681 557,952
Administrative expenses (160,676) (166,997) (174,302) (187,938)
Selling expenses (67,495) (72,299) (70,643) (73,892)
Depreciation and amortization (24,274) (23,446) (26,003) (28,988)
Impairment of goodwill and assets - - - (724)
Other revenues, net 101,259 13,065 5,917 76,199
Operating profit 212,819 284,544 335,650 342,609
EBITDA 445,200 508,845 582,832 601,209
US$ dollar (millions) 114 130 133 125
Adjusted EBITDA 349,703 522,789 592,013 603,583
US$ dollar (millions) 89 133 137 126

Financial expenses, net (109,578) (150,506) (160,396) (185,616)

Foreign currency exchange (loss) gains (5,009) (6,038) 22,543 (8,075)
Share of profit of associates and joint ventures (27) 963 4,761 1,764
Profit before income tax 98,205 128,963 202,558 150,682
Income tax (60,179) (104,312) (123,543) (77,560)
Net income 38,026 24,651 79,015 73,122

Income for the period attributable to:

Owners of the parent company 21,822 5,470 57,986 57,009
Non-controlling interest 16,204 19,181 21,029 16,113
Net income for the year 38,026 24,651 79,015 73,122
US$ dollar - Owners of the parent company 6 1 14 12
Adjusted net income 11,843 99,430 70,527 133,899

* On January 12, 2024, the transaction was closed under which Ar

the United States were combined with Summit. In this scenario, th
financial statements for 2023 were constructed, simulating the exc
operations from the 2023 results, in accordance with the applicab
for this type of transaction.

Additional material changes that will appear in the 2024 post-tra

balance
1. In 2024, 31% of Summit's net income will be reflected in this "N
of associates" account.
2. In this Pro forma Income Statement, the "Profit from discontinu
line reflects the net profit attributable to the US business during 20
this line will not have any records, as that business is part of Summ
12, 2024.
Additional material changes that will appear in the 2024 post-tra
balance
1. In 2024, 31% of Summit's net income will be reflected in this "N
of associates" account.
2. In this Pro forma Income Statement, the "Profit from discontinu
line reflects the net profit attributable to the US business during 20
this line will not have any records, as that business is part of Summ
12, 2024.
 Quarterly Acumulated
1Q23 2Q23 3Q23 4Q23 2022 2023

3,381,707 3,331,512 3,086,634 2,917,492 11,684,055 12,717,345

711 750 760 717 2,745 2,937
(2,728,659) (2,587,242) (2,307,349) (2,192,870) (9,627,196) (9,816,120)
(2,489,049) (2,367,497) (2,108,354) (1,983,453) (8,768,167) (8,948,353)
(239,610) (219,745) (198,995) (209,417) (859,029) (867,767)
653,048 744,270 779,285 724,622 2,056,859 2,901,225
(208,857) (210,902) (227,242) (256,153) (689,913) (903,154)
(81,274) (71,357) (67,325) (83,508) (284,329) (303,464)
(28,243) (24,853) (22,636) (22,605) (102,711) (98,337)
- (203) 10 (11) (724) (204)
(9,008) (19,302) 38,578 34,107 196,440 44,375
325,666 417,653 500,670 396,452 1,175,622 1,640,441
593,519 662,454 722,291 628,485 2,138,086 2,606,749
125 148 175 154 502 602
597,242 668,650 742,154 675,723 2,068,088 2,683,769
126 150 180 165 486 620

(176,013) (215,101) (214,494) (202,551) (606,096) (808,159)

(14,939) (42,702) 183 7,346 3,421 (50,112)
(2,356) (684) 593 965 7,461 (1,482)
132,358 159,166 286,952 202,212 580,408 780,688
(37,533) (35,570) (57,500) (257,024) (365,594) (387,627)
94,825 123,596 229,452 (54,812) 214,814 393,061

78,426 100,735 208,426 (67,642) 142,287 319,945

16,399 22,861 21,026 12,830 72,527 73,116
94,825 123,596 229,452 (54,812) 214,814 393,061
16 22 49 (14) 33 74
118,274 112,067 228,865 209,040 356,437 712,133

as closed under which Argos' assets in

mmit. In this scenario, these pro forma
ructed, simulating the exclusion of US
rdance with the applicable IFRS standards

ppear in the 2024 post-transaction

will be reflected in this "Net share of results

he "Profit from discontinued operations"

the US business during 2023. For 2024,
t business is part of Summit as of January
ppear in the 2024 post-transaction

will be reflected in this "Net share of results

he "Profit from discontinued operations"

the US business during 2023. For 2024,
t business is part of Summit as of January
2023 Proforma* Notes

5,317,528
1,228
(4,000,108)
(3,611,686)
(388,422)
1,317,420
(428,496)
(169,793)
(79,592)
(204)
(6,112)
633,223
1,101,441
254
1,101,441
254

(669,911)
(50,106)
(1,482) 1
(88,276)
(198,174)
(286,450)
679,511 2

319,945
73,116
393,061
74
712,133
 Cash flow

Consolidated figures in millions of pesos Quarterly

1Q23 2Q23
Accounting net income 94,825 123,596
(+) Other non-cash taxes 19,725 4,933
(-) GoS of divestirures 0 0
(+) IPO-related expenses 3,723 6,399
(=) Net income from cont. ops 118,274 134,928
(+) Taxes from cont. ops 17,808 30,637
(+) Net interest expenses 193,308 258,487
(=) Ebit 1Q23 329,389 424,052
(+) D&A 267,853 244,598
(=) Operating Ebitda 597,242 668,650
(-) ∆ WK (327,444) 12,910
(-) Maintenance CapEx (110,804) (111,736)
(-) Taxes of cont. ops (79,342) (106,498)
(=) Free CF from Ops 79,653 463,326
(-) Net interests paid (192,320) (180,909)
(=) Economic net income (112,667) 282,417
(+) M&A & IPO charges (4,123) (6,468)
(+) Debt disbursements and other 171,952 (258,301)
(=) CF avail. for reinvest. & divds. 55,161 17,648
(-) Growth CapEx (64,217) (134,763)
(-) Dividends (95,117) (200,800)
(=) Net CF (104,173) (317,915)
(+) BoP cash balance 1,260,891 1,156,718
(=) EoP cash balance 1,156,718 838,803
uarterly Accumulated
3Q23 4Q23 2022 2,023
229,452 (54,812) 215,000 393,061
577 216,613 243,000 241,849
0 0 (86,000) 0
19,862 47,238 30,000 77,223
249,891 209,040 402,000 712,133
56,923 40,411 122,000 145,778
213,718 194,240 595,000 859,753
520,532 443,690 1,119,000 1,717,664
221,631 232,226 962,000 966,308
742,163 675,916 2,081,000 2,683,972
18,241 149,746 (134,400) (146,547)
(111,245) (182,584) (473,000) (516,368)
(57,653) (40,640) (185,000) (284,133)
591,506 602,438 1,288,600 1,736,924
(267,326) (147,789) (486,000) (788,344)
324,180 454,649 802,600 948,580
(19,420) (47,985) 305,000 (77,997)
113,649 (219,983) 261,400 (192,683)
418,409 186,681 1,369,000 677,900
(84,868) (54,208) (250,000) (338,057)
(92,736) (203,427) (347,000) (592,080)
240,805 (70,954) 772,000 (252,237)
838,803 1,079,608 483,000 1,260,891
1,079,608 1,008,654 1,255,000 1,008,654
 Adjusted figures by
region
*Recent divestitures transactions in the United States and the listing process of these assets on the NY Stock Exchange h
adjustments made and the reconciliation are found in the annex to the presentation of the last delivery of results, availa

Cementos Argos Consolidated

Period
Indicator Unit Quarterly
1Q22 2Q22
Cement Volumes Thousands of Metric Tons 3,949 4,220
Adjusted RMX volumes Thousands of Cubic Meters 1,798 1,957
Adjusted Revenues* Billions of pesos $ 2,501 $ 2,851
Adjusted EBITDA* Billions of pesos $ 350 $ 523
EBITDA margin adjusted* % 14.0% 18.3%
Adjusted net income* Billions of pesos $ 12 $ 119
Net margin adjusted* % 0.5% 4.2%

US Region
Period
Indicator Unit Quarterly
1Q22 2Q22
Cement Volumes Thousands of Metric Tons 1,401 1,658
Adjusted RMX volumes Thousands of Cubic Meters 1,091 1,230
Adjusted Revenues* Million dollars $ 340 $ 416
Adjusted EBITDA* Million dollars $ 37 $ 75
EBITDA margin adjusted* % 10.9% 18.0%

Colombia Region
Period
Indicator Unit Quarterly
1Q22 2Q22
Cement Volumes Thousands of Metric Tons 1,468 1,513
Local market Thousands of Metric Tons 1,170 1,235
Exports Thousands of Metric Tons 297 277
RMX volumes Thousands of Cubic Meters 649 656
Aggregates volume Thousands of Metric Tons 402 330
Revenue Billions of pesos $ 632 $ 678
EBITDA Billions of pesos $ 130 $ 136
EBTIDA margin % 20.5% 20.1%

CCA Region
Period
Indicator Unit Quarterly
1Q22 2Q22
Cement volume Thousands of Metric Tons 1,080 1,050
Central America Thousands of Metric Tons 387 420
 Caribbean Thousands of Metric Tons 398 439
Trading Thousands of Metric Tons 296 191
RMX volume Thousands of Cubic Meters 58 71
Central America Thousands of Cubic Meters 31 47
Caribbean Thousands of Cubic Meters 27 24
Revenue Million dollars $ 137 $ 138
Central America Million dollars $ 58 $ 62
Caribbean Million dollars $ 63 $ 71
Trading* Million dollars $ 17 $ 5
EBITDA Million dollars $ 29 $ 32
Central America Million dollars $ 17 $ 19
Caribbean Million dollars $ 8 $ 10
Trading Million dollars $ 4 $ 4
EBITDA margin % 21.3% 23.4%
EBITDA margin Central America % 30.1% 29.9%
EBITDA margin Caribbean % 12.7% 14.3%
*Does not include sales to related companies
Corporate
Period
Indicator Unit Quarterly
1Q22 2Q22
EBITDA Miles de Millones de pesos -$ 39 -$ 34

Exchange rate
Period
Indicator Unit Quarterly
1Q22 2Q22
Exchange rate end of the period COP/USD $ 3,748.15 $ 4,127.47
Average exchange rate** COP/USD $ 3,911.34 $ 3,915.28

**The average exchange rate of every quarter is a year to date calculation

se assets on the NY Stock Exchange have led to non-recurring operations that are excluded from these figures to allow comparability of the
n of the last delivery of results, available at: https://ir.argos.co/en/financial-information/quarterly-results/

3Q22 4Q22 1Q23 2Q23 3Q23 4Q23

4,172 3,862 3,925 4,020 3,983 3,774
1,907 1,760 1,756 1,756 1,702 1,525
$ 3,118 $ 3,138 $ 3,382 $ 3,332 $ 3,087 $ 2,917
$ 592 $ 604 $ 597 $ 670 $ 742 $ 676
19.0% 19.2% 17.7% 20.1% 24.0% 23.2%
$ 92 $ 134 $ 118 $ 136 $ 250 $ 209
2.9% 4.3% 3.5% 4.1% 8.1% 7.2%

3Q22 4Q22 1Q23 2Q23 3Q23 4Q23

1,591 1,458 1,501 1,582 1,527 1,477
1,119 985 1,064 1,076 991 881
$ 414 $ 376 $ 416 $ 444 $ 437 $ 412
$ 76 $ 65 $ 65 $ 93 $ 108 $ 99
18.4% 17.1% 15.7% 21.0% 24.7% 24.0%

3Q22 4Q22 1Q23 2Q23 3Q23 4Q23

1,537 1,497 1,400 1,413 1,540 1,461
1,218 1,182 1,056 1,106 1,160 1,136
319 315 345 308 380 325
712 708 621 613 635 583
332 278 313 305 209 164
$ 705 $ 693 $ 712 $ 735 $ 769 $ 740
$ 157 $ 182 $ 181 $ 147 $ 209 $ 207
22.3% 26.2% 25.4% 20.0% 27.1% 28.0%

3Q22 4Q22 1Q23 2Q23 3Q23 4Q23

1,045 906 1,024 1,025 916 836
383 389 414 447 397 356
 361 344 408 357 351 342
301 174 201 221 168 138
77 67 71 68 77 61
49 42 49 48 57 33
28 25 22 19 20 28
$ 136 $ 130 $ 145 $ 141 $ 135 $ 123
$ 61 $ 60 $ 67 $ 69 $ 64 $ 55
$ 62 $ 59 $ 71 $ 64 $ 63 $ 61
$ 12 $ 11 $ 7 $ 7 $ 7 $ 7
$ 31 $ 32 $ 30 $ 33 $ 33 $ 28
$ 19 $ 18 $ 18 $ 19 $ 18 $ 13
$ 8 $ 10 $ 9 $ 10 $ 10 $ 11
$ 5 $ 3 $ 3 $ 4 $ 5 $ 4
23.2% 24.4% 20.6% 23.7% 24.6% 22.4%
30.2% 29.4% 26.3% 27.8% 28.1% 23.4%
13.4% 17.8% 12.5% 15.3% 15.5% 17.9%

3Q22 4Q22 1Q23 2Q23 3Q23 4Q23

-$ 35 -$ 32 -$ 36 -$ 44 -$ 49 -$ 50

3Q22 4Q22 1Q23 2Q23 3Q23 4Q23

$ 4,532.07 $ 4,810.20 $ 4,627.27 $ 4,191.28 $ 4,053.76 $ 3,822.05
$ 4,075.46 $ 4,257.12 $ 4,757.97 $ 4,596.90 $ 4,413.59 $ 4,330.14
se figures to allow comparability of the figures. The details of the
esults/

Accumulated
2022 2023
16,204 15,703
7,423 6,740
$ 11,608 $ 12,717
$ 2,068 $ 2,685
17.8% 21.1%
$ 356 $ 713
3.1% 5.6%

Accumulated
2022 2023
6,109 6,086
4,425 4,012
$ 1,547 $ 1,709
$ 250 $ 365
16.1% 21.4%

Accumulated
2022 2023
6,014 5,815
4,806 4,458
1,208 1,358
2,724 2,451
1,341 991
$ 2,708 $ 2,956
$ 605 $ 744
22.3% 25.2%

Accumulated
2022 2023
4,081 3,801
1,578 1,615
 1,541 1,458
962 728
273 277
169 187
104 90
$ 541 $ 544
$ 241 $ 255
$ 255 $ 259
$ 44 $ 29
$ 125 $ 124
$ 72 $ 68
$ 37 $ 39
$ 16 $ 17
23.0% 22.8%
29.9% 26.5%
14.5% 15.2%

Accumulated
2022 2023
-$ 139 -$ 179
 Prices

Actual variations of year over year Fob average prices per ton of cement / cubic meter of ready mix

US Region
Period
Quaterly
4Q22 1Q23 2Q23 3Q23 4Q23
Cement 16% 15.20% 17.50% 13.20% 13.1%
Ready Mix 18% 21.30% 18.10% 14.30% 16.6%

Colombia Region
Period
Quaterly
4Q22 1Q23 2Q23 3Q23 4Q23
Cement 19% 24.20% 19.30% 15.0% 14.10%
Ready Mix 13% 24.40% 22.80% 21.60% 21.10%

CCA Region
Period
Quaterly
4Q22 1Q23 2Q23 3Q23 4Q23
Cement 29% 8.20% 4.90% 2.50% 0.84%
Ready Mix 14% 14.20% 7.60% 2.60% 6.80%
of ready mix