GCC, S.A.B. de C.V.

Weather-driven softness in Q3; underlying demand still solid - Q3 sales were $433m (-1.2% YoY) mainly due to unusually heavy September rainfall in key U.S. states, which paused job sites and shifted activity out of the quarter (Mexico partially offset with volume/price growth). - Cement volumes: U.S. -0.5% YoY; Mexico +4.7% YoY. Consolidated results were within expectations once weather timing was considered. - Company emphasized that projects/backlogs remain in place and demand has not disappeared; YTD cement volumes: U.S. +6.0% and Mexico +7.7%.

Full-year outlook upgraded slightly on EBITDA, but U.S. volumes/pricing assumptions revised - Management updated guidance after Q3: - U.S. cement volumes: now expected to increase mid-single digits (reflecting Q3 weather impact). - U.S. concrete pricing: now expected low single-digit increase. - Consolidated EBITDA: now expected to increase low single digits for FY2026. - Capex guidance cut to $220m (from $270m); maintenance capex unchanged at $70m. Reduction largely reflects ~$50m Odessa savings. - Key challenge going into Q4: the company expects elevated logistics/freight costs as the Texas supply network shifts during Odessa ramp-up.

Pricing strategy: announced increases for 2027 (U.S.) and evidence of customer sensitivity - Good / investor-relevant: GCC notified customers of a $12/ton cement price increase for construction and oil well cement effective Jan 1, 2027, aimed at supporting margin recovery after cost inflation. - Management said market conditions and customer need to “catch up” on inflation are evident, and they expect probable positive impact from the 2027 increase; however, the competitive/import environment remains a headwind. - Surprising/important nuance: they also indicated inland import competition has shown up more than historically expected (even for their relatively import-protected footprint), tying pricing pressure to broader industry dynamics.