Cementir Holding

We have revised our valuation method for the company’s Turkish asset, shifting from a multiple based on cement capacity to the market value of the asset, as it is publicly listed under the name Çimentas Izmir. Cementir Holding owns 96.7% of Çimentas Izmir, which now accounts for 44% of its NAV.

We have lowered our long-term expectations for green capex for Cementir Holding, as its CCS project with Air Liquide has been selected for a grant by the EU Innovation Fund. We believe this CO2 reduction investment could enable the company to gradually decrease its green investment requirement over time.