A structurally protected European minerals platform

110 sites across 14 countries

114-year reserve life (2.7Bt)

High barriers to entry: permitting, regulation, community

Used in 100+ essential applications

Embedded in customers processes

Limited structural decline exposure (<10%)

Resilient demand profile

Diversified end-markets and geographies

Typically <3% of customer procurement bill

C. 90% of lime revenue from customers with >10 year relationships

Regulations increasingly favour lime-based solutions

Operating leverage from rebound

Spare kiln and quarry capacity

Recovery within existing footprint

No step-change capex required

Managed decarbonisation pathway

Net-zero by 2040

CO₂ in hand - Majority via fuel switch and CO₂ reabsorbtion

Carbon capture development

Hedging mechanism in place

Disciplined capital allocation

3-5% annual organic growth target

>24% EBITDA margin target

>15% ROIC framework

Significant M&A runway in Europe

Shareholders returns via buybacks and dividends