Trading Update for Q3 2026

(AIM: STCM) Steppe Cement Ltd provided a trading update for the third quarter ended 30 September 2026. The company generated revenue of KZT 21,824 million (approximately USD 47.2 million) in Q3 2026, representing a 19% increase over Q3 2025 revenue of KZT 18,284 million (approximately USD 34.1 million). For the nine months ended 30 September 2026, revenue was KZT 51,321 million (approximately USD 107.3 million), up 32% from KZT 39,002 million (approximately USD 75.0 million) in the same period of 2025. The revenue increase in Q3 2026 was attributed to the appreciation of the Kazakh tenge and a 28% increase in KZT price of products sold, despite a 6.5% drop in volume. For the first nine months of 2026, sales volume totaled 1.63 million tonnes, compared to 1.55 million tonnes in 2025. The average price (ex-VAT) for delivered cement was KZT 31,523 (approximately USD 65.9) per tonne in the first nine months of 2026, up from KZT 25,145 (approximately USD 48.4) per tonne in 2025, representing a 25% increase in KZT and a 36% increase in USD, due to a 9% appreciation of the Kazakh tenge against the US dollar (from 520 to 478 KZT/USD). The company stated that its expansion project continues on time and on budget with funding in place. Kazakhstan's domestic cement market amounted to 11.2 million tonnes in the first nine months of 2026, in line with 2025. Imports represented 8.1% of domestic consumption, and cement exports reached close to 1.0 million tonnes over the same period. For the full year, domestic market demand is projected at around 14.5 million tonnes, broadly unchanged from 2025. Steppe Cement is expected to achieve a market share of approximately 14% for the year. Javier del Ser Pérez is the Executive Chairman of Steppe Cement Ltd. Strand Hanson Limited acts as Nominated & Financial Adviser and Broker.