Dangote Cement (DANGCEM) CMD 2026 summary

Strategic milestones and market positioning

• Listed on the London Stock Exchange, marking a major step in accessing global capital and aligning with top-tier governance standards.

• Cement capacity has grown to 55 million tons across 11 countries, with a workforce exceeding 20,000.

• Vision 2030 targets quadrupling group scale versus the past 30 years, with a focus on infrastructure and self-sufficiency.

• Expansion plans aim for 80 million tons capacity by 2030, positioning the company among the global top five cement producers.

• The business model emphasizes vertical integration, from quarry to customer, and a robust logistics network.

Financial performance and guidance

• Achieved a 36% revenue CAGR and 45% EBITDA CAGR over the past three years, with EBITDA margins rising from 40% to 47%.

• Cash conversion ratio stands at 88%-89%, supporting both expansion and strong dividend payouts.

• Return on capital employed doubled from 33% to 68% between 2023 and 2026.

• Medium-term CapEx of $4.5 billion, with 80% allocated to expansion, funded primarily by operating cash flow and supplier credit.

• Dividend policy targets a minimum payout of 80% of profit after tax, with $1.2 billion paid over the last 3.5 years.

Operational efficiency and cost leadership

• FX risk mitigated through export growth, local sourcing, and CNG truck conversion, reducing dollar OpEx from $22M/month to a $4-5M surplus.

• CNG conversion and alternative fuels cut transportation and energy costs by up to 60%, supporting decarbonization goals.

• Integrated logistics, including 10,000+ trucks and multiple ports, enable efficient distribution and export growth.

• Brownfield expansions prioritized for rapid payback (2.5 years), leveraging existing infrastructure.

• Market leadership in Nigeria with over 50% share, and a Pan-African footprint serving 24 countries.