Shareholder structure and voting rights

According to the notifications available to the company in accordance with the German Securities Trading Law (Wertpapierhandelsgesetz), more than 25% of the voting rights in the company are attributed to Mr Ludwig Merckle via Spohn Cement Beteiligungen GmbH, Schönefeld/Germany, which he controls.  
Mr Ludwig Merckle (1 March 2024)                                      
via Spohn Cement Beteiligungen GmbH, Schönefeld/Germany		28.88%1)
Artisan Partners Asset Management Inc., Wilmington, Delaware/USA (13 March 2025)4.83%
BlackRock, Inc., Wilmington, Delaware/USA  (1 April 2025)5.09%2)
The Capital Group Companies, Inc., Los Angeles/USA (24 April 2025)
(EuroPacific Growth Fund, Wilmington, Delaware/USA: 3.03% (30 January 2025))		4.93%

1) thereof 25.64% pursuant to section 34 of the German Securities Trading Act (Wertpapierhandelsgesetz - WpHG) and 3.24% pursuant to section 38 WpHG (instruments)
2) thereof 4.81% pursuant to section 34 of the German Securities Trading Act (Wertpapierhandelsgesetz - WpHG) and 0.28% pursuant to section 38 WpHG (instruments)
In brackets: date of the voting rights notification

An analysis of the shareholder structure conducted at the end of 2024 showed that the proportion of North American investors had risen slightly. The proportion of German investors had fallen compared with the previous year, but the proportion of investors from continental Europe (excluding Germany) had increased, thanks to new buyers in France and Northern Europe. 

At the end of 2024, investors from North America and Germany formed the two largest investor groups, accounting for 34.2% and 32.3% of shares issued, respectively, followed by investors from the UK and Ireland at 9.2% and continental Europe (excluding Germany) at 7.6%. Investors from other geographical regions and retail investors accounted for the remaining 16.7%. The largest shareholder and anchor shareholder is Ludwig Merckle, who, according to the voting rights notifications available to the company, held 28.88% of the issued shares via Spohn Cement Beteiligungen GmbH, a company under his control, as at 31 December 2024. The free float as defined by Deutsche Börse was 72.36% at the end of 2024.

Geographical distribution of shareholders (as of Dec. 2024)