Grupo Argos announces its new leadership structure to strengthen operating efficiency and further enhance value transfer to shareholders

• Juan Esteban Calle has assumed the Presidency of Grupo Argos, ensuring continuity in the organization’s transformation process. He will be joined on the executive team by Rafael Olivella, Vice President of Legal Affairs; Felipe Aristizábal, Vice President of Strategy and Finance; and Juan Esteban Mejía, Corporate Affairs Manager.
• Cementos Argos will move toward distinct strategies in the United States and Latin America, with the goal of unlocking the greatest growth potential and maximizing value creation in both geographies, following the same rationale the company has successfully pursued in the past and that has proven highly favorable for shareholders. Jason Teter has been appointed CEO of Argos Materials; Carlos Horacio Yusty, CEO of Argos Latam; Natalia Ochoa, Chief Financial Officer; and Tomás Restrepo, Executive Vice President.
• Ricardo Sierra, President of Celsia, and his executive team will continue leading the company along a strategic path focused on improving profitability, reducing debt, and enhancing value transfer to shareholders.
• Odinsa’s Board of Directors has appointed Jean Pierre Serani as President with the goal of optimizing operations, advancing the contractual close of its privately initiated projects and the construction of its project portfolio, and expanding financing alternatives to bring its growth plan to life.

To advance its strategy focused on operating efficiency and enhanced value transfer to shareholders, Grupo Argos announced the new executive teams at the holding company and across its businesses, while reaffirming its commitment to the roadmap built on the highly successful and robust legacy of recent years, reflected in the simplification of its corporate structure and portfolio, stronger operating returns, and higher distributions to shareholders.

Grupo Argos

The company will focus on strengthening the operations of all its businesses to increase value transfer to shareholders, reduce leverage, and further diversify geographically. With these objectives in mind, Juan Esteban Calle assumed the role of CEO of Grupo Argos effective today. He holds a degree in Business Administration from Universidad EAFIT, an MBA with concentrations in Finance and Economics from the University of Chicago, and is a CFA charterholder.

During his tenure as President of Cementos Argos, he drove operating efficiencies that expanded EBITDA margin by more than 600 basis points and led strategic transactions such as the combination of Argos and Summit Materials’ assets in the United States and the subsequent divestment, transactions that generated more than COP 7.3 trillion in gains for Grupo Argos.

Felipe Aristizábal has been appointed Vice President of Strategy and Corporate Finance. He holds a degree in Economics from Universidad EAFIT, completed further studies at Universidad de los Andes, earned an MBA from London Business School, and is a CFA charterholder. As Chief Financial Officer of Cementos Argos, he led the SPRINT program, which has been recognized by the market for the value it has delivered to shareholders, oversaw the preparations for the planned listing of Argos USA on the New York Stock Exchange, and brings proven experience in mergers and acquisitions.

Rafael Olivella will continue to lead the Legal Affairs function and serve as Corporate Secretary of Grupo Argos, while also remaining a member of the Boards of Directors of Cementos Argos, Celsia, and Odinsa. He holds a law degree from Universidad Pontificia Bolivariana, a specialization in Commercial Law from Universidad de los Andes, and executive education from Stanford and Wharton. Over more than 20 years within Grupo Empresarial Argos, he has led legal and corporate matters in senior roles at Celsia, Cementos Argos, and Grupo Argos. He also led the legal and corporate strategy that resulted in the unwinding of cross-shareholdings and the sharpening of Grupo Argos’ focus on construction materials and infrastructure. Rafael Olivella’s experience reinforces strategic continuity and strengthens Grupo Argos’ profitability and value-transfer agenda.

Juan Esteban Mejía will continue to lead the Corporate Affairs and Office of the President function, which enables coordination and alignment between Grupo Argos and its businesses. He holds a degree in Management Engineering from Universidad EIA, is a CFA charterholder, and has completed executive education programs at Stanford, Oxford, and Harvard. He joined Grupo Argos 10 years ago and has held positions in Finance, Investor Relations, Corporate Affairs, and the Office of the President. In recent years, he has supported Jorge Mario Velásquez in the preparation and follow-up of board meetings across the Group’s companies, giving him a cross-functional perspective on the businesses, their challenges, and their opportunities.

Cementos Argos

The Board of Directors of Cementos Argos has decided to move forward with its strategic ambition toward 2030, which it has consistently communicated to the market, with the goal of unlocking the greatest growth potential, maximum flexibility, and the highest value creation in both the United States and Latin America, following the same strategic rationale the company has already pursued successfully and that has proven highly favorable for shareholders.

This decision entails a natural evolution in the company’s organizational design to enable and accelerate the execution of that strategic ambition, with an operational separation into two companies: Argos Materials in the United States and Argos Latam, each positioned to lead in its respective region and with the autonomy to pursue all avenues for growth and value maximization in their markets.

The operational separation of Cementos Argos into two companies may take approximately 24 months. During that period, both Argos Materials and Argos Latam will be supported by a Corporate Support Center led by a newly created Executive Vice Presidency. As part of this structural transformation, the following appointments will become effective on April 1, 2026:

Jason Teter was appointed CEO of Argos Materials on January 13. He has held senior positions at companies including Vulcan Materials and Lafarge USA, where he led significant transactions and operations in the aggregates markets of the southeastern United States, combining operational excellence, disciplined growth, and a strong commercial focus.

To advance the consolidation of Argos in Latin America, the Board of Directors of Cementos Argos appointed Carlos Horacio Yusty as CEO of Argos Latam to lead its operations across 15 countries and territories in South America, Central America, and the Caribbean. He holds a degree in Industrial Engineering from Universidad Pontificia Javeriana, a specialization in Engineering Management Systems from the same university, and advanced management training from Universidad de San Buenaventura. His appointment follows a standout tenure leading the Colombia region, now one of the most efficient and profitable operations in the region, as well as nine years as Chief Financial Officer of Cementos Argos, a role in which he reduced debt and helped enable the value maximization now reflected in shareholder returns.

Tomás Restrepo, who brings more than two decades of leadership experience at Cementos Argos, will assume the role of Executive Vice President to coordinate the company’s corporate team, lead the operational separation project, and support the execution of the strategic roadmap for Argos Materials and Argos Latam. In this role, he will support the CEOs of both Argos Materials and Argos Latam in the design and structuring of their organizations, the definition of key talent, and the execution of their growth and value-creation opportunities. Tomás holds a degree in Mechanical Engineering from Universidad EAFIT, a master’s degree in Product Design and Innovation, and a PhD in Industrial Engineering from École Nationale Supérieure d’Arts et Métiers in France. He previously served as Vice President of Future, Vice President of People and Transformation, Vice President of the Colombia Region, and Vice President of Innovation.

Natalia Ochoa will assume the role of Chief Financial Officer of Cementos Argos after leading the company’s Corporate Finance function for the past four years. She holds a degree in Industrial Engineering from Universidad EIA, is a CFA charterholder, has a master’s degree in Economics from Universidad EAFIT, and a master’s degree in Financial Engineering from New York University. She played a key role in the combination of Argos USA and Summit Materials and in the financial structuring of the aggregates business in the United States. She previously served as Director of Mergers and Acquisitions at Grupo Argos and as a Risk and Derivatives Analyst at Bank of America Merrill Lynch in New York.

This administrative separation gives Cementos Argos greater flexibility to pursue distinct strategies for its U.S. and Latin American operations, with the objective of further crystallizing value for shareholders. During the transition to this operational separation, Juan Esteban Calle, in his capacity as Chairman of the Board of Directors of Cementos Argos, will play an active strategic advisory role to ensure the proper implementation of the model and alignment with the company’s long-term vision.

Odinsa

Odinsa will focus on optimizing its operations, advancing its project portfolio, and opening up new financing alternatives. In that context, Jean Pierre Serani has been appointed President of the company to lead its growth plan across road and airport concessions, as well as its new water business. He brings more than 25 years of experience in investment banking, private equity fund management, and capital markets, and has participated actively in infrastructure transactions across Latin America. He has extensive experience in mergers and acquisitions, capital markets issuances, fundraising for investment funds, and project structuring and financing. Previously, as an advisor to Odinsa, he participated in structuring the financing for Opain’s development of El Dorado Airport and the Pacífico 2 road concession, the acquisition of the Túnel de Oriente concession and its subsequent bond issuance, as well as the financing of other road concessions.

Celsia

Ricardo Sierra, President of Celsia, together with his executive team, will continue leading the company along a strong strategic path with significant opportunities in a sector experiencing exponential demand. Under his leadership, Celsia has achieved important milestones, positioning itself as a leader in solar energy in Colombia, expanding its energy distribution and commercialization business, broadening its international footprint in Peru, and implementing the EnergizarC program, which has reduced leverage, optimized costs, and strengthened the company’s share performance in the market. Celsia’s strategy will focus on lowering leverage, optimizing operating margins, and capitalizing on profitable growth opportunities across the sector.

Urban Development Business

Grupo Argos’ Urban Development business will remain focused on advancing residential and commercial projects in Barranquilla and Barú to generate cash flow and improve efficiency, under the leadership of María Clara Aristizábal and her executive team.

Summa

Martha Ligia Delgado, General Manager of SUMMA, and her executive team will continue leading Grupo Empresarial Argos’ shared services company and will play a fundamental cross-functional role in driving operating efficiencies, digital transformation, and the advancement of the organization’s strategy. The decisions adopted by the Boards of Directors of Grupo Argos and its businesses will support the continued execution of their business plans, all centered on value creation and value transfer, while preserving the culture and founding values that have defined Grupo Empresarial Argos throughout its 92-year history.