Cementir Holding N.V.

• Palm Harbour Capital Letter 2021 Q1 | 324 KB ↗ Palm Harbour Capital declined to tender Gamesys at Bally’s proposed price and plans to wait on the opportunistic ASTM take-private offer. It expects Aryzta’s North American sale to refinance expensive hybrids, and argues that Cementir and Stora Enso offer undervalued exposure to improving industrial, packaging and pulp demand. first quarter of 2021 ARZTY $1.1BBAYZF $48BCMTHF +4
• Palm Harbour Capital Letter 2026 Q2 | 687 KB ↗ Palm Harbour Capital sold BW Energy and M Dias Branco, added a Mexican cement company and smaller Asian positions, and plans to trade Norma’s buyback rights. It argues that leveraged products and passive flows are distorting Asian markets, while Louis Hachette and Lagardère offer restructuring and ownership-simplification catalysts. second quarter 2026 ALHG $1.9B082920 $961M0NFS +8
• Palm Harbour Capital Q4 2022 Letter ↗ Palm Harbour Capital added LNA Santé, arguing that its nursing-home business has stronger regulation, lower operating leverage and a different property model than Orpea or Korian. The fund sold Ringmetall on peak-cycle earnings concerns and remains positioned for valuation-driven opportunities amid inflation and rate volatility. fourth quarter 2022 LNA $289M0NEX IBST $429M +5

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