| Mr Ludwig Merckle (20 May 2025) via Spohn Cement Beteiligungen GmbH, Schönefeld/Germany | 28.40% | |
| BlackRock, Inc., Wilmington, Delaware/USA (5 March 2026) | 5.40% | 1) |
| The Capital Group Companies, Inc., Los Angeles/USA (17 December 2025) (EUPAC Fund, Boston/USA: 2.99% (29 August 2025)) | 4.96% | |
| Artisan Partners Asset Management Inc., Wilmington, Delaware/USA (13 March 2025) | 4.83% | |
| FMR LLC, Wilmington, Delaware/USA (14 July 2025) | 4.21% |
1) thereof 5.14% pursuant to section 34 of the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG) and 0.26% 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 October 2025 showed that the proportion of North American investors fell slightly in comparison with the previous year, while the proportion of German investors increased slightly. Investors from continental Europe (excluding Germany), the United Kingdom, and Ireland account for a smaller proportion of shareholders compared with the previous year. However, the proportion of investors from other geographical regions and retail investors rose significantly. This development highlights the growing appeal of our shares for new investor groups and also demonstrates the continued broad diversification of our international shareholder base.
At the end of 2025, investors from North America and Germany formed the two largest investor groups, accounting for 33% and 32% of shares issued, respectively, followed by investors from the UK and Ireland at 8% and continental Europe (excluding Germany) at 7%. Investors from other geographical regions and retail investors accounted for the remaining 20%. The largest shareholder and anchor shareholder is Ludwig Merckle, who, according to the voting rights notifications available to the company, held 28.40% of the issued shares via Spohn Cement Beteiligungen GmbH, a company under his control, as at 31 December 2025. The free float as defined by Deutsche Börse was 71.60% at the end of 2025.