Europe Reaches 42% of Revenue! TCC Explores Listing on Four Major European Capital Markets

Facing 2050 Net Zero and EU CBAM mandates, Chairman Nelson Chang noted, "Cement is no longer just cement. The future combines material innovation with energy deployment." To advance this, TCC appointed BNP Paribas, Morgan Stanley, and Goldman Sachs to explore listings in London, Paris, Frankfurt, and Amsterdam, marking a crucial step in its global capital strategy. 
 

Transformation Yields Results: Europe as the Core Growth Engine

This strategic expansion into Europe is backed by solid operational data. President Roman Cheng highlights TCC’s successful shift from a single-market reliance to a multinational group. In Q1 2026, TCC reported across-the-board margin expansions (gross, operating, and net margins all rose), with net income attributable to the parent jumping 36% to NT$700 million, defying industry headwinds. Latest data shows Europe now constitutes 42% of group revenue—surpassing Taiwan (38%) and Mainland China (under 20%). Generating €1.9 billion via its subsidiary holding company, Europe is firmly established as TCC's primary profit and growth driver. 
 

European Listing: Financial Prudence and Four Structural Drivers

Explaining the listing rationale using objective data, Cheng noted that since early 2025, European cement peers boast an average P/B ratio of 1.64x, far exceeding Taiwan's 0.82x. Attracting European international capital is a strategic choice to balance group development while avoiding the dilution of current shareholders' equity under Taiwan's depressed stock prices and protecting credit ratings from the concerns of excessive borrowing. 

Additionally, four structural drivers fuel TCC's revenue growth in the European market: 

First, to meet the surging low-carbon material demand backed by a €1 trillion construction and renovation boom in the UK and France over the next decade, TCC will leverage its robust 52% and 16% market shares in Portugal and Turkey to strongly support this need. 

Second, benefiting from mature carbon pricing currently at about €75/ton and expected to double to €142/ton by 2030, TCC’s CIMPOR plant in Portugal has accumulated 2.4 million tonnes of carbon allowances due to its outstanding decarbonization results. Based on conservative principles, this immense potential value is currently disclosed only in financial notes. 
 

Furthermore, Europe's target of 30 million EVs by 2030 highlights vast infrastructure opportunities within its electrification transition gaps. 
 

Finally, highly lucrative electricity market trading with daily price spreads reaching roughly €180 is driving commercial and industrial energy storage to multiply by 2030. 

Roman Cheng warned, "The greatest risk is being absent from the global transition where carbon, electricity, and computing power all have monetary value." 
 

Robust Physical Assets and New Energy: Shifting to a Green Track

While driving the green transition, TCC is supported by robust physical assets. Following the integration of OYAK Cement and CIMPOR, TCC’s global landholdings doubled. Under historical-cost accounting, the land book value surged 1.6x to NT66.3 billion, while total assets reached NT588.8 billion.

Building on this solid foundation, the new energy layout has been fully implemented in Europe. The Atlante comprehensive platform operates over 1,000 fast-charging stations across Southern Europe and Switzerland, and has officially entered the heavy-duty electric vehicle fast-charging market. EnergyArk® energy storage and charging products have secured over 331 contracts with major commercial centers in France, Portugal, and Italy. Meanwhile, the global NHOA energy platform is approaching a deployed capacity of 5,000 MWh. 
 

TCC Explores European Listing:
President Roman Cheng Analyzes Four Structural Drivers

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Creating Long-Term Value via Green Transition

Evolving from a single-market cement maker into a pioneer integrating low-carbon and green energy technologies across regions, TCC has redefined itself. Regarding the European capital market entry, Chairman Chang emphasized, "This is not just for capital, but for time." While addressing the long-term challenges of climate and energy transition may incur short-term costs, the long-term value is absolute. TCC will continue to fulfill its sustainable commitment to growth without adding burden to the Earth.