Holcim Ltd · SIX:HOLN
Holcim — H1 2025 Earnings Presentation
35 slides from Holcim's earnings presentation, Jul 31, 2025
Slide 1: 2025 Half-Year Results
2025 HALF-YEAR RESULTS 31 July 2025 MILJAN GUTOVIC | CEO STEFFEN KINDLER | CFO
Slide 2: Agenda
AGENDA • Business review • Strategy update • Outlook
Slide 3: Business Review
BUSINESS REVIEW
Slide 4: Strong performance with margin expansion in H1
STRONG PERFORMANCE WITH MARGIN EXPANSION IN H1 Robust net sales growth supported by leading positions in highly CHF 7.9 bn +1.8% in LC attractive markets, resilient local-for-local business model, and 11 M&A NET SALES transactions +10.8% in LC Double-digit recurring EBIT growth, strong growth across
Slide 5: H1 Regional Highlights – Europe
H1 REGIONAL HIGHLIGHTS – EUROPE Key financials Recurring EBIT growth Recurring EBIT margin up 130 bps, of 6.1% in LC up in all business segments Highlights Margin expansion driven by Eight value-accretive acquisitions high-value strategy and in France, Germany, Poland, sustainable offering Bulgaria
Slide 6: H1 Regional Highlights – Latin America
H1 REGIONAL HIGHLIGHTS – LATIN AMERICA Key financials Strong net sales growth of Recurring EBIT increase of 6.6% 8.6% in LC in LC Highlights ~ 170 new Disensa stores Growth supported by launched two value-accretive acquisitions in Peru and Argentina Outlook Ecuador, Central America and Strong infras
Slide 7: H1 Regional Highlights – Asia, Middle East & Africa
H1 REGIONAL HIGHLIGHTS – ASIA, MIDDLE EAST & AFRICA Key financials Net sales growth of 1.6% in Double-digit increase in LC recurring EBIT in LC - margin up 200 bps Highlights Strong domestic demand in Significant growth of ECOPact to North Africa reach 30% and of ECOPlanet to reach 15%1 Outlook Well
Slide 8: Robust net sales growth of 1.8% in LC
ROBUST NET SALES GROWTH OF 1.8% IN LC H1 Net sales bridge in CHF m and % change 8,051 +1.4% +0.4% -4.1% 7,871 113 36 -329 +1.8% in LC H1 2024 Organic growth Acquisitions & FX H1 2025 Divestments Note: Financial information in this presentation refers to Holcim post spin-off, which differs from 2024
Slide 9: Double-digit recurring EBIT growth in LC
DOUBLE-DIGIT RECURRING EBIT GROWTH IN LC H1 Recurring EBIT bridge in CHF m and % change 1,397 +11.1% -0.3% -7.7% 1,440 154 -4 -108 +10.8% in LC H1 2024 Organic growth Acquisitions & FX H1 2025 Divestments 9 31 July 2025 2025 HALF-YEAR RESULTS
Slide 10: Further expansion of industry-leading margin
FURTHER EXPANSION OF INDUSTRY-LEADING MARGIN 12M Rolling recurring EBIT and margin 18.0% 17.7% 2,880 2,868 17.5% 2,837 Q4 2024 Q1 2025 Q2 2025 12M rolling % 12M rolling recurring EBIT (CHF m) recurring EBIT margin 10 31 July 2025 2025 HALF-YEAR RESULTS
Slide 11: Strong recurring EBIT growth across all regions
STRONG RECURRING EBIT GROWTH ACROSS ALL REGIONS Asia, Middle East Europe Latin America & Africa 15.4% +130 bps 32.3% -130 bps 24.9% +200 bps -2.5% +6.1% +8.6% +6.6% +1.6% +12.0% 4,233 1,884 1,522 655 495 493 RECURRING EBIT MARGIN NET SALES RECURRING EBIT % LOCAL CURRENCY GROWTH / DECLINE & VARIANCE
Slide 12: Strong EPS growth of 7.4% in CHF
STRONG EPS GROWTH OF 7.4% IN CHF Million CHF H1 2025 H1 2024 ± Before impairment and divestments Recurring EBIT 1,440 1,397 43 +3.0% Restructuring, litigation and others -29 -32 3 Loss on disposals and other non-operating items -19 -16 -3 Share of profit of associates 7 10 -3 Net financial expenses
Slide 13: Free cash flow on track to meet full-year guidance
FREE CASH FLOW ON TRACK TO MEET FULL-YEAR GUIDANCE H1 2025 H1 2024 ± Million CHF Recurring EBITDA before leases 1,982 1,943 39 Change in net working capital & others -886 -724 -162 Income taxes paid -292 -330 38 Net financial expenses paid & FX -161 -219 57 Share of profit of JVs, net of dividends r
Slide 14: Strong investment grade balance sheet
STRONG INVESTMENT GRADE BALANCE SHEET 1.2x 1.6x 1.2x 1.4x ≤1.1x 10.9 7.9 8.4 5.5 <4.4 2023 H1 20242 2024 H1 20252 2025E3 NET FINANCIAL DEBT1 (CHF bn) LEVERAGE RATIO1 (x) 1 Net Financial Debt and Leverage Ratio reflect scope of Holcim and subsidiaries, including Amrize, for 2023-2024; reflect scope o
Slide 15: Growth-focused capital allocation
GROWTH-FOCUSED CAPITAL ALLOCATION CAPITAL DEPLOYMENT CAPACITY OF CHF 18 to 22 BILLION FROM 2025 to 2030 4 to 5 3 to 4 7 4 to 6 Growth CAPEX (CHF bn) Acquisitions (CHF bn) Dividends1 (CHF bn) + Strategic M&A + share buybacks (CHF bn) Disciplined CAPEX Value-accretive M&A Progressive dividend2 policy
Slide 16: Strategy Update
STRATEGY UPDATE
Slide 17: Well-balanced footprint in highly attractive markets
WELL-BALANCED FOOTPRINT IN HIGHLY ATTRACTIVE MARKETS Latin Asia, Middle Europe America East & Africa 19 countries 10 countries 16 countries Top 51 Top 51 Top 51 France Mexico Australia United Kingdom Argentina Algeria Switzerland Ecuador Philippines Germany Colombia Egypt Poland El Salvador China Pr
Slide 18: Best positioned to profit from powerful megatrends
BEST POSITIONED TO PROFIT FROM POWERFUL MEGATRENDS Population growth & Energy-efficient Modular urbanization refurbishment construction Climate & nature Re-industrialization Digitalization Europe Latin America Asia, Middle East & Africa EUR 500 billion USD 200+ billion +3.3% fund earmarked in German
Slide 19: NextGen Growth 2030 driving superior performance
NEXTGEN GROWTH 2030 DRIVING SUPERIOR PERFORMANCE • Enhancing our leading positions with our sustainable offering powered by premium brands INDUSTRY-LEADING • Decarbonization and circular construction driving profitable growth RECURRING EBIT INDUSTRY MARGIN LEADING • Expansion of high-value Building
Slide 20: Scaling sustainable offering to meet customer demand
SCALING SUSTAINABLE OFFERING TO MEET CUSTOMER DEMAND ZUHA island in Dubai, UAE HS2 rail network, UK with ECOPact inside with ECOPlanet inside 31% 35% H1 2025 H1 2025 % of ready-mix net sales % of cement net sales 25% 32% H1 2024 H1 2024 20 31 July 2025 2025 HALF-YEAR RESULTS
Slide 21: Scaling sustainable offering to meet customer demand
SCALING SUSTAINABLE OFFERING TO MEET CUSTOMER DEMAND 3.4 (+35%) H1 2025 (million tons) Volume of recycled construction demolition materials 2.5 H1 2024 21 31 July 2025 2025 HALF-YEAR RESULTS
Slide 22: High-value Building Solutions for all applications
HIGH-VALUE BUILDING SOLUTIONS FOR ALL APPLICATIONS ROOFING SYSTEMS WALLING SOLUTIONS Green roofs Engineering mortars Ballasted roofs ETICS Cool roofs Modular construction FOUNDATION & STRUCTURE FLOORING SOLUTIONS High-performance concrete Self-levelling screeds Modular construction Decorative concre
Slide 23: Ellinikon – High-value Building Solutions for customer
ELLINIKON – HIGH-VALUE BUILDING SOLUTIONS FOR CUSTOMER Built with Holcim inside, from foundation and flooring to walling and roofing • Largest urban regeneration project in Europe • EUR 8 billion megaproject • 6.2 million square meters in Athens • Awarded LEED gold pre- certification1 • Holcim suppl
Slide 24: 11 value-accretive M&A transactions closed
11 VALUE-ACCRETIVE M&A TRANSACTIONS CLOSED Strengthening leadership in Expanding in high-value Building Materials Building Solutions Transactions closed in Q1 Transactions closed in Q1 • Tribex • Société des Bétons de la Vallée de Seine Serbia (aggregates) France (ready-mix concrete) • Zhablyano AD
Slide 25: Outlook
The &llinikon in Athens) Greece Built with ECOPlanet, ECOPact DYNAMax and ZinCo insidle
Slide 26: Guidance 2025
GUIDANCE 2025 • 2025 growth in line with NextGen Growth 2030 targets: o 3% to 5% net sales growth in local currency1 o 6% to 10% recurring EBIT growth in local currency1 • Recurring EBIT margin of above 18% • Free cash flow before leases of around CHF 2 billion • > 20% growth in recycled constructio
Slide 27: NextGen Growth 2030 Targets
NEXTGEN GROWTH 2030 TARGETS INVESTMENT PROFILE Financial Sustainability 1 Leader in the most attractive markets with a sustainable offering powered by premium brands 3% to 5% > 50% Net sales growth1 ECOPact and ECOPlanet average p.a. Net sales ready-mix and cement 2 Best positioned to profit from po
Slide 28: Upcoming events and contacts
UPCOMING EVENTS AND CONTACTS Q3 2025 trading Full-year 2025 Q1 2026 trading Half-year update results update 2026 results October 24 February 27 April 24 July 31 Holcim Investor Relations Email: investor.relations@holcim.com Phone: +41 58 858 87 87 Bernd Pomrehn Bénédicte Mayer Tia Oreskovic Head Inv
Slide 29: Appendices
APPENDICES
Slide 30: Q2 net sales growth of 2.4% in LC
Q2 NET SALES GROWTH OF 2.4% IN LC [in CHF m and % change] +1.5% +0.9% -6.2% 4,338 4,175 64 40 -267 +2.4% in LC Q2 2024 Organic Acquisitions & FX Q2 2025 growth Divestments 30 31 July 2025 2025 HALF-YEAR RESULTS
Slide 31: Q2 recurring EBIT growth of 9.8% in LC
Q2 RECURRING EBIT GROWTH OF 9.8% IN LC [in CHF m and % change] 944 +10.2% -0.4% -8.6% 955 96 -3 -81 +9.8% in LC Q2 2024 Organic Acquisitions & FX Q2 2025 growth Divestments 31 31 July 2025 2025 HALF-YEAR RESULTS
Slide 32: Q2 Regional Performance
Q2 REGIONAL PERFORMANCE Asia, Middle East Europe Latin America & Africa 22.5% +200 bps 31.9% -110 bps 28.6% +170 bps +7.8% +7.1% +4.8% +13.8% -2.7% +5.2% 2,317 967 769 525 248 292 1,335 RECURRING EBIT MARGIN NET SALES RECURRING EBIT % LOCAL CURRENCY GROWTH / DECLINE & VARIANCE To external customers
Slide 33: Historical Performance
HISTORICAL PERFORMANCE unaudited Growth1 Average Million CHF 2024 2023 2022 2024 vs. 2023 growth1 in last 3 years Net sales 16,201 16,581 16,116 Net sales to Amrize 70 112 117 Total net sales 16,271 16,693 16,233 1.7% 8.2% Recurring EBITDA2 3,966 3,898 3,713 7.2% 7.9% Recurring EBITDA margin %2 24.4
Slide 34: Glossary
GLOSSARY Definitions Abbreviations • Business segments • Bps: Basis points As Holcim expands its unique product portfolio, it has introduced two new customer-focused product lines: • CapEx: Capital Expenditures Building Materials and Building Solutions. • CDM: Construction demolition materials Build
Slide 35: Disclaimer
DISCLAIMER By accessing this presentation (and the information contained herein), you agree to be bound by and liable for breach of the following terms and conditions: The presentation (and the information contained herein) is provided to you by Holcim Ltd (“Holcim”) and/or any of its subsidiaries o