Heidelberg Materials Ag · XETR:HEI
Heidelberg Materials — Q3 2025 Earnings Presentation
21 slides from Heidelberg Materials's earnings presentation, Nov 6, 2025
Slide 1: Q3 2025 Trading Update
Q3 2025 Trading Update Dr Dominik von Achten – CEO René Aldach – CFO 06.11.2025
Slide 2: Delivering consistent growth
Delivering consistent growth Good operational performance in the quarter: - Revenue +1% YoY (+4% excluding currency impact) - RCO +5% YoY(+7% excluding currency impact) - Operating EBITDA margin +65 bps YoY Transformation Accelerator fully on track, around 250 €m savings already secured as of Septem
Slide 3: Q3 2025 operational result
Operational result Q3 2025 operational result Revenue [€m] Operating EBITDA [€m] Operating EBITDA Margin Operating EBIT (RCO) [€m] +51 €m +50 €m +54 €m (+1%) (+3%) +65 bps (+5%) LfL: +2% LfL: +4% LfL: +5% 5.756 5.807 1.451 1.502 25.2% 25.9% 1.179 1.124 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025
Slide 4: 9M 2025 operational result
Operational result 9M 2025 operational result Revenue [€m] Operating EBITDA [€m] Operating EBITDA Margin Operating EBIT (RCO) [€m] +455 €m (+3%) +152 €m +134 €m LfL: +1% (+5%) +35 bps (+6%) LfL: +3% LfL: +5% 15.750 16.205 3.280 3.432 20.8% 21.2% 2.461 2.327 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M
Slide 5: Q3 2025: Operating EBIT (RCO) bridge [€m]
Operational result Q3 2025: Operating EBIT (RCO) bridge [€m] +54 €m (+5%) +53 €m (+5%) 29 1,179 78 -1 1,149 1,124 -28 1,096 -24 Q3 2024 RCO Currency Q3 2024 LfL RCO Net volume Price over cost Depreciation Q3 2025 LfL RCO Scope Q3 2025 RCO & Amort. 5 06.11.2025 Q3 2025 Trading Update | Dr Dominik von
Slide 6: 9M 2025: Operating EBIT (RCO) bridge [€m]
Operational result 9M 2025: Operating EBIT (RCO) bridge [€m] +134 €m (+6%) +115 €m (+5%) 48 2,461 202 4 2,413 2,327 -29 2,298 -91 9M 2024 RCO Currency 9M 2024 LfL RCO Net volume Price over cost Depreciation 9M 2025 LfL RCO Scope 9M 2025 RCO & Amort. 6 06.11.2025 Q3 2025 Trading Update | Dr Dominik v
Slide 7: Transformation Accelerator Initiative (TAI) fully on track
Operational result Transformation Accelerator Initiative (TAI) fully on track Programme successfully continues based on Secured sustainable savings as of defined roadmap September 2025 Saving target ~500 €m Contribution from almost all countries based on Actual defined and agreed action plan Transpa
Slide 8: Europe
Operational result Europe Q3 2024 Q3 2025 -30 €m -16 €m -18 €m (-1%) (-3%) (-4%) LfL: 0% LfL: -2% LfL: -4% 2.521 2.491 590 575 453 435 Revenue [€m] Operating EBITDA [€m] RCO [€m] EBITDA margins (LTM rolling) +68 bps +80 bps +56 bps 27.6% 28.3% 19.5% 20.3% 19.5% 20.0% Cement Aggregates Total Region 8
Slide 9: North America
Operational result North America Q3 2024 Q3 2025 +44 €m +18 €m +21 €m (+3%) (+4%) (+5%) LfL: +2% LfL: +5% LfL: +7% 1.572 1.617 501 518 409 430 Revenue [€m] Operating EBITDA [€m] RCO [€m] EBITDA margins (LTM rolling) -4 bps +127 bps +42 bps 29.3% 29.2% 31.2% 32.5% 25.8% 26.2% Cement Aggregates Total
Slide 10: Asia – Pacific
Operational result Asia – Pacific Q3 2024 Q3 2025 -49 €m +1 €m +3 €m (-5%) (0%) (+3%) LfL: 0% LfL: +7% LfL: +9% 924 875 176 177 116 120 Revenue [€m] Operating EBITDA [€m] RCO [€m] EBITDA margins (LTM rolling) +208 bps +228 bps +141 bps 18.2% 23.0% 17.6% 19.0% 16.1% 20.7% Cement Aggregates Total Regi
Slide 11: Africa – Mediterranean – Western Asia
Operational result Africa – Mediterranean – Western Asia Q3 2024 Q3 2025 +42 €m +78 €m +42 €m (+23%) (+13%) (+28%) LfL: +15% LfL: +6% LfL: +19% 684 221 606 179 190 148 Revenue [€m] Operating EBITDA [€m] RCO [€m] EBITDA margins (LTM rolling) +248 bps +109 bps 26.6% 29.1% 25.7% 26.8% Cement Total Regi
Slide 12: Sustainability: Two major steps in decarbonisation
Sustainability Sustainability: Two major steps in decarbonisation evoZero® hits the market Final Investment Decision for Padeswood Delivery of world’s first carbon captured near-zero Set to be the world's first fully decarbonised cement cement evoZero® to customers across Europe has started producti
Slide 13: Further funding secured: EU Innovation Fund grants for 4 additional CCS projects
Sustainability Further funding secured: EU Innovation Fund Brevik CCS grants for 4 additional Brevik, Norway 400kt CCS projects CO2 captured p.a. Padeswood CCS Padeswood, UK 800kt GeZero CO2 captured p.a. Geseke, Germany 700kt CO2 captured p.a. HuCCSar Goradze, Poland Demonstration project (transpor
Slide 14: Financial highlights
Financial highlights Adjusted EPS increases by 4% to 8.7 € 1 Last 12 months free cash flow at 2.3 €bn 2 Leverage at 1.5x, impacted by seasonality Asment de Témara (Morocco) and Buckeridge Group of Companies (Australia) deals are closed Second tranche of 1.2 €bn share buyback program with an amount o
Slide 15: 2025 Outlook
Guidance 2025 Outlook Key steering KPIs 2025 targets 3.30 to 3.50 €bn RCO (previous: 3.25 to 3.55 €bn) ROIC Above 10% CO2 emission Slight reduction Other Net CapEx Around 1.2 €bn In line with mid-term target: Leverage Around 1.5x 15 06.11.2025 Q3 2025 Trading Update | Dr Dominik von Achten (CEO), Re
Slide 16: Appendix
Appendix
Slide 17: Scope & currency impacts
Appendix Scope & currency impacts Revenue Operating EBITDA Operating EBIT (RCO) Scope & currency Q3 2025 [€m] Scope Currency Scope Currency Scope Currency Europe -28 -9 -4 0 -1 0 North America 97 -89 21 -25 14 -19 Asia – Pacific 21 -72 2 -13 1 -8 Africa – Med. - Western Asia 47 -8 16 -1 15 -1 Group
Slide 18: Operating result
Appendix Operating result Revenue Operating EBITDA Operating EBIT (RCO) Operating EBITDA Margin Operating result Q3 2025 [€m] Q3 24 Q3 25 Change LfL Q3 24 Q3 25 Change LfL Q3 24 Q3 25 Change LfL Q3 24 Q3 25 Change LfL Europe 2,521 2,491 -1.2% 0.3% 590 575 -2.7% -2.0% 453 435 -3.9% -3.8% 23.4% 23.1%
Slide 19: Operating result – Business lines
Appendix Operating result – Business lines Quarterly Figures Year to Date Figures Revenue Operating EBITDA Operating EBITDA Margin Revenue Operating EBITDA Operating EBITDA Margin Business line CEMENT [€m] Q3 24 Q3 25 Q3 24 Q3 25 Q3 24 Q3 25 9M 24 9M 25 9M 24 9M 25 9M 24 9M 25 Europe 1,278 1,268 -0.
Slide 20: Disclaimer
Disclaimer Unless otherwise indicated, the financial information provided herein has been prepared under International Financial Reporting Standards (IFRS). All the figures included in this presentation are preliminary, unaudited and subject to revision upon completion of the Company's closing and a
Slide 21: Heidelberg Materials
Heidelberg Materials