Slide 1: Full-Year 2025 Results
FULL-YEAR 2025 RESULTS 27 FEBRUARY 2026 MILJAN GUTOVIC | CEO STEFFEN KINDLER | CFO
Slide 2: Business Review
BUSINESS REVIEW 2 27 February 2026 FULL-YEAR 2025
Slide 3: All 2025 targets achieved, with acceleration in Q4
ALL 2025 TARGETS ACHIEVED, WITH ACCELERATION IN Q4 CHF 15.7 bn +3.0% in LC Powered by leading positions in highly attractive markets and successful execution of 18 acquisitions – with Q4 up 3.4% in LC NET SALES +3-5% guidance achieved CHF 2.9 bn +10.3% in LC Accelerated recurring EBIT growth in LC e
Slide 4: FY Regional Highlights – Europe
FY REGIONAL HIGHLIGHTS – EUROPE Key financials Recurring EBIT growth of 7.4% in Recurring EBIT margin reaching LC (with Q4 acceleration of 12.8%), 17.0%, up 140 bps reflecting impeccable execution Highlights Margin expansion driven by 14 value-accretive acquisitions and demand for sustainable offeri
Slide 5: Consistent multi-year margin expansion in Europe
CONSISTENT MULTI-YEAR MARGIN EXPANSION IN EUROPE Sustainability driving profitable growth in Europe Sustainable offering 34% 29% +430 bps 17.0% % of ready-mix and cement net sales 12.7% Margin expansion Circular construction 1.0mt 7.2mt 8.5 mt of recycled construction demolition materials and CHF mi
Slide 6: FY Regional Highlights – Latin America
FY REGIONAL HIGHLIGHTS – LATIN AMERICA Key financials Strong net sales growth Recurring EBIT margin of 30.6%, of 10.5% in LC including integration costs of newly acquired businesses Highlights Disensa continued to grow Four value-accretive acquisitions rapidly with 460 new stores, and further streng
Slide 7: FY Regional Highlights – Asia, Middle East & Africa
FY REGIONAL HIGHLIGHTS – ASIA, MIDDLE EAST & AFRICA Key financials Strong recurring EBIT growth of Recurring EBIT margin reaching 14.1% in LC 24.6%, up 220 bps Highlights North African growth fueled by Continued successful portfolio public spending and residential optimization with focus on the most
Slide 8: Net sales growth of 3.0% in LC
NET SALES GROWTH OF 3.0% IN LC FY Million CHF and % change Net sales bridge +3.0% in LC 16 201 -0.9% -5.0% 15 724 458 25 -151 -810 2024 Organic growth M&A Large M&A FX 2025 8 27 February 2026 FULL-YEAR 2025 Growth in local currency excluding large M&A
Slide 9: Double-digit recurring EBIT growth in LC
DOUBLE-DIGIT RECURRING EBIT GROWTH IN LC FY Recurring EBIT Million CHF and % change bridge 2 837 +10.3% in LC -1.7% -7.1% 2 876 335 -46 -47 -203 2024 Organic growth M&A Large M&A FX 2025 9 27 February 2026 FULL-YEAR 2025 Growth in local currency excluding large M&A
Slide 10: Further expansion of industry-leading margin
FURTHER EXPANSION OF INDUSTRY-LEADING MARGIN FY Recurring EBIT and margin 17.5% 18.3% 16.7% 2 837 2 876 2 777 15.9% 2 558 2022* 2023* 2024 2025 Recurring EBIT (CHF m) % Recurring EBIT margin 10 27 February 2026 FULL-YEAR 2025 Note: All information refer to Holcim post spin-off * 2022 and 2023 exclud
Slide 11: Diverse portfolio driving profitable growth
DIVERSE PORTFOLIO DRIVING PROFITABLE GROWTH Asia, Middle East & Europe Latin America Africa 17.0% +140 bps 30.6% -320 bps 24.6% +220 bps -1.1% +7.4% +10.5% -0.2% +2.2% +14.1% 8 548 3 623 3 092 1 467 953 935 RECURRING EBIT MARGIN NET SALES RECURRING EBIT % LOCAL CURRENCY GROWTH / DECLINE & VARIANCE T
Slide 12: EPS growth of 5.0% in CHF
EPS GROWTH OF 5.0% IN CHF Million CHF FY 2025 FY 2024 ± Before impairment and divestments Recurring EBIT 2 876 2 837 39 +1.4% Restructuring, litigation and others -98 -86 -12 Other non-operating items -44 -5 -39 Share of profit of associates 23 24 -1 Net financial expenses -281 -379 98 Net income be
Slide 13: Superior free cash flow generation
SUPERIOR FREE CASH FLOW GENERATION FY 2025 FY 2024 ± Million CHF Recurring EBITDA before leases 3 992 3 966 26 Change in net working capital & others -21 135 -156 Income taxes paid -563 -555 -8 Net financial expenses paid & FX -242 -425 183 Share of profit of JVs, net of dividends received -39 -6 -3
Slide 14: Strong balance sheet ready for growth
STRONG BALANCE SHEET READY FOR GROWTH [Million CHF and % change] 1.2x Debt leverage 0.9x 8 448 3 785 -4 993 -2 154 14 107 1 714 649 Net financial Net impact Free cash Acquisitions Non- Group Others Net financial debt spin-off of flow & Disposals controlling shareholders debt Dec 2024 NA business int
Slide 15: Continued improvement in return on invested capital
CONTINUED IMPROVEMENT IN RETURN ON INVESTED CAPITAL FY Return on invested capital in % 11.2 11.1 10.9 2023 2024 2025 15 27 February 2026 FULL-YEAR 2025 Note: All information refer to Holcim post spin-off
Slide 16: Creating value for our shareholders
CREATING VALUE FOR OUR SHAREHOLDERS CHF 1.70 dividend per share1 to be proposed at Holcim’s AGM on 13 May 2026 CHF 7.1 bn in foreign capital contribution reserves2 available for dividend distribution not subject to Swiss withholding tax 53% payout ratio 2.4% dividend yield3 16 27 February 2026 FULL-
Slide 17: Growth-focused capital allocation
GROWTH-FOCUSED CAPITAL ALLOCATION Capital deployment capacity of CHF 18 to 22 billion from 2025 to 2030 4 to 5 Growth CAPEX 3 to 4 Acquisitions 7 Dividends1 + 4 to 6 Strategic M&A + (CHF bn) (CHF bn) (CHF bn) share buybacks (CHF bn) Disciplined CAPEX Value-accretive M&A Progressive dividend2 policy
Slide 18: Strategy Update
STRATEGY UPDATE New picture 18 27 February 2026 FULL-YEAR 2025
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 RECURRING EBIT driving profitable growth MARGIN INDUSTRY • Expansion of high-value Building Solution
Slide 20: Scaling sustainable offering to meet customer demand
SCALING SUSTAINABLE OFFERING TO MEET CUSTOMER DEMAND CityWave, Italy Mohammed VI Tower, Morocco Built with ECOPact inside, made from Built with ECOPlanet and Airium inside calcined-clay ECOPlanet 31% 36% 2025 2025 % of ready-mix net sales % of cement net sales 26% 34% 2024 2024 20 27 February 2026 F
Slide 21: Scaling sustainable offering to meet customer demand
SCALING SUSTAINABLE OFFERING TO MEET CUSTOMER DEMAND Recygénie, France 100% recyclable at the end of its lifecycle, helping make our cities more circular Built with ECOCycle inside 8.0 +23.5% 2025 (million tons) Volume of recycled construction demolition materials (CDM) 6.5 2024 21 27 February 2026
Slide 22: Circular construction as a driver of profitable growth
CIRCULAR CONSTRUCTION AS A DRIVER OF PROFITABLE GROWTH 12 new circular construction hubs in 2025 Number of circular construction hubs 150 +5 United Kingdom in major metropolitan areas worldwide • 2 new circular construction hubs through M&A 109 2030 +3 Germany 97 2025 • 3 circular construction hubs
Slide 23: Growth investments delivering high returns
GROWTH INVESTMENTS DELIVERING HIGH RETURNS Average payback of around 6 years and ROIC of over 39%1 Commissioned in 2025 To be commissioned Croatia Ecuador Belgium Alternative fuels expansion New calcined clay line State-of-the-art cement plant Australia Mexico United Kingdom New factory for Humes bu
Slide 24: Value-accretive transactions closed
21 VALUE-ACCRETIVE TRANSACTIONS CLOSED Strengthening leadership in Expanding in high-value Building Materials Building Solutions Investing in highly attractive markets in Acquisitions Acquisitions 2025 to accelerate NextGen Growth 2030 6 in cement and aggregates across 5 in building systems across F
Slide 25: Expanding high-value Building Solutions with strategic acquisition of Xella
EXPANDING HIGH-VALUE BUILDING SOLUTIONS WITH STRATEGIC ACQUISITION OF XELLA Xella’s key facts & figures in 2026 1.0 bn >4 000 projected net sales (EUR) employees, including 200 specification salespeople 50+ 6.9x production facilities in 21 implied 2026 EBITDA countries across Europe multiple1 Comple
Slide 26: Majority stake in Cementos Pacasmayo to strengthen Latin American presence
MAJORITY STAKE IN CEMENTOS PACASMAYO TO STRENGTHEN LATIN AMERICAN PRESENCE Pacasmayo key facts & figures in 2025 0.6 bn >2 000 reported net sales (USD) employees 3 7.1x cement plants and 28 ready-mix implied 2025 EBITDA and precast concrete plants multiple1 Strengthening Building Materials Expanding
Slide 27: Empowered leadership with strong performance culture
EMPOWERED LEADERSHIP WITH STRONG PERFORMANCE CULTURE Our strong 2025 results demonstrate how the 428 Holcim Spirit of Purpose, People and Performance named a Global Top empowered P&L leaders with drives our 45 000 employees to deliver value Employer 2025 by Top deeply embedded performance Employers
Slide 28: Outlook
OUTLOOK 28 27 February 2026 FULL-YEAR 2025
Slide 29: Guidance 2026: Delivering on NextGen Growth 2030
GUIDANCE 2026: DELIVERING ON NEXTGEN GROWTH 2030 ● 2026 growth in line with NextGen Growth 2030 targets: ○ 3% to 5% organic net sales growth ○ 8% to 10% organic recurring EBIT growth ● Further increase of recurring EBIT margin ● Free cash flow of around CHF 2 billion ● >20% growth in recycled constr
Slide 30: Holcim
HOLCIM