Holcim Ltd · SIX:HOLN
Holcim — Investor Day (March 2025)
58 slides from Holcim's investor day presentation, Mar 28, 2025
Slide 1: Investor Day 2025
INVESTOR DAY g? HOLCIM 2025
Slide 2: Content
CONTENT Why invest in Holcim We are Holcim NextGen Growth 2030 Financial targets 2030 Important Note: ‘Holcim’ refers to Holcim Ltd and its subsidiaries in its post spin-off structure, following the completion of the planned full capital market separation of the North American business (i.e. Amrize
Slide 3: Etihad Museum in Dubai, United Arab Emirates
Etihad Museum in Dubai, United Arab Emirates. Built with Holcim Roofing Systems.
Slide 4: A Highly Compelling Investment Post Spin-Off
A HIGHLY COMPELLING INVESTMENT POST SPIN-OFF Leader in the most attractive markets 1 with a sustainable offering powered by premium brands Best positioned to profit from powerful megatrends 2 shaping the future of construction Unlocking significant growth opportunities 3 in Europe, Latin America, Au
Slide 5: 2030 Targets to Capture NextGen Growth
2030 TARGETS TO CAPTURE NEXTGEN GROWTH Financial Sustainability 3% to 5% Net sales growth 1 > 50% ECOPact and ECOPlanet average p.a. net sales of ready-mix and cement 6% to 10% Recurring EBIT growth 1 20+Mt Construction demolition materials average p.a. 3x recycled volume of 2024 50% Cash conversion
Slide 6: Holcim Innovation Center in Lyon, France
Holcim Innovation Center in Lyon, France. Built with Thermedia concrete inside.
Slide 7: United by Purpose, Driven by Vision
UNITED BY PURPOSE, DRIVEN BY VISION PURPOSE Building progress for people and the planet VISION The leading partner for sustainable construction | Page 7
Slide 8: The Leading Partner for Sustainable Construction
THE LEADING PARTNER FOR SUSTAINABLE CONSTRUCTION Building Building Serving customers across the Materials Solutions built environment ▪ Infrastructure ▪ Industry ▪ Buildings Decarbonized Energy-efficient cement building systems High-performance Circular concrete & aggregates surfacing | Page 8
Slide 9: Leading Positions in Highly Attractive Markets
LEADING POSITIONS IN HIGHLY ATTRACTIVE MARKETS Market leadership Geographically diversified markets with top 3 position 90% in cement sales 27% Asia, Middle East & Africa2 Europe Net sales 54% 2024 Advanced markets 19% Latin America net sales in 2024 78% from advanced markets1 1 Advanced markets inc
Slide 10: Proven Track Record of Growth, Performance and Value Creation
PROVEN TRACK RECORD OF GROWTH, PERFORMANCE AND VALUE CREATION Exceptional 16.3 Net sales (CHF BN) 17.4% Recurring EBIT margin 2.2 Free Cash Flow1 financial strength in 2024 in 2024 (CHF BN) in 2024 Established +11.6% 11.1% 91 Recurring EBIT growth2 record of success average p.a. in last 3 years ROIC
Slide 11: Continuous Value-Accretive M&A with Focus on Most Attractive Markets
CONTINUOUS VALUE-ACCRETIVE M&A WITH FOCUS ON THE MOST ATTRACTIVE MARKETS EV/EBITDA 71 Acquisitions 24 Multiple1 ■ EPS accretive from year 1 20 ■ ROIC accretive from year 3 5.3x2 11 7 4 91 2 3 deals closed 2018 2019 2020 2021 2022 2023 2024 deals closed 20 Divestments 2018-2024 ■ Proceeds from select
Slide 12: CityLife in Milan, Italy
CityLife in Milan, Italy. Built with Holcim inside.
Slide 13: Unlocking Significant Growth Opportunities Post Spin-Off
UNLOCKING SIGNIFICANT GROWTH OPPORTUNITIES POST SPIN-OFF • Leverage sustainability leadership to deliver profitable growth in Europe, Australia and North Africa • Expand high-value Building Solutions to capture new profitable market segments • Accelerate growth in Latin America to benefit from stron
Slide 14: Powerful Megatrends Shaping the Future of Construction
POWERFUL MEGATRENDS SHAPING THE FUTURE OF CONSTRUCTION Population growth & Energy-efficient Modular urbanization refurbishment construction Growing construction spend Supportive incentives and Offsite production in cities with rising demand regulation for prolonging life enhancing onsite for housing
Slide 15: Four Strategic Drivers of NextGen Growth 2030
FOUR STRATEGIC DRIVERS OF NEXTGEN GROWTH 2030 Focused investment in SUSTAINABILITY Expanding high-value PERFORMANCE CULTURE ATTRACTIVE MARKETS driving profitable growth BUILDING SOLUTIONS and value creation 1 2 3 4 | Page 15
Slide 16: Focused Investment in Attractive Markets
1 FOCUSED INVESTMENT IN ATTRACTIVE MARKETS Moranta Tower in Saltillo, Mexico. Built with ECOPact inside. | Page 16
Slide 17: Europe: Sustainability Delivering Profitable Growth
EUROPE: SUSTAINABILITY DELIVERING PROFITABLE GROWTH Sizeable & 8.8 15.6% profitable Net sales1 (CHF BN) Recurring EBIT margin in 2024 in 2024 Impressive track +13.9% 62 record of growth Recurring EBIT growth2 M&A deals average p.a. in last 3 years 2018-2024 Leading footprint 19 23,000+ countries peo
Slide 18: Europe: Growing Demand for Sustainable Offering
EUROPE: GROWING DEMAND FOR SUSTAINABLE OFFERING Strong underlying market Building Materials opportunities Best positioned to benefit from enhancing regulations leveraging our leading cement and aggregates footprint Decarbonization driving profitable growth EUR +100 billion capitalizing on innovative
Slide 19: AMEA: Strong Profitable Growth and Cash Generation
ASIA, MIDDLE EAST & AFRICA (AMEA): STRONG PROFITABLE GROWTH AND CASH GENERATION Strong financial 3.9 22.4% profile Net sales1 (CHF BN) Recurring EBIT margin in 2024 in 2024 Continuous +7.6% 18 profitable growth Recurring EBIT growth2 M&A deals average p.a. in last 3 years 2018-2024 Dynamically 16 11
Slide 20: AMEA: Focusing on the Most Attractive Opportunities
AMEA: FOCUSING ON THE MOST ATTRACTIVE OPPORTUNITIES Strong underlying market Building Materials opportunities Strong growth fundamentals making us the leading partner in the markets where we operate +3.3% Expanding margins driven by state-of-the-art assets urban population growth 2023- with best ind
Slide 21: Latin America: Superior Profitable Growth
LATIN AMERICA: SUPERIOR PROFITABLE GROWTH Outstanding 3.1 33.8% margins Net sales1 (CHF BN) Recurring EBIT margin in 2024 in 2024 Continuous +13.3% 11 profitable growth Recurring EBIT growth2 M&A deals average p.a. in last 3 years 2018-2024 Expanding in 10 12,100+ growing markets countries people in
Slide 22: Latin America: Multiple Growth Drivers
LATIN AMERICA: MULTIPLE GROWTH DRIVERS Strong underlying market Building Materials opportunities Structurally attractive markets with strong demand momentum driven by megatrends 26+ million State-of-the-art operations with the broadest footprint housing unit deficit in Latin driving superior profita
Slide 23: Best Positioned to Capture Growth in Latin America
BEST POSITIONED TO CAPTURE GROWTH IN LATIN AMERICA Leading Positions Leading Profitability Unmatched Cash conversion Recurring EBITDA1 Margin Cash conversion1 39% 2024 Average 2020 - 2023 Best geographical coverage and vertical integration in the region >50% Effective 31% cash repatriation Highest n
Slide 24: Sustainability Driving Profitable Growth
2 SUSTAINABILITY DRIVING PROFITABLE GROWTH Wood Wharf in London, United Kingdom. Built with ECOPact inside. dfg | Page 24
Slide 25: Industry-Shaping Sustainability Roadmap
INDUSTRY-SHAPING SUSTAINABILITY ROADMAP Sustainability targets 2030 Sustainability driving revenue and margin expansion > 50% ECOPact and ECOPlanet Scaling sustainable offering to meet customer demand net sales of ready-mix and cement 20+Mt construction demolition materials Accelerate profitable gro
Slide 26: Sustainability Driving Revenue and Margin Expansion
SUSTAINABILITY DRIVING REVENUE AND MARGIN EXPANSION Net sales growth driven by high-value sustainable offering NET SALES NET Price premium high-performance low-carbon ECO range SALES Rising demand building norms and sustainable procurement Profit Margin Profit Cost optimization driven by technology
Slide 27: Proof Point: Europe Has a Strong Track Record
PROOF POINT: EUROPE HAS A STRONG TRACK RECORD Improved sustainability over the period 2020-2024…. … has driven revenue and EBIT margin expansion 15.6% +290bps Sustainable offering 30% 28% 12.7% Margin expansion share of cement and ready-mix concrete net sales 8.8 Circular construction 1 6 Mt of recy
Slide 28: Scaling Sustainable Offering to Meet Customer Demand
SCALING SUSTAINABLE OFFERING TO MEET CUSTOMER DEMAND > 50% > 50% 26% 2030 target 31% 2030 target 2024 2024 Launch % of ready-mix net sales Launch % of cement net sales 2020 2021 | Page 28 Note: Low-carbon ECOPact and ECOPlanet are defined as 30% lower carbon content vs local Ordinary Portland Cement
Slide 29: Accelerate Profitable Growth in Circular Construction
ACCELERATE PROFITABLE GROWTH IN CIRCULAR CONSTRUCTION Holcim is best positioned to scale up this business Established footprint Innovation Vertical integration in metropolitan areas 20+ 150+ 800+ Recycling centers by 2030 6.5 2030 200 2030 2024 2024 (million tons) (CHF million) 1 volume of recycled
Slide 30: Innovation Accelerating Decarbonization
INNOVATION ACCELERATING DECARBONIZATION Scope 1 emissions (Kg CO2 net per ton of cementitious) Three primary levers: -30% Formulation 564 Energy <400 Carbon capture 2020 2030 Scope 1, 2 and 3 emissions 2030 and 2050 targets validated by SBTi | Page 30
Slide 31: Building a Nature-Positive Future
BUILDING A NATURE-POSITIVE FUTURE Freshwater withdrawal Building Solutions to bring (liter/ton cementitious) nature into the cities: Hydromedia concrete -33% Ultra-rapid evacuation of water 234 Bioactive concrete Supports marine animals & plants <160 Green roofs Brings living plants on roofs 2020 20
Slide 32: Expanding High-Value Building Solutions
3 EXPANDING HIGH-VALUE BUILDING SOLUTIONS The Ellinikon in Athens, Greece. Built with ECOPlanet, ECOPact, Dynamax and Zinco inside. | Page 32
Slide 33: The Leading Partner for Sustainable Construction: Building Solutions
THE LEADING PARTNER FOR SUSTAINABLE CONSTRUCTION Building Solutions Building Serving customers across the Materials built environment Energy-efficient building systems ■ Infrastructure ■ Industry ■ Buildings Decarbonized cement ■Roofing ■Walling Circular aggregates High-performance concrete and surf
Slide 34: High-Value Building Solutions for All Applications
HIGH-VALUE BUILDING SOLUTIONS FOR ALL APPLICATIONS Roofing systems Walling solutions Green roofs I Ballasted roof I Engineering mortars I ETICS I Cool roof Modular construction Foundation & Structure Flooring solutions High-performance concrete I Self-levelling screeds I Modular construction I Decor
Slide 35: Capturing New Growth in Building Systems
CAPTURING NEW GROWTH IN BUILDING SYSTEMS Premium brands Energy-efficient building systems capturing growing demand from repair and refurbishment Superior profitability through innovation, system and specification selling Excellent brand recognition with long-lasting customer loyalty Attractive margi
Slide 36: Increasing Profitability in Concrete and Surfacing
INCREASING PROFITABILITY IN CONCRETE AND SURFACING Premium brands Expand high-value solutions from sustainable to high-performance offering Powered by premium brands and digital solutions through Advance circular construction with ECOCycle® technology platform Highly synergistic business with low-ca
Slide 37: Expanding High-Value Building Solutions
EXPANDING HIGH-VALUE BUILDING SOLUTIONS Building Solutions Building Solutions ■ Capture broader customer demand by extending our addressable markets ■ Leverage new sales channels and amplify 37% synergies through vertical integration 2024 ■ Focused organic investments ~50% 2030 ~50% Net sales1 Net s
Slide 38: Performance Culture and Value Creation
4 PERFORMANCE CULTURE AND VALUE CREATION Metro Tunnel in Melbourne, Australia. Built with ECOPact inside. | Page 38
Slide 39: Experienced Leadership Team
EXPERIENCED LEADERSHIP TEAM Miljan Gutovic Simon Kronenberg Oliver Osswald Lukas Studer Virginie Darbo Ram Muthu Chief Executive Officer Central and East Europe Latin America Legal and Compliance Strategy and M&A Operational Excellence Steffen Kindler Dragan Maksimovic Martin Kriegner Carmen Diaz Al
Slide 40: Purpose Driven Culture Delivering Superior Performance
PURPOSE DRIVEN CULTURE DELIVERING SUPERIOR PERFORMANCE zero Health and safety is our top priority 0 compromise Decentralized, lean and agile organization empowered P&L swiftly adapting to market opportunities 450+ leaders in 2024 Established in-house Holcim University internal promotion rate nurturi
Slide 41: Customer-Centric Innovation Driving Profitable Growth
CUSTOMER-CENTRIC INNOVATION DRIVING PROFITABLE GROWTH Customer-centric R&D powerhouse expanding our unique product portfolio 7 R&D hubs Cutting-edge formulations advancing new products launched sustainable construction offering 625 in 2024 Investment in new proprietary technologies focusing on manuf
Slide 42: Deeply Embedded Culture of Value Creation
DEEPLY EMBEDDED CULTURE OF VALUE CREATION PEOPLE CUSTOMERS SHAREHOLDERS Holcim to be a top employer where: ■ The leading partner for sustainable ■ Industry-leading margins and superior construction cash generation ■ Health & Safety is our top priority ■ High-value solutions powered by ■ Growth-focus
Slide 43: L'Echappée in Herblay-sur-Seine, France
L'Echappée in Herblay-sur-Seine, France. Built with ECOPact inside.
Slide 44: Record Profitability in 2024 with Broad Based Growth
RECORD PROFITABILITY IN 2024 WITH BROAD BASED GROWTH Net sales 16.3 (CHF BN) +1.7% Growth1 vs 2023 37% Net sales2 from in 2024 Building Solutions in 2024 Recurring EBIT 2.8 +8.5% 17.4% (CHF BN) Growth1 vs 2023 margin in 2024 +80bps vs 2023 Cash & Returns 2.2 11.1% 25 (CHF BN) ROIC value-accretive M&
Slide 45: Proven Track Record of Growth and Value Creation in the Last 3 Years
PROVEN TRACK RECORD OF GROWTH AND VALUE CREATION IN THE LAST 3 YEARS Revenue Profit Cash Returns 16.3 2.8 2.2 11.1% (CHF BN) (CHF BN) (CHF BN) ROIC Net sales in 2024 Recurring EBIT in 2024 Free Cash Flow2 in 2024 in 2024 +8.2% +11.6% >50% +270bps growth1 growth1 cash conversion2 ROIC expansion avera
Slide 46: 2024 Selected Financial Information
2024 SELECTED FINANCIAL INFORMATION Full-Year 2024 Holcim’s financial discipline in million CHF unaudited Net Sales1 16’271 RECURRING EBITDA2 3’966 Recurring EBITDA margin %2 24.4% Operational excellence and cost discipline RECURRING EBIT 2’837 Recurring EBIT margin % 17.4% Net financial expenses (3
Slide 47: Four Strategic Drivers of NextGen Growth 2030
FOUR STRATEGIC DRIVERS OF NEXTGEN GROWTH 2030 Focused investment in SUSTAINABILITY Expanding high-value PERFORMANCE CULTURE ATTRACTIVE MARKETS driving profitable growth BUILDING SOLUTIONS and value creation 1 2 3 4 | Page 47
Slide 48: Superior Performance with Profitable Growth, Margin Expansion and Strong Cash Generation
SUPERIOR PERFORMANCE WITH PROFITABLE GROWTH, MARGIN EXPANSION AND STRONG CASH GENERATION Financial targets 2030 Enhancing our leading positions with our sustainable offering powered by premium brands 3% to 5% Net sales growth 1 average p.a. Circular construction and decarbonization driving profitabl
Slide 49: Growth-Focused Capital Allocation
GROWTH-FOCUSED CAPITAL ALLOCATION CAPITAL DEPLOYMENT CAPACITY OF CHF 18 22 BILLION FROM 2025 TO 2030 to 4 5 to Growth CAPEX 3 4 to Acquisitions 7 Dividends1 + 4 6 to Strategic M&A + opportunistic (CHF BN) (CHF BN) (CHF BN) share buybacks (CHF BN) Disciplined CAPEX Value-accretive M&A Progressive div
Slide 50: Commitment to Strong Investment Grade Balance Sheet
COMMITMENT TO STRONG INVESTMENT GRADE BALANCE SHEET Debt leverage year-end indication 20251 1.1x estimated net debt of CHF 4.4BN Debt leverage 2025-2030 target < 1.5x BBB+ Strong investment S&P Global Outlook stable grade credit rating Moody’s Baa1 expected Outlook stable 1 Excluding all acquisition
Slide 51: A Highly Compelling Investment Post Spin-Off
A HIGHLY COMPELLING INVESTMENT POST SPIN-OFF Leader in the most attractive markets 1 with a sustainable offering powered by premium brands Best positioned to profit from powerful megatrends 2 shaping the future of construction Unlocking significant growth opportunities 3 in Europe, Latin America, Au
Slide 52: Q&A
Q&A Cepovett head office in Gleizé, France. Built with Ductal inside.
Slide 53: A Highly Compelling Investment
A HIGHLY COMPELLING INVESTMENT Investment Profile NextGen Growth 2030 targets Leader in the most attractive markets Financial Sustainability 1 with a sustainable offering powered by premium brands 3% to 5% >50% Net sales growth1 ECOPact and ECOPlanet Best positioned to profit from powerful average p
Slide 54: Important Notes
IMPORTANT NOTES Important notes: In this document, Holcim refers to Holcim Ltd and its subsidiaries in its post spin-off structure, following the completion of the planned full capital market separation of the North American business (i.e. ,Amrize Ltd (“Amrize”) and its subsidiaries at the time of t
Slide 55: Definition of Alternative Performance Measures (1/2)
DEFINITION OF ALTERNATIVE PERFORMANCE MEASURES USED IN THIS DOCUMENT (1/2) Recurring EBITDA Growth CapEx (expansion CapEx) The Recurring EBITDA (earnings before interest, tax, depreciation and amortization) measures the performance of the Cash spent aiming at expanding capacity and geographic footpr
Slide 56: Definition of Alternative Performance Measures (2/2)
DEFINITION OF ALTERNATIVE PERFORMANCE MEASURES USED IN THIS DOCUMENT (2/2) Invested Capital ECOPact The Invested Capital measures total funds invested by shareholders, lenders and any other financing sources. It is ECOPact is Holcim’s low-carbon concrete product range that delivers equal or better p
Slide 57: 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
Slide 58: Holcim
HOLCIM