Heidelberg Materials Ag · XETR:HEI
Heidelberg Materials — Q2 2025 Earnings Presentation
27 slides from Heidelberg Materials's earnings presentation, Jul 31, 2025
Slide 1: 2025 Half year results
2025 Half year results Dr Dominik von Achten – CEO René Aldach – CFO 31.07.2025
Slide 2: Delivering consistent growth
Delivering consistent growth Strong operational performance in the quarter: - Revenue +3% vs. prior year - RCO +8% vs. prior year Transformation Accelerator fully on track, around 140 €m savings already secured Second tranche of 1.2 €bn share buyback program started in Q2 with an amount of up to 450
Slide 3: Operational result
Operational result
Slide 4: Q2 2025 operational result
Operational result Q2 2025 operational result Revenue [€m] Operating EBITDA [€m] Operating EBITDA Margin Operating EBIT (RCO) [€m] +177 €m +87 €m +77 €m (+3%) (+7%) +81 bps (+8%) LfL: +1% LfL: +5% LfL: +6% 5,506 5,683 1,374 23.4% 24.2% 1,048 1,286 971 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025
Slide 5: H1 2025 operational result
Operational result H1 2025 operational result Revenue [€m] Operating EBITDA [€m] Operating EBITDA Margin Operating EBIT (RCO) [€m] +404 €m (+4%) +102 €m +80 €m LfL: +1% (+6%) +27 bps (+7%) LfL: +3% LfL: +5% 9,994 10,398 1,930 18.3% 18.6% 1,282 1,828 1,202 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2
Slide 6: Q2 2025: Operating EBIT (RCO) bridge [€m]
Operational result Q2 2025: Operating EBIT (RCO) bridge [€m] +77 €m (+8%) +62 €m (+6%) 18 1,048 99 -1 1,030 971 -3 968 -36 Q2 2024 RCO Currency Q2 2024 LfL RCO Net volume Price over cost Depreciation Q2 2025 LfL RCO Scope Q2 2025 RCO & Amort. 6 31.07.2025 2025 Half Year Results | Dr Dominik von Acht
Slide 7: H1 2025: Operating EBIT (RCO) bridge [€m]
Operational result H1 2025: Operating EBIT (RCO) bridge [€m] +80 €m (+7%) +62 €m (+5%) 19 1,282 124 6 1,264 1,202 -1 1,201 -67 H1 2024 RCO Currency H1 2024 LfL RCO Net volume Price over cost Depreciation H1 2025 LfL RCO Scope H1 2025 RCO & Amort. 7 31.07.2025 2025 Half Year Results | Dr Dominik von
Slide 8: 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 June 2025 Saving target 500 €m Contribution from almost all countries based on Actual defined and agreed action plan Transparent a
Slide 9: Europe
Operational result Europe Q2 2024 Q2 2025 +48 €m +44 €m (+2%) +165 bps (+9%) LfL: -1% LfL: +9% 2,535 2,583 23.5% 25.1% 466 510 Revenue [€m] EBITDA Margin RCO [€m] Business lines EBITDA margins (LTM rolling) +140 bps +36 bps 27.3% 28.7% 19.6% 20.0% Cement EBITDA Margin Aggregates EBITDA Margin 9 31.0
Slide 10: North America
Operational result North America Q2 2024 Q2 2025 +51 €m +3 €m (+4%) (+1%) LfL: -2% -61 bps LfL: -2% 1,425 1,476 29.1% 28.5% 325 328 Revenue [€m] EBITDA Margin RCO [€m] Business lines EBITDA margins (LTM rolling) +235 bps +36 bps 29.1% 29.5% 30.0% 32.3% Cement EBITDA Margin Aggregates EBITDA Margin 1
Slide 11: Asia – Pacific
Operational result Asia – Pacific Q2 2024 Q2 2025 -36 €m +10 €m (-4%) +185 bps (+13%) LfL: 0% LfL: +17% 851 815 18.3% 16.5% 91 81 Revenue [€m] EBITDA Margin RCO [€m] Business lines EBITDA margins (LTM rolling) +225 bps +47 bps 18.0% 21.6% 22.0% 15.7% Cement EBITDA Margin Aggregates EBITDA Margin 11
Slide 12: Africa – Mediterranean – Western Asia
Operational result Africa – Mediterranean – Western Asia Q2 2024 Q2 2025 +130 €m +44 €m (+24%) (+44%) LfL: +17% LfL: +36% +165 bps 675 24.1% 25.8% 144 545 100 Revenue [€m] EBITDA Margin RCO [€m] Business lines EBITDA margins (LTM rolling) +149 bps 26.3% 27.8% Cement EBITDA Margin 12 31.07.2025 2025
Slide 13: Sustainability highlights
Sustainability highlights At the forefront of decarbonisation: Setting even more ambitious targets across all sustainability KPIs for 2030 World premiere: Opening of CCS facility in Norway marks new era of sustainable construction evoZero carbon captured net-zero cement is ready to be delivered to c
Slide 14: Sustainability targets on track for success: strong progress in all KPIs
Sustainability Sustainability targets on track for success: strong progress in all KPIs Specific net CO2 emissions [kg CO /t cementitious material] 2 Alternative fuel rate 576 -3.6% >50.0% 529 +290 bps 510 33.5% 30.6% <400 25.7% 2020 Jun 2024 Jun 2025 2030 2020 Jun 2024 Jun 2025 2030 Clinker incorpo
Slide 15: Financial highlights
Financial highlights Adjusted EPS increases by 3% to 4.38 € Last 12 months free cash flow at 2.3 €bn1, leading to cash conversion rate of 49% Leverage at the same level of prior year Balanced capital allocation strategy leading to higher shareholder return and growth through M&A Second tranche of 1.
Slide 16: Adjusted EPS continues to increase
Financial result Adjusted EPS continues to increase Income Statement [€m] H1 2024 H1 2025 Delta Key items below RCO Revenue 9,994 10,398 404 Additional ordinary result: RCOBD (Operating EBITDA) 1,828 1,930 102 2025: Restructuring measures driven by Depreciation and amortization -626 -648 -22 “Transf
Slide 17: Free cash flow
Financial result Free cash flow Free cash flow [€m] H1 2024 H1 2025 Delta Free cash flow drivers Operating EBITDA 1,828 1,930 102 Working capital: Change in working capital -1,264 -1,145 119 Below prior year, seasonal build-up as Net interest -98 -103 -4 construction activity increases Taxes paid -3
Slide 18: Net debt development [€m]
Financial result Net debt development [€m] Leverage Leverage June 2024 June 2025 1.57x 1.56x +427 €m 290 7,197 331 6,771 125 589 1,358 -2,266 Shareholder return: Above 1 €bn Net debt June 2024 FCF Net growth CapEx Group Dividends Minority Dividends Share buyback Currency/other Net debt June 2025 18
Slide 19: Outlook
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Slide 20: Guidance confirmed
Guidance Guidance confirmed 2025 Target Key steering KPIs: RCO 3.25 to 3.55 €bn ROIC Around 10% CO2 emission Slight reduction Other: CapEx Net Around 1.2 €bn In line with mid-term target: Leverage Around 1.5x 20 31.07.2025 2025 Half Year Results | Dr Dominik von Achten (CEO), René Aldach (CFO)
Slide 21: Delivering consistent growth
Delivering consistent growth Strong operational performance in the quarter: - Revenue +3% vs. prior year - RCO +8% vs. prior year Transformation Accelerator fully on track, around 140 €m savings already secured Second tranche of 1.2 €bn share buyback program started in Q2 with an amount of up to 450
Slide 22: Appendix
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Slide 23: Scope & currency impacts
Appendix Scope & currency impacts Revenue Operating EBITDA Operating EBIT (RCO) Scope & currency Q2 2025 [€m] Scope Currency Scope Currency Scope Currency Europe 59 12 8 2 2 2 North America 137 -63 25 -12 15 -7 Asia – Pacific 10 -49 2 -8 1 -4 Africa – Med. - Western Asia 9 25 0 7 -1 7 Group Service
Slide 24: Operating result
Appendix Operating result Revenue Operating EBITDA Operating EBIT (RCO) Operating EBITDA Margin Operating result Q2 2025 [€m] Q2 24 Q2 25 Change LfL Q2 24 Q2 25 Change LfL Q2 24 Q2 25 Change LfL Q2 24 Q2 25 Change LfL Europe 2,535 2,583 1.9% -0.9% 595 648 9.0% 7.4% 466 510 9.3% 8.6% 23.5% 25.1% +165
Slide 25: 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] Q2 24 Q2 25 Q2 24 Q2 25 Q2 24 Q2 25 H1 24 H1 25 H1 24 H1 25 H1 24 H1 25 Europe 1,345 1,324 -1.
Slide 26: 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 27: Heidelberg Materials
Heidelberg Materials