Heidelberg Materials Ag · XETR:HEI
Heidelberg Materials — Q2 2026 Earnings Presentation
26 slides from Heidelberg Materials's earnings presentation, Jul 30, 2026
Slide 1: 2026 Half year results
2026 Half year results Dr Dominik von Achten – CEO René Aldach – CFO 30.07.2026 Arena Santa Giulia, Milano
Slide 2: Strong Q2 growth trajectory
Strong Q2 growth trajectory Good operational performance in the quarter: • Revenue +6% vs. prior year • RCO +4% vs. prior year First quarter since Q1 2022 with positive volume impact Additional growth through M&A: • MAAS (Australia): Potential closing in Q3/Q4 2026 • AmeriTex (US): Strategic acquisi
Slide 3: Q2 2026 operational result
Operational result Q2 2026 operational result Revenue [€m] Operating EBITDA [€m] Operating EBITDA Margin Operating EBIT (RCO) [€m] +361 €m +44 €m +38 €m (+6%) (+3%) -72 bps (+4%) LfL: +7% LfL: +4% LfL: +5% 6,044 1,374 1,417 24.2% 23.4% 1,048 1,086 5,683 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 202
Slide 4: H1 2026 operational result
Operational result H1 2026 operational result Revenue [€m] Operating EBITDA [€m] Operating EBITDA Margin Operating EBIT (RCO) [€m] +182 €m (+2%) -29 €m -33 €m LfL: +3% (-1%) -59 bps (-3%) LfL: -1% LfL: -2% 10,398 10,580 1,930 1,901 18.6% 18.0% 1,282 1,249 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2
Slide 5: Q2 2026: Operating EBIT (RCO) bridge
Operational result Q2 2026: Operating EBIT (RCO) bridge [€m] +38 €m (+4%) +50 €m (+5%) 70 -19 14 1,086 -1 1,072 1,048 -26 1,021 Q2 2025 RCO Currency Q2 2025 LfL RCO Net volume Price over cost Depreciation Q2 2026 LfL RCO Scope Q2 2026 RCO & Amort. 5 30.07.2026 2026 Half Year Results | Dr Dominik von
Slide 6: H1 2026: Operating EBIT (RCO) bridge
Operational result H1 2026: Operating EBIT (RCO) bridge [€m] -33 €m (-3%) 1,282 -31 -19 €m (-2%) 1,252 -16 17 1,249 2 -5 1,232 H1 2025 RCO Currency H1 2025 LfL RCO Net volume Price over cost Depreciation H1 2026 LfL RCO Scope H1 2026 RCO & Amort. 6 30.07.2026 2026 Half Year Results | Dr Dominik von
Slide 7: Pricing discipline and TAI savings mitigate inflationary pressure
Operational result Pricing discipline and TAI savings mitigate inflationary pressure Pricing discipline remains strong amid Transformation Accelerator Initiative (TAI) ongoing cost inflation savings reach ~440 €m as of June 2026 >500 €m Proactive price management remains focused on Saving target pre
Slide 8: Europe
Operational result Europe • Price increases and energy driven surcharges in Q2 2025 Q2 2026 place. Price-over-cost continues to be positive in the region. +92 €m +11 €m +9 €m (+4%) (+2%) (+2%) LfL: +3% LfL: +1% LfL: +1% • Recovery signs in Germany, BeNe, and France 2,583 2,674 648 660 have stalled a
Slide 9: North America
Operational result North America • Resilient result development despite Q2 2025 Q2 2026 challenging weather conditions in core markets. +67 €m +17 €m (+5%) (+4%) +16 €m LfL: +7% LfL: +9% (+5%) LfL: +11% • Strong volume developments in aggregates 1,476 1,543 420 437 and cement as large manufacturing
Slide 10: Asia – Pacific
Operational result Asia – Pacific Australia: Q2 2025 Q2 2026 • Market remains resilient to the Middle East conflict. Good volumes, pricing, and diligently +96 €m +3 €m +3 €m managed cost structure led to very good result (+12%) (+2%) LfL: +11% (+4%) development. LfL: 0% LfL: 0% 911 149 153 815 91 94
Slide 11: Africa – Mediterranean – Western Asia
Operational result Africa – Mediterranean – Western Asia Q2 2025 Q2 2026 • Cement EBITDA margin above 30%. +38 €m +10 €m +7 €m (+6%) (+6%) (+5%) LfL: +6% LfL: +5% LfL: +7% • Good pricing in core markets, coupled with 675 713 174 184 very strict cost management drives EBITDA 144 151 growth. • Continu
Slide 12: Portfolio streamlining continues
Strategy Portfolio streamlining continues Acquisitions Leading supplier of aggregates, ready-mixed concrete, and asphalt Australia based in Eastern Australia Fast growing manufacturer of reinforced concrete pipe, box culverts US and precast concrete in Texas Fully integrated cement and building mate
Slide 13: Sustainability highlights
Sustainability highlights EU ETS proposal: We welcome a robust and predictable ETS framework − Proposal broadly supports majority of decarb projects − Low-carbon energy, funding for breakthrough innovation projects, derisking of CO₂ transport & storage infrastructure, and green lead markets remain k
Slide 14: Sustainability KPIs
Sustainability Sustainability KPIs Specific net CO2 emissions [kg CO /t cementitious material] 2 Alternative fuel rate 576 0.0% >50.0% +130 bps 510 510 33.5% 34.8% <400 25.7% 2020 Jun 2025 Jun 2026 2030 2020 Jun 2025 Jun 2026 2030 Clinker incorporation factor Sustainable revenue 74.3% -70 bps >50.0%
Slide 15: Financial highlights
Financial highlights Adjusted EPS increases by 2% to 4.47 € Last 12 months free cash flow at 1.9 €bn 1 Leverage at the same level of prior year Balanced capital allocation leading to higher shareholder return and growth through M&A Shareholder return increases by +13% 2 Third tranche of 1.2 €bn shar
Slide 16: Adjusted EPS continues to increase
Financial result Adjusted EPS continues to increase Income Statement [€m] H1 2025 H1 2026 Delta Key items below RCO Revenue 10,398 10,580 182 Additional ordinary result: RCOBD (Operating EBITDA) 1,930 1,901 -29 Impairment and restructuring of plants in Depreciation and amortization -648 -652 -5 Euro
Slide 17: Free cash flow
Financial result Free cash flow Free cash flow [€m] H1 2025 H1 2026 Delta Free cash flow drivers Operating EBITDA 1,930 1,901 -29 Working capital: Change in working capital -1,145 -1,244 -99 Seasonal build-up as construction activity Net interest -103 -116 -14 increases Taxes paid -350 -343 7 Share
Slide 18: Net debt development [€m]
Financial result Net debt development [€m] Leverage Leverage June 2025 June 2026 1.56x 1.66x +528 €m 507 7,726 7,197 431 115 635 756 -1,915 Shareholder return: 1.18 €bn (13% increase) Net debt June 2025 FCF Net growth CapEx Group Dividends Minority Dividends Share buyback Currency/other Net debt Jun
Slide 19: Guidance
Business Outlook & Guidance Guidance 2026 Target RCO 3.40 to 3.65 €bn 1 ROIC Slightly above 10% CO2 emission At previous year level 2 CapEx Net 1.2 to 1.3 €bn In line with mid-term target: Leverage Around 1.5x Further increase in shareholder return though progressive dividend and share buyback 1 Old
Slide 20: Appendix
Appendix
Slide 21: Scope & currency impacts
Appendix Scope & currency impacts Revenue Operating EBITDA Operating EBIT (RCO) Scope & currency Q2 2026 [€m] Scope Currency Scope Currency Scope Currency Europe 15 -1 5 0 4 0 North America 23 -52 4 -22 2 -19 Asia – Pacific 14 -4 4 -1 3 0 Africa – Med. - Western Asia 13 -15 9 -7 4 -7 Group Service &
Slide 22: Operating result
Appendix Operating result Revenue Operating EBITDA Operating EBIT (RCO) Operating EBITDA Margin Operating result Q2 2026 [€m] Q2 25 Q2 26 Change LfL Q2 25 Q2 26 Change LfL Q2 25 Q2 26 Change LfL Q2 25 Q2 26 Change LfL Europe 2,583 2,674 3.5% 3.0% 648 660 1.7% 1.0% 510 519 1.7% 0.9% 25.1% 24.7% -44 b
Slide 23: Operating result – Business lines
Appendix Operating result – Business lines Quarterly Figures Year to Date Figures Business line Revenue Operating EBITDA Operating EBITDA Margin Revenue Operating EBITDA Operating EBITDA Margin CEMENT [€m] Q2 25 Q2 26 Q2 25 Q2 26 Q2 25 Q2 26 H1 25 H1 26 H1 25 H1 26 H1 25 H1 26 Europe 1,324 1,367 3.2
Slide 24: Revision of EU ETS: Heidelberg Materials welcomes proposal
Appendix Revision of EU ETS: Heidelberg Materials welcomes proposal largely supporting its decarbonization strategy with no major changes until 2030 Some major adjustments as proposed HM’s general view: ▪ LRF1: annual reduction rate of the ETS cap adjusted to EU ETS maintained as cornerstone of clim
Slide 25: 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 26: Heidelberg Materials
Heidelberg Materials