Heidelberg Materials Ag · XETR:HEI
Heidelberg Materials — Q1 2026 Earnings Presentation
72 slides from Heidelberg Materials's earnings presentation, 2026
Slide 1: Capital Market Slides – Q1 2026
Capital Market Slides – Q1 2026 Capital Market Slides | Heidelberg Materials Q1 2026
Slide 2: Content
Content 1. About Heidelberg Materials 2. Making a Material Difference: Strategy 2030 3. Business update 4. Heidelberg Materials as an attractive investment 2 Q1 2026 Capital Market Slides | Heidelberg Materials
Slide 3: About Heidelberg Materials
1 About Heidelberg Materials 3 Q1 2026 Capital Market Slides | Heidelberg Materials
Slide 4: Heidelberg Materials is one of the world's largest building materials companies
About Heidelberg Materials Heidelberg Materials is one of the world’s largest building materials companies ~49,000 2,600 Leading positions in cement, aggregates, and ready-mixed concrete employees on 5 continents locations worldwide 4 Q1 2026 Capital Market Slides | Heidelberg Materials
Slide 5: Concrete is essential for building a sustainable society
About Heidelberg Materials Concrete is essential for building a sustainable society Second most used material after water Locally produced and sold 100% recyclable Durable Sound absorbent Designable Flexible 5 Q1 2026 Capital Market Slides | Heidelberg Materials
Slide 6: From the ground to the skyline
v From the ground to the skyline Tour Triangle – Place de la Porte de Versailles, Paris 70,000 m³ of Ready-mix concrete and 10,000 m³ of our low carbon product, evoBuild® 6 Q1 2026 Capital Market Slides | Heidelberg Materials
Slide 7: Building lasting connections
Building lasting connections Frederick Douglass Memorial Bridge – Washington DC, USA This 440-meter-long structure is the largest infrastructure project in the history of Washington, D.C. 7 Q1 2026 Capital Market Slides | Heidelberg Materials
Slide 8: Powering the future from the ground up
v Powering the future from the ground up Hinkley Point C – Somerset, South West England 2.3mt of cement and aggregates laid the foundation for Hinkley nuclear power station 8 Q1 2026 Capital Market Slides | Heidelberg Materials
Slide 9: We see challenges as opportunities to discover new solutions
We see challenges as opportunities to discover new solutions 3D-printed House – Heidelberg Less material, lower CO₂ footprint — thanks to Heidelberg Materials. 9 Q1 2026 Capital Market Slides | Heidelberg Materials
Slide 10: Sales share of sustainable products
Sales share of sustainable products evoBuild U5 Hamburg: Germany's most sustainable subway Use of 200,000 tonnes of CO2-reduced evoBuild cements 70% CO2 reduction in the entire project – CO2 emissions established as an evaluation criterion in tenders Flagship project for sustainable procurement by t
Slide 11: A global and balanced geographic footprint in heavy building materials
About Heidelberg Materials A global and balanced geographic footprint in heavy building materials Revenue by Group areas Revenue by business lines (FY 2025) (FY 2025) Africa-Mediterranean-Western Asia Ready Mix & Asphalt 13% 25% Asia - Pacific 16% 46% Europe 51% Cement Aggregates 24% 25% North Ameri
Slide 12: Solid asset base which provides strong growth potential
About Heidelberg Materials Solid asset base which provides strong growth potential North Africa–Med.- America Europe Asia–Pacific Western Asia Total Cement 16.1 mt 60.6 mt 49.2 mt 36.5 mt 162.4 mt capacity Aggregates reserves & 12.3 bn tonnes 4.2 bn tonnes 3.2 bn tonnes 0.1 bn tonnes 19.8 bn tonnes
Slide 13: Making a Material Difference
2 Unique Positioning Strategy 2030 Material Radical Collective Value Making a Impact Focus Strength Creation Material Difference Global Advantage 13 Q1 2026 Capital Market Slides | Heidelberg Materials
Slide 14: Material Impact
Material Impact Proven track record of profitable growth 14 Q1 2026 Capital Market Slides | Heidelberg Materials © Henrik Hagerup
Slide 15: Reliable and profitable performance across all financial KPIs
Making a material difference: Strategy 2030 Reliable and profitable performance across all financial KPIs RCO (€m) Net CapEx (€m) +43% Continuous result 1,205 3,204 3,381 1,080 1,042 1,063 1,145 improvement 3,022 2,614 2,476 855 2,363 Disciplined and sustainable CapEx 2020 2021 2022 2023 2024 2025 2
Slide 16: We have delivered on our targets
Making a material difference: Strategy 2030 We have delivered on our targets Old mid-term targets 2025 for 2025 EBITDA margin 20% to 22% 21.8% ROIC above 10% 10.4% Leverage 1.5x to 2.0x 1.22x Cash conversion above 45% 45.1% Net CapEx €1.1bn p.a. €1.1bn p.a. 16 Q1 2026 Capital Market Slides | Heidelb
Slide 17: Continuously creating sustainable shareholder return
Shareholder return Continuously creating sustainable shareholder return Share price performance Dividend per share (including dividend yields2) (Base: 31 December 2020 = 100) +264% Maintaining a progressive dividend policy 400 Heidelberg 3.6 €3 Materials 3.3 € 300 3.0 € +138% 2.6 € 2.4 € MSCI WCM1 2
Slide 18: Unique Positioning
Unique Positioning 18 Q1 2026 Capital Market Slides | Heidelberg Materials © Mohamed Rafi
Slide 19: Strong megatrends
Strong megatrends Energy transition Propelling Advanced infrastructure growth Housing and urbanisation Defence revamping Digitalisation 19 Q1 2026 Capital Market Slides | Heidelberg Materials © Maxwell Osabo
Slide 20: Radical Focus
Radical Focus “The heavy ones” Cement, aggregates, ready-mixed concrete, and asphalt 20 Q1 2026 Capital Market Slides | Heidelberg Materials © Anvar Sadath
Slide 21: Growing the company through organic and inorganic means
Strategy Growing the company through organic and inorganic means Significant growth over the last 3 years, Major acquisitions over the past 3 years despite significant volume and FX pressure RCO (€bn) 2.1 3.4 Cement 2.5 -1.0 Aggregates Ready Mix -0.2 Recycling Cementitious 2022 RCO Volume Currency P
Slide 22: Europe
Europe Demand rebound Further redesign of clinker asset base Upward swing in profitability 22 Q1 2026 Capital Market Slides | Heidelberg Materials
Slide 23: Reducing clinker asset base and expanding materials capacities
Making a material difference: Strategy 2030 Reducing clinker asset base and expanding materials capacities Wave 1 Wave 2 Transformation Accelerator – European Masterplan – improve asset structure preparing the next phase 5 plant closures • Extensive analysis work completed France Germany Spain Beffe
Slide 24: North America
North America Pent-up demand Over-proportional growth through digital and AI-based solutions Prepared for short-term volatility 24 Q1 2026 Capital Market Slides | Heidelberg Materials © Wentao Guo
Slide 25: Economic outlook supportive of robust long-term growth
Making a material difference: Strategy 2030 Economic outlook supportive of robust long-term growth Reshoring of US-based manufacturing & AI infrastructure drive positive demand outlook Infrastructure Robust federal and Positive short-term state investments outlook Residential Housing fundamentals Sh
Slide 26: Strong growth with value accretive investment strategy
Making a material difference: Strategy 2030 Strong growth with value accretive investment strategy Continuation of value-creating pure-play Incremental capacity (examples) growth strategy in North America A Northeast Philadelphia (AGG) Pennsylvania +0.5mt B Southeast Atlanta (AGG) Georgia +0.5mt C M
Slide 27: Emerging markets
Emerging markets Structural growth dynamics Superior asset light model Over-proportional return on invested capital 27 Q1 2026 Capital Market Slides | Heidelberg Materials © Ruel Pahang
Slide 28: Emerging Markets offer structural growth potential
Making a material difference: Strategy 2030 Emerging Markets offer structural growth potential Presence in over 15 Emerging Markets across Asia and Africa Urban population growth (’24-’35) +2.2% B Cement demand growth (’24-’30) +5.0% M&A (examples) A A APAC Region Grobogan C Indonesia (CEM) B AMWA R
Slide 29: Sustainability
Global Advantage Sustainability 29 Q1 2026 Capital Market Slides | Heidelberg Materials
Slide 30: Delivering material impact – with the industry's most ambitious targets
Making a material difference: Strategy 2030 Delivering material impact – with the industry’s most ambitious targets By 2030 Specific net CO2/t of cementitious Share of revenue from material (scope 1) sustainable products <400kg >50% Alternative fuel rate >50% prev. 45% Clinker incorporation rate 64%
Slide 31: The most comprehensive low-carbon product portfolio
Making a material difference: Strategy 2030 The most comprehensive low-carbon product portfolio Classification within the concept of lead markets for low-carbon cements 500 D Based on an initial concept by (in kg CO2-eq./t cement; colour shading) 400 International Energy Agency (IEA) C Emission thre
Slide 32: 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 productio
Slide 33: Decarbonisation – evoZero: a global approach with a strong focus on Europe
Making a material difference: Strategy 2030 Decarbonisation – evoZero: a global approach with a strong focus on Europe 2026 orders Targeted sales approach from 11 countries Availability Customers being served across EU across Europe since 2025 Traditional & new customers, Customer private & public a
Slide 34: CCS Brevik: a clear business case with high returns
Making a material difference: Strategy 2030 CCS Brevik: a clear business case with high returns Brevik EBITDA margin development CEM revenue + CO2 pass through evoZero comes with + evoZero commercialisation a new price point CEM revenue + 20-30pp CO2 pass through higher margin Competitive advantage
Slide 35: evoZero: a game changer for us and the industry
Making a material difference: Strategy 2030 evoZero: a game changer for us and the industry Expected evoZero cement production volume (in kt) of fully approved projects 1,350 950 800 Near zero CO2 footprint 400 500 450 Proven performance and quality 350 550 550 100 No limitations in application 2025
Slide 36: We have the most advanced CCUS project portfolio
Making a material difference: Strategy 2030 We have the most advanced CCUS project portfolio – driving global advantage Advanced Operational FID1 taken Close to FID1 stage development Brevik, Norway Padeswood, UK Edmonton, Canada Devnya, Bulgaria 400kt CO2 p.a. 800kt CO2 p.a. 1,100kt CO2 p.a. 800kt
Slide 37: Further funding secured: EU Innovation Fund grants for 4 additional CCS projects
Making a material difference: Strategy 2030 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 Gorazdze, Poland D
Slide 38: High recognition for transparency and performance on climate change
Making a material difference: Strategy 2030 High recognition for transparency and performance on climate change 23.7 B- 76/100 AA Top grade A in (0 to 40+) CDP Climate Score Stable A- water score 90.11 (0 to 100) 73 2030 and 2050 targets validated by Science Based Targets initiative (SBTi) 38 Q1 202
Slide 39: Digital/AI
Global Advantage Digital/AI 39 Q1 2026 Capital Market Slides | Heidelberg Materials
Slide 40: Digital and AI-based solutions to drive efficient and reliable operations
Making a material difference: Strategy 2030 Digital and AI-based solutions to drive efficient and reliable operations Lake Bridgeport, TX Dallas, TX Atlanta, GA Equipment automation Data-driven operating model Digital platform Autonomous HROC Command Trucks Cloud Deeply imbedded digital solutions dr
Slide 41: Unlocking commercial value as a frontrunner in Digital & AI
Digital Unlocking commercial value as a frontrunner in Digital & AI We are moving the industry We empower our customers with to the cloud with our partners value-add solutions Command Alkon: Reinventing Giatec: Leading digital Recipe optimisation Bundling concrete business processes at scale concret
Slide 42: Technical Excellence
Global Advantage Technical Excellence 42 Q1 2026 Capital Market Slides | Heidelberg Materials
Slide 43: Leveraging global set-up to accelerate efficiencies through various initiatives
Technology & Innovation Leveraging global set-up to accelerate efficiencies through various initiatives Linking global advantages with technology to accelerate and multiply efficiency gains Worldwide 30 sites in 3 years (100 trucks) CCS 2-million-tonnes-hauled mark reached at the TAI Autonomous Lake
Slide 44: Transformation Accelerator – achieving efficient and sustainable cost structure
Making a material difference: Strategy 2030 Transformation Accelerator – achieving efficient and sustainable cost structure Operating models Blueprints and technological advancement Global efficiency programme Multiplier Leveraging automation and digitalisation as well as cost-effective OpEx savings
Slide 45: Value Creation
Value Creation 45 Q1 2026 Capital Market Slides | Heidelberg Materials © Mohd Nazri Sulaiman
Slide 46: RCO: accelerating both organic and inorganic growth
Making a material difference: Strategy 2030 RCO: accelerating both organic and inorganic growth RCO bridge (€m) Continuous focus 7% to 10% +47% Average growth p.a. on price over cost Clinker capacity optimisation 3,204 Operational excellence and digitalisation 2024 RCO Operational Asset footprint M&
Slide 47: Significant cash potential to maximise shareholder returns
Making a material difference: Strategy 2030 Significant cash potential to maximise shareholder returns € More than 15–17bn €10bn 5–6bn >10bn 5–6bn excess cash >6bn for increase of organic investments, further M&A and Deployed capital Bolt-on M&A Dividend + announced Available cash for Further debt h
Slide 48: Business update
3 Business update 48 Q1 2026 Capital Market Slides | Heidelberg Materials
Slide 49: Strong performance FY 2025
Full year overview Strong performance FY 2025 +1% LfL +54 bps +6% LfL +4% Revenue EBITDA margin RCO Adjusted EPS1 21.5 €bn 21.8 % 3.4 €bn €12.4 PY: 2.2 €bn Up from 9.9% +10% -3% Free cashflow ROIC Shareholder return Carbon emissions 2.1 €bn 10.4% 1.1 €bn 512 kg CO2/t CEM 1 EPS adjusted for “addition
Slide 50: Accelerating growth momentum within disciplined financial framework
Strategy Accelerating growth momentum within disciplined financial framework 1 Leading supplier of construction materials in Australia Transaction value: 1.7 A$bn. EBITDA multiple 8.4x post synergies2 40 AGG quarries (reserves >350 million tonnes) Strong growth track record with numerous acquisition
Slide 51: Decarbonisation: Best-in-class in all key KPIs
Sustainability Decarbonisation: Best-in-class in all key KPIs Specific net CO2 emissions Alternative fuel rate [kg CO2/t cementitious material] >50.0% -2.9% +300 bps 576 527 512 34.2% 31.2% <400 25.7% 2020 2024 2025 2030 2020 2024 2025 2030 Clinker incorporation rate Sustainable revenue 74.3% >50.0%
Slide 52: Sustainability highlights FY 2025
Sustainability highlights FY 2025 Leading decarbonisation in all conventional levers: • CO2 emissions: 512 kg CO2/t CEM (-3%) • Clinker rate: 68.2% (-100 bps) • Alternative fuels: 34.2% (+300 bps) Making the material difference on the product side: evoZero® & evoBuild® Meeting our customers' demand
Slide 53: Q1 2026 impacted by harsh weather in US and Europe
Q1 2026 impacted by harsh weather in US and Europe - Revenue at 4.5 €bn - RCO at 0.2 €bn - Positive price over cost mitigated by weather driven volume impact Transformation Accelerator Initiative (TAI): ~405 €m savings secured as of end of March 2026 Third tranche of 1.2 €bn share buyback program: t
Slide 54: Q1 2026 operational result
Operational result Q1 2026 operational result Revenue [€m] Operating EBITDA [€m] Operating EBITDA Margin Operating EBIT (RCO) [€m] -180 €m -72 €m -71 €m (-4%) (-13%) -113 bps (-30%) LfL: -2% LfL: -12% LfL: -30% 4.715 4.536 557 11.8% 235 484 10.7% 163 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q
Slide 55: Q1 2026: Operating EBIT (RCO) bridge
Operational result Q1 2026: Operating EBIT (RCO) bridge [€m] -71 €m (-30%) -70 €m 235 -4 (-30%) 230 -87 21 -4 160 3 163 Q1 2025 RCO Currency Q1 2025 LfL RCO Net volume Price over cost Depreciation Q1 2026 LfL RCO Scope Q1 2026 RCO & Amort. 55 Q1 2026 Capital Market Slides | Heidelberg Materials
Slide 56: LTM EBITDA margin improved
Operational result LTM EBITDA margin improved Cement EBITDA margin Aggregates EBITDA margin Total Group EBITDA margin +110 bps +108 bps +53 bps 26.4% 27.5% 24.6% 25.7% 21.1% 21.6% March 2025 (LTM) March 2026 (LTM) March 2025 (LTM) March 2026 (LTM) March 2025 (LTM) March 2026 (LTM) 56 Q1 2026 Capital
Slide 57: Transformation Accelerator Initiative (TAI) fully on track
Operational result Transformation Accelerator Initiative (TAI) fully on track Programme successfully continues based Secured sustainable savings as of end of on defined roadmap March 2026 >500 €m Contribution from almost all countries based on defined and agreed action plan ~25 €m Transparent approa
Slide 58: Europe
Operational result Europe Q1 2025 Q1 2026 -115 €m -33 €m -37 €m (-5%) (-15%) (-49%) LfL: -5% LfL: -16% LfL: -51% 2.157 2.042 212 180 76 39 Revenue [€m] Operating EBITDA [€m] RCO [€m] EBITDA margins (Last 12 months rolling) +149 bps +111 bps +71 bps 28.0% 29.5% 19.1% 20.2% 19.7% 20.4% Cement Aggregat
Slide 59: North America
Operational result North America Q1 2025 Q1 2026 -9 €m -30 €m (-31%) -27 €m (-1%) LfL: -27% (N/A) LfL: +3% LfL: N/A 995 986 99 9 69 -18 Revenue [€m] Operating EBITDA [€m] RCO [€m] EBITDA margins (Last 12 months rolling) +141 bps -299 bps -39 bps 32.0% 33.4% 30.3% 27.3% 26.2% 25.8% Cement Aggregates
Slide 60: Asia – Pacific
Operational result Asia – Pacific Q1 2025 Q1 2026 -19 €m -10 €m -7 €m (-2%) (-8%) (-11%) LfL: +3% LfL: -4% LfL: -9% 835 816 129 119 69 61 Revenue [€m] Operating EBITDA [€m] RCO [€m] EBITDA margins (Last 12 months rolling) -103 bps +154 bps -7 bps 22.2% 21.1% 16.7% 18.3% 18.2% 18.2% Cement Aggregates
Slide 61: Africa – Mediterranean – Western Asia
Operational result Africa – Mediterranean – Western Asia Q1 2025 Q1 2026 -32 €m -2 €m -2 €m (-5%) (-2%) (-2%) LfL: -8% LfL: -4% LfL: -5% 586 554 135 133 106 104 Revenue [€m] Operating EBITDA [€m] RCO [€m] EBITDA margins (Last 12 months rolling) +331 bps +231 bps 30.4% 28.0% 27.1% 25.7% Cement Total
Slide 62: Net debt development FY 2025
Financial result Net debt development FY 2025 [€m] Leverage Leverage Dec 2024 Dec 2025 1.18x 1.22x +422 €m 335 5,715 5,293 400 122 589 1,085 1.1 €bn shareholder return (+10% vs. prior year) -2,109 Net debt Dec 2024 FCF Net growth CapEx Group Dividends Minority Dividends Share buyback Currency/other
Slide 63: Debt maturity profile
Capital allocation policy Debt maturity profile Debt maturity profile as of December 31, 2025 in €m Debt Instruments Conventional Bonds 1.299 1.267 Sust.-Linked Bonds 49 Green Bonds 267 969 Green Bond 2026/2036 861 761 219 111 750 11 700 1 600 1.250 500 1.000 0 750 750 750 750 700 600 500 700 19 0 1
Slide 64: Capital allocation policy
Capital allocation policy Credit ratings Rating agency Long-term rating Outlook Short-term rating Moody’s Baa2 Positive P-2 S&P Global BBB Positive A-2 Total bonds volume Equity ratio Average coupon 6.45 €bn1 53.4% 2.7%1 Heidelberg Materials continues to target a solid investment grade rating. 1 The
Slide 65: Outlook
Outlook
Slide 66: 2026 market overview
Business Outlook & Guidance 2026 market overview Europe • Eastern/Southern Europe: continuation of steady market North America improvement • Positive outlook underpinned by solid • Western/Northern Europe: price expectations, and further ramp market recovery beginning, up of recent investments parti
Slide 67: Guidance for 2026
Business Outlook & Guidance Guidance for 2026 Original 2025 targets & achievements 2026 targets RCO 3.25 to 3.55 €bn 3.38 €bn 3.40 to 3.75 €bn ROIC Around 10% 10.4% Above 10% Slight reduction: CO2 emission 512 kg CO2/t CEM1 Slight reduction (2024: 527 kg CO2/t CEM1) CapEx Net Around 1.2 €bn 1.1 €bn
Slide 68: Stepping up our financial ambition for 2030
Business Outlook & Guidance Stepping up our financial ambition for 2030 2030 targets RCO/RCO growth (average p.a.) 7% to 10% ROIC Around 12% Cash conversion rate Around 50% CapEx Net Around 1.3 €bn Leverage Around 1.5x Making a Material Difference 68 Q1 2026 Capital Market Slides | Heidelberg Materi
Slide 69: Heidelberg Materials as an attractive investment
4 Heidelberg Materials as an attractive investment 69 Q1 2026 Capital Market Slides | Heidelberg Materials
Slide 70: Heidelberg Materials – An attractive Investment
Heidelberg Materials – An attractive Investment 1 Profitable, value-driven growth Balanced global footprint enables resilient and profitable expansion 2 Strong and reliable financial performance Results and margins have increased year over year, even in weaker construction cycles Differentiated prod
Slide 71: 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 72: Heidelberg
Heidelberg Materials