Slide 1: 2025 Full Year Results – Making a material difference
2025 Full Year Results – Making a material difference Dr Dominik von Achten – CEO René Aldach – CFO 25.02.2026
Slide 2: A year of growth, innovation & financial success
A year of growth, innovation & financial success Result and margin improvement continues: • RCO reaches a record high of 3.4 €bn • EBITDA margin at 21.8%, +54 bps up versus prior year Transformation Accelerator Initiative (TAI) fully on track, around 380 €m savings already secured in 2025 Europe mar
Slide 3: Full year overview: Strong performance
Full year overview Strong performance +1% LfL +54 bps +6% LfL +4% Revenue EBITDA margin RCO Adjusted EPS 1 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 “additional ordi
Slide 4: Accelerating growth momentum within disciplined financial framework
Strategy Accelerating growth momentum within disciplined financial framework Leading supplier of construction materials in Australia Transaction value: 1.7 A$bn. EBITDA multiple 8.4x post synergies 1 40 AGG quarries (reserves >350 million tonnes) Strong growth track record with numerous acquisitions
Slide 5: 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 6: Transformation Accelerator Initiative (TAI) fully on track
Strategy Transformation Accelerator Initiative (TAI) fully on track Programme successfully continues based Secured sustainable savings as of end of 2025 on defined roadmap >500 €m Contribution from almost all countries based on defined and agreed action plan Transparent approach all over the globe,
Slide 7: 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 8: Sustainability highlights
Sustainability highlights Leading decarbonisation in all conventional levers: • CO2 emissions: 512 kg CO2/t CEM (-3%) • Clinker rate: 68.4% (-80 bps) • Alternative fuels: 34.2% (+300 bps) Making the material difference on the product side: evoZero® & evoBuild® Meeting our customers' demand across th
Slide 9: 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 10: 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 optimization Bundling concrete business processes at scale concret
Slide 11: Operational result
Operational result
Slide 12: Q4 2025 operational result: Strong finish to the year with +8% LfL RCO growth
Operational result Q4 2025 operational result: Strong finish to the year with +8% LfL RCO growth Revenue [€m] Operating EBITDA [€m] Operating EBITDA Margin Operating EBIT (RCO) [€m] -151 €m +28 €m +43 €m (-3%) (+2%) +119 bps (+5%) LfL: -1% LfL: +5% LfL: +8% 5,406 5,255 1,219 1,248 23.7% 921 22.6% 87
Slide 13: FY 2025 operational result: Solid performance in all metrics
Operational result FY 2025 operational result: Solid performance in all metrics Revenue [€m] Operating EBITDA [€m] Operating EBITDA Margin Operating EBIT (RCO) [€m] +304 €m (+1%) +180 €m +177 €m LfL: +1% (+4%) +54 bps (+6%) LfL: +4% LfL: +6% 21,156 21,460 4,499 4,679 21.3% 21.8% 3,381 3,204 FY 2024
Slide 14: Q4 2025: Operating EBIT (RCO) bridge
Operational result Q4 2025: Operating EBIT (RCO) bridge [€m] +43 €m (+5%) +65 €m (+8%) 17 921 111 9 903 877 -39 838 -55 Q4 2024 RCO Currency Q4 2024 LfL RCO Net volume Price over cost Depreciation Q4 2025 LfL RCO Scope Q4 2025 RCO & Amort. 14 25.02.2026 2025 Full Year Results | Dr Dominik von Achten
Slide 15: FY 2025: Operating EBIT (RCO) bridge
Operational result FY 2025: Operating EBIT (RCO) bridge [€m] +177 €m (+6%) +180 €m (+6%) 65 3,381 313 13 3,316 3,204 -68 3,136 -146 FY 2024 RCO Currency FY 2024 LfL RCO Net volume Price over cost Depreciation FY 2025 LfL RCO Scope FY 2025 RCO & Amort. 15 25.02.2026 2025 Full Year Results | Dr Domini
Slide 16: Europe
Operational result Europe Q4 2024 Q4 2025 -54 €m +30 €m +34 €m (-2%) (+6%) (+10%) LfL: -2% LfL: +7% LfL: +10% 2,373 2,319 487 518 340 373 Revenue [€m] Operating EBITDA [€m] RCO [€m] EBITDA margins (Full year) +70 bps +131 bps +54 bps 28.5% 29.2% 19.2% 20.6% 19.9% 20.5% Cement Aggregates Total Region
Slide 17: North America
Operational result North America Q4 2024 Q4 2025 -98 €m -14 €m -12 €m (-7%) (-4%) (-4%) LfL: -4% LfL: +2% LfL: +2% 1,336 1,239 382 368 290 278 Revenue [€m] Operating EBITDA [€m] RCO [€m] EBITDA margins (Full year) +100 bps -138 bps -10 bps 32.3% 33.3% 30.0% 28.7% 26.5% 26.4% Cement Aggregates Total
Slide 18: Asia – Pacific
Operational result Asia – Pacific Q4 2024 Q4 2025 -73 €m -34 €m -29 €m (-8%) (-17%) (-21%) LfL: -1% LfL: -10% LfL: -14% 940 866 202 168 138 109 Revenue [€m] Operating EBITDA [€m] RCO [€m] EBITDA margins (Full year) +148 bps +87 bps +12 bps 21.1% 22.6% 16.9% 17.8% 18.2% 18.4% Cement Aggregates Total
Slide 19: Africa – Mediterranean – Western Asia
Operational result Africa – Mediterranean – Western Asia Q4 2024 Q4 2025 +31 €m +30 €m +35 €m (+19%) (+5%) (+26%) LfL: +14% LfL: +1% LfL: +21% 647 677 197 166 170 135 Revenue [€m] Operating EBITDA [€m] RCO [€m] EBITDA margins (Full year) +356 bps +262 bps 29.7% 27.7% 26.1% 25.1% Cement Total Region
Slide 20: Financial highlights
Financial highlights
Slide 21: Financial highlights
Financial highlights Adjusted EPS increases by 4% to 12.4 € Free cash flow at 2.1 €bn, leading to cash conversion rate of 45% ROIC improves to 10.4% Leverage at a very comfortable level 1.2x Balanced capital allocation strategy leading to higher shareholder return and growth through M&A Second tranc
Slide 22: Adjusted EPS continues to increase
Financial result Adjusted EPS continues to increase Income Statement [€m] FY 2024 FY 2025 Delta Key items below RCO Revenue 21,156 21,460 304 Additional ordinary result: RCOBD (Operating EBITDA) 4,499 4,679 180 Lower impact from restructuring measures and Depreciation and amortization -1,295 -1,298
Slide 23: Free cash flow
Financial result Free cash flow Free cash flow [€m] FY 2024 FY 2025 Delta Free cash flow drivers Operating EBITDA 4,499 4,679 180 Working capital: Change in working capital -110 -89 21 Below prior year, driven by good working capital Net interest -170 -196 -26 management in all countries Taxes paid
Slide 24: Net debt development
Financial result Net debt development [€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 Net debt
Slide 25: EPS growth continues with 12% CAGR; ROIC at a record high level
Financial highlights EPS growth continues with impressive 12% CAGR; ROIC at a record high level Adjusted earnings per share1 ROIC 10.3% 10.4% 9.9% 9.3% 9.1% CAGR +12% 12.4 € 11.9 € 7.9% 10.8 € 9.5 € 7.9 € 6.9 € 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 1 Clean EPS: Figures adjusted
Slide 26: Outlook
Outlook
Slide 27: 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 28: Guidance
Business Outlook & Guidance Guidance Original 2025 Target & Achievement 2026 Target 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 5121 Slight reduction (2024: 527 kg CO2/t CEM ) CapEx Net Around 1.2 €bn 1.1 €bn 1.2 to 1.3 €bn In line wi
Slide 29: Appendix
Appendix
Slide 30: Scope & currency impacts
Appendix Scope & currency impacts Revenue Operating EBITDA Operating EBIT (RCO) Scope & currency Q4 2025 [€m] Scope Currency Scope Currency Scope Currency Europe 7 -15 1 -2 0 -1 North America 59 -113 11 -31 5 -23 Asia – Pacific 22 -87 2 -18 1 -11 Africa – Med. - Western Asia 26 -6 12 -4 11 -4 Group
Slide 31: Operating result
Appendix Operating result Revenue Operating EBITDA Operating EBIT (RCO) Operating EBITDA Margin Operating result Q4 2025 [€m] Q4 24 Q4 25 Change LfL Q4 24 Q4 25 Change LfL Q4 24 Q4 25 Change LfL Q4 24 Q4 25 Change LfL Europe 2,373 2,319 -2.3% -1.9% 487 518 6.2% 6.5% 340 373 10.0% 10.3% 20.5% 22.3% +
Slide 32: 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] Q4 24 Q4 25 Q4 24 Q4 25 Q4 24 Q4 25 FY 24 FY 25 FY 24 FY 25 FY 24 FY 25 Europe 1,200 1,186 -1.
Slide 33: 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 34: Heidelberg Materials
Heidelberg Materials