Heidelberg Materials Ag · XETR:HEI

Heidelberg Materials — H1 2026 Earnings Presentation

72 slides from Heidelberg Materials's earnings presentation, 2026

Slide 1: Capital Market Slides – H1 2026
Capital Market Slides – H1 2026 Capital Market Slides | Heidelberg Materials H1 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 H1 2026 Capital Market Slides | Heidelberg Materials
Slide 3: About Heidelberg Materials
1 About Heidelberg Materials 3 H1 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 H1 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 H1 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 H1 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 H1 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 H1 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 H1 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 H1 2026 Capital Market Slides | Heidelberg Materials
Slide 14: Material Impact
Material Impact Proven track record of profitable growth 14 H1 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 H1 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) Maintaining a progressive dividend policy 400 +163% 3.6 € 3.3 € 300 Heidelberg 3.0 € Materials 2.4 € 2.6 € 200 +99% MSCI WCM1
Slide 19: Strong megatrends
Strong megatrends Energy transition Propelling Advanced infrastructure growth Housing and urbanisation Defence revamping Digitalisation 19 H1 2026 Capital Market Slides | Heidelberg Materials © Maxwell Osabo
Slide 20: Radical Focus: “The heavy ones”
Radical Focus “The heavy ones” Cement, aggregates, ready-mixed concrete, and asphalt 20 H1 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 H1 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 – March 2026 improve asset structure preparing the next phase • Paderborn, Germany • Skövde, Sweden (clinker reduction) 5 plant cl
Slide 24: North America
North America Pent-up demand Over-proportional growth through digital and AI-based solutions Prepared for short-term volatility 24 H1 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 Digital & AI infrastructure drive positive demand Infrastructure Robust federal and Steady positive short- state investments term outlook Residential Housing fundamentals Short-term pressure as remain
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 H1 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% C A Cement demand growth (’24-’30) +5.0% M&A (examples) A AMWA Region Asment Témara B Morocco (CEM, AGG &
Slide 29: Sustainability
Global Advantage Sustainability 29 H1 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: High recognition for transparency and performance on climate change
Making a material difference: Strategy 2030 High recognition for transparency and performance on climate change Top grade A in 23.7 B- 76/100 AA (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) 33 H1 202
Slide 34: Digital/AI
Global Advantage Digital/AI 34 H1 2026 Capital Market Slides | Heidelberg Materials
Slide 35: 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 36: 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 37: Technical Excellence
Global Advantage Technical Excellence 37 H1 2026 Capital Market Slides | Heidelberg Materials
Slide 38: 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 39: 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 41: 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 42: 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 43: Business update
3 Business update 43 H1 2026 Capital Market Slides | Heidelberg Materials
Slide 44: 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 45: 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 46: 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 47: 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 48: Q2 2026: Operating EBIT (RCO) bridge [€m]
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. 48 H1 2026 Capital Market Slides | Heidelberg Materi
Slide 49: H1 2026: Operating EBIT (RCO) bridge [€m]
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. 49 H1 2026 Capital Market Slides | Heidelberg Materia
Slide 50: 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 51: 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 52: 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 53: 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 54: 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 55: 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 56: 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 57: 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 58: Revision of EU ETS: Heidelberg Materials welcomes proposal
EU ETS 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 climat
Slide 59: 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 60: 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 61: 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 62: 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 63: Balanced debt maturity profile
Capital allocation policy Balanced debt maturity profile Debt maturity profile as of June 30, 2026 in €m Debt Instruments Conventional Bonds 1.408 Sust.-Linked Bonds 158 Green Bonds 918 929 18 853 761 179 729 103 750 11 700 600 600 1.250 500 900 729 750 750 750 750 700 700 600 600 500 2026 2027 2028
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 7.55 €bn 51.7% 3.2%1 Heidelberg Materials continues to target a solid investment grade rating. 1 The
Slide 65: Outlook
Outlook
Slide 66: 2026 market overview – H2 update
Business Outlook & Guidance 2026 market overview – H2 update Europe • Eastern/Southern Europe: continuation of market improvement • Western: market stabilisation, overall North America pending recovery • Positive cement pricing in H1, further • Northern Europe: positive volume and push for price inc
Slide 67: Guidance
Business Outlook & Guidance Guidance 2026 Target RCO 3.40 to 3.65 €bn 1 ROIC Slightly above 10% At previous year CO2 emission level 2 CapEx Net 1.2 to 1.3 €bn In line with mid-term Leverage target: Around 1.5x Further increase in shareholder return though progressive dividend and share buyback 1 Old
Slide 68: Stepping up our financial ambition for 2030
Business Outlook & Guidance Stepping up our financial ambition for 2030 2030 Target 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 1 Old target: 3.40 to 3.75 €bn 2 Change mainly driven
Slide 69: Heidelberg Materials as an attractive investment
4 Heidelberg Materials as an attractive investment 69 H1 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

Heidelberg Materials — H1 2026 Earnings Presentation on 6ix

Heidelberg Materials — H1 2026 Earnings Presentation

Slide 1: Capital Market Slides – H1 2026

Slide 2: Content

Slide 3: About Heidelberg Materials

Slide 4: Heidelberg Materials is one of the world’s largest building materials companies

Slide 5: Concrete is essential for building a sustainable society

Slide 6: From the ground to the skyline

Slide 7: Building lasting connections

Slide 8: Powering the future from the ground up

Slide 9: We see challenges as opportunities to discover new solutions

Slide 10: Sales share of sustainable products

Slide 11: A global and balanced geographic footprint in heavy building materials

Slide 12: Solid asset base which provides strong growth potential

Slide 13: Making a Material Difference

Slide 14: Material Impact

Slide 15: Reliable and profitable performance across all financial KPIs

Slide 16: We have delivered on our targets

Slide 17: Continuously creating sustainable shareholder return

Slide 18: Unique Positioning

Slide 19: Strong megatrends

Slide 20: Radical Focus: “The heavy ones”

Slide 21: Growing the company through organic and inorganic means

Slide 22: Europe

Slide 23: Reducing clinker asset base and expanding materials capacities

Slide 24: North America

Slide 25: Economic outlook supportive of robust long-term growth

Slide 26: Strong growth with value accretive investment strategy

Slide 27: Emerging markets

Slide 28: Emerging Markets offer structural growth potential

Slide 29: Sustainability

Slide 30: Delivering material impact – with the industry’s most ambitious targets

Slide 31: The most comprehensive low-carbon product portfolio

Slide 32: Sustainability: Two major steps in decarbonisation

Slide 33: High recognition for transparency and performance on climate change

Slide 34: Digital/AI

Slide 35: Digital and AI-based solutions to drive efficient and reliable operations

Slide 36: Unlocking commercial value as a frontrunner in Digital & AI

Slide 37: Technical Excellence

Slide 38: Leveraging global set-up to accelerate efficiencies through various initiatives

Slide 39: Transformation Accelerator – achieving efficient and sustainable cost structure

Slide 40: Value Creation

Slide 41: RCO: accelerating both organic and inorganic growth

Slide 42: Significant cash potential to maximise shareholder returns

Slide 43: Business update

Slide 44: Strong performance FY 2025

Slide 45: Strong Q2 growth trajectory

Slide 46: Q2 2026 operational result

Slide 47: H1 2026 operational result

Slide 48: Q2 2026: Operating EBIT (RCO) bridge [€m]

Slide 49: H1 2026: Operating EBIT (RCO) bridge [€m]

Slide 50: Pricing discipline and TAI savings mitigate inflationary pressure

Slide 51: Europe

Slide 52: North America

Slide 53: Asia – Pacific

Slide 54: Africa – Mediterranean – Western Asia

Slide 55: Portfolio streamlining continues

Slide 56: Sustainability highlights

Slide 57: Sustainability KPIs

Slide 58: Revision of EU ETS: Heidelberg Materials welcomes proposal

Slide 59: Financial highlights

Slide 60: Adjusted EPS continues to increase

Slide 61: Free cash flow

Slide 62: Net debt development [€m]

Slide 63: Balanced debt maturity profile

Slide 64: Capital allocation policy

Slide 65: Outlook

Slide 66: 2026 market overview – H2 update

Slide 67: Guidance

Slide 68: Stepping up our financial ambition for 2030

Slide 69: Heidelberg Materials as an attractive investment

Slide 70: Heidelberg Materials – An attractive Investment

Slide 71: Disclaimer

Slide 72: Heidelberg