Heidelberg Materials Ag · XETR:HEI
Heidelberg Materials — Investor Presentation (2025)
65 slides from Heidelberg Materials's investor presentation, 2025
Slide 1: Investor Presentation Q3 2025
Investor Presentation Q3 2025
Slide 2: Content
Content 1. About Heidelberg Materials 2. Making a Material Difference: Strategy 2030 3. Current trading update 4. Heidelberg Materials as an attractive investment 2 Q3 2025 Investor presentation | Heidelberg Materials
Slide 3: About Heidelberg Materials
1 About Heidelberg Materials 3 Q3 2025 Investor presentation | 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 51,000 3,000 Leading positions in cement, aggregates, and ready-mixed employees on 5 continents locations worldwide concrete 4 Q3 2025 Investor presentation | 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 Q3 2025 Investor presentation | 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 Q3 2025 Investor presentation | 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 Q3 2025 Investor presentation | 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 Q3 2025 Investor presentation | 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 – Beckum Less material, lower CO₂ footprint — thanks to Heidelberg Materials. 9 Q3 2025 Investor presentation | Heidelberg Materials
Slide 10: 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 2024) (FY 2024) Africa-Mediterranean-Western Asia Ready Mix & Asphalt 11% 22% Asia - Pacific 17% 46% Europe 53% Cement 25% Aggregates 26% North Ameri
Slide 11: 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 mt 62 mt 54 mt 37 mt 165 mt capacity Aggregates re- serves & 12 bn tonnes 4 bn tonnes 3 bn tonnes 0.1 bn tonnes 20 bn tonnes resources Ready
Slide 12: Making a Material Difference
2 Unique Positioning Strategy 2030 Material Radical Collective Value Making a Impact Focus Strength Creation Material Difference Global Advantage 12 Q3 2025 Investor presentation | Heidelberg Materials
Slide 13: Material Impact
Material Impact Proven track record of profitable growth 13 Q3 2025 Investor presentation | Heidelberg Materials © Henrik Hagerup
Slide 14: Successful development in all KPIs
Making a material difference: Strategy 2030 Successful development in all KPIs 8% 10% ~50% RCO growth p.a. ROIC Cash conversion rate >€2bn >€1bn Solid foundation set for accelerated growth Free cash flow Shareholder return RCO growth is average growth rate from 2019 until 2024. ROIC as of December 2
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) +47% Continuous result 1,205 3,022 3,204 1,080 1,042 1,063 improvement 2,614 962 2,363 2,476 855 2,186 Disciplined and sustainable CapEx 2019 2020 2021 2022 2023 2024 201
Slide 16: We have over-delivered a year early
Making a material difference: Strategy 2030 We have over-delivered a year early Old mid-term targets 2024 for 2025 EBITDA margin 20% to 22% 21.3% ROIC above 10% 10% Leverage 1.5x to 2.0x 1.2x Cash conversion above 45% 48% Net CapEx €1.1bn p.a. €1.1bn p.a. 16 Q3 2025 Investor presentation | Heidelber
Slide 17: Capital allocation: clear shift towards shareholder return and growth
Making a material difference: Strategy 2030 Capital allocation: clear shift towards shareholder return and growth Allocation of deployed capital 2019 – 2021 2022 – 2024 Solid capital deployment M&A: 10% Shareholder return: M&A: 36% 25% Disciplined M&A Free cash flow: through bolt-on deals €5.1bn Fre
Slide 18: Unique Positioning
Unique Positioning 18 Q3 2025 Investor presentation | Heidelberg Materials © Mohamed Rafi
Slide 19: Strong megatrends propelling growth
Strong megatrends Energy transition Propelling Advanced infrastructure growth Housing and urbanisation Defence revamping Digitalisation 19 Q3 2025 Investor presentation | Heidelberg Materials © Maxwell Osabo
Slide 20: Radical Focus: The heavy ones
Radical Focus “The heavy ones” Cement, aggregates, ready-mixed concrete, and asphalt 20 Q3 2025 Investor presentation | Heidelberg Materials © Anvar Sadath
Slide 21: Strengthen core markets
Strengthen core markets 31 acquisitions 12 disposals 21 Q3 2025 Investor presentation | Heidelberg Materials
Slide 22: M&A: disciplined growth with high returns in attractive markets
Making a material difference: Strategy 2030 M&A: disciplined growth with high returns in attractive markets Key acquisitions over the last 3 years More than €2bn spent for M&A over the last 3 years Target Business Line Rationale Giant Cement US CEM Highway Materials US AGG/HMA Improve our US footpri
Slide 23: Europe
Europe Demand rebound Further redesign of clinker asset base Upward swing in profitability 23 Q3 2025 Investor presentation | Heidelberg Materials
Slide 24: Material Impact – delivering strong results in a subdued market
Making a material difference: Strategy 2030 Material Impact – delivering strong results in a subdued market We achieved excellent performance despite a challenging environment Development 2019 vs 2024 Revenue RCO EBITDA margin Volume development and revenue, RCO Europe (indexed) (CAGR) (CAGR) (impro
Slide 25: 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 26: North America
North America Pent-up demand Over-proportional growth through digital and AI-based solutions Prepared for short-term volatility 26 Q3 2025 Investor presentation | Heidelberg Materials © Wentao Guo
Slide 27: 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 with additional IIJA spending Resid
Slide 28: 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 29: Emerging markets
Emerging markets Structural growth dynamics Superior asset light model Over-proportional return on invested capital 29 Q3 2025 Investor presentation | Heidelberg Materials © Ruel Pahang
Slide 30: 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 31: Sustainability
Global Advantage Sustainability 31 Q3 2025 Investor presentation | Heidelberg Materials
Slide 32: 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 33: 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 34: The world’s first industrial-scale carbon capture unit in a cement plant
Making a material difference: Strategy 2030 The world’s first and only industrial-scale carbon capture unit in a cement plant Technology leadership & data Partnerships & people Financials & funding Pioneering the technology, making the business case, and scaling across the Group 34 Q3 2025 Investor
Slide 35: 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 2025 orders Targeted sales approach from 11 countries People and Dedicated HQ & country team organisation Traditional & new customers, Customer private & public asset owners, Physic
Slide 36: 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 37: 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 38: 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 39: Further funding secured: EU Innovation Fund grants for 4 additional CCS projects
Sustainability 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 Goradze, Poland Demonstration project (transpor
Slide 40: Digital/AI
Global Advantage Digital/AI 40 Q3 2025 Investor presentation | Heidelberg Materials
Slide 41: 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 42: Technical Excellence
Global Advantage Technical Excellence 42 Q3 2025 Investor presentation | Heidelberg Materials
Slide 43: 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 44: Value Creation
Value Creation 44 Q3 2025 Investor presentation | Heidelberg Materials © Mohd Nazri Sulaiman
Slide 45: Stepping up our ambition for 2030
Making a material difference: Strategy 2030 Stepping up our ambition for 2030 2025 targets 2030 targets RCO growth (average p.a.) 7% to 10% ROIC Above 10% Around 12% Cash conversion rate Above 45% Around 50% Net CapEx (average p.a.) Around €1.1bn €1.3bn Leverage 1.5x to 2.0x Around 1.5x 45 Q3 2025 I
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: Current trading update
3 Current trading update 48 Q3 2025 Investor presentation | Heidelberg Materials
Slide 49: Delivering consistent growth
Delivering consistent growth Good operational performance in the quarter: - Revenue +1% YoY (+4% excluding currency impact) - RCO +5% YoY(+7% excluding currency impact) - Operating EBITDA margin +65 bps YoY Transformation Accelerator fully on track, around 250 €m savings already secured as of Septem
Slide 50: Q3 2025 operational result
Operational result Q3 2025 operational result Revenue [€m] Operating EBITDA [€m] Operating EBITDA Margin Operating EBIT (RCO) [€m] +51 €m +50 €m +54 €m (+1%) (+3%) +65 bps (+5%) LfL: +2% LfL: +4% LfL: +5% 5.756 5.807 1.451 1.502 25.2% 25.9% 1.179 1.124 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025
Slide 51: 9M 2025 operational result
Operational result 9M 2025 operational result Revenue [€m] Operating EBITDA [€m] Operating EBITDA Margin Operating EBIT (RCO) [€m] +455 €m (+3%) +152 €m +134 €m LfL: +1% (+5%) +35 bps (+6%) LfL: +3% LfL: +5% 15.750 16.205 3.280 3.432 20.8% 21.2% 2.461 2.327 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M
Slide 52: Q3 2025: Operating EBIT (RCO) bridge
Operational result Q3 2025: Operating EBIT (RCO) bridge [€m] +54 €m (+5%) +53 €m (+5%) 29 1,179 78 -1 1,149 1,124 -28 1,096 -24 Q3 2024 RCO Currency Q3 2024 LfL RCO Net volume Price over cost Depreciation Q3 2025 LfL RCO Scope Q3 2025 RCO & Amort. 52 Q3 2025 Investor presentation | Heidelberg Materi
Slide 53: 9M 2025: Operating EBIT (RCO) bridge
Operational result 9M 2025: Operating EBIT (RCO) bridge [€m] +134 €m (+6%) +115 €m (+5%) 48 2,461 202 4 2,413 2,327 -29 2,298 -91 9M 2024 RCO Currency 9M 2024 LfL RCO Net volume Price over cost Depreciation 9M 2025 LfL RCO Scope 9M 2025 RCO & Amort. 53 Q3 2025 Investor presentation | Heidelberg Mate
Slide 54: 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 September 2025 Saving target ~500 €m Contribution from almost all countries based on Actual defined and agreed action plan Transpa
Slide 55: Europe
Operational result Europe Q3 2024 Q3 2025 -30 €m -16 €m -18 €m (-1%) (-3%) (-4%) LfL: 0% LfL: -2% LfL: -4% 2.521 2.491 590 575 453 435 Revenue [€m] Operating EBITDA [€m] RCO [€m] EBITDA margins (LTM rolling) +68 bps +80 bps +56 bps 27.6% 28.3% 19.5% 20.3% 19.5% 20.0% Cement Aggregates Total Region 5
Slide 56: North America
Operational result North America Q3 2024 Q3 2025 +44 €m +18 €m +21 €m (+3%) (+4%) (+5%) LfL: +2% LfL: +5% LfL: +7% 1.572 1.617 501 518 409 430 Revenue [€m] Operating EBITDA [€m] RCO [€m] EBITDA margins (LTM rolling) -4 bps +127 bps +42 bps 29.3% 29.2% 31.2% 32.5% 25.8% 26.2% Cement Aggregates Total
Slide 57: Asia – Pacific
Operational result Asia – Pacific Q3 2024 Q3 2025 -49 €m +1 €m +3 €m (-5%) (0%) (+3%) LfL: 0% LfL: +7% LfL: +9% 924 875 176 177 116 120 Revenue [€m] Operating EBITDA [€m] RCO [€m] EBITDA margins (LTM rolling) +208 bps +228 bps +141 bps 18.2% 23.0% 17.6% 19.0% 16.1% 20.7% Cement Aggregates Total Regi
Slide 58: Africa – Mediterranean – Western Asia
Operational result Africa – Mediterranean – Western Asia Q3 2024 Q3 2025 +42 €m +78 €m +42 €m (+23%) (+13%) (+28%) LfL: +15% LfL: +6% LfL: +19% 684 221 606 179 190 148 Revenue [€m] Operating EBITDA [€m] RCO [€m] EBITDA margins (LTM rolling) +248 bps +109 bps 26.6% 29.1% 25.7% 26.8% Cement Total Regi
Slide 59: 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 60: Financial highlights
Financial highlights Adjusted EPS increases by 4% to 8.7 € 1 Last 12 months free cash flow at 2.3 €bn 2 Leverage at 1.5x, impacted by seasonality Asment de Témara (Morocco) and Buckeridge Group of Companies (Australia) deals are closed Second tranche of 1.2 €bn share buyback program with an amount o
Slide 61: 2025 Outlook
Guidance 2025 Outlook Key steering KPIs 2025 targets 3.30 to 3.50 €bn RCO (previous: 3.25 to 3.55 €bn) ROIC Above 10% CO2 emission Slight reduction Other Net CapEx Around 1.2 €bn In line with mid-term target: Leverage Around 1.5x 61 Q3 2025 Investor presentation | Heidelberg Materials
Slide 62: Heidelberg Materials as an attractive investment
4 Heidelberg Materials as an attractive investment 62 Q3 2025 Investor presentation | Heidelberg Materials
Slide 63: Heidelberg Materials as an attractive investment
Heidelberg Materials as an attractive investment Heidelberg Materials as an attractive investment 01 02 03 04 05 The only The deepest The tech one The fastest The trusted global one decarbonising growing one one one 63 Q3 2025 Investor presentation | Heidelberg Materials
Slide 64: 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 65: Heidelberg
Heidelberg Materials