Heidelberg Materials AgXETR: HEI

Q1 2026 trading update

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‌Q1 2026 Trading Update

Dr Dominik von Achten - CEO René Aldach - CFO

06.05.2026





‌Quarter 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:

    to be started after AGM in May, with an amount of up to 450 €m

    Growth path continues:

  • MAAS - Leading supplier of construction materials in Australia

  • AKCANSA - Major Turkish integrated cement producer and exporter

    Step change in efficiency and decarbonisation:

    new kiln line in French Airvault plant commissioned

    2026 Outlook confirmed:

    • RCO at 3.40 - 3.75 €bn

    • ROIC above 10%

    • CO2 emissions: Slight reduction (kg CO2/t cementitious material)





2 06.05.2026 Q1 2026 Trading Update | Dr Dominik von Achten (CEO), René Aldach (CFO)

‌Operational result

Q1 2026 operational result

Revenue [€m] Operating EBITDA [€m] Operating EBITDA Margin Operating EBIT (RCO) [€m]

4,536

-180 €m

(-4%)

LfL: -2%

4,715



557

-72 €m

(-13%)

LfL: -12%

10.7%

11.8%

-113 bps

484

235

-71 €m

(-30%)

LfL: -30%

163

Q1 2025 Q1 2026

Q1 2025 Q1 2026

Q1 2025 Q1 2026

Q1 2025 Q1 2026

‌Operational result

Q1 2026: Operating EBIT (RCO) bridge [€m]

-71 €m

(-30%)

235 -4

230

-87

-70 €m

(-30%)

21 -4

160 3

163

Q1 2025 RCO

Currency Q1 2025 LfL RCO

Net volume

Price over cost

Depreciation & Amort.

Q1 2026 LfL RCO

Scope

Q1 2026 RCO

‌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)

‌Operational result

Transformation Accelerator Initiative (TAI) fully on track

~380 €m

~25 €m

Programme successfully continues based on defined roadmap Secured sustainable savings as of end of March 2026

Contribution from almost all countries based on defined and agreed action plan

Transparent approach all over the globe, enabling all levels to contribute with innovative ideas

Productivity and cost benchmarking prove to be important pillars of using our global advantages to further optimize overall cost structure in all business lines

>500 €m

Clear focus on innovation, efficiency, and execution

2025

2026 Total Saving Target

Saving target Secured savings

‌Operational result



-33 €m

(-15%)

LfL: -16%

Europe

-115 €m

(-5%)

LfL: -5%

Q1 2026

Q1 2025

-37 €m

(-49%)

LfL: -51%

76

39

180

212

2,157 2,042

Revenue [€m] Operating EBITDA [€m] RCO [€m]

EBITDA margins (Last 12 months rolling)

+149 bps

28.0% 29.5%

19.1% 20.2%

+71 bps



+111 bps



19.7% 20.4%

Cement Aggregates Total Region

‌Operational result



Q1 2025

Q1 2026

-9 €m

(-1%)

LfL: +3%

-30 €m

(-31%)

LfL: -27%

99

69

North America

-27 €m

(N/A)

LfL: N/A

9

995 986

-18

Revenue [€m] Operating EBITDA [€m] RCO [€m]

EBITDA margins (Last 12 months rolling)

+141 bps



30.3%

27.3%

-299 bps



32.0% 33.4%

-39 bps



26.2% 25.8%

Cement Aggregates Total Region

‌Operational result

-19 €m

(-2%)

LfL: +3%

Q1 2026

Q1 2025

Asia - Pacific

835 816

-10 €m

(-8%)

LfL: -4%



69

61

-7 €m

(-11%)

LfL: -9%

129 119

Revenue [€m] Operating EBITDA [€m] RCO [€m]

-7 bps



+154 bps



EBITDA margins (Last 12 months rolling)

-103 bps



16.7%

18.3%

22.2% 21.1%

18.2% 18.2%

Cement Aggregates Total Region

‌Operational result



-2 €m

(-2%)

LfL: -5%

Africa - Mediterranean - Western Asia

-32 €m

(-5%)

LfL: -8%

Q1 2026

Q1 2025

-2 €m

(-2%)

LfL: -4%

586 554

135 133

106 104

Revenue [€m] Operating EBITDA [€m] RCO [€m]

27.1%

30.4%

+331 bps



EBITDA margins (Last 12 months rolling)

+231 bps



25.7% 28.0%

Cement Total Region

‌Business Outlook & Guidance



Further increase in shareholder return though progressive

dividend and share buyback

Guidance

2026 Target



RCO

3.40 to 3.75 €bn



ROIC

Above 10%



CO2 emission

Slight reduction



CapEx Net

1.2 to 1.3 €bn



Leverage

In line with mid-term target:

Around 1.5x

‌Appendix



‌Appendix

Scope & currency impacts

Scope & currency

Revenue

Operating EBITDA

Operating EBIT (RCO)

Q1 2026 [€m]

Scope

Currency

Scope

Currency

Scope

Currency

Europe

11

-11

3

-1

2

-1

North America

54

-94

4

-10

-2

-1

Asia - Pacific

9

-55

3

-8

2

-3

Africa - Med. - Western Asia

7

6

3

1

2

1

Group Service & Other

0

-15

0

0

0

0

Total GROUP

80

-169

12

-18

3

-4

Operating result

Revenue

Operating EBITDA

Operating EBIT (RCO)

Operating EBITDA Margin

Q1 2026 [€m]

Q1 25

Q1 26

Change

LfL

Q1 25

Q1 26

Change

LfL

Q1 25

Q1 26

Change

LfL

Q1 25

Q1 26

Change

LfL

Europe

2,157

2,042

-5.3%

-5.3%

212

180

-15.4%

-16.0%

76

39

-49.0%

-50.6%

9.9%

8.8%

-105 bps

-111 bps

North America

995

986

-0.9%

3.4%

99

69

-30.7%

-27.2%

9

-18

N/A

N/A

9.9%

7.0%

-299 bps

-293 bps

Asia - Pacific

835

816

-2.3%

3.4%

129

119

-7.8%

-4.1%

69

61

-10.7%

-9.0%

15.4%

14.6%

-87 bps

-112 bps

Africa - Med. - Western Asia

586

554

-5.4%

-7.5%

135

133

-1.6%

-4.4%

106

104

-2.3%

-4.8%

23.0%

24.0%

+91 bps

+77 bps

Group Service & Other

142

137

-19

-16

-26

-23

Total GROUP

4,715

4,536

-3.8%

-2.0%

557

484

-13.0%

-12.3%

235

163

-30.4%

-30.3%

11.8%

10.7%

-113 bps

-124 bps

‌Appendix

Operating result - Business lines

Quarterly Figures

Last 12 months

Business line

CEMENT [€m]

Revenue

Operating EBITDA

Operating EBITDA Margin

Operating EBITDA Margin

Q1 25

Q1 26

Q1 25

Q1 26

Q1 25

Q1 26

Mar 25

Mar 26

Europe

1,095

1,025

-6.4%

157

150

-4.4%

14.3%

14.6%

+31 bps

28.0%

29.5%

+149 bps

North America

429

446

3.8%

73

45

-38.5%

17.1%

10.1%

-696 bps

30.3%

27.3%

-299 bps

Asia - Pacific

448

394

-12.1%

65

64

-2.6%

14.6%

16.2%

+159 bps

16.7%

18.3%

+154 bps

Africa - Med. - Western Asia

497

468

-5.9%

127

134

5.3%

25.6%

28.6%

+304 bps

27.1%

30.4%

+331 bps

Total GROUP

2,470

2,333

-5.6%

423

393

-7.1%

17.1%

16.8%

-28 bps

26.4%

27.5%

+110 bps

Quarterly Figures

Last 12 months

Business line

AGGREGATES [€m]

Revenue

Operating EBITDA

Operating EBITDA Margin

Operating EBITDA Margin

Q1 25

Q1 26

Q1 25

Q1 26

Q1 25

Q1 26

Mar 25

Mar 26

Europe

537

516

-3.9%

80

68

-15.3%

15.0%

13.2%

-177 bps

19.1%

20.2%

+111 bps

North America

402

397

-1.1%

49

50

1.6%

12.1%

12.5%

+33 bps

32.0%

33.4%

+141 bps

Asia - Pacific

156

163

4.8%

35

27

-22.6%

22.2%

16.4%

-579 bps

22.2%

21.1%

-103 bps

Africa - Med. - Western Asia

27

27

1.8%

3

0

N/A

12.1%

21.7%

+963 bps

Total GROUP

1,121

1,104

-1.6%

166

144

-13.2%

14.8%

13.1%

-176 bps

24.6%

25.7%

+108 bps

‌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 audit processes.

This presentation contains forward-looking statements and information. Forward-looking statements and information are statements that are not historical facts, related to future, not past, events. They include statements about our believes and expectations and the assumptions underlying them. These statements and information are based on plans, estimates, projections as they are currently available to the management of Heidelberg Materials. Forward-looking statements and information therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.

By their very nature, forward-looking statements and information are subject to certain risks and uncertainties. A variety of factors, many of which are beyond

Heidelberg Materials' control, could cause actual results to defer materially from those that may be expressed or implied by such forward-looking statement or information.

For Heidelberg Materials particular uncertainties arise, among others, from changes in general economic and business conditions in Germany, in Europe, in the United States and elsewhere from which we derive a substantial portion of our revenues and in which we hold a substantial portion of our assets; the possibility that prices will decline as result of continued adverse market conditions to a greater extent than currently anticipated by Heidelberg Materials' management; developments in the financial markets, including fluctuations in interest and exchange rates, commodity and equity prices, debt prices (credit spreads) and financial assets generally; continued volatility and a further deterioration of capital markets; a worsening in the conditions of the credit business and, in particular, additional uncertainties arising out of the subprime, financial market and liquidity crises; the outcome of pending investigations and legal proceedings and actions resulting from the findings of these investigations; as well as various other factors. Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

More detailed information about certain of the risk factors affecting Heidelberg Materials is contained throughout this presentation and in Heidelberg Materials' financial reports, which are available on the Heidelberg Materials website, https://www.heidelbergmaterials.com. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the relevant forward-looking statement or information as expected, anticipated, intended, planned, believed, sought, estimated or projected.

In addition to figures prepared in accordance with IFRS, Heidelberg Materials also presents alternative performance measures, including, among others Operating EBITDA, EBITDA margin, Operating EBIT, Adjusted EPS, free cash flow and net debt. These alternative performance measures should be considered in addition to, but not as a substitute for, the information prepared in accordance with IFRS. Alternative performance measures are not subject to IFRS or any other generally accepted accounting principles. Other companies may define these terms in different ways.





15 06.05.2026 Q1 2026 Trading Update | Dr Dominik von Achten (CEO), René Aldach (CFO)