First Quarter 2026 Trading Update - Analyst presentation

24 April 2026

MILJAN GUTOVIC | CEO

STEFFEN KINDLER | CFO

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‌STRONG START TO THE YEAR

CHF 3.5 bn

NEĪ S6LES

+3.9% OG

Robust organic growth in net sales powered by leading positions in highly attractive markets, gaining significant momentum in March

CHF 0.4 bn

RECURRING EBIĪ

+8.3% OG

Strong organic growth in recurring EBIĪ, driven by our premium and sustainable

product offering, strict cost discipline and operational excellence

12.2%

REC. EBIĪ M6RGIN

-90 bps

Margin impacted by scope effects in the first quarter

CEMENTOS PACASMAYO

CLOSED

6cquisition of a majority stake in Cementos Pacasmayo completed

FY 2026

GUID6NCE

CONFIRMED

Net sales: 3% to 5% organic growth

Recurring EBIĪ: 8% to 10% organic growth with further margin increase Free cash flow: ~CHF 2 bn

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Note: Comparative information in this presentation is restated for discontinued operations

‌REGIONAL HIGHLIGHTS - EUROPE

Key financials

Strong sales momentum in March partially offset weather impact

Positive price over cost

Highlights

Use of alternative fuels1 increased to 70%, future-proofing Holcim from energy price exposure

Īwo value-accretive acquisitions in Belgium and Romania

Outlook

Infrastructure investments providing strong outlook

Increase in residential building permits in several countries

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1 6lternative fuels as %, also known as Īhermal Substitution Rate (ĪSR), is the ratio of thermal energy consumption of alternative fuels to the total amount of thermal energy consumption in the cement kiln system

Note: French West Indies, previously reflected under Latin 6merica, is now reported under the geographical region of Europe to align with the current internal management structure

‌REGIONAL HIGHLIGHTS - LATIN AMERICA

Key financials

Net sales up 7.6% organically driven by Mexico, Central 6merica and Ecuador

Recurring EBIĪ margin of 30.6%

Highlights

Completed acquisition of a majority stake in Cementos Pacasmayo

Signed acquisition in Colombia with one integrated cement plant and

>20 production sites

Outlook

Social housing project with 1.8 m new homes1 and infrastructure to accelerate growth in Mexico

High demand for housing and

infrastructure in Central 6merica

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1 Conavi Comision Nacional de Vivienda

Note: French West Indies, previously reflected under Latin 6merica, is now reported under the geographical region of Europe to align with the current internal management structure

‌REGIONAL HIGHLIGHTS - ASIA, MIDDLE EAST & AFRICA

Key financials

Strong organic recurring EBIĪ growth of 26.3%

Continued margin expansion reaching 22.0%, up 100 bps

Highlights

Good demand trends continued in North 6frica and 6ustralia

Value-accretive acquisition in New Zealand and further portfolio optimization

Outlook

Further growth in North 6frica driven by infrastructure and residential projects

Good momentum in 6ustralia, e.g.

Rocky Ring Road, North East Link project and 2032 Olympic Games in Brisbane

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‌ORGANIC GROWTH IN NET SALES OF 3.9%

Q1 Net sales bridge

CHF m and % change

3 696

+3.9%

-2.8%

-5.6% 3 520

+136

-104

-207

ʘ1 2025

Organic growth

M&6

FX ʘ1 2026

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‌ORGANIC GROWTH IN RECURRING EBIT OF 8.3%

Q1

Recurring EBIT bridge

CHF m and % change

485

+8.3%

-13.0%

-5.5% 431

+35

-63

-26

ʘ1 2025

Organic growth

M&6

FX ʘ1 2026

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‌FUTURE-PROOFING HOLCIM FROM ENERGY PRICE EXPOSURE

• Driving fuel and electricity cost reduction through

  operational excellence in manufacturing

• Scaling up renewables with Power Purchase 6greements and waste heat recovery to optimize cost

• Increasing the use of alternative fuels to 50% globally and 90% in Europe by 2030

  Alternative fuels1 Energy costs2

• Leading the European energy transition with 14 cement

plants already between 80% - 100% alternative fuel use

2022 2025

2022 2025

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Note: Figures as reported

1 6lternative fuels as %, also known as Īhermal Substitution Rate (ĪSR), is the ratio of thermal energy consumption of alternative fuels to the total amount of thermal energy consumption in the cement kiln system

2 Fuel & electricity costs as a % of sales

‌FURTHER EXPANSION OF INDUSTRY-LEADING MARGIN

17.7%

17.0%

18.1%

Q1

Recurring EBIT and margin

ʘ1 2024 ʘ1 2025 ʘ1 2026

12M rolling

recurring EBIĪ (CHF m)

%

12M rolling

recurring EBIĪ margin

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‌DIVERSE PORTFOLIO DRIVING PROFITABLE GROWTH

Europe

Latin America

Asia, Middle East & Africa

30.6%

-230 bps

22.0%

+100 bps

-2.3%

-7.1%

+7.6%

+0.1%

+8.9%

+26.3%

1 902

767

701

236

RECURRING EBIĪ M6RGIN & V6RI6NCE

NEĪ S6LES

Īo external customers (CHF m)

RECURRING EBIĪ

(CHF m)

% ORG6NIC GROWĪH / DECLINE

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Note: Margin expressed as recurring EBIĪ divided by total net sales

French West Indies, previously reflected under Latin 6merica, is now reported under the geographical region of Europe to align with the current internal management structure

New

picture

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‌NEXTGEN GROWTH 2030 DRIVING SUPERIOR PERFORMANCE

• Enhancing our leading positions

  with our sustainable offering powered by premium brands

• Decarbonization and circular construction

  driving profitable growth

• Expansion of high-value Building Solutions

  capturing new profitable market segments

  INDUSTRY-LEADING RECURRING EBIT MARGIN

  18.1%

  in ʘ1 20261

• Continuous value-accretive M&A

  with focus on the most attractive markets

• Embedded performance culture

delivering superior financial performance

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1 12M rolling recurring EBIĪ margin

‌SCALING SUSTAINABLE OFFERING TO MEET CUSTOMER DEMAND

Simone Veil Bridge in Bordeaux, France Built with ECOPlanet inside

Cardinales Cofico in Córdoba, 6rgentina Built with ECOPact inside

Q1 2026 Q1 2026

% of ready-mix net sales % of cement net sales

29% 35%

Q1 2025 Q1 2025

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Note: 2025 figures are restated for discontinued operations and other material changes in scope

‌SCALING SUSTAINABLE OFFERING TO MEET CUSTOMER DEMAND

Eco-district in Pontcharra, France

ECOCycle is being used to rebuild 90 social housing units

1.8

+24%

Q1 2026

(million tons)

Volume of recycled construction demolition materials (CDM)

1.5

Q1 2025

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Note: 2025 figures are restated for discontinued operations and other material changes in scope

‌WELCOMING CEMENTOS PACASMAYO TO THE HOLCIM FAMILY

Holcim completed its acquisition of a majority stake in Cementos Pacasmayo in March 2026.

Īhe acquisition is a milestone

in Holcim's Latin America expansion, bringing a complementary portfolio of building materials and

solutions in Peru.

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‌5 VALUE-ACCRETIVE TRANSACTIONS CLOSED

6cquisitions

• Cementos Pacasmayo

  Peru (cement mainly)

• Uranus Pluton SRL

  Romania (aggregates)

  Divestments

• Holcim Liban S.A.L.

  Lebanon & Cyprus (cement)

  6cquisitions

  New pic

  
  
  

• Jacobs NV

  Belgium (ready-mix concrete)

• Ready-Mix business of Stevenson Group

New Zealand (ready-mix concrete)

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‌AI UNLOCKING GROWTH AND VALUE CREATION

LOGISTICS

Optimizing supply chain and distribution network

COMMERCIAL

Enhancing customer experience

across the full value chain

PRODUCTION

By 2028

CHF 200 m

Rec. EBIĪ

powered by 6I initiatives1

Driving manufacturing and procurement excellence

ADMINISTRATION

Simplifying processes and

boosting productivity

Growth investments of ~CHF 20 million per year to accelerate AI adoption at scale

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1 Net benefits includes cost reduction and cost avoidance

‌AI DEPLOYMENT PROGRESSING AT SCALE - KEY INITIATIVES

PRODUCTION EXAMPLES

10 initiatives

HOLCIM

6I-powered prediction models for equipment performance,

optimizing maintenance efficiency and driving operational excellence

LOGISTICS

10 initiatives

6I-powered forecasting models for sales and inventory, optimizing fleet and network utilization

COMMERCIAL

8 initiatives

6I-powered customer platform for integrated demand forecasting, planning, ordering and delivery with real-time tracking 24/7

ADMINISTRATION

10 initiatives

HOLCIM

6I-powered talent marketplace, matching Holcim's people to

business opportunities to create value and nurture talent

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‌GUIDANCE 2026

• 2026 growth in line with NextGen Growth 2030 targets:

  • 3% to 5% organic net sales growth

  • 8% to 10% organic recurring EBIT growth

• Further increase of recurring EBIT margin

• Free cash flow of around CHF 2 billion

• >20% growth in recycled construction demolition materials

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‌HOLCIM: A HIGHLY COMPELLING INVESTMENT

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‌UPCOMING EVENTS AND CONTACTS

6nnual General Meeting

Half-year 2026 results

ʘ3 2026 trading update

Full-year 2026 results

Holcim Investor Relations

Email: investor.relations@holcim.com Phone: +41 58 858 87 87

Bernd Pomrehn

Head Investor Relations bernd.pomrehn@holcim.com

Bénédicte Mayer

Senior Investor Relations Manager benedicte.mayer@holcim.com

Īia Oreskovic

Investor Relations Manager tia.oreskovic@holcim.com

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‌HOLCIM'S ESG LEADERSHIP RECOGNIZED BY RATINGS AGENCIES

SUSTAINALYTICS RECOGNIZES HOLCIM AS #1 IN THE SECTOR

A List, Climate & Water

Only 4% of companies rated reached the double 6 List in 2025

Low Risk Rating

Ranked #1 out of 119 companies in the sector

A Score, Leader

Best-in class in governance, scope 3 and value chain engagement

B-, Prime Status

Ranked in the top 8% vs companies in the sector

AAA

Leader among construction materials sector

ESG Index Inclusion

Significantly exceeded the industry average score

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‌GLOSSARY

Definitions

• Organic growth: Organic growth information factors out changes in the scope of consolidation (such as divestments and acquisitions occurring in the current year and the prior year) and currency translation effects (current-year figures are converted with prior-year exchange rates in order to calculate the currency effects).

  Abbreviations

• Bps: Basis points

• CDM: Construction demolition materials

• EBIT: Earnings before interest and taxes

• TSR: Īhermal substitution rate

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‌DISCLAIMER

By accessing this presentation (and the information contained herein), you agree to be bound by and liable for breach of the following terms and conditions:

Īhe presentation (and the information contained herein) is provided to you by Holcim Ltd ("Holcim") and/or any of its subsidiaries or affiliates (together with Holcim, collectively, the "Holcim Group") on a confidential basis. You hereby undertake, unconditionally and without any limitation or restriction (i) not to disclose, re-distribute, pass on and or make available, whether directly or indirectly, all or part of the presentation (and the information contained herein) to any third-party (including, but not limited to, the press) and (ii) not to publish or reproduce all or part of the presentation (and the information contained herein). Īhe information contained in this presentation has been prepared as of the date of this presentation. In providing this presentation (and the information contained herein), no legal entity of the Holcim Group undertakes any obligation to (i) provide you with access to any additional information, (ii) to update the information contained herein or any additional information or (iii) to correct any inaccuracies in the information contained herein, which may become apparent. Īhis presentation does not constitute, or form part of, any offer or invitation to (i) sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of any legal entity of the Holcim Group, or (ii) to enter into any contract, agreement or commitment whatsoever with any legal entity of the Holcim Group. Īhis presentation is for informational use only and does not constitute a prospectus within the meaning of the Swiss Financial Services 6ct ("FinS6") or under the applicable laws of any other jurisdiction. Neither this presentation (nor the information contained herein), nor any part of it, (i) constitutes investment advice, and/or (ii) should form the basis of, or be relied on in connection with, any purchase, sale or subscription of any securities of any legal entity of the Holcim Group and/or (iii) should be relied on in connection with any contract, agreement or commitment whatsoever. Īhe information contained herein has been obtained from sources believed by Holcim to be reliable. Whilst all reasonable care has been taken to ensure that the information stated herein is accurate and that the opinions and expectations contained herein are fair and reasonable, neither have been independently audited, reviewed and/or verified and no representation or warranty, expressed or implied, is or will be made by any legal entity of the Holcim Group with respect to the fairness, completeness, correctness, reasonableness or accuracy of any information, opinions and/or expectations contained herein. In particular, certain of the financial information contained herein has been derived from sources such as accounts maintained by management of Holcim in the ordinary course of business, which have not been independently verified or audited and may differ from the results of operations presented in the historical audited financial statements of Holcim and/or any other legal entity of the Holcim Group. No legal entity of the Holcim Group, nor any of their respective directors, officers, managers, employees, consultants, advisers, agents or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss or damage howsoever arising from any use of this presentation (and the information contained herein), or any action taken by you or any of your directors, officers, managers, employees, consultants, advisers, agents or representatives on the basis of this presentation (and the information contained herein) or otherwise arising in connection therewith. Īhis presentation (and the information contained herein) may contain forward-looking statements, estimates and projections. 6ll statements herein, other than statements of historical fact, are forward-looking statements, including, but not limited to, forward-looking statements regarding the Holcim Group's business, earnings performance and

opportunities for potential growth, all of which are based on Holcim's management's current plans, estimates, forecasts and expectations. Īhese forward-looking statements are subject to a number of assumptions and entail known and unknown risks and uncertainties, which may cause actual results, performance and developments to differ materially from any expected results, performance and developments expressed or implied by such forward-looking statements. Forward-looking statements contained in this presentation regarding past trends or activities should not be taken as a representation and/or warranty that such trends and activities will continue in the future. 6lthough Holcim believes that the estimates and projections reflected in the forward-looking statements are reasonable, they may prove materially incorrect, and actual results may materially differ. 6s a result, you should not rely on any forward-looking statements. No legal entity of the Holcim Group undertakes any obligation to update or revise any forward-looking statements in the future or to adjust them in line with future events or developments, except to the extent required by applicable law. Holcim makes no representations or warranties as to the accuracy of any projections, statements or information contained in this presentation. It is understood and agreed (i) that any such projections, targets, statements and information are not to be viewed as facts and are subject to significant business, financial, economic, operating, competitive and other risks, uncertainties and contingencies many of which are beyond Holcim's control, (ii) that no assurance can be given that any particular financial projections ranges, or targets will be realized, and (iii) that actual results may differ from projected results and that such differences may be material. While all financial projections, estimates and targets are necessarily speculative, Holcim believes that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection, estimate or target extends from the date of preparation. Īhe assumptions and estimates underlying the projected, expected or targeted results are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the financial projections, estimates and targets. Īhe inclusion of financial projections, estimates and targets in this presentation should not be regarded as an indication that Holcim or its representatives, considered or consider the financial projections, estimates and targets to be a reliable prediction of future events.

Photo credits slide 15:

6rchitects: GĪB 6rchitecte Īechnical consultant: SOR6EĪEC Īechnical consultant: ĪERRE ECO Contractor: ĪDM

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