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Heidelberg Materials (HEI) investor relations material
Heidelberg Materials Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Revenue increased by 1% year-over-year in Q3 2025 (4% excluding currency impact), with RCO up 5% (7% excluding currency impact), and operating EBITDA margin up 65 basis points, reflecting strong operational performance despite challenging markets.
Transformation Accelerator program delivered €250 million in savings, halfway to the €500 million target, with 15 months remaining.
Share buyback program is on track, with the second tranche of €1.2 billion to be completed by mid-December.
Decarbonization leadership expanded with final investment decisions for major CCS projects, including Padeswood, and the launch of evoZero® low-carbon cement.
Portfolio optimization and major acquisitions in Morocco, Australia, the US, and Canada supported growth and efficiency.
Financial highlights
Q3 2025 revenue reached €5,807 million, up 1% year-over-year; operating EBITDA at €1,502 million, up 3%; RCO at €1,179 million, up 5%.
9M 2025 revenue at €16,205 million, up 2.9%; operating EBITDA at €3,432 million, up 4.6%; RCO at €2,461 million, up 5.8%.
Adjusted EPS increased by 4% to €8.7; reported EPS up 11.8% to €7.95 due to prior-year impairments.
Last 12 months' free cash flow at €2.3 billion; leverage at 1.5x, expected to fall to 1.2–1.3x by year-end.
Net volume declined in some regions, but price over cost remained positive, offsetting volume weakness.
Outlook and guidance
2025 RCO guidance narrowed to €3.3–3.5 billion; ROIC expected around 10%.
CapEx to remain around €1.2 billion; leverage expected at or below 1.5x.
Slight reductions in CO2 emissions anticipated.
Positive outlook for 2026, with expectations of improved pricing in Europe and the U.S.
Detail evoZero market expansion strategy
How do recent acquisitions enhance market position?
Detail Transformation Accelerator's Western Europe focus
What is HM's competitive edge in carbon capture?
2026 pricing strategy: Value over volume impact?
What prevents accelerating share buyback tranche 3?
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Next Heidelberg Materials earnings date
Q4 202526 Mar, 2026
Next Heidelberg Materials earnings date
Q4 202526 Mar, 2026
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Frequently asked questions
Heidelberg Materials AG engages in the production and distribution of cement, ready-mixed concrete, aggregates, and other building materials. The company also involves in the construction of asphalt sites, pipelines, and railway tracks; manufacture of concrete pipes and precast units; and provision of engineering services, as well as power generation services.
In addition, it offers prefabricated parts for industrial plants; technical building components; railroad traffic tracks; plant technology products; road construction equipment; motorcycle towing vehicles; and house ventilation products. The company was founded in 1873 and is headquartered in Heidelberg, Germany
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