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Heidelberg Materials (HEI) investor relations material

Heidelberg Materials Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary31 Jul, 2025

Executive summary

  • Revenue grew 4% year-over-year in H1 2025, with strong operational performance, margin expansion, and disciplined pricing and cost management despite lower volumes.

  • Result from current operations (RCO) rose 6.6% to €1,282m, and earnings per share increased, supported by efficiency gains and Transformation Accelerator savings.

  • Major acquisitions completed: Giant Cement (US), Asment Témara (Morocco), and others, accelerating growth.

  • Sustainability progress includes a 4% year-over-year reduction in CO2 emissions, launch of the world's first industrial-scale carbon capture plant, and upgraded 2030 targets.

  • Outlook for 2025 confirmed with RCO guidance of €3.25–3.55bn, ROIC around 10%, and further CO2 reduction.

Financial highlights

  • H1 2025 revenue reached €10.4bn, up 4% year-over-year; operating EBITDA up 6%, EBIT up 7%, and operating margin up to 18.6%.

  • Profit for the period rose 21.7% to €759m; group share profit up roughly 20%, with higher EPS.

  • Free cash flow for the last 12 months at €2.3bn, with a cash conversion rate of 49%.

  • Leverage stable at 1.56x; net debt at €7.2bn as of June.

  • CapEx remains disciplined, €40m below prior year.

Outlook and guidance

  • 2025 RCO guidance confirmed at €3.25–3.55bn, ROIC around 10%, CapEx around €1.2bn, and leverage to remain near 1.5x.

  • Specific net CO2 emissions per tonne of cementitious material expected to decline further; all 2030 sustainability targets upgraded.

  • Confident in maintaining positive price over cost in all regions for H2; focus remains on price adjustments and strict cost management.

  • Global construction demand seen stabilising at a low level, with continued cost volatility in energy and raw materials.

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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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