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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.
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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