Heidelberg Materials (HEI) investor relations material

Executive summary

• Q3 revenue rose 10.4% to €6,413m (+5.6% like-for-like); RCO increased 8.7% to €1,281m (+6.5% like-for-like), with growth from volume and positive price over cost.

• Strong European performance and continued North American growth supported the quarter; FY 2026 guidance was confirmed.

• 9M revenue increased 4.9% to €16,993m; RCOBD rose 2.7% to €3,525m and RCO rose 2.8% to €2,530m.

Financial highlights

• Q3 operating EBITDA (RCOBD) increased 8.2% to €1,624m; margin declined 54 bps to 25.3%.

• 9M revenue rose 4.9% to €16,993m; operating EBITDA increased 2.7% to €3,525m and RCO increased 2.8% to €2,530m.

• 9M like-for-like RCOBD rose 1.9% and RCO 2.3%; Q3 like-for-like RCOBD rose 5.2% and RCO 6.5%.

• Adjusted EPS rose 10% to €9.50 for the first nine months; last-12-month free cash flow was €1.9bn.

• 9M scope changes added €342m to revenue, mainly from Akçansa and prior-year acquisitions; currency effects reduced revenue by €166m.

Outlook and guidance

• FY 2026 RCO guidance remains €3.40bn–€3.65bn; ROIC is expected to be slightly above 10%, net CapEx €1.2bn–€1.3bn and leverage ~1.5x.

• Specific net CO₂ emissions per tonne of cementitious material are expected to remain near the prior-year level, including Akçansa’s first-time consolidation.

• TAI savings target of €500m is expected to be exceeded in 2026; a further €300m is targeted by end-2028, nearly equally in 2027 and 2028.

• Acquired businesses Maas, Peru and Akçansa are expected to add ~€30m RCO in Q4 2026 and €130m–€140m in 2027; estimate excludes NCC, pending closing timing.

• 2027 energy costs are expected to rise mid- to high-single digits; pricing and efficiency are intended to mitigate cost inflation.