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Holcim (HOLN) investor relations material
Holcim Q3 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 TU earnings summary24 Oct, 2025
Executive summary
Achieved strong profitable growth in the first nine months of 2025, with net sales of CHF 11.9 billion, up 2.9% in local currency, and Q3 net sales up 4.9%, driven by leading market positions and a resilient business model.
Recurring EBIT grew 9.8% in local currency for nine months, with margin expansion to 19.1% and Q3 recurring EBIT up 8.1% in local currency.
Announced the acquisition of Xella, a European leader in sustainable walling systems, expanding into the EUR 12 billion+ walling market and projected to add EUR 1 billion in net sales.
Closed 14 value-accretive M&A transactions since the start of the year, focusing on attractive markets and expanding the portfolio.
Financial highlights
Net sales for nine months reached CHF 11.9 billion, up 2.9% in local currency; Q3 net sales up 4.9% in local currency.
Recurring EBIT for nine months was CHF 2.3 billion, up 9.8% in local currency; Q3 recurring EBIT up 8.1% in local currency.
Recurring EBIT margin reached 19.1% for nine months, with 12-month rolling margin at 18.1%.
Free cash flow before leases expected to be around CHF 2 billion for FY2025.
Foreign exchange effects negatively impacted sales by CHF 600 million (5%).
Outlook and guidance
Full-year 2025 guidance confirmed: 3%-5% net sales growth in local currency, 6%-10% recurring EBIT growth, recurring EBIT margin above 18%, and free cash flow before leases around CHF 2 billion.
Strong pricing momentum expected in 2026, especially in Europe due to EU ETS changes; double-digit price increases targeted in high-inflation markets.
Robust project pipeline and positive outlook in key regions, with infrastructure and residential recovery expected to drive growth.
Latin America margins expected above 30% in Q4 and for the full year, with further margin progression anticipated in 2026 as integration synergies materialize.
What specific synergies expected from Xella acquisition?
Explain Latin America's 9M EBIT decline.
Quantify sustainability's impact on margin.
Xela: growth platform beyond initial synergies?
Decarbonization's impact on European margins?
M&A capacity post-Xela; insulation interest?
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H2 202527 Feb, 2026
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Frequently asked questions
Experts in Building Materials
Holcim Ltd. is a Switzerland-based multinational company specializing in the production and supply of building materials. Established in 1912, the company's core offerings include cement, aggregates, ready-mix concrete, and other related products. Over its extensive history, Holcim has expanded its operations and now has a presence in over 70 countries worldwide. As the construction sector has seen various changes and advancements, Holcim has adapted its products and services to cater to both modern construction and sustainability requirements and has an emphasis on sustainability.
Growth From a Local Cement Producer
Founded in 1912 in the small town of Holderbank, Switzerland, Holcim Ltd. began as a local cement producer. Over the subsequent decades, its commitment to quality and innovation allowed it to expand beyond its Swiss borders, and by the mid-20th century, the company had established operations in multiple countries across Europe. Holcim's continuous expansion strategy, both organically and through strategic acquisitions, propelled it onto the global stage. In the 21st century, the company's growth was marked by mergers and partnerships, notably with Lafarge in 2015. As environmental concerns became prominent, Holcim adapted by focusing on sustainable building solutions and practices, something that has become a key focal point for the company.
Building Blocks
The company is a supplier of construction materials, specializing in cement, aggregates (such as gravel, crushed stone, and sand), ready-mix concrete, and asphalt. These products form the backbone of countless construction projects around the world. Holcim's cement varieties, for instance, are key ingredients in both residential and commercial buildings, infrastructure like bridges and roads, as well as in special applications requiring high resilience, such as dams. Their aggregates provide foundational stability for construction, while the ready-mix concrete is used in a myriad of structures, from sidewalks to skyscrapers. They compete with companies such as Heidelberg and CRH, but they also conduct joint projects with names such as Engie in various sustainability drives.
Building Sustainably
Holcim places a pronounced emphasis on sustainability, striving to integrate eco-friendly practices across its operations. Recognizing the construction sector's substantial carbon footprint, the company commits to reducing CO2 emissions and harnessing innovative technologies to produce low-carbon and carbon-neutral products. Holcim also invests in circular economy strategies, focusing on recycling and reusing materials to minimize waste.
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