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Holcim (HOLN) investor relations material
Holcim H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved strong net sales growth of CHF 7.9 billion in H1 2025, up 1.8% in local currency, with double-digit recurring EBIT growth and margin expansion to 18.3%, driven by a high-value, sustainable strategy and 11 value-accretive M&A transactions.
EPS increased 7.4% year-over-year to CHF 1.57, supported by disciplined financial management and operational execution.
Completed the spin-off of the North American business, Amrize, in June 2025, marking a new era focused on sustainable construction and value creation.
Sustainability initiatives advanced, with significant increases in recycled construction demolition materials and premium ECO brand sales.
All regions contributed to recurring EBIT growth, with Europe and Latin America up more than 6% each, and Asia, Middle East & Africa delivering double-digit growth.
Financial highlights
Net sales reached CHF 7,871 million, up 1.8% in local currency; recurring EBIT rose 10.8% in local currency to CHF 1,440 million, with margin at 18.3%.
EPS up 7.4% in Swiss francs year-over-year; net income from continuing operations increased 5.4% to CHF 931 million.
Free cash flow before leases at CHF 156 million for H1, on track for CHF 2 billion by year-end.
Net financial debt reduced to CHF 5,548 million, with leverage ratio at 1.2x and targeting 1.1x by end of 2025.
Recurring EBITDA margin improved to 25.2% in H1 2025.
Outlook and guidance
Full-year 2025 guidance: 3–5% net sales growth and 6–10% recurring EBIT growth in local currency, recurring EBIT margin above 18%, and free cash flow before leases around CHF 2 billion.
Targeting over 20% growth in recycled construction and demolition materials and continued expansion of premium ECO brands.
H2 expected to show accelerated momentum, with guidance unchanged and management aiming to overachieve.
Committed to 2030 targets: 3–5% annual net sales growth, 6–10% EBIT growth, over 50% ECO brand sales share, and less than 400 kg CO2 per ton of cementitious material.
Price increases for 2026 in Europe expected to be higher due to EU ETS Phase 4, but details pending.
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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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