Holcim (HOLN) H1 2025 earnings summary

Executive summary

• Achieved robust net sales of CHF 7.9 bn in H1 2025, up 1.8% in local currency, with recurring EBIT up 10.8% in local currency to CHF 1.4 bn and EPS up 7.4% to CHF 1.57, driven by margin expansion, high-value strategy, and 11 value-accretive M&A transactions.

• Recurring EBIT margin expanded to 18.3%, with all regions contributing to growth and strong 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.

• Launched the NextGen Growth 2030 strategy, targeting industry-leading financial and sustainability goals.

• Sustainability initiatives advanced, with significant increases in recycled construction demolition materials and premium ECO brand sales.

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; recurring EBIT margin improved by 90bps to 18.3%.

• EPS from continuing operations increased 7.4% to CHF 1.57; net income from continuing operations attributable to shareholders was CHF 908 million, up 35.2% year-over-year.

• Free cash flow before leases was CHF 156 million, on track to meet full-year guidance.

• Net financial debt reduced to CHF 5,548 million from CHF 10,862 million at H1 2024; leverage ratio at 1.2x in H1 2025.

• Q2 net sales grew 2.4% in local currency; Q2 recurring EBIT up 9.8% in local currency.

Outlook and guidance

• FY 2025 guidance: 3% to 5% net sales growth and 6% to 10% recurring EBIT growth in local currency, with recurring EBIT margin above 18% and free cash flow before leases around CHF 2 billion.

• Guidance aligns with NextGen Growth 2030 strategy, including >20% growth in recycled construction demolition materials and >50% sustainable product net sales by 2030.

• H2 expected to show accelerated momentum, with positive outlook across all regions.