Holcim (HOLN) Q1 2025 TU earnings summary

Executive summary

• Net sales for Q1 2025 were CHF 5,544 million, stable year-over-year in local currency despite adverse weather in North America.

• Recurring EBIT grew 1.7% in local currency, with margin expansion to 19.1% on a rolling 12-month basis.

• Five value-accretive acquisitions completed, strengthening aggregates and specialty solutions across regions.

• The Amrize/Amris spin-off is on track for June 2025, with shareholder approval scheduled for May.

• NextGen Growth 2030 strategy launched, focusing on sustainability and profitable growth post spin-off.

Financial highlights

• Q1 2025 net sales: CHF 5,544 million, down 0.2% in local currency; recurring EBIT: CHF 523 million, up 1.7% in local currency.

• 12-month rolling recurring EBIT margin increased to 19.1% from 16.3% in Q1 2023.

• Free cash flow guidance for 2025 is above CHF 3.5 billion.

• Net acquisitions contributed +0.4% to net sales; organic growth was slightly negative.

• ECOPact concrete accounted for 32% of ready-mix sales; ECOPlanet cement 29% of cement sales, both up from 26% a year ago.

Outlook and guidance

• Full-year 2025 guidance confirmed: mid-single-digit net sales growth in local currency and over-proportional recurring EBIT growth.

• Further recurring EBIT margin expansion and continued double-digit growth in recycled construction demolition materials anticipated.

• Robust project pipelines and favorable outlooks in Latin America, North Africa, and Australia.