Holcim (HOLN) Q3 2026 TU earnings summary

Executive summary

• 9M net sales reached CHF 12,586m, up 5.2% organically; recurring EBIT was CHF 2,414m, up 11.8%, with a 19.2% margin, up 10 bps YoY.

• Q3 net sales rose 15.5% in CHF and recurring EBIT 16.8%; FY 2026 recurring EBIT growth guidance was raised to 10%-12% organically.

• Performance reflected pricing, cost discipline, portfolio mix, acquisitions and growth in sustainable and circular offerings.

Financial highlights

• 9M net sales were CHF 12,586m, up 5.7% reported and 5.2% organically; M&A added 2.2% and FX reduced growth by 1.4%.

• 9M recurring EBIT was CHF 2,414m, up 6.1% reported and 11.8% organically; M&A reduced growth by 4.0% and FX by 0.7%.

• Q3 net sales were CHF 4,662m, up 5.1% organically; recurring EBIT was CHF 976m, up 12.2% organically. CHF growth was 15.5% and 16.8%, respectively.

• Positive price over cost continued in every region for the 18th consecutive quarter.

Outlook and guidance

• FY 2026 organic net sales growth is expected at ~5%, at the high end of NextGen Growth targets; recurring EBIT growth guidance is 10%-12%.

• Further recurring EBIT margin expansion and free cash flow before leases of ~CHF 2bn are expected for FY 2026.

• FY 2026 recycled construction and demolition materials volume growth target is >20%.

• 2027 cost inflation is forecast at mid-single-digit for raw materials, quarry and distribution, and mid-to-high single-digit for energy; hedging exceeds 70%, with mid-single-digit pricing expected to support positive price over cost.