Strong first half with 11.5% organic growth in recurring EBIT, guidance upgraded

Recurring EBIT up 11.5% organically to CHF 1 438 million; up 13.1% in Q2
Net sales up 5.2% organically to CHF 7 925 million; up 6.4% in Q2 Recurring EBIT margin of 18.1%, with improving momentum EPS up 7.4% before impairment and divestments Two strategic acquisitions closed: Xella and a majority stake in Cementos Pacasmayo, expanding in high-value Building Solutions and Latin America Full-year guidance 2026 upgraded: ~5% organic net sales growth, ~10% organic recurring EBIT growth   Miljan Gutovic, CEO: “I thank all of our 50 000 employees worldwide for their contributions to our strong half-year results, as we continue to deliver on our NextGen Growth 2030 strategy with impeccable execution. “In H1, we achieved strong profitable growth with an industry-leading recurring EBIT margin, while completing two value-accretive, strategic acquisitions: Xella across 22 European markets and a majority stake in Cementos Pacasmayo in Peru. These acquisitions will accelerate NextGen Growth 2030 by expanding high-value Building Solutions and growing our footprint in the attractive Latin America region. “Holcim delivered strong organic growth in net sales in the first half, driven by its leading positions in highly attractive markets. There was double-digit organic growth in recurring EBIT, while our 18.1% margin resulted from increased customer demand for our sustainable offering, strict cost discipline and operational excellence. “Building on our strong results and our resilient and proven business model across all economic cycles and market conditions, we upgrade our full-year 2026 guidance.”

Performance overview Q2 2026 Group Q2	2026	2025	±%	±% organic growth
Net sales (CHFm)	4 405	4 175	+5.5	+6.4
Recurring EBIT (CHFm)	1 007	955	+5.4	+13.1
Recurring EBIT margin (%)	22.9	22.9	0bps

 

Performance overview H1 2026 Group H1	2026	2025	±%	±% organic growth
Net sales (CHFm)	7 925	7 871	+0.7	+5.2
Recurring EBIT (CHFm)	1 438	1 440	-0.1	+11.5
Recurring EBIT margin (%)	18.1	18.3	-20bps
Operating profit (CHFm)	1 281	1 407	-8.9
Net income, Group share1 (CHFm)	913	908	+0.5
Net income before impairment and divestments, Group share1 (CHFm)	936	869	+7.7
EPS1 (CHF)	1.65	1.64	+0.2
EPS before impairment and divestments1 (CHF)	1.69	1.57	+7.4
Free cash flow (CHFm)	36	156	-77.2
Net financial debt (CHFm)	7 300	5 548	+31.6

 ¹ From continuing operations.   Profitable growth continues   Net sales of CHF 7 925 million in the first half of the year were up 5.2% organically compared to the same period in the prior year. Momentum accelerated in the second quarter, with a 6.4% organic increase.   Recurring EBIT in the first half of the year grew over-proportionally compared to net sales to
CHF 1 438 million, a rise of 11.5% organically versus the prior-year period, accelerating in the second quarter with a 13.1% organic increase. Holcim reported a recurring EBIT margin of 18.1% with increasing momentum in the second quarter that is expected to continue into the second half of the year.   Holcim’s earnings per share before impairment and divestments from continuing operations in the first half of 2026 were CHF 1.69, up 7.4% compared to the prior-year period.   Free cash flow was CHF 36 million in H1 2026, compared to CHF 156 million in H1 2025, on track to achieve full-year 2026 guidance of around CHF 2 billion.   Focused investments in attractive markets   Holcim is continuing to invest in highly attractive markets, both organically and through value-accretive M&A. In the first half of the year, Holcim closed seven transactions, comprising six acquisitions and one divestment.   Building Materials was strengthened with two acquisitions for the cement and aggregates business: in addition to Cementos Pacasmayo, Holcim acquired Uranus Pluton SRL in Romania.   Building Solutions expanded with four acquisitions: in addition to Xella, Holcim completed three acquisitions for ready-mix concrete: Jacobs NV in Belgium, Josef Klösters Kies & Beton GmbH in Germany, and the ready-mix business of Stevenson Group in New Zealand.   Holcim also closed the divestment of its operations in Lebanon, including activities in Cyprus.   Sustainability driving profitable growth   In the first half of 2026, net sales of Holcim’s ECOPact were 30%1 of total ready-mix concrete net sales, while net sales of ECOPlanet amounted to 40%1 of total cement net sales.   Holcim is accelerating circular construction using ECOCycle technology. In the first half of 2026, Holcim increased the volume of recycled construction demolition materials by 36% to 4.7 million tons1 compared to the prior-year period. With the acquisition of Xella, Holcim added 22 circular construction hubs to its footprint, bringing the total to 134 in the first half of the year.   Guidance 2026 upgraded   Holcim’s NextGen Growth 2030 strategy will continue to drive superior performance and value creation. Building on its strong first half-year results, Holcim upgrades its FY2026 guidance2: Net sales and recurring EBIT growth at the high end of NextGen Growth 2030 targets: ~5% organic net sales growth ~10% organic recurring EBIT growth Further increase of recurring EBIT margin Free cash flow of around CHF 2 billion >20% growth in recycled construction demolition materials 1 Excluding large acquisitions. 2 Previous FY2026 guidance: 3% to 5% organic growth in net sales; 8% to 10% organic growth in recurring EBIT.     Group results by product line   Holcim’s two customer-focused product lines are Building Materials and Building Solutions, both providing customers end-to-end solutions from foundation and flooring to walling and roofing, across the built environment from infrastructure and industry to buildings.   Building Materials covers an extensive range of cement and aggregates for customers, focusing on decarbonized cement and circular aggregates. Building Solutions comprises energy-efficient building systems and high-performance concrete and surfacing.

Product line Q2	2026	2025	±%	±% organic growth
Net sales of Building Materials (CHFm)	3 182	3 085	+3.2	+7.8
Net sales of Building Solutions (CHFm)	1 685	1 528	+10.3	+3.6
Product line H1	2026	2025	±%	±% organic growth
Net sales of Building Materials (CHFm)	5 687	5 823	-2.3	+6.4
Net sales of Building Solutions (CHFm)	3 091	2 882	+7.3	+3.0

    Regional segment performance     Europe Europe saw strong net sales, accelerating in Q2, driven by Germany, Switzerland, Spain, Greece, and East Europe, with a positive contribution from the Alkern acquisition. The recurring EBIT margin was up 20 bps for the first half versus the prior-year period. Positive momentum in residential building permits continues in France, Germany, and Poland, contributing to a strong outlook supported by infrastructure investments in Central and East Europe, from roads to tunnels and airports.

Europe Q2¹	2026	2025	±%	±% organic growth
Net sales to external customers (CHFm)	2 481	2 332	+6.4	+4.2
Recurring EBIT (CHFm)	563	526	+7.0	+8.2
Recurring EBIT margin (%)	22.5	22.4	+10bps
Europe H1¹	2026	2025	±%	±% organic growth
Net sales to external customers (CHFm)	4 383	4 262	+2.8	+1.2
Recurring EBIT (CHFm)	682	658	+3.5	+5.1
Recurring EBIT margin (%)	15.5	15.3	+20bps

¹ French West Indies, previously reflected under Latin America, is now reported under the geographical region of Europe to align with the current internal management structure. This change has been applied retrospectively, and prior-year figures have been restated accordingly.   Latin America Latin America delivered strong organic growth in net sales of 6.2% in the first half, driven by Mexico, Ecuador, and Central America. The region is consistently delivering a recurring EBIT margin above 30%. Cementos Pacasmayo contributed positively to second-quarter results. For the outlook, demand for housing and infrastructure is high in Mexico, Peru, and Central America; Holcim is supplying the region’s largest social housing project in Ecuador with ECOPact, to be completed by 2030.

Latin America Q2¹	2026	2025	±%	±% organic growth
Net sales to external customers (CHFm)	947	755	+25.4	+4.8
Recurring EBIT (CHFm)	288	247	+16.8	+3.8
Recurring EBIT margin (%)	30.4	32.3	-190bps

 

Latin America H1¹	2026	2025	±%	±% organic growth
Net sales to external customers (CHFm)	1 714	1 494	+14.8	+6.2
Recurring EBIT (CHFm)	524	491	+6.6	+1.9
Recurring EBIT margin (%)	30.5	32.6	-210bps
¹ French West Indies, previously reflected under Latin America, is now reported under the geographical region of Europe to align with the current internal management structure. This change has been applied retrospectively, and prior-year figures have been restated accordingly.

  Asia, Middle East & Africa The region delivered excellent organic growth in net sales and recurring EBIT in the first half, with continued margin expansion reaching 25.7%, up 80 bps. ECOCycle was launched in Australia to accelerate circular construction. With favorable demand trends in North Africa and Australia, strong growth is expected to continue, driven by residential and large-scale infrastructure projects. For example, in Australia, Holcim is supplying Sydney’s Western Parkland City with ECOPact.

Asia, Middle East & Africa Q2	2026	2025	±%	±% organic growth
Net sales to external customers (CHFm)	808	967	-16.5	+8.2
Recurring EBIT (CHFm)	250	292	-14.2	+22.1
Recurring EBIT margin (%)	28.8	28.6	+20bps

 

Asia, Middle East & Africa H1	2026	2025	±%	±% organic growth
Net sales to external customers (CHFm)	1 508	1 884	-19.9	+8.5
Recurring EBIT (CHFm)	414	493	-16.1	+23.8
Recurring EBIT margin (%)	25.7	24.9	+80bps

    Reconciliation to Group accounts Reconciling measures of profit and loss to the Holcim Group’s Condensed Interim Consolidated Statement of Income   The indicators presented in the table below relate only to continuing operations.

Million CHF	H1 2026 Unaudited	H1 2025 Unaudited
Net sales	7 925	7 871
Recurring operating costs	(6 086)	(6 023)
Share of profit of joint ventures	141	135
Recurring EBITDA	1 980	1 982
Depreciation and amortization of property, plant and equipment, intangible and other long-term assets	(435)	(445)
Depreciation of right-of-use assets	(108)	(97)
Recurring EBIT	1 438	1 440
Restructuring, litigation and other non-recurring costs	(64)	(29)
Impairment of operating assets	(93)	(4)
Operating profit	1 281	1 407

 

Million CHF	H1 2026 Unaudited	H1 2025 Unaudited
Net income before taxes, impairment and divestments	1 295	1 231
Impairment of goodwill and long-term assets	(97)	(4)
Gain on disposals of Group companies	38	46
Net income before taxes	1 235	1 273

 

Million CHF	H1 2026 Unaudited	H1 2025 Unaudited
Net income before impairment and divestments, Group share	936	869
Net income before impairment and divestments, non-controlling interests	49	61
Net income before impairment and divestments	985	931
Impairment of goodwill and long-term assets, net of taxation	(69)	(3)
Gain on disposals of Group companies, net of taxation	37	42
Net income	954	969
EPS before impairment and divestments in CHF	1.69	1.57

  Reconciling measures of free cash flow to the Condensed Interim Consolidated Statement of Cash Flows   The indicators presented in the table below relate only to continuing operations.

Million CHF	H1 2026 Unaudited	H1 2025 Unaudited
Cash flow from operating activities	566	628
Purchase of property, plant and equipment	(570)	(497)
Disposal of property, plant and equipment	39	26
Free cash flow	36	156

    Reconciling measures of net financial debt to the Condensed Interim Consolidated Statement of Financial Position  

Million CHF	H1 2026 Unaudited	2025 Audited	H1 2025 Unaudited
Current financial liabilities	2 431	1 380	735
Long-term financial liabilities	8 521	7 867	9 079
Cash and cash equivalents	(3 602)	(5 440)	(4 235)
Short-term derivative assets	(24)	(11)	(20)
Long-term derivative assets	(26)	(11)	(12)
Net financial debt	7 300	3 785	5 548

    Additional information Alternative performance measures definitions Some alternative performance measures are used in this release to help describe the performance of Holcim. A full set of these alternative performance definitions can be found on our website.   Analyst presentation and 2026 Half-Year Report The analyst presentation of the Half-Year 2026 Results and the 2026 Half-Year Report are available on our website.   Media call: 09:00 CEST Analyst conference (webcast): 10:00 CEST To participate in the analyst’s conference, please register here.  

About Holcim
Holcim (SIX: HOLN) is the leading partner for sustainable construction with net sales of CHF 15.7 billion in 2025, creating value across the built environment from infrastructure and industry to buildings. Headquartered in Zug, Switzerland, Holcim has more than 50 000 employees in 45 countries – across Europe, Latin America and Asia, Middle East & Africa – and has been recognized as a Global Top Employer by the Top Employers Institute. Holcim offers high-value end-to-end Building Materials and Building Solutions, from foundation and flooring to walling and roofing – powered by premium brands including ECOPact, ECOPlanet, ECOCycle, and Ytong. Learn more about Holcim on www.holcim.com, and by following us on LinkedIn. Sign up for Holcim's Building Progress newsletter here. Important disclaimer – forward-looking statements:
This document contains forward-looking statements. Such forward-looking statements do not constitute forecasts regarding results or any other performance indicator, but rather trends or targets, as the case may be, including with respect to plans, initiatives, events, products, solutions and services, their development and potential. Although Holcim believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions as at the time of publishing this document, investors are cautioned that these statements are not guarantees of future performance. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are difficult to predict and generally beyond the control of Holcim, including but not limited to the risks described in  Holcim's annual report available on its website (www.holcim.com) and uncertainties related to the market conditions and the implementation of our plans. Accordingly, we caution you against relying on forward-looking statements. Holcim does not undertake to provide updates of these forward-looking statements.