Excellent 2025 results, double-digit recurring EBIT growth with industry-leading margin of 18.3%

• Full-year net sales of CHF 15 724 million, +3.0% in LC¹, up 3.4% in Q4 
  Recurring EBIT of CHF 2 876 million, +10.3% in LC¹, up 12.2% in Q4 
• Expansion of industry-leading recurring EBIT margin to 18.3%, +80bps
• Earnings per share² of CHF 3.22, up 5.0%
• Free cash flow of CHF 2 154 million, cash conversion of 54%
• Proposed dividend of CHF 1.70, not subject to Swiss withholding tax, reflecting a payout ratio of 53%
• +23.5% recycled construction demolition materials to 8.0 million tons

Miljan Gutovic, CEO: “I sincerely thank all of Holcim’s over 45 000 employees for their outstanding work and our excellent 2025 results. With all 2025 targets achieved, our NextGen Growth 2030 strategy is in full execution.

“We delivered strong profitable growth in 2025, with a double-digit recurring EBIT increase in local currency¹ and an industry-leading margin of 18.3%. Margin expansion was driven by strong cost discipline, operational excellence and the scaling up of our sustainable offering to meet increased customer demand.

“Holcim completed 21 transactions in 2025 to focus on the most attractive markets. As previously announced, we signed agreements to acquire Xella, a European leader in sustainable and innovative walling systems, and to take a majority stake in Cementos Pacasmayo, a leading producer of building materials in Peru. Both transactions are subject to regulatory and customary closing conditions.

“Building on our strong 2025 results, we are guiding for 2026 toward net sales and recurring EBIT growth in line with NextGen Growth 2030 targets, as well as further expansion of our recurring EBIT margin, free cash flow of around CHF 2 billion, and a >20% increase in recycled construction demolition materials.”

¹ Growth in local currency (LC) excluding large M&A.
²Before impairment and divestments and from continuing operations.

Performance overview

¹Comparative information restated for discontinued operations, except for net financial debt. 
² Growth in local currency excluding large M&A. 
³From continuing operations. Post spin-off, the free cash flow is presented before leases to allow better comparability with peers and align with industry practices.

Strong profitable growth, with acceleration in Q4

In the fourth quarter, recurring EBIT rose at an accelerated pace of 12.2% in LC¹ compared to the prior-year period to reach CHF 601 million. Fourth-quarter net sales of CHF 3 818 million rose 3.4% in LC¹ versus the fourth quarter of 2024.

Full-year net sales of CHF 15 724 million for 2025 were up 3.0% in LC¹ compared to the prior year. Recurring EBIT reached CHF 2 876 million for 2025, up 10.3% in LC¹ compared to the prior year, exceeding the top end of Holcim’s guidance. Holcim’s performance more than offset strong foreign exchange effects, with full-year recurring EBIT up 1.4% in Swiss franc versus the prior-year period.

Full-year earnings per share (EPS)2 of CHF 0.70 is impacted by the non-cash realization of currency translation differences following the divestment of Holcim’s business in Nigeria. The EPS before impairment and divestments² rose 5% to 3.22.

Free cash flow for the full year rose 1.6% to reach CHF 2 154 million, with a cash conversion ratio of 54%. In light of the company’s excellent 2025 financial performance and its confidence in the future, the Board of Directors proposes a dividend of CHF 1.70 per registered share, not subject to Swiss withholding tax and rebased following the spin-off of the North American business.

¹Growth in local currency (LC) excluding large M&A. 
²From continuing operations.

Focused investment in attractive markets

Holcim completed 21 transactions in 2025 to sharpen its geographical footprint and focus on the most attractive markets and business segments.

A total of 18 value-accretive acquisitions were completed. Building Materials was strengthened with nine acquisitions; Building Solutions expanded with nine acquisitions.

Holcim further optimized its portfolio by closing three divestments: its businesses in Jordan and Nigeria, as well as Karbala Cement Manufacturing Ltd in Iraq.

In October 2025, Holcim signed an agreement to acquire Xella, a European leader in sustainable and innovative walling systems with projected 2026 net sales of EUR 1 billion. The transaction is subject to customary conditions and regulatory approvals, and expected to close in H2 2026.

In December 2025, Holcim signed an agreement to acquire a majority stake in Cementos Pacasmayo, a leading Peruvian producer of building materials with reported 2025 net sales of USD 0.6 billion. It is expected to close in H1 2026, subject to customary conditions and regulatory approvals.

As part of its growth-focused capital allocation, Holcim is making organic investments with attractive returns and paybacks. Examples already commissioned include the installation of a vertical roller mill in Mexico, a new calcined clay production line in Ecuador, expansion of alternative fuels usage in Croatia, and a new precast factory in Australia.

The company signed an agreement this month with Air Liquide to deepen collaboration on carbon capture technology at the GO4ZERO project at Holcim’s Obourg plant in Belgium. The first phase of the plant's upgrade is in full execution and scheduled for completion in the first half of 2027. This will make Obourg the industry's most efficient state-of-the-art plant, ahead of it supplying near-zero cement at scale.

Sustainability driving profitable growth

Customer demand for Holcim’s sustainable offering continued to increase. In 2025, net sales of Holcim’s low-carbon ECOPact concrete increased to 31% of ready-mix net sales compared to 26% in the prior year¹, while net sales of ECOPlanet increased to 36% of cement net sales versus 34% in 2024¹.

Advancing circular construction, Holcim made three value-accretive acquisitions and invested in organic growth to add a combined 12 new circular construction hubs. The company increased the recycling of construction demolition materials by 23.5% to 8.0 million tons compared to the prior year¹.

¹2024 figures have been restated for material changes in scope.

Executive Committee Changes

To further unlock value creation as our NextGen Growth 2030 strategy gains strong momentum, Holcim today makes the following appointments to its Executive Committee, effective 1 March 2026.

Simon Kronenberg, currently Region Head Central and East Europe, is appointed Region Head of Latin America. Joining Holcim in 2007, Simon previously served as CEO of Switzerland, Italy, South Germany, and Haut-Rhin. He succeeds Oliver Osswald, who decided to pursue new opportunities outside of Holcim. We sincerely thank Oliver for his 30 years of service to the company.

Xavier Guesnu, currently Country CEO France, is appointed Region Head Central and East Europe. Joining Holcim in 2010, Xavier previously served as CEO of Poland.

As Holcim expands its high-value sustainable offering, Dragan Maksimovic, currently Region Head West Europe, is appointed Group Head of Building Systems. Dragan joined Holcim in 2021 as CEO of Holcim UK, a position he held until April 2024.

Grant Earnshaw, currently Area Manager Middle East and Africa, is appointed Region Head West Europe. Having joined Holcim in 1999, Grant has held General Management and CEO roles across Europe, the Middle East and Africa.

Guidance 2026

Holcim’s NextGen Growth 2030 strategy is expected to continue to drive superior performance and value creation. Building on its strong 2025 results, Holcim expects for FY2026:

• Growth in line with NextGen Growth 2030 targets: 
  • 3% to 5% net sales organic growth 
  • 8% to 10% recurring EBIT organic growth 
• Further increase of recurring EBIT margin 
• Free cash flow of around CHF 2 billion 
• >20% growth in recycled construction demolition materials

Group results by product line

Holcim’s two customer-focused product lines are Building Materials and Building Solutions, which together provide customers with end-to-end solutions from foundation and flooring to walling and roofing, across the built environment from infrastructure and commercial to residential.

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.

¹ Comparative information restated for discontinued operations and new management structure. 
² Growth in local currency excluding large M&A.

Regional performance

Europe

Recurring EBIT growth accelerated in the fourth quarter, rising 12.8% in LC¹, to finish up 7.4% in LC¹ for the full year. There was a strong 140 basis point expansion in margin for the full year, driven by customer demand for Holcim’s sustainable offering, and an acceleration in decarbonization and circular construction. Strong activity in infrastructure, as well as a surge in residential building permits, is expected to drive continued profitable growth.

¹ Excluding large M&A.

¹ Azerbaijan, previously reflected under Europe, is now reported under the geographical region of Asia, Middle East & Africa to align with the new internal management structure. This change has been applied retrospectively, and prior-year figures have been restated accordingly. 
² Comparative information restated for new management structure. 
³ Growth in local currency excluding large M&A.

Latin America 

Latin America delivered double-digit net sales growth in LC¹ in 2025 with a recurring EBIT margin above 30%. Disensa, the region’s largest construction materials retail franchise, continued to grow strongly with 460 additional stores opened over the year, reaching a total of 2 365. A good pipeline of infrastructure projects is expected to accelerate growth in Mexico, with Central America and newly acquired operations also driving growth.

¹Excluding large M&A.

¹ Comparative information restated for new management structure.
²Growth in local currency excluding large M&A. 
 

Asia, Middle East & Africa

The region delivered a strong 14.1% rise in recurring EBIT in LC¹ in 2025, with an outstanding 220 basis point growth in margin. Performance was driven by government spending and substantial residential market growth in North Africa, as well as customer demand for Holcim’s sustainable offering across the region. Holcim is well positioned to benefit from large-scale infrastructure projects across countries. Strong demand in North Africa is expected to continue and there is a positive outlook in Australia.

¹Excluding large M&A.

¹ Azerbaijan, previously reflected under Europe, is now reported under the geographical region of Asia, Middle East & Africa to align with the new internal management structure. This change has been applied retrospectively, and prior-year figures have been restated accordingly. 
² Comparative information restated for new management structure. 
³ Growth in local currency excluding large M&A. 

Other Profit & Loss Items

Restructuring, litigation and other non-recurring costs for 2025 stood at CHF 98 million, compared to CHF 86 million in 2024¹.

Net financial expenses for 2025 were CHF 281 million versus CHF 379 million in the prior year¹.

The effective income tax rate before impairment and divestments was 24% for 2025.

Net income Group share, before impairment and divestments², increased by 3.9% to CHF 1 779 million and EPS, before impairment and divestments², was up 5.0% from CHF 3.07 to CHF 3.22 for 2025.

Net capital expenditure for 2025 was CHF 973 million.

¹Comparative information restated for discontinued operations. 
²From continuing operations.