Full Year 2025 Holcim AG Earnings Call Transcript

Feb 27, 2026 / 10:00AM GMT

Release Date Price: CHF70.88 (-1.42%)

Transcript

Key Points

Positve

Holcim Ltd (HCMLF) achieved strong profitable growth in 2025, with recurring EBIT up 12.2% in Q4 and 10.3% for the year, exceeding guidance.
The company reported a significant margin expansion, increasing by 80 basis points to 18.3%, driven by a high-value strategy and operational efficiency.
Holcim Ltd (HCMLF) generated CHF2.2 billion in free cash flow with a cash conversion rate of 54%, supporting a proposed dividend of CHF1.7 per share.
The company is making sustainability a driver of profitable growth, with initiatives in decarbonization and circular construction contributing to a multiyear margin expansion.
Holcim Ltd (HCMLF) closed 66 acquisitions at favorable prices, focusing on less carbon-intensive, high-value building solutions, demonstrating strategic agility and resilience.

Negative

The foreign exchange effect negatively impacted sales by CHF810 million or 5%, presenting a challenge to financial performance.
Despite strong EBIT growth, the company faced foreign exchange headwinds of CHF200 million or 7%, affecting absolute EBIT growth in Swiss francs.
The company divested Nigeria in Q4, categorized as a large transaction, which may impact future revenue streams.
Holcim Ltd (HCMLF) faces potential risks from changes in the EU ETS allowances, which could affect carbon management strategies and costs.
The company experienced a margin decline in Latin America due to integration costs and softer volumes, impacting overall regional performance.

Ben Pomrehn

Holcim AG - Group Head of Investor Relations

Good morning, everyone, and welcome to Holcim's full year 2025 results presentation. My name is Bernd Pomrehn, Head of Investor Relations, and I'm pleased to be joined by our CEO, Miljan Gutovic; and our CFO, Steffen Kindler. After their presentations, as usual, you will have the opportunity to ask questions. (Operator Instructions) our colleague from Chorus Call will now instruct you how to ask your questions via the webcast.

Sandra, please.

Operator

(Operator Instructions) The conference is being recorded. (Operator Instructions) . The conference must not be recorded for publication or broadcast.

Ben Pomrehn

Holcim AG - Group Head of Investor Relations

(spoken in foreign language) With this short intro, I directly hand it over to Miljan. Miljan, please?

Miljan Gutovic

Holcim AG - Chief Executive Officer, Member of the Executive Committee

Thank you, Bernd. Good morning to all of you, and a warm welcome to

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