Double-digit organic growth in recurring EBIT of 11.8% with margin expansion and guidance upgrade

• Nine-month net sales up 5.2% organically; 15.5% growth in CHF in Q3

• Nine-month recurring EBIT up 11.8% organically; 16.8% growth in CHF in Q3

• Nine-month recurring EBIT margin of 19.2%, up 10bps

• Binding agreement signed to acquire Fermacell, an established European provider of walling and flooring solutions

• Full-year 2026 guidance for organic growth in recurring EBIT upgraded to 10%-12%

Miljan Gutovic, CEO: “I thank all of our 50 000 employees worldwide for their contributions to our strong results in the first nine months of the year. Together, we continue to deliver on our NextGen Growth 2030 strategy with discipline and at a fast pace.

“In the first nine months of the year, we achieved strong profitable growth with an industry-leading recurring EBIT margin thanks to increased customer demand for our high-value offering, strict cost discipline and operational excellence. Our momentum increased in the third quarter, with both net sales and recurring EBIT up double-digit percentages in Swiss francs.

“Our agreement to acquire Fermacell¹, announced in August, will expand Holcim’s European walling, flooring and fire protection portfolio, while broadening our integrated building systems and modular construction offerings. Holcim completed 11 value-accretive transactions in the first nine months, with 10 acquisitions and one divestment.

“With these strong results, we upgrade our full-year 2026 guidance for organic growth in recurring EBIT to 10%-12%. We also expect around 5% organic growth in net sales, with a further expansion of our recurring EBIT margin and free cash flow of around CHF 2 billion.”
 

Delivering strong profitable growth

Net sales of CHF 12 586 million in the first nine months were up 5.2% organically compared to the same period in the prior year. In the third quarter, net sales increased 15.5% in CHF. Nine-month recurring EBIT grew 11.8% organically to CHF 2 414 million versus the prior-year period. In the third quarter, recurring EBIT increased 16.8% in CHF. Holcim reported a 10 basis point increase in recurring EBIT margin for nine months to 19.2%, with positive momentum in the third quarter driving the year-to-date margin expansion.

Focused investment in attractive markets

Holcim continues to invest in highly attractive markets, both organically and through value-accretive M&A. Since the beginning of the year, Holcim closed 11 transactions, comprising 10 acquisitions and one divestment.

Building Materials was strengthened with four acquisitions for the cement and aggregates business: in addition to Cementos Pacasmayo, Holcim acquired AFC Recycling and Cem'In'Eu Group in France, and Uranus Pluton SRL in Romania.

Building Solutions expanded with six acquisitions: in addition to Xella, Holcim completed five acquisitions for ready-mix concrete: 3B and the ready-mix business of BHR in France, 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, and signed an agreement to divest its business in the Philippines.

In August, Holcim entered into an agreement to acquire Fermacell from James Hardie Industries plc. Fermacell is an established European provider of walling and flooring solutions with projected 2026 net sales of around EUR 430 million. The transaction is subject to customary conditions and regulatory clearances and is expected to close in H1 2027.

Sustainability driving profitable growth

Customer demand for Holcim’s sustainable offering² continued to increase. In the first nine months of 2026, net sales of Holcim’s low-carbon ECOPact concrete³ increased to 33% of total ready-mix net sales compared to 32% in the prior-year period⁴, while net sales of ECOPlanet⁵ increased to 43% of total cement net sales versus 36% in the first nine months of 2025⁴.

Holcim is accelerating circular construction using ECOCycle technology⁶. In the first nine months of 2026, Holcim increased the volume of recycled construction demolition materials by a third to 7.4 million tons⁷ compared to the prior-year period.

Guidance 2026 upgraded

Holcim’s NextGen Growth 2030 strategy is expected to continue driving superior performance and value creation. Building on its strong nine-month results, Holcim upgrades its full-year 2026 recurring EBIT guidance:

• Net sales and recurring EBIT growth at the high end of NextGen Growth 2030 targets:

• ~5% organic net sales growth

• 10%-12% 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

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. Building Solutions comprises energy-efficient building systems and high-performance concrete and surfacing.

Regional segment performance

Europe

Robust net sales development was led by Germany, Greece, Romania, Spain, and Switzerland. Recurring EBIT rose due to strict cost discipline and impeccable execution of our strategy. Organic investments included the launch of a calcined clay production line in the Czech Republic and a state-of-the-art cement production facility in the UK. There is a positive outlook with a strong infrastructure pipeline and the ongoing integration of Xella, with synergies of EUR 60 million in year three confirmed.

 ^a 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 net sales growth of 6.2% in the first nine months, led by Mexico and Central America. The recurring EBIT margin of 30.0% was thanks to positive price over cost driven by operational excellence. Alternative fuel substitution⁸ is increasing, reducing exposure to energy price volatility. There is a strong backlog of infrastructure projects across the region, and the integration of Pacasmayo is in full execution, delivering synergies of USD 40 million ahead of plan.

^a 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 strong organic growth in the first nine months, with net sales up 7.9% and recurring EBIT growth of more than 22%. Positive price over cost drove margin expansion of 100bps to 26.1%. Holcim commissioned a first-of-its-kind carbon capture and underground mineralization pilot in the UAE. Further growth is expected from robust government funding for infrastructure build across Australia and North Africa, and from investments in Morocco for the 2030 FIFA World Cup.

Reconciliation to Group accounts

Reconciling measures of profit and loss:

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 measures definitions can be found on our website.

Analyst presentation

The analyst presentation of the Q3 2026 Results is available on our website.

To participate in the analyst conference, please register here.

1. The transaction is subject to customary conditions and regulatory clearances.
2. Holcim is scaling its sustainable offering – from ECOPact low-carbon concrete and ECOPlanet low-carbon cement to ECOCycle circular technology – across all of our markets as demand continues to grow.
3. ECOPact achieves at least 30% lower GWP (kg CO₂e/m³, A1-A3 scope) compared with the applicable Ordinary Portland Cement (CEM I/Type I) concrete reference.
4. ECOPact and ECOPlanet net sales are at constant scope. Constant scope: Excludes the year-over-year impact of acquisitions and divestments.
5. ECOPlanet achieves at least 30% lower GWP (kg CO₂e/t, A1-A3 scope) compared with the applicable Ordinary Portland Cement (CEM I/Type I) reference.
6. Holcim’s ECOCycle circular technology guarantees a minimum of 10% and up to 100% recycled construction demolition materials by total product weight.
7. ECOCycle volume restated for acquisitions and divestments.
8. Alternative fuels as %, also known as Thermal Substitution Rate (TSR), is the ratio of thermal energy consumption of alternative fuels to the total amount of thermal energy consumption in the cement kiln system. 

About Holcim

Holcim (SIX: HOLN) has the vision to be the leading partner for sustainable construction. With net sales of CHF 15.7 billion in 2025, we create 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.

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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.