Heidelberg Materials Q3: RCO +9% and positive 2026 outlook confirmed
- Revenue increased 10% to €6,413 million in Q3; result from current operations (RCO) rose 9% to €1,281 million.
- Signed 7 October 2026 to acquire NCC AB Industry assets in Sweden and Norway (106 aggregates sites, 44 hot‑mix asphalt plants).
- Completed 1 October 2026 acquisitions of Maas Group construction materials (43 quarries, 22 ready‑mix plants, five asphalt operations, one recycling site) and 70% of Cementos Inka (two grinding and two ready‑mix plants).
- Transformation Accelerator will exceed a €500m target this year and is expanded to deliver an additional €300m of savings by end‑2028, split nearly equally across 2027 and 2028.
Third‑quarter performance
Revenue rose by €606 million or 10% to €6,413 million in Q3, while result from current operations (RCO) increased by €103 million or 9% to €1,281 million. Management attributes the improvement to stronger business in Europe, sustained growth in North America, active cost and price management, productivity gains and recovering demand.
Portfolio and acquisitions
Heidelberg Materials continued targeted portfolio optimisation. On 7 October 2026 it agreed to buy NCC AB’s Industry aggregates and asphalt activities in Sweden and Norway (106 aggregates sites, 44 hot‑mix asphalt plants). On 1 October 2026 it completed acquisitions of the Maas Group construction materials business (43 quarries, 22 ready‑mix plants, five asphalt operations, one recycling site) and a 70% stake in Cementos Inka (two grinding and two ready‑mix plants).
Cost programme and efficiency
The Transformation Accelerator Initiative has already produced significant savings and will exceed the €500 million target by year‑end. The initiative is being continued and expanded to achieve an additional €300 million in savings by end‑2028, realised nearly equally in 2027 and 2028. Structural actions in Europe include a focus on the clinker and cement network and the announced closure of the Ranville site in France.
Sustainability and capital allocation
Progress continues on carbon capture projects: Padeswood (UK) aims to capture ~95% of the plant’s CO₂ (~800,000 tonnes/year) with major plant sections due to arrive from April 2027, and the Mergelstetten R&D oxyfuel facility captured its first high‑purity CO₂ in July 2026. The company completed the third tranche of a €1.2 billion buyback on 1 October 2026 (total ~€448 million in the final tranche).
Outlook
The Managing Board confirms its 2026 guidance: RCO expected between €3.40 billion and €3.65 billion and ROIC to remain slightly above 10%. Specific net CO₂ emissions per tonne of cementitious material are expected to stay around the prior year’s level following the first‑time consolidation of Akçansa.
Source: Heidelberg Materials