Holcim: H1 recurring EBIT +11.5% organically, guidance upgraded

H1 2026 performance

Net sales in the first half reached CHF 7,925m, up 5.2% organically versus the prior year, accelerating to +6.4% organic in Q2 (CHF 4,405m). Recurring EBIT was CHF 1,438m, +11.5% organically for H1 and +13.1% organically in Q2 (CHF 1,007m), delivering a recurring EBIT margin of 18.1% with improving momentum. Earnings per share before impairment and divestments were CHF 1.69, up 7.4% year-on-year. Free cash flow was CHF 36m in H1, with the company on track to reach full-year guidance around CHF 2bn.

Transactions and targeted investments

Holcim completed seven transactions in H1: six acquisitions and one divestment. Key deals included Xella (adding presence in 22 European markets) and a majority stake in Cementos Pacasmayo in Peru, plus acquisitions for ready-mix and cement/aggregates in Belgium, Germany, New Zealand and Romania. The group divested operations in Lebanon (including Cyprus).

Sustainability and circular construction

Eco-branded products accounted for a significant share of volumes: ECOPact represented 30% of ready-mix concrete net sales and ECOPlanet 40% of cement net sales (excluding large acquisitions). Recycled construction demolition material volumes rose 36% to 4.7 million tonnes, and the Xella acquisition added 22 circular construction hubs, bringing the total to 134.

Guidance upgrade

Building on H1 momentum, Holcim upgraded FY2026 guidance to target ~5% organic net sales growth, ~10% organic recurring EBIT growth, a further increase in recurring EBIT margin, free cash flow around CHF 2bn, and >20% growth in recycled construction demolition materials.