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.”
 

Performance overview Q3 Group Q3	2026	2025	±%	±% organic growth
Net sales (CHFm)	4 662	4 036	+15.5	+5.1
Recurring EBIT (CHFm)	976	836	+16.8	+12.2
Recurring EBIT margin (%)	20.9	20.7	+20bps

 

Performance overview 9M Group 9M	2026	2025	±%	±% organic growth
Net sales (CHFm)	12 586	11 906	+5.7	+5.2
Recurring EBIT (CHFm)	2 414	2 275	+6.1	+11.8
Recurring EBIT margin (%)	19.2	19.1	+10bps

    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.  

Product line Q3	2026	2025	±%	±% organic growth
Net sales of Building Materials (CHFm)	3 216	2 954	+8.9	+6.2
Net sales of Building Solutions (CHFm)	1 920	1 511	+27.1	+4.0
Product line 9M	2026	2025	±%	±% organic growth
Net sales of Building Materials (CHFm)	8 903	8 777	+1.4	+6.3
Net sales of Building Solutions (CHFm)	5 011	4 392	+14.1	+3.3

    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.

Europe Q3a	2026	2025	±%	±% organic growth
Net sales to external customers (CHFm)	2 628	2 246	+17.0	+3.9
Recurring EBIT (CHFm)	512	473	+8.3	+5.0
Recurring EBIT margin (%)	19.4	20.9	-150bps
Europe 9Ma	2026	2025	±%	±% organic growth
Net sales to external customers (CHFm)	7 011	6 508	+7.7	+2.2
Recurring EBIT (CHFm)	1 193	1 131	+5.5	+5.1
Recurring EBIT margin (%)	16.9	17.2	-30bps

 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.  

Latin America Q3a	2026	2025	±%	±% organic growth
Net sales to external customers (CHFm)	1 032	755	+36.7	+6.3
Recurring EBIT (CHFm)	302	214	+41.0	+10.5
Recurring EBIT margin (%)	29.1	28.1	+90bps
Latin America 9Ma	2026	2025	±%	±% organic growth
Net sales to external customers (CHFm)	2 746	2 249	+22.1	+6.2
Recurring EBIT (CHFm)	826	705	+17.1	+4.6
Recurring EBIT margin (%)	30.0	31.1	-120bps

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.

Asia, Middle East & Africa Q3	2026	2025	±%	±% organic growth
Net sales to external customers (CHFm)	862	913	-5.5	+6.8
Recurring EBIT (CHFm)	247	244	+1.1	+19.4
Recurring EBIT margin (%)	26.8	25.5	+130bps
Asia, Middle East & Africa 9M	2026	2025	±%	±% organic growth
Net sales to external customers (CHFm)	2 371	2 797	-15.2	+7.9
Recurring EBIT (CHFm)	661	737	-10.4	+22.3
Recurring EBIT margin (%)	26.1	25.1	+100bps

    Reconciliation to Group accounts Reconciling measures of profit and loss:

Million CHF	9M 2026 Unaudited	9M 2025 Unaudited
Recurring EBITDA	3 268	3 082
Depreciation and amortization of property, plant and equipment, intangible and other long-term assets	(685)	(657)
Depreciation of right-of-use assets	(168)	(149)
Recurring EBIT	2 414	2 275

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.  

Media call: 09:00 CEST

Analyst conference (webcast): 10:00 CEST

  To participate in the analyst conference, please register here.   The transaction is subject to customary conditions and regulatory clearances. 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. 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. ECOPact and ECOPlanet net sales are at constant scope. Constant scope: Excludes the year-over-year impact of acquisitions and divestments. 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. Holcim’s ECOCycle circular technology guarantees a minimum of 10% and up to 100% recycled construction demolition materials by total product weight. ECOCycle volume restated for acquisitions and divestments. 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.