Holcim Limited: The Holcim Group Profile

Source: Holcim Ltd Integrated Annual Report 2025 (Reporting Period: Financial Year 2025).

Quick Facts / Company Snapshot

Metric / Attribute	Reported Value / Detail
Official Company Name	Holcim Ltd
Global Headquarters	Grafenauweg 10, 6300 Zug, Switzerland
Stock Exchange Listing	SIX Swiss Exchange
Ticker Symbol	HOLN
ISIN Code	CH0012214059
Swiss Security Code Number	1221405
Chief Executive Officer	Miljan Gutovic
Chairman of the Board of Directors	Kim Fausing
Total Full-Time Equivalent Employees (FTE)	>45,000
Empowered Profit & Loss (P&L) Leaders	428
Geographic Operating Markets	43
Net Sales (FY 2025)	CHF 15,724 million
Recurring EBITDA (FY 2025)	CHF 3,992 million
Recurring EBIT (FY 2025)	CHF 2,876 million
Recurring EBIT Margin	18.3%
Operating Profit (EBIT)	CHF 2,543 million
Net Income Group Share	CHF 387 million
Net Income Before Impairment and Divestments Group Share	CHF 1,779 million
Free Cash Flow (Before Leases)	CHF 2,154 million
Net Financial Debt	CHF 3,785 million

Source: Holcim Ltd Integrated Annual Report 2025.

Company Overview

Holcim Ltd is a global building materials and solutions manufacturer headquartered in Zug, Switzerland. The enterprise specializes in the production of low-carbon cement, circular aggregates, ready-mix concrete, and building systems spanning foundation, flooring, walling, and roofing applications. Following the strategic corporate spin-off of its North American business, Holcim operates across Europe, Latin America, and the Asia, Middle East & Africa (AMEA) regions.

The group operates across 43 commercial markets, relying on an operational network of producing assets, recycling facilities, and research centers. The organizational architecture is organized around a decentralized operating model led by 428 local profit-and-loss managers. This management structure is designed to give regional leaders operational autonomy to adapt commercial offerings, pricing structures, and raw material formulations to local regulatory environments and customer requirements.

• The group generated CHF 15,724 million in net sales during 2025, operating across 43 national markets.
• The corporate operational structure relies on 428 decentralized P&L leaders managing local business units.
• Holcim completed the spin-off of its North American business while executing 18 acquisitions and three divestments.

The enterprise focuses its operations through the NextGen Growth 2030 strategy. The strategic roadmap directs capital toward urbanization projects, infrastructure modernization, and building decarbonization. The company pairs its traditional heavy materials production with specialty construction solutions, utilizing proprietary branded lines to address commercial building requirements and public infrastructure projects.

Holcim’s corporate governance framework links executive compensation to verifiable sustainability metrics, such as Scope 1 greenhouse gas reduction, circular construction material volumes, and freshwater extraction efficiency. Operations are supported by centralized research facilities located in Switzerland and France, which develop alternative binder formulations, digital supply chain systems, and industrial carbon capture technologies.

Business Segments

Holcim organizes its operational activities into two core business segments: Building Materials and Building Solutions. This structural division allows the group to balance high-volume raw materials production with specialty, specified construction technologies. Management has established a formal capital allocation directive to achieve a 50/50 net sales split between Building Materials and Building Solutions by 2030.

The group also evaluates its performance through three geographic reporting segments: Europe, Latin America, and Asia, Middle East & Africa. These geographic units manage the local manufacturing facilities, distribution networks, and commercial operations for both core product classifications.

• Holcim targets a balanced 50/50 net sales distribution between Building Materials and Building Solutions by 2030 (Management target).
• ECOPlanet represented 36% of total cement net sales across group operations in 2025.
• ECOPact low-carbon formulations accounted for 31% of ready-mix concrete net sales during the fiscal year.

Building Materials

The Building Materials segment encompasses the capital-intensive extraction, processing, and manufacturing of clinker, low-carbon cements, and aggregates. Cement manufacturing operations utilize clinker kilns and grinding facilities designed to process alternative raw materials, industrial byproducts, and supplementary cementitious materials. The segment is anchored by the ECOPlanet low-carbon cement brand, which delivers at least 30% lower carbon emissions compared to standard ordinary Portland cement.

Aggregates operations within Building Materials focus on the extraction, crushing, washing, and grading of hard rock, gravel, and sand. In addition to primary mineral extraction from quarries, the segment operates recycling platforms under the Aggneo brand. These operations process construction demolition materials into crushed mineral components suitable for road bases, concrete production, and asphalt manufacturing, reducing dependency on primary natural deposits.

Building Solutions

The Building Solutions segment manufactures ready-mix concrete, precast structural assemblies, advanced dry mortars, and building envelope systems. High-performance ready-mix concrete lines operate under the ECOPact and DYNAMax brands, providing high-durability formulations for urban high-rise developments and infrastructure projects. The segment’s precast operations provide engineered architectural elements, acoustic barriers, and structural modules designed to accelerate on-site assembly timelines.

The building envelope division within Building Solutions produces exterior insulation systems, specialty mortars, waterproofing compounds, and green roofing systems. Branded solutions such as ZinCo and PRB provide engineered systems that improve the energy performance of residential and commercial structures. Building Solutions also incorporates digital logistics, predictive dispatch tools, and customer ordering software within the HOLCIM+ digital platform.

History and Evolution

Holcim possesses a 114-year operating history in the heavy building materials and industrial manufacturing sectors. The group’s operational heritage centered on the extraction of limestone, production of hydraulic binders, and regional distribution of Portland cement. Over several decades, the enterprise expanded its international footprint across Europe, the Americas, and Africa by constructing integrated cement kilns, aggregate quarries, and ready-mix batch plants.

The group’s operational trajectory shifted in response to global urbanization, resource constraints, and environmental performance standards. Over two decades ago, Holcim joined the United Nations Global Compact, establishing formal policies regarding international labor standards, environmental stewardship, and anti-corruption measures. During the same period, the enterprise established the Holcim Foundation for Sustainable Construction to foster architectural innovation and sustainable design principles.

• Holcim traces its operating roots through a 114-year corporate history in international industrial manufacturing.
• In 2018, the enterprise developed Susteno in Switzerland, recognized as the world’s first industrial circular cement.
• In 2022, research teams achieved a clinker production breakthrough by substituting 100% of natural raw materials with recycled components.

In 2018, Holcim commercialized Susteno in Switzerland, demonstrating the industrial viability of incorporating processed construction demolition waste into cement production. By 2021, the corporation formalized its climate trajectory by committing to the Science Based Targets initiative (SBTi) net-zero framework. In 2022, research scientists at the Holcim Innovation Center proved that natural limestone raw materials could be entirely replaced with recycled industrial and construction waste fractions in clinker manufacturing.

The year 2024 marked the deployment of the Holcim Spirit corporate culture framework, structured around Purpose, People, and Performance. The strategic transformation culminated in 2025 with the execution of the spin-off of the North American business, reshaping Holcim into an entity focused on high-margin, sustainable construction across Europe, Latin America, and AMEA. Concurrently, the group launched its NextGen Growth 2030 strategy, deploying growth capital into specialty building solutions and circular production hubs.

Products and Services

Holcim manufactures and distributes building materials, engineered building systems, and circular waste management services. The portfolio provides end-to-end coverage across the construction lifecycle, supplying foundations, structural frames, exterior walling, thermal insulation, and vegetated roofing systems.

                ┌──────────────────────────────────────────────┐
                │             Holcim Group Portfolio           │
                └──────────────────────┬───────────────────────┘
                                       │
            ┌──────────────────────────┴──────────────────────────┐
            ▼                                                     ▼
┌───────────────────────────────┐             ┌────────────────────────────────────────┐
│      Building Materials       │             │           Building Solutions           │
└───────────────┬───────────────┘             └───────────────────┬────────────────────┘
                │                                                 │
   ├── Low-Carbon Cement (ECOPlanet)               ├── Low-Carbon Concrete (ECOPact)
   ├── Circular Aggregates (Aggneo)                ├── High-Performance Concrete (DYNAMax)
   ├── Circular Technology (ECOCycle)              ├── Ultra-High-Performance Concrete (Ductal)
   └── Co-Processing Services (Geocycle)           ├── Precast Concrete (Humes, CPC AG)
                                                   ├── Advanced Mortars & 3D Inks (Tector)
                                                   ├── Building Envelope Systems (PRB, Cantillana)
                                                   ├── Vegetated Green Roofs (ZinCo)
                                                   └── Digital Platforms (HOLCIM+, M-Predict)

The enterprise pairs its physical product lines with technical specification consulting, on-site laboratory testing, and digital project management software. In 2025, commercial teams launched 683 new products globally, supported by research programs evaluating material formulations and decarbonization technologies.

• Commercial operations launched 683 new building products and material formulations worldwide in 2025.
• Products containing ECOCycle construction demolition materials generated CHF 492 million in net sales.
• Geocycle converted 12.6 million tons of industrial and municipal waste into alternative fuels and raw materials.

Low-Carbon Cement Formulations

Holcim produces a portfolio of engineered cements formulated to minimize clinker content while matching standard structural strength curves. The group utilizes calcined clay, granulated blast furnace slag, pozzolana, and reclaimed fly ash as supplementary cementitious materials. In European operations, the group manufactures ECOPlanet formulations utilizing ECOCycle technology containing 20% recycled materials, achieving a 28% carbon reduction relative to standard market formulations.

High-Performance and Decorative Concretes

The corporation produces ready-mix concrete formulations engineered for specific mechanical and architectural properties. DYNAMax provides high compressive strength, increased rigidity, and durability, enabling architects to design slender structural elements that reduce total concrete volume in commercial high-rises. Agilia is a self-compacting ready-mix concrete that flows under its own weight, eliminating mechanical vibration on construction sites and improving surface finish consistency.

Artevia provides decorative, exposed, and colored concrete surfaces for public plazas, civic buildings, and cultural institutions. Ductal is an ultra-high-performance concrete (UHPC) characterized by high compressive strength and ductile behavior. Ductal enables thin architectural facades, bridge decks, and complex geometric structures requiring minimal internal steel reinforcement.

Building Envelopes, Insulation, and Green Roofing

Holcim manufactures integrated systems designed to improve building envelope energy efficiency and urban stormwater management. Airium is a mineral-based insulating foam produced without organic foaming chemicals, providing thermal barrier performance and acoustic dampening for hollow core blocks, sub-floors, and attic spaces. ZinCo manufactures multi-layered vegetated green roof systems that retain rainwater, reduce urban heat island effects, and protect roof waterproofing membranes from thermal stress.

The group supplies precast concrete systems through its specialized industrial units, including Humes in Australia and the newly acquired CPC AG in Germany. CPC AG manufactures carbon prestressed concrete slabs, utilizing high-tensile carbon fiber tendons instead of conventional steel reinforcement bars. Advanced dry-mix mortars, tile adhesives, exterior renders, and wall finishing compounds are manufactured under the PRB, Cantillana, and Tector brand names.

Circular Recycling and Environmental Services

The group operates circular construction services through its network of metropolitan recycling hubs. Facilities receive concrete, masonry, and asphalt debris from demolition sites, crushing and screening the input to generate secondary aggregates and reclaimed fines.

Through Geocycle, Holcim provides waste treatment and co-processing services to industrial manufacturing facilities and municipalities. Geocycle processes non-recyclable commercial waste, end-of-life tires, industrial sludges, and agricultural residues into alternative fuels. The mineral ash from the co-processing combustion process is bound into the clinker matrix, leaving no secondary landfill residue.

Brand Portfolio

Holcim maintains a commercial brand portfolio categorized into global proprietary brands and regional operating lines. The portfolio is led by low-carbon and circular lines that carry Environmental Product Declarations (EPDs).

                     ┌──────────────────────────────────────────────┐
                     │            Holcim Brand Portfolio            │
                     └──────────────────────┬───────────────────────┘
                                            │
           ┌────────────────────────────────┴───────────────────────────────┐
           ▼                                                               ▼
┌──────────────────────────────────────┐                ┌──────────────────────────────────────┐
│       Core Global Eco-Brands         │                │     Specialty & Systems Brands       │
└──────────────────┬───────────────────┘                └──────────────────┬───────────────────┘
                   │                                                       │
  ├── ECOPlanet (Low-Carbon Cement)                       ├── Ductal (Ultra-High-Performance)
  ├── ECOPact (Low-Carbon Concrete)                       ├── DYNAMax (Ultimate Performance Concrete)
  ├── ECOCycle (Circular Technology)                      ├── ZinCo (Green Roofing Systems)
  └── Aggneo (Recycled Aggregates)                        ├── Airium (Mineral Insulating Foam)
                                                          ├── Tector / TectorPrint (Mortars & 3D)
                                                          ├── Humes (Precast Concrete Solutions)
                                                          ├── PRB & Cantillana (Wall Systems)
                                                          └── Agilia & Artevia (Specialty Concrete)

• ECOPlanet represents the low-carbon cement brand distributed across 31 operating countries.
• ECOPact represents the low-carbon concrete brand providing carbon reductions of at least 30%.
• ECOCycle serves as the proprietary circular technology platform deployed across 12 countries.

ECOPlanet

ECOPlanet is Holcim’s global brand for low-carbon cements, commercialized across 31 countries. Formulations within the ECOPlanet line deliver carbon reductions ranging from 30% to over 50% compared to standard CEM I/OPC cements. These carbon savings are achieved through the substitution of clinker with calcined clay, pozzolana, slag, and recycled mineral components.

ECOPact

ECOPact is the branded line of low-carbon ready-mix concretes engineered to reduce embodied carbon emissions by at least 30% without relying on carbon offsets. The product line matches standard curing times, workability, and compressive strength metrics of traditional concretes. In 2025, ECOPact represented 31% of the group’s total ready-mix concrete sales volume.

ECOCycle

ECOCycle is Holcim’s circular technology platform applied across cement, concrete, and aggregate operations. Products bearing the ECOCycle label contain between 10% and 100% recycled construction demolition materials. The technology is deployed in 12 countries, processing rubble into alternative raw materials for cement kilns and secondary aggregates for concrete production.

Aggneo

Aggneo is the proprietary brand for primary and circular aggregates produced across Holcim’s quarry and recycling networks. The product line includes crushed stone, gravel, manufactured sand, and recycled concrete aggregates. Aggneo circular lines provide certified recycled stone products that substitute primary quarried aggregates in structural concrete, road sub-bases, and civil engineering backfills.

Specialty Building Solutions Brands

• DYNAMax: High-performance structural concrete engineered for superior compressive strength and load-bearing capacity in commercial building frames.
• Ductal: Ultra-high-performance concrete (UHPC) delivering compressive strength and ductility for architectural panels, facades, and thin structural bridges.
• ZinCo: Advanced vegetated green roofing and stormwater management systems designed for urban biodiversity and thermal roof protection.
• Airium: Fully mineral, non-combustible insulating foam engineered for cavity wall insulation, sub-screed fills, and precast block insulation.
• Tector & TectorPrint: Specialized mortars, tile adhesives, and cementitious inks designed for robotic 3D construction printing.
• Humes: Engineered precast concrete infrastructure solutions, including pipes, box culverts, bridge beams, and acoustic highway walls in Australia.
• PRB & Cantillana: Specialized wall systems, thermal insulation renders, hydraulic mortars, and facade coatings for residential construction.
• Agilia & Artevia: Fluid self-compacting concrete systems (Agilia) and decorative textured, exposed-aggregate, and colored architectural concretes (Artevia).

Geographical Presence

Holcim manages its operations across three geographic regions: Europe, Asia, Middle East & Africa (AMEA), and Latin America. The group’s geographic footprint was reconfigured following the spin-off of its North American business and the corporate divestment of non-core operations in Nigeria, Jordan, and Iraq. Regional financial results are presented below, sorted by net sales contribution.

       ┌────────────────────────────────────────────────────────┐
       │             FY 2025 Net Sales by Region                │
       └──────────────────────────┬─────────────────────────────┘
                                  │
      ┌───────────────────────────┼───────────────────────────┐
      ▼                           ▼                           ▼
┌───────────────┐           ┌───────────┐               ┌───────────┐
│    Europe     │           │   AMEA    │               │   LATAM   │
│  CHF 8,548M   │           │CHF 3,623M │               │CHF 3,092M │
│    54.36%     │           │  23.04%   │               │  19.66%   │
└───────────────┘           └───────────┘               └───────────┘

Regional Net Sales and Performance

Geographic Region	Net Sales (CHF Million)	% of Total Net Sales	Recurring EBITDA (CHF M)	Recurring EBIT (CHF M)	Recurring EBIT Margin (%)
Europe	8,548	54.36% (Calculated by FirmsWorld)	2,102	1,467	17.0%
Asia, Middle East & Africa	3,623	23.04% (Calculated by FirmsWorld)	1,174	935	24.6%
Latin America	3,092	19.66% (Calculated by FirmsWorld)	1,131	953	30.6%
Unallocated / Corporate / Adjustments	461	2.93% (Calculated by FirmsWorld)	(415)	(479)	—
Total Group	15,724	100.00%	3,992	2,876	18.3%

Source: Holcim Ltd Integrated Annual Report 2025. Percentages calculated against total net sales of CHF 15,724 million. Unallocated figures calculated by FirmsWorld by subtracting the sum of regional figures from Group totals.

• Europe generated CHF 8,548 million in net sales, representing 54.36% of group revenue (Calculated by FirmsWorld).
• Latin America generated an industry-leading regional recurring EBIT margin of 30.6% on sales of CHF 3,092 million.
• The Asia, Middle East & Africa region generated CHF 3,623 million in net sales and a recurring EBIT of CHF 935 million.

Europe

The European operating region encompasses manufacturing facilities across France, Germany, the United Kingdom, Switzerland, Italy, Spain, Belgium, Greece, Poland, Romania, Serbia, Bulgaria, the Czech Republic, and Croatia. Europe delivered net sales of CHF 8,548 million in 2025, with recurring EBIT expanding 5.7% to CHF 1,467 million. Margin expansion of 140 basis points to 17.0% was supported by operational cost controls, thermal substitution with alternative fuels, and pricing discipline across cement and ready-mix lines.

European operations completed 14 value-accretive bolt-on acquisitions in 2025. The region strengthened its aggregates and circular construction footprint by acquiring A&S Recycling in Germany, Atlantic Terres Solutions and SA.RE.MER in France, Klokotnitsa IM EOOD and Zhablyano AD in Bulgaria, Thames Materials Ltd and T&J Thory Holdings Ltd in the UK, Tribex in Serbia, and commercial network assets in Spain. In Building Solutions, the division acquired Algimouss, Alkern Group, and Société des Bétons de la Vallée de Seine in France, CPC AG in Germany, and a thermal insulation manufacturer in Poland.

The region maintains a pipeline of civil infrastructure and low-carbon building projects. In the United Kingdom, Holcim is a primary material supplier for the Sizewell C nuclear power station. French operations supply low-carbon concrete mixes to the Grand Paris Express transit network, the Lyon-Turin high-speed rail tunnel, the Toulouse Metro, and the Flamanville EPR nuclear reactor.

In Switzerland, Holcim delivers cement for the construction of the second tube of the Gotthard road tunnel, using fully electric heavy trucks. In Greece, the enterprise supplies low-carbon materials to The Ellinikon in Athens, Europe’s largest urban regeneration project.

Asia, Middle East & Africa (AMEA)

The Asia, Middle East & Africa segment operates production assets across Australia, New Zealand, Egypt, Morocco, Algeria, Iraq, the United Arab Emirates, Qatar, China, Bangladesh, and Azerbaijan. Azerbaijan was reassigned from the European reporting segment to AMEA during 2025 to reflect internal management structures. The region generated net sales of CHF 3,623 million, an overproportional recurring EBIT growth of 14.1% in local currency to CHF 935 million, and an operating recurring EBIT margin of 24.6%.

Portfolio optimization in AMEA included the divestment of cement businesses in Nigeria, Jordan, and Karbala Cement Manufacturing Ltd in Iraq, followed by the finalized sale of operations in Lebanon and Cyprus in January 2026. In Australia, Holcim’s joint venture, Cement Australia, completed the acquisition of the cementitious division of Buckeridge Group of Companies (BGC). Australian operations also upgraded the Humes precast manufacturing plant in Blacktown, Sydney, to prepare for infrastructure contracts related to the Brisbane 2032 Olympic and Paralympic Games.

Commercial momentum in North Africa was supported by national infrastructure and residential programs in Egypt, including the New Administrative Capital project. In Morocco, the group expanded separate clinker grinding lines in Settat to produce low-carbon binders for government housing and industrial initiatives. In the Middle East, Holcim supplies concrete to major UAE transit and civil developments, including the Dubai Metro RTA Blue Line, the Pan-Gulf railway network, the expansion of Al Maktoum International Airport, and Palm Jebel Ali.

Latin America

Latin America generated net sales of CHF 3,092 million in 2025, delivering 10.5% net sales growth in local currency and maintaining a recurring EBIT margin of 30.6%. The region operates across Mexico, Argentina, Colombia, Ecuador, Peru, Costa Rica, El Salvador, and Guatemala. Latin American earnings are supported by the Disensa retail franchise network, which added 460 franchised hardware locations during 2025 to reach a total of 2,365 stores across the region.

The region executed four strategic acquisitions in 2025 to scale its Building Solutions presence. Holcim acquired ready-mix concrete operators AMCO in Costa Rica, Comosa y Copce in Mexico, and Horcrisa in Argentina, alongside mortar manufacturer Compañía Minera Luren SA in Peru. In Mexico, the enterprise inaugurated its first fully electric-powered ready-mix plant and added 27 logistics distribution silos. In Ecuador, the group commissioned three ready-mix concrete plants across Quito and Guayaquil, while in Guatemala, construction began on a second clinker grinding mill.

Latin American commercial activities are driven by nearshoring manufacturing investments in Northern Mexico, urban transit developments, and national housing initiatives designed to address the region’s structural deficit of 26 million residential units. The region has scaled ECOPlanet to account for 60% of total cement net sales, and ECOPact formulations represent 20% of ready-mix concrete volumes.

Profit and Loss

Holcim delivered full-year 2025 net sales of CHF 15,724 million, reflecting a reported contraction of 2.9% due to foreign currency headwinds, but achieving 3.0% net sales growth in local currency. Group recurring EBIT grew 10.3% in local currency to CHF 2,876 million, driving recurring EBIT margin expansion of 80 basis points to 18.3%.

• Group recurring EBIT reached CHF 2,876 million, achieving an operating margin of 18.3%.
• Operating profit (EBIT) totaled CHF 2,543 million compared to CHF 2,551 million in 2024.
• Net income before impairment and divestments reached CHF 1,779 million, up 3.9%.

Net income attributable to Group shareholders from continuing operations was CHF 387 million, compared to CHF 1,456 million in 2024, reflecting non-cash portfolio adjustments and divestment accounting. Excluding impairment charges and divestment impacts, net income Group share rose 3.9% to CHF 1,779 million, resulting in earnings per share of CHF 3.22.

Group Consolidated Financial Performance Table

Consolidated P&L Indicator	FY 2025 (CHF M)	FY 2024 Restated (CHF M)	Reported Change (%)	Growth in Local Currency (%)	Organic Growth (%)
Net Sales	15,724	16,201	-2.9%	+3.0%	+2.9%
Recurring EBITDA	3,992	3,966	+0.6%	+8.6%	+9.7%
Recurring EBIT	2,876	2,837	+1.4%	+10.3%	+12.2%
Recurring EBIT Margin (%)	18.3%	17.5%	+80 bps	—	—
Operating Profit (EBIT)	2,543	2,551	-0.3%	—	—
Net Income (Group Share)	387	1,456	-73.4%	—	—
Net Income Before Impairment & Divestments	1,779	1,713	+3.9%	—	—
Earnings Per Share (EPS, CHF)	0.70	2.60	-73.1% (Calculated by FirmsWorld)	—	—
EPS Before Impairment & Divestments (CHF)	3.22	3.07	+5.0%	—	—
Cash Earnings Per Share (CHF)	5.66	5.59	+1.3% (Calculated by FirmsWorld)	—	—
Return on Invested Capital (ROIC, %)	11.2%	11.1%	+10 bps	—	—

Source: Holcim Ltd Integrated Annual Report 2025. 2024 figures restated for discontinued operations (spin-off of North American business). Reported change for EPS figures calculated by FirmsWorld.

Foreign Exchange Translation Sensitivity

Holcim operates under a local-for-local business structure, with manufacturing costs and sales revenues largely denominated in local currencies. Only 4.2% of total group net sales are generated directly in Swiss francs. Consequently, foreign currency movements primarily affect the translation of regional income statements and balance sheets into Swiss francs.

Currency Basket (Assuming 5% Depreciation vs CHF)	Net Sales Impact (CHF Million)	Recurring EBIT Impact (CHF Million)	Operating Cash Flow Impact (CHF Million)	Net Financial Debt Impact (CHF Million)
Euro (EUR)	(227)	(31)	(18)	(247)
Latin American Basket (MXN, ARS, COP)	(101)	(32)	(8)	+4
Asian Basket (AUD, CNY, PHP, BDT)	(93)	(20)	(7)	+11
British Pound (GBP)	(80)	(7)	(1)	(27)
US Dollar (USD)	(56)	(12)	+1	+51
Middle East / African Basket (DZD, EGP, IQD)	(41)	(17)	(15)	+10

Source: Holcim Ltd Integrated Annual Report 2025.

Balance Sheet

Holcim reduced its net financial debt in 2025 following the completion of the North American business spin-off. Net financial debt stood at CHF 3,785 million at year-end, representing a 55.2% reduction compared to CHF 8,448 million in 2024. This reduced the debt leverage ratio to 0.9x recurring EBITDA, down from 1.2x at the end of the previous year.

  ┌────────────────────────────────────────────────────────┐
  │         Holcim Balance Sheet & Debt De-leveraging      │
  └──────────────────────────┬─────────────────────────────┘
                             │
            ┌────────────────┴────────────────┐
            ▼                                 ▼
┌───────────────────────┐         ┌───────────────────────┐
│     FY 2024 Debt      │         │     FY 2025 Debt      │
│     CHF 8,448M        │         │     CHF 3,785M        │
│    Leverage 1.2x      │         │    Leverage 0.9x      │
└───────────────────────┘         └───────────────────────┘

The enterprise maintains a liquidity reserve consisting of cash balances and credit lines. The maturity profile of financial liabilities is weighted toward medium- and long-term capital market debt, with an average maturity of 4.7 years. Refinancing and debt restructuring lowered the average nominal interest rate on gross liabilities from 3.2% in 2024 to 2.4% in 2025.

• Net financial debt decreased by 55.2% to CHF 3,785 million at year-end 2025.
• The net debt leverage ratio declined to 0.9x recurring EBITDA, below the 1.5x target ceiling (Company guidance).
• Holcim maintains an available liquidity cushion of CHF 8,752 million (Calculated by FirmsWorld).

Capital Structure and Solvency Indicators

Financial Liability & Solvency Metric	FY 2025 Reported Value	FY 2024 Reported Value	Year-over-Year Change
Net Financial Debt	CHF 3,785 million	CHF 8,448 million	-55.2%
Debt Leverage Ratio	0.9x	1.2x	-0.3x
Cash and Cash Equivalents	CHF 5,440 million	—	—
Unused Committed Credit Lines	CHF 3,312 million	—	—
Total Available Liquidity Cushion	CHF 8,752 million (Calculated by FirmsWorld)	—	—
Average Liability Maturity	4.7 years	—	—
Average Nominal Interest Rate on Debt	2.4%	3.2%	-80 bps
Capital Market Sourced Debt (%)	81%	—	—
Bank / Other Lender Debt (%)	19%	—	—
Fitch Long-Term Credit Rating	BBB+ (Outlook Stable)	BBB+ (Outlook Stable)	Maintained
Moody’s Long-Term Credit Rating	Baa1 (Outlook Stable)	Baa1 (Outlook Stable)	Maintained

Source: Holcim Ltd Integrated Annual Report 2025. Total liquidity cushion calculated by FirmsWorld as cash plus unused committed credit lines.

Debt Maturity Profile

Holcim’s gross debt liabilities are distributed across a staggered maturity schedule extending beyond 2039. The debt portfolio is structured primarily through fixed-rate bonds and private placements, complemented by bilateral institutional bank loans.

Maturity Calendar Year	Bonds & Private Placements (CHF M)	Total Annual Debt Maturing (CHF M)
2026	1,188	1,188
2027	1,027	1,027
2028	1,078	1,078
2029	754	754
2030	1,404	1,404
2031	1,053	1,053
2032	477	477
2033	607	607
2034	293	293
2035	0	0
2036	310	310
2037	0	0
2038	0	0
2039	45	45
>2039	37	37

Source: Holcim Ltd Integrated Annual Report 2025.

Cash Flow

Cash flow generation in 2025 was supported by operating working capital control, inventory management, and operational cost discipline across European and Latin American plants. Cash flow from operating activities reached CHF 3,127 million, an increase of 0.4% compared to CHF 3,115 million in 2024.

• Cash flow from operating activities expanded to CHF 3,127 million.
• Capital expenditures (CapEx) were maintained at CHF 973 million.
• Free cash flow before leases rose to CHF 2,154 million, generating a 54% cash conversion rate.

Capital expenditures totaled CHF 973 million, representing a 2.1% decrease from the CHF 994 million deployed in 2024. CapEx allocations targeted plant modernization, clinker substitution infrastructure, and carbon capture engineering. Free cash flow before leases reached CHF 2,154 million, representing a cash conversion rate of 54% relative to recurring EBITDA.

Cash Flow Statement Summary Table

Consolidated Cash Flow Indicator	FY 2025 (CHF M)	FY 2024 Restated (CHF M)	Reported Change (%)
Cash Flow from Operating Activities	3,127	3,115	+0.4%
Capital Expenditures (CapEx)	(973)	(994)	-2.1%
Free Cash Flow (Before Leases)	2,154	2,121	+1.6%
Cash Conversion Rate (% of Recurring EBITDA)	54%	53%	+100 bps

Source: Holcim Ltd Integrated Annual Report 2025. Free cash flow presented before leases to align with peer comparability post spin-off.

Board of Directors and Leadership Team

Holcim is governed by a ten-member, independent Board of Directors, which oversees strategic planning, financial reporting, and capital allocation. The Board operates with two specialized sub-committees: the Audit Committee (AC) and the Health, Safety, and Sustainability Committee (HSSC).

                ┌──────────────────────────────────────────────┐
                │          Board of Directors (Holcim)         │
                │        Kim Fausing, Chairman (100% Ind.)     │
                └──────────────────────┬───────────────────────┘
                                       │
            ┌──────────────────────────┴──────────────────────────┐
            ▼                                                     ▼
┌───────────────────────────────┐             ┌────────────────────────────────────────┐
│        Audit Committee        │             │ Health, Safety & Sustainability (HSSC) │
│    Oversees Financial & Risk  │             │     Oversees ESG, Net-Zero & Safety    │
└───────────────────────────────┘             └────────────────────────────────────────┘
                                       │
                                       ▼
                ┌──────────────────────────────────────────────┐
                │             Executive Committee              │
                │           Miljan Gutovic, Group CEO          │
                └──────────────────────────────────────────────┘

The executive management of Holcim is delegated to the Group Executive Committee, led by Chief Executive Officer Miljan Gutovic. The leadership team executes the NextGen Growth 2030 strategy across business lines and geographic markets.

• The Board of Directors consists of 10 independent members, with 40% female representation.
• The Health, Safety, and Sustainability Committee held four meetings in 2025 reviewing climate transition targets.
• Executive variable compensation links 10.4% of CEO pay and 8.2% of Executive Committee pay to ESG metrics.

Board of Directors

• Kim Fausing (Chairman): Assumed the role of Chairman in May 2025, having served as a Board member for five years; currently serves as Chief Executive Officer of Danfoss.
• Claudia Sender Ramirez: Independent Director contributing operational and logistics expertise from international industrial and transport sectors.
• Leanne Geale: Independent Director with background in legal governance, corporate compliance, and regulatory risk management.
• Ilias Läber: Independent Director with financial advisory, industrial investment, and corporate governance background.
• Naina Lal Kidwai: Independent Director with extensive experience in international commercial banking, emerging markets finance, and environmental governance.
• Michael H. McGarry: Independent Director with experience in global chemical manufacturing and industrial coatings, previously serving as Chairman and CEO of PPG Industries.
• Sven Schneider: Independent Director appointed in 2025, contributing experience in corporate finance, capital markets, and industrial balance sheet management.
• Catrin Hinkel: Independent Director specializing in cloud infrastructure, information technology operations, and enterprise digital transformation.
• Adolfo Orive: Independent Director appointed in 2025, contributing experience in international food processing, packaging systems, and manufacturing supply chains.
• Philippe Block: Independent Director and Professor of Architecture and Structures at ETH Zurich, specializing in civil engineering, computational structural design, and low-carbon construction.

Executive Committee and Senior Leadership

• Miljan Gutovic (Chief Executive Officer): Leads Holcim’s global corporate strategy, regional execution, and capital allocation, directing the NextGen Growth 2030 plan.
• Steffen Kindler (Chief Financial Officer): Directs group finance, treasury, accounting, enterprise risk management, investor relations, and capital market operations.
• Carmen Diaz (Chief People and Sustainability Officer): Directs human resources, corporate culture programs, safety systems, decarbonization plans, and double materiality reporting.
• Dragan Maksimovic (Region Head West Europe): Manages manufacturing, sales, and supply chain operations across Western European markets.
• Simon Kronenberg (Region Head Central and East Europe): Manages operational assets, decarbonization projects, and circular construction hubs in Central and Eastern Europe.
• Oliver Osswald (Region Head Latin America): Oversees regional cement plants, ready-mix operations, and the expansion of the Disensa retail franchise network.
• Martin Kriegner (Region Head Asia, Middle East & Africa): Manages operations, precast facilities, and joint ventures across Australia, the Middle East, and North Africa.
• Alfonso Paradinas (Chief Marketing & Innovation Officer): Directs global product branding, commercialization, systems selling, and customer R&D programs.
• Ram Muthu (Group Head of Operational Excellence): Oversees manufacturing process optimization, thermal efficiency, clinker factor reduction, and maintenance.
• Virginie Darbo (Group Head of Strategy and M&A): Manages portfolio optimization, acquisition integration, and divestment execution.
• Alexia Sommer (Chief Communications Officer): Leads internal communications, stakeholder outreach, and global media relations.
• Lukas Studer (Group General Counsel): Oversees corporate legal affairs, compliance directives, regulatory filings, and M&A legal execution.

Subsidiaries, Associates, Joint Ventures

Holcim operates through wholly owned operating subsidiaries, majority-controlled entities, and strategic joint ventures. The group completed 21 portfolio transactions in 2025, comprising 18 acquisitions and three divestments.

                     ┌──────────────────────────────────────────────┐
                     │          Holcim Strategic Entities           │
                     └──────────────────────┬───────────────────────┘
                                            │
           ┌────────────────────────────────┼───────────────────────────────┐
           ▼                                ▼                               ▼
┌──────────────────────┐         ┌──────────────────────┐        ┌──────────────────────┐
│  Strategic JVs & M&A │         │ Building Materials   │        │  Building Solutions  │
└──────────┬───────────┘         └──────────┬───────────┘        └──────────┬───────────┘
           │                                │                               │
  ├── Cement Australia (50%)       ├── A&S Recycling (DE)          ├── Alkern Group (FR)
  ├── Xella Group (Pending H2)     ├── Thames Materials (UK)       ├── CPC AG (DE)
  └── Cementos Pacasmayo (Pending) ├── ATS & SA.RE.MER (FR)        ├── AMCO (CR) & Horcrisa (AR)
                                   └── Klokotnitsa & Zhablyano     └── Cía Minera Luren (PE)

• Holcim executed 18 corporate acquisitions and three strategic divestments during 2025.
• The signed acquisition of Xella adds a European walling business with projected 2026 sales of EUR 1.0 billion.
• The signed acquisition of a majority stake in Cementos Pacasmayo in Peru incorporates USD 0.6 billion in sales.

Strategic Transactions and Corporate Entities

• Cement Australia: A 50% strategic joint venture operating cement manufacturing, grinding facilities, and bulk distribution terminals across Australia. In 2025, Cement Australia completed the acquisition of the cementitious division of Buckeridge Group of Companies (BGC), expanding its clinker grinding capacity and logistics infrastructure in Western Australia.
• Xella Group (Pending Acquisition): European manufacturer of sustainable walling systems, autoclaved aerated concrete (AAC), and calcium silicate blocks operating under the Ytong, Silka, and Multipor brands. Holcim signed an acquisition agreement in October 2025 at an implied 2026 EBITDA multiple of 6.9x, adding more than 4,000 employees, 200 specification salespeople, and over 50 production facilities across 21 European countries, with projected 2026 net sales of EUR 1.0 billion. Closing is scheduled for the second half of 2026.
• Cementos Pacasmayo (Pending Acquisition): Producer of cement, ready-mix concrete, and precast solutions in Northern Peru. In December 2025, Holcim signed an agreement to acquire a majority controlling stake at an implied 2025 EBITDA multiple of 7.1x, adding reported net sales of USD 0.6 billion, three cement plants, 28 ready-mix and precast facilities, and over 2,000 employees. Closing is scheduled for the first half of 2026.
• Alkern Group (France): Manufacturer of precast concrete building systems, low-carbon masonry blocks, and landscaping elements acquired in 2025 to expand French Building Solutions.
• CPC AG (Germany): Structural manufacturing company producing carbon-prestressed concrete slabs for commercial balconies, bridges, and exterior walkways, acquired following an operational partnership.
• Thames Materials Ltd & T&J Thory Holdings Ltd (UK): Construction demolition recycling and aggregates transport operators acquired to expand circular processing hubs in the Greater London and Midlands regions.
• Atlantic Terres Solutions (ATS) & SA.RE.MER (France): Circular construction, soil remediation, and maritime aggregates dredging businesses acquired to supply coastal infrastructure projects.
• A&S Recycling GmbH (Germany): Processing specialist for construction demolition debris and mineral recycling acquired to expand circular material hubs in Germany.
• AMCO (Costa Rica) & Horcrisa (Argentina): Ready-mix concrete producers acquired to reinforce urban distribution networks in San José and Buenos Aires.
• Compañía Minera Luren SA (Peru): Specialty building systems and construction mortar manufacturer acquired to expand Andean building solution offerings.
• Comosa y Copce (Mexico): Specialized ready-mix concrete and aggregates producer acquired to expand supply capacity for industrial manufacturing corridors in Central Mexico.
• Divested Entities: During 2025, Holcim divested its operational cement units in Nigeria (Lafarge Africa PLC), Jordan (Jordan Cement Factories), and Iraq (Karbala Cement Manufacturing Ltd) to optimize its asset footprint.

Other Investments (Including Minority / Portfolio Holdings)

Holcim manages corporate venture capital investments and technology co-development partnerships through Holcim MAQER Ventures. The venture unit assesses early-stage technologies in building materials, automated construction, digital sensing, and carbon capture.

                     ┌──────────────────────────────────────────────┐
                     │            Holcim MAQER Ventures             │
                     │          >350 Startups Assessed, 2025        │
                     └──────────────────────┬───────────────────────┘
                                            │
           ┌────────────────────────────────┼───────────────────────────────┐
           ▼                                ▼                               ▼
┌──────────────────────┐         ┌──────────────────────┐        ┌──────────────────────┐
│   Gravis Robotics    │         │     SaltX Tech       │         │       Paebbl         │
│ AI Autonomous Mining │         │ Plasma Electrified   │         │ CO2 Mineralization & │
│  Pilot & Equity Stake│         │   Cement Production  │         │ Carbon-Negative Mats │
└──────────────────────┘         └──────────────────────┘         └──────────────────────┘

• Holcim MAQER Ventures evaluated more than 350 startups and executed 16 operational pilot projects in 2025.
• The corporate venture portfolio maintains 15 active startup equity investments, adding two new positions in 2025.
• Partnership with Gravis Robotics led to a trilateral agreement with Hyundai for autonomous quarry machinery.

Venture Holdings and Co-Development Partnerships

• Gravis Robotics (Minority Investment): Developer of autonomous excavation software and heavy equipment robotics. Following pilot trials at Holcim’s Lee Moor quarry in the United Kingdom demonstrating a 30% productivity gain, Holcim acquired a minority equity stake and signed a Memorandum of Understanding with Gravis Robotics and Hyundai to deploy autonomous excavators and wheel loaders.
• SaltX Technology (Strategic Equity Holding): Developer of industrial plasma technology designed to electrify high-temperature calcination processes. Holcim executed an equity investment to co-develop zero-emission electrified cement kilns powered by renewable energy.
• Paebbl (Strategic Equity Holding): Carbon capture and utilization startup that converts captured industrial carbon dioxide into solid mineral carbonates. Holcim executed a follow-on investment in 2025 and conducted testing with its R&D centers, deploying carbon-storing materials in commercial projects with German contractor Goldbeck.
• Nanolike (Technology Investment): Internet-of-Things (IoT) sensor provider deploying digital inventory telemetry on cement and aggregate storage silos.
• CPC AG (Pre-Acquisition Investment): Following an equity stake and pilot projects at Innovation Lab Grüze in Switzerland, Holcim exercised options to acquire 100% of CPC AG in 2025.

Physical Properties

Holcim operates a physical production network comprising primary mineral extraction quarries, clinker kilns, cement grinding stations, concrete batching plants, and circular recycling hubs. The operational network is managed under local environmental monitoring systems, tracking air emissions, noise levels, and water recycling ratios.

  ┌────────────────────────────────────────────────────────┐
  │              Holcim Global Operating Assets            │
  └──────────────────────────┬─────────────────────────────┘
                             │
     ┌───────────────┬───────┴───────┬───────────────┐
     ▼               ▼               ▼               ▼
┌──────────┐    ┌──────────┐    ┌──────────┐    ┌──────────┐
│ Cement   │    │ Concrete │    │ Quarries │    │Aggregates│
│112 Sites │    │967 Sites │    │408 Sites │    │269 Sites │
└──────────┘    └──────────┘    └──────────┘    └──────────┘

• The group’s operational network comprises 112 cement plants, 967 ready-mix concrete sites, and 408 quarries.
• Holcim manages 109 circular construction hubs globally, with 104 facilities located across Europe.
• R&D operations are supported by seven global research hubs employing more than 300 materials scientists.

Producing Assets and Operational Facilities

Asset Classification	2025 Active Operating Units	2024 Restated Units	2023 Restated Units
Cement Sites (Kilns, Grinding & Blending)	112	107	107
Ready-Mix & Concrete Product Plants	967	960	906
Active Mineral Quarries Operated	408	398	382
Aggregates Extraction & Processing Sites	269	305	299
Asphalt Manufacturing Sites	47	48	44
Circular Construction Hubs	109	104 (Europe only)	—

Source: Holcim Ltd Integrated Annual Report 2025.

Specialized Technical Centers and Headquarters

• Corporate Headquarters: Grafenauweg 10, 6300 Zug, Switzerland.
• Holcim Innovation Center (Lyon, France): Primary materials science and engineering complex housing laboratories for clinker chemistry, concrete rheology, and thermodynamic testing.
• Holcim Innovation Center (Holderbank, Switzerland): Specialized research center focusing on low-carbon formulations, process engineering, and supplementary cementitious materials.
• Centro de Innovación Tecnológica para la Construcción (CiTeC – Toluca, Mexico): Advanced regional building materials research and customer testing facility.
• Global Transport Analytics Center (TAC): Centralized digital logistics monitoring facility tracking transport routes, payload utilization, and fuel efficiency across operations in more than 50 countries.
• M-Predict Operational Control Tower (Ramos Arizpe, Mexico): Centralized engineering facility providing predictive maintenance telemetry and automated monitoring for critical kiln equipment across Latin America.

Investments and Capital Expenditure Plans

Under its NextGen Growth 2030 strategy, Holcim plans to deploy between CHF 18 billion and CHF 22 billion in gross capital from 2025 through 2030. The capital allocation plan directs resources toward organic growth, industrial decarbonization, bolt-on acquisitions, and shareholder distributions.

                     ┌──────────────────────────────────────────────┐
                     │      Capital Allocation (CHF 18-22 Bn)       │
                     │          NextGen Growth 2030 Plan            │
                     └──────────────────────┬───────────────────────┘
                                            │
           ┌────────────────────────────────┼───────────────────────────────┐
           ▼                                ▼                               ▼
┌──────────────────────┐         ┌──────────────────────┐        ┌──────────────────────┐
│     Dividends        │         │    Growth CapEx      │        │  M&A / Buybacks      │
│     CHF 7.0 Bn       │         │    CHF 4.0-5.0 Bn    │        │  CHF 7.0-10.0 Bn     │
│   (50% Payout Ratio) │         │ (4% Net Sales p.a.)  │        │(Acquisitions+Strategic)│
└──────────────────────┘         └──────────────────────┘        └──────────────────────┘

• Holcim’s capital framework outlines total capital deployment of CHF 18 to 22 billion through 2030 (Company guidance).
• Growth CapEx is budgeted at CHF 4 to 5 billion, or 4% of annual net sales (Company guidance).
• Acquisitions are allocated CHF 3 to 4 billion to generate 1% to 2% annual net sales growth (Company guidance).

NextGen Growth 2030 Capital Allocation Architecture

Capital Allocation Category	Planned Deployment (2025–2030)	Operational Focus & Financial Policy
Shareholder Dividends	CHF 7.0 billion	Progressive dividend policy, targeting a 50% average payout ratio; paid from tax capital reserves.
Growth Capital Expenditure	CHF 4.0 to 5.0 billion	Disciplined CapEx deployed across high-return projects, representing ~4% of net sales annually.
Bolt-On Value-Accretive M&A	CHF 3.0 to 4.0 billion	Strategic acquisitions targeting Building Solutions, generating 1% to 2% annual sales growth.
Strategic M&A & Share Buybacks	CHF 4.0 to 6.0 billion	Flexible capital allocated from large divestment proceeds and debt headroom for strategic deals or buybacks.
Total Capital Deployment Plan	CHF 18.0 to 22.0 billion	Comprehensive capital deployment program supporting the NextGen Growth 2030 corporate roadmap.

Source: Holcim Ltd Integrated Annual Report 2025.

Flagship Decarbonization and Industrial Engineering Projects

• GO4ZERO (Obourg, Belgium): Industrial transformation of the Obourg cement plant into a net-zero facility. Phase 1 construction is underway, supported by an EUR 80 million capital commitment to deploy an air-oxyfuel switchable kiln with carbon purification technology scheduled for commissioning in Q1 2027. The facility is engineered to capture and store 2.0 million tons of carbon dioxide per year.
• OLYMPUS (Milaki, Greece): Industrial carbon capture project involving a planned EUR 400 million investment. Holcim broke ground at the Milaki plant in May 2025 to install carbon capture equipment engineered to produce 2.0 million tons of near-zero cement annually while supporting 1,000 regional jobs.
• Carbon Hub CPT01 (Campulung, Romania): Large-scale carbon capture and storage initiative selected for an EU Innovation Fund grant in 2025, engineered to capture 2.0 million tons of carbon dioxide per year.
• Carbon2Business (Lägerdorf, Germany): Industrial-scale CCUS project utilizing pure oxyfuel combustion to capture 1.5 million tons of process CO2 annually.
• Čížkovice Calcined Clay Line (Czech Republic): Construction of a specialized calcined clay processing facility scheduled for commissioning in 2026 to supply low-clinker cement formulations across Central Europe.
• Tilbury Circular Marine Terminal (United Kingdom): Investment in a multimodal distribution terminal equipped to produce and handle circular ECOPlanet cements formulated with ECOCycle recycled demolition waste, starting in 2026.

Shareholding Pattern

Holcim’s equity ownership is held primarily by institutional investment management firms, public pension funds, and retail investors. The corporation’s share register listed 566,875,513 issued registered shares as of 31 December 2025, with a par value of CHF 2.00 per share. Treasury shares held by the company totaled 13,750,402. Free float as defined by the SIX Swiss Exchange stood at 94%.

  ┌────────────────────────────────────────────────────────┐
  │       Holcim Shareholding by Geographic Origin         │
  └──────────────────────────┬─────────────────────────────┘
                             │
     ┌───────────────┬───────┴───────┬───────────────┐
     ▼               ▼               ▼               ▼
┌──────────┐    ┌──────────┐    ┌──────────┐    ┌──────────┐
│Switzerland│   │North Amer│    │Cont. Euro│    │UK/Ireland│
│   42%    │    │   24%    │    │   10%    │    │   10%    │
└──────────┘    └──────────┘    └──────────┘    └──────────┘

Under the Swiss Federal Act on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading (FMIA), shareholders must notify the company and regulatory bodies upon crossing statutory voting thresholds of 3%, 5%, 10%, 15%, 20%, 25%, 33.33%, 50%, or 66.67%.

• Institutional investors hold 76% of total outstanding registered equity capital.
• Swiss domestic investors hold 42% of issued equity, with North American shareholders holding 24%.
• The Board proposed a rebased cash dividend of CHF 1.70 per share for fiscal year 2025.

Shareholding Distribution Tables

Geographic Origin of Shares	Equity Holding Share (%)
Switzerland	42%
North America	24%
Continental Europe	10%
United Kingdom and Ireland	10%
Rest of the World	3%
Company-Related Holders	2%
Miscellaneous (Including Nominee & Custodian Accounts)	9%
Total Outstanding Capital	100%

Source: Holcim Ltd Integrated Annual Report 2025.

Investor Category	Equity Ownership Share (%)
Institutional Investors	76%
Private / Retail Investors	12%
Company-Related Holders	2%
Miscellaneous (Including Nominee Accounts)	9%
Total Registered Ownership	100%

Source: Holcim Ltd Integrated Annual Report 2025.

Equity Structure and Historical Share Metric Data

Capital and Share Attribute	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Total Registered Shares Issued	566,875,513	579,124,606	579,124,606	615,929,059	615,929,059
Treasury Shares Held	13,750,402	28,109,057	17,301,182	27,364,975	7,919,042
Trading Volume (Million Shares)	307.2	294.5	357.5	456.5	458.7
Basic EPS (CHF)	0.70	5.24	5.37	5.48	3.73
EPS Before Impairment & Divestments (CHF)	3.22	5.70	5.42	3.66	3.98
Cash EPS (CHF)	5.66	10.16	9.64	7.59	8.26
Dividend Per Share (CHF)	1.70	3.10	2.80	2.50	2.20

Source: Holcim Ltd Integrated Annual Report 2025. Dividend for 2025 represents the rebased proposal submitted to the AGM.

Future Strategy

The NextGen Growth 2030 strategy establishes commercial, capital allocation, and operational objectives for the group. The plan focuses operational execution around four strategic pillars: Focused Investment in Attractive Markets, Sustainability Driving Profitable Growth, Expanding High-Value Building Solutions, and Performance Culture and Value Creation.

                 ┌──────────────────────────────────────────────┐
                 │          NextGen Growth 2030 Strategy        │
                 └──────────────────────┬───────────────────────┘
                                        │
     ┌──────────────────┬───────────────┴───────────────┬──────────────────┐
     ▼                  ▼                               ▼                  ▼
┌───────────────┐ ┌───────────────┐               ┌───────────────┐ ┌───────────────┐
│   Driver 1    │ │   Driver 2    │               │   Driver 3    │ │   Driver 4    │
│  Attractive   │ │Sustainability │               │Building Solns │ │  Performance  │
│    Markets    │ │Profit Growth  │               │ 50/50 Split   │ │    Culture    │
└───────────────┘ └───────────────┘               └───────────────┘ └───────────────┘

The strategy directs operations to address structural megatrends, such as urban population growth, building retrofits, and global reindustrialization. Holcim has defined quantitative operational and sustainability targets to be reached by 2030.

• Holcim targets compound net sales growth of 3% to 5% per annum in local currency (Management target).
• Recurring EBIT is projected to grow by 6% to 10% annually on an organic and bolt-on basis (Management target).
• The group targets recycling more than 20 million tons of demolition materials annually by 2030 (Management target).

NextGen Growth 2030 Financial and Operational Targets

Target Metric Classification	2030 Formal Target	Current 2025 Level	Strategic Operational Levers
Annual Net Sales Growth	3% to 5% p.a. in local currency	+3.0%	Systems selling, urbanization demand, and geographic focus.
Annual Recurring EBIT Growth	6% to 10% p.a. in local currency	+10.3%	Margin expansion, cost control, and operational excellence.
Cash Conversion Rate	50% average per annum	54%	Working capital control, maintenance CapEx discipline.
Materials vs Solutions Sales Split	50% Materials / 50% Solutions	Shift underway	Expansion into walling, roofing, mortars, and precast.
ECOPact Share of Concrete Sales	>50% of ready-mix net sales	31%	Customer specification, certified low-carbon concrete mixes.
ECOPlanet Share of Cement Sales	>50% of cement net sales	36%	Clinker factor reduction, calcined clay lines, alternative raw materials.
Demolition Materials Recycled	>20 million tons per annum	8.0 million tons	Network of 100+ urban circular construction hubs, ECOCycle deployment.
Scope 1 Carbon Intensity	<400 kg net CO2/t cementitious	502 kg net CO2/t	Formulations, alternative fuels, and CCUS projects.
Freshwater Withdrawal Reduction	33% reduction vs 2020 baseline	-25% vs 2020	Rainwater harvesting, closed loops, treated wastewater substitution.

Source: Holcim Ltd Integrated Annual Report 2025. Management targets established under NextGen Growth 2030 framework.

Key Strengths

Holcim’s business model is supported by industrial capabilities, brand positioning, and capital discipline.

• Operating Profitability and Margin Resilience: Holcim generated an 18.3% recurring EBIT margin in 2025. This operating performance is supported by local pricing power, thermal substitution using alternative fuels, and the contribution of high-margin Building Solutions. In Latin America, recurring EBIT margins exceeded 30.6%.
• Decentralized Operating Structure: The group operates with 428 empowered profit-and-loss managers. This operational framework allows local teams to respond quickly to regional commercial opportunities, customer specifications, and local supply chain disruptions without administrative bottlenecks.
• Proprietary Low-Carbon Branded Technologies: The commercial expansion of ECOPlanet and ECOPact provides the group with differentiated positions in regulated building markets. These brands are backed by third-party verified Environmental Product Declarations (EPDs), enabling commercial clients to achieve LEED, BREEAM, and DGNB building certifications.
• Industrial Research and Patent Portfolio: The group maintains seven research hubs employing 300 researchers, backed by 309 patent families. Research facilities in Switzerland, France, and Mexico develop proprietary cement chemistries, calcined clay lines, and carbon-negative binders, supported by commercial innovation programs.
• Capital Structure and Investment-Grade Balance Sheet: Following the North American business spin-off, Holcim reduced net financial debt to CHF 3,785 million, maintaining a debt leverage ratio of 0.9x recurring EBITDA. Fitch (BBB+) and Moody’s (Baa1) maintain stable investment-grade ratings, supported by CHF 8,752 million in total liquidity reserves (Calculated by FirmsWorld).

Key Challenges and Risks

Holcim’s global industrial footprint is exposed to regulatory, financial, and operational risks identified in its enterprise risk management process and double materiality assessment.

• Exposure to Regulated Carbon Pricing and Emissions Compliance: Holcim emitted 32.6 million tons of CO2 from raw material calcination and 15.7 million tons from fuel combustion in 2025, with Scope 1 accounting for 57.1% of its carbon footprint. Operations in Europe face escalating compliance costs under the EU Emissions Trading System (ETS) and the incoming Carbon Border Adjustment Mechanism (CBAM). Managing compliance requires sustained capital allocation toward carbon capture, clinker substitution, and thermal efficiency projects.
• Technical and Execution Risks in Low-Carbon Technology Deployment: The group’s net-zero transition relies on pioneering technologies, including large-scale carbon capture, utilization, and storage (CCUS). Construction timelines and operating costs for complex facilities like the GO4ZERO oxyfuel kiln in Belgium and the OLYMPUS project in Greece depend on cross-border CO2 transport pipelines, geological storage infrastructure, and national energy policy frameworks.
• Raw Material and Fossil Energy Volatility: Manufacturing clinker requires sustained thermal energy inputs, exposing kiln operations to fluctuating fossil fuel and electricity prices. While the group increased its thermal substitution rate to 39% using alternative fuels through Geocycle, plants remain exposed to market dynamics across global coal, petcoke, and electrical power grids.
• Foreign Currency Translation Headwinds: With only 4.2% of net sales generated in Swiss francs, the consolidated financial statements are exposed to translation losses from a strong Swiss franc. A hypothetical 5% depreciation of the Euro against the Swiss franc would reduce reported net sales by CHF 227 million and recurring EBIT by CHF 31 million.
• Cyclical Construction Downturns and Housing Deficits: Holcim’s sales volumes are linked to broader cyclical macroeconomic trends in residential, commercial, and civil infrastructure construction. Residential building slowdowns in parts of Central Europe impacted volumes in 2025, requiring offset through public infrastructure, renovation, and repair markets.

Conclusion and Strategic Outlook

Holcim concluded fiscal year 2025 having executed a structural corporate reorganization centered on the spin-off of its North American business and the initial rollout of the NextGen Growth 2030 strategy. The group generated CHF 15,724 million in net sales, CHF 2,876 million in recurring EBIT, and CHF 2,154 million in free cash flow before leases, while de-leveraging its balance sheet to a net debt ratio of 0.9x recurring EBITDA.

The enterprise’s strategic trajectory is focused on expanding high-value Building Solutions, scaling branded low-carbon cements and ready-mix lines, deploying industrial circular recycling hubs, and executing EU-supported carbon capture projects. The pending acquisitions of Xella in Europe and Cementos Pacasmayo in Peru represent strategic deployments of growth capital to expand positions in urban walling systems and regional infrastructure.

Official Site: holcim.com