- Net sales up 3.9% organically to CHF 3 520 million
- Recurring EBIT up 8.3% organically to CHF 431 million
- M&A momentum continues with five transactions closed in Q1
- Closing of Cementos Pacasmayo acquisition and signing of Colombia acquisition to accelerate growth in the attractive Latin America region
- Full-year guidance 2026 confirmed
Miljan Gutovic, CEO: “I thank all my Holcim colleagues for their dedication and contributions to our strong start to the year.
“Holcim delivered robust organic growth in net sales driven by its leading positions in highly attractive markets. Strong organic growth in recurring EBIT came from strict cost discipline, operational excellence and increased customer demand for our premium brands and sustainable offering. This pushed ECOPact and ECOPlanet’s share of sales in their respective categories to new highs. Scaling up our circular technology ECOCycle, we increased the volume of recycled construction demolition materials by 24%.
“Our disciplined M&A execution continued with five value-accretive transactions across all our regions. In March, Holcim completed the acquisition of a majority stake in Cementos Pacasmayo in Peru and signed an agreement to acquire building materials and solutions operations in Colombia. The acquisitions will expand our footprint in the highly attractive Latin America region. With our resilient and proven business model across all economic cycles and market conditions, we confirm our full-year 2026 guidance.”
Performance overview Q1
|
Group Q1
|
2026
|
2025
Restated1
|
±%
|
±%
organic
growth
|
|
Net sales (CHFm)
|
3 520
|
3 696
|
(4.8)
|
+3.9
|
|
Recurring EBIT (CHFm)
|
431
|
485
|
(11.2)
|
+8.3
|
|
Recurring EBIT margin (%)
|
12.2
|
13.1
|
(90bps)
|
|
1 Comparative information restated for discontinued operations.
Delivering strong profitable growth
Net sales of CHF 3 520 million in the first quarter were up 3.9% organically compared to the prior-year period, with momentum accelerating in March. Recurring EBIT grew 8.3% organically to CHF 431 million, versus the prior-year period. Holcim’s recurring EBIT margin was impacted by scope effects in the first quarter.
Focused investment in attractive markets
Holcim is continuing to invest in profitable growth in highly attractive markets and closed five value-accretive transactions in the first quarter.
To strengthen Building Materials, Holcim completed the acquisition of a majority stake in Cementos Pacasmayo, a leading Peruvian producer of building materials with reported 2025 net sales of
USD 594 million. It also acquired Uranus Pluton SRL in Romania.
Building Solutions expanded with two acquisitions: Jacobs NV in Belgium and the ready-mix concrete business of Stevenson Group in New Zealand.
Holcim also closed the divestment of its operations in Lebanon, comprising activities in Cyprus.
In March, Holcim signed an agreement to acquire building materials and solutions operations in Colombia from Cemex that represent projected 2026 net sales of around USD 360 million. The transaction is subject to customary conditions and regulatory approval, and expected to close around the end of this year.
Sustainability driving profitable growth
Customer demand for Holcim’s sustainable offering continued to increase. In the first quarter of 2026, net sales of Holcim’s low-carbon ECOPact concrete increased to 31% of ready-mix net sales compared to 29%¹ in the prior-year period, while net sales of ECOPlanet increased to 39% of cement net sales versus 35%¹ in the first quarter of 2025.
Scaling up our circular construction technology ECOCycle, Holcim increased the volume of recycled construction demolition materials by 24%¹ compared to the prior year period.
¹Q1 2025 figures are restated for discontinued operations and other material changes in scope.
Artificial Intelligence unlocking growth and value creation
Artificial Intelligence (AI) is a strategic accelerator of incremental value for Holcim, improving performance and driving customer-centric services.
Holcim is targeting benefits of CHF 200 million in recurring EBIT from AI by 2028, split between cost avoidance and savings. This will entail growth investments of around CHF 20 million per year in the four focus areas of production, logistics, commercial and administration.
There are 38 large-scale AI initiatives being deployed across Holcim, including:
- Holcim M-Predict: AI-powered predictive modelling for equipment performance to optimize maintenance efficiency
- Holcim Foresight: AI-powered forecasting modelling to optimize fleet and network utilization
- Holcim+: an AI-powered customer platform for integrated planning, ordering and delivery with real-time tracking 24/7
- Holcim Career Hub: an AI-powered marketplace matching Holcim’s people to internal business opportunities to create value and nurture talent.
Guidance 2026
Holcim’s NextGen Growth 2030 strategy is expected to continue to drive superior performance and value creation. Building on its strong results to start the year, Holcim confirms its FY2026 guidance:
- Growth in line with NextGen Growth 2030 targets:
- 3% to 5% organic net sales growth
- 8% to 10% 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, which together provide customers with end-to-end solutions from foundations and flooring to walling and roofing, across the built environment from infrastructure and commercial to residential.
Building Materials covers an extensive range of cement and aggregates for customers, focusing on decarbonized cement and circular aggregates. Building Solutions comprises energy-efficient building systems and high-performance concrete and surfacing.
|
Product Line Q1
|
2026
|
2025
Restated1
|
±%
|
±%
organic
growth
|
|
Net sales of Building Materials (CHFm)
|
2 504
|
2 738
|
(8.5)
|
+4.7
|
|
Net sales of Building Solutions (CHFm)
|
1 405
|
1 354
|
+3.8
|
+2.3
|
1 Comparative information restated for discontinued operations and new management structure.
Regional segment performance
Europe
Strong sales momentum in March and positive price over cost partially offset the impact of weather. The use of alternative fuels¹ increased to 70%, future-proofing Holcim from energy price exposure. Infrastructure investments are providing a strong outlook, along with increases in residential building permits in several countries.
¹Alternative 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.
|
Europe Q11
|
2026
|
2025
Restated2
|
±%
|
±%
organic
growth
|
|
Net sales to external customers (CHFm)
|
1 902
|
1 931
|
(1.5)
|
(2.3)
|
|
Recurring EBIT
|
119
|
132
|
(10.2)
|
(7.1)
|
|
Recurring EBIT margin (%)
|
6.2
|
6.8
|
(60bps)
|
|
1 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.
2 Comparative information restated for new management structure.
Latin America
Latin America delivered strong organic growth in net sales of 7.6%, driven by Mexico, Central America and Ecuador. Recurring EBIT was flat organically versus the prior-year period, with a margin above 30%. In Mexico, a social housing project with 1.8 million new homes and infrastructure projects are expected to accelerate growth. In Central America, there is high demand for housing and infrastructure.
|
Latin America Q11
|
2026
|
2025
Restated2
|
±%
|
±%
organic
growth
|
|
Net sales to external customers (CHFm)
|
767
|
739
|
+3.9
|
+7.6
|
|
Recurring EBIT
|
236
|
245
|
(3.6)
|
+0.1
|
|
Recurring EBIT margin (%)
|
30.6
|
33.0
|
(230bps)
|
|
1 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.
2 Comparative information restated for new management structure.
Asia, Middle East & Africa
The region delivered strong organic growth and an excellent double-digit organic increase in recurring EBIT of 26.3%. Positive demand trends continued in North Africa and Australia. Infrastructure and residential projects are expected to drive growth in North Africa, while Australia is experiencing good momentum from large projects such as the 2032 Olympic Games in Brisbane.
|
Asia, Middle East & Africa Q1
|
2026
|
2025
Restated1
|
±%
|
±%
organic
growth
|
|
Net sales to external customers (CHFm)
|
701
|
917
|
(23.5)
|
+8.9
|
|
Recurring EBIT
|
164
|
202
|
(18.8)
|
+26.3
|
|
Recurring EBIT margin (%)
|
22.0
|
21.0
|
+100bps
|
|
1 Comparative information restated for new management structure.
Reconciliation to Group accounts
Reconciling measures of profit and loss:
|
Million CHF
|
Q1 2026
Unaudited
|
Q1 2025
Unaudited
Restated1
|
|
Recurring EBITDA
|
695
|
758
|
|
Depreciation and amortization of property, plant and equipment, intangible and other long-term assets
|
(212)
|
(224)
|
|
Depreciation of right-of-use assets
|
(52)
|
(49)
|
|
Recurring EBIT
|
431
|
485
|
1 Comparative information restated for discontinued operations.
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 definitions can be found on our website.
Analyst presentation
The analyst presentation of the Q1 2026 Results is available on our website.
| Media conference: 09:00 CEST |
Analyst conference: 10:00 CEST |
To participate in the analyst’s conference, please register here.
About Holcim
Holcim (SIX: HOLN) is the leading partner for sustainable construction with net sales of CHF 15.7 billion in 2025, creating value across the built environment from infrastructure and industry to buildings. Headquartered in Zug, Switzerland, Holcim has more than 45 000 employees in 43 attractive markets – 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 foundations and flooring to walling and roofing – powered by premium brands including ECOPact, ECOPlanet, and ECOCycle.
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.
