First Read: Holcim "Feedback from the UBS Infrastructure Day in Munich" (Buy)

Research evidence excerpt

First Read: Holcim "Feedback from the UBS Infrastructure Day in Munich" (Buy)

Global Research

20 May 2026ab

First Read

EquitiesHolcim

Feedback from the UBS Infrastructure Day in Switzerland

Munich Building Materials

12-month rating Buy *

12m price target CHF93.00

Decentralised model drives disciplined execution

At our UBS Infrastructure Day in Munich we hosted various corporates and visited the

Marienhof subway station construction site, at ~45m depth Germany's deepest Price (20 May 2026) CHF72.14

construction site. From Holcim, we met Simon Kronenberg, Head of Latam / former RIC: HOLN.S BBG: HOLN SW

Head of Central and Eastern Europe, and Bénédicte Mayer, Senior IR Manager. Given

Trading data and key metrics

Simon's managerial background (and Holcim's strategic focus), Latam was a key focus.

52-wk range CHF96.40-54.26

Mgmt growing an organisation with a multitude of growth engines Market cap. CHF39.9b/US$50.7b

Mgmt emphasised the strength of its decentralised structure (~400 P&L leaders across Shares o/s 553m (ORD)

45 markets), with incentives aligned to margins, cash and returns. This underpins Free float 92%

execution and supports a strategy focused on top-3 market positions (~90% of markets) Avg. daily volume ('000) 1,446

and disciplined portfolio optimisation, exiting structurally less attractive regions and Avg. daily value (m) CHF99.5

recycling capital into businesses where mgmt sees a strategic edge. Increasing exposure Common s/h equity (12/26E) CHF17.3b

to building solutions further enhances returns via reduced capital intensity (and P/BV (12/26E) 2.3x

cyclicality). Here the focus is on a range of downstream solutions (walling, roofing, Net debt to EBITDA (12/26E) 0.9x

insulation, etc) as long as there are operational or strategic synergies. Bottom line, mgmt