Holcim: European Leadership Conference Takeaways

Research evidence excerpt

Holcim: European Leadership Conference Takeaways

Equity Research

European Construction, Building Materials & Infrastructure

26 May 2026

Holcim

European Leadership Conference

Takeaways

We hosted Holcim's CEO and IR at our European Leadership HOLN.S/HOLN SW OVERWEIGHT

Conference in London. Conversations with investors focused EuropeanBuilding MaterialsConstruction,& NEUTRAL

on European pricing, LATAM and the M&A strategy. We inlcude Infrastructure Price Target CHF 87.00

our key takeaways below. Price (22-May-26) CHF 73.84

Potential Upside/Downside +17.8%

Source: Bloomberg, Barclays Research

Pricing, costs and group outlook: Management reiterated confidence in delivering at least

mid‑single‑digit pricing growth in cement, underpinned by strong pricing discipline, with

additional optionality from the ability to layer transport surcharges on top. March pricing was European Construction, Building

notably strong, with some volume catch‑up from weather-impacted Jan/Feb into April and May. Materials & Infrastructure

Katherine Hearne, CFAWithin Europe, Italy, Spain and Greece were particularly highlighted as showing positive

+44 (0)20 7773 2041

mometum in volumes. Energy costs remain a potential ~CHF100m headwind for FY, though

katherine.hearne@barclays.com

management views this as manageable within the current pricing environment and energy Barclays, UK

surcharges. Volumes are guided to be broadly flat to slightly positive, with the outcome of the

Tom Zhang, CFAMiddle East conflict representing the key swing factor to guidance; management still sees the

+44 (0)20 3555 1395

lower end of the guidance range as acheivable in the event of a contination or escalation in the

tom.zhang1@barclays.com

conflict while they see material upside to the guide in the event of a de-escalation.