1H26 Results due on 30 July

Research evidence excerpt

1H26 Results due on 30 July

Germany | Building, Construction & Housebuilders

Heidelberg Materials EquityJuneResearch30, 2026

COMPANY UPDATE1H26 Results due on 30 July

Although 2Q26 organic growth is forecast to return to growth (JEFe +2.8% RATING BUY

YoY), a difficult price versus cost environment means we expect 2Q26 PRICE €167.15^

EBITDA to be roughly flat YoY. While this suggests a clear improvement PRICE TARGET | % TO PT €292.00 | +75%

in YoY profit will be needed in 2H26 to reach FY26 guidance, at 11x 2027 52W HIGH-LOW €241.80 - €159.70

PE, these concerns already seem priced in while cost-cutting remains a key FLOAT (%) | ADV MM (USD) 65.3% | 76.24

lever for upside. MARKET CAP €29.6B | $33.8B

TICKER HEI GR

2Q26 forecast to show 2.8% LfL revenue growth. For 2Q26, we forecast Heidelberg to show ^Prior trading day's closing price unless otherwise noted.

+2.8% lfl growth in revenue (volumes +1.1%, pricing +1.6%) and 1.3% lfl growth in RCO (EBIT).

JEFe of 2Q26 EBITDA of €1,374m and RCO of €1,054m. Europe. We forecast 1% volume

growth (E Europe good; UK difficult; Germany, France, Benelux showing green shoots). Pricing FY (Dec) CHANGE TO JEFe JEF vs CONS

is forecast +2.5% (low to mid-single digit pricing continuing into 2Q26), and -80bps decrease 2026 2027 2026 2027

in EBITDA margin (albeit flat in absolute terms despite a tough comparable). N America. REV NA NA NA NA

We forecast volumes +0.7% (weaker resi, non-resi and infra slower) and +0.8% pricing (low EPS NA NA -3% -2%

single digit in cement, mid-single digit in aggregates), margins we keep flat. Asia. We forecast

volumes to have remained largely robust in Australia, and positive volumes in India and

Indonesia while pricing here not enough to offset costs. Africa & Med. Solid organic growth