Holcim: Light side expansion - an unrecognised driver of growth, returns and synergies

Research evidence excerpt

Holcim: Light side expansion - an unrecognised driver of growth, returns and synergies

25 June 2026

Pujarini Ghosh, CFA

+44 20 7676 6807

European Construction & Building Materials pujarini.ghosh@bernsteinsg.com

Victor AcitoresHolcim Ltd

+34 915 893 901

Rating victor.acitores@bernsteinsg.com

Outperform Tobias Fromme

+44 20 7676 6875

Price Target tobias.fromme@bernsteinsg.com

HOLN.SW 90.00 CHF Specialist Sales

Sara Bellenda

+44 20 7762 1867

sara.bellenda@bernsteinsg.com

Holcim: Light side expansion - an unrecognised driver of growth,

returns and synergies

In this 5th note of our best-idea series, we deep dive in Holcim’s light side expansion which is Close Date 24 Jun 2026

often viewed with skepticism by the market in terms of strategic benefits and synergy potential HOLN.SW Close Price (CHF) 74.64

with the heavy side. We believe this is somewhat unfair and think highly of this strategy as Price Target (CHF) 90.00

it enhances diversification, makes the company less cyclical, and Holcim’s track record of Upside/(Downside) 21%

acquisitions prove that there are significant revenue, cost, delivery synergies to be had. 52-Week Range 80.60/54.98

EDME 1,578.05

The light-side strategy is fundamentally improving Holcim’s business mix and capital FYE Dec

allocation. Over the past several years, Holcim has systematically exited less attractive Div Yield 2.3%

cement markets and redeployed capital toward higher-return building solutions categories.

Market Cap (CHF) (M) 42,312

The categories Holcim is targeting—roofing, construction chemicals, mortars, etc., typically

EV (CHF) (M) 46,304

generate materially higher ROICs than heavy side businesses. We estimate the evolving mix

can drive >900bps of ROCE improvement and ~750bps of ROIC expansion over 2025-30. Performance YTD 1M 6M 12M