Heidelberg Materials: Q2 conference call feedback

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Heidelberg Materials: Q2 conference call feedback

J P M O R G A N Europe Equity Research

30 July 2026

Heidelberg Materials Overweight

HEIG.DE, HEI GR

Q2 conference call feedback Price (29 Jul 26):€167.90

Price Target (Dec-27):€250.00

Following Heidelberg’s Q2 results, management hosted a conference call from European Building & Construction

which our key take-aways are: 1) Price/Cost. Half of the negative price/cost and Infrastructure

impact comes from the its JVs (such as the one in China). Europe was clearly Elodie Rall AC

positive in Q2. Asia Pacific was negative price/cost too; 2) North America. Within (44-20) 7134-5911

the cement business, underlying inflation is significant and pricing is not kicking elodie.rall@jpmorgan.com

in as much as it should; though management feel comfortable they can turn this J.P. Morgan Securities plc

around in H2. Aggregates margins were not impacted by anything extraordinary. Zaim Beekawa

Pricing was below expectations in cement and this is due to imports (though this (44-20) 7134-4175

zaim.beekawa@jpmorgan.com

is slowing down) and the market structure has changed a little bit – however, the J.P. Morgan Securities plc

company will be pushing increases and are confident on developments on H2; 3) Jamie Smallbone

Scope. Guidance now includes Akcansa and overall the company expects around (44-20) 3493-7015

€65m of scope (RCO); 4) Carbon/EU ETS. The company is long credits until jamie.smallbone@jpmorgan.com

2028 minimum. With regards to Brevik, the company is exactly on track with what J.P. Morgan Securities plc

it had planned for 2026; 5) Padeswood. The company will get back its investment Manshi Sinha

for the CCS plant in Padeswood and thus the outflow at the moment is just a (91-22) 6157 5111

financing/timing issue; 6) Net Debt.