Holcim (HOLN.S) 1H'26业绩超预期；FY26展望上调至指引区间上端

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31 Jul 2026 02:09:14 ET │ 13 pages

Holcim (HOLN.S)

1H'26 Results Beat; FY26 Outlook Raised to Upper End of Guidance

Range

CITI'S TAKE

2Q26 Net Sales came in at CHF4.4bn, ahead of company-compiled

consensus (CHF4.27bn) and CitiE (CHF4.29bn), while Recurring EBIT of

CHF1,007m also beat expectations (consensus/CitiE: CHF958m). In 1H26,

the group delivered 5.2% LFL sales growth and 11.5% LFL Recurring EBIT

growth, with Recurring EBIT margin of 18.1%, down c.20bps YoY.

Reflecting the strong first-half performance, management raised its FY26

outlook to the upper end of the guidance range, now targeting ~5% LFL

sales growth (vs. prior 3-5%) and ~10% LFL Recurring EBIT growth (vs.

prior 8-10%). The company also reiterated expectations for further

Recurring EBIT margin expansion, FCF of around CHF2bn, and >20%

growth in recycled construction and demolition materials. Currently VA

Cons has net sales LFL growth 4.0% (CitiE 2.6%), Recurring EBIT LFL

growth 9.26% (CitiE 8.8%), Recurring EBIT margin for cons and CitiE

18.7%.

Margin Resilient – 2Q’26 recurring EBIT margin remained flat at c.22.9bps y/y but

exceeded expectations (vs. Cons 22.4%, CitiE 22.3%). AEMA has seen the greatest

margin recovery from 30.2% to 31.0% in 2Q’26, followed by Europe (up c.12bps);

LatAm saw margin contraction of -230bps. Net debt increased to CHF7.3bn, implies

a ND/EBITDA around 1.84x. In the first half of 2026, net sales of ECOPact (low

carbon concrete) moderated to 30% of ready-mix net sales (vs. 31% in 1H’25) while

sales of ECOPlanet (low carbon cement) increased to 40% of cement net sales (vs.

35% in 1H’25).

Buy

Price (30 Jul 26 17:30)

SFr75.42

Target price

SFr83.00

Expected share price return

10.1%

Expected dividend yield

2.5%

Expected total return

12.5%

Market Cap

SFr42,754M

US$53,107M

Ephrem RaviAC

Omnath P Sinh

2026 outlook – In Europe, Positive permitting trends in France, Germany and

Poland, alongside infrastructure investments in Central and Eastern Europe,

support a constructive outlook. In LatAm, strong housing and infrastructure demand

in Mexico, Peru and Central America, supplemented by Holcim's ECOpact's

participation in Ecuador's largest social housing project.…