Holcim Ltd: Feedback from Q2 conference call

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Holcim Ltd: Feedback from Q2 conference call

J P M O R G A N Europe Equity Research

31 July 2026

Holcim Ltd Overweight

HOLN.S, HOLN SW

Feedback from Q2 conference call Price (30 Jul 26):CHF75.42

Price Target (Dec-27):CHF84.00

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

our key takeways are: 1) FY guidance. The company decided to move just to the and Infrastructure

upper-end because it is only H1 (typically it revises guidance at Q3). July trends Elodie Rall AC

are looking good across all its markets, and some markets are performaning above (44-20) 7134-5911

June levels; 2) Price/Cost. Management noted that price/cost has been positive for elodie.rall@jpmorgan.com

seventeen quarters in a row in all regions. This was around CHF90m split equally J.P. Morgan Securities plc

across the three divisions in Q2, and there was also around a CHF15m volume Zaim Beekawa

impact and 10m impact from JVs; 3) EU ETS. Management believe the changes (44-20) 7134-4175

zaim.beekawa@jpmorgan.com

will be positive for Holcim especially when considering the potential J.P. Morgan Securities plc

decarbonization funding. The additional years of free allowances will give the Jamie Smallbone

company time to work on its decarbonization, especially given the efforts needed (44-20) 3493-7015

to work on carbon storage (on-shore); 4) EU cement pricing. Management are jamie.smallbone@jpmorgan.com

very pleased on pricing and are running at msd. In H2, the company sees pockets J.P. Morgan Securities plc

of opportunities to drive pricing further; 5) EU. Infrastructure backdrop is healthy Manshi Sinha

across the whole of Europe. Eastern Europe is doing well in residential, but the (91-22) 6157 5111