Slides
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2025 Half year results 31.07.2025 Dr Dominik von Achten – CEO René Aldach – CFO
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Delivering consistent growth Second tranche of 1.2 €bn share buyback program started in Q2 with an amount of up to 450 €m Strong progress in all sustainability targets, specific net CO2 emissions -4% below last year June 1 Strong operational performance in the quarter: - Revenue +3% vs. prior year - RCO +8% vs. prior year 2025 Outlook confirmed: • RCO at 3.25-3.55 €bn • ROIC at around 10% • CO2 emissions: Slight reduction 1 Transformation Accelerator fully on track, around 140 €m savings already secured 31.07.2025 2025 Half Year Results | Dr Dominik von Achten (CEO), René Aldach (CFO) Growth accelerated: Following the Giant deal closing in April, Morocco acquisition also completed in the quarter 2 1 Based on kg CO2/t cementitious material
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Operational result
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5,506 5,683 Q2 2024 Q2 2025 +177 €m (+3%) LfL: +1% Q2 2025 operational result Operational result Q2 2024 Q2 2025 23.4% 24.2% +81 bps 1,286 1,374 Q2 2024 Q2 2025 +87 €m (+7%) LfL: +5% 971 1,048 Q2 2024 Q2 2025 +77 €m (+8%) LfL: +6% Revenue [€m] Operating EBITDA [€m] Operating EBITDA Margin Operating EBIT (RCO) [€m] 31.07.2025 2025 Half Year Results | Dr Dominik von Achten (CEO), René Aldach (CFO)4
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9,994 10,398 H1 2024 H1 2025 +404 €m (+4%) LfL: +1% H1 2025 operational result Operational result H1 2024 H1 2025 18.3% 18.6% +27 bps 1,828 1,930 H1 2024 H1 2025 +102 €m (+6%) LfL: +3% 1,202 1,282 H1 2024 H1 2025 +80 €m (+7%) LfL: +5% Revenue [€m] Operating EBITDA [€m] Operating EBITDA Margin Operating EBIT (RCO) [€m] 31.07.2025 2025 Half Year Results | Dr Dominik von Achten (CEO), René Aldach (CFO)5
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Q2 2025: Operating EBIT (RCO) bridge [€m] Operational result 99 18 Currency Q2 2024 LfL RCO Net volume Price over cost -1 Depreciation & Amort. Q2 2025 LfL RCO 971 968 1,030 Q2 2025 RCOScope -36 Q2 2024 RCO -3 1,048 +77 €m (+8%) +62 €m (+6%) 31.07.2025 2025 Half Year Results | Dr Dominik von Achten (CEO), René Aldach (CFO)6
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H1 2025: Operating EBIT (RCO) bridge [€m] Operational result 124 6 19 -67 Net volume Price over cost Depreciation & Amort. H1 2025 LfL RCO Scope 1,202 1,201 1,264 H1 2025 RCOH1 2024 LfL RCOH1 2024 RCO -1 Currency 1,282 +80 €m (+7%) +62 €m (+5%) 31.07.2025 2025 Half Year Results | Dr Dominik von Achten (CEO), René Aldach (CFO)7
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Transformation Accelerator Initiative (TAI) fully on track Operational result 31.07.2025 2025 Half Year Results | Dr Dominik von Achten (CEO), René Aldach (CFO)8 Transparent approach all over the globe, enabling all levels to contribute with innovative ideas Programme successfully continues based on defined roadmap Contribution from almost all countries based on defined and agreed action plan Productivity benchmarking and cost benchmarking prove to be important pillars of using our global advantages to further optimize overall cost structure in all business lines Clear focus on innovation, efficiency, and execution Secured sustainable savings as of June 2025 ~140 €m 2025 2026 Total Saving Target 500 €mSaving target Actual
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Europe Operational result Revenue [€m] EBITDA Margin 2,535 2,583 +48 €m (+2%) LfL: -1% 31.07.2025 2025 Half Year Results | Dr Dominik von Achten (CEO), René Aldach (CFO) RCO [€m] 466 510 +44 €m (+9%) LfL: +9% 23.5% 25.1% +165 bps 9 Q2 2024 Q2 2025 19.6% 20.0% +36 bps 27.3% 28.7% +140 bps Cement EBITDA Margin Aggregates EBITDA Margin Business lines EBITDA margins (LTM rolling)
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North America Operational result 31.07.2025 2025 Half Year Results | Dr Dominik von Achten (CEO), René Aldach (CFO) Revenue [€m] 1,425 1,476 +51 €m (+4%) LfL: -2% RCO [€m] 325 328 +3 €m (+1%) LfL: -2% EBITDA Margin 29.1% 28.5% -61 bps 10 30.0% 32.3% +235 bps 29.1% 29.5% +36 bps Business lines EBITDA margins (LTM rolling) Cement EBITDA Margin Aggregates EBITDA Margin Q2 2024 Q2 2025
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Asia – Pacific Operational result 31.07.2025 2025 Half Year Results | Dr Dominik von Achten (CEO), René Aldach (CFO) Revenue [€m] 851 815 -36 €m (-4%) LfL: 0% RCO [€m] 81 91 +10 €m (+13%) LfL: +17% EBITDA Margin 16.5% 18.3% +185 bps 11 21.6% 22.0% +47 bps 15.7% 18.0% +225 bps Cement EBITDA Margin Aggregates EBITDA Margin Business lines EBITDA margins (LTM rolling) Q2 2024 Q2 2025
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Africa – Mediterranean – Western Asia Operational result 31.07.2025 2025 Half Year Results | Dr Dominik von Achten (CEO), René Aldach (CFO) Revenue [€m] 545 675 +130 €m (+24%) LfL: +17% RCO [€m] 100 144 +44 €m (+44%) LfL: +36% EBITDA Margin 24.1% 25.8% +165 bps 12 26.3% 27.8% +149 bps Cement EBITDA Margin Business lines EBITDA margins (LTM rolling) Q2 2024 Q2 2025
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13 Sustainability highlights 31.07.2025 2025 Half Year Results | Dr Dominik von Achten (CEO), René Aldach (CFO) At the forefront of decarbonisation: Setting even more ambitious targets across all sustainability KPIs for 2030 World premiere: Opening of CCS facility in Norway marks new era of sustainable construction evoZero carbon captured net-zero cement is ready to be delivered to customers across Europe in September, once CO2 sub-sea storage commenced World’s largest calcined clay cement plant in Ghana: Successful start of production and marketing Advancing circularity: First industrial scale facility for enforced carbonation launched in Poland
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Sustainability targets on track for success: strong progress in all KPIs Sustainability Specific net CO2 emissions [kg CO2/t cementitious material] 2020 Jun 2024 Jun 2025 2030 576 529 510 <400 -3.6% Alternative fuel rate Clinker incorporation factor 2020 Jun 2024 Jun 2025 2030 25.7% 30.6% 33.5% >50.0% +290 bps 2020 Jun 2024 Jun 2025 2030 74.3% 69.4% 68.5% 64.0% -90 bps Jun 2024 Jun 2025 2030 34.7% 36.6% >50.0% +190 bps Sustainable revenue All sustainability targets for 2030 were upgraded 31.07.2025 2025 Half Year Results | Dr Dominik von Achten (CEO), René Aldach (CFO)14
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15 Financial highlights Adjusted EPS increases by 3% to 4.38 € Last 12 months free cash flow at 2.3 €bn1, leading to cash conversion rate of 49% Leverage at the same level of prior year Second tranche of 1.2 €bn share buyback program started in Q2 with an amount of up to 450 €m 1 Based on last 12 months rolling figures 31.07.2025 2025 Half Year Results | Dr Dominik von Achten (CEO), René Aldach (CFO) Balanced capital allocation strategy leading to higher shareholder return and growth through M&A Giant Cement (US) and Asment Témara (Morocco) deals are closed during the quarter
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Adjusted EPS continues to increase Financial result 16 Key items below RCO Additional ordinary result: 2025: Restructuring measures driven by “Transformation Accelerator Initiative” and other provisions 2024: Impairment and restructuring of plants in Europe (-182 €m) Financial result: Stable development Income taxes: ~40 €m negative impact vs. prior year driven mainly by change in deferred taxes due to the value adjustments in France and Germany in 2024 Income Statement [€m] H1 2024 H1 2025 Delta Revenue 9,994 10,398 404 RCOBD (Operating EBITDA) 1,828 1,930 102 Depreciation and amortization -626 -648 -22 Result from current operations (RCO) 1,202 1,282 80 Additional ordinary result -204 -96 108 Financial result -107 -108 -1 Income taxes -263 -312 -49 Net result from discontinued operations -6 -8 -2 Non-controlling interests 49 73 23 Group share of profit 574 686 112 Earnings per share 3.16 3.85 0.69 Group share of profit – adjusted 1 778 782 4 Earnings per share – adjusted 1 4.28 4.38 0.11 1 Figures adjusted for additional ordinary result 31.07.2025 2025 Half Year Results | Dr Dominik von Achten (CEO), René Aldach (CFO)
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Free cash flow Financial result 17 Free cash flow drivers Working capital: Below prior year, seasonal build-up as construction activity increases Net interest: On prior year level Taxes paid: Higher pre-tax payments, in line with results Non-cash items and other: Mainly payments for provisions relating to restructuring CapEx Net: Disciplined approach continues Free cash flow [€m] H1 2024 H1 2025 Delta Operating EBITDA 1,828 1,930 102 Change in working capital -1,264 -1,145 119 Net interest -98 -103 -4 Taxes paid -309 -350 -41 Share of JV result and net dividends -15 12 27 Non-cash items and other -87 -229 -142 Cash flow from operating activities 56 115 59 CapEx Net -372 -334 38 Free cash flow -316 -219 97 Last 12 months free cash flow 2,230 2,266 36 Cash conversion rate 51.9% 49.3% 31.07.2025 2025 Half Year Results | Dr Dominik von Achten (CEO), René Aldach (CFO)
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Net debt development [€m] Financial result 18 1,358 589 125 331 290 Net debt June 2024 -2,266 FCF Net growth CapEx Group Dividends Minority Dividends Share buyback Currency/other Net debt June 2025 6,771 7,197 +427 €m Shareholder return: Above 1 €bn 31.07.2025 2025 Half Year Results | Dr Dominik von Achten (CEO), René Aldach (CFO) Leverage June 2024 1.57x Leverage June 2025 1.56x
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Outlook
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Guidance confirmed Guidance 31.07.2025 2025 Half Year Results | Dr Dominik von Achten (CEO), René Aldach (CFO)20 RCO 3.25 to 3.55 €bn ROIC Around 10% CapEx Net Around 1.2 €bn Leverage In line with mid-term target: Around 1.5x 2025 Target CO2 emission Slight reduction Key steering KPIs: Other:
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Delivering consistent growth Second tranche of 1.2 €bn share buyback program started in Q2 with an amount of up to 450 €m Strong progress in all sustainability targets, specific net CO2 emissions -4% below last year June 1 Strong operational performance in the quarter: - Revenue +3% vs. prior year - RCO +8% vs. prior year 2025 Outlook confirmed: • RCO at 3.25-3.55 €bn • ROIC at around 10% • CO2 emissions: Slight reduction 1 Transformation Accelerator fully on track, around 140 €m savings already secured 31.07.2025 2025 Half Year Results | Dr Dominik von Achten (CEO), René Aldach (CFO) Growth accelerated: Following the Giant deal closing in April, Morocco acquisition also completed in the quarter 21 1 Based on kg CO2/t cementitious material
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Appendix
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Scope & currency impacts Appendix 31.07.2025 2025 Half Year Results | Dr Dominik von Achten (CEO), René Aldach (CFO)23 Scope & currency Q2 2025 [€m] Revenue Operating EBITDA Operating EBIT (RCO) Scope Currency Scope Currency Scope Currency Europe 59 12 8 2 2 2 North America 137 -63 25 -12 15 -7 Asia – Pacific 10 -49 2 -8 1 -4 Africa – Med. - Western Asia 9 25 0 7 -1 7 Group Service & Other 0 0 0 0 0 0 Total GROUP 215 -74 35 -10 18 -3 Scope & currency H1 2025 [€m] Revenue Operating EBITDA Operating EBIT (RCO) Scope Currency Scope Currency Scope Currency Europe 141 27 18 4 2 3 North America 170 -43 28 -9 13 -6 Asia – Pacific 22 -51 5 -8 4 -4 Africa – Med. - Western Asia 21 4 0 6 -1 6 Group Service & Other 0 0 0 0 0 0 Total GROUP 355 -64 51 -6 19 -1
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Operating result Appendix 31.07.2025 2025 Half Year Results | Dr Dominik von Achten (CEO), René Aldach (CFO)24 Operating result H1 2025 [€m] Revenue Operating EBITDA Operating EBIT (RCO) Operating EBITDA Margin H1 24 H1 25 Change LfL H1 24 H1 25 Change LfL H1 24 H1 25 Change LfL H1 24 H1 25 Change LfL Europe 4,573 4,740 3.7% 0.0% 808 861 6.6% 3.8% 551 586 6.3% 5.4% 17.7% 18.2% +50 bps +68 bps North America 2,403 2,471 2.9% -2.5% 524 519 -0.9% -4.6% 350 337 -3.7% -6.0% 21.8% 21.0% -80 bps -48 bps Asia – Pacific 1,691 1,650 -2.4% -0.8% 270 278 3.0% 4.1% 151 160 5.9% 6.5% 16.0% 16.8% +89 bps +78 bps Africa – Med. - Western Asia 1,041 1,261 21.1% 18.7% 231 309 34.1% 30.4% 167 250 50.2% 45.3% 22.1% 24.5% +237 bps +224 bps Group Service & Other 286 276 -3.5% -3.5% -3 -37 -17 -51 -1.2% -13.4% Total GROUP 9,994 10,398 4.0% 1.1% 1,828 1,930 5.6% 3.1% 1,202 1,282 6.6% 5.2% 18.3% 18.6% +27 bps +36 bps Operating result Q2 2025 [€m] Revenue Operating EBITDA Operating EBIT (RCO) Operating EBITDA Margin Q2 24 Q2 25 Change LfL Q2 24 Q2 25 Change LfL Q2 24 Q2 25 Change LfL Q2 24 Q2 25 Change LfL Europe 2,535 2,583 1.9% -0.9% 595 648 9.0% 7.4% 466 510 9.3% 8.6% 23.5% 25.1% +165 bps +196 bps North America 1,425 1,476 3.6% -1.7% 414 420 1.4% -1.9% 325 328 0.9% -1.6% 29.1% 28.5% -61 bps -5 bps Asia – Pacific 851 815 -4.2% 0.4% 140 149 6.6% 11.4% 81 91 12.6% 17.4% 16.5% 18.3% +185 bps +181 bps Africa – Med. - Western Asia 545 675 23.8% 16.7% 132 174 32.3% 25.7% 100 144 44.2% 35.9% 24.1% 25.8% +165 bps +186 bps Group Service & Other 150 134 -10.4% -10.4% 6 -18 -1 -25 3.9% -13.5% Total GROUP 5,506 5,683 3.2% 0.7% 1,286 1,374 6.8% 4.9% 971 1,048 7.9% 6.4% 23.4% 24.2% +81 bps +100 bps
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Operating result – Business lines Appendix Quarterly Figures Year to Date Figures Business line CEMENT [€m] Revenue Operating EBITDA Operating EBITDA Margin Revenue Operating EBITDA Operating EBITDA Margin Q2 24 Q2 25 Q2 24 Q2 25 Q2 24 Q2 25 H1 24 H1 25 H1 24 H1 25 H1 24 H1 25 Europe 1,345 1,324 -1.5% 435 460 5.8% 32.3% 34.7% +240 bps 2,424 2,420 -0.2% 612 617 0.8% 25.2% 25.5% +25 bps North America 607 661 8.9% 206 204 -0.7% 33.9% 30.9% -298 bps 1,037 1,090 5.1% 274 278 1.2% 26.5% 25.5% -98 bps Asia - Pacific 422 412 -2.4% 56 77 37.8% 13.2% 18.7% +544 bps 871 860 -1.3% 125 142 13.9% 14.3% 16.5% +220 bps Africa – Med. - Western Asia 481 598 24.4% 116 164 40.7% 24.2% 27.4% +317 bps 908 1,095 20.7% 206 291 41.4% 22.7% 26.6% +390 bps Total GROUP 2,854 2,996 4.9% 813 905 11.4% 28.5% 30.2% +174 bps 5,240 5,466 4.3% 1,217 1,328 9.1% 23.2% 24.3% +107 bps 31.07.2025 2025 Half Year Results | Dr Dominik von Achten (CEO), René Aldach (CFO)25 Quarterly Figures Year to Date Figures Business line AGGREGATES [€m] Revenue Operating EBITDA Operating EBITDA Margin Revenue Operating EBITDA Operating EBITDA Margin Q2 24 Q2 25 Q2 24 Q2 25 Q2 24 Q2 25 H1 24 H1 25 H1 24 H1 25 H1 24 H1 25 Europe 609 645 5.9% 133 161 21.2% 21.8% 25.0% +314 bps 1,091 1,182 8.3% 206 241 17.2% 18.9% 20.4% +155 bps North America 583 583 0.0% 201 209 3.8% 34.5% 35.8% +134 bps 975 984 1.0% 253 257 1.9% 25.9% 26.2% +22 bps Asia - Pacific 166 158 -4.9% 36 33 -7.7% 21.7% 21.0% -63 bps 321 314 -2.2% 63 68 7.2% 19.7% 21.6% +189 bps Africa – Med. - Western Asia 17 23 31.3% 2 2 -17.5% 14.0% 8.8% -519 bps 36 49 39.1% 5 5 -8.8% 15.1% 9.9% -519 bps Total GROUP 1,375 1,409 2.4% 372 405 8.8% 27.1% 28.8% +168 bps 2,423 2,530 4.4% 527 572 8.4% 21.8% 22.6% +82 bps
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Disclaimer Unless otherwise indicated, the financial information provided herein has been prepared under International Financial Reporting Standards (IFRS). All the figures included in this presentation are preliminary, unaudited and subject to revision upon completion of the Company's closing and audit processes. This presentation contains forward-looking statements and information. Forward-looking statements and information are statements that are not historical facts, related to future, not past, events. They include statements about our believes and expectations and the assumptions underlying them. These statements and information are based on plans, estimates, projections as they are currently available to the management of Heidelberg Materials. Forward-looking statements and information therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events. By their very nature, forward-looking statements and information are subject to certain risks and uncertainties. A variety of factors, many of which are beyond Heidelberg Materials’ control, could cause actual results to defer materially from those that may be expressed or implied by such forward-looking statement or information. For Heidelberg Materials particular uncertainties arise, among others, from changes in general economic and business conditions in Germany, in Europe, in the United States and elsewhere from which we derive a substantial portion of our revenues and in which we hold a substantial portion of our assets; the possibility that prices will decline as result of continued adverse market conditions to a greater extent than currently anticipated by Heidelberg Materials’ management; developments in the financial markets, including fluctuations in interest and exchange rates, commodity and equity prices, debt prices (credit spreads) and financial assets generally; continued volatility and a further deterioration of capital markets; a worsening in the conditions of the credit business and, in particular, additional uncertainties arising out of the subprime, financial market and liquidity crises; the outcome of pending investigations and legal proceedings and actions resulting from the findings of these investigations; as well as various other factors. Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. More detailed information about certain of the risk factors affecting Heidelberg Materials is contained throughout this presentation and in Heidelberg Materials’ financial reports, which are available on the Heidelberg Materials website, www.heidelbergmaterials.com. Should one or more of these risks or uncertainties materialize , or should underlying assumptions prove incorrect, actual results may vary materially from those described in the relevant forward-looking statement or information as expected, anticipated, intended, planned, believed, sought, estimated or projected. In addition to figures prepared in accordance with IFRS, Heidelberg Materials also presents alternative performance measures, including, among others Operating EBITDA, EBITDA margin, Operating EBIT, Adjusted EPS, free cash flow and net debt. These alternative performance measures should be considered in addition to, but not as a substitute for, the information prepared in accordance with IFRS. Alternative performance measures are not subject to IFRS or any other generally accepted accounting principles. Other companies may define these terms in different ways. 31.07.2025 2025 Half Year Results | Dr Dominik von Achten (CEO), René Aldach (CFO)26