Slides
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Q3 2026 Presentation 04.11.2026 Dr Dominik von Achten – CEO René Aldach – CFO
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04.11.2026 Q3 2026 Presentation | Dr Dominik von Achten (CEO), René Aldach (CFO)2 Growth accelerated Confirming 2026 guidance Expanding Transformation Accelerator Initiative (TAI) with focus on Europe: €300m additional savings for 2027-28 RCO growth driven by both volume and positive price over cost Strong performance in Europe and continued growth in North America Revenue +10% and RCO +9% vs. prior year Accelerating growth through NCC Industry business area acquisition in Nordics
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Q3 2025 Q3 2026 5,807 6,413 +€606m (+10%) LfL: +6% Q3 delivers double-digit revenue growth Operational result 04.11.2026 Q3 2026 Presentation | Dr Dominik von Achten (CEO), René Aldach (CFO)3 Q3 2025 Q3 2026 25.9% 25.3% -54 bps Q3 2025 Q3 2026 1,502 1,624 +€122m (+8%) LfL: +5% Q3 2025 Q3 2026 1,179 1,281 +€103m (+9%) LfL: +6% Revenue [€m] Operating EBITDA [€m] Operating EBITDA Margin Operating EBIT (RCO) [€m]
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9M 2025 9M 2026 16,205 16,993 +€788m (+5%) LfL: +4% Nine-month results confirm resilience Operational result 04.11.2026 Q3 2026 Presentation | Dr Dominik von Achten (CEO), René Aldach (CFO)4 9M 2025 9M 2026 21.2% 20.7% -43 bps 9M 2025 9M 2026 3,432 3,525 +€94m (+3%) LfL: +2% 9M 2025 9M 2026 2,461 2,530 +€70m (+3%) LfL: +2% Revenue [€m] Operating EBITDA [€m] Operating EBITDA Margin Operating EBIT (RCO) [€m]
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Q3 2026 RCO bridge: volume and price drive profit growth Operational result 1 61 18 25 Currency Q3 2025 LfL RCO Q3 2026 RCOScopeQ3 2026 LfL RCODepreciation & Amort. 1,179 1,180 1,256 1,281 -2 Price over costNet volumeQ3 2025 RCO +€103m (+9%) +€76m (+6%) 04.11.2026 Q3 2026 Presentation | Dr Dominik von Achten (CEO), René Aldach (CFO)5
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9M 2026 RCO bridge: disciplined execution expands earnings Operational result 44 19 42 Net volume Price over cost -7 Depreciation & Amort. 9M 2026 LfL RCO Scope 9M 2026 RCO 2,461 2,431 2,488 2,530 9M 2025 RCO -30 Currency 9M 2025 LfL RCO +€57m (+2%) +€70m (+3%) 04.11.2026 Q3 2026 Presentation | Dr Dominik von Achten (CEO), René Aldach (CFO)6
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Europe: Strong performance on all levels Operational result 2,491 2,611 +€120m (+5%) LfL: +4% 04.11.2026 Q3 2026 Presentation | Dr Dominik von Achten (CEO), René Aldach (CFO) 435 499 +€64m (+15%) LfL: +14% 7 Q3 2025 Q3 2026 20.0% 20.7% +68 bps 28.3% 29.7% +139 bps EBITDA margins (Last 12 months rolling) 575 640 +€65m (+11%) LfL: +11% 20.3% 19.1% -123 bps Revenue [€m] Operating EBITDA [€m] RCO [€m] Cement Aggregates Total Region • Price-over-cost remains positive across Europe, with disciplined pricing continuing to offset inflationary pressures. • Demand remains mixed while Germany shows signs of stabilisation. Infrastructure activity continues to support selected markets. • Northern and Eastern Europe continue to strongly contribute to regional profitability. • Operational excellence measures and plant optimisation initiatives continue to drive margin expansion and earnings growth.
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NAM: Positive volumes and continuously improving pricing Operational result 04.11.2026 Q3 2026 Presentation | Dr Dominik von Achten (CEO), René Aldach (CFO)8 1,617 1,773 +€156m (+10%) LfL: +7% 430 448 +€18m (+4%) LfL: +4% 26.2% 25.5% -66 bps 29.2% 26.2% -301 bps 518 541 +€22m (+4%) LfL: +4% 32.5% 34.0% +152 bps Revenue [€m] Operating EBITDA [€m] RCO [€m] Cement Aggregates Total Region EBITDA margins (Last 12 months rolling) Q3 2025 Q3 2026 • Revenue and earnings growth driven by continued infrastructure activity, industrial, and data centre construction. • Aggregates remain the key growth driver, supported by strong project activity across most regions. • Improving cement pricing partially mitigate ongoing labour, maintenance, and logistics cost inflation. • Backlog and project pipeline remain healthy, underpinning a positive medium-term demand outlook.
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Asia – Pacific: Australia strength offsets mixed Asian markets Operational result 04.11.2026 Q3 2026 Presentation | Dr Dominik von Achten (CEO), René Aldach (CFO)9 875 988 +€113m (+13%) LfL: +11% 120 120 €0m (0%) LfL: -4% 19.0% 17.3% -168 bps 18.2% 17.3% -89 bps 177 180 +€3m (+2%) LfL: -1% 23.0% 20.8% -215 bps Revenue [€m] Operating EBITDA [€m] RCO [€m] Cement Aggregates Total Region EBITDA margins (Last 12 months rolling) Q3 2025 Q3 2026 • Good market demand and positive price over cost development. • Fundamentals remain supported by public infrastructure investment and population growth. • Volumes increased in several Southeast Asian markets, supported by infrastructure activity and resilient construction demand. • Focus remains on cost discipline and operational excellence initiatives. Australia: Asia:
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AMWA: Pricing discipline sustains growth momentum Operational result 04.11.2026 Q3 2026 Presentation | Dr Dominik von Achten (CEO), René Aldach (CFO)10 684 918 +€234m (+34%) LfL: +6% 190 200 +€11m (+6%) LfL: -5% 26.8% 26.4% -40 bps 29.1% 29.8% +72 bps 221 243 +€22m (+10%) LfL: -5% Revenue [€m] Operating EBITDA [€m] RCO [€m] Cement Total Region EBITDA margins (Last 12 months rolling) Q3 2025 Q3 2026 • Strong revenue growth supported by favourable pricing and continued volume growth across key countries. • Pricing discipline and strict cost management continue to support profitability despite inflationary pressures in several markets. • Growth supported by bolt-on acquisitions. Ambitious integration plan for Akcansa very much on track. • Innovative low-carbon products, including calcined clay solutions, continue to gain market acceptance and support sustainable growth.
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Operational result 04.11.2026 Q3 2026 Presentation | Dr Dominik von Achten (CEO), René Aldach (CFO)11 Expanding “self-help”: Broadening for 2027/2028 NEW Ensure positive price over cost achievement Protect margin Operational and structural changes, with a focus on Europe >€500m savings programme 2025/2026 €300m savings programme Announcing now for 2027/2028 NEW
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Transforming our asset base for growth, efficiency and decarbonisation CapEx 04.11.2026 Q3 2026 Presentation | Dr Dominik von Achten (CEO), René Aldach (CFO)12 Modernise, upgrade, decarbonise Carbon capture Brevik – Norway: Completed in 2025 Padeswood – UK: FID signed Clinker capacity additions Couvrot (France) | Bussac (France) | Ennigerloh (Germany) Separate grinding Gorazde (Poland) | Fieni (Romania) Cement grinding additions Hanover (Germany) | Gorazde (Poland) | Anorga (Spain) Brownfield Airvault (France) | Mokra (Czechia) Clinker capacity reduction Hanover – Germany Paderborn – Germany Leimen – Germany Ranville – France Beffes – France Villiers-au-Bouin – France Anorga – Spain Skövde – Sweden Optimise clinker footprint Major investment projects largely completed, with closure costs mostly realised
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Financial highlights M&A as a driver of profitable growth and portfolio strength • MAAS building materials segment in Australia (closed) • NCC Industry business area in Sweden and Norway (announced) • Majority stake in Peru-based Cementos Inka (closed) 04.11.2026 Q3 2026 Presentation | Dr Dominik von Achten (CEO), René Aldach (CFO)13 Balanced capital allocation leading to higher shareholder return and growth through M&A Last 12 months free cash flow at €1.9bn 2 Leverage at the same level of prior year Adjusted EPS increases by 10% to €9.50 1 Shareholder return increases by +22% 2 €1.2bn share buyback programme completed 1 September year-to-date, excluding “Additional ordinary result” 2 Last 12 months September 2026 vs. September 2025
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Guidance: On track to deliver 2026 targets 14 Business Outlook & Guidance 04.11.2026 Q3 2026 Presentation | Dr Dominik von Achten (CEO), René Aldach (CFO) 2026 Target RCO €3.40bn to €3.65bn ROIC Slightly above 10% CO2 emission Around previous year’s level CapEx Net €1.2bn to €1.3bn Leverage In line with mid-term target: Around 1.5x Further increase in shareholder return through progressive dividend and share buyback
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Appendix
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Scope & currency impacts Appendix 04.11.2026 Q3 2026 Presentation | Dr Dominik von Achten (CEO), René Aldach (CFO)16 Scope & currency Q3 2026 [€m] Revenue Operating EBITDA Operating EBIT (RCO) Scope Currency Scope Currency Scope Currency Europe 10 13 3 1 2 0 North America 42 4 7 -5 6 -6 Asia – Pacific 0 13 3 2 3 2 Africa – Med. - Western Asia 144 45 26 7 15 5 Group Service & Other 0 3 0 0 0 0 Total GROUP 196 78 39 5 25 1 Scope & currency 9M 2026 [€m] Revenue Operating EBITDA Operating EBIT (RCO) Scope Currency Scope Currency Scope Currency Europe 37 1 10 -1 8 -1 North America 119 -142 15 -36 6 -27 Asia – Pacific 23 -45 9 -6 7 -1 Africa – Med. - Western Asia 164 36 38 1 21 -1 Group Service & Other 0 -15 0 0 0 0 Total GROUP 342 -166 72 -42 42 -30
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Operating result Appendix 04.11.2026 Q3 2026 Presentation | Dr Dominik von Achten (CEO), René Aldach (CFO)17 Operating result 9M 2026 [€m] Revenue Operating EBITDA Operating EBIT (RCO) Operating EBITDA Margin 9M 25 9M 26 Change LfL 9M 25 9M 26 Change LfL 9M 25 9M 26 Change LfL 9M 25 9M 26 Change LfL Europe 7,230 7,328 1.3% 0.8% 1,435 1,479 3.1% 2.4% 1,021 1,056 3.4% 2.8% 19.9% 20.2% +34 bps +31 bps North America 4,088 4,302 5.2% 6.0% 1,037 1,046 0.8% 3.0% 767 775 1.0% 3.8% 25.4% 24.3% -106 bps -72 bps Asia – Pacific 2,525 2,715 7.5% 8.5% 455 451 -0.8% -1.5% 279 276 -1.3% -3.6% 18.0% 16.6% -139 bps -167 bps Africa – Med. - Western Asia 1,945 2,186 12.4% 2.0% 530 560 5.7% -1.7% 440 455 3.5% -1.1% 27.2% 25.6% -161 bps -97 bps Group Service & Other 416 463 -26 -11 -47 -32 -6.2% -2.5% Total GROUP 16,205 16,993 4.9% 3.8% 3,432 3,525 2.7% 1.9% 2,461 2,530 2.8% 2.3% 21.2% 20.7% -43 bps -39 bps Operating result Q3 2026 [€m] Revenue Operating EBITDA Operating EBIT (RCO) Operating EBITDA Margin Q3 25 Q3 26 Change LfL Q3 25 Q3 26 Change LfL Q3 25 Q3 26 Change LfL Q3 25 Q3 26 Change LfL Europe 2,491 2,611 4.8% 3.9% 575 640 11.4% 10.7% 435 499 14.6% 14.2% 23.1% 24.5% +145 bps +151 bps North America 1,617 1,773 9.6% 6.8% 518 541 4.3% 3.9% 430 448 4.3% 4.4% 32.1% 30.5% -157 bps -87 bps Asia – Pacific 875 988 12.9% 11.2% 177 180 1.8% -1.1% 120 120 0.4% -3.6% 20.2% 18.2% -199 bps -224 bps Africa – Med. - Western Asia 684 918 34.2% 6.1% 221 243 10.2% -4.6% 190 200 5.7% -4.8% 32.3% 26.5% -577 bps -315 bps Group Service & Other 140 124 11 20 4 14 7.9% 16.4% Total GROUP 5,807 6,413 10.4% 5.6% 1,502 1,624 8.2% 5.2% 1,179 1,281 8.7% 6.5% 25.9% 25.3% -54 bps -11 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 Q3 25 Q3 26 Q3 25 Q3 26 Q3 25 Q3 26 9M 25 9M 26 9M 25 9M 26 9M 25 9M 26 Europe 1,268 1,318 3.9% 406 439 8.0% 32.0% 33.3% +126 bps 3,688 3,709 0.6% 1,023 1,052 2.8% 27.7% 28.4% +61 bps North America 700 734 5.0% 225 221 -1.7% 32.1% 30.1% -203 bps 1,790 1,866 4.2% 502 465 -7.5% 28.1% 24.9% -315 bps Asia - Pacific 424 450 6.1% 82 81 -0.7% 19.4% 18.1% -125 bps 1,284 1,258 -2.1% 224 212 -5.7% 17.5% 16.8% -65 bps Africa – Med. - Western Asia 587 760 29.3% 208 236 13.5% 35.3% 31.0% -432 bps 1,683 1,827 8.5% 498 544 9.1% 29.6% 29.8% +14 bps Total GROUP 2,979 3,262 9.5% 921 977 6.1% 30.9% 29.9% -95 bps 8,445 8,660 2.5% 2,248 2,272 1.0% 26.6% 26.2% -39 bps 04.11.2026 Q3 2026 Presentation | Dr Dominik von Achten (CEO), René Aldach (CFO)18 Quarterly Figures Year to Date Figures Business line AGGREGATES [€m] Revenue Operating EBITDA Operating EBITDA Margin Revenue Operating EBITDA Operating EBITDA Margin Q3 25 Q3 26 Q3 25 Q3 26 Q3 25 Q3 26 9M 25 9M 26 9M 25 9M 26 9M 25 9M 26 Europe 632 668 5.7% 145 135 -6.4% 22.9% 20.3% -261 bps 1,814 1,849 2.0% 386 358 -7.3% 21.3% 19.4% -193 bps North America 625 722 15.6% 253 282 11.3% 40.5% 39.0% -153 bps 1,609 1,744 8.4% 511 572 12.0% 31.7% 32.8% +105 bps Asia - Pacific 173 197 13.8% 42 47 11.9% 24.5% 24.1% -41 bps 487 545 12.0% 110 111 0.6% 22.6% 20.3% -230 bps Africa – Med. - Western Asia 29 39 31.3% 4 4 -7.0% 12.9% 9.1% -375 bps 79 99 25.7% 9 6 -31.8% 11.0% 6.0% -504 bps Total GROUP 1,458 1,625 11.4% 444 468 5.4% 30.4% 28.8% -164 bps 3,988 4,238 6.3% 1,015 1,047 3.1% 25.5% 24.7% -76 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. 04.11.2026 Q3 2026 Presentation | Dr Dominik von Achten (CEO), René Aldach (CFO)19