Strong profitable growth, with acceleration in Q4
In the fourth quarter, recurring EBIT rose at an accelerated pace of 12.2% in LC1 compared to the prior-year period to reach CHF 601 million. Fourth-quarter net sales of CHF 3 818 million rose 3.4% in LC1 versus the fourth quarter of 2024.
Full-year net sales of CHF 15 724 million for 2025 were up 3.0% in LC1 compared to the prior year. Recurring EBIT reached CHF 2 876 million for 2025, up 10.3% in LC1 compared to the prior year, exceeding the top end of Holcim’s guidance. Holcim’s performance more than offset strong foreign exchange effects, with full-year recurring EBIT up 1.4% in Swiss franc versus the prior-year period.
Full-year earnings per share (EPS)2 of CHF 0.70 is impacted by the non-cash realization of currency translation differences following the divestment of Holcim’s business in Nigeria. The EPS before impairment and divestments2 rose 5% to 3.22.
Free cash flow for the full year rose 1.6% to reach CHF 2 154 million, with a cash conversion ratio of 54%. In light of the company’s excellent 2025 financial performance and its confidence in the future, the Board of Directors proposes a dividend of CHF 1.70 per registered share, not subject to Swiss withholding tax and rebased following the spin-off of the North American business.
1Growth in local currency (LC) excluding large M&A.
2From continuing operations.
Focused investment in attractive markets
Holcim completed 21 transactions in 2025 to sharpen its geographical footprint and focus on the most attractive markets and business segments.
A total of 18 value-accretive acquisitions were completed. Building Materials was strengthened with nine acquisitions; Building Solutions expanded with nine acquisitions.
Holcim further optimized its portfolio by closing three divestments: its businesses in Jordan and Nigeria, as well as Karbala Cement Manufacturing Ltd in Iraq.
In October 2025, Holcim signed an agreement to acquire Xella, a European leader in sustainable and innovative walling systems with projected 2026 net sales of EUR 1 billion. The transaction is subject to customary conditions and regulatory approvals, and expected to close in H2 2026.
In December 2025, Holcim signed an agreement to acquire a majority stake in Cementos Pacasmayo, a leading Peruvian producer of building materials with reported 2025 net sales of USD 0.6 billion. It is expected to close in H1 2026, subject to customary conditions and regulatory approvals.
As part of its growth-focused capital allocation, Holcim is making organic investments with attractive returns and paybacks. Examples already commissioned include the installation of a vertical roller mill in Mexico, a new calcined clay production line in Ecuador, expansion of alternative fuels usage in Croatia, and a new precast factory in Australia.
The company signed an agreement this month with Air Liquide to deepen collaboration on carbon capture technology at the GO4ZERO project at Holcim’s Obourg plant in Belgium. The first phase of the plant’s upgrade is in full execution and scheduled for completion in the first half of 2027. This will make Obourg the industry’s most efficient state-of-the-art plant, ahead of it supplying near-zero cement at scale.
Sustainability driving profitable growth
Customer demand for Holcim’s sustainable offering continued to increase. In 2025, net sales of Holcim’s low-carbon ECOPact concrete increased to 31% of ready-mix net sales compared to 26% in the prior year1, while net sales of ECOPlanet increased to 36% of cement net sales versus 34% in 20241.
Advancing circular construction, Holcim made three value-accretive acquisitions and invested in organic growth to add a combined 12 new circular construction hubs. The company increased the recycling of construction demolition materials by 23.5% to 8.0 million tons compared to the prior year1.
12024 figures have been restated for material changes in scope.
Executive Committee Changes
To further unlock value creation as our NextGen Growth 2030 strategy gains strong momentum, Holcim today makes the following appointments to its Executive Committee, effective 1 March 2026.
Simon Kronenberg, currently Region Head Central and East Europe, is appointed Region Head of Latin America. Joining Holcim in 2007, Simon previously served as CEO of Switzerland, Italy, South Germany, and Haut-Rhin. He succeeds Oliver Osswald, who decided to pursue new opportunities outside of Holcim. We sincerely thank Oliver for his 30 years of service to the company.
Xavier Guesnu, currently Country CEO France, is appointed Region Head Central and East Europe. Joining Holcim in 2010, Xavier previously served as CEO of Poland.
As Holcim expands its high-value sustainable offering, Dragan Maksimovic, currently Region Head West Europe, is appointed Group Head of Building Systems. Dragan joined Holcim in 2021 as CEO of Holcim UK, a position he held until April 2024.
Grant Earnshaw, currently Area Manager Middle East and Africa, is appointed Region Head West Europe. Having joined Holcim in 1999, Grant has held General Management and CEO roles across Europe, the Middle East and Africa.
Guidance 2026
Holcim’s NextGen Growth 2030 strategy is expected to continue to drive superior performance and value creation. Building on its strong 2025 results, Holcim expects for FY2026:
- Growth in line with NextGen Growth 2030 targets:
- 3% to 5% net sales organic growth
- 8% to 10% recurring EBIT organic growth
- Further increase of recurring EBIT margin
- Free cash flow of around CHF 2 billion
- >20% growth in recycled construction demolition materials