Heidelberg Materials AG · XETR:HEI
Heidelberg Materials — Q3 2026 Earnings Presentation
20 slides from Heidelberg Materials's earnings presentation, Nov 4, 2026
Slide 1: Q3 2026 Presentation
Q3 2026 Presentation Dr Dominik von Achten – CEO René Aldach – CFO 04.11.2026
Slide 2: Growth accelerated
Growth accelerated Revenue +10% and RCO +9% vs. prior year RCO growth driven by both volume and positive price over cost Strong performance in Europe and continued growth in North America Expanding Transformation Accelerator Initiative (TAI) with focus on Europe: €300m additional savings for 2027-28
Slide 3: Q3 delivers double-digit revenue growth
Operational result Q3 delivers double-digit revenue growth Revenue [€m] Operating EBITDA [€m] Operating EBITDA Margin Operating EBIT (RCO) [€m] +€606m +€122m +€103m (+10%) (+8%) -54 bps (+9%) LfL: +6% LfL: +5% LfL: +6% 6,413 1,624 25.9% 25.3% 1,281 5,807 1,502 1,179 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q
Slide 4: Nine-month results confirm resilience
Operational result Nine-month results confirm resilience Revenue [€m] Operating EBITDA [€m] Operating EBITDA Margin Operating EBIT (RCO) [€m] +€788m +€70m (+5%) (+3%) +€94m LfL: +4% LfL: +2% (+3%) -43 bps LfL: +2% 16,993 3,525 21.2% 20.7% 2,530 16,205 3,432 2,461 9M 2025 9M 2026 9M 2025 9M 2026 9M 2
Slide 5: Q3 2026 RCO bridge: volume and price drive profit growth
Operational result Q3 2026 RCO bridge: volume and price drive profit growth +€103m (+9%) +€76m (+6%) 25 1,281 18 -2 1,256 61 1,179 1 1,180 Q3 2025 RCO Currency Q3 2025 LfL RCO Net volume Price over cost Depreciation Q3 2026 LfL RCO Scope Q3 2026 RCO & Amort. 5 04.11.2026 Q3 2026 Presentation | Dr Do
Slide 6: 9M 2026 RCO bridge: disciplined execution expands earnings
Operational result 9M 2026 RCO bridge: disciplined execution expands earnings +€70m (+3%) +€57m (+2%) 42 2,530 19 -7 2,488 44 2,461 -30 2,431 9M 2025 RCO Currency 9M 2025 LfL RCO Net volume Price over cost Depreciation 9M 2026 LfL RCO Scope 9M 2026 RCO & Amort. 6 04.11.2026 Q3 2026 Presentation | Dr
Slide 7: Europe: Strong performance on all levels
Operational result Europe: Strong performance on all levels Q3 2025 Q3 2026 • Price-over-cost remains positive across +€120m +€65m +€64m (+11%) (+15%) Europe, with disciplined pricing continuing to (+5%) LfL: +4% LfL: +11% LfL: +14% offset inflationary pressures. 2,491 2,611 640 575 499 435 • Demand
Slide 8: NAM: Positive volumes and continuously improving pricing
Operational result NAM: Positive volumes and continuously improving pricing Q3 2025 Q3 2026 • Revenue and earnings growth driven by +€156m +€22m (+10%) (+4%) continued infrastructure activity, industrial, and +€18m LfL: +7% LfL: +4% (+4%) data centre construction. LfL: +4% 1,773 518 541 1,617 430 44
Slide 9: Asia – Pacific: Australia strength offsets mixed Asian markets
Operational result Asia – Pacific: Australia strength offsets mixed Asian markets Q3 2025 Q3 2026 Australia: +€113m +€3m (+13%) €0m (+2%) LfL: +11% LfL: -1% (0%) • Good market demand and positive price over LfL: -4% cost development. 988 177 180 875 120 120 • Fundamentals remain supported by public
Slide 10: AMWA: Pricing discipline sustains growth momentum
Operational result AMWA: Pricing discipline sustains growth momentum Q3 2025 Q3 2026 • Strong revenue growth supported by +€234m +€22m +€11m favourable pricing and continued volume (+34%) (+10%) LfL: +6% LfL: -5% (+6%) growth across key countries. LfL: -5% 918 243 221 190 200 684 • Pricing disciplin
Slide 11: Expanding self-help: Broadening for 2027/2028
Operational result Expanding “self-help”: Broadening for 2027/2028 NEW >€500m €300m savings programme savings programme 2025/2026 Announcing NEW now for 2027/2028 Ensure positive price over Operational and structural Protect margin cost achievement changes, with a focus on Europe 11 04.11.2026 Q3 20
Slide 12: Transforming our asset base for growth, efficiency and decarbonisation
CapEx Transforming our asset base for growth, efficiency and decarbonisation Modernise, upgrade, Optimise clinker footprint decarbonise Carbon capture Clinker capacity reduction Brevik – Norway: Completed in 2025 Hanover – Germany Padeswood – UK: FID signed Paderborn – Germany Separate grinding Leim
Slide 13: Financial highlights
Financial highlights Adjusted EPS increases by 10% to €9.50 1 Last 12 months free cash flow at €1.9bn 2 Leverage at the same level of prior year Balanced capital allocation leading to higher shareholder return and growth through M&A Shareholder return increases by +22% 2 €1.2bn share buyback program
Slide 14: Guidance: On track to deliver 2026 targets
Business Outlook & Guidance Guidance: On track to deliver 2026 targets 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 In line with mid-term target: Leverage Around 1.5x Further increase in shareholder return through pro
Slide 15: Appendix
Heidelberg Materials
Slide 16: Scope & currency impacts
Appendix Scope & currency impacts Revenue Operating EBITDA Operating EBIT (RCO) Scope & currency Q3 2026 [€m] 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
Slide 17: Operating result
Appendix Operating result Revenue Operating EBITDA Operating EBIT (RCO) Operating EBITDA Margin Operating result Q3 2026 [€m] 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% +
Slide 18: Operating result – Business lines
Appendix Operating result – Business lines Quarterly Figures Year to Date Figures Business line Revenue Operating EBITDA Operating EBITDA Margin Revenue Operating EBITDA Operating EBITDA Margin CEMENT [€m] 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
Slide 19: Disclaimer
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 a
Slide 20: Heidelberg Materials
Heidelberg Materials