Heidelberg Materials has delivered impressive results in the second quarter of 2025, in a persistently challenging market environment.
The German company increased its revenue slightly by €177 million or 3% to €5,683 million (previous year: 5,506) compared with the same quarter of last year. The result from current operations (RCO) climbed notably by €77 million or 8% to €1,048 million (previous year: €971 million). The RCOBD margin increased to 24.2% (prior year: 23.4%). Earnings per share increased by €0.69 to €3.85 in the first six months of 2025. At €2.3 billion, free cash flow for the last 12 months was at a very high level compared to the previous period.
Heidelberg Materials has also made further progress in the area of sustainability. The share of revenue from sustainable products rose to around 37%, and specific net CO₂ emissions fell by around 4%.
“Next to price adjustments, our strict cost management has proven particularly effective in the second quarter. Our ongoing Transformation Accelerator initiative is fully on track and has helped us to grow our earnings once again with further increasing cost savings,” said Dr Dominik von Achten, chairman of the managing board of Heidelberg Materials.
“Even though demand is still volatile in some regions, we expect that stabilisation in our core markets is continuing. Against this backdrop, we confirm our outlook for the 2025 financial year.
“With the opening of the world’s first industrial-scale carbon capture and storage (CCS) facility in the cement industry in Brevik in June, we have impressively underlined our pioneering role on the path to net zero. Thanks to evoZero, our globally unique carbon-captured net-zero cement, our customers can significantly reduce the carbon footprint of their construction projects, benefiting from the same product characteristics as conventional cement. This is a true game changer for our industry,” continued Dr von Achten. “At the same time, we have made significant progress across all our key sustainability figures. This once again demonstrates that transformation at Heidelberg Materials is not just lip service, it is actually happening – and goes hand in hand with a very convincing economic performance.”
As part of the ongoing commissioning of Brevik CCS, the first volumes of CO₂ have already been successfully captured, liquefied, and temporarily stored. Subsequently, Heidelberg Materials will begin to deliver evoZero® to customers in Europe.
In addition, Heidelberg Materials and CBI Ghana Ltd, the leading Ghanaian cement manufacturer headquartered in Tema, Ghana, have completed the construction of the world’s largest industrial-scale flash calciner for clay in a joint venture. First batches of calcined clay cement with reduced clinker content have already been delivered to customers.
In July, Heidelberg Materials has also started operations at its new industrial pilot plant for enforced carbonation in Górażdże, Poland. This marks the next step in the large-scale implementation of Heidelberg Materials’ patented ReConcrete process, which leverages new potential in the production of sustainable building materials by combining circularity and resource efficiency with decarbonisation.
In May, Heidelberg Materials presented its “Strategy 2030: Making a Material Difference” at this year’s Capital Markets Day in Brevik, Norway. Building on a strong track record, the strategy outlines an ambitious path towards accelerated growth and profitability with new medium-term targets by 2030. As the leading global company in the heavy building materials industry, Heidelberg Materials is well-positioned to leverage significant synergies in the areas of sustainability, digitalisation, and technical excellence.
As part of its ongoing portfolio optimisation, Heidelberg Materials has further expanded its presence in the attractive growth market of North America. In June, Heidelberg Materials entered into a purchase agreement to acquire the assets of Concrete Crushers Inc., the largest concrete recycling company in Calgary, Alberta, Canada.
In addition, Heidelberg Materials has completed the announced acquisitions of Asment de Témara, a cement and ready-mixed concrete producer, and Grabemaro, a supplier of aggregates, in Morocco.
Heidelberg Materials expects demand in the construction sector to stabilise at a low level, with the energy and raw materials markets likely to remain volatile. The focus will therefore continue to be on price adjustments and strict cost management.
For the 2025 financial year, Heidelberg Materials continues to expect a result from current operations (RCO) between €3.25 billion and €3.55 billion. ROIC is forecast to be around 10%. The Managing Board anticipates a further slight reduction in specific net CO₂ emissions.
