Despite a turbulent global economic environment and unfavourable weather conditions in some key markets, Holcim posted robust sales of CHF 5,544 million (€5,894 million) in Q1 2025, down just -0.2% year-on-year in local currency. Recurring EBIT of CHF 515 million (€547 million) was up 1.7% in local currency. Meanwhile, Holcim’s M&A momentum continues with five value-accretive acquisitions. The Amrize North America business spin-off is on track, with its listing expected in June 2025.
Commenting on the Swiss building materials giant’s first quarter trading, Miljan Gutovic, Holcim CEO, said: “I thank all my Holcim colleagues for their dedication and contributions to our good start to the year.
“Holcim achieved stable net sales in local currency year-over-year despite unfavourable weather conditions in North America. Our high-value strategy continues to deliver, with over-proportional recurring EBIT growth and a sustained level of margin in the first quarter. Growing customer demand for our sustainable building solutions drove ECOPact and ECOPlanet’s share of sales in their respective categories to new highs.
“Our disciplined M&A execution continued with five value-accretive acquisitions. These transactions will strengthen our aggregates and ready-mix businesses in Europe and North America, and our speciality building solutions in Latin America.
“I am pleased to confirm the spin-off of Amrize is progressing well towards its expected listing in June. With our proven resilient business model, we confirm our full-year 2025 guidance. We are well-positioned to navigate the current economic uncertainty with our local-for-local business.”
Holcim’s North American trading had a good start to the year despite being affected by unfavourable weather conditions. Trading improved in March, and the acquisition of an aggregates business was closed in the quarter. Holcim has now secured more than 230 infrastructure projects to 2028. Market fundamentals in North America remain strong in the mid- and long-term, driven by infrastructure modernisation and the onshoring of manufacturing.
Latin America delivered further profitable growth in the first quarter. Broad-based improvement in net sales drove an 8% rise in local currency. The segment achieved an industry-leading margin in the first quarter, with a recurring EBIT margin of 35%. Public and private sectors will drive infrastructure and commercial investments across the region.
Europe continued to deliver strong overproportional recurring EBIT growth and continued recurring EBIT margin expansion, up 60 basis points compared to the prior year period. Holcim completed three value-accretive bolt-ons in the quarter in Bulgaria, France, and Serbia. Sustainable building solutions are expected to continue driving profitable growth.
Asia, the Middle East, and Africa realised double-digit recurring EBIT growth in local currency, led by North Africa. The recurring EBIT margin expanded by 250 basis points to 21.7%, driven by good momentum in ECOPact sales. The good momentum is expected to continue with strong demand in North Africa, a positive outlook in Australia, and price recovery in China.
Net sales increased 2% in local currency in Solutions & Products, driven by roofing in North America. The roofing business also expanded its margin. A speciality building solutions provider was acquired in Peru. The outlook is favourable in the new construction and repair & refurbishment markets.
In Q1, net sales of Holcim’s low-carbon ECOPact concrete accounted for 32% of ready-mix sales, and net sales of low-carbon ECOPlanet cement represented 29% of cement sales, up significantly from 26% in each case in the prior year period. Accelerating circular construction with its technology platform ECOCycle®, Holcim increased its recycling of construction demolition materials by 21% versus the same period a year ago.
Strengthening its local-for-local business model, Holcim began construction of a new site in Tilbury, UK, to serve the growing London market with circular and sustainable building solutions, which will be commissioned by H1 2026. In North America, Holcim began the construction of a new Malarkey advanced roofing plant in Indiana to expand into the Midwest and Eastern U.S. markets, with completion expected by H2 2026.
During the quarter, CDP recognised Holcim as a global climate leader, ranking on the “A list” for climate for the fourth time. With the publication of its fourth annual Climate Report, Holcim continues to give its shareholders a say on climate.
During the reporting quarter, Holcim announced NextGen Growth 2030—the strategy for its post-spin-off structure—at an investor day in Zurich on 28 March 2025. With NextGen Growth 2030, Holcim will leverage its sustainability leadership to deliver profitable growth in Europe, Australia, and North Africa while accelerating growth in Latin America to benefit from strong market fundamentals and industrialisation trends.
The strategy outlines four drivers to capture growth: focused investment in attractive markets, sustainability driving profitable growth, expanding high-value Building Solutions, and performance culture and value creation. As the leading partner for sustainable construction, Holcim, post-spin-off, will be best positioned to capitalise on the powerful megatrends shaping the construction industry to drive profitable growth and shareholder value.
As previously announced, Amrize filed its draft Form 10 registration statement with the U.S. Securities and Exchange Commission (SEC) on 28 February 2025. On 25 March 2025, Amrize hosted its first investor day in New York and presented its business, growth strategy, capital allocation priorities and mid-term financial targets. Most recently, Amrize completed a USD 3.4 billion bond offering, which received high investor demand.
Building on its proven track record of profitable growth and financial strength, Amrize’s investment case is led by five strategic drivers: a 100% focus on the North American market, its unparalleled footprint and resources, a successful track record of value creation, unlocking the next phase of its growth, and driving shareholder value.
On 14 May 2025, shareholders will vote on the special distribution, by way of a dividend-in-kind, of one (1) Amrize share for every Holcim share. Subject to shareholders’ approval and the conditions precedent being fulfilled or waived, Holcim will effect the spin-off of Amrize. Amrize’s listings on the NYSE and SIX Swiss Exchange are expected to occur in June 2025.
