Switzerland-headquartered building materials manufacturer Holcim Ltd. has taken further steps in the planned listing of its North American business (Amrize Ltd.), and it expects to complete the planned spin-off by the end of the first half of 2025. We anticipate that after the spin-off, Holcim will retain its leading position in its cement markets in Europe, Latin America, North Africa, and Asia, with a focus on sustainable products offering powered by premium brands, expansion on high-value building solutions and value-accretive mergers and acquisitions (M&A) in attractive markets. After the spin-off, Holcim should post an average annual revenue growth between 3%-5% and an over proportional EBIT growth in the period 2025-2030, with a cash conversion of about 50% before leases. We
