...Heidelbergcement is navigating high inflation, volatile costs, and volume contraction. The adjusted EBITDA margin dropped to 16.8% in 2022 compared with 18.8% in 2021. Positively, in the fourth quarter of 2022 price over cost turned positive, driven by a successfully implemented price strategy and well-managed cost base, thus helping to limit the drop in margin. Current spot energy prices, decreased versus the peak reached during third-quarter 2022, and continued pricing discipline support margin resilience in 2023. We anticipate a moderate drop in volume in 2023, as happened in 2022 when volume dropped by 4.4%, reflecting the current weak economic environment, both in Europe and the US. Still, demand for cement and aggregates remains sustained in the context of the business cycle. We anticipate that HeidelbergCement's capital allocation in 2023-2024 will focus more on acquisition spending. In 2019-2022 cumulative free cash flow was used largely to reduce debt (48%) and remunerate shareholders...
