Tear Sheet: Holcim Ltd.

Holcim Ltd (Holcim) is well positioned to benefit from generally strong demand in its markets and investments in infrastructure, although we anticipate a decrease in investment volumes in Europe. In October 2023, the company confirmed its 2023 guidance of an organic net sales growth above 6%, organic recurring EBIT growth above 10%, and raised its guidance on recurring EBIT margin to above 17% from above 16% previously. Holcim benefits from resilient order books. In the U.S., growth is supported by onshoring activities and investments in the energy sector. Stimulus projects, such as the U.S. and Europe infrastructure bills, should offer upside potential for orders. A scaling-up of its low-carbon product offering and increasing exposure to value-added building material solutions should

...October 31, 2023 We anticipate a broadly resilient financial performance in 2023-2024 notwithstanding the weaker macroeconomic environment. Holcim Ltd (Holcim) is well positioned to benefit from generally strong demand in its markets and investments in infrastructure, although we anticipate a decrease in investment volumes in Europe. In October 2023, the company confirmed its 2023 guidance of an organic net sales growth above 6%, organic recurring EBIT growth above 10%, and raised its guidance on recurring EBIT margin to above 17% from above 16% previously. Holcim benefits from resilient order books. In the U.S., growth is supported by onshoring activities and investments in the energy sector. Stimulus projects, such as the U.S. and Europe infrastructure bills, should offer upside potential for orders. A scaling-up of its low- carbon product offering and increasing exposure to value-added building material solutions should support Holcim's growth prospects and pricing power, particularly...

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