The turning point occurred on June 23, 2025. Holcim finalized the separation of its North American business, which is now listed under the name Amrize in New York and Zurich. This aims to enable the subsidiary to achieve a valuation that is closer to US standards: the North American market accounted for nearly $12bn in revenue in 2024.
For Holcim, this spin-off clarifies the investment case, but it also removes a segment that is highly favored by investors. The remaining group is more concentrated, primarily focused on Europe, Latin America, Asia and the Middle East-Africa. Holcim must now prove its ability to create value without the support of the North American region.
Solid momentum
2025 figures show that this new phase has not weakened the structure. Holcim generated CHF 15.7bn in sales, with a recurring EBIT of CHF 2.9bn and a margin of 18.3%. Most notably, recurring EBIT grew by 10.3% at constant exchange rates, proving that the group is further improving its profitability.
The start of 2026 further confirms this momentum. Q1 sales reached CHF 3.52bn, up 3.9% on an organic basis, while recurring EBIT rose by 8.3% on the same basis. Conversely, reported sales actually fell by 4.8%, while recurring EBIT dropped 11.2%. The group is being penalized by currency effects and changes in its consolidation scope. In other words, operational momentum is strong, but it is not yet visible in the reported accounts.
Selling better, not just selling more
Low-carbon concrete, recycled materials, and construction solutions are allowing Holcim to reduce its dependence on traditional cement (which is overly cyclical and less differentiated). The sustainable shift is already becoming apparent. ECOPact (low-carbon concrete) accounts for 31% of concrete sales, and ECOPlanet (low-carbon cement) represents 39% of cement sales. The volume of recycled construction and demolition materials increased 24% in Q1: this is therefore more than just ESG rhetoric.
Another lever has caught investors' attention: AI. Not to sell a dream to the markets, but to optimize plants, logistics, and administration. Holcim targets an additional CHF 200m in recurring EBIT by 2028, for an annual investment of approximately CHF 20m. This productivity lever could make the difference.
For 2026, the company remains ambitious. Holcim is targeting organic sales growth of 3% to 5%, an organic increase in recurring EBIT of 8% to 10%, a further improvement in margin, and free cash flow of around CHF 2bn. The group also aims to increase recycled construction and demolition materials by more than 20%.
Cyclicality has not disappeared
However, this transformation does not erase everything. Holcim remains highly exposed to the construction cycle, the real estate slowdown, energy costs, and carbon constraints in Europe. Geography also penalizes the group. Europe suffered from the effects of poor weather in Q1, while Latin America and the Asia-Middle East-Africa region are driving growth and margins.
Currency risk is also present. Holcim is a Swiss stock, but a significant portion of its profits comes from Latin America. These earnings must be converted into Swiss francs. Consequently, growth in Lima, Mexico City, or Bogotá is not always reflected in the reported income statement.
A divided market
Holcim possesses relatively solid fundamentals and is undergoing a phase of profitability improvement. The share's fall (-20% over one year) has brought the valuation back into a more comfortable range. The market now seems to have priced in the impact of the strengthening Swiss franc on the accounts.
