Heidelberg Materials (HEI) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue declined by 3.8–4% year-over-year to €4,536–€4.54 billion, mainly due to adverse weather in the US and Europe impacting volumes.

• Result from current operations (RCO) fell 30% year-over-year to €163 million, with positive price over cost partially offsetting lower volumes.

• Transformation Accelerator Initiative delivered €405 million in savings by March 2026, targeting €500 million by year-end.

• Share buyback increased to €450 million, with the third tranche to start after the AGM; dividend proposal up 9% to €3.60 per share.

• Strategic acquisitions in Australia (Maas Group) and Turkey (Akçansa) are progressing, strengthening the growth trajectory.

Financial highlights

• Revenue: €4,536 million, down 3.8–4% year-over-year; RCOBD margin at 10.7%, down from 11.8% prior year.

• RCO: €163 million, down 30.4%; margin at 3.6% vs. 5.0% prior year.

• LTM EBITDA margin improved in cement (27.5%) and aggregates (25.7%).

• Dividend proposal increased to €3.60 per share.

Outlook and guidance

• Full-year 2026 RCO guidance confirmed at €3.4–€3.75 billion; ROIC expected above 10%.

• CapEx net guidance at €1.2–€1.3 billion; leverage targeted around 1.5x.

• Slight reduction in specific net Scope 1 CO₂ emissions per tonne of cementitious material anticipated.

• Management remains confident in achieving guidance despite Q1 setbacks, citing strong April recovery and ongoing cost initiatives.