Holcim raises its forecasts after a half-year above expectations

Holcim closed the first half of 2026 with slightly higher revenue and upgraded forecasts. Sales rose 0.7% to 7.93 billion francs.

The recurring operating result stayed broadly flat at 1.44 billion francs, with a negative change of 0.1%. The operating margin slipped from 18.3% to 18.1%. Net profit from continuing operations rose 0.5% to 913 million.

The weight of the exchange rate

The figures take on a different meaning once currency effects are stripped out. The strength of the franc removed 268 million francs from sales. Acquisitions and disposals cut revenue by a further 65 million.

Excluding those components, the group's organic growth stands at 5.2%. That is the measure of how the business is running, independently of conversion into francs and of changes in scope.

Chief executive Miljan Gutovic announced an upgrade to the full-year forecasts, citing the solidity of the results and a business model that has held up to market conditions.

The new guidance points to revenue growth of around 5%, against a previous range of 3% to 5%. For the operating result, the expected increase moves from a band of 8% to 10% to a figure of around 10%.

The accounts beat analysts' expectations. For a group in construction materials, holding margins during a period of franc strength also depends on the share of activity carried out in markets that currency conversion does not touch.