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Heidelberg Materials AG
Investor Presentation • Nov 11, 2024
202_10-q_2024-11-11_0f38f346-37de-4ad5-9d37-5085901148ed.pdf
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Quarterly Statement January to September 2024
RCO $* 2.6 \%$
RCOBD margin $* 106$ basis points
Heidelberg Materials financial figures
Further increase in results and margin Continued strong development in North America
Share buyback programme and Green Finance
First tranche of the second share buyback programme almost completed
Two Green Bonds issued under the Green Finance Framework
Sustainability update
- Investment in technologies for the processing of recycled construction and demolition waste
- Commissioning of an innovative recycling plant for selective separation of demolition concrete in Poland
- Decarbonisation project launched in Italy
Outlook 2024 upgraded
RCO now between $€ 3.1 \mathrm{bn}$ and $€ 3.3 \mathrm{bn}$ (previously between $€ 3.0 \mathrm{bn}$ and $€ 3.3 \mathrm{bn}$ ), ROIC at around 10\%, slight reduction in specific net $\mathrm{CO}_{2}$ emissions expected.
Development of volumes, revenue, and results
In the first nine months of 2024, construction activity and thus demand for our building materials were determined by the economic weakness, particularly in Europe, and unfavourable weather conditions in North America. While cement and clinker deliveries remained at the previous year's level and asphalt volumes increased slightly, deliveries of aggregates and readymixed concrete recorded a moderate decline.
In the first nine months of 2024, Group revenue decreased slightly by $2.1 \%$ in comparison with the previous year to $€ 15,750$ (previous year: 16,083 ) million. Excluding scope and exchange rate effects, the decline amounted to $2.9 \%$. The decrease in revenue is particularly due to the drop in volumes, which was partially offset by price adjustments. Changes to the scope of consolidation had a positive impact of $€ 368$ million on revenue, while currency effects had a negative impact of $€ 236$ million.
The result from current operations before depreciation and amortisation (RCOBD) rose by $€ 101$ million or $3.2 \%$ to $€ 3,280$ million (previous year: 3,179). Excluding scope and currency effects, the rise amounted to $2.5 \%$. The RCOBD margin, i.e. the ratio of the result from current operations before depreciation and amortisation to revenue, increased by 106 basis points to $20.8 \%$ (previous year: 19.8). The improved RCOBD margin is due in particular to lower energy costs and the continued disciplined cost management.
The result from current operations (RCO) rose slightly by $€ 58$ million or $2.6 \%$ to $€ 2,327$ million (previous year: 2,269 ). Excluding scope and currency effects, the rise amounted to $2.4 \%$.
"Transformation Accelerator" initiative
To further accelerate its transformation towards sustainable products and profitable growth, Heidelberg Materials has embarked on a "Transformation Accelerator" initiative with a focus on cross-border network optimisation, efficiencies across functions, and technical initiatives on a global scale. A particular focus area will be the optimisation of the clinker and cement network in Western Europe. Overall, the initiative is expected to lead to a yearly result contribution of $€ 500$ million by the end of 2026.
Portfolio Optimisation
In order to further expand its position in one of its core growth markets in Africa, Heidelberg Materials signed a strategic agreement to acquire Votorantim Cimentos' assets in Morocco. The transaction includes the increase of an existing minority stake in the cement and ready-mixed concrete company Asment de Témara to $63 \%$ and the acquisition of $100 \%$ of the shares in the aggregates manufacturer Grabemaro by Ciments du Maroc, Heidelberg Materials' subsidiary in Morocco. With this investment, Ciments du Maroc will expand its activities in the attractive region of northern Morocco with a cement plant with an annual capacity of 1.4 million tonnes of cement, two aggregates production sites, and eight ready-mixed concrete plants. In addition, the company will benefit from access to an alternative fuels platform. The transaction is subject to regulatory approval by Moroccan competition authorities.
With three significant acquisitions, Heidelberg Materials has further expanded its presence in three core markets in the USA while also adding to its rapidly growing portfolio of circular solutions across North America.
In August 2024, Heidelberg Materials acquired Highway Materials, one of the largest independent suppliers of aggregates, asphalt, and recycled materials in the Greater Philadelphia market. The company, which employs more than 350 people, operates four crushed stone quarries, nine hat-mix asphalt plants, two clean fill operations, a concrete recycling facility and a construction services business. Furthermore, in August 2024, Heidelberg Materials acquired Carver Sand \& Gravel, the largest aggregates producer in the Albany, New York, area. Included in this acquisition are four quarries, three sand and gravel pits, two asphalt plants, 70 million tonnes of aggregate reserves, a logistics business, and about 200 employees. In July 2024, Heidelberg Materials acquired the key assets of Victory Rock, a producer of high-quality aggregates for concrete and asphalt with two well-positioned quarries in Texas.
To strengthen its activities in circular economy, Heidelberg Materials acquired B\&A Group, one of the leading construction soil and aggregates recycling companies in South West England, in May 2024. The company specialises in the supply of recycled and primary aggregates as well as site clearance, earthworks, land remediation, and sustainable land regeneration. The acquisition of the Mick George Group, which was announced at the end of 2022, was also completed in May 2024. The company is the market leader in the recycling of construction and demolition waste in the east of the United Kingdom and operates four recycling plants, eight waste handling stations, eleven aggregates quarries, and ten ready-mixed concrete plants.
In May 2024, Heidelberg Materials acquired ACE Group, the largest supplier of pulverised fly ash in Malaysia. The aim of the acquisition is to strengthen the company's
footprint in this growing market and meet the rising demand for fly ash in order to reduce the $\mathrm{CO}_{2}$ intensity of cement.
In the United States, Heidelberg Materials has successfully completed the conversion of its cement plant in Speed, Indiana, into a slag grinding facility. Following the opening of its new state-of-the-art cement plant in Mitchell, Indiana, last year, the company ceased portland cement production at the Speed plant and converted the facility to produce slag cement from locally sourced slag granules. Using slag cement in concrete production can reduce $\mathrm{CO}_{2}$ emissions significantly. This will enable Heidelberg Materials to better meet the increasing demand for sustainable products in the fast-growing Midwest market.
As announced in January 2024, clinker production at the Hanover cement plant was discontinued in the summer of 2024. The Hanover site will continue to operate as a grinding facility. The adjustment comes after a substantial decline in cement volumes following weak construction demand in Germany due to the current economic environment as well as a stronger alignment of the company's cement portfolio towards low-carbon products, leading to the production of cement with reduced clinker content. As a result of the adjustment, the company strengthens the capacity utilisation of its neighbouring Westphalian cement plants, which now supply the cement clinker to Hanover.
Heidelberg Materials will also continue to optimise its cement portfolio in Spain. In June 2024, the company decided to stop clinker production at its Añorga plant in northern Spain and to continue operating the site as a grinding plant. The clinker required to supply the markets in northern Spain and southwest France will be produced at the neighbouring Bilbao plant. This gives Heidelberg Materials the opportunity to focus on the
production of cement with a lower proportion of clinker in order to offer customers in Spain and southwest France a wide range of sustainable products.
In April 2024, Heidelberg Materials also announced a site optimisation in its French cement business. Driving its ambitious decarbonisation strategy, Heidelberg Materials France plans a restructuring that shall result in the closure of its sites in Beffes (Département Cher) and Villiers-au-Bouin (Département Indre-et-Loire) as of October 2025. This restructuring project also follows a stronger alignment of the company's cement portfolio towards low-carbon products which include reduced clinker content. At the same time, Heidelberg Materials France is faced with a significant decline in cement volumes caused by weak construction demand due to the current market environment.
In January 2024, Heidelberg Materials sold its French cement transportation business Tratel S.a.s. to five regional transport specialists. The divestment of the capital-intensive French transport business is part of Heidelberg Materials' ongoing portfolio optimisation focusing on its core business in promising market positions.
Financing
On 19 June 2024, Heidelberg Materials AG issued its first Green Bond with an issue volume of $€ 700$ million and a term ending in 2034 under the $€ 10$ billion EMTN programme and the Green Finance Framework introduced in May 2024. On 24 September 2024, a further Green Bond with a volume of $€ 500$ million and a term until 2031 was issued. The range of projects financed by these bonds extends from the modernisation of plants, for example to increase the use of alternative fuels, to the expansion of carbon capture technologies.
Second share buyback programme
In order to allow its shareholders to continue participating in the company's success beyond the progressive dividend policy, Heidelberg Materials launched a new share buyback programme on 23 May 2024. The programme has a total volume of up to $€ 1.2$ billion and will run until the end of 2026. It is envisaged that the share buyback will be carried out in three tranches. The first tranche with a volume of $€ 350$ to $€ 400$ million is expected to be completed by 25 November 2024 at the latest. By 1 November 2024, a total of around 3.4 million treasury shares had been acquired via the stock exchange under the first tranche at a total price of around $€ 315.5$ million.
On 21 February 2024, the approximately 4.1 million treasury shares from the final tranche of the 2021 share buyback programme were cancelled with a reduction in the subscribed share capital. Since then, the subscribed share capital of Heidelberg Materials AG has amounted to $€ 546,204,360$ and has been divided into 182,068,120 no-par value shares.
Sustainability activities
With the investment in the innovative clean-tech startup EnviCore, which was announced in October 2024, Heidelberg Materials continues to develop and scale circular technologies. Together with EnviCore, Heidelberg Materials will focus on increasing the use of recycled construction and demolition waste (CDW) to save resources as part of its strong commitment to strengthen the circularity of its products. EnviCore has developed advanced proprietary technology reprocessing construction and demolition waste (CDW) into supplementary cementitious materials (SCMs) involving a dry thermochemical process. These can be used to replace part of the energy-intensive clinker in cement or concrete.
During the reporting period, Heidelberg Materials commissioned an innovative recycling plant for selective separation at its production site near Katowice, Poland. It is the first plant of its kind to use a proprietary crushing mechanism that enables separation and sorting capabilities to fully recycle demolition concrete, thus replacing primary raw materials in concrete production. With a capacity of up to 100 tonnes of concrete demolition per hour, Heidelberg Materials is the first company in the industry to introduce such a selective concrete separation at this scale.
The company also continued to drive forward its activities in the area of carbon capture, utilisation, and storage (CCUS). For example, Heidelberg Materials has launched a feasibility study for a decarbonisation project at its Rezzato-Mazzano cement plant in the province of Brescia. It will be the first plant in Italy to produce carbon captured net-zero cement and concrete and is also expected to contribute to the expansion of indus-trial-scale CCS in Italy. As part of the initiative, Heidelberg Materials will evaluate the feasibility of capturing $\mathrm{CO}{2}$ from cement production and transporting it via pipeline to the Ravenna CCS storage hub below the Adriatic Sea. The aim is to capture more than $95 \%$ of the $\mathrm{CO}{2}$ emissions of the Rezzato-Mazzano plant.
In Bulgaria, the construction of a pilot $\mathrm{CO}{2}$ capture plant at Heidelberg Materials' plant in Devnya was successfully completed with $\mathrm{CO}{2}$ capture testing starting mid-May. In a first step towards full-scale implementation, the ANRAV.beta pilot project will demonstrate OxyCal capture technology on an industrial scale. Additionally, we will conduct performance tests using $100 \%$ alternative fuels. Both are crucial preparatory work for the overall ANRAV project, which, as first project in Eastern Europe, is intended to encompass the entire CCUS value chain.
In mid-June 2024, six oxygen tanks for the oxyfuel kiln were installed at the Mergelstetten cement plant as part of the catch4climate carbon capture project. In the oxyfuel process, pure oxygen is introduced into the kiln system instead of air. The oxyfuel facility, for which over $€ 120$ million will be invested, is expected to be commissioned in the first quarter of 2025.
Also in June 2024, Linde and Heidelberg Materials hosted a groundbreaking ceremony for the Cap2U carbon capture project at the Lengfurt cement plant. The facility is expected to go into operation in 2025 with a planned storage capacity of 70,000 tonnes $\mathrm{CO}_{2}$ per year. Due to its purity, the processed gas will be suitable for use in both the food and chemical industries.
In North America, Heidelberg Materials was selected in March 2024 for funding of up to US $\$ 500$ million by the U.S. Department of Energy to advance industrial-scale CCUS at its new state-of-the-art cement plant in Mitchell, Indiana. The planned CCUS project will capture and prepare for storage or utilisation approximately 2 million tonnes of $\mathrm{CO}_{2}$ each year starting in 2030.
In its CCUS projects, Heidelberg Materials always benefits from the valuable experience gained from its pioneering project in Brevik, Norway. There, mechanical completion is scheduled for the end of 2024. In 2025, the first carbon-captured net-zero cement will be ready for delivery to customers in Europe under the evoZero ${ }^{\circledR}$ brand.
In addition to evoZero, Heidelberg Materials launched the evoBuild ${ }^{\circledR}$ brand in January 2024, under which the company's sustainable products, which are either low-carbon (cement and concrete), circular (concrete) or both, will be marketed in future.
In addition to its focus on $\mathrm{CO}_{2}$ reduction and circularity, Heidelberg Materials is focusing on numerous other sustainability aspects. Together with partner organisations, Heidelberg Materials aims to raise awareness of biodiversity associated with quarries and nature as a whole. In February 2024, our longstanding partnership with BirdLife International, the world's largest network of nature conservation organisations, was extended for a further three years.
In June, Heidelberg Materials launched the sixth edition of the Quarry Life Award, its nature-based competition, across more than 15 countries worldwide. Researchers, students, local communities, and NGOs can pitch ideas for sustainable quarry management. The Quarry Life Award is in line with Heidelberg Materials' commitment to working towards the Global Goal for Nature contributing to nature positive.
At the end of July, Heidelberg Materials has been selected for award negotiation to receive up to $\$ 5$ million in funding from the US Environmental Protection Agency (EPA) to create a cloud-based tool that can help concrete, cement, aggregates, and asphalt producers to facilitate the creation of high-quality Environmental Product Declarations.
Managing Board members and responsibilities
Since January 2024, the majority of the Northern and Eastern Europe-Central Asia Group area has been combined with Western and Southern Europe to form the Europe Group area. Since then, member of the Managing Board Jon Morrish, previously responsible for Western and Southern Europe, has been responsible for this newly created Group area.
Managing Board member Hakan Gurdal, who was previously responsible for the Group area Africa-Eastern Mediterranean Basin, has also been responsible for Kazakhstan and Russia since January 2024. Since then, the Group area has been called Africa-MediterraneanWestern Asia.
Since January 2024, Roberto Callieri, previously General Manager Italy, has been the new member of the Managing Board responsible for Asia in the Asia-Pacific Group area. He succeeded Kevin Gluskie, whose term as a member of the Managing Board ended at the end of January 2024. Chief Financial Officer René Aldach has assumed additional responsibility for Australia in this Group area since January 2024.
Axel Conrads, previously President of the Midwest region in the USA, assumed the newly created Managing Board position of Chief Technical Officer in February 2024. Since then, he has been responsible for the three global technical Competence Centers: Cement (CCC), Aggregates \& Asphalt (CCA), and Readymix (CCR).
On 20 March 2024, the Supervisory Board prematurely extended the mandate of the Chairman of the Managing Board Dr Dominik von Achten, which expires at the end of January 2025, by three years until 31 January 2028.
Dr Katharina Beumelburg has been Chief Sustainability \& New Technologies Officer and member of the Managing Board since 1 October 2024. She has taken over from Dr Nicola Kimm, who left the company on 31 August 2024 after completing her three-year term of office. Prior to her appointment to the Managing Board of Heidelberg Materials, Dr Katharina Beumelburg was Chief Strategy and Sustainability Officer and member of the Executive Management of SLB, the world's largest global energy technology company, from May 2021.
Supervisory Board
With the conclusion of the Annual General Meeting on 16 May 2024, the term of office of the former Supervisory Board ended and that of the new Supervisory Board, elected by the Annual General Meeting and the employees respectively, commenced. Birgit Jochens and the previous Deputy Chairman of the Supervisory Board, Heinz Schmitt are no longer as employee representatives members of the Supervisory Board. Their successors are Katja Karcher and Markus Oleynik. Gunnar Groebler, Chief Executive Officer of Salzgitter AG, was newly elected to the Supervisory Board as shareholder representative; he succeeded Prof. Dr Marion Weissenberger-Eibl, who was no longer available for re-election to the Supervisory Board. As before, Dr Bernd Scheifele remains Chairman of the Supervisory Board. Werner Schraeder was elected as Deputy Chairman.
Outlook 2024
Based on the business performance in the first nine months of 2024, the Managing Board has raised the outlook published in the Annual and Sustainability Report 2023 for the result from current operations (RCO). For the 2024 financial year, it now expects the RCO to be between $€ 3.1$ billion and $€ 3.3$ billion (Annual and Sustainability Report 2023 forecast: between $€ 3.0$ billion and 3.3 billion).
ROIC (return on invested capital) is still expected to be around $10 \%$.
For specific net $\mathrm{CO}_{2}$ emissions per tonne of cementitious material, the Managing Board continues to expect a further slight reduction compared to 2023.
Key data
Heidelberg Materials
| January-September | ||||
|---|---|---|---|---|
| 2023 | 2024 | Change | Like-for-like ${ }^{\text {D }}$ | |
| Revenue | 16,083 | 15,750 | $-2.1 \%$ | $-2.9 \%$ |
| Result from current operations before depreciation and amortisation (RCOBD) | 3,179 | 3,280 | $3.2 \%$ | 2.5\% |
| RCOBD margin in \% | $19.8 \%$ | $20.8 \%$ | $106 \mathrm{bps}^{\text {D }}$ | 110 bps |
| Result from current operations (RCO) | 2,269 | 2,327 | $2.6 \%$ | 2.4\% |
| RCO margin in \% | $14.1 \%$ | $14.8 \%$ | 67 bps | 78 bps |
July-September
| 2023 | 2024 | Change | Like-for-like ${ }^{\text {D }}$ |
|---|---|---|---|
| 5,611 | 5,756 | $2.6 \%$ | 0.2\% |
| 1,393 | 1,451 | $4.2 \%$ | 2.7\% |
| 24.8\% | $25.2 \%$ | 39 bps | 62 bps |
| 1,080 | 1,124 | $4.1 \%$ | 3.2\% |
| 19.2\% | $19.5 \%$ | 29 bps | 58 bps |
Europe
| January-September | ||||
|---|---|---|---|---|
| 2023 ${ }^{\text {D }}$ | 2024 | Change | Like-for-like ${ }^{\text {D }}$ | |
| Revenue | 7,291 | 7,094 | $-2.7 \%$ | $-4.8 \%$ |
| Result from current operations before depreciation and amortisation (RCOBD) | 1,458 | 1,398 | $-4.1 \%$ | $-4.1 \%$ |
| RCOBD margin in \% | 20.0\% | 19.7\% | $-29 \mathrm{bps}^{\text {D }}$ | 15 bps |
| Result from current operations (RCO) | 1,072 | 1,004 | $-6.3 \%$ | $-5.8 \%$ |
| RCO margin in \% | $14.7 \%$ | $14.2 \%$ | -55 bps | -15 bps |
July-September
| 2023 ${ }^{\text {D }}$ | 2024 | Change | Like-for-like ${ }^{\text {D }}$ |
|---|---|---|---|
| 2,444 | 2,521 | $3.1 \%$ | $-1.5 \%$ |
| 593 | 590 | $-0.5 \%$ | $-1.5 \%$ |
| 24.3\% | 23.4\% | -85 bps | 1 bps |
| 461 | 453 | $-1.8 \%$ | $-2.0 \%$ |
| 18.9\% | $18.0 \%$ | -91 bps | -9 bps |
North America
| January-September | ||||
|---|---|---|---|---|
| 2023 | 2024 | Change | Like-for-like ${ }^{\text {D }}$ | |
| Revenue | 3,956 | 3,975 | 0.5\% | $-1.6 \%$ |
| Result from current operations before depreciation and amortisation (RCOBD) | 857 | 1,024 | 19.5\% | 17.7\% |
| RCOBD margin in \% | 21.7\% | 25.8\% | 411 bps $^{\text {D }}$ | 424 bps |
| Result from current operations (RCO) | 623 | 759 | 21.8\% | 20.8\% |
| RCO margin in \% | 15.8\% | 19.1\% | 334 bps | 357 bps |
July-September
| 2023 | 2024 | Change | Like-for-like ${ }^{\text {D }}$ |
|---|---|---|---|
| 1,522 | 1,572 | 3.3\% | 0.9\% |
| 448 | 501 | 11.7\% | 9.7\% |
| 29.5\% | 31.8\% | 238 bps | 257 bps |
| 363 | 409 | 12.6\% | 11.1\% |
| 23.9\% | 26.0\% | 214 bps | 242 bps |
[^0]
[^0]: 1) Adjusted for scope and currency effects
2) Change in boss points (bps)
3) Previous year's figures have been adjusted due to the new structure of the Group areas.
Asia-Pacific
| 6 m | January-September | |||
|---|---|---|---|---|
| 2023 | 2024 | Change | Like-for-like ${ }^{1)}$ | |
| Revenue | 2,759 | 2,615 | $-5.2 \%$ | $-5.9 \%$ |
| Result from current operations before depreciation and amortisation (RCOBD) | 464 | 446 | $-3.9 \%$ | $-11.3 \%$ |
| RCOBD margin in \% | $16.8 \%$ | $17.1 \%$ | $24 \mathrm{bps}^{2)}$ | $-97 \mathrm{bps}$ |
| Result from current operations (RCO) | 281 | 267 | $-5.1 \%$ | $-16.5 \%$ |
| RCO margin in \% | $10.2 \%$ | $10.2 \%$ | 1 bps | $-115 \mathrm{bps}$ |
Africa-Mediterranean-Western Asia
| 6 m | January-September | |||
|---|---|---|---|---|
| $2023^{3)}$ | 2024 | Change | Like-for-like ${ }^{1)}$ | |
| Revenue | 1,756 | 1,647 | $-6.2 \%$ | 0.6\% |
| Result from current operations before depreciation and amortisation (RCOBD) | 439 | 410 | $-6.6 \%$ | $-0.5 \%$ |
| RCOBD margin in \% | $25.0 \%$ | $24.9 \%$ | $-10 \mathrm{bps}^{2)}$ | $-29 \mathrm{bps}$ |
| Result from current operations (RCO) | 349 | 315 | $-9.7 \%$ | $-1.7 \%$ |
| RCO margin in \% | $19.9 \%$ | $19.1 \%$ | $-74 \mathrm{bps}$ | $-46 \mathrm{bps}$ |
| July-September | |||
|---|---|---|---|
| 2023 | 2024 | Change | Like-for-like ${ }^{1)}$ |
| 601 | 606 | 0.9\% | $9.2 \%$ |
| 172 | 179 | 4.0\% | 11.6\% |
| 28.7\% | 29.6\% | 87 bps | 65 bps |
| 143 | 148 | 3.8\% | 13.7\% |
| 23.8\% | 24.4\% | 67 bps | 99 bps |
Group Services
| 6 m | January-September | |||
|---|---|---|---|---|
| 2023 | 2024 | Change | Like-for-like ${ }^{1)}$ | |
| Revenue | 1,019 | 1,015 | $-0.4 \%$ | $-0.4 \%$ |
| Result from current operations before depreciation and amortisation (RCOBD) | 25 | 31 | $26.1 \%$ | $26.1 \%$ |
| RCOBD margin in \% | $2.4 \%$ | $3.1 \%$ | $65 \mathrm{bps}^{2)}$ | 65 bps |
| Result from current operations (RCO) | 25 | 31 | $25.9 \%$ | $25.9 \%$ |
| RCO margin in \% | $2.4 \%$ | $3.0 \%$ | 63 bps | 63 bps |
| July-September | |||
|---|---|---|---|
| 2023 | 2024 | Change | Like-for-like ${ }^{1)}$ |
| 296 | 315 | 6.5\% | 6.5\% |
| 8 | 9 | 2.0\% | 2.0\% |
| 2.9\% | 2.7\% | $-12 \mathrm{bps}$ | $-12 \mathrm{bps}$ |
| 8 | 8 | 1.7\% | 1.7\% |
| 2.8\% | 2.7\% | $-13 \mathrm{bps}$ | $-13 \mathrm{bps}$ |
1) Adjusted for scope and currency effects
2) Change in basis points (bps)
3) Previous year's figures have been adjusted due to the new structure of the Group areas.
Financial calendar 2025
Contract
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Imprint
Copyright ©2024
Heidelberg Materials AG
Berliner Strasse 6
69120 Heidelberg, Germany
Concept and realisation
Group Communication \& Investor Relations, Heidelberg Materials
hw.design gmbh, Munich, Germany
Photo credit
Heidelberg Materials cement plant Schelklingen, Germany / Steffen Höft
This Quarterly Statement January to September 2024 - in German and English - is only available electronically at www.heidelbergmaterials.com.
This Quarterly Statement January to September 2024 was published on 7 November 2024.