Finance
Holcim positive on infrastructure construction for 2026
Published by Global Banking & Finance Review®
Posted on February 27, 2026
3 min readLast updated: February 27, 2026
Quick Summary
Holcim guided for 3%–5% like-for-like sales growth in 2026 (vs. 2.9% in 2025), betting that infrastructure and housing demand in Europe and Latin America will strengthen. Management expects government-backed projects—especially in Europe—to support momentum, even as currency swings remain a headline
Holcim sees stronger 2026 sales growth as infrastructure spending rises
Holcim 2026 outlook and Q4 performance
Report details
By John Revill
2026 sales growth guidance
ZURICH, Feb 27 (Reuters) - Holcim on Friday said it was targeting slightly faster sales growth in 2026 as the Swiss building materials company gave an optimistic outlook for infrastructure and housing projects in Europe and Latin America.
The Swiss company said it expected its 2026 sales, when adjusted for currency movements and new acquisitions, to increase by 3% to 5%, up from 2.9% in 2025, supported by increased government spending on roads, tunnels and bridges.
CEO commentary
"I'm very optimistic about 2026," CEO Miljan Gutovic told reporters. "We are seeing a good momentum in construction activities in all our key markets."
Regional demand drivers
Europe infrastructure and housing
In Europe, Gutovic saw strong activity in infrastructure and an increase in residential building permits in Germany and France, although he expected greater impact of Germany's 500 billion euro stimulus package in the second half of the year.
Latin America and other markets
The cement, aggregates and pre-cast concrete maker provided the sales outlook together with its fourth-quarter results, which were hit by the appreciation of the Swiss franc.
Among the projects it is working on are the Toulouse Metro in France and the second Gotthard road tunnel under the Alps in Switzerland.
Holcim is also seeing a "good pipeline" of infrastructure projects and housing in Mexico while it was also positive about Australia where it is working on the "Rocky Ring Road" in Queensland.
M&A strategy
The company would be boosted by recent acquisitions, with Holcim buying 18 companies during 2025, and would press ahead with more deals in 2026, Gutovic said.
Financial results and currency impact
Quarterly sales and operating profit
It said its sales in the three months to December 31 fell 4.8% to 3.82 billion Swiss francs ($4.94 billion), matching analyst forecasts for 3.81 billion Swiss francs.
Recurring operating profit meanwhile fell 0.8% to 601 million francs, ahead of forecasts for 583 million francs.
Swiss franc effects and local-currency performance
Reported sales were reduced by 206 million francs due to currency impacts as the safe-haven currency franc rose in value against the Argentinian peso, the U.S. dollar, the British pound and the euro, while operating profit was reduced by 41 million francs.
On a local-currency basis, fourth-quarter sales rose 3.4% and recurring operating profit increased by 12.2%.
Reference exchange rates
($1 = 0.7727 Swiss francs)
($1 = 0.8471 euros)
Credits
(Reporting by John Revill, Editing by Friederike Heine and Tomasz Janowski)
Key Takeaways
- •Europe infrastructure is a core 2026 pillar: Holcim’s upbeat tone aligns with Germany’s approved €500bn infrastructure fund, which is designed to lift spending across transport networks over multiple years (supporting the company’s view that the stimulus impact builds into H2). (cnbc.com)
- •Flagship project exposure underpins visibility: the second Gotthard road tunnel is a long-dated, high-profile Alpine corridor upgrade, with official project communications pointing to TBM main excavation starting in 2025, breakthrough targeted around 2027, first traffic expected around mid-2030 and both tubes open from 2033. (gotthardtunnel.ch)
- •Execution and FX remain swing factors: Holcim’s 4Q sales were pressured by Swiss franc strength in reported terms, reinforcing that currency translation can mask local-currency progress even when underlying construction activity and M&A-driven expansion are supportive. (cnbc.com)
References
Frequently Asked Questions about Holcim positive on infrastructure construction for 2026
1What sales growth is Holcim targeting for 2026?
Holcim expects 2026 sales, adjusted for currency movements and acquisitions, to rise by 3% to 5% versus 2.9% in 2025.
2What is driving Holcim’s optimistic outlook for 2026?
The company cited increased government spending on infrastructure such as roads, tunnels and bridges, plus momentum in construction across key markets.
3What did Holcim report for fourth-quarter sales and operating profit?
Fourth-quarter sales fell 4.8% to 3.82 billion Swiss francs, while recurring operating profit slipped 0.8% to 601 million francs.
4How did currency moves affect Holcim’s reported results?
Reported sales were reduced by 206 million Swiss francs and operating profit by 41 million francs due to Swiss franc appreciation versus several currencies.
5Which major projects were mentioned in Holcim’s update?
Holcim cited work on the Toulouse Metro in France, the second Gotthard road tunnel in Switzerland, and Australia’s Rocky Ring Road in Queensland.
