Published by Global Banking & Finance Review®
Posted on February 27, 2026
3 min readLast updated: April 2, 2026
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Holcim is guiding for 3%–5% like-for-like sales growth in 2026 (vs ~2.9% in 2025), citing stronger infrastructure demand and improving housing signals in key markets. Management expects Europe’s public-works pipeline—including Germany’s multi-year €500bn infrastructure fund—to support momentum even
By John Revill
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.
"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."
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.
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.
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.
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.
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%.
($1 = 0.7727 Swiss francs)
($1 = 0.8471 euros)
(Reporting by John Revill, Editing by Friederike Heine and Tomasz Janowski)
Holcim expects 2026 sales, adjusted for currency moves and acquisitions, to rise by 3% to 5%, compared with 2.9% in 2025.
The company cited increased government spending on infrastructure such as roads, tunnels and bridges, alongside supportive housing activity in key markets.
Holcim pointed to strong infrastructure activity in Europe and optimism about infrastructure and housing in Latin America, including a good pipeline in Mexico, and positives in Australia.
Holcim referenced the Toulouse Metro in France, the second Gotthard road tunnel in Switzerland, and Australia’s Rocky Ring Road in Queensland.
Reported sales were reduced by 206 million Swiss francs due to currency impacts, and operating profit was reduced by 41 million francs as the Swiss franc strengthened against several currencies.
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