Swiss cement giant Holcim has today reported better-than-expected first-quarter results, confirming its full-year outlook despite concerns about a slowing global economy weighing on confidence in the construction sector.
Holcim said its sales fell 4.8% to 3.52 billion Swiss francs ($4.47 billion) in the three months to the end of March, beating analyst forecasts for 3.42 billion Swiss francs.
Recurring operating profit (EBIT) fell to 431 million francs, ahead of analyst forecasts for 407 million francs in a company-compiled consensus.
The figures were impacted by Holcim's exit from Nigeria and other markets, wet weather in Europe, and a translation effect from the strong Swiss franc.
Also during the quarter, the company reshaped its portfolio through five transactions, including the acquisition of a majority stake in Peru's Cementos Pacasmayo and an agreement to acquire building materials operations in Colombia.
"With our resilient and proven business model across all economic cycles and market conditions, we confirm our full-year 2026 guidance," said CEO Miljan Gutovic, who described the results as robust, but did not refer to the conflict in the Middle East.
Construction industry sentiment has softened since the beginning of the year, with the Royal Institution of Chartered Surveyors halving its construction growth forecast for 2026 to around 1-2%.
Chief economist Simon Rubinsohn said global confidence in residential and non‑residential construction had turned more negative than at the end of 2025.
Holcim said it still expected to increase its annual sales by 3-5% after removing currency effects and acquisitions, and to improve its recurring operating profit by 8% to 10%.
During the first quarter, its results fell within its target range, increasing its organic sales by 3.9%, and operating profit by 8.3%.
