Cedar Ekblom • Morgan Stanley

Question 1

Cedar Ekblom's questions to HOLN leadership • H1 2025

Jul 31, 2025

Question

Cedar Ekblom from Morgan Stanley asked about the M&A capital allocation between Europe and Latin America, the company's perspective on LatAm opportunities, and the potential for larger, transformational M&A deals.

Answer

CEO Miljan Gutovic emphasized that M&A decisions are driven by strategic and financial discipline, not geography, and noted a healthy deal pipeline across all regions. He confirmed that Holcim is constantly screening for larger deals, including attractive regional champions in solutions, that would fit its NextGen Growth strategy.

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Question 2

Cedar Ekblom's questions to HOLN leadership • Q2 2025

Jul 31, 2025

Question

Cedar Ekblom from Morgan Stanley inquired about the M&A capital allocation between Europe and LatAm and the potential for larger deals given the current market landscape.

Answer

CEO Miljan Gutovic emphasized a disciplined M&A approach based on strategic and financial fit, not geography, noting a healthy pipeline in all regions. He confirmed they are actively screening for larger, value-accretive deals with regional champions that fit their NextGen Growth strategy.

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Question 3

Cedar Ekblom's questions to HOLN leadership • H1 2025

Jul 25, 2025

Question

Cedar Ekblom from Morgan Stanley asked about the M&A focus, noting more deals in Europe than LatAm, and inquired about the potential for larger M&A deals given the current portfolio structure.

Answer

CEO Miljan Gutovic emphasized a disciplined M&A approach based on strategic fit and financial sense, not geography. He explained that the bolt-on focus in LatAm is more recent but has a healthy pipeline. For larger deals, he confirmed Holcim is constantly screening for regional champions in solutions like roofing and flooring that would fit its NextGen Growth strategy.