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    Harry Dow • Rothschild & Co Redburn

    Harry Dow's questions to HOLN leadership

    Harry Dow's questions to HOLN leadership • H1 2025

    Question

    Harry Dow of Rothschild & Co Redburn asked for color on product line sales growth, the contribution from new Dissensa stores in LatAm, and the company's confidence in its net-zero project timelines.

    Answer

    CFO Steffen Kindler explained the negative organic growth in Building Solutions was a geographic mix issue, as softer markets have a higher share of those products, while noting the segment's EBIT grew strongly. CEO Miljan Gutovic highlighted the Dissensa network as a key channel for accelerating solutions growth and reaffirmed commitment to net-zero project timelines, citing positive momentum from EU support.

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    Harry Dow's questions to HOLN leadership • Q2 2025

    Question

    Harry Dow of Rothschild & Co Redburn asked about the divergence in growth between Building Materials and Solutions, the contribution of new Disensa stores, and the net-zero project timeline.

    Answer

    CEO Miljan Gutovic highlighted the Disensa network's role in accelerating solutions growth and expressed confidence in net-zero project timelines. CFO Steffen Kindler explained the solutions segment's organic decline was a country-mix effect, while its profitability and EBIT growth remained very strong.

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    Harry Dow's questions to HOLN leadership • H1 2025

    Question

    Harry Dow of Rothschild & Co Redburn asked for color on sales growth by product line, the contribution from the Disensa store network expansion in LatAm, and the timeline for net-zero cement projects.

    Answer

    CEO Miljan Gutovic explained the Disensa network is a strategic channel for accelerating sales of newly acquired building solutions products. He also reaffirmed commitment to the net-zero project timelines, citing recent progress. CFO Steffen Kindler clarified that the differing growth between Building Materials and Solutions was a country mix effect, and that the Solutions segment delivered strong 27% EBIT growth in Q2.

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