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BASIC INDUSTRIES: Heidelberg Materials (HEIGR Baa2/BBB/NR): 2Q24 Results

BASIC INDUSTRIES

Credit neutral.

  • Revenue was in-line with consensus. Growing North American operations outperformed, compensating for declines elsewhere.
  • Adj. EBITDA was also in line, with margins slightly better than consensus.
  • H1 cash flow improved from €25mn to €56mn YoY. Leverage ticked down marginally to 1.6x.
  • FY24 outlook confirmed. Sees global construction stabilising at a low level globally.

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