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Holcim (Baa1/BBB+): 1Q24 Results

BASIC INDUSTRIES

Neutral for spreads


• Sales missed consensus by just 1%, while recurring EBIT beat by 6%.

• No details on cash flow for the quarter.

• 2024 guidance confirmed: forecasting 4% organic growth and 18% recurring EBIT margin, both slightly ahead of consensus. FCF guidance above CHF3bn is in line.

• Remain committed to a strong IG rating.

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