Holcim Ltd: Q3 EBIT 3% ahead of consensus; FY LFL EBIT guidance raised

Holcim reported Q3-26 revenues of CHF4,662m, ahead of company-compiled consensus of CHF4,587m (JPMe CHF4,582m), up 15.5% reported and 5.1% LFL. Q3 EBIT of CHF976m was 3% ahead of consensus of CHF949m (JPMe CHF945m), up 16.8% reported and 12.2% LFL (JPMe 11.4%). Management upgraded FY EBIT guidance to 10-12% LFL growth (from ~10%), while continuing to guide ~5% LFL sales growth, further recurring EBIT margin expansion and FCF of around CHF2bn. Consensus already sits above guidance (sales CHF16,982m, EBIT CHF3,142m implying 18.5% margin), so no major changes to street expectations are expected. Regionally, Europe was led by Germany, Greece, Romania, Spain and Switzerland; Latin America has a strong infrastructure backlog with Pacasmayo synergies of USD40m ahead of plan;