Product News
“Trading idea”: Holcim – A Rebound Set in Concrete
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Wolfgang Hagl
Redaktor
With convincing figures and raised guidance, the building materials giant is making a comeback on the share market. Holcim may thus have laid the foundations for a year-end rally.
At first glance, the new Reininghaus primary school in Graz, Austria, the Weser crossing under construction in the German city-state of Bremen and the 250-metre-high Mohammed VI Tower in Rabat, Morocco, have little in common. However, each of these projects contains “ECOPlanet”. Under this brand, Holcim sells a climate-friendly cement. According to the company, producing this building material generates at least 30% fewer CO₂ emissions than a comparable Portland cement.
The building materials giant counts decarbonisation and sustainability amongst the four key pillars of its “NextGen Growth” strategy. In addition to cement, Holcim also produces comparatively climate-friendly concrete and uses recycled materials. Although the planning cycle is geared towards 2030, the corresponding products are already boosting business: in the first nine months of 2026, “ECOPlanet” contributed 43% of the sales of the cement division. This represents an increase of 7 percentage points compared with the same period of the previous year.
According to CEO Miljan Gutovic, Holcim sells the eco building materials at a moderate price premium over conventional concrete and cement. In addition, production is more cost-effective. In this way, the more sustainable materials help the group to improve profitability. For the period from January to September 2026, Holcim reported sales growth of 5.2%. Operating profit (recurring EBIT) rose by 11.8%. Consequently, the margin of 19.2% was 10 basis points above the level of the same period in 2025. With its pricing power, the industry giant was able to more than offset higher expenses for energy, logistics and raw materials. According to Gutovic, growth momentum accelerated in the 3rd quarter. The CEO subsequently raised the guidance for 2026 once again.
“According to Gutovic, growth momentum accelerated in the 3rd quarter.”
Investors reacted positively to the interim report. Following its publication, Holcim shares turned upwards. This enabled the SMI constituent to break out of a short-term downtrend. On a broader view, however, Holcim remains in a downward movement. Its starting point was the all-time high of CHF 82.54 reached in early February. This peak was followed by a correction. Now that the company has demonstrated its operational strengths, there is much to suggest that Holcim will regain further ground. The area around CHF 72 is a first reference point. This is where the overarching downtrend meets the 200-day line.
With the Knock-out Warrant Call, traders can speculate on a year-end rally in Holcim. The product currently participates in rising prices of the building materials manufacturer with leverage of 5.9. The Stop Loss is at CHF 57.70, which is 17.1% below the price of the underlying. Nevertheless, there is a risk of disproportionate losses up to and including a total loss if the foundation of the potential rebound crumbles.
Product information
| ISIN | CH1452901916 |
| Product type | Knock-out Call Warrant |
| Underlying | Holcim |
| Issuer | BNP Paribas |
| Rating | A+ (S&P) |
| Underlying currency | CHF |
| Trading currency | CHF |
| First trading day | 25 June 2025 |
| Maturity | open-end |
| Leverage* | 5.85 |
| Stop loss* | CHF 57.703 |
| Financing level | CHF 57.703 |
| Ask* | CHF 1.29 |
| Ask underlying* | CHF 69.597 |
| Exchange | Swiss DOTS |
| Web link | bnp.ch/CH1452901916 |
Price performance Holcim
