Heidelbergcement has posted strong Q1 21 results, with revenues up by 4% lfl and EBITDA up by 38%. The EBITDA margin improved for the fifth consecutive quarter, and is up by 280bp since December 2019. A positive sales and pricing momentum was observed in Q1 which will continue in Q2. The impact of increasing energy costs will be limited in H1, but will be more prominent in H2, which will negatively impact the price-cost mix. Hence, we will revise our EBITDA margin upwards, but conservatively.
06 May 2021
Q1 21: significant margin improvement now but limited scope for H2
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Q1 21: significant margin improvement now but limited scope for H2
Heidelbergcement has posted strong Q1 21 results, with revenues up by 4% lfl and EBITDA up by 38%. The EBITDA margin improved for the fifth consecutive quarter, and is up by 280bp since December 2019. A positive sales and pricing momentum was observed in Q1 which will continue in Q2. The impact of increasing energy costs will be limited in H1, but will be more prominent in H2, which will negatively impact the price-cost mix. Hence, we will revise our EBITDA margin upwards, but conservatively.