With sector peers universally seeing a robust Q1 (especially in Europe), a good result was expected from LafargeHolcim (LHN). Today’s update confirms as much and more, with like-for-like (lfl) EBITDA up over 20% year-on-year (yoy). While end-markets remain variable, it is hard to question management’s execution. Cost targets remain on track and debt levels are falling rapidly, helped by disposals. More detail will be provided on this morning’s management call (07.30).
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