CASE STUDY 12 Holcim leverages M&A as a driver of profitable growth M&A STRATEGY Holcim has pursued an active M&A strategy to capture profitable growth and add value. Holcim completed more than 100 deals between 2018 and 2024 to optimize its portfolio. The company strategically redeployed capital from divestments into various growth opportunities, including circular construction. In 2024, Holcim made four acquisitions in the United Kingdom, Germany, Belgium and Switzerland to scale up “ECOCycle”, its circular technology platform. It continues to expand its portfolio, strengthening its competitiveness and creating new avenues for profitable growth. We see M&A as a great opportunity for growth. Circular construction is a new business model for us. To scale up we will continue to invest in M&A. Miljan Gutovic, CEO, Holcim Sources: Executive leadership interview with Holcim. Mergers and acquisitions (M&A) For companies expanding outside their core remit, targeted M&A can accelerate access to critical capabilities and technologies, quickly expand a company’s existing offering and help build scale in high-growth segments. Two partners with complementary strengths, either upstream or downstream, can unlock opportunities together that neither could capture alone. This supports the creation of synergies that accelerate impact and greater scale. However, as with any M&A, there are the usual caveats around integration and financial risk. Partnerships In many instances, green business ventures depend on activating a broader ecosystem that aligns select partners across the value chain to build infrastructure, shape standards and generate the market demand needed to scale up emerging technologies. In such situations, an effective model is to establish strong partnerships through alliances, joint ventures and similar. The key consideration for a CEO is to understand the distinct and differentiated role their company must play in a bigger partnership model – for example, orchestrator, integrator, operator, supplier, broker or developer. Companies in the green economy often collaborate more readily than elsewhere, both to mitigate higher risks and because of a shared belief that meaningful climate action requires collective effort rather than isolated initiatives. Collaboration isn’t a nice-to-have; it’s the engine of innovation. Katie McGinty, Vice President; Chief Sustainability & External Officer, Johnson Controls Already a Multi-Trillion-Dollar Market: CEO Guide to Growth in the Green Economy 39

Already a Multi-Trillion-Dollar Market 2025