Heidelberg Materials

1. Volatility in the global price of cement: HeidelbergCement is exposed to price volatility due to its focus on the cement markets. Changes in cement prices resulting from various factors, including economic demand, changes in raw material prices, and industry competition, can have a material impact on the company’s results of operations.

2. Competition: HeidelbergCement competes with a wide variety of other cement manufacturers and distributors. This competition may limit the company’s ability to increase prices or achieve desired levels of market share, which could have an adverse effect on its operating results.

3. Impact of government regulations: The company is subject to numerous government regulations in the markets in which it operates. Changes in these regulations could have a material impact on the company’s ability to conduct business or increase the cost of doing business.

4.Economic and geopolitical risks: HeidelbergCement’s operations are exposed to a variety of macroeconomic and geopolitical risks that may significantly impact its operating results, including economic downturns, currency exchange rate changes, and political instability.