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Net sales were up +12.9% on a like-for-like basis compared to the previous year. This was driven by the fast expansion of Holcim's Solutions & Products division, which grew by 54% from 2021.
Regional performance
The Asia Pacific region faced challenging markets in India and China, with high cost inflation in India and softer demand in China amid COVID lockdowns. These factors were partly offset by good performance in Australia. The region accelerated its increase in alternative fuel use.
The Europe region delivered strong results with good profitability despite softer volumes with a strong pricing more than offsetting cost inflation. Demand for low-carbon products is high across Europe, and the region is accelerating its decarbonization.
Latin America delivered strong profitable growth. Mexico, Colombia and El Salvador all delivered good performance. The region overall is benefitting from an excellent pipeline of infrastructure projects, strong growth in ready-mix concrete. Latin America is also improving significantly in materials recycling and alternative fuel use.
The Middle East Africa region generated over-proportional Recurring EBIT growth on a like-for-like basis, with good demand in key markets and positive price over cost. The region increased alternative fuel use and completed the divestment of Zimbabwe in December 2022.
North America delivered an outstanding performance and successful transformation, with growth led by Solutions & Products. Market demand was strong, with over-proportional Recurring EBIT growth for 2022. North America is accelerating its shift to low-carbon building products.
