Amrize Q2 Earnings Call Highlights

Key Points

• Strong second-quarter growth: Revenue increased 8.6% and organic growth reached 6.7%, supported by demand from data centers, energy, infrastructure and advanced-manufacturing projects. Adjusted EBITDA rose 5.8% to $986 million, while net income increased 14.4%.
• Cost inflation pressured profitability: Building Envelope EBITDA fell 5.2% as freight, diesel and raw-material costs rose faster than pricing could be implemented. Amrize expects price-over-cost performance to improve in the second half, turning positive in the fourth quarter.
• Outlook and capital returns: The company raised 2026 revenue guidance to $12.5 billion–$12.7 billion but set adjusted EBITDA guidance at $3.1 billion–$3.2 billion, reflecting inflation and pricing delays. Amrize returned $502 million to shareholders in the quarter and continues expanding capacity through acquisitions and capital projects.

Amrize NYSE: AMRZ reported second-quarter revenue growth of 8.6%, supported by demand from large commercial, infrastructure, energy and advanced-manufacturing projects, while higher freight, diesel and raw-material costs pressured profitability and led the company to update its full-year adjusted EBITDA outlook.

Chairman and CEO Jan Jenisch said the company generated 6.7% organic growth during the quarter, citing its presence in markets serving data centers, energy facilities, semiconductor plants and transportation infrastructure. Net income rose 14.4%, adjusted EBITDA increased 5.8% to $986 million, and adjusted diluted earnings per share grew 8.6%, according to management.

Jenisch said Amrize’s project pipeline remains supported by more than 300 planned data centers across North America, based on the Dodge Construction Index. He said the company’s footprint and distribution network position it to serve more than 90% of those projects.

Building Materials Growth Led by Volumes and Aggregates Pricing

Building Materials revenue rose 8.2% to $2.4 billion, including 5.6% organic growth. The segment’s adjusted EBITDA increased 5.2% to $793 million. Cement volumes increased 5%, while aggregates volumes grew 6.5%, driven by commercial and infrastructure activity, particularly in data centers and energy-related projects.

Aggregate pricing increased 4% on a freight-adjusted basis. Cement pricing declined 0.2% year over year on a constant-currency basis but increased 2.1% sequentially from the first quarter, as U.S. price increases implemented in April began to take effect. The company reported premium cement pricing of more than $171 per short ton in the second quarter.

Chief Financial Officer Baris Oran said volume growth, cement and aggregate pricing, contributions from PB Materials and savings from the company’s ASPIRE operational-efficiency program supported segment profitability. However, he said elevated freight and diesel expenses, along with a more difficult comparison against $17 million of insurance proceeds in the prior-year quarter, weighed on results.

For the full year, Amrize expects cement pricing to be flat to up low single digits and freight-adjusted aggregates pricing to rise by mid-single digits. Management expects strong cement and aggregate volume growth for the year, although year-over-year growth rates are expected to moderate in the second half due to tougher comparisons.

Building Envelope Sales Improve as Pricing Actions Phase In

Building Envelope revenue rose 9.4% to $1 billion, driven primarily by above-market volume growth in commercial roofing and residential shingles. Commercial roofing benefited from large-scale projects, including data centers and warehouses, as well as commercial reroofing activity.

Residential roofing recorded its highest quarterly revenue in company history, Oran said. The company attributed above-market shingles growth to commercial sales investments and distributor inventory stocking. Amrize now expects residential roofing volumes to rise by high single digits for the full year, compared with its earlier expectation for flat volumes.

Building Envelope adjusted EBITDA fell 5.2% from the prior-year period. Management said the decline reflected a lag between pricing realization and oil-driven increases in freight and raw-material costs. The company implemented price increases during April, May and June, announced additional increases effective in July, and has further increases scheduled for August.

Oran said price changes in Building Envelope can take 30 to 90 days to be realized because projects are often quoted in advance. Management expects pricing and fuel surcharges to contribute more meaningfully in the second half, though it expects price-over-cost performance to turn positive in the fourth quarter rather than earlier in the year.

Updated Outlook Reflects Cost Inflation and Timing Lag

Amrize raised its 2026 revenue guidance to between $12.5 billion and $12.7 billion. It updated adjusted EBITDA guidance to a range of $3.1 billion to $3.2 billion, citing the persistence and magnitude of oil-driven inflation and the lag in recovering those costs through pricing and surcharges.

• Management expects strong volumes to contribute $150 million to $170 million for the full year.
• Price increases are expected to add $60 million to $80 million.
• Higher freight, diesel and raw-material costs are expected to create a $140 million to $170 million headwind.
• ASPIRE savings are expected to total approximately $80 million, while M&A is expected to contribute $30 million to $50 million.
• The company also expects an approximately $55 million headwind from lapping insurance recoveries recorded in 2025.

Oran said the company expects elevated costs to continue in the third quarter before moderating in the fourth quarter. Management expects both operating segments to show better price-over-cost performance in the second half than in the first half.

Capital Spending, Acquisitions and Shareholder Returns

Amrize invested $241 million in capital expenditures during the quarter. The company completed a 660,000-ton capacity expansion at its Missouri cement plant and is pursuing additional cement capacity projects in Quebec, Texas and Alberta. It also has five greenfield aggregate quarry projects underway that are expected to add more than 150 million tons of reserves.

The company said its July acquisition of Dallas-Fort Worth concrete producer Rapid Redi-Mix is expected to be accretive to earnings per share this year and to create synergies with its cement and aggregates network. Jenisch said PB Materials, the West Texas aggregates business acquired earlier in the year, has exceeded initial expectations.

Amrize returned $502 million to shareholders in the second quarter, including $197 million of share repurchases under its $1 billion buyback program. The board declared a quarterly dividend of $0.11 per share, payable Aug. 26. As of June 30, the company reported a leverage ratio of 1.7 times, $729 million in cash and cash equivalents, and total available liquidity of $4 billion.

About Amrize (NYSE:AMRZ)

Amrize AG focuses on building materials business in North America. The company was incorporated in 2023 and is based in Zug, Switzerland. Amrize AG operates independently of Holcim AG as of June 23, 2025.

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