Amrize (AMRZ) Q2 2025 earnings summary

Executive summary

• Completed successful spin-off and dual listing on NYSE and SIX in June 2025, establishing a strong independent platform and marking the first earnings call as an independent company.

• Delivered resilient Q2 2025 results with stable revenues of $3,220M and strong margins despite challenging market conditions and weather impacts.

• Launched Aspire/ASPIRE program targeting $250M+ in synergies and margin expansion through 2028, with incremental savings starting in H2 2025.

• Invested in growth via CapEx and M&A, including the acquisition of Langley Concrete Group and opening new facilities.

• Maintained an investment-grade balance sheet, positioning for long-term growth in a $200B+ addressable market.

Financial highlights

• Q2 2025 revenues were $3,220M, down 0.7% year-over-year; acquisitions contributed 1.3% to growth, offsetting a 1.5% organic decline.

• Adjusted EBITDA for Q2 was $947M, margin 29.4% (30.7% excluding standalone corporate costs), down from 30.9% prior year.

• Building Materials segment Q2 revenue was $2,250M, margin 33.7%; Building Envelope segment revenue $970M, margin 26.9%.

• Net income for Q2 2025 was $428M, down 9.5% year-over-year; diluted EPS was $0.78.

• Net leverage ratio was 1.8x at June 30, 2025, with a target below 1.5x by year-end; net debt stood at $5.6B.

Outlook and guidance

• Full-year 2025 revenue guidance is $11.4B–$11.8B; Adjusted EBITDA $2.9B–$3.1B; net leverage ratio below 1.5x.

• CapEx planned at ~$700M; effective tax rate projected at 22–24%; D&A at ~$850M.

• Aspire/ASPIRE program to deliver $250M+ in cumulative synergies by 2028 and over 50bps margin improvement per year.

• Modestly better second half anticipated, with pent-up demand and improved volumes in July.

• Confident in midterm targets and long-term growth, with focus on execution and efficiency.