Amrize Ltd

Second-quarter revenue increased 8.6%; adjusted EBITDA rose 5.8% to $986 million; diluted EPS increased 14.7%; adjusted diluted EPS grew 8.6%; net income increased 14.4%. Building Materials revenue was $2.4 billion, up 8.2%, with cement volumes up 5% and aggregates volumes up 6.5%; Building Envelope revenue was $1 billion, up 9.4%. Premium cement price in Q2 was more than $171 per short ton and cement pricing was down 0.2% year over year but up 2.1% versus Q1; aggregates pricing was up 4% on a freight-adjusted basis. Full-year guidance was raised to revenue of $12.5 billion to $12.7 billion and adjusted EBITDA of $3.1 billion to $3.2 billion. Management expects full-year volume contribution of $150 million to $170 million, price contribution of $60 million to $80 million, higher costs of about $140 million to $170 million, ASPIRE savings of approximately $80 million, and M&A contribution of $30 million to $50 million. Net interest expense is still expected to be roughly $340 million for the full year.

Jan Jenisch framed the quarter as proof that Amrize is benefiting from exposure to mega projects such as data centers, energy, advanced manufacturing and infrastructure. He emphasized the company’s local-to-local strategy, broad footprint, and ability to win on large, long-duration projects, while noting that pricing is improving and should strengthen further in the second half. His tone was confident and upbeat, with repeated references to strong demand, a healthy pipeline, and the company’s ability to invest and return cash at the same time.

Baris Oran highlighted that the quarter’s adjusted EBITDA of $986 million was driven by volume growth and pricing, but partially offset by higher freight, diesel and raw-material costs tied to oil-driven inflation and higher U.S. freight rates. He said ASPIRE delivered $29 million of savings in Q2, leverage was 1.7x, cash and cash equivalents were about $729 million, and total available liquidity was $4 billion. He also said net interest expense is still expected to be roughly $340 million for the full year, and the company is using CapEx, M&A, dividends and buybacks as part of its capital allocation plan.

Analysts focused on whether cement pricing, Building Envelope margin recovery, and the full-year margin bridge were realistic given weaker first-half price-cost dynamics. Management said cement pricing improved sequentially in Q2, with prices up 2.1% versus Q1, and expressed confidence that low-single-digit cement pricing is achievable in the second half. On Building Envelope, management said the business is still working through 30- to 90-day pricing lags and expects better price realization in H2 as recent increases flow through. On the guidance bridge, management said roughly one-third of the change comes from Building Envelope pricing lag, one-third from softer cement pricing expectations, and one-third from freight/diesel costs not fully offset by fuel surcharges.