Amrize AG

Q2 2026 revenue increased 8.6% year over year, driven by 6.7% organic growth. Adjusted EBITDA rose 5.8% to $986 million. Diluted earnings per share increased 14.7%, and adjusted diluted EPS grew 8.6%. In Building Materials, revenue was $2.4 billion, up 8.2%, and adjusted EBITDA was $793 million, up 5.2%. In Building Envelope, revenue was $1 billion, up 9.4%, while adjusted EBITDA was down 5.2%. Management raised full-year 2026 revenue guidance to $12.5 billion to $12.7 billion and adjusted EBITDA guidance to $3.1 billion to $3.2 billion. For the year, it now expects cement pricing flat to up low single digits, aggregates pricing up mid-single digits, commercial roofing volume growth low single digits, and residential roofing volume growth high single digits. It also reiterated roughly $340 million of net interest expense for the full year.

Jan Jenisch emphasized that Amrize is benefiting from mega-project demand in data centers, energy, infrastructure modernization and advanced manufacturing, and said the company is positioned well with its local footprint and distribution network. He highlighted sequential pricing improvement, strong backlog, ongoing CapEx, and accretive M&A, including PB Materials and Rapid Redi-Mix, as evidence that the strategy is working. His tone was confident and upbeat, though he acknowledged the impact of oil-driven inflation and freight costs on near-term margins.

Baris Oran said the quarter’s results were driven by 6.7% organic growth, strong volume trends and pricing in aggregates and cement, but offset by higher freight, diesel and raw-material costs. He quantified Q2 adjusted EBITDA at $986 million, Building Materials EBITDA at $793 million, and noted $29 million of ASPIRE savings in the quarter. He said leverage was 1.7x, cash and cash equivalents were about $729 million, available liquidity was $4 billion, and net interest expense is still expected to be roughly $340 million for full-year 2026. On guidance, he said the company expects $150 million to $170 million of volume benefit, $60 million to $80 million from pricing, $140 million to $170 million of higher costs, about $80 million of ASPIRE savings, and $30 million to $50 million from M&A, with price-over-cost expected to turn positive in Q4.

Analysts focused on why cement pricing should improve in the second half after a softer first half, and management pointed to April 1 price actions, sequential Q2 improvement, and confidence that pricing will be low single digit in the second half. Questions also probed M&A strategy, with management saying its pipeline is healthy and growing and that future deals will be pursued where there are clear synergies, not just in aggregates. Several analysts challenged the margin bridge and cost inflation assumptions; management replied that the main issue is timing, with pricing lags of 30 to 90 days in Building Envelope and freight/fuel surcharges also lagging, while elevated cost levels are assumed to persist in Q3 and ease somewhat in Q4.