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What were the key takeaways from Amrize's earnings call?

- **Revenue Growth & Margin Expansion**: 6.6% YoY revenue growth with 190bps margin improvement in Building Envelope, driven by operational efficiency and lower costs.
- **Cash Flow Strength**: $674M free cash flow (up 50% YoY) supports $11.7-12B 2025 revenue guidance and 1.5x net leverage target.
- **Cement Pricing Recovery**: 2026 pricing improvement expected as demand outpaces 2024's 0.6% decline, with Q3 aggregates pricing up 10.1%.
- **Strategic Initiatives**: ASPIRE program on track for 50bps margin expansion by 2026, with M&A pipeline active for potential leverage up.

**【CEO Opening Remarks】**
- Q3 revenue grew 6.6% YoY, driven by infrastructure and commercial demand. Building Materials volumes were strong, while Building Envelope saw margin expansion of 190bps due to operational efficiencies and lower raw material costs.
- Free cash flow reached $674M, up $221M YoY, with guidance raised for 2025 revenue to $11.7-12B, EBITDA to $2.9-3.1B, and net leverage below 1.5x.

**【CFO Financial Commentary】**
- Building Materials revenue +8.7% YoY, with aggregates pricing up 10.1% but cement pricing down 0.6%. A $50M cost impact from a temporary cement plant outage was offset by customer service continuity.
- Building Envelope EBITDA margin improved to 24.1%, driven by commercial roofing growth and $26M contribution from the OX Engineered Products acquisition.
- ASPIRE program progress included 300+ new logistics providers and 100+ synergy projects, with savings expected to begin in Q4 and 50bps margin expansion by 2026.

**【Q&A Highlights】**
- **Cement Pricing Outlook**: CEO expects 2026 pricing improvement due to demand recovery, with Q3 pricing stable despite softness in 2024.
- **M&A Strategy**: Open to acquisitions, with a healthy pipeline and willingness to leverage up for value-accretive deals.
- **Litigation Costs**: $40M non-EBITDA litigation expenses resolved in Q3, with no material impact on future guidance.
- **ASPIRE Synergies**: CFO noted limited Q3 impact, with full benefits materializing in 2026.
- **Q4 Uncertainties**: Customer caution on tariffs and interest rates may affect Q4, but long-term demand trends remain positive.

Amrize AG (AMRZ) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

AMRZ

AMRZ fundamentals

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