Q2 2026 Amrize AG Earnings Call Transcript
Key Points
- Strong revenue growth of 8.6% and industry-leading organic growth of 6.7%, driven by mega project demand from data centers, energy, and infrastructure.
- Net income increased 14.4% and diluted EPS grew 14.7%, reflecting solid profitability.
- Successful execution of ASPIRE program, delivering $29 million in Q2 savings and on track for $80 million in 2026 and $250 million through 2028.
- Strategic M&A and capacity expansions, including PB Materials and Rapid Redi-Mix, are exceeding expectations and enhancing network synergies in high-growth Texas markets.
- Strong shareholder returns with $502 million returned in Q2, including dividends and share repurchases, and a healthy balance sheet with leverage at 1.7 times.
- Oil price-driven cost inflation led to higher freight, diesel, and raw material costs, creating a timing lag between price realization and cost increases, pressuring margins.
- Adjusted EBITDA growth of 5.8% lagged revenue growth due to cost headwinds and a $17 million unfavorable comparison from prior-year insurance proceeds.
- Cement pricing was down 0.2% year-over-year in Q2, with full-year expectations revised to flat or low single-digit growth, reflecting slower price traction.
- Building Envelope adjusted EBITDA declined 5.2% year-over-year, impacted by price-cost timing and softer demand for weatherproofing products tied to weak new residential construction.
- Full-year adjusted EBITDA guidance was revised down to $3.1-$3.2 billion, with expectations that price-over-cost will not turn positive until Q4, and cost inflation will remain elevated through Q3.
Welcome to Amrize's second-quarter 2026 earnings conference call. We ask that you please hold all questions until the completion of the formal remarks, at which time you will be given instructions for the question-and-answer session. Also, as a reminder, this conference is being recorded today. If you have any objections, please disconnect at this time.
I will now turn the call over to Baris Oran.
Thank you and good morning. Welcome to Amrize's second-quarter 2026 earnings conference call. We released our second-quarter financial results yesterday after the market closed. You can find both our earnings release and presentation for today's call in the investor relations section of our website at investors.amrize.com. On the call with me today is Jan Jenisch, Chairman and CEO.
Before we begin, during the call and in our slide presentation, we reference certain non-GAAP financial measures which we believe provide useful information for investors. We include reconciliation of non-GAAP financial
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