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Amrize (AMRZ) investor relations material

Amrize Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary29 Oct, 2025

Executive summary

  • Achieved 6.6% revenue growth in Q3 2025, driven by infrastructure demand and improving commercial markets.

  • Net income for Q3 2025 was $543 million, with adjusted EBITDA of $1,067 million (29.0% margin), reflecting higher costs and lower one-time gains.

  • Free cash flow increased by $221 million to $674 million, supported by working capital benefits and lower cash tax payments.

  • Raised 2025 revenue guidance to $12.0B, with adjusted EBITDA and net leverage ratio targets reaffirmed.

  • Completed spin-off from former parent in June 2025, becoming an independent public company.

Financial highlights

  • Q3 2025 revenues reached $3,675 million, up from $3,446 million in Q3 2024.

  • Adjusted EBITDA margin was 29.0% (Q3 2024: 32.0%); net income margin declined to 14.8% from 16.0%.

  • Free cash flow for Q3 was $674 million, up $221 million year-over-year.

  • Net debt decreased to $4,985 million, with net leverage ratio at 1.7x, down from 1.8x in Q2.

  • Operating cash flow for Q3 was $854 million, up $231 million year-over-year.

Outlook and guidance

  • 2025 revenue guidance raised to $12.0B (prior: $11.8B), with adjusted EBITDA guidance of $2.9B–$3.1B and net leverage ratio expected under 1.5x by year-end.

  • CapEx for 2025 projected at ~$700 million; effective tax rate 22–24%.

  • Management remains cautiously optimistic for Q4, citing customer uncertainties around tariffs, interest rates, and market volatility.

  • Expect cement and aggregates pricing to remain stable in Q4, with potential for improvement in 2026.

  • Focus on cost improvements and integration of recent acquisitions, with nonrecurring spin-off and separation costs expected through 2026.

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