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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.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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