Amrize (AMRZ) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenues increased 8.6% year-over-year to $3,494 million, with organic growth of 6.7%, driven by strong demand, pricing, and acquisitions in data centers, energy, and infrastructure modernization.

• Net income rose 14.4% to $476 million, with diluted EPS up 14.7% to $0.86 and adjusted diluted EPS up 8.6% to $0.88.

• Adjusted EBITDA grew 5.8% to $986 million, with a margin of 28.2%, supported by volume growth, pricing, and cost savings from the ASPIRE program.

• $502 million was returned to shareholders in Q2 2026 via share repurchases and dividends.

• Strong order backlog and active quoting across commercial, infrastructure, and residential segments.

Financial highlights

• Building Materials segment Q2 revenues grew 8.2% to $2,445 million; adjusted EBITDA up 5.2% to $793 million.

• Building Envelope segment Q2 revenues increased 9.4% to $1,049 million; adjusted EBITDA declined 5.2% to $237 million due to higher costs.

• Cement volumes up 5.0%, aggregates volumes up 6.5%, and aggregates pricing up 4.0% (constant currency).

• Adjusted EBITDA margin for Q2 2026 was 28.2%; net income margin was 13.6%.

• Free cash flow for H1 2026 was $(986) million, reflecting seasonal working capital needs and capital expenditures.

Outlook and guidance

• FY 2026 revenue guidance raised to $12.5–$12.7 billion; adjusted EBITDA guidance revised to $3.1–$3.2 billion.

• Capex expected at ~$900 million for 2026; net interest expense ~$340 million; adjusted effective tax rate 23–25%.

• ASPIRE program on track to deliver $80 million in savings for 2026 and $250 million by 2028.

• Strong demand and pricing expected to continue, but oil price-driven cost inflation will be a headwind.

• Price over cost performance expected to turn positive in Q4, with improving trends into 2027.