Amrize (AMRZ) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenues increased 6.6% year-over-year to $3,675 million, driven by infrastructure demand, commercial market improvement, and higher sales volume in Building Materials; net income was $543 million, down 1.6% from Q3 2024 due to higher costs and lower asset sales.

• Adjusted EBITDA for Q3 2025 was $1,067 million (29.0% margin), down from $1,103 million (32.0% margin) in Q3 2024, reflecting increased manufacturing/distribution costs and lower one-time gains.

• Free cash flow reached $674 million, up $221 million year-over-year, supported by working capital improvements and lower cash tax payments.

• The company completed its spin-off from its former parent in June 2025, becoming an independent public entity listed on NYSE and SIX Swiss Exchange.

• Raised 2025 revenue guidance and confirmed adjusted EBITDA and net leverage ratio targets.

Financial highlights

• Q3 2025 revenues: $3,675 million (+6.6% YoY); Building Materials $2,774 million (+8.7% YoY), Building Envelope $901 million (+0.7% YoY).

• Adjusted EBITDA: $1,067 million (29.0% margin); Building Materials $902 million (32.5% margin), Building Envelope $217 million (24.1% margin, +190 bps YoY).

• Net income for Q3 2025 was $543 million, with a net income margin of 14.8% (Q3 2024: 16.0%).

• Free cash flow: $674 million, up $221 million YoY, driven by working capital improvements.

• Net debt reduced to $4,985 million, net leverage ratio improved to 1.7x at Q3 end.

Outlook and guidance

• 2025 revenue guidance raised to $12.0 billion (prior: $11.8 billion); adjusted EBITDA expected at $2.9–$3.1 billion.

• Net leverage ratio expected below 1.5x by year-end 2025.

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

• Management expects continued growth from infrastructure investment, urbanization, and onshoring, despite market uncertainty and softer residential demand.

• Cautiously optimistic for Q4 due to customer uncertainties around tariffs, interest rates, and project delays.