Slide 1: Q3 2025 Earnings Presentation
Q3 2025 EARNINGS PRESENTATION Jan Jenisch, Chairman and CEO Ian Johnston, CFO October 29, 2025
Slide 2: Safe Harbor Statement
SAFE HARBOR STATEMENT FORWARD-LOOKING STATEMENTS AND NON-GAAP FINANCIAL MEASURES Certain statements in this presentation may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act, such as statements regarding expected cost savings, future financi
Slide 3: Q3 2025 Highlights
Q3 2025 HIGHLIGHTS Jan Jenisch, Chairman and CEO The Spheres, Seattle, WA 3 Amrize inside
Slide 4: Q3 2025 Highlights: Strong Revenue Growth and Free Cash Flow Generation
Q3 2025 HIGHLIGHTS STRONG REVENUE GROWTH AND FREE CASH FLOW GENERATION Revenue up 6.6%, driven by continued infrastructure demand and an improving commercial market Building Materials revenue grew 8.7% with strong customer demand and aggregates pricing A temporary equipment outage in our cement netw
Slide 5: Amrize Consolidated Q3 2025 Results
AMRIZE CONSOLIDATED Q3 2025 RESULTS STRONG REVENUES DRIVEN BY VOLUME GROWTH AND AGGREGATES PRICING Revenues Adjusted EBITDA1 • Revenues up 6.6%, driven by continued infrastructure demand +6.6% -3.3% and an improved commercial market • Strong volume growth in Building Materials and commercial roofing
Slide 6: Market Trends
MARKET TRENDS CONTINUED INFRASTRUCTURE DEMAND AND AN IMPROVING COMMERCIAL MARKET Commercial Infrastructure Residential 49% Revenues1 28% Revenues1 23% Revenues1 Q3 2025 Q3 2025 Q3 2025 • Data centers and energy projects driving growth • Continued demand from state and federal funding • New construct
Slide 7: Building for the Future: On Track with Key Organic Growth Projects
BUILDING FOR THE FUTURE ON TRACK WITH KEY ORGANIC GROWTH PROJECTS Ste. Genevieve Cement Plant Malarkey Shingles Plant St. Constant Cement Plant Missouri Indiana Quebec Increasing production and operational efficiency New plant expands our market share in the Increasing production and operational eff
Slide 8: Building for the Future: Selected Organic Growth Projects in Q3
BUILDING FOR THE FUTURE SELECTED ORGANIC GROWTH PROJECTS IN Q3 Aggregates Midlothian Cement Plant Exshaw Cement Plant Great Lakes Region Dallas-Forth Worth Western Canada Investing $15M in two quarries to expand production Investing $50M to expand production, modernize Investing $30M to expand produ
Slide 9: Partner of Choice for Professional Builders
PARTNER OF CHOICE FOR PROFESSIONAL BUILDERS SELECTED PROJECT HIGHLIGHTS FROM Q3 New Data Center Campus, Louisiana New Battery Plant, Ontario ADVANCED Project win in Q3 2025 DATA CENTERS Phase 1 began in late Q3 2025 MANUFACTURING ~100K tons of cement ~40K cy of ready-mix concrete & 50K tons of aggre
Slide 10: Q3 2025 Financial Highlights
Q3 2025 FINANCIAL HIGHLIGHTS Ian Johnston, CFO Winthrop Center, Boston, MA 10 Amrize inside
Slide 11: Building Materials Q3 2025 Results
BUILDING MATERIALS Q3 2025 RESULTS STRONG REVENUE GROWTH Revenues Adjusted EBITDA1 +8.7% -4.2% • Revenues up 8.7% driven by strong volumes and aggregates pricing • Cement volumes up 6.0% with 0.6% lower pricing • Aggregates volumes up 3.3% with 10.1% higher pricing $2,774M $2,551M • Adjusted EBITDA
Slide 12: Building Envelope Q3 2025 Results
BUILDING ENVELOPE Q3 2025 RESULTS OPERATIONAL EFFICIENCIES DRIVING ADJUSTED EBITDA GROWTH Revenues Adjusted EBITDA1 +0.7% +9.0% • Revenues up 0.7% driven by momentum in commercial roofing, repair & refurbishment demand and system sales • Revenue growth and market share gains in commercial roofing2 •
Slide 13: Q3 2025 Free Cash Flow Bridge
Q3 2025 FREE CASH FLOW BRIDGE STRONG CASH FLOW PERFORMANCE +$221M $674M $28M -$10M $212M $453M -$9M 1 2 3 4 5 6 Q3 2024 Net Income Net Working Cash Taxes/Other CapEx Q3 2025 Free Cash Flow1 Capital Free Cash Flow1 1 See appendix for non-GAAP reconciliation. 13
Slide 14: Investment Grade Balance Sheet
INVESTMENT GRADE BALANCE SHEET DECREASED NET DEBT AND STRENGTHENED BALANCE SHEET Net Debt1 Net Leverage Ratio1,2 (as of quarter end) (as of quarter end) $5,597M 1.8x $4,985M 1.7x Q2 2025 Q3 2025 Q2 2025 Q3 2025 1 See appendix for non-GAAP reconciliation 14 2 Net Leverage Ratio based on trailing twel
Slide 15: ASPIRE Program on Track
ASPIRE PROGRAM ON TRACK DRIVING VALUE THROUGH SCALE AND FOCUS Progress to Date: ✓ Onboarded 300+ new logistics and service Accelerating providers to optimize third-party spend ✓ 100+ projects underway across raw Synergies and materials, services, logistics and equipment Partnerships for ✓ Expect to
Slide 16: 2025 Guidance
2025 GUIDANCE RAISING REVENUE; CONFIRMING ADJUSTED EBITDA AND NET LEVERAGE RATIO Revenues $11.7B - $12.0B (prior: $11.4B - $11.8B) Adjusted EBITDA $2.9B - $3.1B Net Leverage Ratio Under 1.5x Underlying Assumptions ~$700M ~$850M 22% – 24% CapEx D&A Effective Tax Rate 16 The Company provides forward-l
Slide 17: Appendix
APPENDIX 17 One World Trade Center, New York, NY Amrize inside
Slide 18: Reconciliation of Adjusted EBITDA and Adjusted EBITDA Margin
RECONCILIATION OF ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN (1) Acquisition and integration costs primarily include certain warranty charges related to a pre-acquisition manufacturing issue. 18 (2) Spin-off and separation-related costs notably include rebranding costs. (3) Other non-operating expen
Slide 19: Reconciliation of Net Debt and Net Leverage Ratio
RECONCILIATION OF NET DEBT AND NET LEVERAGE RATIO (1) Acquisition and integration costs primarily include certain warranty charges related to a pre-acquisition manufacturing issue. 19 (2) Spin-off and separation-related costs notably include rebranding costs. (3) Other non-operating expense (income)
Slide 20: Reconciliation of Free Cash Flow
RECONCILIATION OF FREE CASH FLOW 20 (1) Capital expenditures, net includes purchases of property, plant and equipment, proceeds from property and casualty insurance income, proceeds from land expropriation and proceeds from disposals of long-lived assets.
Slide 21: © 2025 Amrize. All rights reserved.
© 2025 Amrize. All rights reserved.