Slide 1: Q2 2025 Earnings Presentation
Q2 2025 EARNINGS PRESENTATION Jan Jenisch, Chairman and CEO Ian Johnston, CFO August 7, 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: Q2 2025 Highlights
Q2 2025 HIGHLIGHTS Jan Jenisch, Chairman and CEO The Spheres, Seattle, WA 3 Amrize inside
Slide 4: Q2 2025 Highlights: Starting Our Journey in a Position of Strength
Q2 2025 HIGHLIGHTS STARTING OUR JOURNEY IN A POSITION OF STRENGTH Successful spin-off and listing of Amrize on the NYSE and SIX on June 23 Resilient Q2 results with strong margins show strength of the business and market positions Launched ASPIRE program to drive $250M+ in synergies and accelerate m
Slide 5: Q2 2025 Financial Results
Q2 2025 FINANCIAL RESULTS STABLE REVENUES AND STRONG MARGINS IN A CHALLENGING MARKET Revenues Adjusted EBITDA1 Adjusted EBITDA Margin1 Excludes $42M of standalone corporate costs incurred in Q2 2025 $989M2 30.7%2 $3,243M $3,220M $1,003M 30.9% $947M 29.4% Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 20
Slide 6: Market Trends
MARKET TRENDS WELL POSITIONED FOR LONG-TERM GROWTH DESPITE MARKET UNCERTAINTY IN Q2 Commercial Infrastructure Residential 49% Revenues1 28% Revenues1 23% Revenues1 Q2: Market uncertainty and higher Q2: Steady demand driven by federal Q2: Higher interest rates and interest rates impacted the timing o
Slide 7: Accelerating Our Growth Strategy
ACCELERATING OUR GROWTH STRATEGY KEY INVESTMENTS IN Q2 Acquired Langley Concrete Group Opened a greenfield aggregates quarry Broke ground on a new fly ash in Greater Vancouver Area in Oklahoma beneficiation facility in Virginia Expanded footprint with two state-of-the-art facilities Increasing our a
Slide 8: Building for the Future
BUILDING FOR THE FUTURE ON TRACK WITH ORGANIC GROWTH PROJECTS Expanding our Flagship Ste. Genevieve Building a State-of-the-Art Malarkey Expanding St. Constant Cement Cement Plant in Missouri Shingles Plant in Indiana Plant in Quebec Increasing capacity and improving manufacturing New plant expands
Slide 9: The Partner of Choice for Professional Builders
THE PARTNER OF CHOICE FOR PROFESSIONAL BUILDERS DELIVERING FOR CUSTOMERS’ MOST DEMANDING PROJECTS Meta Data Center, Minnesota Vancouver International Airport, British Columbia Announced partnership in Q2 2025 Construction began in early Q2 2025 ~73,000 cy of ready-mix concrete, including AI-optimize
Slide 10: Launched the ASPIRE Program
LAUNCHED THE ASPIRE PROGRAM DRIVING VALUE THROUGH SCALE AND FOCUS Raw Materials: joint external sourcing and insourcing opportunities of mineral materials Accelerating Services: digital procurement tools and cost benchmarking Synergies and across 1,000+ sites and facilities Partnerships for Logistic
Slide 11: Launch of the ASPIRE Program
LAUNCH OF THE ASPIRE PROGRAM REALIZING SYNERGIES BETWEEN OUR BUSINESS SEGMENTS $250M+ 50bps+ Cumulative Synergy Target Margin Improvement per Year (2025 – 2028) Expect to begin achieving incremental savings in the second half of 2025, with the full annual savings run rate starting in 2026 11
Slide 12: Q2 2025 Financial Highlights
Q2 2025 FINANCIAL HIGHLIGHTS Ian Johnston, CFO Winthrop Center, Boston, MA 12 Amrize inside
Slide 13: Amrize Consolidated Q2 2025 Results
AMRIZE CONSOLIDATED Q2 2025 RESULTS STABLE REVENUES AND STRONG MARGIN IN A CHALLENGING MARKET ENVIRONMENT Revenues Adjusted EBITDA and Margin1 Excludes $42M of standalone corporate costs incurred in Q2 2025 Revenues: Resilient performance in light of market uncertainty and inclement weather 30.7%2 3
Slide 14: Building Materials Q2 2025 Results
BUILDING MATERIALS Q2 2025 RESULTS STRONG INFRASTRUCTURE DEMAND OFFSETTING INCLEMENT WEATHER Building Materials Revenues: Public infrastructure Revenues Adjusted EBITDA and Margin1 spending drove demand; partially offset by market uncertainty, weather and higher interest rates Building Materials Adj
Slide 15: Building Envelope Q2 2025 Results
BUILDING ENVELOPE Q2 2025 RESULTS STABLE PRICE OVER COST IN A CHALLENGING MARKET ENVIRONMENT Revenues Adjusted EBITDA and Margin1 Building Envelope Revenues: Solid commercial repair & refurbishment demand; higher interest rates limiting commercial and residential new construction Ox Engineered Produ
Slide 16: Established Strong Balance Sheet
ESTABLISHED STRONG BALANCE SHEET SIGNIFICANT FIREPOWER TO DRIVE GROWTH OPPORTUNITIES Capital Structure as of June 30, 2025 $5.3B $930M Strong Investment Grade Credit Ratings Moody’s Baa1 | S&P BBB+ Senior Notes Commercial Paper Successfully secured $5.3B of Senior Notes Executed $2B Commercial Paper
Slide 17: Strong Cash Generation Supports Capital Allocation Strategy
STRONG CASH GENERATION SUPPORTS CAPITAL ALLOCATION STRATEGY GROWTH-DRIVEN CAPITAL ALLOCATION PRIORITIES Capital 1 Invest in the business expenditures Invest in expanding our footprint, increasing production capacity and reaching new markets Acquisitions Bolt-on opportunities in attractive, fragmente
Slide 18: 2025 Financial Targets
2025 FINANCIAL TARGETS KEY METRICS Revenues $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 18 The Company provides forward-looking guidance regarding Adjusted EBITDA and Net Leverage Ratio. The C
Slide 19: Appendix
APPENDIX 19 One World Trade Center, New York, NY Amrize inside
Slide 20: 2024 and H1 2025 Quarterly Financials
2024 AND H1 2025 QUARTERLY FINANCIALS Amrize Revenues (millions) Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 H1 2025 Building Materials1 $1,424 $2,274 $2,551 $2,080 $8,329 $1,329 $2,250 $3,579 Building Envelope $742 $969 $895 $769 $3,375 $752 $970 $1,722 Revenues $2,166 $3,243 $3,446 $2,
Slide 21: Standalone Corporate Costs and 2024 Baseline Adjusted EBITDA
STANDALONE CORPORATE COSTS AND 2024 BASELINE ADJUSTED EBITDA Amrize Corporate Cost Summary Estimate of Total Corporate Costs for Q3 and Q4 2025 $75M - $80M per quarter Estimate of Q3 2025 Corporate Costs Not Included in Q3 2024 Carve-Out EBITDA $37M - $42M Estimate of Q4 2025 Corporate Costs Not Inc
Slide 22: Reconciliation of Adjusted EBITDA and Adjusted EBITDA Margin
RECONCILIATION OF ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN For the six months Trailing twelve Amrize Ltd For the three months ended ended months ended ($ in millions, except for percentage data) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 June 30,
Slide 23: Reconciliation of Q2 2025 Adjusted EBITDA Margin Excluding Standalone Corporate Costs
RECONCILIATION OF Q2 2025 ADJUSTED EBITDA MARGIN EXCLUDING STANDALONE CORPORATE COSTS Amrize Ltd For the three months ended ($ in millions, except for percentage data) June 30, 2025 Unallocated corporate costs incurred during Q2 2025 $72 Less: Unallocated corporate costs incurred during Q2 2024 30 S
Slide 24: Reconciliation of Net Debt and Net Leverage Ratio
RECONCILIATION OF NET DEBT AND NET LEVERAGE RATIO Amrize Ltd ($ in millions, except for ratio) As of June 30, 2025 Short-term borrowings $931 Current portion of long-term debt 6 Long-term debt 5,261 Gross Debt 6,198 Less: Cash and cash equivalents 601 Net Debt 5,597 Trailing twelve months Adjusted E
Slide 25: © 2025 Amrize. All rights reserved.
© 2025 Amrize. All rights reserved.