Amrize Ltd Q4 FY2025 earnings call

• 2025: Increased revenues by 0.9% to $11.8 billion, adjusted EBITDA $3 billion, strong cash flow $1.5 billion, net leverage ratio 1.1x. Increased investments to $788 million. • Acquisition: Announced acquisition of PB Materials, strengthening aggregates footprint in West Texas, closing in Q1 2026. • ASPIRE program: Onboarded over 450 logistics and service providers, launched over 400 projects, targeting 70 basis points margin expansion in 2026 and $250 million synergies by 2028. • CapEx: Plan to increase CapEx investments to $900 million in 2026. • Dividends: Board approved $1 billion share repurchase and proposed special one-time dividend of $0.44 per share and annual ordinary dividend of $0.44 per share

Building Materials: In the fourth quarter, revenues were approximately $2.2 billion, a 3.9% increase. Cement volumes rose 3.6% and aggregates grew 3%. Adjusted EBITDA was $705 million in the fourth quarter, up 4.9% year-over-year with an adjusted EBITDA margin of 32.6%, a 60 basis points expansion. For 2026, cement pricing is expected to increase in the low single-digit percentage range and aggregates pricing in the mid-single-digit percentage range. Building Envelope: Fourth quarter revenues were $678 million, a 11.8% decrease year-over-year mainly due to softer residential roofing demand. Commercial roofing margins were up. In 2026, expected low single-digit growth in commercial roofing volumes and flat residential volumes with the second half better than the first half

• 2026 guidance: 4% - 6% revenue growth and 8% - 11% adjusted EBITDA growth, including PB Materials acquisition. • Cement pricing: Expected low single-digit increase. • Aggregates pricing: Expected mid-single-digit increase. • Building Envelope: Low single-digit growth in commercial roofing volumes, flat residential volumes with second half improvement. • ASPIRE program: Targets 70 basis points margin expansion in 2026

Q: Question about cement prices and ASPIRE program savings.

A: Jan is confident in cement price increase for 2026, and ASPIRE program has over $7 billion in third-party costs with savings in logistics, raw materials, and services.

Q: Question about 2026 outlook vs 3 months ago, project backlog, and volume growth by end market.

A: Jan states market segments are accelerating, commercial market has picked up, and there are no canceled projects.

Q: Question about PB Materials acquisition details.

A: Jan says the acquisition is of an aggregates-led business in West Texas with over $180 million annual revenue, closing in Q1 2026, and has 26 operational sites.

Q: Question about residential market impact on Building Envelope.

A: Jan mentions that in Building Envelope, 20% of the business is residential, with 50% being repair and refurbishment, and resilient demand.

Q: Question about guidance and CapEx.

A: Jan says the guidance is organic including the PB Materials acquisition, and CapEx is planned to increase to $900 million in 2026.

Q: Question about Building Envelope business and distributor relationships.

A: Jan says the company partners with distributors in roofing, focuses on the end customer, with 30% of roofing business direct and 70% through distribution.

Q: Question about Q4 free cash flow.

A: Jan says cash flow conversion is around 50%, and there was strong cash flow in Q4 despite increased CapEx.

Q: Question about Building Envelope earnings in 2026.

A: Jan says targeting positive price over cost growth in Building Envelope.

Q: Question about volume growth in the Materials business.

A: Jan says volume growth in Materials business is due to customer demand and good order books.

Q: Question about CapEx in the rest of the decade.

A: Jan says $900 million is planned for CapEx in 2026 with low-hanging fruits for growth.

Q: Question about roofing market pricing.

A: Jan says commercial roofing margins increased, residential market disruption is expected to stabilize, and targeting positive price over cost growth in Building Envelope