Earnings Recap — Q2 FY2026
CY Q3 2026 · Reported August 6, 2026 · Beat 1 of last 4 quarters
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Amrize's results underscore the accelerating AI infrastructure buildout, with data centers and energy projects driving above-market volume growth and a strong pipeline of mega projects. The company's strategic footprint positions it to serve over 90% of planned data centers in North America, and its capacity expansions and M&A in high-growth regions like Texas directly support this demand. The cost inflation headwinds highlight supply chain pressures that could affect the broader buildout.
Amrize delivered strong Q2 with revenue up 8.6% and organic growth of 6.7%, driven by data center and energy mega projects. Adjusted EBITDA grew 5.8% to $986M, but was impacted by higher freight, diesel, and raw material costs from oil price inflation. Building Materials saw cement volumes up 5% and aggregates up 6.5%, with aggregates pricing up 4%. Building Envelope revenue grew 9.4%, with residential roofing volumes expected to be up high single digits for the full year. The company closed the Rapid Redi-Mix acquisition in July and continues to execute on capacity expansions and its ASPIRE program.
Management raised full-year revenue guidance to $12.5B-$12.7B but revised adjusted EBITDA guidance down to $3.1B-$3.2B, citing oil-driven cost inflation and timing lags in price realization. They expect price-over-cost to improve in H2 and turn positive in Q4, with improving trends into 2027. They continue to expect durable volume growth in cement and aggregates, with cement pricing flat to up low single digits and aggregates pricing up mid-single digits. Building Envelope residential roofing volumes are now expected to be up high single digits for the year. ASPIRE savings of $80M and M&A contributions of $30-50M are expected to support margins. The tone was confident on demand, with strong mega project pipeline and pricing momentum building.
“The new AI-driven economy in North America not only needs data centers, but also energy, water and transport infrastructure. Many of these projects have a significant run time that drive consistent long-term demand for our solutions.”
on AI-driven demand
“We expect the price over cost gap to improve in the second half and turn positive in Q4 with improving trends as we enter 2027.”
on Price-cost outlook
“We are on track with our savings for this year of $80 million as well as for our goal of $250 million through 2028.”
on ASPIRE program
Your full year outlook indicates cement prices should rise in the second half. Can you talk about the confidence driving that given the lack of traction in the first half?
Jan Jenisch explained that while Q2 cement pricing was down 0.2% YoY, it was up 2.1% sequentially, which is the best in the industry. He expressed confidence in low single-digit cement pricing in H2.
How do you see the M&A outlook over the next 6 to 12 months?
Jan Jenisch said the pipeline is healthy and growing across both segments, with more deals expected. He highlighted PB Materials and Rapid Redi-Mix as recent accretive acquisitions.
Can you level set on price cost assumptions versus prior guidance? How much of the incremental headwind is from lower price realization versus higher cost?
Baris Oran broke down the guidance change into three roughly equal parts: Building Envelope price-cost lag, lower cement pricing expectations, and higher freight rates not fully offset by fuel surcharges.