Amrize (AMRZ) Q3 2025 earnings summary

Executive summary

• Achieved 6.6% revenue growth in Q3 2025, driven by infrastructure demand and improving commercial markets.

• Net income was $543 million, with adjusted EBITDA of $1,067 million (29.0% margin), reflecting higher costs and lower one-time gains.

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

• The company completed its spin-off from its former parent in June 2025, becoming an independent public company.

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

Financial highlights

• Q3 2025 revenues reached $3,675 million, up from $3,446 million year-over-year.

• Adjusted EBITDA for Q3 2025 was $1,067 million (29.0% margin), down from $1,103 million (32.0% margin) in Q3 2024.

• Net income margin declined to 14.8% from 16.0% in Q3 2024.

• Free cash flow for Q3 was $674 million, up $221 million year-over-year.

• Net debt decreased to $4,985 million, with net leverage ratio improved to 1.7x at Q3 2025.

Outlook and guidance

• 2025 revenue guidance raised to $12.0 billion (from $11.8 billion), with adjusted EBITDA guidance unchanged at $2.9–$3.1 billion.

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

• Capital expenditures for 2025 projected at ~$700 million; effective tax rate 22–24%.

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

• Management expects continued growth from infrastructure investment, urbanization, and onshoring trends.