Amrize Ltd

Revenue held in the $11.7-11.8 billion range across FY2023-FY2025 despite the residential construction slowdown from rising rates, as IIJA-driven infrastructure demand and repair-and-reroofing replacement partially offset the cycle. Visibility is partial rather than contractual, with spot pricing dominating cement and aggregates.

Building Materials (cement, aggregates, ready-mix concrete, asphalt) represented approximately 71% of FY2024 revenue, with Building Envelope (roofing, wall systems) at roughly 29%. Both segments serve the construction end market and are highly correlated through the construction cycle, limiting the effective diversification benefit.

Operations span the United States, Canada, Colombia, Switzerland, and Jamaica, but revenue is concentrated in North America, with the U.S. as the dominant market and Canada providing meaningful secondary exposure. The two primary markets are economically correlated construction economies with limited offsetting geographic diversification.

Building Materials adjusted EBITDA margin improved from 26.5% in FY2022 to 30.6% in FY2024, and Building Envelope expanded from 14.9% in FY2021 to 22.8% in FY2024, both reflecting leverage on fixed plant and distribution assets. Growth nonetheless requires ongoing capital investment in cement capacity, quarries, and distribution infrastructure.

Cement, aggregates, and ready-mix concrete are transactional and spot-priced without contractual lock-in. Building Envelope benefits from repair-and-reroofing demand, which management describes as roughly 70% of roofing segment sales and is replacement-driven rather than discretionary new construction.