Latest news with #Holcim
Yahoo
21 hours ago
- Business
- Yahoo
Holcim beats profit forecast in first results since North America spin-off
ZURICH (Reuters) -Holcim reported better-than-expected recurring operating profit during its second quarter on Thursday, in the first set of results since the building materials maker separated its North American business. The Swiss cement and roofing products maker posted recurring operating profit of 955 million Swiss francs ($1.17 billion) for the three months to the end of June. The figure was a 1.2% increase from the 944 million francs figure a year earlier, and beat consensus expectations for 929 million francs. Sales fell 3.8% to 4.18 billion francs, slightly below forecasts for 4.19 billion francs. The decline reflected the strengthening of the Swiss franc, which reduced the value of sales when translated from other currencies, as well as the divestment of Holcim's businesses in Kenya, Tanzania, Uganda and South Africa. When measured in local currencies, net sales were 2.4% higher, while operating profit was 9.8% higher. The figures were the first Holcim has published since it separated its North American business into a separate entity, called Amrize on June 23. In its first guidance for 2025 as a standalone business, Holcim said it expected its increase its operating profit, when measured in local currency, by 6-10%. It also guided for sales growth of 3-5% in local currencies. ($1 = 0.8131 Swiss francs)
Reuters
21 hours ago
- Business
- Reuters
Holcim beats profit forecast in first results since North America spin-off
ZURICH, July 31 (Reuters) - Holcim (HOLN.S), opens new tab reported better-than-expected recurring operating profit during its second quarter on Thursday, in the first set of results since the building materials maker separated its North American business. The Swiss cement and roofing products maker posted recurring operating profit of 955 million Swiss francs ($1.17 billion) for the three months to the end of June. The figure was a 1.2% increase from the 944 million francs figure a year earlier, and beat consensus expectations for 929 million francs. Sales fell 3.8% to 4.18 billion francs, slightly below forecasts for 4.19 billion francs. The decline reflected the strengthening of the Swiss franc, which reduced the value of sales when translated from other currencies, as well as the divestment of Holcim's businesses in Kenya, Tanzania, Uganda and South Africa. When measured in local currencies, net sales were 2.4% higher, while operating profit was 9.8% higher. The figures were the first Holcim has published since it separated its North American business into a separate entity, called Amrize (AMRZ.S), opens new tab on June 23. In its first guidance for 2025 as a standalone business, Holcim said it expected its increase its operating profit, when measured in local currency, by 6-10%. It also guided for sales growth of 3-5% in local currencies. ($1 = 0.8131 Swiss francs)
Yahoo
17-07-2025
- Business
- Yahoo
Carbon-Sequestering Concrete Market Analysis and Forecast 2025-2035: Carbon-Sequestering Concrete Revolutionizes Building Construction with Up to 10% Cement Savings
Discover the burgeoning Global Carbon-Sequestering Concrete Market, driven by tightening carbon mandates and net-zero goals. Explore innovative CO2-mineralization technologies such as CO₂-injected ready-mix, CO₂-cured precast, and CO2-absorbing binders. Key segments include building construction, infrastructure, and regional opportunities in North America, Europe, Asia-Pacific, and beyond. Key players: Holcim, Heidelberg Materials, CarbonCure, Solidia, and more. Unlock strategic insights for sustainable growth in the eco-friendly construction industry. Dublin, July 14, 2025 (GLOBE NEWSWIRE) -- The "Carbon-Sequestering Concrete Market - A Global and Regional Analysis: Focus on Products, Applications, and Country-Level Analysis - Analysis and Forecast, 2025-2035" report has been added to offering. The carbon-sequestering concrete market covers technologies and products that permanently mineralize CO2 within concrete or its constituents. Solutions span CO2-injected ready-mix, CO2-cured precast blocks, alternative binders that absorb CO2, and synthetic aggregates produced from captured CO2. Market growth is propelled by tightening embodied-carbon regulations, net-zero construction targets, and the performance gains (e.g., higher early strength) delivered by CO2 Carbon-Sequestering Concrete Market Segmentation by Application The Global Carbon-Sequestering Concrete Market is segmented by application, each serving construction or infrastructure sectors that seek to lower embodied-carbon footprints while maintaining or improving structural performance. The following application areas are covered in this report: Building Construction: High-rise offices, data-center shells, residential and institutional buildings increasingly specify low-carbon materials to meet LEED, BREEAM, and similar certification thresholds. CO2-mineralized concrete delivers up to 5-10 % cement savings while boosting early-age strength, helping contractors shorten cycle times and developers hit Scope-3 targets. Infrastructure: Roads, bridges, tunnels, ports, and airport aprons adopted through "Buy Clean" and equivalent public-procurement rules. Precast girders and pavement panels cured in CO2 chambers show lower permeability and chloride ingress, extending design life and permanently storing multiple tonnes of CO2 per structure. Industrial & Utilities: LNG terminals, renewable-energy foundations, wastewater tanks and power-plant basins can recycle on-site flue-gas CO2 into concrete, closing a circular loop. Owners value rapid-strength precast pieces that compress shutdown schedules and satisfy corporate decarbonization mandates. Other/Specialty Uses: Marine blocks, coastal-defense armour units, 3-D-printed facade panels and carbon-negative masonry for affordable housing. Enhanced sulfate resistance and net-negative life-cycle footprints make these products attractive for climate-adaptation projects in island and coastal regions. Global Carbon-Sequestering Concrete Market Segmentation by Products The market is segmented by product type, each pathway offering distinct technical approaches to CO2 mineralization and catering to varied producer capabilities and project Carbon-Sequestering Concrete Market - By Product Type Ready-Mix Concrete (CO2 Injection): CO2 gas is metered into the mixer or transit truck where it reacts with calcium ions, forming nano-CaCO2. Precast & Masonry Products (CO2-Cured): Blocks, pavers, slabs and panels are cured inside sealed chambers that circulate pure or dilute CO2 at low pressure. Cement/Binders & Synthetic Aggregates: Low-clinker or cement-free binders (e.g., slag-based, LC3, Solidia cement) that rely on CO2 curing, plus limestone aggregate manufactured directly from captured CO2. Global Carbon-Sequestering Concrete Market DynamicsMarket Drivers: Net-zero and embodied-carbon mandates (e.g., Buy Clean, RE2020) CO2-mineralization boosts strength, allowing cement reduction Corporate ESG demand & carbon-credit monetization Market Restraints: Up-front cost of retrofits and CO2 supply Limited CO2 transport/logistics in some regions Conservative building-code adoption cycles Market Opportunities: Government funding for CCUS demonstrations Integration with DAC & point-source capture Circular use of industrial by-products (slag, fly ash) Companies ProfiledConcrete & Cement Producers Holcim Heidelberg Materials CEMEX CRH CNBM/Sinoma Dalmia Cement UltraTech Pan-United Corporation Vicat Group Technology Providers CarbonCure Solidia CarbiCrete CarbonBuilt Blue Planet Systems Carbon Upcycling Carbon8 Systems Partanna Fortera Sublime Systems Key Topics Covered:1. Markets: Industry Outlook1.1 Trends: Current and Future Impact Assessment1.1.1 Scaling of CO2 Mineralization Technologies1.1.2 Strength and Performance Benefits1.1.3 Novel CO2-Cured Products and Binders1.1.4 Integration with Carbon Capture & Direct Air Capture1.1.5 Carbon Credits and New Revenue Streams1.1.6 Circular Carbon Economy & Material Reuse1.2 R&D Review1.2.1 Patent Filing Trend by Country, by Company1.3 Market Dynamics Overview1.4 Funding Landscape1.5 Regulatory Landscape1.5.1 Embodied Carbon Disclosure and Limits1.5.2 "Buy Clean" Procurement Policies1.5.3 Carbon Pricing and Emissions Regulations1.5.4 Industry Commitments and Green Building Standards1.5.5 Quality Standards and Codes2. Global Carbon-Sequestering Concrete Market Market (by Application)2.1 Application Segmentation2.2 Application Summary2.3 Global Carbon-Sequestering Concrete Market (by End-Use Application)2.3.1 Building Construction2.3.2 Infrastructure2.3.3 Industrial2.3.4 Others3. Global Carbon-Sequestering Concrete Market (by Product)3.1 Product Segmentation3.2 Product Summary3.3 Global Carbon-Sequestering Concrete Market (by Product Type)3.3.1 Ready-Mix Concrete3.3.2 Precast & Masonry Products3.3.3 Cement/Binders4. Global Carbon-Sequestering Concrete Market (by Region)5. Market Landscape - Market Map of Key Sequestration Companies5.1 Geographic Assessment5.2 Company Profiles5.2.1 Concrete Producing Companies Holcim Ltd. Heidelberg Materials CEMEX S.A.B. de C.V. CRH plc China National Building Material (CNBM) / Sinoma Dalmia Cement (Bharat) Ltd. UltraTech Cement Ltd. Pan-United Corporation Vicat Group 5.2.2 Technology Providers CarbonCure Technologies Solidia Technologies CarbiCrete CarbonBuilt Blue Planet Systems Carbon Upcycling Technologies Carbon8 Systems Partanna Fortera Inc. Sublime Systems For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
14-07-2025
- Business
- Yahoo
Carbon-Sequestering Concrete Market Analysis and Forecast 2025-2035: Carbon-Sequestering Concrete Revolutionizes Building Construction with Up to 10% Cement Savings
Discover the burgeoning Global Carbon-Sequestering Concrete Market, driven by tightening carbon mandates and net-zero goals. Explore innovative CO2-mineralization technologies such as CO₂-injected ready-mix, CO₂-cured precast, and CO2-absorbing binders. Key segments include building construction, infrastructure, and regional opportunities in North America, Europe, Asia-Pacific, and beyond. Key players: Holcim, Heidelberg Materials, CarbonCure, Solidia, and more. Unlock strategic insights for sustainable growth in the eco-friendly construction industry. Dublin, July 14, 2025 (GLOBE NEWSWIRE) -- The "Carbon-Sequestering Concrete Market - A Global and Regional Analysis: Focus on Products, Applications, and Country-Level Analysis - Analysis and Forecast, 2025-2035" report has been added to offering. The carbon-sequestering concrete market covers technologies and products that permanently mineralize CO2 within concrete or its constituents. Solutions span CO2-injected ready-mix, CO2-cured precast blocks, alternative binders that absorb CO2, and synthetic aggregates produced from captured CO2. Market growth is propelled by tightening embodied-carbon regulations, net-zero construction targets, and the performance gains (e.g., higher early strength) delivered by CO2 Carbon-Sequestering Concrete Market Segmentation by Application The Global Carbon-Sequestering Concrete Market is segmented by application, each serving construction or infrastructure sectors that seek to lower embodied-carbon footprints while maintaining or improving structural performance. The following application areas are covered in this report: Building Construction: High-rise offices, data-center shells, residential and institutional buildings increasingly specify low-carbon materials to meet LEED, BREEAM, and similar certification thresholds. CO2-mineralized concrete delivers up to 5-10 % cement savings while boosting early-age strength, helping contractors shorten cycle times and developers hit Scope-3 targets. Infrastructure: Roads, bridges, tunnels, ports, and airport aprons adopted through "Buy Clean" and equivalent public-procurement rules. Precast girders and pavement panels cured in CO2 chambers show lower permeability and chloride ingress, extending design life and permanently storing multiple tonnes of CO2 per structure. Industrial & Utilities: LNG terminals, renewable-energy foundations, wastewater tanks and power-plant basins can recycle on-site flue-gas CO2 into concrete, closing a circular loop. Owners value rapid-strength precast pieces that compress shutdown schedules and satisfy corporate decarbonization mandates. Other/Specialty Uses: Marine blocks, coastal-defense armour units, 3-D-printed facade panels and carbon-negative masonry for affordable housing. Enhanced sulfate resistance and net-negative life-cycle footprints make these products attractive for climate-adaptation projects in island and coastal regions. Global Carbon-Sequestering Concrete Market Segmentation by Products The market is segmented by product type, each pathway offering distinct technical approaches to CO2 mineralization and catering to varied producer capabilities and project Carbon-Sequestering Concrete Market - By Product Type Ready-Mix Concrete (CO2 Injection): CO2 gas is metered into the mixer or transit truck where it reacts with calcium ions, forming nano-CaCO2. Precast & Masonry Products (CO2-Cured): Blocks, pavers, slabs and panels are cured inside sealed chambers that circulate pure or dilute CO2 at low pressure. Cement/Binders & Synthetic Aggregates: Low-clinker or cement-free binders (e.g., slag-based, LC3, Solidia cement) that rely on CO2 curing, plus limestone aggregate manufactured directly from captured CO2. Global Carbon-Sequestering Concrete Market DynamicsMarket Drivers: Net-zero and embodied-carbon mandates (e.g., Buy Clean, RE2020) CO2-mineralization boosts strength, allowing cement reduction Corporate ESG demand & carbon-credit monetization Market Restraints: Up-front cost of retrofits and CO2 supply Limited CO2 transport/logistics in some regions Conservative building-code adoption cycles Market Opportunities: Government funding for CCUS demonstrations Integration with DAC & point-source capture Circular use of industrial by-products (slag, fly ash) Companies ProfiledConcrete & Cement Producers Holcim Heidelberg Materials CEMEX CRH CNBM/Sinoma Dalmia Cement UltraTech Pan-United Corporation Vicat Group Technology Providers CarbonCure Solidia CarbiCrete CarbonBuilt Blue Planet Systems Carbon Upcycling Carbon8 Systems Partanna Fortera Sublime Systems Key Topics Covered:1. Markets: Industry Outlook1.1 Trends: Current and Future Impact Assessment1.1.1 Scaling of CO2 Mineralization Technologies1.1.2 Strength and Performance Benefits1.1.3 Novel CO2-Cured Products and Binders1.1.4 Integration with Carbon Capture & Direct Air Capture1.1.5 Carbon Credits and New Revenue Streams1.1.6 Circular Carbon Economy & Material Reuse1.2 R&D Review1.2.1 Patent Filing Trend by Country, by Company1.3 Market Dynamics Overview1.4 Funding Landscape1.5 Regulatory Landscape1.5.1 Embodied Carbon Disclosure and Limits1.5.2 "Buy Clean" Procurement Policies1.5.3 Carbon Pricing and Emissions Regulations1.5.4 Industry Commitments and Green Building Standards1.5.5 Quality Standards and Codes2. Global Carbon-Sequestering Concrete Market Market (by Application)2.1 Application Segmentation2.2 Application Summary2.3 Global Carbon-Sequestering Concrete Market (by End-Use Application)2.3.1 Building Construction2.3.2 Infrastructure2.3.3 Industrial2.3.4 Others3. Global Carbon-Sequestering Concrete Market (by Product)3.1 Product Segmentation3.2 Product Summary3.3 Global Carbon-Sequestering Concrete Market (by Product Type)3.3.1 Ready-Mix Concrete3.3.2 Precast & Masonry Products3.3.3 Cement/Binders4. Global Carbon-Sequestering Concrete Market (by Region)5. Market Landscape - Market Map of Key Sequestration Companies5.1 Geographic Assessment5.2 Company Profiles5.2.1 Concrete Producing Companies Holcim Ltd. Heidelberg Materials CEMEX S.A.B. de C.V. CRH plc China National Building Material (CNBM) / Sinoma Dalmia Cement (Bharat) Ltd. UltraTech Cement Ltd. Pan-United Corporation Vicat Group 5.2.2 Technology Providers CarbonCure Technologies Solidia Technologies CarbiCrete CarbonBuilt Blue Planet Systems Carbon Upcycling Technologies Carbon8 Systems Partanna Fortera Inc. Sublime Systems For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Forbes
08-07-2025
- Business
- Forbes
Holcim Completes Spin-Off Of Amrize On June 23
AFP PHOTO / FABRICE COFFRINI (Photo by Fabrice COFFRINI / AFP) (Photo by FABRICE COFFRINI/AFP via ... More Getty Images) On January 28, 2024, Holcim Ltd (OTC US: HCMLY, $23.34, Market Capitalization $66.2 billion), announced the 100% spin-off of Amrize Ltd (NYSE: AMRZ, $51.99, Market Capitalization: $29.5 billion). On 6/23, Holcim completed the tax-free spin-off of Amrize via the distribution of a dividend-in-kind of one Amrize share for every Holcim share owned as of the distribution date of 6/20. Post separation, both companies began trading 'Regular-Way' on 6/23. On the first day of 'Regular-Way' trading, Holcim ADRs opened at $23.15 and closed at $23.34, after trading between $22.70 and $23.57. Shares of AMRZ opened at $51.35 and closed at $51.99, after trading between $48.30 and $56.29 on NYSE, while on SIX Swiss exchange, Amrize shares opened at CHF46.00 and closed at CHF39.31, after trading between CHF39.31 and CHF46.00 (for more information, visit Unlike a typical U.S. domestic spin-off, and to align trading between the Swiss and U.S. markets, there was no 'ex-distribution' trading of Holcim ADRs nor 'when-issued' trading of Amrize shares, prior to the spin-off. Holcim Price Performance Spin-Off Details Following the completion of the Spin-off, Amrize shares are included in the Swiss Performance Index (SPI®) and Swiss Leader Index (SLI®) until at least 9/19 (the implementation date of the annual index review of SIX). Also, post spin-off, Holcim will focus on its Latin America, Europe, Asia Middle East & Africa, and Solutions & Products segments while advancing its leadership in innovative and sustainable building solutions. On the other hand, Amrize will be the leading pure-play building solutions company in the North American region. Valuation and Recommendation We value Holcim using the 2026e EV/EBITDA methodology. Our intrinsic value of $13.50 (Previously: $10.75) per Holcim ADR is based on a 2026e EV/EBITDA multiple of 8.8x (~14.8% premium to the closest peer, Heidelberg's multiple of 7.7x). The assigned premium multiple factors in Holcim's robust product pipeline and the strength of its brand. However, We initiate coverage on HCMLY with a 'Sell' rating and a target price of $13.50, representing a 42.2% downside potential from the current market price of $23.34 as of 6/23. It is worth noting that the current Holcim ADR price has not adjusted for the outgoing value of Amrize, which is likely to be corrected soon. Our fair value estimate for Amrize stands at $60.00 per share (Previously: $66.00) based on a 2026e EV/EBITDA multiple of 10.0x for the Building Materials segment (~6.8% premium to peer multiple of 9.4x) and 13.0x for the Building Envelope segment (~2.2% premium to peer multiple of 12.7x). The assigned multiple factors in a relatively larger business of Amrize as compared to its peers. We initiate coverage on Amrize with a 'Buy' rating with an implied upside of 15.4% from the current market price of $51.99 as on 6/23. AMRZ stock may witness selling pressure in the short-term, however, Amrize's long-term fundamentals remain intact, driven by higher growth prospects and topline driven margin expansion. Key Data HCMLY and Key Data AMRZ Investment ThesisHolcim (Stub) remains well-positioned to profit from macro tailwinds; however, looks fairly valued at current levels Holcim's planned spin-off of its Amrize Ltd (North American business) enables it to capitalize on megatrends such as urbanization, decarbonization, and circular construction. Holcim is one of the market leaders (top 3 position in 90% of the markets) in a highly attractive market with a geographically diversified footprint, which mitigates regional risks like economic downturn, political instability, or natural disasters in specific areas. The company unveiled its 'NextGen Growth 2030' strategy on 3/28, which aims to be the leading partner for sustainable construction, leveraging its sustainability leadership to drive profitable growth, particularly in Europe, Australia, and North Africa, while accelerating expansion in Latin America to capitalize on strong market fundamentals and industrialization trends. A key aspect of the thesis involves a significant strategic shift, achieving a 50%/50% split of net sales (currently: 63%/37%) between Building Materials (cement & aggregates) and high-value Building Envelope (building systems, concrete & surfacing). The company will focus on decarbonization and circular construction as key drivers for future growth and value creation. It is worth noting that post-separation, Holcim is expected to have a total capital deployment capacity of CHF 18-22 billion between 2025 and 2030, along with a healthy balance sheet (FY25e debt leverage of 1.1x and a 2025-2030 target of <1.5x). This capital will be directed towards organic growth, value-accretive M&A, attractive, progressive dividends (50% dividend payout ratio), and opportunistic share buybacks. Although we remain positive on Holcim (Stub), our Sell rating reflects that the stock has priced in the positive triggers, as it has rallied 49.1% since the Amrize spin-off announcement in January 2024. Amrize (Spin-Off) poised to unlock the next growth phase Amrize Ltd. represents a compelling investment opportunity as the largest pure-play building solutions company, focusing exclusively on the high-growth North American market. With over 1,000 operational sites across the U.S. and Canada, Amrize is uniquely positioned to capitalize on the region's $2 trillion annual construction spend across infrastructure, residential, and commercial sectors. Notably, Amrize is the number one cement producer in North America, with a cement capacity 1.7x its closest competitor in the region. The Company is working to increase production capacity at existing facilities, such as an additional 660 tons of production at the Ste. Genevieve Plant and the installation of a new clinker line, expanding capacity by ~30% at the St. Constant Plant. Amrize's strategy centers on market-based pricing, operational synergies, and a growth-focused capital allocation plan, supported by robust mineral reserves and a highly efficient logistics network. We believe that Amrize is poised to deliver superior shareholder returns as a standalone entity, with a clear focus on innovation and sustainability. The Company is likely to leverage its scale, agility, and deep market penetration to drive the next phase of profitable growth. Following the spin-off, Amrize is also expected to receive a valuation re-rating, with the market assigning a higher EBITDA multiple to its North American business compared to the rest of Holcim. Valuation1] Holcim: On 3/28, Holcim unveiled a new focused strategy named 'NextGen Growth 2030'. With the new strategy, Holcim (Stub) will leverage its sustainability leadership to deliver profitable growth in Europe, Australia and North Africa while accelerating growth in Latin America to benefit from strong market fundamentals and industrialization trends. Holcim will grow its addressable markets by expanding in high-value Building Solutions, from building systems to high-performance concrete. Notably, to capture NextGen Growth, Holcim RemainCo has set 2030 financial targets, viz. average growth of 3% - 5% in net sales and 6% - 10% in recurring EBIT per annum, average annual cash conversion rate of 50%, and expanding high-value Building Solutions to reach 50% of net sales. EV/EBITDA Valuation: We estimate FY26 EBITDA for Holcim at CHF4.0 billion. Assigning an EV/ EBITDA multiple of 8.8x (~14.8% premium to the closest peer, Heidelberg's multiple of 7.7x), we arrive at an Enterprise value of CHF35.3 billion. Following the cash distribution from SpinCo to Stub at the time of the spin-off, our net debt for Holcim Stub stands at CHF4.04 billion. Our fair value for Holcim stands at CHF54.75 per share ($13.50 per ADR). 2026e EV EBITDA Holcim It is worth noting that the current Holcim ADR price has not adjusted for the outgoing value of Amrize and is likely to be corrected soon. ADR prices can sometimes lag due to liquidity & trading volume differences between ADRs and local shares or market participants waiting for clearer valuation signals. We initiate coverage on HCMLY with a 'Sell' rating and a target price of $13.50, representing a 42.2% downside potential from the current market price of $23.34 as of 6/23. Peers Holcim 2] Amrize: Following the spin-off, Amrize is the largest building solutions company, focusing exclusively on the North American market. Moreover, Amrize presented its medium term (FY25-FY28) financial targets at the Investor Day held on 3/25. In the medium term (which includes bolt-on acquisitions and excludes transformational M&A), Amrize expects revenue to increase at a CAGR of 5% to 8%, adjusted EBITDA growth at a CAGR of 8% to 11%, free Cash flow of over $8 billion, and cash conversion of over 50%. Following the proposed spin-off, Amrize aims to achieve an investment-grade credit rating (with a net leverage ratio of <1.5x), providing financial flexibility to fulfill its growth plans and explore additional growth opportunities. EV/EBITDA Valuation: Post separation, Amrize comprises the Building Materials and Building Envelope segments. Our intrinsic value of $60.00 is based on a 2026e EV/EBITDA multiple of 10.0x for the Building Materials segment (~6.8% premium to peer multiple of 9.4x) and 13.0x for the Building Envelope segment (~2.2% premium to peer multiple of 12.7x). Following the Spin-off, our net debt for Amrize stands at $5.0 billion. Based on EV/EBITDA methodology, our intrinsic value for Amrize stands at $60.00 (Previously: $66.00) per share. We initiate coverage on Amrize with a 'Buy' rating with an implied upside of 15.4% from the current market price of $51.99 as on 6/23. 2026e EV EBITDA Amrize Peers Amrize Company DescriptionHolcim AG Headquartered in Zug, Switzerland, Holcim AG, together with its subsidiaries, provides building materials and solutions worldwide. The Company was founded in 1833 and was formerly known as LafargeHolcim. However, the Company changed its name to Holcim AG in May 2021. The Company operates through five segments: North America, Latin America, Europe, Asia, Middle East & Africa, and Solutions & Products. It provides cement, clinker, and other cementitious materials; ready-mix concrete; aggregates, such as crushed stone, gravel, and sand; and precast, concrete products, asphalts, mortars, roofing systems, insulation systems, tile adhesives, facade solutions, and contracting and services. The Company also engages in distribution and retail activities comprising product availability and deliveries, in-store animation and shopping experience, a one-stop retail shop, digital services and solutions, financing and cash-flow solutions, and waste management services. Its products are used in infrastructure projects, such as tunnels, railways and train stations, airports and ports, and bridges; housing projects, including individual and collective housing; commercial projects comprising offices, retail, and public buildings; and industrial projects consisting of renewable energy, oil and gas, and mining. The Company sells its products under the ECOPact, ECOPlanet, ECOCycle, Airium, DYNAMax, Aggneo, Ductal, Hydromedia, TectorPrint, Aggregate Industries, Disensa, Duro-Last, Elevate, Geocycle, Holcim, Lafarge, Malarkey Roofing Products, and PRB Group brands. In FY24, Holcim reported total sales of CHF26.4 billion. In FY24, Holcim RemainCo reached net sales of CHF16.3 billion, an industry leading recurring EBIT margin of 17.4%, and free cash flow before leases of CHF 2.2 billion. Amrize Ltd Amrize Ltd. is the largest building solutions company focused exclusively on the North American market. With over 1,000 sites and facilities and 19,000 employees across North America, Amrize is the largest provider of cement in the United States and Canada, as measured by sales and production volume, and a leader in advanced roofing and wall systems. Further, Amrize is also strongly positioned in aggregates and ready mix concrete. The Company will have two reportable segments - Building Materials and Building Envelope, which offer customers a broad range of advanced building solutions from foundation to rooftop. Amrize serves customers across the infrastructure, commercial, and residential construction markets, from new builds to repair and refurbishment (R&R). In FY24, Amrize generated revenues of $11.7 billion, net income of $1.3 billion, and Adjusted EBITDA of $3.2 billion. Organization Structure
