Amrize AG (AMRZ) 2025 Q2 法說會逐字稿

Hello, and welcome to the Amrize Q2 2025 Earnings Conference Call. (Operator Instructions) Also, as a reminder, this conference call is being recorded. (Operator Instructions)

您好，歡迎參加 Amrize 2025 年第二季財報電話會議。 （操作員指示）另外，提醒一下，本次電話會議正在錄音。 （操作員指示）

I will now turn the call over to Scott Einberger, Investor Relations Officer for Amrize.

現在我將電話轉交給 Amrize 投資者關係官 Scott Einberger。

Thank you, and good morning, everyone. Welcome to Amrize's Second Quarter 2025 Earnings Call. Amrize spun off from Holcim and listed on the New York Stock Exchange on June 23, and we are very excited to be with you today for our first earnings call.

謝謝大家，早安！歡迎參加 Amrize 2025 年第二季財報電話會議。 Amrize 於 6 月 23 日從 Holcim 分拆出來並在紐約證券交易所上市。我們非常高興今天能與大家一起參加我們的首次財報電話會議。

We released our second quarter 2025 financial results yesterday after the market closed. You can find both our earnings release and presentation for today's call in the Investor Relations section of our website at investors.amrize.com.

我們在昨日股市收盤後發布了2025年第二季的財務表現。您可以在我們網站 investors.amrize.com 的「投資者關係」板塊查看我們的收益報告和今天電話會議的簡報。

On the call with me today are Jan Jenisch, our Chairman and CEO; and Ian Johnston, our CFO. Jan will open today's call with highlights of our second quarter results and how Amrize is uniquely positioned to capture growth in a more than $200 billion addressable market. Ian will then review our financial performance before turning the call back to Jan for our outlook. We will then be ready to take your questions.

今天與我一起參加電話會議的有我們的董事長兼執行長 Jan Jenisch 和財務長 Ian Johnston。 Jan 將在今天的電話會議上重點介紹我們第二季度的業績，以及 Amrize 如何憑藉其獨特的優勢在超過 2000 億美元的潛在市場中實現成長。之後，Ian 將回顧我們的財務業績，然後將電話轉回給 Jan，討論我們的展望。之後，我們將準備好回答大家的提問。

Before we begin, during the call and in our slide presentation, we reference certain non-GAAP financial measures, which we believe provide useful information for investors. We include reconciliations of non-GAAP financial measures to GAAP in our earnings release and slide presentation. As a reminder, today's call is being webcast live and recorded.

在開始會議之前、會議期間以及投影片簡報中，我們會提及一些非公認會計準則 (Non-GAAP) 財務指標，我們認為這些指標能為投資者提供有用的資訊。我們會在收益報告和幻燈片簡報中提供非公認會計準則 (Non-GAAP) 財務指標與公認會計準則 (GAAP) 的對帳表。提醒一下，今天的電話會議將進行網路直播和錄音。

A transcript and recording of this conference call will be posted to our website. Any statements made about future results and performance, plans, expectations and objectives are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from those presented during the call due to various factors, including, but not limited to, those discussed in our Form 10 and other reports filed with the SEC. The company disclaims any undertaking to publicly update or revise any forward-looking statements.

本次電話會議的文字記錄和錄音將發佈於我們的網站。任何關於未來業績、計劃、預期和目標的陳述均為前瞻性陳述。這些前瞻性陳述受風險和不確定性因素的影響，這些風險和不確定性可能導致實際結果與電話會議中呈現的結果不同，這些因素包括但不限於我們向美國證券交易委員會 (SEC) 提交的 Form 10 和其他報告中討論的因素。本公司不承諾公開更新或修改任何前瞻性陳述。

With that, I will now turn the call over to Jan.

現在，我將把電話轉給 Jan。

Thank you, Scott, and thank you, everyone, for joining us today for our first earnings call as Amrize. Just about six weeks ago, we had an excellent start with our spin-off and our listing on the New York Stock Exchange and the Swiss Exchange.

謝謝斯科特，也謝謝大家今天參加 Amrize 的首次財報電話會議。大約六週前，我們完成了分拆，並在紐約證券交易所和瑞士證券交易所上市，取得了良好的開端。

With the execution of our spin-off, we are ready to begin our next chapter as the partner of choice for the professional builders of North America.

隨著分拆的實施，我們已準備好開啟新的篇章，成為北美專業建商的首選合作夥伴。

In the second quarter, we successfully navigated a challenging environment, generating stable returns and strong margins. This shows the resilience and the strength of our business and our market positions. With a growing order book, we delivered for our customers to advance projects across infrastructure, commercial and residential sectors and from new build to repair and refurbishment.

第二季度，我們成功應對了充滿挑戰的環境，實現了穩定的回報和強勁的利潤率。這展現了我們業務的韌性和實力以及市場地位。隨著訂單量的不斷增長，我們為客戶交付了涵蓋基礎設施、商業和住宅領域、從新建到維修和翻新等各個領域的推進項目。

While supporting our customers, we launched our ASPIRE program to drive synergies across our business, improve efficiency and expand our margins. And we continue to invest in our growth through both CapEx and value-accretive M&A. We successfully established an investment-grade balance sheet with substantial firepower to fuel our next chapter of growth. The steps we are taking from investing to driving synergies across the business provide the foundation for us to capitalize on the strong long-term demand across our $200 billion addressable market.

在為客戶提供支援的同時，我們啟動了ASPIRE計劃，以促進業務協同效應、提升效率並擴大利潤率。我們將繼續透過資本支出和增值型併購投資於成長。我們成功建立了投資等級資產負債表，擁有雄厚的火力，為下一階段的成長提供動力。我們正在採取的從投資到促進業務綜效的舉措，為我們充分利用2,000億美元潛在市場的強勁長期需求奠定了基礎。

Let's look at slide 5, the Q2 financial results. We generated stable revenue and strong margins. Our two business segments delivered strong performance and our consolidated view now includes stand-alone corporate costs as Amrize. These resilient results in a challenging market demonstrate the strength of our market positions, our disciplined pricing and our focus on execution.

我們來看投影片5，第二季的財務表現。我們實現了穩定的收入和強勁的利潤率。我們的兩個業務部門都表現強勁，我們的合併報表現在包含了Amrize等獨立的公司成本。在充滿挑戰的市場中，這些強勁的業績證明了我們強大的市場地位、嚴謹的定價以及對執行力的專注。

Let's move to slide 6, the market trends. Turning to the markets. Uncertainty and weather impacted construction activity in the second quarter. In commercial, data center expansion was a bright spot and commercial spending on mega projects like energy plans continue to be strong.

我們來看第6張投影片，市場趨勢。談到市場。不確定性和天氣影響了第二季的建築活動。在商業領域，資料中心擴張是一個亮點，商業部門在能源計畫等大型專案上的支出持續強勁。

However, market uncertainty and high interest rates impacted the timing of capital spending and new project starts. In the infrastructure end market, the market has proven resilient as federal, state and local governments continue to prioritize these projects. In the residential sector, high interest rates and affordability concerns are limiting new construction.

然而，市場不確定性和高利率影響了資本支出和新項目開工的時機。在基礎設施終端市場，由於聯邦、州和地方政府持續優先考慮這些項目，市場展現了韌性。在住宅領域，高利率和對負擔能力的擔憂限制了新房屋建設。

While second quarter activity was soft, there is substantial pent-up demand ahead of us. We are not seeing projects being canceled. The current environment is simply affecting timing. As uncertainty subsides and the interest rate environment improves, we see significant upside potential for Amrize.

雖然第二季活動疲軟，但未來仍有大量被壓抑的需求。我們沒有看到項目被取消。當前的環境只是影響了時機。隨著不確定性的消退和利率環境的改善，我們認為 Amrize 擁有巨大的上漲潛力。

Infrastructure modernization, onshoring of manufacturing and the need to bridge the housing gap will drive strong long-term growth across our markets. Data center expansion, in particular, continues to be an area of growth for us with new projects kicking off across North America to support AI.

基礎設施現代化、製造業回流以及彌合住房缺口的需求將推動我們各市場實現強勁的長期成長。資料中心擴建尤其持續成為我們的成長領域，北美各地正在啟動支援人工智慧的新計畫。

It is estimated that the US alone will build about 600 new data centers through 2027. For Amrize, that brings opportunity not just in the foundation of the data center, but in the rooftop, the wall systems and to support all of the infrastructure surrounding the data center to make it work. Looking forward, we are well positioned for long-term growth.

據估計，到2027年，光是美國就將新建約600個資料中心。對於Amrize來說，這不僅在資料中心地基方面帶來了機遇，還在屋頂、牆體系統以及支援資料中心週邊所有基礎設施方面帶來了機遇，使其能夠正常運作。展望未來，我們已為長期成長做好了充分準備。

Let's look at slide 7 and our key investments in the second quarter. We continue to invest through CapEx and value-accretive M&A. In June, we acquired the operations of Langley Concrete, expanding our precast concrete footprint with two state-of-the-art facilities in British Columbia and strengthening our market position in Canada's rapidly growing infrastructure sector.

讓我們來看看第7張投影片，以及我們第二季的重點投資。我們持續透過資本支出和增值型併購進行投資。今年6月，我們收購了蘭利混凝土公司（Langley Concrete），在不列顛哥倫比亞省擁有兩家先進的預製混凝土工廠，擴大了我們的預製混凝土業務，並鞏固了我們在加拿大快速成長的基礎設施領域的市場地位。

In Oklahoma, we opened a greenfield quarry with 200 million tons of reserves, expanding our aggregates business in the fast-growing Dallas-Fort Worth market. In Virginia, we broke ground on a new fly ash facility to enable the use of recycled landfill ash as a high-quality supplementary material. We expect to produce 8 million tons of fly ash from this facility in the coming years.

在俄克拉荷馬州，我們新建了一座儲量達2億噸的採石場，拓展了我們在快速成長的達拉斯-沃斯堡市場的骨材業務。在維吉尼亞州，我們動工興建了一座新的粉煤灰生產設施，以便將回收的垃圾掩埋灰用作高品質的補充材料。我們預計未來幾年該設施的粉煤灰產量將達到800萬噸。

We are also on track with organic growth projects on slide 8. We are making progress with those projects, which are key for our growth in the future. We will add significant capacity and further improve manufacturing efficiency at our flagship Ste. Gen plant, North America's largest and market-leading cement plant.

第8張投影片中提到的有機成長項目也進展順利。這些項目對我們未來的成長至關重要，正在取得進展。我們將大幅提升旗艦工廠Ste. Gen的產能，並進一步提高其生產效率。 Ste. Gen是北美規模最大、市場領先的水泥廠。

For our Malarkey shingles, we will open a new state-of-the-art factory in Indiana to increase production capacity by over 50% and expand our market share in the attractive Midwest and Eastern markets. At St. Constant in Quebec, we are expanding to increase capacity, improve manufacturing efficiency and to strengthen Amrize market position in Canada.

對於我們的Malarkey瓦片，我們將在印第安納州開設一家全新的先進工廠，將產能提高50%以上，並擴大我們在極具吸引力的中西部和東部市場的份額。在魁北克省的聖康斯坦特，我們正在擴大工廠，以提高產能、提高生產效率，並鞏固Amrize在加拿大的市場地位。

Overall, now as a stand-alone company, we are fully focused on the attractive North American market, and we will accelerate our growth investments into the future.

總體而言，現在作為一家獨立公司，我們完全專注於具有吸引力的北美市場，並將加速對未來的成長投資。

Let's talk about our customers on slide 9. We are delivering for our customers on their most important projects in every US state and Canadian province. In the quarter two, we announced a partnership with Meta to deliver AI optimized concrete for their new data center in Minnesota, and we are working on data centers built across the US for several hyperscalers.

在第9張投影片上，我們來談談我們的客戶。我們正在為美國各州和加拿大各省的客戶交付他們最重要的項目。在第二季度，我們宣布與Meta合作，為他們位於明尼蘇達州的新資料中心提供AI優化混凝土。此外，我們也正在為美國各地的幾家超大規模資料中心建置資料中心。

In Canada, we are supporting the upgrade of the Vancouver International Airport. And with infrastructure modernization continuing, we have important work supporting airport upgrades from Vancouver and Calgary to New Orleans, Charlotte and New York.

在加拿大，我們正在支持溫哥華國際機場的升級改造。隨著基礎設施現代化的持續推進，我們正致力於支援溫哥華、卡加利、新奧爾良、夏洛特和紐約等地的機場升級改造。

We also play a role in extending the life of critical national assets like the USS Gerald Ford, where our advanced [eco-codings] were used to repair its carrier deck.

我們也在延長重要國家資產的使用壽命方面發揮作用，例如美國海軍傑拉爾德·福特號航空母艦，我們採用了先進的[生態編碼]來修復其航空母艦甲板。

Our Elevate team completed a new stadium in North Dakota with our high-performance EPDM roofing system. Across our markets, we have a strong pipeline of such projects from bridges and tunnels to data centers, schools, offices and homes, our solutions are inside all of the essential buildings and infrastructure that connect people and advance how we live.

我們的 Elevate 團隊在北達科他州完成了一座新體育場的施工，採用了我們高性能的 EPDM 屋頂系統。在我們的市場中，我們擁有豐富的專案經驗，涵蓋橋樑、隧道、資料中心、學校、辦公室和住宅等各種領域。我們的解決方案涵蓋所有重要的建築和基礎設施，連結人們的生活，提升人們的生活品質。

On slide 10, we inform you about the launch of our new ASPIRE program. To accelerate synergies and profitable growth, we have launched this ASPIRE program where we leverage our scale across 1,000 sites and our two business segments to optimize third-party spending and drive efficiencies in our operational footprint and logistics network.

在第10張投影片中，我們向您介紹了我們新推出的ASPIRE計畫。為了加速綜效和獲利成長，我們推出了ASPIRE項目，利用我們遍佈1000個站點和兩大業務部門的規模優勢，優化第三方支出，並提高我們營運足跡和物流網路的效率。

We have formally launched the program and have already started making progress across raw materials, services, logistics and equipment. We target to achieve $250 million in cost savings by 2028, delivering over 50 basis points of margin improvement per year.

我們已經正式啟動該項目，並已在原材料、服務、物流和設備等領域取得進展。我們的目標是到2028年達到2.5億美元的成本節約，每年達到超過50個基點的利潤率提升。

We expect to begin achieving incremental savings in the second half of this year with the full annual savings run rate starting in 2026 as we build momentum.

我們預計在今年下半年開始實現增量儲蓄，隨著我們不斷累積勢頭，全年儲蓄率將從 2026 年開始實現。

Taking a step back and looking across the enterprise and the markets we serve, we are confident in our future as Amrize. With our spin-off and listing on June 23, we are starting our journey from a position of strength with market-leading operation, advanced solutions, a strong balance sheet and growing markets.

縱觀公司整體及我們所服務的市場，我們對Amrize的未來充滿信心。隨著6月23日分拆上市，我們憑藉著市場領先的營運、先進的解決方案、強勁的資產負債表和不斷成長的市場，以優勢地位開啟新的旅程。

With that, I will turn it over to Ian to review our financials.

說完這些，我將把責任交給伊恩來審查我們的財務狀況。

Thank you, Jan. It's great to be with all of you for our first earnings call. Amrize's journey as an independent company is just beginning, and I'm excited for the opportunities we have to grow our business and drive shareholder value in the years to come.

謝謝Jan。很高興和大家一起參加我們的首次財報電話會議。 Amrize作為獨立公司的旅程才剛開始，我對未來幾年我們有機會發展業務並提升股東價值感到興奮。

On slide 13, you'll see a consolidated view of our financial results. Our Q2 financial results were stable in light of market uncertainty and inclement weather, which is impacting the timing of new construction projects.

在第13張投影片上，您可以看到我們財務表現的綜合概覽。儘管市場不確定性和惡劣天氣影響了新建築項目的進度，但我們第二季的財務表現保持穩定。

Second quarter consolidated revenue of $3.2 billion was in line with prior year, with acquisitions contributing 1.3% to revenue growth. Volumes improved as the quarter progressed and weather conditions became more favorable.

第二季合併營收為32億美元，與去年同期持平，其中收購貢獻了1.3%的營收成長。隨著季度進展和天氣條件的改善，銷量有所回升。

Our customers continue to report a healthy backlog of projects, particularly in the infrastructure and commercial end markets. We expect this backlog of projects to be a tailwind to volumes later this year and into 2026.

我們的客戶持續報告專案積壓情況良好，尤其是在基礎設施和商業終端市場。我們預計，這些積壓項目將在今年稍後乃至2026年對銷售產生推動作用。

Adjusted EBITDA for the quarter was $947 million, including $42 million of stand-alone corporate costs. Excluding the impact of these additional corporate costs, our second quarter adjusted EBITDA margin was 30.7% compared to 30.9% in the prior year.

本季調整後EBITDA為9.47億美元，其中包括4,200萬美元的獨立公司成本。剔除這些額外公司成本的影響，我們第二季調整後EBITDA利潤率為30.7%，去年同期為30.9%。

Our scale and local P&L ownership model are a competitive advantage and allow us to effectively manage costs during periods of time when the industry is experiencing lower demand. As we build the corporate structure needed to operate Amrize as an independent company, we expect to incur additional costs that are not reflected in our 2024 financial results.

我們的規模和本地損益所有權模式是我們的優勢，使我們能夠在產業需求低迷時期有效管理成本。隨著我們建立 Amrize 作為獨立公司營運所需的公司架構，我們預計會產生一些額外成本，這些成本不會反映在我們 2024 年的財務表現中。

Full year 2025, we expect approximately $115 million of additional costs compared to full year 2024. If we apply these additional corporate costs, our financial results would have been approximately $3.07 billion in 2024. For comparison purposes, we have provided a quarterly view of 2024 adjusted EBITDA in the appendix of our deck.

我們預計 2025 年全年的成本將比 2024 年全年增加約 1.15 億美元。如果我們應用這些額外的公司成本，我們 2024 年的財務表現將達到約 30.7 億美元。為了進行比較，我們在簡報的附錄中提供了 2024 年調整後 EBITDA 的季度視圖。

Turning to slide 14. Moving to our results by segment. Building Materials reported second quarter revenue of approximately $2.3 billion, in line with the prior year. We are seeing a healthy level of activity in the public infrastructure sector supported by both federal and state spending packages.

翻到第14張投影片。我們來看看各部門的業績。建築材料部門報告第二季營收約23億美元，與去年持平。在聯邦和州政府支出計劃的支持下，公共基礎設施部門的活動水平良好。

We estimate that approximately 50% of IIJA funds have been allocated to date and only roughly 40% of these funds have been deployed, providing a runway for growth well into the future. In the commercial market, we are seeing strong demand for data centers and other [markets], while capital spending on warehouse and manufacturing facilities has been slower to deploy. Fundamentals in the commercial market are positive, and we continue to see long-term demand from onshoring trends and an increase in domestic manufacturing.

我們估計，迄今為止，IIJA 的資金已分配約 50%，但其中只有約 40% 已投入使用，這為未來良好的成長奠定了基礎。在商業市場，我們看到對資料中心和其他[市場]的需求強勁，而倉庫和製造設施的資本支出部署速度較慢。商業市場的基本面是正面的，我們繼續看到來自在岸化趨勢和國內製造業成長的長期需求。

In the residential market, new construction activity remains below historical levels. Construction gap in the US is close to 5 million homes and will need to be addressed in the coming years. We believe this will act as a catalyst for new construction activity as the interest rate environment becomes more accommodate.

在住宅市場，新建房屋活動仍低於歷史水準。美國房屋建設缺口接近500萬套，未來幾年需解決。我們相信，隨著利率環境變得更加寬鬆，這將成為新房屋建設活動的催化劑。

Adjusted EBITDA margin for the quarter was 33.7% versus 33.9% in the prior year. Disciplined pricing and our highly cost-efficient distribution and logistics network resulted in strong margins in a softer volume environment. Pricing gains helped to offset the impact of lower volumes in the quarter with positive year-over-year pricing for both cement and aggregates, speaking to the strong pricing fundamentals in these markets.

本季調整後EBITDA利潤率為33.7%，去年同期為33.9%。嚴謹的定價策略以及我們極具成本效益的分銷和物流網絡，在銷售疲軟的環境下實現了強勁的利潤率。價格上漲抵消了本季銷售下降的影響，水泥和骨材的價格較去年同期均有所上漲，體現了這些市場強勁的價格基本面。

In our Building Envelope segment, second quarter revenue was $970 million, in line with prior year. The OX Engineered Products acquisition contributed $33 million to revenue in the quarter. Solid demand in the commercial repair and refurbishment market and the revenue contribution from OX is offsetting the impact of market uncertainty and higher interest rate impacts on new construction sites. Weather events and the increasing age of many roofs have been key drivers of repair and refurbishment demand, and we expect these will continue to be key drivers of growth in the coming years.

建築圍護結構業務第二季營收為 9.7 億美元，與去年持平。收購 OX Engineered Products 為本季貢獻了 3,300 萬美元的收入。商業維修和翻新市場需求強勁，以及 OX 帶來的收入貢獻，抵消了市場不確定性和利率上升對新建築工地的影響。天氣事件和許多屋頂使用年限的增加一直是維修和翻新需求的主要驅動因素，我們預計這些因素在未來幾年將繼續成為成長的主要驅動力。

Adjusted EBITDA margin for the quarter was 26.9% compared to 27.1% in the prior year. Our disciplined pricing strategy and effective management of our cost base in a challenging market environment resulted in price over cost being stable for the quarter.

本季調整後EBITDA利潤率為26.9%，去年同期為27.1%。在充滿挑戰的市場環境下，我們嚴謹的定價策略和有效的成本管理，使得本季價格與成本比率保持穩定。

As Jan mentioned, we have launched our ASPIRE program and expect the synergies we generate from this program will have a benefit to margins in the future.

正如 Jan 所提到的，我們已經啟動了 ASPIRE 計劃，並預計該計劃產生的協同效應將對未來的利潤率產生積極影響。

I'm pleased to report that during the quarter, we successfully closed a $3.4 billion note offering and a $1.9 billion bond exchange. Our capital structure also includes a $2 billion commercial paper program and a $2 billion revolving credit facility.

我很高興地報告，本季我們成功完成了34億美元的票據發行和19億美元的債券交換。我們的資本結構還包括20億美元的商業票據計畫和20億美元的循環信貸安排。

At the end of the second quarter, we have not drawn on the revolving credit facility and had $930 million drawn on the commercial paper.

截至第二季末，我們尚未動用循環信貸額度，並且已動用 9.3 億美元的商業票據。

We finished the second quarter with a net leverage ratio of 1.8 times. We are beginning our journey as Amrize in a position of strength with a healthy balance sheet and investment-grade credit ratings from both Moody's and S&P.

我們第二季的淨槓桿率為1.8倍。 Amrize 擁有穩健的資產負債表，並同時獲得穆迪和標準普爾的投資等級信用評級，我們正以強勁的勢頭開啟新的旅程。

As a reminder, we typically generate the majority of our cash flow in the second half of the year. We expect to finish the year with a net leverage ratio below 1.5 times, leaving us well positioned to invest in both organic growth opportunities and pursue value-accretive M&A.

需要提醒的是，我們通常在下半年產生大部分現金流。我們預計今年年底的淨槓桿率將低於1.5倍，這將使我們能夠更好地投資於有機成長機會並進行增值性併購。

Strong cash flow generation of our business allows us to pursue a growth-focused capital allocation strategy.

我們業務的強勁現金流使我們能夠推行以成長為重點的資本配置策略。

As Jan highlighted, we are investing in several projects that we expect will drive future organic growth, and we have a number of additional projects in our pipeline. We also expect to deploy available cash towards M&A opportunities, similar to the recent closed acquisition of Langley Concrete Products.

正如Jan所強調的，我們正在投資幾個預計將推動未來有機成長的項目，此外，我們還有許多其他項目正在籌備中。我們也計劃將現有現金用於併購機會，例如最近完成的對蘭利混凝土產品公司（Langley Concrete Products）的收購。

An excellent example of our bolt-on acquisition strategy at work. Our M&A pipeline remains healthy, and our management team has a track record of executing a disciplined value-accretive M&A strategy. We expect to begin returning capital to shareholders in 2026, and we'll be working with our Board of Directors in the coming months on a dividend and share repurchase program.

這是我們補強型收購策略的絕佳範例。我們的併購管道保持穩健，管理團隊在執行嚴謹的增值型併購策略方面擁有驕人的業績。我們預計2026年開始向股東返還資本，並將在未來幾個月與董事會共同製定股利和股票回購計畫。

I'll now turn this over to Jan to close.

現在我將把這個交給 Jan 來結束。

Thank you, Ian. On slide 18, we are providing our 2025 financial targets. For the full year, we expect revenues to be in the range of $11.4 billion to $11.8 billion, adjusted EBITDA to be in the range of $2.9 billion to $3.1 billion and a net leverage ratio below 1.5 times.

謝謝伊恩。第18張幻燈片展示了我們2025年的財務目標。我們預計全年營收將在114億美元至118億美元之間，調整後息稅折舊攤提前利潤（EBITDA）將在29億美元至31億美元之間，淨槓桿率將低於1.5倍。

While the first half of the year has been soft, and we are forecasting a modestly better second half. We are beginning to see early positive indicators and July was a good month with improved volumes. We see significant pent-up demand.

雖然上半年表現疲軟，但我們預測下半年會略有改善。我們開始看到一些早期的正面指標，7月表現良好，銷量回升。我們看到大量被壓抑的需求。

And once interest rates are lowered and the environment stabilizes, this will serve as a big trigger point to unleash growth. However, today it's difficult to predict the exact timing of the inflection point. But in our view, it is a question of when and not if.

一旦利率降低、環境穩定，這將成為釋放成長潛力的重要觸發點。然而，目前很難預測拐點的確切時間。但我們認為，這只是一個何時而非是否會發生的問題。

During this period of softer demand, we are taking all of the right steps and focusing on what we can control to outperform and position for the future. Our portfolio is well positioned. Our footprint is unparalleled. We have a strong pipeline of CapEx projects and M&A and the markets we serve have strong underlying growth fundamentals. We are well positioned for long-term growth, and we are confident in our midterm targets.

在需求疲軟的時期，我們正在採取一切正確的措施，專注於我們能夠掌控的領域，以實現超越，並為未來做好準備。我們的投資組合定位精準。我們的商業版圖無與倫比。我們擁有強大的資本支出項目和併購儲備，我們所服務的市場擁有強勁的成長基礎。我們已為長期成長做好充分準備，並對中期目標充滿信心。

With that, I will pass it back to Scott to begin the Q&A.

說完這些，我將把它交還給斯科特，開始問答環節。

Thank you, Jan. [Sophie] we are now ready to begin Q&A. Can you please explain the process for asking a question.

謝謝Jan。 [Sophie] 我們現在可以開始問答環節了。您能解釋一下提問的流程嗎？

(Operator Instructions)

（操作員指示）

Adrian Huerta, JPMorgan.

摩根大通的 Adrian Huerta。

Good morning, everyone. Can you hear me?

大家早安。聽得到我說話嗎？

Yes, we can.

是的，我們可以。

Excellent. Thank you for taking my call, Jan. My question has to be -- is related to the guidance. Definitely, you're expecting a better second half marginally on revenues with revenues somewhat flat for the second half, but with a much better improvement on the EBITDA side with EBITDA just down a little bit. How much of that improvement in the second half is basically coming from the ASPIRE program that you have? What is the size of savings that we could already see in the second half from this program that you have?

太好了。 Jan，感謝您接聽我的電話。我的問題是關於業績指引的。您預計下半年收入會略有改善，但實際收入基本上持平，EBITDA 方面會有顯著改善，但實際 EBITDA 略有下降。下半年的改善有多少主要來自於你們的 ASPIRE 計畫？這個項目在下半年已經為我們帶來了多少成本節省？

Hi, good morning. Thank you for the question. Yes, we are very happy how we started with the ASPIRE program in June, and we see already quite some improvements there. And this will be a contributor already for H2. We don't disclose how much it will be for the second half of this year, but it will be on the way then to achieve full run rates for 2026.

大家好，早安。感謝您的提問。是的，我們對六月啟動的ASPIRE計畫非常滿意，目前已經看到了一些進展。這已經為下半年的業績做出了貢獻。我們目前還未透露下半年的業績會有多少，但預計到2026年就能達到滿載運轉的水平。

Overall, I think as I explained a bit in the outlook, we expect that the volume trends have been encouraging already in July. And while there is still a fair amount of uncertainty in the market, the backlog of projects gives us confidence that the second half of the year will be stronger and better than the first half of the year.

總的來說，正如我在展望中解釋的那樣，我們預計7月份的交易量趨勢已經令人鼓舞。儘管市場仍存在相當多的不確定性，但積壓的項目讓我們有信心，下半年的表現將比上半年更加強勁、更好。

Thank you.

謝謝。

Cedar Ekblom, Morgan Stanley.

摩根士丹利的 Cedar Ekblom。

Thanks very much. Good afternoon, gentlemen, or good morning, gentlemen. I just wanted to come back on your cash generation and the net debt at the end of the first half. The cash generation seems to have been quite disappointing in the first half. I see you've had quite a big build in receivables.

非常感謝。先生們，下午好，或早安。我只是想再談一下你們上半年末的現金創造能力和淨債務情況。上半年的現金創造能力似乎相當令人失望。我看到你們的應收帳款增加了不少。

Can you talk about why that is? I know that there is seasonality in the business, but it seems that the build is even in excess of that. And then if I look at the change in cash during the first half, I'm struggling to get back to what the pro forma balance sheet was in the Form 10 at the end of 2024.

能談談原因嗎？我知道業務有季節性，但看起來增幅甚至超過了季節性。如果我看一下上半年的現金變化，我很難回到2024年底10號表的備考資產負債表的水平。

And I know that the Form 10 was never a hard and fast starting capital structure for Amrize, but there seems to be quite a big deviation like over $1 billion relative to that pro forma structure at the end of 2024. So maybe you can just help me understand why the net debt at the end of '24 for Amrize seems to be so much different to what we were sort of looking at in the Form 10 and sort of talk to cash generation for the rest of the year. Thank you.

我知道，10號表格從來都不是Amrize的固定起始資本結構，但與2024年底的預測結構相比，似乎存在相當大的偏差，例如超過10億美元。所以，您能否幫我理解一下，為什麼Amrize 2024年底的淨債務與我們在10號表格中看到的以及與今年剩餘時間的現金流產生情況如此不同？謝謝。

Cedar, thanks for your questions. Maybe a couple of comments as we go through. I'll start with the free cash flow. You're correct. Free cash flow is down versus same period this time last year on a year-to-date basis. Combination of a couple of factors.

Cedar，謝謝你的提問。在我們討論的過程中，我想提幾點意見。我先從自由現金流開始。你說得對。今年迄今為止，自由現金流與去年同期相比有所下降。這是多種因素共同作用的結果。

First off, on the working capital, obviously, a little bit of an increase in later part of Q2 revenue that drove some of our increase in AR build, which will become due and collectible at the early part of Q3. That has a slight impact.

首先，關於營運資本，顯然，第二季後期收入略有增加，這推動了我們應收帳款建構（AR build）的部分成長，這些款項將在第三季初到期並可收回。這會產生輕微的影響。

We also have an increased amount of inventory somewhat due to the lower volumes in the quarter. So we would expect that our big sales season is ahead of us and production buildup on inventory. The other issues to note, our cash taxes are somewhat out of step with Q4 of last year. We had a timing delay in terms of cash taxes. So that slipped over into 2025.

由於本季銷量較低，我們的庫存也有所增加。因此，我們預期銷售旺季即將到來，庫存也會增加，產量也會增加。其他需要注意的問題是，我們的現金稅與去年第四季略有不同步。我們的現金稅到帳時間有所延遲，因此延遲到了2025年。

And then lastly, we have increased CapEx that Jan mentioned in the earlier comments at the beginning, we continue to have investments in our St. Genevieve expansion in our Malarkey plant, and our CapEx is up in the quarter and on a year-to-date basis.

最後，正如 Jan 在一開始的評論中提到的，我們增加了資本支出，我們繼續對 Malarkey 工廠的 St. Genevieve 擴建進行投資，我們的資本支出在本季度和年初至今都有所增加。

Regarding the pro forma financials, our net debt, we reported at the end of Q2. This is now a fully independent balance sheet. We have the restructuring and the issue of our corporate bonds at the beginning of April and then our net debt bond exchange in the latter part of Q2.

關於備考財務數據，我們的淨債務已於第二季末報告。現在，這是一份完全獨立的資產負債表。我們在4月初進行了重組並發行了公司債券，然後在第二季度後期進行了淨債務債券交換。

Financial statements today are reflective of a fully independent position. And obviously, there's a seasonality to our business in terms of our net cash. The end of the year 2024 with the same view as we would have at the end of this year, our cash balances would be much higher than they are at the midpoint of the year. So that's possibly the difference.

今天的財務報表反映的是完全獨立的狀況。而且，就淨現金而言，我們的業務顯然具有季節性。如果按照我們今年年底的預期，到2024年底，我們的現金餘額將遠高於年中水準。所以這可能是差異所在。

Would it be possible -- I don't know if you can give these numbers, but would it be possible to tell us what the 2024 net debt number was for Amrize as a stand-alone entity rather than the numbers we had in the pro forma, just so we have a clean base because we still don't have the sort of 2024 net debt number, I don't think.

這可能嗎？我不知道您是否可以提供這些數字，但您能否告訴我們，作為獨立實體的 Amrize 2024 年淨債務數字是多少，而不是我們在表格中的數字，這樣我們就有一個乾淨的基礎，因為我認為我們仍然沒有 2024 年淨債務數字。

The pro forma was what we said (multiple speakers) --

形式上就是我們所說的（多位發言者）－

Yes.

是的。

Yes. That's your best figure. 2025, we're guiding towards a net debt figure below 1.5 times on our guidance.

是的。這是你給出的最佳數字。到2025年，我們預期淨債務將低於我們預期的1.5倍。

Okay. So the 2024 number is going to be materially different than that $3 billion that was in the Form 10. So I think the number pro forma was about $3 billion at the end of '24. That could be wrong. So that's what I remember seeing.

好的。所以2024年的數字將與10號表格中的30億美元有實質差異。所以我認為2024年底的備考數字大約是30億美元。這可能是錯的。這就是我記得看到的。

I think we'll -- the net debt position that we have right now is around $5.3 billion, and we're guiding towards the $1.5 billion by the end of this year.

我認為我們目前的淨債務規模約為 53 億美元，預計到今年年底將達到 15 億美元。

Okay. Thanks very much for the color. I appreciate it.

好的。非常感謝你提供的顏色。我很感激。

Pujarini Ghosh, Bernstein.

普賈里尼·戈什，伯恩斯坦。

Hi, can you hear me?

嗨，你聽得到我說話嗎？

Yes we can, Pujarini. Please go ahead.

是的，Pujarini。請繼續。

Thanks a lot. Yes. So I wanted to talk about the Envelope business. So as you mentioned, the results are largely flat on the top line versus last year, but a lot of that has been driven by the OX acquisition. So if we were to exclude this scope impact, could you give an indication of the underlying pricing volumes in the Envelope business.

非常感謝。是的。我想談談Envelope業務。正如您所說，營收與去年基本持平，但這很大程度上是由收購OX所致。如果我們排除這個範圍的影響，您能否透露一下Envelope業務的潛在定價量？

And also one quick question on the Malarkey expansion. So you were saying that it's a 50% expansion for the site, but could you also specify how much it would mean for your overall residential roofing capacity?

關於Malarkey的擴建，還有一個簡短的問題。您之前說的是場地擴建50%，但您能否具體說明一下，這對您們整體住宅屋頂容量的影響有多大？

Ian, do you want to maybe address the organic versus the total sales number, and I can talk about the market a bit.

伊恩，您是否想談談有機銷售量與總銷售量之間的關係，我可以稍微談談市場狀況。

Sure. So in the quarter, our organic growth on revenue was down about 3% on our Building Envelope segment, and we were basically flat on organic growth on absolute growth.

當然。本季度，我們建築圍護結構部門的有機收入成長下降了約3%，而絕對成長則基本持平。

We are now -- and overall, Q2 started a little slower due to adverse weather conditions. And then as weather conditions improved later in Q2, we saw a meaningful rebound in volumes in late May and in June, especially at the commercial roofing applications, where we finished in volumes ahead of last year.

總體而言，由於惡劣的天氣條件，第二季的開局略顯緩慢。但隨著第二季後期天氣狀況的改善，我們在5月底和6月底的銷售量出現了顯著反彈，尤其是在商業屋頂應用領域，我們的銷售量超過了去年同期。

And we are very excited now to start with the new fourth plant next year that gives us enormous momentum here to really improve and expand market shares in very attractive markets. We are only present today by deliveries and not by local manufacturing.

我們非常高興明年第四家新工廠將投入運營，這將為我們帶來巨大的動力，讓我們能夠在極具吸引力的市場中真正提升和擴大市場份額。目前，我們只是透過交付而不是本地生產來實現業務。

Will Jones, Redburn Atlantic.

威爾瓊斯 (Will Jones)，雷德伯恩大西洋公司 (Redburn Atlantic)。

Morning. Could I ask, please, about the stand-alone costs relative to your prior expectation and just understanding the different numbers. I think for last year, there's a $115 million figure for the carve-out. I think in Q2, the run rate was about $40 million. Should we take that $40 million times 4? Is that the new stand-alone, I guess, as we think on an annualized basis going forward or not? And just if it was -- if it's more than you thought before, why? And is there anything you can do in time to drive that or the central costs lower? Thank you.

早安.請問一下，相對於您之前的預期，獨立成本是多少，以及您能理解這些不同的數字嗎？我記得去年剝離的部分是1.15億美元。第二季的運行率大約是4000萬美元。我們應該把4000萬美元乘以4嗎？我想，這是否是我們未來以年率計算的新的獨立成本？如果是的話——如果它比您之前預想的要多，為什麼？您能及時採取什麼措施來降低這部分成本或核心成本？謝謝。

Sure, I'll take that question. I think maybe I start at the tail end of your question. Absolutely, we will be continuing to refine those forecasts as we go forward. We think this is at the high end of the guidance that we would be issuing in terms of corporate costs. We provided some feedback in pro forma statements in 2024 and Q1 2025.

當然，我會回答這個問題。我想我可以從你問題的最後開始回答。當然，我們會繼續完善這些預測。我們認為，就企業成本而言，這已經是我們將要發布的指引的上限了。我們在2024年和2025年第一季的備考報表中提供了一些回饋。

The second quarter, $42 million is a little bit high. We would expect that, that could phase out a little bit in the following quarters to come. The $115 million that we guide is for the full year and included in our overall guidance.

第二季的4200萬美元略高。我們預計，在接下來的幾個季度裡，這個數字可能會逐漸減少。我們給出的1.15億美元是全年預期，已包含在我們的整體預期中。

Marcus Cole, UBS.

瑞銀的馬庫斯·科爾。

Yes, one question as well. So on cement, your pricing was only marginally up in the quarter. Is there anything that you can tell us in terms of is there some mix impact going on there, some regional trends that we need to be aware of on an underlying basis, was it high because looking at the peer cement pricing was a little bit higher from some of your -- the read across some of your peers. So any color you can give on mix or regional trends or an underlying basis would be helpful. Thank you.

是的，還有一個問題。水泥方面，你們的定價在本季僅略為上漲。您能否告訴我們，這是否受到一些產品組合的影響，以及我們需要關注的一些區域趨勢，價格上漲是否是因為同行水泥價格比你們的一些同行略高？所以，如果您能提供一些關於產品組合、區域趨勢或基本面的信息，將會很有幫助。謝謝。

Yes. No, thank you. I think we believe in North America, we have the strongest pricing for cement, the highest pricing. And also, we made some gains this year, even it was difficult in a challenging market. You see our volumes were down 6% in Q2 and the market is soft. So we were focusing very much on value for the customers. We didn't have any volume strategy. And we believe the pricing will come back or will improve further with the volumes coming back also in the quarter and years to come as we have -- expect a strong rebound in volumes.

是的，不用了，謝謝。我認為我們相信北美的水泥價格是最強的，也是最高的。而且，即使在充滿挑戰的市場環境下，我們今年也取得了一些成長。您知道，我們的銷量在第二季下降了6%，市場疲軟。所以我們非常注重為客戶創造價值。我們沒有任何銷量策略。我們相信，隨著本季以及未來幾年銷量的回升，價格將會回升或進一步改善，正如我們預期的那樣——銷量將強勁反彈。

On this side, we have -- on the other side, we are very happy with our aggregates pricing, which was over 6% in North America on average, very strong market conditions in our local markets were slightly better than for the cement markets as we were supplying a couple of infrastructure projects with higher demand, and we could also here continue our very positive pricing here in the aggregate side.

在這方面，我們——另一方面，我們對我們的骨料定價非常滿意，北美的平均定價超過 6%，我們當地市場的市場狀況非常強勁，略好於水泥市場，因為我們正在供應幾個需求更高的基礎設施項目，我們也可以在這裡繼續我們在骨料方面的非常積極的定價。

Jonathan Bettenhausen, Truist.

喬納森·貝滕豪森，真理論者。

Hey guys, thanks for my question. I wanted for a key piece this morning. On the Building Envelope business, was reroofing activity, was that positive for both commercial and resi? And then also, how did your total shingle shipments compared to the ARMA numbers this quarter? Thanks.

大家好，謝謝你們的提問。今天早上我想問一個關鍵問題。關於建築圍護結構業務，屋頂翻修活動對商業和住宅市場都有好處嗎？另外，本季你們的瓦片總出貨量與ARMA數據相比如何？謝謝。

What numbers? The shingle volumes?

什麼數字？木瓦體積是多少？

Yes, the shingle shipments, how did that compare to the industry shipment numbers?

是的，木瓦出貨量與產業出貨量相比如何？

Right. We see, first of all, in the Building Envelope, we are very excited. I mean, we have talked a bit about the factors now influencing the demand in quarter two with high interest rates, some weather effects. And so we saw a bit of softness. However, we are seeing positive momentum in commercial roofing markets. Our volumes were roughly flat through May, while our Elevate volumes outpaced the market, and we were up low single digits in quarter two.

對。首先，我們看到建築圍護結構市場表現非常優異。我們之前討論過一些目前影響第二季需求的因素，例如高利率和一些天氣因素。因此，我們看到了一些疲軟。不過，我們看到商業屋頂市場正呈現正面的動能。我們的銷量在5月份基本持平，而Elevate系列的銷量則超過了市場，並且在第二季度實現了低個位數的成長。

For commercial new construction, it's mixed with pockets of strength. We talked about data centers and stabilizing trends in warehousing, while in repair and refurbishment, it continues to be a bright spot and driving growth within our commercial roofing market.

商業新建築市場表現不一，但部分領域表現強勁。我們談到了資料中心和倉儲市場的穩定趨勢，而維修和翻新領域則繼續成為亮點，並推動商業屋頂市場的成長。

The shingle production was in line with ARMA. Here, we have a continued residential repair and refurbishment market impacted by weather-related events and a little bit lighter hail season so far this year, but we are very positive also here for the second half of the year.

瓦片產量與ARMA（美國房屋建築協會）數據一致。今年到目前為止，住宅維修和翻新市場持續受到天氣相關事件的影響，冰雹季節也略有減弱，但我們對下半年的前景也非常樂觀。

Awesome. That's helpful color. Thanks.

太棒了！顏色很實用。謝謝。

Yassine Touahri, On Field Research.

Yassine Touahri，《實地研究》。

Yeah, good morning. Thank you very much for taking my question. It could be a question on capital allocation. How do you think about the group midterm? Have you -- when will you decide about a dividend payout policy and share buyback? I'm not sure maybe after our Board meeting.

是的，早安。非常感謝您回答我的問題。這可能是關於資本配置的問題。您如何看待團體中期選舉？您什麼時候會決定股利支付政策和股票回購？我不確定，也許在董事會會議之後。

And when you're talking about the $200 billion addressable market, what is it composed of? Does it include insulated panel, wall system, all the liquid applied roofing, adhesives? It would be great to get a little bit of color on what this addressable market is to get a sense of where the Building of division could go in the next decade.

您說的2000億美元潛在市場是由什麼組成的？它包括隔熱板、牆體系統、所有液體屋頂塗料、黏合劑嗎？如果能稍微了解這個潛在市場，就能了解建築部門未來十年的發展方向，那就太好了。

Thank you. Great question. Let me answer the question first on the market. And then I think, Ian, you can give us more color on the capital allocation. So the addressable market, the $200 billion, this is the available market for our products and technologies, which we own and where we can expand our footprint. We know our market shares.

謝謝。好問題。我先回答一下關於市場的問題。然後，伊恩，我想你能更詳細地講講資本配置。潛在市場，也就是2000億美元，指的是我們擁有的產品和技術的可用市場，也是我們可以擴大業務範圍的地方。我們知道我們的市場佔有率。

We are the leader in cement, while we are a strong, I would say, follower in aggregates, where we -- and then we have a strong position in commercial roofing, while in shingles, we are having a huge growth path ahead of us compared with our low single-digit market share.

我們是水泥領域的領導者，同時我想說，我們是骨材領域的強勁追隨者，我們在商業屋頂領域佔據強勢地位，而在木瓦領域，與我們較低的個位數市場份額相比，我們面前有著巨大的增長道路。

So the market is -- the $200 billion doesn't require new technologies and new products. This is really what we can deliver to our customers today. This will include opportunities for bolt-on acquisitions, other acquisitions. But here, we are very, very confident that this market is available and addressable for us.

所以，2000億美元的市場並不需要新技術和新產品。這其實就是我們目前能夠為客戶提供的。這其中也包括補強型收購和其他收購的機會。但我們非常有信心，這個市場是可以開發的，我們有能力進入。

For the capital allocation before Ian talks a bit more details for us, we are, first of all, driving what is within our control. So cash generation and profitable growth is our number 1 focus at Amrize to generate the cash to be allocated.

關於資本配置，在Ian詳細介紹之前，我們首先要考慮的是自身能力範圍內的因素。因此，在Amrize，現金創造和獲利成長是我們的首要任務，以此創造可供配置的現金。

And Ian, if you can talk a bit about how our priorities are and what the next Board decisions are or the next steps.

伊恩，您能否談談我們的優先事項以及董事會的下一步或後續步驟。

Thanks, Jan. Thanks, for your question. I think we just had our first Board meeting earlier this week. And of course, the focus remains very aligned with what we shared with investors at our Capital Markets Day back in March. Priorities for the business remain investing in capital, first and foremost, that's going to continue to be an area where we have significant organic opportunities to invest and grow our business.

謝謝，Jan。謝謝你的提問。我記得我們本週早些時候剛剛舉行了第一次董事會。當然，重點仍然與我們三月在資本市場日與投資者分享的內容一致。業務的重點仍然是資本投資，這是最重要的，這將繼續是我們擁有大量有機投資機會和業務成長的領域。

Secondly would be on M&A. We actually closed a deal this quarter and have lots in the pipeline to pursue. That will continue to be an area of priority. With regards to return of capital to shareholders, we obviously have to engage with our Board and get aligned.

其次是併購。我們本季實際上完成了一筆交易，並且還有很多交易正在籌備中。這將繼續是我們優先考慮的領域。關於股東資本回報，我們顯然必須與董事會溝通並達成一致。

The starting point will be a discussion on what the dividend could look like. We've indicated that, that would be most probably US market specific. And we would need to ensure that we have alignment with the Board and bring that to shareholders in the beginning part of 2026.

首先要討論的是股利的具體方案。我們已經指出，股利很可能是針對美國市場的。我們需要確保與董事會保持一致，並在2026年初將此方案告知股東。

And that's when we would be able to start issuing a dividend and a possible return to shareholders in the form of share buyback would come at a later date as we align with our shareholders and our Board.

那時我們將能夠開始發放股息，隨著我們與股東和董事會的協調，我們稍後將以股票回購的形式向股東提供回報。

And maybe just a follow-up. If there is an amazing opportunity, a large strategic acquisition, would you consider issuing equity if it creates value for our shareholders?

再問個問題。如果有一個絕佳的機會，例如一項大型策略收購，如果能為我們的股東創造價值，你會考慮發行股票嗎？

I would say equity is the last resort. It's expensive. And we -- in the past, we have been always very mindful to rather reduce the share count with share buybacks. So to generate new equity is the last on my list.

我想說，股權融資是最後的手段。它成本很高。而且我們——過去，我們一直非常謹慎，寧願透過股票回購來減少股份數量。所以，增發新股是我清單上的最後一項。

Thank you very much.

非常感謝。

Jon Bell, Deutsche Bank.

德意志銀行的喬恩貝爾。

Good morning, Jan, Ian, and Scott. Question for me is on the Quikrete's Summit deal. Any changes to industry dynamics that you want to flag? Has this impacted you in any way? Thank you.

早安，Jan、Ian 和 Scott。我的問題是關於 Quikrete 高峰會的協議。您想指出哪些產業動態變化？這對您有什麼影響嗎？謝謝。

Hi, Jon. that's an interesting question. I'm not sure if I'm competent to answer your question. But obviously, I think what I always see in the industry is you see consolidation. And this is another, if you want to say, consolidation where this one player took over Summit and then they make some equity or some asset swaps and so on. I think in principle, it's probably good for the industry structure or something. And other than that, we have to wait and see how this will play out in the market.

你好，喬恩。這個問題很有意思。我不確定我是否有資格回答你的問題。但顯然，我認為我在這個行業中經常看到的是整合。這又是一個，如果你想說整合，就是這個公司接管了Summit，然後他們進行了一些股權或資產互換等等。我認為原則上，這可能對行業結構或其他方面有利。除此之外，我們還得拭目以待，看看這將如何在市場上發揮作用。

Okay, thank you.

好的，謝謝。

[Walter Benett], [Georgia Kantonal Bank].

[沃爾特·貝內特]，[喬治亞州立銀行]。

Hello everybody. Thank you for taking the question. You can hear me, don't you?

大家好。感謝您回答這個問題。您聽得到我說話嗎？

Yes, we can hear. Please go ahead.

是的，我們聽得見。請說。

Perfect. I think we've seen an adverse share price reaction because you probably didn't reiterate the 2028 targets. Can you confirm that you are still sticking to those and confirming those?

太好了。我認為我們看到了股價的負面反應，因為你們可能沒有重申2028年的目標。你能確認你們仍然堅持這些目標，並且會繼續確認嗎？

Yes. Look, I think I talked briefly about it in the outlook. While at the moment, we have softer demand than expected. However, we see demand coming up with those inflection points of potentially lower interest rates and also a stabilized environment. So difficult for us now to forecast when exactly this will happen. That's not in our control.

是的。我記得我在展望報告中簡要地談到了這一點。目前，我們的需求比預期弱。然而，隨著利率可能下降以及經濟環境趨於穩定，我們預期需求將出現轉折點。因此，我們現在很難預測這種情況何時會發生。這不在我們的掌控之中。

However, we expect our markets will accelerate, and we are preparing for this. So I think we are well positioned for our long-term growth targets, and we are confident to confirm our midterm targets or midterm guidance, which we gave in March at our Investor Day.

然而，我們預期市場將會加速發展，我們也正在為此做好準備。因此，我認為我們已做好充分準備，能夠實現我們的長期成長目標，並且有信心確認我們在3月份投資者日上公佈的中期目標或中期指引。

So you would say 5% to 8% top line growth on average, but not using it as a guidance for the current year?

所以您認為平均營收成長率為 5% 到 8%，但不以此作為今年的指引？

No. I mean, look, I think everyone sees the current year, the market, the demand is just in a different ballpark. So we have to focus on what is under our control at Amrize. So we're focusing on the pricing. We're focusing on delivering all the CapEx project opportunities. We are working on our M&A pipeline. So we are preparing. We now will increase our efficiency with the ASPIRE program.

不。我的意思是，我認為每個人對今年市場和需求的看法都大不相同。所以，我們必須專注於Amrize能夠掌控的事情。我們專注於定價。我們專注於提供所有資本支出項目機會。我們正在籌備併購專案。所以，我們正在做好準備。我們現在將透過ASPIRE計畫來提高效率。

So we are working very hard to make our company ready for growth, but at the same time for expanding our margins. And when the markets will start to improve, this is what we expect, we are ready. And I think the midterm guidance is excellent midterm targets for us.

因此，我們正在努力讓公司為成長做好準備，同時也努力提高利潤率。當市場開始好轉時，這正是我們預期的，我們已經準備好了。我認為中期業績指引對我們來說是極佳的中期目標。

Okay. And as I'm limited to one question. So the second half of the question is, can you quantify the cost of the ASPIRE program?

好的。我只能問一個問題。那麼問題的第二部分是，您能能量化一下 ASPIRE 專案的成本嗎？

That's a good question. We have -- I mean, we do that with our own people, right? So we have a strong program. We changed. We adapted the organization a bit. We have some great leader who actually came over from the Building Envelope side and now takes over the whole supply -- has taken over the whole supply chain for Amrize. And this is the base move and then he has a very strong program now to deliver, but with the people in our operations. So we don't have extra costs to do this.

這是個好問題。我們……我的意思是，我們用自己的員工來做這件事，對吧？所以我們有一個強大的項目。我們做了一些改變，對組織架構做了一些調整。我們有一個很棒的領導者，他實際上是從建築圍護結構部門過來的，現在接管了整個供應——接管了 Amrize 的整個供應鏈。這是基礎舉措，然後他現在有一個非常強大的專案要實施，但會由我們營運部門的員工來執行。所以我們不需要額外的成本來做這件事。

That's good to hear. Thank you very much.

很高興聽到這個消息。非常感謝。

We have no further questions at this time. I will turn the call back over to Scott Einberger, Investor Relations Officer, for closing remarks.

目前我們沒有其他問題。我將把電話轉回給投資者關係官Scott Einberger，請他做最後發言。

Thank you all for joining us for our second quarter earnings call. We look forward to speaking with you all next quarter.

感謝各位參加我們第二季的財報電話會議。我們期待下個季度與大家見面。