AMRZ - Takeaways From Truist Securities Industrials & Services Conference

研报英文原文证据摘录

AMRZ - Takeaways From Truist Securities Industrials & Services Conference

Truist Securities

Equity Research Report June 22, 2026

INDUSTRIALS: Construction Amrize Ltd (AMRZ)

Materials

AMRZ - Takeaways From Truist Securities Industrials & Services

Keith Hughes Conference

404-926-5032

Keith.Hughes@truist.com

AMRZ continues to introduce itself to investors after the spin from its parent last year. The

Mia Senyitko primary attraction is its exceptionally profitable cement business and leading position. We

404-439-7395 believe the company is going to be aggressive on acquisitions with a more intense interest

Mia.Senyitko@truist.com in aggregates. Questions remain on cement pricing in 2026 but positive volumes set up for a

positive 2027. Near-term substantial MDI pricing will pressure price cost until finished goods

increases are passed through. Note that commercial roofing is a near term headwing but our

Buy rating is derived from the cement margins and we believe a re-rating of the company

Stock Rating BUY is coming.

Unchanged

Price Target $65.00 We recently hosted meetings with numerous management teams at our Truist Securities

Unchanged Industrials & Services Conference. Below are comments regarding Amrize.

Data Center Exposure Currently Mid Single Digits and Growing. Data center–related

exposure represents roughly 4% of mix across the business, with a slightly higher

TR to Target 19.8% weighting toward cement, though commercial roofing is a growing contributor. Of this total,

Price (Jun. 17, 2026) $54.24 approximately 2% is direct exposure, with the rest tied to supporting infrastructure. Overall,

52-Wk Range $65.86-$46.65 the category is growing at a double-digit pace for AMRZ. AMRZ supplied over 30 data center