It is saying: Allahu Akbar, in the first Takbir of every two Takbirs of the Adhan and all Takbirs of the Iqama, with a nominative case (Damma), whereas the second Takbir in the Adhan has a silent Ra due to the pause, and raising it is a mistake. The words of the Adhan and Iqama are silenced in the actual Adhan, and the intention to pause is made in the Iqama because there is no actual pause, as the required pace is swift. This is based on what is narrated as stopped on Ibrahim al-Nakha'i, may Allah have mercy on him: 'The Adhan is determined, the Iqama is determined, and the Takbir is determined,' in Sunan al-Tirmidhi 2: 94, and Musannaf Ibn Abi Shaybah 2: 74. See: Radd al-Muhtar 1: 386, and Hashiyat al-Tahtawi 1: 274.