Ad hoc announcement pursuant to Art. 53 LR
-- Revenues up 8.6% with organic growth of 6.7% on strong demand and
pricing
-- Net Income increased 14.4% to $476 million and Adjusted EBITDA grew
5.8% to $986 million
-- Diluted Earnings Per Share increased 14.7% and Adjusted Diluted
Earnings Per Share grew 8.6%
-- $502 million returned to shareholders through share repurchases and
dividends
-- Raised FY Revenues guidance on demand; Revised Adjusted EBITDA on oil
price driven cost inflation
CHICAGO & ZUG, Switzerland--(BUSINESS WIRE)--August 06, 2026--
Amrize (AMRZ) announced today its second quarter 2026 financial results(1) .
Jan Jenisch, Chairman and CEO: "We delivered strong revenue growth of 8.6% in the second quarter driven by increased mega-project demand from data centers and energy to advanced manufacturing plants and infrastructure modernization. With the strength of our network and strategic footprint in the most attractive markets, we were able to achieve industry-leading organic growth of 6.7%.
We also grew Net Income by 14.4% and Adjusted EBITDA by 5.8% with strong customer demand, continued aggregates pricing growth and ASPIRE savings. Oil price driven cost inflation drove higher freight, diesel and raw materials costs, which we are proactively managing with pricing, fuel surcharges and ASPIRE.
In our Building Materials business, we had a strong quarter with above-market volume growth, premium cement pricing and leading aggregates pricing growth. Our Building Envelope business achieved above-market sales momentum, driven by a strong pipeline of large-scale commercial projects and growth in residential roofing. Segment pricing improved sequentially as increases phased in throughout the quarter.
We continue to invest for profitable growth with Capex and M&A. We invested $241 million in Capex in the quarter as we expand production and improve efficiency to best serve customers. We had excellent contributions from PB Materials, our recently acquired aggregates business in West Texas, and in July, we acquired Rapid Redi-Mix, bringing significant synergies with our cement and aggregates network in Texas.
Looking to the back half of the year, we expect continued strong pricing for cement and aggregates. Additionally, we expect roofing price over cost to improve as the year progresses. Our ASPIRE program is building momentum and on track to deliver savings through the year. We expect strong demand and pricing to increase full year revenue, while oil price driven cost inflation will be a headwind to earnings.
We remain well positioned to capitalize on growing demand while strengthening operational efficiency to deliver long term, profitable growth. I thank our over 19,000 empowered Amrize teammates for a strong quarter as we deliver for our customers as the partner of choice."
Shareholder Return
Amrize returned $502 million to shareholders in the second quarter. The company launched its $1 billion share buyback program and repurchased $197 million(2) worth of Amrize shares in the second quarter.
Amrize paid $305 million(3) of dividends including the special dividend for 2025 of $0.44 per share on May 4, 2026, and the first quarter dividend of $0.11 per share on May 20, 2026.
The Amrize Board of Directors declared a dividend of $0.11 per share for the second quarter to be paid on August 26, 2026. The last trading day with entitlement to receive the quarterly dividend, known as the cum-dividend date, is August 17, 2026. The shares will be traded ex-dividend on August 18, 2026, which is also the record date. Dividends are paid out of capital contribution reserves(4) and are not subject to Swiss withholding tax.
____________________
(1) Prior period financial information includes revisions that were not
material to any previously issued consolidated financial statements. See
additional information in 'Revision of Prior Period Financial
Statements' and Exhibit 99.3 to the Company's Current Report on Form 8-K
filed on August 6, 2026.
(2) Share repurchases executed in the second quarter of 2026 include
withholding taxes that will be paid in the third quarter of 2026.
(3) Includes $1 million accrued for dividends on unvested share-based
compensation to be paid upon vesting.
(4) Dividends will be made in the form of distributions paid out of legal
reserves from capital contributions and are not subject to Swiss
withholding tax. The dividend is the second installment of the annual
dividend of up to $0.44 per share approved at the Company's 2026 Annual
General Meeting.
Full Year 2026 Financial Guidance(5)
Amrize is updating its FY 2026 financial guidance reflecting increased demand and oil price driven cost inflation.
Building Materials had a good first half of the year with strong revenue growth and 8.4% growth in Adjusted EBITDA. For the full year, we continue to expect volume growth in cement and aggregates. The company now expects cement pricing to be flat or up low single digits, and continues to expect aggregates pricing to be up mid-single digits on a freight adjusted basis.
Building Envelope improved revenue and operational performance as the first half of the year progressed. The company continues to expect low-single digit growth in commercial roofing volumes and now expects high single digit volume growth in residential roofing for the full year. Price increases are phasing in across the Building Envelope portfolio and we expect second half price-cost to improve compared to the first half of the year.
Amrize is making good progress with its ASPIRE program and expects to achieve $80 million of savings in 2026. Across both businesses, additional price increases are expected to be realized in the second half of the year. The timing difference between price realization and oil price driven cost inflation is expected to affect Full Year company earnings.
Based on these drivers, Amrize is updating its 2026 financial guidance as follows:
Revenues $12.5 billion to $12.7 billion Adjusted EBITDA $3.1 billion to $3.2 billion
The company's 2026 financial guidance now includes the following underlying assumptions:
Capital Expenditures $900 million
Interest Expense, Net $340 million
Adjusted Effective Tax Rate 23% - 25%
Corporate Costs $200 million
____________________
(5) Amrize (Company) provides forward-looking guidance regarding Adjusted
EBITDA. The Company cannot, without unreasonable effort, forecast
certain adjusted items excluded from comparable U.S. GAAP financial
measures. These items include Acquisition and integration-related costs,
Litigation-related costs, Loss on impairments, Restructuring and other
costs, Spin-off and separation-related costs, Other non-operating
(expense) income, net, and Income from equity method investments, that
are difficult to predict in advance to include in a U.S. GAAP estimate.
For the same reasons, the Company is unable to address the probable
significance of the items.
Amrize Consolidated Results (Unaudited)
For the three months For the six months
ended June 30, ended June 30,
------------------------------- --------------------------------
$ in
millions,
except per
share % %
data 2026 2025(6) Change 2026(6) 2025(6) Change
---------- ---------- --------- ------- ---------- --------- --------
Revenues $3,494 $3,218 8.6% $5,675 $5,307 6.9%
Net income $ 476 $ 416 +14.4% $ 369 $ 322 +14.6%
Net income
margin 13.6% 12.9% +70bps 6.5% 6.1% +40bps
Adjusted
EBITDA(7) $ 986 $ 932 +5.8% $1,178 $1,157 +1.8%
Adjusted
EBITDA
margin(8) 28.2% 29.0% (80bps) 20.8% 21.8% (100bps)
Diluted
earnings
per share
(EPS) $ 0.86 $ 0.75 +14.7% $ 0.67 $ 0.58 +15.5%
Adjusted
diluted
earnings
per
share(9) $ 0.88 $ 0.81 +8.6% $ 0.74 $ 0.66 +12.1%
Revenues were $3,494 million in the second quarter of 2026 compared to $3,218 million in 2025. Revenues were 8.6% higher in the quarter, which was primarily driven by strong volume growth of $200 million and contributions from acquisitions of $54 million from the Building Materials segment, aggregates price increases of $16 million and a $6 million favorable impact from foreign exchange.
Net income was $476 million for the second quarter of 2026, or $0.86 per diluted share, compared with Net income of $416 million, or $0.75 per diluted share, in the second quarter of 2025. Adjusted diluted earnings per share for the second quarter of 2026 was $0.88 compared to $0.81 in the second quarter of 2025.
Adjusted EBITDA was $986 million for the second quarter of 2026 compared to $932 million in 2025. The increase was driven by higher volumes, aggregates price increases, ASPIRE savings, partially offset by higher freight, diesel and raw materials costs, as well as lower insurance proceeds compared to the prior period. Adjusted EBITDA Margin was 28.2% for the three months ended June 30, 2026, compared to 29.0% for the three months ended June 30, 2025.
Unallocated corporate costs in the second quarter of 2026 were $44 million compared to $72 million in the second quarter of 2025 and $56 million in the first quarter of 2026.
The company invested $241 million and $511 million in capital expenditures, net for the three and six months ended June 30, 2026, respectively, and expects to invest approximately $900 million in 2026 to expand production, increase operational efficiency and best serve customers.
____________________
(6) Prior period financial information includes revisions that were not
material to any previously issued consolidated financial statements. See
additional information in 'Revision of Prior Period Financial
Statements' and Exhibit 99.3 to the Company's Current Report on Form 8-K
filed on August 6, 2026.
(7) Adjusted EBITDA represents a Non-GAAP measure, which is defined on page
9 and reconciled on pages 13-15 of the PDF version.
(8) Adjusted EBITDA Margin represents a Non-GAAP measure, which is defined
on page 9 and reconciled on pages 13-15 of the PDF version.
(9) Adjusted diluted earnings per share represents a Non-GAAP measure, which
is defined on page 9 and reconciled on pages 13-15 of the PDF version.
Amrize Building Materials Results (Unaudited)
For the three months For the six months
ended June 30, ended June 30,
---------------------------------- ----------------------------------
$ in
millions 2026 2025(10) % Change 2026(10) 2025(10) % Change
----------- ---------- ---------- ---------- ---------- ---------- ----------
Revenues $2,445 $2,259 8.2% $3,948 $3,600 9.7%
Segment
Adjusted
EBITDA(11) $ 793 $ 754 5.2% $ 960 $ 886 8.4%
Segment
Adjusted
EBITDA
margin(12) 32.4% 33.4% (100bps) 24.3% 24.6% (30bps)
Volumes For the three months For the six months
ended June 30, ended June 30,
--------------------------- --------------------------
in millions 2026 2025 % Change 2026 2025 % Change
------------------- ------- ------ ---------- ------ ------ ----------
Cement - tons
sold(13) 6.3 6.0 5.0% 10.5 9.6 9.4%
Aggregates - tons
sold 34.3 32.2 6.5% 52.2 47.9 9.0%
Average
Selling
Price For the three months ended June 30,
--------------------------------------------------------------
% Change
Constant Constant
$ per ton 2026 2025 % Change Currency(14) Currency
----------- ---------- ------- ---------- --------------- ------------
Cement -
price per
ton(13) $ 171.43 $171.52 (0.1%) $ 171.19 (0.2%)
Aggregates
- price
per
ton(15) $ 14.67 $ 14.05 4.4% $ 14.61 4.0%
Average
Selling
Price For the six months ended June 30,
-----------------------------------------------------------
% Change
Constant Constant
$ per ton 2026 2025 % Change Currency(14) Currency
----------- ------- ------- ---------- --------------- ------------
Cement -
price per
ton(13) $170.39 $171.56 (0.7%) $ 169.78 (1.0%)
Aggregates
- price
per
ton(15) $ 14.96 $ 14.41 3.8% $ 14.85 3.1%
Building Materials Revenues were $2,445 million in the second quarter of 2026 compared to $2,259 million in 2025. Revenue growth of 8.2% in the second quarter of 2026 was driven by volume growth, contributions from acquisitions, and aggregates price increases.
Cement volumes were up 5.0%. Supplementary Cementitious Materials volumes were up double digits. Pricing was down 0.2% on a constant currency basis and improved 2.1% compared to Q1 2026 as increases were realized. Aggregates volumes were up 6.5% and pricing grew 4.0% on a constant currency, freight adjusted basis, broadly supported throughout our geographies.
Second quarter 2026 Segment Adjusted EBITDA for the Building Materials segment was up 5.2% to $793 million, compared to $754 million in 2025. The increase was mainly attributable to volume growth, aggregates price increases, contributions from acquisitions, and ASPIRE savings, partially offset by higher freight and diesel costs and higher insurance proceeds in the prior year related to insurable events in 2024.
____________________
(10) Prior period financial information includes revisions that were not
material to any previously issued consolidated financial statements.
See additional information in 'Revision of Prior Period Financial
Statements' and Exhibit 99.3 to the Company's Current Report on Form
8-K filed on August 6, 2026.
(11) Segment Adjusted EBITDA represents a Non-GAAP measure, which is defined
on page 9 and reconciled on pages 13-15 of the PDF version.
(12) Segment Adjusted EBITDA Margin represents a Non-GAAP measure, which is
defined on page 9 and reconciled on pages 13-15 of the PDF version.
(13) Cement volume and pricing figures presented above exclude trading.
(14) Constant Currency is a non-GAAP financial measure, which is defined on
page 9 of the PDF version.
(15) Aggregates pricing figures presented above are freight adjusted,
excluding freight revenues.
Amrize Building Envelope Results (Unaudited)
For the three months For the six months
ended June 30, ended June 30,
------------------------------------ ----------------------------------
$ in
millions 2026 2025(16) % Change 2026(16) 2025(16) % Change
--------- ---------- ------------ ---------- ---------- ---------- ----------
Revenues $1,049 $ 959 9.4% $1,727 $1,707 1.2%
Segment
Adjusted
EBITDA $ 237 $ 250 (5.2%) $ 318 $ 373 (14.7%)
Segment
Adjusted
EBITDA
margin 22.6% 26.1% (350bps) 18.4% 21.9% (350bps)
Building Envelope Revenues were $1,049 million for the second quarter of 2026, compared to $959 million in 2025. Revenue growth of 9.4% in the second quarter of 2026 was primarily driven by above-market volume growth.
Higher commercial roofing volumes were driven by increased system selling and large-scale projects, including data centers and warehousing, as well as resilient commercial re-roofing demand. Residential roofing volumes grew above-market, driven by investments in commercial capabilities and distributor inventory stocking. Commercial and residential volume growth was partially offset by softer demand for weatherproofing and insulation products.
Pricing sequentially improved from the first quarter of 2026 as increases were phased in throughout the second quarter. Additional price increases were implemented in July and are planned in August for select brands. The company expects second half price-cost to improve compared to the first half of the year.
Second quarter 2026 Segment Adjusted EBITDA for the Building Envelope segment was $237 million, compared to $250 million in 2025. The decrease in Segment Adjusted EBITDA was primarily attributable to higher freight and raw materials costs, partially offset by volumes.
____________________
(16) Prior period financial information includes revisions that were not
material to any previously issued consolidated financial statements.
See additional information in 'Revision of Prior Period Financial
Statements' and Exhibit 99.3 to the Company's Current Report on Form
8-K filed on August 6, 2026.
Amrize Cash Flow and Debt
For the six months ended June 30, 2026, net cash used in operating activities was $475 million as compared to $441 million for the six months ended June 30, 2025. The increase in cash used in operating activities of $34 million was primarily driven by higher accounts receivable and settlement of amounts due to related parties, partially offset by higher net income and non-cash expenses.
Free Cash Flow(17) was a use of $986 million for the six months ended June 30, 2026 compared to a use of $860 million for the six months ended June 30, 2025. The decrease in Free Cash Flow was primarily driven by higher Capex due to growth initiatives. Free Cash Flow is historically seasonal and the company generates the majority of its cash flow in the second half of the year.
Gross Debt was $6,004 million and Cash and cash equivalents were $729 million as of June 30, 2026, resulting in Net Debt(18) of $5,275 million. Net Leverage Ratio(19) as of June 30, 2026 was 1.7x.
____________________
(17) Free Cash Flow represents a Non-GAAP measure, which is defined on page 9
and reconciled on pages 13-15 of the PDF version.
(18) Net Debt represents a Non-GAAP measure, which is defined on page 9 and
reconciled on pages 13-15 of the PDF version.
(19) Net Leverage Ratio represents a Non-GAAP measure, which is defined on
page 9 and reconciled on pages 13-15 of the PDF version.
Revision of Prior Period Financial Statements
During the three months ended June 30, 2026, the Company identified prior period misstatements. In evaluating these misstatements together with previously identified uncorrected misstatements (collectively, the "Other Misstatements"), the Company concluded that, while the aggregate misstatements were not material to any previously issued consolidated financial statements, correcting them in the current period would have been material to the Company's consolidated results of operations for the three and six months ended June 30, 2026 and would be material to the Company's forecasted consolidated results of operations for the year ended December 31, 2026.
The most significant misstatement relates to an understatement of deferred revenue associated with extended warranty arising from its acquisitions of Duro-Last in 2023 and Malarkey in 2022, both within the Building Envelope segment. The understatement of deferred revenue was $78 million and $76 million as of December 31, 2025 and March 31, 2026, respectively.
The Company evaluated the materiality of the extended warranty misstatement and the Other Misstatements, in consideration of both quantitative and qualitative factors, and determined that they were not material, individually or in the aggregate, to any previously issued consolidated financial statements. See Exhibit 99.3 to the Company's Current Report on Form 8-K filed on August 6, 2026 for additional information. The Company has revised its previously issued financial statements and related disclosures as of the year ended December 31, 2025, as of and for the three months ended March 31, 2025, as of and for the three and six months ended June 30, 2025, and as of and for the three months ended March 31, 2026 to correct the extended warranty misstatement and other unrelated immaterial misstatements in its Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2026 to be filed with the SEC, and will reflect these revisions in future filings that include the affected periods.
Second Quarter Report and Webcast Information
Amrize expects to file its second quarter 2026 Form 10-Q on or before August 10, 2026. Amrize will host a live webcast to discuss the company's financial results at 7:30 am Central Time on Friday, August 7, 2026. Registration for the live webcast can be completed at https://amrize-quarterly-results-q2-2026.open-exchange.net/
Amrize's financial results, presentation materials and webcast are accessible in the events section of www.amrize.com/investors. A replay and transcript will be available at the same location following the webcast.
About Amrize
Amrize $(AMRZ)$ is building North America, as the partner of choice for professional builders with advanced branded solutions from foundation to rooftop. With over 1,000 sites and a highly efficient distribution network, we deliver for our customers in every U.S. state and Canadian province. Our more than 19,000 teammates uniquely serve every construction market from infrastructure, commercial and residential to new build, repair and refurbishment. Amrize achieved $11.8 billion in revenues in 2025 and is listed on the New York Stock Exchange and the SIX Swiss Exchange. Learn more at www.amrize.com.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this presentation may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act, such as statements regarding expected cost savings, future financial targets, business strategies, management's views with respect to future events and financial performance, and the assumptions underlying such expected cost savings, targets, strategies, and statements. These forward-looking statements concern our goals, beliefs, expectations, strategies, objectives, plans, future operating results and underlying assumptions, and other statements that are not necessarily based on historical facts. Without limitation, you can identify these statements by the fact that they do not relate strictly to historical or current facts, and these statements may contain words such as "may," "will," "could," "should," "might," "projects," "expects, " "believes," "anticipates," "intends," "plans," "continue," "estimate," or "pursue," or similar expressions, or the negative or other variations thereof or comparable terms. In particular, they include statements relating to, among other things, future actions, strategies, future performance, future revenues, income and cash flows, the outcome of contingencies such as legal proceedings, and regulatory compliance. Actual results may differ materially from those contemplated (expressed or implied) by such forward-looking statements because of, among other things, potential risks and uncertainties, such as: the effect of political, economic and market conditions and geopolitical events; the level of demand in the construction industry; the cyclicality of the industries and businesses in which our customers operate; changes in the cost and/or availability of raw materials required to run our business; energy and fuel costs; adverse weather conditions and natural disasters; the logistical and other challenges inherent in our operations; the actions and initiatives of current and potential competitors; the level and volatility of, interest rates and other market indices; the ability of Amrize to realize the expected synergies for our acquisitions; the ability of Amrize to achieve margin expansion goals; the ability of Amrize to maintain satisfactory credit ratings; the outcome of pending litigation or future litigation; the impact of current, pending and future legislation and regulation; factors related to the failure of Amrize to achieve some or all of the expected strategic benefits or opportunities expected from the separation from Holcim Ltd ("Holcim"); material costs and expenses as a result of the separation from Holcim; our limited history operating as an independent, publicly traded company; our obligation to indemnify Holcim pursuant to the agreements entered into connection with the separation and the risk Holcim may not fulfill any obligations to indemnify Amrize under such agreements; that under applicable tax law, Amrize may be liable for certain tax liabilities of Holcim following the separation if Holcim were to fail to pay such taxes; the fact that Amrize may receive worse commercial terms from third-parties for services it used to receive from Holcim prior to the separation; the fact that certain of Amrize's executive officers and directors may have actual or potential conflicts of interest because of their previous positions at Holcim; and potential difficulties in maintaining relationships with key personnel; and other factors which can be found in Amrize's media releases and Amrize's filings with the SEC. These statements are not guarantees of future performance and are subject to future events, risks and uncertainties -- many of which are beyond our control, dependent on the actions of third parties, or currently unknown to us -- as well as potentially inaccurate assumptions that could cause actual results to differ materially from our historical experience and our expectations and projections.
Any forward-looking statement speaks only as of the date on which it is made. We do not undertake or assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise. You are advised, however, to review any further disclosures we make on related subjects in our filings with the Securities and Exchange Commission and in our other public statements.
FINANCIAL MEASURES AND DEFINITIONS
Adjusted EBITDA is defined as Segment Adjusted EBITDA including unallocated corporate costs.
Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by Revenues.
Adjusted Diluted EPS is defined as Diluted Earnings per Share, excluding the impact of Acquisition and integration-related costs, Litigation-related costs, Loss on impairments, Restructuring and other costs, Spin-off and separation-related costs.
Capital Expenditures, Net includes purchases of property, plant and equipment, proceeds from property and casualty insurance income, proceeds from land expropriation, and proceeds from disposals of long-lived assets.
Constant Currency Price per Ton is defined as price per ton adjusted to prior period foreign exchange rates, which is intended to eliminate the impact of foreign currency exchange rate fluctuations.
Diluted Earnings per Share is computed by dividing net income attributable to the Company by the weighted-average number of shares outstanding during the applicable period, plus the effect of dilutive securities
EBITDA is defined as Net income (loss), excluding Depreciation, depletion, accretion and amortization, Interest expense, net, and Income tax benefit.
EBITDA Margin is defined as EBITDA divided by Revenues.
Free Cash Flow is defined as Net cash used in operating activities less Capital Expenditures, Net.
Gross Debt is defined as the total amount of short-term borrowings, current portion of long-term debt, and long term debt.
Net Debt is defined as the sum of Short-term borrowings, Long-term debt and Current portion of long-term debt minus Cash and cash equivalents.
Net Leverage Ratio is defined as Net Debt divided by trailing 12 months Adjusted EBITDA.
Net Working Capital is defined as the change in accounts receivables, inventory, and accounts payable.
Organic Growth is defined as change excluding the impact of acquisitions, divestitures, and foreign currency fluctuations.
Segment Adjusted EBITDA is defined as Net income (loss), and excludes the impact of Depreciation, depletion, accretion and amortization, Interest expense, net, Income tax benefit, Acquisition and integration-related costs, Litigation-related costs, Loss on impairments, Restructuring and other costs, Spin-off and separation-related costs, Other non-operating (expense) income, net, Income from equity method investments, and unallocated corporate costs.
Segment Adjusted EBITDA Margin is defined as Segment Adjusted EBITDA divided by Revenues.
This media release contains certain financial measures of historical performance and financial positions that are not prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"). We refer to these measures as "Non-GAAP financial measures". Non-GAAP financial measures are reconciled to the most comparable U.S. GAAP financial measures in the schedules attached hereto. Adjusted financial measures are Non-GAAP financial measures and exclude adjusting items as described and reconciled to comparable U.S. GAAP financial measures in the Reconciliation of U.S. GAAP to Non-GAAP financial measures contained in this Media Release.
We believe these adjusted financial measures facilitate analysis and comparisons of our ongoing business operations because they exclude items that may not be indicative of, or are unrelated to, the Company's and our business segments' core operating performance, and may assist investors with comparisons to prior periods and assessing trends in our underlying businesses. These adjustments are consistent with how management views our businesses. Management uses these Non-GAAP financial measures in making financial, operating and planning decisions, and evaluating Amrize's and each business segment's ongoing performance.
Our Non-GAAP financial measures are intended to supplement and should be read together with, and are not an alternative or substitute for, and should not be considered superior to, our reported financial results. Accordingly, users of our financial statements should not place undue reliance on these Non-GAAP financial measures. Because Non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' Non-GAAP financial measures having the same or similar names. As required by SEC rules, the tables on pages 13-15 below present a reconciliation of our presented Non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures.
Amrize Ltd
Unaudited Condensed Consolidated Statement of Operations
($ in millions,
except per share
data)
For the three
months For the six months
ended June 30, ended June 30,
------------------ --------------------
2026 2025(20) 2026(20) 2025(20)
-------- -------- -------- ----------
Revenues $ 3,494 $ 3,218 $ 5,675 $ 5,307
Cost of revenues (2,501) (2,277) (4,474) (4,129)
------ ------ ------ ------
Gross profit 993 941 1,201 1,178
Selling, general
and
administrative
expenses (283) (286) (568) (529)
Gain on disposal
of long-lived
assets 3 4 8 5
Loss on
impairments (2) (2) (2) (2)
------ ------ ------ ------
Operating income 711 657 639 652
Interest
expense, net (89) (121) (167) (239)
Other
non-operating
income, net (1) 1 1 2
------ ------ ------ ------
Income before
income tax expense
and income from
equity method
investments 621 537 473 415
Income tax
expense (146) (122) (105) (94)
Income from
equity method
investments 1 1 1 1
------ ------ ------ ------
Net income 476 416 369 322
Net loss
attributable to
noncontrolling
interests 2 1 4 1
------ ------ ------ ------
Net income
attributable to
the Company $ 478 $ 417 $ 373 $ 323
====== ====== ====== ======
Earnings per share
attributable to
the Company:
Basic $ 0.87 $ 0.75 $ 0.67 $ 0.58
Diluted $ 0.86 $ 0.75 $ 0.67 $ 0.58
Weighted-average
number of shares
outstanding:
Basic 552.5 553.1 552.9 553.1
Diluted 553.6 553.1 554.1 553.1
____________________
(20) Prior period financial information includes revisions that were not
material to any previously issued consolidated financial statements.
See additional information in 'Revision of Prior Period Financial
Statements' and Exhibit 99.3 to the Company's Current Report on Form
8-K filed on August 6, 2026.
Amrize Ltd
Unaudited Condensed Consolidated
Balance Sheets
($ in millions)
As of June 30, As of December 31,
2026(21) 2025(21)
---------------- --------------------
Assets
Current Assets:
Cash and cash equivalents $ 729 $ 1,922
Accounts receivable, net 2,057 1,113
Inventories, net 1,553 1,490
Prepaid expenses and other
current assets 245 88
------------ --- ---------------
Total current assets 4,584 4,613
Property, plant and
equipment, net 8,454 7,936
Goodwill 9,044 9,044
Intangible assets, net 1,682 1,728
Operating lease right-of-use
assets, net 601 615
Other noncurrent assets 238 273
------------ --- ---------------
Total Assets $ 24,603 $ 24,209
============ === ===============
Liabilities and Equity
Current Liabilities:
Accounts payable $ 1,347 $ 1,530
Short-term borrowings 735 --
Current portion of long-term
debt 1,034 333
Operating lease liabilities 132 136
Other current liabilities 906 886
------------ --- ---------------
Total current liabilities 4,154 2,885
Long-term debt 4,235 4,936
Deferred income tax
liabilities 1,146 1,042
Noncurrent operating lease
liabilities 497 500
Other noncurrent liabilities 1,713 1,725
------------ --- ---------------
Total Liabilities 11,745 11,088
------------ --- ---------------
Total Equity 12,858 13,121
------------ --- ---------------
Total Liabilities and Equity $ 24,603 $ 24,209
============ === ===============
____________________
(21) Prior period financial information includes revisions that were not
material to any previously issued consolidated financial statements.
See additional information in 'Revision of Prior Period Financial
Statements' and Exhibit 99.3 to the Company's Current Report on Form
8-K filed on August 6, 2026.
Amrize Ltd
Unaudited Condensed
Consolidated Statements of Cash
Flow
($ in millions)
For the six months ended June 30,
-------------------------------------------
2026(22) 2025(22)
--------------------- --------------------
Cash Flows from Operating
Activities:
Net income $ 369 $ 322
Adjustments to reconcile net
income to net cash used in
operating activities:
Depreciation, depletion,
accretion and
amortization 494 444
Share-based compensation 20 3
Deferred tax benefit
(expense) 27 (2)
Other items, net 72 54
Changes in operating
assets and
liabilities, net of
effects of
acquisitions:
Accounts receivable,
net (939) (827)
Due from related party -- 49
Inventories, net (40) (108)
Accounts payable (186) 18
Due to related party -- (96)
Other assets (159) (115)
Other liabilities (121) (170)
Defined benefit
pension plans and
other postretirement
benefit plans (12) (13)
--- ------------ ------------
Net cash used in operating
activities (475) (441)
Cash Flows from Investing
Activities:
Purchases of property, plant
and equipment (520) (448)
Acquisitions, net of cash
acquired (425) (78)
Net decrease in short-term
related-party notes
receivable from cash
pooling program -- 522
Other investing activities,
net 49 (7)
--- ------------ ------------
Net cash used in investing
activities (896) (11)
Cash Flows from Financing
Activities:
Transfers to Holcim, net -- (98)
Proceeds from short-term
borrowings, net 735 930
Proceeds from issuance of
long-term debt, net of
discount -- 3,398
Payments of debt issuance
costs -- (24)
Net repayments of short-term
related-party debt -- (129)
Proceeds from debt-for-debt
exchange with Holcim -- 922
Proceeds from issuances of
long-term related-party
debt -- 22
Repayments of long-term
related-party debt -- (5,541)
Payments of finance lease
obligations (64) (48)
Repurchases of common stock (178) --
Dividends paid (304) --
Other financing activities,
net (1) 2
--- ------------ ------------
Net cash provided by (used in)
financing activities 188 (566)
Effect of exchange rate changes
on cash and cash equivalents (10) 34
--- ------------ ------------
Decrease in cash and cash
equivalents (1,193) (984)
Cash and cash equivalents at
the beginning of period 1,922 1,585
--- ------------ ------------
Cash and cash equivalents at
the end of period $ 729 $ 601
=== ============ ============
____________________
(22) Prior period financial information includes revisions that were not
material to any previously issued consolidated financial statements.
See additional information in 'Revision of Prior Period Financial
Statements' and Exhibit 99.3 to the Company's Current Report on Form
8-K filed on August 6, 2026.
Amrize Ltd
Reconciliation of Non-GAAP Financial Measures
Analysis of Change of Total Revenues (Unaudited)
Analysis of Change
------------------------------------------------
Organic
Growth
-------------- ------------ -------- ----
For the
three For the
(In millions, months three
except for ended months
percentage June 30, Foreign ended June %
data) 2025(23) Volume Price Acquisitions Exchange 30, 2026 Change
-------------- --------- ------ ----- ------------ -------- ---------- --------
Total Revenues $ 3,218 200 16 54 6 $ 3,494 8.6%
Analysis of Change
------------------------------------------------ ----------
Organic
Growth
-------------- ------------ -------- ----
For the
six For the
(In millions, months six months
except for ended ended June
percentage June 30, Foreign 30, %
data) 2025(23) Volume Price Acquisitions Exchange 2026(22) Change
-------------- --------- ------ ----- ------------ -------- ---------- --------
Total Revenues $ 5,307 278 (12) 77 25 5,675 6.9%
Adjusted EBITDA and Adjusted EBITDA Margin (Unaudited)
For the three months For the six months
($ in millions,
except percentage
data) ended June 30, ended June 30,
---------------------- ----------------------
2026 2025(23) 2026(23) 2025(23)
---------- ---------- ---------- ----------
Net income $ 476 $ 416 $ 369 $ 322
Depreciation,
depletion,
accretion and
amortization 257 226 494 444
Interest expense,
net 89 121 167 239
Income tax expense 146 122 105 94
----- ----- ----- -----
EBITDA 968 885 1,135 1,099
Acquisition and
integration-related
costs(1) 10 17 28 21
Litigation-related
(settlements)
costs(2) (5) 4 (3) 4
Loss on
impairments(3) 2 2 2 2
Restructuring and
other costs(4) 5 9 8 9
Spin-off and
separation-related
costs(5) 6 17 10 25
Other non-operating
expense (income),
net(6) 1 (1) (1) (2)
Income from equity
method investments (1) (1) (1) (1)
----- ----- ----- -----
Adjusted EBITDA 986 932 1,178 1,157
Unallocated
corporate costs 44 72 100 102
----- ----- ----- -----
Total Segment
Adjusted EBITDA $1,030 $1,004 $1,278 $1,259
===== ===== ===== =====
Building Materials $ 793 $ 754 $ 960 $ 886
Building Envelope $ 237 $ 250 $ 318 $ 373
Net income margin 13.6% 12.9% 6.5% 6.1%
EBITDA Margin 27.7% 27.5% 20.0% 20.7%
Adjusted EBITDA
Margin 28.2% 29.0% 20.8% 21.8%
Building
Materials 32.4% 33.4% 24.3% 24.6%
Building Envelope 22.6% 26.1% 18.4% 21.9%
(1) Acquisition and integration-related costs are those incurred for
business combinations (including advisory, legal, valuation, and
other professions fees) as well as the unfavorable effects of
purchase accounting. Certain warranty charges related to
pre-acquisition manufacturing issues are also included.
(2) Litigation-related settlements (costs) include certain
litigation settlements, environmental remediation, and legal-related
consulting and professional fees that are not representative of
expenses arising in the ordinary course of business.
(3) Loss on impairments consist of one-time charges on the Company's
investments and property, plant, and equipment.
(3) Restructuring and other costs include charges associated with
non-core sites and termination-related severance costs
(4) Spin-Off and separation-related costs notably include rebranding
costs and professional services supporting Sarbanes-Oxley
implementation efforts.
(5) Other non-operating income, net primarily consists of costs
related to gains on proceeds from property and casualty insurance.
____________________
(23) Prior period financial information includes revisions that were not
material to any previously issued consolidated financial statements.
See additional information in 'Revision of Prior Period Financial
Statements' and Exhibit 99.3 to the Company's Current Report on Form
8-K filed on August 6, 2026.
Amrize Ltd
Reconciliation of Non-GAAP Financial Measures (Unaudited)
Net Debt
Adjusted EBITDA
Net Leverage Ratio
($ in millions, except ratio) As of June 30,
2026
----------------------------------------
Short-term borrowings $ 735
Current portion of long-term debt 1,034
Long-term debt 4,235
-------- ------------------------ ----
Gross Debt 6,004
Less: Cash and cash equivalents 729
-------- ------------------------ ----
Net Debt $ 5,275
======== ======================== ====
For the trailing twelve months ended
June 30, 2026(24)
----------------------------------------
Net income $ 1,210
Depreciation, depletion, accretion
and amortization 969
Interest expense, net 341
Income tax expense 355
-------- ------------------------ ----
EBITDA 2,875
Acquisition and integration-related
costs(1) 63
Litigation-related (settlements)
costs(2) 39
Loss on impairments(3) 15
Restructuring and other costs(4) 18
Spin-off and separation-related
costs(5) 28
Other non-operating expense
(income), net(6) (3)
Income from equity method
investments (11)
-------- ------------------------ ---
Adjusted EBITDA $ 3,024
======== ======================== ====
(1) Acquisition and integration-related costs are those incurred for business
combinations (including advisory, legal, valuation, and other professions
fees) as well as the unfavorable effects of purchase accounting. Certain
warranty charges related to pre-acquisition manufacturing issues are also
included.
(2) Litigation-related settlements (costs) include certain litigation
settlements, environmental remediation, and legal-related consulting and
professional fees that are not representative of expenses arising in the
ordinary course of business.
(3) Loss on impairments consist of one-time charges on the Company's
investments and property, plant, and equipment.
(4) Restructuring and other costs include charges associated with non-core
sites and termination-related severance costs
(5) Spin-Off and separation-related costs notably include rebranding costs and
professional services supporting Sarbanes-Oxley implementation efforts.
(6) Other non-operating income, net primarily consists of costs related to
gains on proceeds from property and casualty insurance.
As of June 30,
2026
----------------------------------------
Net Leverage Ratio 1.7x
____________________
(24) Adjusted EBITDA for the trailing twelve months ended June 30, 2026
calculated using third quarter of 2025, fourth quarter of 2025, and
second quarter of 2026 figures as reported. First quarter 2026 figures
included have been adjusted per revisions that were not material to any
previously issued consolidated financial statements. See additional
information in 'Revision of Prior Period Financial Statements' and
Exhibit 99.3 to the Company's Current Report on Form 8-K filed on
August 6, 2026.
Amrize Ltd
Reconciliation of Non-GAAP Financial Measures (Unaudited)
Free Cash Flow
Adjusted Diluted Earnings per Share
($ in millions, except ratios and per share amounts)
For the three months For the six months
ended June 30, ended June 30,
---------------------- ------------------------
2026 2025(25) 2026(25) 2025(25)
---------- ---------- ---------- ------------
Net cash provided by
(used in) operating
activities $ 418 $ 406 $ (475) $ (441)
Capital
expenditures,
net(1) (241) (208) (511) (419)
----- --- ---- ----- --- ----
Free Cash Flow $ 177 $ 198 $ (986) $ (860)
===== === ==== ===== === ====
(1) Capital expenditures, net includes purchases of property, plant
and equipment, proceeds from property and casualty insurance income,
proceeds from land expropriation and proceeds from disposals of
long-lived assets, included within Other investing activities, net in
our Condensed Consolidated Statements of Cash Flow.
For the three months For the six months
ended June 30, ended June 30,
---------------------- ------------------------
2026 2025(25) 2026(25) 2025(25)
---------- ---------- ---------- ------------
Diluted Earnings per
Share $ 0.86 $ 0.75 $ 0.67 $ 0.58
Acquisition and
integration-related
costs(1) 0.01 0.02 0.04 0.03
Litigation-related
(settlements)
costs(2) (0.01) 0.01 -- 0.01
Loss on
impairments(3) -- -- -- --
Restructuring and
other costs(4) 0.01 0.01 0.02 0.01
Spin-off and
separation-related
costs(5) 0.01 0.02 0.01 0.03
----- --- ---- ----- --- ----
Adjusted Diluted
Earnings per Share $ 0.88 $ 0.81 $ 0.74 $ 0.66
===== === ==== ===== === ====
(1) Acquisition and integration-related costs are those incurred for
business combinations (including advisory, legal, valuation, and other
professions fees) as well as the unfavorable effects of purchase
accounting. Certain warranty charges related to pre-acquisition
manufacturing issues are also included.
(2) Litigation-related settlements (costs) include certain litigation
settlements, environmental remediation, and legal-related consulting
and professional fees that are not representative of expenses arising
in the ordinary course of business.
(3) Loss on impairments consist of one-time charges on the Company's
investments and property, plant, and equipment.
(4) Restructuring and other costs include charges associated with
non-core sites and termination-related severance costs
(5) Spin-Off and separation-related costs notably include rebranding
costs and professional services supporting Sarbanes-Oxley
implementation efforts.
For the U.S. GAAP to Adjusted diluted earnings per share
reconciliation adjusted items are shown net of tax in aggregate of $4
million and $12 million for the for the three months ended June 30,
2026 and 2025, respectively, and in aggregate of $11 million and $15
million for the six months ended June 30, 2026 and 2025, respectively,
based on applying the statutory tax rate for the jurisdictions in
which the adjustment occurred or, by adjusting the tax effect to
consider the impact of applying an annual effective tax rate on an
interim basis. For purposes of reconciling adjusted diluted earnings
per share with respect to taxes period-over-period, the Company
utilizes a "rate approach" to highlight the impact of the adjusted tax
rate. It is computed by multiplying the prior period adjusted rate by
the current period adjusted income before taxes to determine the
expected tax expense. Such expected tax expense is then compared to
actual tax expense. Expected tax in excess of actual tax variance is
favorable; actual tax in excess of expected tax variance is
unfavorable. The variance divided by diluted shares outstanding at the
end of the period yields the impact on earnings per share. Management
believes the use of this measure best aids in explaining the impact of
a changing tax rate.
____________________
(25) Prior period financial information includes revisions that were not
material to any previously issued consolidated financial statements.
See additional information in 'Revision of Prior Period Financial
Statements' and Exhibit 99.3 to the Company's Current Report on Form
8-K filed on August 6, 2026.
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