from Amrize Ltd (isin : CH1430134226)
Amrize Grows Revenue 4.7% in First Quarter and Reaffirms 2026 Guidance
Amrize Ltd / Key word(s): Quarter Results
CHICAGO/ZUG, Switzerland, April 29, 2026 – Amrize (AMRZ) announced today its first quarter 2026 financial results.
Jan Jenisch, Chairman and CEO: "I thank our 19,000 Amrize teammates for delivering 4.7% of revenue growth in the first quarter. While this is a seasonally small quarter for Amrize, we are encouraged by our progress and the acceleration of customer demand in Building Materials.
With growing new project starts and multi-year supply agreements for mega-projects, we achieved double-digit volume growth in cement and aggregates. We also significantly expanded Building Materials margins with continued aggregates pricing, operational efficiency and ASPIRE savings. We completed the acquisition of PB Materials, the aggregates leader in high growth West Texas, which started to positively contribute to our results in the first quarter. With aggregates and U.S. cement price increases put in place in April and strong volumes continuing, our Building Materials business is well positioned for 2026.
Our Building Envelope results were affected by soft roofing demand and pricing. Margins in the segment were impacted by lower volumes, price-cost and a temporary plant disruption. Commercial repair and refurbishment continues to be resilient and we expect the strong commercial new starts within Building Materials to convert to new roofing demand as those projects progress through construction. We implemented price increases beginning in April and we expect performance to improve as we move through the year.
We are investing for growth with CapEx and M&A, and are returning value to our shareholders with our dividend program and $1.0 billion share repurchase authorization. With an excellent start to the year for Building Materials, we are well positioned to capitalize on accelerating customer demand and deliver profitable growth."
Shareholder Return
The Board of Directors declared the first quarterly dividend of $0.11 per share to be paid on May 20, 2026. The last trading day with entitlement to receive the quarterly dividend, known as the cum-dividend date, is May 11, 2026. The shares will be traded ex-dividend on May 12, 2026, which is also the record date.
Dividends will be paid out of capital contribution reserves[1] and are not subject to Swiss withholding tax.
The Board previously approved a $1.0 billion share repurchase program, with a 12-month expiration. With approval of the company's 2025 financial statements at its Annual General Meeting, the company plans to begin the repurchase program after Q1 2026 earnings results.
[1] 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 first installment of the annual dividend of up to $0.44 per share approved at the company's Annual General Meeting.
Full Year 2026 Financial Guidance Reaffirmed[2]
Amrize is reaffirming its 2026 financial guidance reflecting accelerating customer demand and profitable growth.
Building Materials had an excellent start to the year and the company expects accelerated customer demand to drive growth and margin expansion in 2026. The company continues to expect cement pricing to be up low-single digits and aggregates pricing to be up mid-single digits on a freight adjusted basis for the full year. Aggregates and U.S. cement price increases were put in place in April and fuel surcharges are being implemented to offset cost inflation.
In Building Envelope, Amrize continues to expect low-single digit growth in commercial roofing volumes and flat volumes in residential roofing with improvement in the second half of the year. Price increases have been put in place in commercial and residential roofing in April, and fuel surcharges are being implemented to offset cost inflation. As pricing actions are realized, the company expects price-cost to improve as it moves through the year.
Based on these drivers, Amrize is reaffirming its financial guidance for full year 2026:
The Company's 2026 financial guidance includes the following underlying assumptions:
[2] 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)
Revenues were $2,178 million in the first quarter of 2026 compared to $2,081 million in 2025. Revenues were 4.7% higher in the quarter which was primarily driven by volume growth of $79 million and contributions from acquisitions of $24 million from the Building Materials segment. These factors were partially offset by lower market demand as well as lower prices of $24 million within the Building Envelope segment. Foreign exchange benefitted Amrize by $18 million for the quarter, as the Canadian dollar strengthened against the U.S. dollar. Adjusted EBITDA was $192 million for the first quarter of 2026 compared with $214 million in 2025. The decline in Adjusted EBITDA was mainly driven by lower roofing volumes, price-cost and a temporary plant disruption in the Building Envelope segment, as well as higher unallocated corporate costs. This was partially offset by volume growth in cement and aggregates, aggregates pricing, operational efficiency and ASPIRE savings in the Building Materials segment. The organization operated on a standalone basis in the first quarter of 2026 compared to a carve-out basis in the first quarter of 2025. Excluding unallocated corporate costs, Total Segment Adjusted EBITDA was up 1.6% in the first quarter of 2026 compared to the first quarter of 2025. The company invested $272 million in capital expenditures in the first quarter and is on track to invest $900 million in 2026 to expand production, increase operational efficiency and best serve customers. Net loss was $118 million for the first quarter of 2026, or $0.21 per diluted share, compared with Net loss of $87 million, or $0.16 per diluted share, in the first quarter of 2025. Adjusted loss per diluted share for the first quarter of 2026 was $0.16 compared to $0.14 in the first quarter of 2025.
[3] Adjusted EBITDA represents a Non-GAAP measure, which is defined on page 7 and reconciled on pages 12-14 of the PDF version. [4] Adjusted EBITDA Margin represents a Non-GAAP measure, which is defined on page 7 and reconciled on pages 12-14 of the PDF version. [5] Adjusted diluted loss per share represents a Non-GAAP measure, which is defined on page 7 and reconciled on pages 12-14 of the PDF version.
Amrize Building Materials Results (Unaudited)
Building Materials Revenues were $1,500 million in the first quarter of 2026 compared to $1,329 million in 2025. Revenue growth of 12.9% in the first quarter of 2026 was driven by higher cement and aggregates volumes, reflecting accelerating customer demand with new project starts and multi-year supply agreements supporting mega-projects. In February, Amrize completed the acquisition of PB Materials, the aggregates leader in the high-growth West Texas region. PB Materials positively contributed to results in the six weeks it operated as part of Amrize in the first quarter of 2026. Cement volumes were up 13.9% with pricing down 2.4% on a constant currency basis. A large customer project impacted cement pricing, but benefitted margin during the quarter. Aggregates volumes were up 14.1% with freight adjusted pricing growth of 1.0% on a constant currency basis. Aggregates pricing in the first quarter was impacted by mix from large projects, geography and an acquisition. Aggregates and U.S. cement price increases were put in place in April and fuel surcharges are being implemented to offset cost inflation. First quarter 2026 Segment Adjusted EBITDA for the Building Materials segment was up 41.7% to $170 million, compared to $120 million in 2025. The increase was mainly attributable to continued volume growth, aggregates pricing, operational efficiency and ASPIRE.
[6] Segment Adjusted EBITDA represents a Non-GAAP measure, which is defined on page 7 and reconciled on pages 12-14 of the pdf version. [7] Segment Adjusted EBITDA Margin represents a Non-GAAP measure, which is defined on page 7 and reconciled on pages 12-14 of the pdf version. [8] Cement volume and pricing figures presented above exclude trading. [9] Constant Currency reflects price adjusted to prior period foreign exchange rates. [10] Aggregates pricing figures presented above are freight adjusted, excluding freight revenues.
Amrize Building Envelope Results (Unaudited)
Building Envelope Revenues were $678 million for the first quarter of 2026, compared to $752 million in 2025. This decrease was primarily on soft industry volumes and pricing.
Commercial roofing repair and refurbishment remained resilient while new construction remained soft in the first quarter. Residential roofing was also soft in the first quarter. Seasonal trends are expected to support weather-related repair and refurbishment demand in the second half of 2026, while recovery in residential new construction is expected in 2027.
Price increases were put in place in commercial and residential roofing in April, and fuel surcharges are being implemented to offset cost inflation. The company also announced price increases for select brands, effective in May and June.
First quarter 2026 Segment Adjusted EBITDA for the Building Envelope segment was $78 million, compared to $124 million in 2025. The decrease in Adjusted EBITDA was mainly due to lower volumes, price-cost and a temporary plant disruption.
Amrize Cash Flow and Debt
For the three months ended March 31, 2026, cash used in operating activities was $896 million as compared to $856 million for the three months ended March 31, 2025. The increase in cash used in operating activities of $40 million was primarily driven by a higher net loss of $31 million, and the timing of cash collections and payments.
Free Cash Flow[11] was a use of $1,163 million for the three months ended March 31, 2026 compared to a use of $1,065 million for the three months ended March 31, 2025. 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 $6,046 million and Cash and cash equivalents were $1,099 million as of March 31, 2026, resulting in Net Debt[12] of $4,947 million. Net Leverage Ratio[13] as of March 31, 2026 was 1.7x.
[11] Free Cash Flow represents a Non-GAAP measure, which is defined on page 7 and reconciled on pages 12-14 of the pdf version. [12] Net Debt represents a Non-GAAP measure, which is defined on page 7 and reconciled on pages 12-14 of the pdf version. [13] Net Leverage Ratio represents a Non-GAAP measure, which is defined on page 7 and reconciled on pages 12-14 of the pdf version.
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