Amrize (NYSE: AMRZ) grows Q1 sales, starts dividend and $1B buyback
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Amrize Ltd reported first-quarter 2026 revenues of $2.178 billion, up 4.7% from 2025, driven by strong Building Materials demand. Net loss widened to $118 million and Adjusted EBITDA fell 10.3% to $192 million, reflecting weaker roofing volumes and pricing in Building Envelope.
Building Materials revenues rose to $1.5 billion with Segment Adjusted EBITDA up 41.7% to $170 million, supported by double-digit growth in cement and aggregates and the PB Materials acquisition. Building Envelope revenues declined to $678 million and Segment Adjusted EBITDA dropped to $78 million.
The Board declared a first quarterly dividend of $0.11 per share payable May 20, 2026, as the first installment of an annual dividend of up to $0.44 per share, and approved a $1.0 billion share repurchase program with a 12‑month expiration. Amrize reaffirmed full‑year 2026 guidance for revenues of $12.29–$12.52 billion and Adjusted EBITDA of $3.25–$3.34 billion, implying 4–6% revenue growth and 8–11% Adjusted EBITDA growth. Net Debt was $4.947 billion with a Net Leverage Ratio of 1.7x as of March 31, 2026.
Positive
- Introduced dividend and $1.0 billion buyback: Board declared a first quarterly dividend of $0.11 per share as part of an annual dividend of up to $0.44 per share and approved a $1.0 billion share repurchase program with a 12‑month expiration.
- Strong Building Materials performance: Building Materials revenues rose 12.9% to $1.5 billion and Segment Adjusted EBITDA increased 41.7% to $170 million, supported by double‑digit volume growth in cement and aggregates and early contribution from the PB Materials acquisition.
- 2026 growth guidance reaffirmed: The company reaffirmed full‑year 2026 guidance for revenues of $12.29–$12.52 billion (+4% to +6%) and Adjusted EBITDA of $3.25–$3.34 billion (+8% to +11%), underpinned by pricing actions and expected demand across key end markets.
Negative
- Profitability pressure and larger net loss: Adjusted EBITDA declined 10.3% year over year to $192 million and net loss increased to $118 million, with Building Envelope Segment Adjusted EBITDA down 37.1% on softer roofing demand, weaker price‑cost, and a temporary plant disruption.
- Significant seasonal cash outflow: Net cash used in operating activities was $896 million and Free Cash Flow was a use of $1.163 billion in the first quarter, driven by higher net loss and working capital movements alongside elevated capital expenditures.
Insights
Revenue grew and guidance, dividend, and buyback support, but margins and cash flow weakened.
Amrize delivered Q1 2026 revenue of $2.178 billion, up 4.7%, with Building Materials revenue up 12.9% and Segment Adjusted EBITDA up 41.7%. However, consolidated Adjusted EBITDA declined 10.3% to $192 million and net loss increased to $118 million.
Building Envelope was the main drag, with revenue down 9.8% to $678 million and Segment Adjusted EBITDA down 37.1% to $78 million due to soft roofing demand, weaker price‑cost, and a temporary plant disruption. Free Cash Flow was a use of $1.163 billion, reflecting seasonal working capital and high capex.
Despite these headwinds, the company reaffirmed 2026 guidance for revenues of $12.29–$12.52 billion and Adjusted EBITDA of $3.25–$3.34 billion, introduced a quarterly dividend of $0.11 per share, and plans a $1.0 billion buyback. Net Debt of $4.947 billion and a Net Leverage Ratio of 1.7x suggest balance‑sheet capacity to fund both growth capex of $900 million and shareholder returns in 2026.
8-K Event Classification
3 items: 2.02, 7.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q1 2026 Revenue: $2.178 billion
Q1 2026 Net Loss: $118 million
Q1 2026 Adjusted EBITDA: $192 million
+5 more
8 metrics
Q1 2026 Revenue
$2.178 billion
For the three months ended March 31, 2026; up 4.7% year over year
Q1 2026 Net Loss
$118 million
For the three months ended March 31, 2026; compared with $87 million in 2025
Q1 2026 Adjusted EBITDA
$192 million
For the three months ended March 31, 2026; down 10.3% year over year
Building Materials Q1 Revenue
$1.500 billion
Segment revenues for the three months ended March 31, 2026; up 12.9%
Building Envelope Q1 Revenue
$678 million
Segment revenues for the three months ended March 31, 2026; down 9.8%
Quarterly Dividend
$0.11 per share
First quarterly dividend to be paid on May 20, 2026
Share Repurchase Authorization
$1.0 billion
Share repurchase program with 12‑month expiration to begin after Q1 2026 earnings
Net Debt
$4.947 billion
As of March 31, 2026; Net Leverage Ratio 1.7x
Key Terms
Adjusted EBITDA, Segment Adjusted EBITDA, Free Cash Flow, Net Leverage Ratio, +2 more
6 terms
Adjusted EBITDA financial
"Adjusted EBITDA was $192 million for the first quarter of 2026 compared with $214 million in 2025."
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Segment Adjusted EBITDA financial
"First quarter 2026 Segment Adjusted EBITDA for the Building Materials segment was up 41.7% to $170 million"
Segment adjusted EBITDA is a measure of how much profit a specific part of a company generates from its everyday operations, before counting interest, taxes, depreciation, amortization and one‑off items. Investors use it like checking the fuel efficiency of one car in a fleet: it helps compare which business lines truly earn money, evaluate trend performance, and decide where to invest or cut costs without distortions from financing or accounting choices.
Free Cash Flow financial
"Free Cash Flow was a use of $1,163 million for the three months ended March 31, 2026"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
Net Leverage Ratio financial
"Net Leverage Ratio as of March 31, 2026 was 1.7x."
The net leverage ratio measures how much debt a company has compared to its available assets or earnings, after accounting for its cash and liquid assets. It helps investors understand how heavily a company relies on borrowed money to finance its operations and growth. A higher ratio indicates greater financial risk, while a lower ratio suggests a more cautious approach to borrowing.
Non-GAAP financial measures financial
"This media release contains certain financial measures ... that are not prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP")."
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
cum-dividend date financial
"The last trading day with entitlement to receive the quarterly dividend, known as the cum-dividend date, is May 11, 2026."
The cum-dividend date is the last day a share trades with the right to receive an upcoming dividend; if you buy the stock on or before that day, you will get the payout. Think of it like buying a product before a cutoff to get a bundled coupon—investors care because owning the share by this cutoff determines who gets the cash and can affect the stock’s price and short-term trading decisions.
Earnings Snapshot
Revenue: $2.178 billion · Guidance included
Q1 2026
Revenue
$2.178 billion
+4.7% YoY
Net loss
$118 million
-35.6% YoY (larger loss)
Adjusted EBITDA
$192 million
-10.3% YoY
Diluted loss per share
$(0.21)
-31.3% YoY (larger loss)
Adjusted diluted loss per share
$(0.16)
-14.3% YoY
Guidance
For full-year 2026, Amrize expects revenues of $12.29–$12.52 billion (+4% to +6%) and Adjusted EBITDA of $3.25–$3.34 billion (+8% to +11%), with $900 million capital expenditures, $340 million net interest expense, and a 21%–23% effective tax rate.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________
FORM 8-K
___________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported)
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(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) | ||||||
(Address of principal executive offices and zip code) | ||||||||
(Registrant's telephone number, including area code) | ||||||||
___________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act: | ||||||||
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 - Results of Operations and Financial Condition
On April 29, 2026 , Amrize Ltd (the "Company") issued a press release announcing its financial results for the quarter ended March 31, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference into this Item 2.02 in its entirety. A copy of the press release will also be available on the Company’s website.
Item 7.01 – Regulation FD Disclosure
To supplement the information in the attached press release, the Company has also prepared an investor presentation, which will be available on the Company’s website at investors.amrize.com/. A copy of the investor presentation is furnished as Exhibit 99.2 to this Current Report on Form 8-K and incorporated by reference into this Item 7.01 in its entirety.
The information in Items 2.02 and 7.01 of this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section and shall not be deemed incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 - Financial Statements and Exhibits
(d): The following exhibits are being filed herewith:
Exhibit No. | Description | |||||||
99.1 | Press release dated April 29, 2026 | |||||||
99.2 | Investor presentation dated April 29, 2026 | |||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Amrize Ltd | |||||
By: | /s/ Baris Oran | ||||
Name: | Baris Oran | ||||
Title: | Chief Financial Officer | ||||
Date: | April 29, 2026 | ||||
Amrize Grows Revenue 4.7% in First Quarter and Reaffirms 2026 Guidance • Revenues up 4.7% driven by accelerating customer demand • Building Materials grew revenue 12.9% with significant margin expansion • Building Envelope results affected by soft roofing demand • PB Materials acquisition completed • Board declares first quarterly dividend of $0.11 per share • Amrize plans to begin $1.0 billion share repurchase program after Q1 earnings results • Full Year 2026 guidance reaffirmed 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 reserves1 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. Media Release Ad hoc announcement pursuant to Art. 53 LR Media Relations: media@amrize.com Investor Relations: investors@amrize.com +1 773-676-4981 1 +1 773-355-4404 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 Reaffirmed2 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: Revenues $12.29 billion to $12.52 billion +4% to +6% Adjusted EBITDA $3.25 billion to $3.34 billion +8% to +11% The Company's 2026 financial guidance includes the following underlying assumptions: Capital Expenditures $900 million Interest Expense, Net $340 million Effective Tax Rate 21% - 23% Corporate Costs $200 million Media Release Ad hoc announcement pursuant to Art. 53 LR Media Relations: media@amrize.com Investor Relations: investors@amrize.com +1 773-676-4981 2 +1 773-355-4404 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) For the three months ended March 31, $ in millions, except per share data 2026 2025 % Change Revenues $ 2,178 $ 2,081 4.7% Net loss $ (118) $ (87) (35.6%) Net loss margin (5.4%) (4.2%) (120bps) Adjusted EBITDA3 $ 192 $ 214 (10.3%) Adjusted EBITDA margin4 8.8% 10.3% (150bps) Diluted loss per share (EPS) $ (0.21) $ (0.16) (31.3%) Adjusted diluted loss per share5 $ (0.16) $ (0.14) (14.3%) 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. Media Release Ad hoc announcement pursuant to Art. 53 LR Media Relations: media@amrize.com Investor Relations: investors@amrize.com +1 773-676-4981 3 +1 773-355-4404 3 Adjusted EBITDA represents a Non-GAAP measure, which is defined on page 7 and reconciled on pages 12-14. 4 Adjusted EBITDA Margin represents a Non-GAAP measure, which is defined on page 7 and reconciled on pages 12-14. 5 Adjusted diluted loss per share represents a Non-GAAP measure, which is defined on page 7 and reconciled on pages 12-14.
Amrize Building Materials Results (Unaudited) For the three months ended March 31, $ in millions 2026 2025 % Change Revenues $ 1,500 $ 1,329 12.9% Segment Adjusted EBITDA6 $ 170 $ 120 41.7% Segment Adjusted EBITDA margin7 11.3% 9.0% 230bps Volumes For the three months ended March 31, in millions 2026 2025 % Change Cement - tons sold8 4.1 3.6 13.9% Aggregates - tons sold 17.8 15.6 14.1% Average Selling Price For the three months ended March 31, $ per ton 2026 2025 % Change Constant Currency9 % Change Constant Currency Cement - price per ton8 $168.83 $171.76 (1.7%) $167.67 (2.4%) Aggregates - price per ton10 $15.52 $15.14 2.5% $15.29 1.0% 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. Media Release Ad hoc announcement pursuant to Art. 53 LR Media Relations: media@amrize.com Investor Relations: investors@amrize.com +1 773-676-4981 4 +1 773-355-4404 6 Segment Adjusted EBITDA represents a Non-GAAP measure, which is defined on page 7 and reconciled on pages 12-14. 7 Segment Adjusted EBITDA Margin represents a Non-GAAP measure, which is defined on page 7 and reconciled on pages 12-14. 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) For the three months ended March 31, $ in millions 2026 2025 % Change Revenues $ 678 $ 752 (9.8%) Segment Adjusted EBITDA $ 78 $ 124 (37.1%) Segment Adjusted EBITDA margin 11.5% 16.5% (500bps) 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. Media Release Ad hoc announcement pursuant to Art. 53 LR Media Relations: media@amrize.com Investor Relations: investors@amrize.com +1 773-676-4981 5 +1 773-355-4404
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 Flow11 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 Debt12 of $4,947 million. Net Leverage Ratio13 as of March 31, 2026 was 1.7x. About Amrize Amrize (NYSE: 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 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. Media Release Ad hoc announcement pursuant to Art. 53 LR Media Relations: media@amrize.com Investor Relations: investors@amrize.com +1 773-676-4981 6 +1 773-355-4404 11 Free Cash Flow represents a Non-GAAP measure, which is defined on page 7 and reconciled on pages 12-14. 12 Net Debt represents a Non-GAAP measure, which is defined on page 7 and reconciled on pages 12-14. 13 Net Leverage Ratio represents a Non-GAAP measure, which is defined on page 7 and reconciled on pages 12-14.
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. Forward-looking statements include those preceded by, followed by or that include the words such as “may,” “will,” “could,” “should,” “might,” “projects,” “expects,” “believes,” “anticipates,” “intends,” “plans,” “continue,” “estimate,” or “pursue,” or similar expressions. Such forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from historical experience or from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, 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 events, 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 (Loss) per share attributable to the Company, 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. 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. 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. 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"). Non-GAAP financial measures are reconciled to the most comparable U.S. GAAP measures in the schedules attached hereto. Adjusted financial measures are Non-GAAP 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. Media Release Ad hoc announcement pursuant to Art. 53 LR Media Relations: media@amrize.com Investor Relations: investors@amrize.com +1 773-676-4981 7 +1 773-355-4404
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 12-14 below present a reconciliation of our presented Non-GAAP financial measures to the most directly comparable U.S. GAAP measures. Media Release Ad hoc announcement pursuant to Art. 53 LR Media Relations: media@amrize.com Investor Relations: investors@amrize.com +1 773-676-4981 8 +1 773-355-4404
Amrize Ltd Unaudited Condensed Consolidated Statement of Operations ($ in millions, except per share data) For the three months ended March 31, 2026 2025 Revenues $ 2,178 $ 2,081 Cost of revenues (1,967) (1,859) Gross profit 211 222 Selling, general and administrative expenses (292) (239) Gain on disposal of long-lived assets 5 1 Operating loss (76) (16) Interest expense, net (70) (118) Other non-operating income, net 1 1 Loss before income tax benefit (145) (133) Income tax benefit 27 46 Net loss (118) (87) Net loss attributable to noncontrolling interests 2 — Net loss attributable to the Company $ (116) $ (87) Loss per share attributable to the Company: Basic $ (0.21) $ (0.16) Diluted $ (0.21) $ (0.16) Weighted-average number of shares outstanding: Basic 553.2 553.1 Diluted 553.2 553.1 Media Release Ad hoc announcement pursuant to Art. 53 LR Media Relations: media@amrize.com Investor Relations: investors@amrize.com +1 773-676-4981 9 +1 773-355-4404
Amrize Ltd Unaudited Condensed Consolidated Balance Sheets ($ in millions) As of As of March 31, 2026 December 31, 2025 Assets Current Assets: Cash and cash equivalents $ 1,099 $ 1,922 Accounts receivable, net 1,358 1,120 Inventories, net 1,567 1,551 Prepaid expenses and other current assets 260 88 Total current assets 4,284 4,681 Property, plant and equipment, net 8,366 7,935 Goodwill 9,070 9,020 Intangible assets, net 1,703 1,728 Operating lease right-of-use assets, net 604 608 Other noncurrent assets 242 277 Total Assets $ 24,269 $ 24,249 Liabilities and Equity Current Liabilities: Accounts payable $ 1,021 $ 1,538 Short-term borrowings 777 — Current portion of long-term debt 333 333 Operating lease liabilities 131 136 Other current liabilities 792 850 Total current liabilities 3,054 2,857 Long-term debt 4,936 4,936 Deferred income tax liabilities 1,104 1,048 Noncurrent operating lease liabilities 492 500 Other noncurrent liabilities 1,595 1,654 Total Liabilities 11,181 10,995 Total Equity 13,088 13,254 Total Liabilities and Equity $ 24,269 $ 24,249 Media Release Ad hoc announcement pursuant to Art. 53 LR Media Relations: media@amrize.com Investor Relations: investors@amrize.com +1 773-676-4981 10 +1 773-355-4404
Amrize Ltd Unaudited Condensed Consolidated Statements of Cash Flow ($ in millions) For the three months ended March 31, 2026 2025 Cash Flows from Operating Activities: Net loss $ (118) $ (87) Adjustments to reconcile net income to net cash used in operating activities: Depreciation, depletion, accretion and amortization 236 218 Share-based compensation 9 1 Gain on disposal of long-lived assets (5) (1) Deferred tax benefit (17) — Net periodic benefit cost 3 3 Other items, net 26 27 Changes in operating assets and liabilities, net of effects of acquisitions: Accounts receivable, net (223) (310) Due from related party — 13 Inventories, net 16 (121) Accounts payable (521) (198) Due to related party — 78 Other assets (159) (44) Other liabilities (136) (429) Defined benefit pension plans and other postretirement benefit plans (7) (6) Net cash used in operating activities (896) (856) Cash Flows from Investing Activities: Purchases of property, plant and equipment (272) (211) Acquisitions, net of cash acquired (425) (9) Proceeds from disposals of long-lived assets 5 2 Net decrease in short-term related-party notes receivable from cash pooling program — 173 Other investing activities, net 33 (15) Net cash used in investing activities (659) (60) Cash Flows from Financing Activities: Transfers to Holcim, net — (89) Proceeds from short-term borrowings, net 777 — Net repayments of short-term related-party debt — (7) Proceeds from issuances of long-term related-party debt — 22 Payments of finance lease obligations (31) (22) Shares withheld for employees’ income tax obligations (3) — Other financing activities, net — (1) Net cash provided by (used in) financing activities 743 (97) Effect of exchange rate changes on cash and cash equivalents (11) 2 Increase (decrease) in cash and cash equivalents (823) (1,011) Cash and cash equivalents at the beginning of period 1,922 1,585 Cash and cash equivalents at the end of period $ 1,099 $ 574 Media Release Ad hoc announcement pursuant to Art. 53 LR Media Relations: media@amrize.com Investor Relations: investors@amrize.com +1 773-676-4981 11 +1 773-355-4404
Amrize Ltd Reconciliation of Non-GAAP Financial Measures Analysis of Change of Total Revenues (Unaudited) Analysis of Change Organic Growth (In millions, except for percentage data) For the three months ended March 31, 2025 Volume Price Acquisitions Foreign Exchange For the three months ended March 31, 2026 % change Total Revenues 2,081 79 (24) 24 18 2,178 4.7 % Adjusted EBITDA and Adjusted EBITDA Margin (Unaudited) ($ in millions, except percentage data) For the three months ended 2026 2025 Net loss $ (118) $ (87) Depreciation, depletion, accretion and amortization 236 218 Interest expense, net 70 118 Income tax benefit (27) (46) EBITDA 161 203 Acquisition and integration-related costs(1) 23 3 Litigation-related costs(2) 2 — Restructuring and other costs(3) 3 — Spin-off and separation-related costs(4) 4 9 Other non-operating income, net(5) (1) (1) Adjusted EBITDA 192 214 Unallocated corporate costs 56 30 Total Segment Adjusted EBITDA $ 248 $ 244 Building Materials $ 170 $ 120 Building Envelope $ 78 $ 124 Net loss margin (5.4%) (4.2%) EBITDA Margin 7.4% 9.8% Adjusted EBITDA Margin 8.8% 10.3% Building Materials 11.3% 9.0% Building Envelope 11.5% 16.5% (1) Acquisition and integration-related costs are those incurred for business combinations, including advisory, legal, valuation, and other professional fees. Certain warranty charges related to a pre-acquisition manufacturing issue are also included. (2) Litigation-related 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) Restructuring and other costs include charges associated with non-core sites. (4) Spin-Off and separation-related costs notably include rebranding costs. (5) Other non-operating income, net primarily consists of costs related to gains on proceeds from property and casualty insurance. Media Relations: media@amrize.com Investor Relations: investors@amrize.com +1 773-676-4981 12 +1 773-355-4404
Amrize Ltd Reconciliation of Non-GAAP Financial Measures (Unaudited) Net Debt Adjusted EBITDA Net Leverage Ratio ($ in millions, except ratio) As of March 31, 2026 Short-term borrowings $ 777 Current portion of long-term debt 333 Long-term debt 4,936 Gross Debt 6,046 Less: Cash and cash equivalents 1,099 Net Debt $ 4,947 For the year ended (trailing twelve months ended) March 31, 2026 Net income $ 1,151 Depreciation, depletion, accretion and amortization 932 Interest expense, net 365 Income tax benefit 345 EBITDA 2,793 Acquisition and integration-related costs(1) 84 Litigation-related costs(2) 48 Loss on impairments(3) 15 Restructuring and other costs(4) 22 Spin-off and separation-related costs(5) 38 Other non-operating income(6) (4) Income from equity method investments (11) Adjusted EBITDA $ 2,985 (1) Acquisition and integration-related costs are those incurred for business combinations, including advisory, legal, valuation, and other professional fees. Certain warranty charges related to a pre-acquisition manufacturing issue are also included. (2) Litigation-related 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. (5) Spin-Off and separation-related costs notably include rebranding costs. (6) Other non-operating income, net primarily consists of costs related to gains on proceeds from property and casualty insurance. As of March 31, 2026 Net Leverage Ratio 1.7x Media Release Ad hoc announcement pursuant to Art. 53 LR Media Relations: media@amrize.com Investor Relations: investors@amrize.com +1 773-676-4981 13 +1 773-355-4404
Amrize Ltd Reconciliation of Non-GAAP Financial Measures (Unaudited) Free Cash Flow Adjusted Diluted Loss per Share ($ in millions, except ratios and per share amounts) For the three months ended March 31, 2026 2025 Net cash used in operating activities $ (896) $ (856) Capital expenditures, net(1) (267) (209) Free Cash Flow $ (1,163) $ (1,065) (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. For the three months ended March 31, 2026 2025 Diluted loss per share $ (0.21) $ (0.16) Acquisition and integration-related costs(1) 0.03 0.01 Restructuring and other costs(2) 0.01 — Spin-off and separation-related costs(3) 0.01 0.01 Adjusted Diluted Loss per Share $ (0.16) $ (0.14) (1) Acquisition and integration-related costs are those incurred for business combinations, including advisory, legal, valuation, and other professional fees. Certain warranty charges related to a pre-acquisition manufacturing issue are also included. (2) Restructuring and other costs include charges associated with non-core sites. (3) Spin-Off and separation-related costs notably include rebranding costs. For the U.S. GAAP to Adjusted diluted loss per share reconciliation adjusted items are shown net of tax in aggregate of $8 million and $3 million for the for the three months ended March 31, 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 loss 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 loss per share. Management believes the use of this measure best aids in explaining the impact of a changing tax rate. Media Release Ad hoc announcement pursuant to Art. 53 LR Media Relations: media@amrize.com Investor Relations: investors@amrize.com +1 773-676-4981 14 +1 773-355-4404
Q1 2026 EARNINGS PRESENTATION Jan Jenisch, Chairman and CEO Baris Oran, CFO April 30, 2026
2 SAFE HARBOR STATEMENT FORWARD-LOOKING STATEMENTS AND NON-GAAP FINANCIAL MEASURES 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. Forward-looking statements include those preceded by, followed by or that include the words such as “may,” “will,” “could,” “should,” “might,” “projects,” “expects,” “believes,” “anticipates,” “intends,” “plans,” “continue,” “estimate,” or “pursue,” or similar expressions. Such forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from historical experience or from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, 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 events, or otherwise. Amrize reports its financial results in accordance with accounting principles generally accepted in the United States (“GAAP”). We have supplemented the reporting of our financial information determined in accordance with GAAP with certain Non-GAAP (or adjusted) financial measures, including Adjusted EBITDA, Adjusted EBITDA Margin, Segment Adjusted EBITDA and Segment Adjusted EBITDA Margin. Reconciliations of Non-GAAP measures used in this presentation to the most directly comparable U.S. GAAP measures are included below under “Appendix.” 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. Note that the definitions of these Non-GAAP financial measures may differ from those terms as defined or used by other companies. This presentation should be reviewed in conjunction with our first quarter fiscal 2026 earnings release and webcast of the earnings presentation conference call, which are available on Amrize’s website at investors.amrize.com.
3 Winthrop Center, Boston, MA Amrize inside Q1 2026 HIGHLIGHTS Jan Jenisch, Chairman and CEO
4 Q1 2026 HIGHLIGHTS REVENUES GROW +4.7% ON ACCELERATING CUSTOMER DEMAND 1 See appendix for Non-GAAP reconciliation. 2 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, and to be paid in up to four quarterly installments at the discretion of the Board. The last trading day with entitlement to receive this 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. The dividend will be made in the form of distributions paid out of legal reserves from capital contributions and are not subject to Swiss withholding tax. 3 These are forward-looking, Non-GAAP financial measures. Please refer to slide 14 for additional information. $1,500M Revenues +12.9% vs. Q1 2025 $170M Adjusted EBITDA1 +41.7% vs. Q1 2025 $678M Revenues -9.8% vs. Q1 2025 $78M Adjusted EBITDA1 -37.1% vs. Q1 2025 Building Materials Building Envelope $2,178M Revenues +4.7% vs. Q1 2025 $192M Adjusted EBITDA1 -10.3% vs. Q1 2025 Consolidated PB Materials Acquisition closed Feb 18 Positively contributed to Q1 $1.0B Share Repurchase To begin after Q1 earnings Investing for Growth $0.11/share First Quarterly Dividend To be paid on May 20, 20262 Reaffirming 2026 Guidance3 Shareholder Returns $272M Q1 Capex On track for $900M in 2026 +4% to +6% Revenues +8% to +11% Adjusted EBITDA
5 Commercial 51% Revenues1 Infrastructure 28% Revenues1 Residential 21% Revenues1 MARKET TRENDS STRONG PIPELINE OF CUSTOMER PROJECT STARTS IN 2026 1 % of 2025 total revenues. 2026 Outlook • Project pipeline continues to convert • New project starts in data centers, warehousing and logistics Q1 2026 • Accelerating demand led by data centers and energy projects • Growing new project starts and multi-year supply agreements for mega projects 2026 Outlook • Federal, state and local-level projects expected to continue • Aging North American infrastructure to require continued modernization Q1 2026 • Continued demand from state and federal funding • About 50% of IIJA funding has been spent 2026 Outlook • Seasonal trends expected to support weather- related repair & refurbishment demand in H2 • New construction recovery expected in 2027; U.S. housing shortage to drive long-term growth Q1 2026 • New construction continues to be soft • Lower repair & refurbishment demand
6 PARTNER OF CHOICE FOR PROFESSIONAL BUILDERS STRONG PIPELINE OF CUSTOMER PROJECT STARTS IN 2026 Dam Expansion, Colorado Key supplier of building materials DATA CENTERS ENERGY INFRASTRUCTURE Data Center, Texas Key supplier of building materials DATA CENTERS Data Center, Texas Key supplier of building materials River Ground Stabilization, New York Key supplier of building materials WATER INFRASTRUCTURE SPORTS COMPLEX Northwestern University Ryan Field Advanced roofing systems with Elevate Amazon Distribution Facility, New York Key supplier of building materials DISTRIBUTION & WAREHOUSING
7 Accelerating Synergies and Partnerships for Impact and REsults ASPIRE PROGRAM ON TRACK DRIVING VALUE THROUGH SCALE AND FOCUS Progress to Date: ✓ Onboarded 650+ new logistics and service providers to optimize third-party spend ✓ 400+ projects underway across raw materials, services, logistics and equipment ✓ Target 70bps of margin expansion in 2026, on track to achieving $250M in synergies through 2028
8 Executing Growth Projects CAPITAL ALLOCATION INVESTING FOR GROWTH AND RETURNING CASH TO SHAREHOLDERS Delivering Value-Accretive M&A Returning Cash to Shareholders • Special one-time dividend for 2025 of $0.44/share to be paid on May 4, 2026 • Board declared first quarterly dividend of $0.11/share to be paid on May 20, 2026 • Dividends will be paid as distributions out of legal capital reserves and are not subject to Swiss withholding tax • $1.0B share buyback program with 1-year expiration to begin after Q1 earnings • Invested $272M in Capex during Q1; on track for $900M of Capex in 2026 • Advancing key organic growth projects: Midlothian cement plant in Texas, Exshaw cement plant in Alberta, St. Constant cement plant in Quebec, Red Creek quarry in Colorado and Malarkey shingles plant in Indiana • Completed PB Materials acquisition on February 18, 2026 • Aggregates leader in high-growth West Texas with >50 years of reserves and 26 operational sites • Expected to be Adjusted EPS and cash accretive in 2026
9 Logistics center, Toronto, ON Amrize inside Q1 2026 RESULTS Baris Oran, CFO
10 BUILDING MATERIALS Q1 2026 RESULTS MOMENTUM CONTINUES WITH STRONG MARGIN EXPANSION 1 See appendix for Non-GAAP reconciliation. 2 Cement volume and pricing figures presented above exclude trading. Aggregates pricing figures presented above are freight adjusted, excluding freight revenues. Cement and aggregates pricing figures presented above are constant currency, which reflects price adjusted to prior period foreign exchange rates. $1,329M $1,500M Q1 2025 Q1 2026 $120M $170M Q1 2025 Q1 2026 Adjusted EBITDA1Revenues • Revenues grew 12.9%; volume growth reflecting accelerating customer demand with new project starts and mega-projects • Cement2 volumes up 13.9% and pricing down 2.4%; a large customer project impacted price but benefited margin • Aggregates2 volumes up 14.1% and freight adjusted pricing up 1.0% (including freight up 3.6%); pricing impacted by mix from large projects, geography and an acquisition • Aggregates and U.S. cement price increases put in place in April; fuel surcharges being implemented • Adjusted EBITDA margin up 230bps driven by continued volume growth, aggregates pricing, operational efficiency and ASPIRE +12.9% +41.7%
11 BUILDING ENVELOPE Q1 2026 RESULTS SOFT ROOFING DEMAND; PRICING ACTIONS TAKEN IN Q2 $752M $678M Q1 2025 Q1 2026 $124M $78M Q1 2025 Q1 2026 1 See appendix for Non-GAAP reconciliation. Adjusted EBITDA1Revenues -9.8% -37.1% • Revenues down 9.8% on soft industry volumes and pricing • Commercial repair and refurbishment demand resilient while new construction remained soft in Q1 • Residential roofing soft in Q1; seasonal trends to support weather- related repair and refurbishment in H2 • Adjusted EBITDA impacted by lower volumes, price-cost and a temporary plant disruption • Adjusted EBITDA improvement expected to be driven by April price increases and fuel surcharges along with ASPIRE savings
12 BALANCE SHEET FLEXIBILITY TO INVEST FOR GROWTH & RETURN CASH TO SHAREHOLDERS Balance Sheet as of March 31, 2026 Baa1 Moody’s $1.1B Cash & Cash Equivalents 1 Represents $1.2B undrawn portion of the Commercial Paper Program, undrawn $2.0B Revolving Credit Facility and $1.1B Cash & Cash Equivalents as of March 31 2026. BBB+ Standard & Poor’s $120M $118M $70M Q1 2024 Q1 2025 Q1 2026 Interest Expense, Net $4.3B Total Available Liquidity1 6.4 years Weighted Average Debt Maturity 5.1% Weighted Average Interest Rate Investment Grade Credit Ratings
13 2026 GUIDANCE KEY DRIVERS END-MARKETS OUTLOOK InfrastructureCommercial Residential BUILDING MATERIALS ✓ Cement: pricing up low-single digits ✓ Aggregates: pricing up mid-single digits ✓ Positive volume growth in cement and aggregates with increasing customer demand across Building Materials ✓ Price increases put in place; fuel surcharges being implemented ASPIRE PROGRAMBUILDING ENVELOPE ✓ Commercial roofing: volumes up low-single digits ✓ Residential roofing: flat volumes; improvement in H2 ✓ Price increases put in place; fuel surcharges being implemented ✓ Target 70bps of margin expansion in 2026 ✓ On track to achieve $250M in synergies through 2028 ✓ Seasonal trends expected to support weather-related repair & refurbishment demand in H2 ✓ New construction recovery expected in 2027; U.S. housing shortage to drive long-term growth ✓ Federal, state and local-level projects expected to continue ✓ Aging North American infrastructure to require continued modernization ✓ Project pipeline continues to convert ✓ New project starts in data centers, warehousing and logistics 2026 cement and aggregates pricing assumptions exclude fuel surcharges.
14 REAFFIRMING 2026 GUIDANCE Revenues $12.29B - 12.52B +4% to +6% Adjusted EBITDA $3.25B - $3.34B +8% to +11% The Company provides forward-looking guidance regarding Adjusted EBITDA. The Company cannot, without unreasonable effort, forecast certain items required to develop meaningful comparable GAAP financial measures. These items include acquisition and integration costs, supply chain optimization, restructuring, foreign exchange rate changes, as well as other non-cash and unusual items that are difficult to predict in advance to include in a GAAP estimate. For the same reasons, the Company is unable to address the probable significance of the items.
15 One World Trade Center, New York, NY Amrize inside APPENDIX
16 RECONCILIATION OF ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN (1) Acquisition and integration-related costs are those incurred for business combinations, including advisory, legal, valuation, and other professional fees. Certain warranty charges related to a pre-acquisition manufacturing issue are also included. (2) Litigation-related 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) Restructuring and other costs include charges associated with non-core sites. (4) Spin-off and separation-related costs notably include rebranding costs. (5) Other non-operating income, net primarily consists of gains on proceeds from property and casualty insurance.
17 SUPPLEMENTARY DATA – FINANCIAL RESULTS Totals may not sum due to rounding. (1) Segment revenues for Building Materials are presented net of interproduct revenues between our Cement and Aggregates and other construction materials product lines. (2) Other segment expenses consist of selling, general and administrative expenses and gains on disposals of long-lived assets. (3) Acquisition and integration-related costs are those incurred for business combinations, including advisory, legal, valuation, and other professional fees. Certain warranty charges related to a pre-acquisition manufacturing issue are also included. (4) Litigation-related 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. (5) Restructuring and other costs include charges associated with non-core sites. (6) Spin-off and separation-related costs notably include rebranding costs. (7) Other non-operating income, net primarily consists of gains on proceeds from property and casualty insurance. Amrize Ltd ($ in millions, except per share data) Q1 2026 Q1 2025 Revenues: Building Materials (1) 1,500 1,329 Building Envelope 678 752 Total Revenues 2,178 2,081 Cost of revenues: Building Materials 1,231 1,118 Building Envelope 511 527 Total cost of revenues 1,742 1,645 Other segment expenses (2) : Building Materials 99 91 Building Envelope 89 101 Total other segment expenses 188 192 Segment Adjusted EBITDA: Building Materials 170 120 Building Envelope 78 124 Segment Adjusted EBITDA 248 244 Unallocated corporate costs (56) (30) Adjusted EBITDA 192 214 Depreciation, depletion, accretion and amortization (236) (218) Interest expense, net (70) (118) Income tax benefit 27 46 Acquisition and integration-related costs (3) (23) (3) Litigation-related costs (4) (2) - Restructuring and other costs (5) (3) - Spin-off and separation-related costs (6) (4) (9) Other non-operating income, net (7) 1 1 Net loss (118) (87) Net loss attributable to non-controlling interests 2 - Net loss attributable to the Company (116) (87) Loss per share attributable to the Company Basic $ (0.21) $ (0.16) Diluted $ (0.21) $ (0.16) Weighted-average number of shares outstanding Basic 553.2 553.1 Diluted 553.2 553.1
18 SUPPLEMENTARY DATA – ADJUSTED DILUTED LOSS PER SHARE RECONCILIATION Totals may not sum due to rounding. (1) Acquisition and integration-related costs are those incurred for business combinations, including advisory, legal, valuation, and other professional fees. Certain warranty charges related to a pre-acquisition manufacturing issue are also included. (2) Restructuring and other costs include charges associated with non-core sites. (3) Spin-off and separation-related costs notably include rebranding costs. For the U.S. GAAP to Adjusted diluted loss per share reconciliation adjusted items are shown net of tax in aggregate of $8 million and $3 million for the for the three months ended March 31, 2026and 2025 respectively, based on applying the statutory tax rate for the jurisdictions in which the adjustment occurred or, by adjusting the tax effect to consider the impact of applying an annual effective tax rate on an interim basis. For purposes of reconciling Adjusted diluted loss per share with respect to taxes period-over-period, the Company utilizes a “rate approach” to highlight the impact of the adjusted tax rate. It is computed by multiplying the prior period adjusted rate by the current period adjusted income before taxes to determine the expected tax expense. Such expected tax expense is then compared to actual tax expense. Expected tax in excess of actual tax variance is favorable; actual tax in excess of expected tax variance is unfavorable. The variance divided by diluted shares outstanding at the end of the period yields the impact on loss per share. Management believes the use of this measure best aids in explaining the impact of a changing tax rate. Amrize Ltd ($ per share) Q1 2026 Q1 2025 Diluted loss per share $ (0.21) $ (0.16) Acquisition and integration-related costs (1) 0.03 0.01 Restructuring and other costs (2) 0.01 - Spin-off and separation-related costs (3) 0.01 0.01 Adjusted diluted loss per share $ (0.16) $ (0.14)
19 SUPPLEMENTARY DATA – HISTORICAL VOLUMES (1) Cement volume figures presented above exclude trading. (2) Percentage changes for aggregates - tons sold in Q1 2025 and Q2 2025 are different than historical reporting due to rounding. Amrize Ltd Building Materials Segment - Volumes in millions Q1 2025 Q1 2024 % Change in millions FY 2025 FY 2024 % Change Cement - tons sold (1) 3.6 4.0 (10.0%) Cement - tons sold (1) 22.4 22.6 (0.9%) Aggregates - tons sold (2) 15.6 17.7 (11.9%) Aggregates - tons sold 118.9 119.8 (0.8%) in millions Q2 2025 Q2 2024 % Change Cement - tons sold (1) 6.0 6.4 (6.3%) Aggregates - tons sold (2) 32.2 33.2 (3.0%) in millions Q3 2025 Q3 2024 % Change Cement - tons sold (1) 7.1 6.7 6.0% Aggregates - tons sold 40.2 38.9 3.3% in millions Q4 2025 Q4 2024 % Change Cement - tons sold (1) 5.7 5.5 3.6% Aggregates - tons sold 30.9 30.0 3.0% in millions Q1 2026 Q1 2025 % Change Cement - tons sold (1) 4.1 3.6 13.9% Aggregates - tons sold (2) 17.8 15.6 14.1%
20 SUPPLEMENTARY DATA – HISTORICAL PRICING (1) Cement pricing figures presented above exclude trading. (2) Aggregates pricing figures presented above are freight adjusted, excluding freight revenues. (3) Constant Currency reflects price adjusted to prior period foreign exchange rates. Amrize Ltd Building Materials Segment - Average Selling Prices Constant % Change Constant Constant % Change Constant $ per ton Q1 2025 Q1 2024 % Change Currency (3) Currency $ per ton FY 2025 FY 2024 % Change Currency (3) Currency Cement - price per ton (1) $171.76 $169.42 1.4% $173.57 2.4% Cement - price per ton (1) $170.05 $170.21 (0.1%) $170.65 0.3% Aggregates - price per ton (2) $15.14 $13.74 10.2% $15.46 12.5% Aggregates - price per ton (2) $14.06 $13.35 5.3% $14.16 6.1% Constant % Change Constant $ per ton Q2 2025 Q2 2024 % Change Currency (3) Currency Cement - price per ton (1) $171.52 $170.62 0.5% $172.16 0.9% Aggregates - price per ton (2) $14.05 $13.34 5.3% $14.18 6.3% Constant % Change Constant $ per ton Q3 2025 Q3 2024 % Change Currency (3) Currency Cement - price per ton (1) $170.02 $172.26 (1.3%) $171.25 (0.6%) Aggregates - price per ton (2) $13.85 $13.23 4.7% $13.95 5.4% Constant % Change Constant $ per ton Q4 2025 Q4 2024 % Change Currency (3) Currency Cement - price per ton (1) $167.52 $167.80 (0.2%) $166.51 (0.8%) Aggregates - price per ton (2) $13.79 $13.27 3.9% $13.77 3.8% Constant % Change Constant $ per ton Q1 2026 Q1 2025 % Change Currency (3) Currency Cement - price per ton (1) $168.83 $171.76 (1.7%) $167.67 (2.4%) Aggregates - price per ton (2) $15.52 $15.14 2.5% $15.29 1.0%
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FAQ
How did Amrize (AMRZ) perform financially in Q1 2026?
Amrize grew Q1 2026 revenues to $2.178 billion, up 4.7% from 2025. However, it reported a net loss of $118 million and Adjusted EBITDA of $192 million, down 10.3%, mainly due to weaker roofing demand and margins in its Building Envelope segment.
What were Amrize (AMRZ) results by segment in Q1 2026?
In Q1 2026, Building Materials revenues were $1.5 billion, up 12.9%, with Segment Adjusted EBITDA of $170 million, up 41.7%. Building Envelope revenues were $678 million, down 9.8%, and Segment Adjusted EBITDA was $78 million, down 37.1%, reflecting soft roofing markets.
What dividend did Amrize (AMRZ) declare and when is it paid?
Amrize’s Board declared its first quarterly dividend of $0.11 per share, payable on May 20, 2026. The cum‑dividend date is May 11, 2026, with shares trading ex‑dividend and the record date on May 12, 2026, funded from capital contribution reserves.
What is included in Amrize (AMRZ) 2026 financial guidance?
For full‑year 2026, Amrize guides revenues of $12.29–$12.52 billion, implying 4–6% growth, and Adjusted EBITDA of $3.25–$3.34 billion, implying 8–11% growth. Assumptions include $900 million capital expenditures, $340 million net interest expense, and a 21–23% effective tax rate.
What are Amrize (AMRZ) cash flow and leverage metrics as of Q1 2026?
For the quarter, Amrize used $896 million in operating cash and had negative Free Cash Flow of $1.163 billion. As of March 31, 2026, Gross Debt was $6.046 billion, Net Debt was $4.947 billion, and the Net Leverage Ratio was 1.7x trailing Adjusted EBITDA.