Amrize — Second Quarter 2026 Earnings Summary

Financial Performance

• Revenues for the three months ended June 30, 2026, were $3,494 million, an 8.6% increase year-over-year (YoY) from $3,218 million in 2025.
• Revenues for the six months ended June 30, 2026, were $5,675 million, a 6.9% increase YoY from $5,307 million.
• Net income for the quarter was $476 million, up 14.4% YoY from $416 million; net income margin improved to 13.6% from 12.9%.
• Net income for the six months was $369 million, up 14.6% YoY from $322 million; net income margin was 6.5%, up 40 basis points from 6.1%.
• Adjusted EBITDA for the quarter was $986 million, up 5.8% YoY from $932 million; Adjusted EBITDA margin was 28.2%, down 80 basis points from 29.0%.
• Adjusted EBITDA for the six months was $1,178 million, up 1.8% YoY from $1,157 million; Adjusted EBITDA margin was 20.8%, down 100 basis points from 21.8%.
• Diluted EPS increased 14.7% to $0.86 for the quarter (vs. $0.75) and 15.5% to $0.67 for the six months (vs. $0.58).
• Adjusted Diluted EPS grew 8.6% to $0.88 for the quarter (vs. $0.81) and 12.1% to $0.74 for the six months (vs. $0.66).
• Organic growth for the quarter was 6.7%, driven by $200 million in volume growth, $54 million from acquisitions, $16 million in aggregates price increases, and $6 million favorable foreign exchange impact.
• Unallocated corporate costs were $44 million for the quarter, down from $72 million in the prior year quarter and $56 million in Q1 2026.
• Capital expenditures were $241 million for the quarter and $511 million for the six months.
• Net cash used in operating activities for the six months was $475 million, compared to $441 million in the prior year period.
• Free Cash Flow for the six months was a use of $986 million, compared to a use of $860 million in the prior year period.
• Gross Debt was $6,004 million and Cash and cash equivalents were $729 million as of June 30, 2026, resulting in Net Debt of $5,275 million.
• Net Leverage Ratio as of June 30, 2026, was 1.7x.

Guidance and Future Outlook

• Full Year 2026 Revenue guidance raised to $12.5 billion to $12.7 billion.
• Full Year 2026 Adjusted EBITDA guidance revised to $3.1 billion to $3.2 billion.
• FY 2026 Capital Expenditures expected at approximately $900 million.
• FY 2026 Interest Expense, Net expected at approximately $340 million.
• FY 2026 Adjusted Effective Tax Rate expected between 23% and 25%.
• FY 2026 Corporate Costs expected at approximately $200 million.
• Cement pricing expected to be flat or up low single digits; aggregates pricing expected up mid-single digits on a freight-adjusted basis.
• Commercial roofing volume growth expected in the low-single digits; residential roofing volume growth expected in the high-single digits.
• ASPIRE program expected to deliver $80 million in savings in 2026.
• Second half price-cost is expected to improve compared to the first half of the year.
• Oil price-driven cost inflation is expected to be a headwind to earnings, though pricing and fuel surcharges are being used to manage costs.

Business Segments and Product Lines

• Building Materials:
  • Revenues were $2,445 million for the quarter (up 8.2% YoY) and $3,948 million for the six months (up 9.7% YoY).
  • Segment Adjusted EBITDA was $793 million for the quarter (up 5.2% YoY) and $960 million for the six months (up 8.4% YoY).
  • Cement volumes increased 5.0% in the quarter and 9.4% for the six months.
  • Aggregates volumes increased 6.5% in the quarter and 9.0% for the six months.
  • Aggregates pricing grew 4.0% on a constant currency, freight-adjusted basis for the quarter.
  • Cement pricing was down 0.2% on a constant currency basis for the quarter but improved 2.1% sequentially from Q1 2026.
  • Acquisitions contributed $54 million to revenue in the quarter.
• Building Envelope:
  • Revenues were $1,049 million for the quarter (up 9.4% YoY) and $1,727 million for the six months (up 1.2% YoY).
  • Segment Adjusted EBITDA was $237 million for the quarter (down 5.2% YoY) and $318 million for the six months (down 14.7% YoY).
  • Above-market volume growth was driven by increased system selling, large-scale commercial projects (data centers, warehousing), and resilient commercial re-roofing demand.
  • Residential roofing volumes grew above-market.
  • Pricing sequentially improved as increases were phased in throughout the quarter; additional price increases were implemented in July and planned for August.
  • Softer demand was noted for weatherproofing and insulation products.
• Acquisitions:
  • PB Materials (aggregates business in West Texas) provided excellent contributions.
  • Rapid Redi-Mix was acquired in July, expected to bring synergies with the cement and aggregates network in Texas.

Market and Competitive Landscape

• Strong demand driven by mega-projects in data centers, energy, advanced manufacturing plants, and infrastructure modernization.
• Building Materials achieved above-market volume growth and leading aggregates pricing growth.
• Building Envelope achieved above-market sales momentum with a strong pipeline of large-scale commercial projects.
• The company maintains a strategic footprint in attractive markets with over 1,000 sites and a highly efficient distribution network.

Risks and Challenges

• Oil price-driven cost inflation impacting freight, diesel, and raw materials costs.
• Lower insurance proceeds compared to the prior period.
• Softer demand for weatherproofing and insulation products within the Building Envelope segment.
• Timing differences between price realization and cost inflation affecting full-year earnings.
• Prior period misstatements regarding deferred revenue associated with extended warranties from acquisitions (Duro-Last and Malarkey) were identified and corrected.

Management Commentary and Tone

• CEO Jan Jenisch described the quarter as "strong," citing industry-leading organic growth of 6.7% and strong customer demand.
• Management expressed confidence in the strength of the network and strategic footprint.
• The ASPIRE program is described as building momentum and on track to deliver savings.
• Management remains well-positioned to capitalize on growing demand while strengthening operational efficiency for long-term profitable growth.
• The tone reflects confidence in continued strong pricing for cement and aggregates and improving price-cost dynamics in roofing.

Other Key Points

• Total shareholder return was $502 million in the second quarter.
• A $1 billion share buyback program was launched; $197 million worth of shares were repurchased in the quarter.
• Dividends paid totaled $305 million, including a special dividend of $0.44 per share paid on May 4, 2026, and a Q1 dividend of $0.11 per share paid on May 20, 2026.
• A new quarterly dividend of $0.11 per share was declared for the second quarter, payable on August 26, 2026.
• The cum-dividend date is August 17, 2026; the ex-dividend and record date is August 18, 2026.
• Dividends are paid out of capital contribution reserves and are not subject to Swiss withholding tax.
• The company has over 19,000 teammates.
• The company is listed on the NYSE (AMRZ) and the SIX Swiss Exchange.
• Prior period financial information includes revisions that were not material to any previously issued consolidated financial statements.