Amrize — Third Quarter 2026 Earnings Summary

Financial Performance:

• Third quarter 2026 revenues reached $3,771 million, a 2.2% increase year-over-year from $3,690 million in Q3 2025.
• Net income grew 3.3% to $558 million in Q3 2026, compared to $540 million in the prior year period.
• Adjusted EBITDA increased 0.2% to $1,076 million in Q3 2026, up from $1,074 million in Q3 2025.
• Adjusted EBITDA margin for the quarter was 28.5%, down 60 basis points from 29.1% in Q3 2025.
• Diluted earnings per share (EPS) rose 4.1% to $1.02, while adjusted diluted EPS remained flat at $1.05.
• For the nine months ended September 30, 2026, revenues were $9,445 million (up 5.0% from $8,997 million), net income was $927 million (up 7.5%), and adjusted EBITDA was $2,253 million (up 1.0%).
• Net cash provided by operating activities for the nine months ended September 30, 2026, was $222 million, a decrease from $417 million in the prior year period.
• Free cash flow for the nine months ended September 30, 2026, was a use of $551 million, compared to a use of $186 million in the prior year period.
• Capital expenditures were $262 million in Q3 2026 and $773 million for the first nine months of 2026.
• Gross debt stood at $5,848 million with cash and cash equivalents of $299 million as of September 30, 2026, resulting in a net debt of $5,549 million.
• The net leverage ratio as of September 30, 2026, was 1.8x.
• Unallocated corporate costs were $44 million in Q3 2026, down from $52 million in Q3 2025.

Guidance and Future Outlook:

• Full-year 2026 revenue guidance has been updated to a range of $12.2 billion to $12.4 billion.
• Full-year 2026 adjusted EBITDA guidance has been updated to a range of $2.95 billion to $3.05 billion.
• Updated underlying assumptions for 2026 include capital expenditures of approximately $900 million, net interest expense of approximately $340 million, an adjusted effective tax rate of 23%–25%, and corporate costs of approximately $200 million.
• Cement pricing is expected to be flat to up low-single digits for the full year, while aggregates pricing is expected to be up mid-single digits.
• Building Materials is expected to be price-cost positive in Q4 2026.
• Building Envelope price-cost positivity is now expected in 2027, with sequential improvement anticipated in Q4 2026 compared to Q3 2026.
• The ASPIRE program is on track to achieve $80 million in savings for 2026, having delivered $73 million year-to-date.
• Insurance proceeds of $36 million recognized in Building Materials during Q4 2025 are not expected to repeat in 2026.
• Long-term construction demand is expected to be driven by mega-trends including data centers, energy projects, advanced manufacturing, and infrastructure.

Business Segments and Product Lines:

• Building Materials: Q3 2026 revenues were $2,842 million (up 1.8%), with segment adjusted EBITDA of $938 million (up 2.7%) and a margin of 33.0% (up 30 basis points). Cement pricing increased 1.8% and aggregates pricing grew 6.9% in Q3 2026. Cement volumes fell 4.2% and aggregates volumes fell 0.2% due to weather patterns.
• Building Envelope: Q3 2026 revenues were $929 million (up 3.6%), but segment adjusted EBITDA declined 14.6% to $182 million, with a margin of 19.6% (down 410 basis points). Commercial roofing volumes remained strong due to data centers and industrial projects, while shingle volumes were impacted by a lack of storms and sluggish existing-home sales.
• The company completed the acquisition of Rapid Redi-Mix in the Dallas-Fort Worth area.
• Acquisitions PB Materials and Rapid Redi-Mix are exceeding expectations and are expected to be EPS accretive in 2026.
• Energy, fuel, and freight surcharges contributed $23 million across the business in Q3 2026.

Market and Competitive Landscape:

• Weather patterns negatively affected construction volumes in the Northeast, South, and Central regions during the third quarter.
• Elevated interest rates are expected to affect fourth-quarter volumes.
• The company maintains an unparalleled footprint across North America with over 1,000 sites.
• Commercial re-roofing demand remained resilient, while residential re-roofing demand was softer due to lower existing-home sales.

Risks and Challenges:

• Oil price-driven cost inflation continues to impact the industry, affecting freight, diesel, and raw material costs.
• Inflation and elevated interest rates remain headwinds for full-year results.
• The magnitude of inflation has delayed Building Envelope price-cost positivity to 2027.
• Weather patterns moderated volumes in the third quarter.
• The company notes that actual results may differ from forward-looking statements due to risks including geopolitical events, construction demand cyclicality, raw material availability, and adverse weather conditions.

Management Commentary and Tone:

• Chairman and CEO Jan Jenisch described results as "resilient," citing the strength of the network and strategic footprint.
• Management highlighted strong gains in pricing, surcharges, and the ASPIRE program as proactive measures against cost inflation.
• The company expressed confidence in executing its strategy of investing for profitable growth while returning cash to shareholders.
• Management noted that despite inflation and interest rates, mega-trends are expected to drive long-term construction demand.

Other Key Points:

• The Board of Directors declared a third-quarter dividend of $0.11 per share, payable on November 18, 2026.
• Amrize returned $1.1 billion to shareholders in the first three quarters of 2026 through share buybacks and dividends.
• The company repurchased $750 million of shares in the first three quarters, completing its $1 billion share repurchase program on October 28, 2026, representing approximately 4% of share capital.
• Dividends paid year-to-date totaled $364 million, including a special one-time dividend for 2025 and quarterly dividends for the first and second quarters of 2026.
• The third installment of the annual dividend of up to $0.44 per share is paid out of capital contribution reserves and is not subject to Swiss withholding tax.
• The company revised prior period financial statements to correct immaterial adjustments related to an extended warranty misstatement and other unrelated misstatements.
• A live webcast to discuss results is scheduled for 7:30 am Central Time on October 29, 2026.