Performance Highlights and 2026 Guidance
-- Revenues up 0.9% to $11.8 billion on infrastructure demand and
improving commercial market
-- Net income of $1.2 billion and Adjusted EBITDA of $3.0 billion
-- Strong Operating Cash Flow of $2.2 billion and Free Cash Flow of $1.5
billion
-- Building Materials Revenue growth continued in fourth quarter with
strong margin expansion
-- Strong commercial repair and refurbishment trends in Building Envelope;
softer residential demand
-- 2026 guidance: Revenues +4-6%, Adjusted EBITDA +8-11%
Shareholder Return Plan
-- Share Repurchase Authorization of $1.0 billion1
-- Special one-time dividend of $0.44 per share2,3
-- Annual ordinary dividend of $0.44 per share2,4 to be paid in quarterly
installments
CHICAGO & ZUG, Switzerland--(BUSINESS WIRE)--February 17, 2026--
Amrize (AMRZ) announced today its fourth quarter and full year 2025 financial results.
Jan Jenisch, Chairman and CEO: "2025 was a milestone year for Amrize as we completed our spin-off, delivered for our customers and set the foundation for our long-term, profitable growth. I thank our 19,000 empowered teammates who are serving our customers across North America as the partner of choice for their most important building projects.
We increased revenues to $11.8 billion and delivered $3.0 billion of Adjusted EBITDA driven by infrastructure demand and an improving commercial market. As we closed the year, we saw growing customer demand in cement and aggregates, as well as continued positive pricing. Our Building Envelope business was affected by the soft residential roofing market, while commercial repair and refurbishment remained resilient.
We generated strong Free Cash Flow on the year and achieved a Net Leverage Ratio of 1.1x. Our strong cash conversion and balance sheet provide the flexibility and firepower to fuel our growth and return cash to our shareholders.
We invested $788 million in CapEx in 2025, and plan to increase these investments to $900 million in 2026 to accelerate our growth. We are also ramping up our value-accretive M&A to expand our footprint in the most attractive markets, demonstrated recently with our agreement to acquire PB Materials, the leading aggregates business in high-growth West Texas.
Delivering shareholder return, our Board has authorized a $1.0 billion share repurchase program, and proposes a special one time dividend as well as an annual ordinary dividend.
We are delivering on our commitment to invest for growth and create value for all stakeholders. We are well positioned in our $200 billion addressable market and have set our 2026 guidance reflecting accelerating customer demand and profitable growth."
(___________________________) (1) Amrize Board of Directors approved a share repurchase authorization for up to $1.0 billion, with a 12-month expiration, pending approval of the 2025 financial statements at the Annual General Meeting. (2) Dividends will be paid out of legal capital reserves from tax capital contributions and are not subject to Swiss withholding tax. (3) Amrize Board of Directors proposes a special one-time dividend of $0.44 per share, to be paid following shareholder approval at the Annual General Meeting. (4) Amrize Board of Directors proposes an annual ordinary dividend of $0.44 per share, to be paid in up to four quarterly installments at the discretion of the Board, following shareholder approval at the Annual General Meeting.
Shareholder Return Plan
The Board of Directors has approved a $1.0 billion share repurchase program, pending approval of the 2025 financial statements at the AGM, with a 12-month expiration.
The Board of Directors also proposes a special, one-time dividend of $0.44 per share, payable following approval by shareholders at the AGM, as well as a $0.44 ordinary annual dividend per share, payable in quarterly installments, at the discretion of the Board.
Dividends will be paid out of capital contribution reserves and are not subject to Swiss withholding tax.
Full Year 2026 Financial Guidance(5)
Amrize has established an efficient capital structure and operating model. 2025 Corporate costs were $210 million versus guidance of $300 to $320 million(6) . Net interest expense was $413 million versus $512 million in 2024 and the effective tax rate was 21.8% versus guidance of 22% to 24%. Cash and cash equivalents as of December 31, 2025 were $1,922 million and Net Debt(7) was $3,347 million. The Net Leverage Ratio(8) as of December 31, 2025 was 1.1x, compared to 1.7x as of September 30, 2025.
This positions the company to continue generating growth and returns. Amrize has set 2026 guidance reflecting accelerating customer demand and profitable growth. In Building Materials, volumes and pricing are expected to be growth contributors with low single-digit percentage growth in cement pricing and mid-single-digit percentage growth in aggregates pricing. In Building Envelope, Amrize expects low-single digit growth in commercial roofing volumes and flat volumes in residential roofing with improvement in the second half of the year.
Based on these drivers, Amrize is providing the following 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
ASPIRE Program Update
Amrize launched its ASPIRE program in 2025 to accelerate synergies and profitable growth. Leveraging its scale across 1,000 sites and two business segments, the company is optimizing third party spending and driving efficiencies in its operational footprint and logistics network.
Amrize realized initial savings in the fourth quarter and the company is now targeting 70 basis points of margin expansion through ASPIRE in 2026 and is on track to achieve more than $250 million in synergies through 2028.
(___________________________) (5) Amrize (Company) provides forward-looking guidance regarding Adjusted EBITDA. The Company cannot, without unreasonable effort, forecast certain adjusted items excluded from comparable U.S. GAAP financial measures. These items include Acquisition and integration-related costs, Litigation-related costs, Loss on impairments, Restructuring and other costs, Spin-off and separation-related costs, Other non-operating (expense) income, net, and Income from equity method investments., that are difficult to predict in advance to include in a U.S. GAAP estimate. For the same reasons, the Company is unable to address the probable significance of the items. (6) FY 2025 corporate costs compared to the quarterly run rate of $75-$80 million corporate cost provided during Q2 2025. (7) Net Debt represents a non-GAAP measure, which is defined on page 7 and reconciled on pages 13-15. (8) Net Leverage Ratio represents a non-GAAP measure, which is defined on page 7 and reconciled on pages 13-15.
Amrize Consolidated Results (Unaudited)
For the three months ended For the years ended
December 31, December 31,
---------------------------------- ------------------------------------
$ in
millions,
except per
share data 2025 2024 % Change 2025 2024 % Change
----------- ----- ----- ---------- ------ ------ ----------
Revenues $2,839 $2,849 (0.4%) $11,815 $11,704 0.9%
Net income $ 298 $ 292 +2.1% $ 1,182 $ 1,273 (7.1%)
Net income
margin 10.5% 10.2% +30bps 10.0% 10.9% (90bps)
Adjusted
EBITDA(9) $ 779 $ 791 (1.5%) $ 3,007 $ 3,181 (5.5%)
Adjusted
EBITDA
Margin(10) 27.4% 27.8% (40bps) 25.5% 27.2% (170bps)
Diluted
Earnings
per Share
(EPS) $ 0.54 $ 0.53 +1.9% $ 2.14 $ 2.30 (7.0%)
Adjusted
Diluted
EPS(11) $ 0.62 $ 0.57 +8.8% $ 2.40 $ 2.44 (1.6%)
Revenues were $2,839 million in the fourth quarter of 2025 compared to $2,849 million in 2024. Revenues were 0.4% lower in the quarter, reflecting continued infrastructure spend, an improving commercial market and the soft residential roofing market.
Adjusted EBITDA was $779 million for the fourth quarter of 2025 compared with $791 million in 2024. Adjusted EBITDA was driven by higher volumes and continued aggregates pricing growth in the Building Materials segment, offset by lower residential roofing volumes in the Building Envelope segment.
Net income was $298 million for the fourth quarter of 2025, or $0.54 Diluted EPS, compared with Net income of $292 million, or $0.53 Diluted EPS, in 2024. Net income was $1,182 million for the full year 2025, or $2.14 Diluted EPS, compared with Net income of $1,273 million, or $2.30 Diluted EPS, in 2024.
Adjusted Diluted EPS for the fourth quarter of 2025 was $0.62 compared to $0.57 in 2024. Adjusted Diluted EPS for the full year 2025 was $2.40 compared to $2.44 in 2024.
(___________________________) (9) Adjusted EBITDA represents a Non-GAAP measure, which is defined on page 7 and reconciled on pages 13-15. (10) Adjusted EBITDA Margin represents a Non-GAAP measure, which is defined on page 7 and reconciled on pages 13-15. (11) Adjusted Diluted EPS represents a Non-GAAP measure, which is defined on page 7 and reconciled on pages 13-15.
Amrize Building Materials Results (Unaudited)
For the three months ended For the years ended
December 31, December 31,
---------------------------------- ----------------------------------
$ in
millions 2025 2024 % Change 2025 2024 % Change
----------- ----- ----- ---------- ----- ----- ----------
Revenues $2,161 $2,080 3.9% $8,514 $8,329 2.2%
Segment
Adjusted
EBITDA(12) $ 705 $ 666 5.9% $2,485 $2,552 (2.6%)
Segment
Adjusted
EBITDA
Margin(13) 32.6% 32.0% 60bps 29.2% 30.6% (140bps)
For the three months ended For the years ended
Volumes December 31, December 31,
-------------------------------- --------------------------
in millions 2025 2024 % Change 2025 2024 % Change
-------------- -------- -------- ------------ ------ ------ ----------
Cement - tons
sold(14) 5.7 5.5 3.6% 22.4 22.6 (0.9%)
Aggregates -
tons
sold(15) 30.9 30.0 3.0% 118.9 119.8 (0.8%)
Average
Selling
Price For the three months ended December 31,
-------------------------------------------------------------
% Change
Constant Constant
$ per ton 2025 2024 % Change Currency(16) Currency
----------- ------ ------ ---------- --------------- --------------
Cement -
price per
ton(9) $167.52 $167.80 (0.2%) $ 166.51 (0.8%)
Aggregates
- price
per
ton(10) $ 13.79 $ 13.27 3.9% $ 13.77 3.8%
For the years ended December 31,
-------------------------------------------------------------
% Change
Constant Constant
$ per ton 2025 2024 % Change Currency Currency
----------- ------ ------ ---------- --------------- --------------
Cement -
price per
ton $170.05 $170.21 (0.1%) $ 170.65 0.3%
Aggregates
- price
per ton $ 14.06 $ 13.35 5.3% $ 14.16 6.1%
Building Materials Revenues were $2,161 million in the fourth quarter of 2025 compared to $2,080 million in 2024. Revenue growth of 3.9% in the fourth quarter of 2025 was driven by higher volumes and continued aggregates pricing growth. Cement volumes were up 3.6% with pricing down 0.8% coupled with increased aggregates volumes of 3.0% with freight-adjusted pricing up 3.8%.
Fourth quarter 2025 Segment Adjusted EBITDA for the Building Materials segment was $705 million, compared to $666 million in 2024. The increase was mainly attributable to volume growth, aggregates pricing, production efficiency and ASPIRE savings.
The company is executing on its strategy of investing for growth through CapEx and M&A in the most attractive markets. In the fourth quarter, Building Materials completed a 660,000 ton capacity expansion at its Ste. Genevieve cement plant, North America's largest and market leading plant. In January, Amrize announced an agreement to acquire PB Materials, expanding its aggregates business into high-growth West Texas. The company expects the acquisition to close in the first quarter.
(___________________________) (12) Segment Adjusted EBITDA represents a Non-GAAP measure, which is defined on page 7 and reconciled on pages 13-15. (13) Segment Adjusted EBITDA Margin represents a Non-GAAP measure, which is defined on page 7 and reconciled on pages 13-15. (14) Cement volume and pricing figures presented above exclude trading. (15) Aggregates pricing figures presented above are freight adjusted, excluding freight revenues. (16) Constant Currency reflects price adjusted to prior period foreign exchange rates.
Amrize Building Envelope Results (Unaudited)
For the three months ended For the years ended
December 31, December 31,
-------------------------------- ----------------------------------
$ in
millions 2025 2024 % Change 2025 2024 % Change
--------- ---- ---- ---------- ----- ----- ----------
Revenues $ 678 $ 769 (11.8%) $3,301 $3,375 (2.2%)
Segment
Adjusted
EBITDA $ 130 $ 170 (23.5%) $ 732 $ 770 (4.9%)
Segment
Adjusted
EBITDA
Margin 19.2% 22.1% (290bps) 22.2% 22.8% (60bps)
Building Envelope Revenues were $678 million for the fourth quarter of 2025, compared to $769 million in 2024. This decrease was primarily due to softer residential roofing demand, partially offset by strong commercial repair and refurbishment revenues.
Fourth quarter 2025 Segment Adjusted EBITDA for the Building Envelope segment was $130 million, compared to $170 million in 2024. Lower Adjusted EBITDA was mainly due to lower residential roofing volumes and an $8 million increase in warranty provisions, which was partially offset by an improvement in commercial roofing margin on resilient repair and refurbishment demand.
The company is on track to commission a new state-of-the-art Malarkey shingle factory in Franklin, Indiana by the end of 2026 to increase production and expand market share in the attractive Midwest and Eastern markets.
Amrize Cash Flow and Debt
For the year ended December 31, 2025, cash provided by operating activities was $2,208 million as compared to $2,282 million for the year ended December 31, 2024. Free Cash Flow(17) was $1,463 million for the year ended December 31, 2025 compared to $1,733 million for the year ended December 31, 2024, a decrease of $270 million.
The decrease in cash provided by operating activities of $74 million was primarily driven by lower net income of $91 million and changes to net working capital.
Gross Debt as of December 31, 2025 was $5,269 million. Cash and cash equivalents were $1,922 million, resulting in a decrease in Net Debt(18) to $3,347 million. The Net Leverage Ratio(19) as of December 31, 2025 was 1.1x, compared to 1.7x as of September 30, 2025.
(___________________________) (17) Free Cash Flow represents a non-GAAP measure, which is defined on page 7 and reconciled on pages 13-15. (18) Net Debt represents a non-GAAP measure, which is defined on page 7 and reconciled on pages 13-15. (19) Net Leverage Ratio represents a non-GAAP measure, which is defined on page 7 and reconciled on pages 13-15.
About Amrize
Amrize $(AMRZ)$ is building North America, as the partner of choice for professional builders with advanced branded solutions from foundation to rooftop. With over 1,000 sites and a highly efficient distribution network, we deliver for our customers in every U.S. state and Canadian province. Our 19,000 teammates uniquely serve every construction market from infrastructure, commercial and residential to new build, repair and refurbishment. Amrize achieved $11.8 billion in revenues in 2025 and is listed on the New York Stock Exchange and the SIX Swiss Exchange. Learn more at www.amrize.com.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this presentation may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act, such as statements regarding expected cost savings, future financial targets, business strategies, management's views with respect to future events and financial performance, and the assumptions underlying such expected cost savings, targets, strategies, and statements. 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 significant 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 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, excluding Depreciation, depletion, accretion and amortization, Interest expense, net and Income tax expense.
EBITDA Margin is defined as EBITDA divided by Revenues.
Free Cash Flow is defined as Net cash provided by 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, and excludes the impact of Depreciation, depletion, accretion and amortization, Interest expense, net, Income tax expense, 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.
Our Non-GAAP financial measures are intended to supplement and should be read together with, and are not an alternative or substitute for, and should not be considered superior to, our reported financial results. Accordingly, users of our financial statements should not place undue reliance on these Non-GAAP financial measures. Because Non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' Non-GAAP financial measures having the same or similar names. As required by SEC rules, the tables on pages 13-15 below present a reconciliation of our presented Non-GAAP financial measures to the most directly comparable U.S. GAAP measures.
Amrize Ltd
U.S. GAAP and Adjusted Measures Fourth Quarter
2025 (Unaudited)
($ in millions)
For the three months ended For the years ended
December 31, December 31,
--------------------------- -----------------------------
2025 2024 % Change 2025 2024 % Change
----- ----- ---------- ------ ------ ----------
Revenues:
Building
Materials $2,161 $2,080 3.9% $ 8,514 $ 8,329 2.2%
Building
Envelope 678 769 (11.8%) 3,301 3,375 (2.2%)
----- ----- ------ ------ ------ ------
Total Revenues $2,839 $2,849 (0.4%) $11,815 $11,704 0.9%
----- ----- ------ ------ ------ ------
Segment Adjusted
EBITDA:
Building
Materials $ 705 $ 666 5.9% $ 2,485 $ 2,552 (2.6%)
Building
Envelope 130 170 (23.5%) 732 770 (4.9%)
----- ----- ------ ------ ------ ------
Total Segment
Adjusted
EBITDA 835 836 (0.1%) 3,217 3,322 (3.2%)
Reconciling
items * (52) (71) (26.8%) (172) (139) 23.7%
Depreciation,
depletion,
accretion and
amortization (244) (225) 8.4% (914) (889) 2.8%
Unallocated
corporate
costs (56) (45) 24.4% (210) (141) 48.9%
Interest income 7 13 (46.2%) 48 35 37.1%
Interest expense (92) (141) (34.8%) (461) (547) (15.7%)
Income tax
expense (100) (75) 33.3% (326) (368) (11.4%)
----- ----- ------ ------ ------ ------
Net income $ 298 $ 292 2.1% $ 1,182 $ 1,273 (7.1%)
===== ===== ====== ====== ====== ======
* The reconciling items are made up of 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.
Amrize Ltd
Unaudited Condensed Consolidated Statement of Operations
($ in millions,
except per share
data)
For the three
months ended For the years ended
December 31, December 31,
------------------- ---------------------
2025 2024 2025 2024
------ ------ ------ ------
Revenues $ 2,839 $ 2,849 $ 11,815 $ 11,704
Cost of revenues (2,079) (2,072) (8,781) (8,634)
------ ------ ------ ------
Gross profit 760 777 3,034 3,070
Selling, general
and
administrative
expenses (278) (262) (1,128) (944)
Gain on disposal
of long-lived
assets 6 22 15 71
Loss on
impairments (13) -- (15) (2)
------ ------ ------ ------
Operating income 475 537 1,906 2,195
Interest expense,
net (85) (128) (413) (512)
Other
non-operating
income
(expense), net 2 (48) 4 (55)
------ ------ ------ ------
Income before
income tax
expense and
income from
equity method
investments 392 361 1,497 1,628
Income tax
expense (100) (75) (326) (368)
Income from
equity method
investments 6 6 11 13
------ ------ ------ ------
Net income 298 292 1,182 1,273
Net (income) loss
attributable to
noncontrolling
interests -- (1) 3 1
------ ------ ------ ------
Net income
attributable to
the Company $ 298 $ 291 $ 1,185 $ 1,274
====== ====== ====== ======
Earnings per
share
attributable to
the Company:
Basic $ 0.54 $ 0.53 $ 2.14 $ 2.30
Diluted $ 0.54 $ 0.53 $ 2.14 $ 2.30
Weighted-average
number of shares
outstanding:
Basic 553.1 553.1 553.1 553.1
Diluted 554.3 553.1 553.6 553.1
Amrize Ltd
Unaudited Condensed Consolidated
Balance Sheets
($ in millions)
As of As of
December 31, 2025 December 31, 2024
----------------- -----------------
Assets
Current assets:
Cash and cash equivalents $ 1,922 $ 1,585
Accounts receivable, net 1,120 1,011
Due from related-party -- 58
Inventories 1,551 1,452
Related-party notes
receivable -- 532
Prepaid expenses and other
current assets 88 143
----------------- -----------------
Total current assets 4,681 4,781
Property, plant and
equipment, net 7,935 7,534
Goodwill 9,020 8,917
Intangible assets, net 1,728 1,832
Operating lease
right-of-use assets, net 608 547
Other noncurrent assets 277 194
----------------- -----------------
Total Assets $ 24,249 $ 23,805
================= =================
Liabilities and Equity
Current Liabilities:
Accounts payable $ 1,538 $ 1,285
Due to related-party -- 89
Current portion of
long-term debt 333 5
Current portion of
related-party notes
payable -- 129
Operating lease
liabilities 136 149
Other current liabilities 850 893
----------------- -----------------
Total current liabilities 2,857 2,550
Long-term debt 4,936 980
Related-party notes
payable -- 7,518
Deferred income tax
liabilities 1,048 936
Noncurrent operating lease
liabilities 500 386
Other noncurrent
liabilities 1,654 1,521
----------------- -----------------
Total Liabilities 10,995 13,891
----------------- -----------------
Total Equity 13,254 9,914
----------------- -----------------
Total Liabilities and Equity $ 24,249 $ 23,805
================= =================
Amrize Ltd
Unaudited Condensed Consolidated Statements
of Cash Flow
($ in millions)
For the years ended
December 31,
-------------------------
2025 2024
-------- -------
Cash Flows from Operating Activities:
Net income $ 1,182 $ 1,273
Adjustments to reconcile net income to
net cash provided by operating
activities:
Depreciation, depletion, accretion and
amortization 914 889
Loss on impairments 15 2
Share-based compensation 14 6
Gain on disposal of long-lived assets (15) (40)
Gain on land expropriation -- (31)
Deferred tax expense (benefit) 78 (35)
Net periodic benefit cost 12 71
Other items, net 134 109
Changes in operating assets and
liabilities, net of effects of
acquisitions:
Accounts receivable, net (43) 211
Due from related party 49 (22)
Inventories (61) (146)
Accounts payable 190 28
Due to related party (82) (7)
Other assets 45 (19)
Other liabilities (199) 48
Defined benefit pension plans and
other postretirement benefit plans (25) (55)
-------- -------
Net cash provided by operating
activities 2,208 2,282
Cash Flows from Investing Activities:
Purchases of property, plant and
equipment (788) (642)
Acquisitions, net of cash acquired (86) (249)
Proceeds from disposals of long-lived
assets 21 61
Proceeds from land expropriation 20 32
Proceeds from property and casualty
insurance 2 --
Net decrease (increase) in short-term
related-party notes receivable from cash
pooling program 522 (383)
Other investing activities, net (52) (27)
-------- -------
Net cash used in investing activities (361) (1,208)
Cash Flows from Financing Activities:
Transfers to Holcim, net (91) (304)
Proceeds from issuance of long-term debt,
net of discount 3,395 --
Payments of debt issuance costs (24) --
Net repayments of short-term
related-party debt (129) (101)
Proceeds from debt-for-debt exchange with
Holcim 922 --
Proceeds from issuances of long-term
related-party debt 22 230
Repayments of long-term related-party
debt (5,541) (272)
Payments of finance lease obligations (106) (82)
Other financing activities, net (3) (8)
-------- -------
Net cash used in financing activities (1,555) (537)
Effect of exchange rate changes on cash and
cash equivalents 45 (59)
-------- -------
Increase in cash and cash equivalents 337 478
Cash and cash equivalents at the beginning
of year 1,585 1,107
-------- -------
Cash and cash equivalents at the end of year $ 1,922 $ 1,585
======== =======
Amrize Ltd
Reconciliation of
Non-GAAP Financial
Measures
Adjusted EBITDA and Adjusted
EBITDA Margin (Unaudited)
($ in millions,
except percentage
data)
For the three months For the years ended
ended December 31, December 31,
--------------------- ----------------------
2025 2024 2025 2024
--------- --------- ---------- ---------
Net income $ 298 $ 292 $1,182 $1,273
Depreciation,
depletion,
accretion and
amortization 244 225 914 889
Interest expense,
net 85 128 413 512
Income tax expense 100 75 326 368
---- --- ---- --- ----- --- -----
EBITDA 727 720 2,835 3,042
Acquisition and
integration-related
costs(1) 31 13 64 46
Litigation-related
costs(2) 2 6 46 9
Loss on
impairments(3) 13 -- 15 2
Restructuring and
other costs(4) 6 5 19 16
Spin-off and
separation-related
costs(5) 8 5 43 24
Other non-operating
(income) expense,
net(6) (2) 48 (4) 55
Income from equity
method investments (6) (6) (11) (13)
---- ---- ----- -----
Adjusted EBITDA 779 791 3,007 3,181
Unallocated
corporate costs 56 45 210 141
---- --- ---- --- ----- --- -----
Total Segment
Adjusted EBITDA $ 835 $ 836 $3,217 $3,322
==== === ==== === ===== === =====
Building
Materials $ 705 $ 666 $2,485 $2,552
Building Envelope $ 130 $ 170 $ 732 $ 770
Net income margin 10.5% 10.2% 10.0% 10.9%
EBITDA Margin 25.6% 25.3% 24.0% 26.0%
Adjusted EBITDA
Margin 27.4% 27.8% 25.5% 27.2%
Building
Materials 32.6% 32.0% 29.2% 30.6%
Building Envelope 19.2% 22.1% 22.2% 22.8%
(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 primarily include charges
associated with non-core sites.
(5) Spin-off and separation-related costs notably include rebranding
costs.
(6) Other non-operating (income) expense, net primarily consists of
costs related to pension and other postretirement benefit plans and
gains on proceeds from property and casualty insurance.
Amrize Ltd
Reconciliation of Non-GAAP
Financial Measures (Unaudited)
Net Debt
Adjusted EBITDA
Net Leverage Ratio
($ in millions, except ratio)
As of December 31, 2025
-------------------------------------
Short-term borrowings $ --
Current portion of long-term debt 333
Long-term debt 4,936
------------------------------ -----
Gross Debt 5,269
Less: Cash and cash equivalents 1,922
------------------------------ -----
Net Debt $ 3,347
============================== =====
For the year ended (trailing twelve
months ended) December 31, 2025
-------------------------------------
Net income $ 1,182
Depreciation, depletion, accretion
and amortization 914
Interest expense, net 413
Income tax expense 326
------------------------------ -----
EBITDA 2,835
Acquisition and
integration-related costs(1) 64
Litigation-related costs(2) 46
Loss on impairments(3) 15
Restructuring and other costs(4) 19
Spin-off and separation-related
costs(5) 43
Other non-operating income(6) (4)
Income from equity method
investments (11)
------------------------------ ----
Adjusted EBITDA $ 3,007
============================== =====
(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 primarily 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
pension and other postretirement benefit plans and gains on proceeds from
property and casualty insurance.
As of December 31, 2025
-------------------------------------
Net leverage ratio 1.1x
Amrize Ltd
Reconciliation of Non-GAAP
Financial Measures (Unaudited)
Free Cash Flow
Adjusted Diluted EPS
($ in millions, except ratios
and per share amounts)
For the years
For the three months ended December
ended December 31, 31,
--------------------- -----------------
2025 2024 2025 2024
----- ----- ----- -----
Net cash provided by
operating
activities $1,804 $1,727 $2,208 $2,282
Capital
expenditures,
net(1) (148) (56) (745) (549)
----- ----- ----- -----
Free Cash Flow $1,656 $1,671 $1,463 $1,733
===== ===== ===== =====
(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 years
For the three months ended December
ended December 31, 31,
--------------------- -----------------
2025 2024 2025 2024
----- ----- ----- -----
Diluted EPS $ 0.54 $ 0.53 $ 2.14 $ 2.30
Acquisition and
integration-related
costs(1) 0.04 0.02 0.09 0.06
Litigation-related
costs(2) -- 0.01 0.06 0.02
Loss on
impairments(3) 0.02 -- 0.02 --
Restructuring and
other costs(4) 0.01 -- 0.03 0.02
Spin-off and
separation-related
costs(5) 0.01 0.01 0.06 0.04
----- ----- ----- -----
Adjusted Diluted EPS $ 0.62 $ 0.57 $ 2.40 $ 2.44
===== ===== ===== =====
(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 primarily include charges
associated with non-core sites.
(5) Spin-off and separation-related costs notably include
rebranding costs.
For the U.S. GAAP to Adjusted Diluted EPS reconciliation,
adjusted items are shown net of tax in aggregate of $14 million
and $7 million for the three months ended December 31, 2025 and
2024, respectively, and in aggregate of $44 million and $23
million for the years ended December 31, 2025 and 2024,
respectively, based on applying the statutory tax rate for the
jurisdictions in which the adjustment occurred or, by adjusting
the tax effect to consider the impact of applying an annual
effective tax rate on an interim basis. For purposes of
reconciling adjusted diluted earnings per share with respect to
taxes period-over-period, the Company utilizes a "rate approach"
to highlight the impact of the adjusted tax rate. It is computed
by multiplying the prior period adjusted rate by the current
period adjusted income before taxes to determine the expected
tax expense. Such expected tax expense is then compared to
actual tax expense. Expected tax in excess of actual tax
variance is favorable; actual tax in excess of expected tax
variance is unfavorable. The variance divided by diluted shares
outstanding at the end of the period yields the impact on
earnings per share. Management believes the use of this measure
best aids in explaining the impact of a changing tax rate.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260217470417/en/
CONTACT: Media Relations: media@amrize.com
Investor Relations: investors@amrize.com
(END) Dow Jones Newswires
February 17, 2026 16:15 ET (21:15 GMT)
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