Amrize (AMRZ) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue increased 4.7% year-over-year to $2,178 million, driven by strong demand and double-digit volume growth in Building Materials, while Building Envelope faced softness due to lower demand and a temporary plant disruption.

• Adjusted EBITDA was $192 million, down 10.3% year-over-year, with margin contracting to 8.8% from 10.3%, reflecting higher SG&A, standalone company costs, and lower Building Envelope profitability.

• Net loss widened to $118 million from $87 million in Q1 2025, with diluted loss per share at $(0.21) and net loss margin at (5.4%).

• Completed the $425 million acquisition of PB Materials in February, expanding the aggregates footprint and contributing positively to results.

• Declared first quarterly dividend of $0.11 per share, approved a $0.44 per share annual dividend, and announced a $1 billion share repurchase program to begin after Q1.

Financial highlights

• Building Materials revenue grew 12.9% to $1,500 million, with Segment Adjusted EBITDA up 41.7% to $170 million; cement volumes up 13.9%, aggregates up 14.1%.

• Building Envelope revenue declined 9.8% to $678 million, with Segment Adjusted EBITDA down 37.1% to $78 million, impacted by lower volumes, pricing, and a temporary plant disruption.

• Cost of revenues rose 5.8% to $1,967 million; SG&A expenses increased 22.2% to $292 million due to higher personnel and professional services costs post-spin-off.

• Interest expense, net, decreased 40.7% to $70 million due to lower related-party debt post-spin-off.

• Cash and cash equivalents were $1.1 billion, with total available liquidity of $4.3 billion as of March 31, 2026.

Outlook and guidance

• 2026 revenue guidance reaffirmed at $12.29–$12.52 billion (+4% to +6%), with adjusted EBITDA guidance at $3.25–$3.34 billion (+8% to +11%), including PB Materials contribution.

• Margin expansion targeted via the ASPIRE program, aiming for 70 basis points in 2026 and $250 million in synergies by 2028.

• Building Materials expected to benefit from price increases and strong volumes; Building Envelope expects improvement in the second half of 2026.

• CapEx planned at $900 million for 2026.

• Price increases and fuel surcharges implemented in April, with further actions planned for Q2.