Amrize (AMRZ) Q4 2025 earnings summary

Executive summary

• Revenues grew 0.9% to $11.8 billion in 2025, with adjusted EBITDA of $3.0 billion and net income of $1.18 billion, driven by infrastructure and commercial demand.

• Free cash flow reached $1.5 billion (49% conversion), and net leverage ratio improved to 1.1x.

• Completed a successful spin-off and announced the acquisition of PB Materials to expand aggregates in West Texas.

• Board approved a $1 billion share repurchase and proposed $0.44 per share special and annual dividends.

• CapEx investments increased 23% to $788 million in 2025, with plans to rise to $900 million in 2026.

Financial highlights

• Q4 2025 building materials revenues grew 3.9% to $2.16 billion, with adjusted EBITDA up 5.9% to $705 million.

• Building envelope Q4 revenues declined 11.8% to $678 million, with adjusted EBITDA down 23.5% to $130 million.

• Full-year adjusted EBITDA margin was 25.5%, and net debt at year-end was $3.35 billion.

• Free cash flow for 2025 was $1.5 billion, with a 49% cash conversion rate.

• Cement and aggregates volumes increased in Q4, with aggregates pricing up 3.8% year-over-year.

Outlook and guidance

• 2026 guidance: revenues of $12.29–$12.52 billion (+4–6%) and adjusted EBITDA of $3.25–$3.34 billion (+8–11%), including PB Materials acquisition.

• Cement pricing expected to rise low single digits; aggregates mid-single digits; positive volume growth in both.

• Building envelope: low single-digit commercial roofing volume growth, flat residential volumes with improvement in H2.

• Aspire/ASPIRE program targets 70 basis points margin expansion in 2026 and $250 million synergies by 2028.

• Net leverage ratio expected to remain below 1.5x.