Amrize Ltd
For the period ended Sep 30, 2026. Filed Oct 29, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Oct 29, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-10.
0002035989-26-000067
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-10-29.
0002035989-26-000090
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 530 previous paragraphs and 539 current paragraphs.
344 unchanged; 83 reworded; 102 added; 102 removed; 1 previous and 10 current paragraphs rearranged.
Tables are not compared: 13 previous and 13 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (102)
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is as follows:
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•We completedtwo acquisitions in thenine months ended September 30, 2026 andthree in thenine
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months ended September 30, 2025; and
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three and nine months ended September 30, 2025, respectively.
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“foreign private issuer” as defined in Rule 3b-4 under the Exchange Act, and the Company files periodic and
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current reports with the SEC on the forms prescribed for U.S. domestic issuers.
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professional services supporting Sarbanes-Oxley implementation efforts. We expect the Spin-Off and
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policy uncertainty, energy market disruptions (including the rising cost of diesel), geopolitical conflicts,
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product offerings to customers. We expect the ongoing execution of our ASPIRE program to accelerate
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Certain inflationary pressures have become impactful during 2026, increasing the cost of material, freight,
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and diesel. These higher costs have been partially offset by higher pricing and fuel surcharges, which
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mitigated the impact of inflation on the Company’s operating results. The Company expects these inflationary
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pressures to continue into 2027, resulting in higher costs. If customers are unwilling to accept price increases
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of Amrize’s products or fuel surcharges, these inflationary pressures could have an adverse effect on the
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Company’s operations and financial condition. These inflationary pressures are driven by factors outside of
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the Company’s control, and as a result, the Company cannot reasonably foresee when these conditions will
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subside.
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compared to 24.3% and 28.9% for thethree and nine months ended September 30, 2025, respectively. We
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Revenues for thethree months ended September 30, 2026 were$3,771 million, an increase of$81 million, or
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revenues for thethree months ended September 30, 2026 was primarily driven by price increases of$78
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million, contributions from acquisitions of$77 million, and surcharges of$23 million, partially offset by lower
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volumes of$69 million, other impacts of$22 million, and the unfavorable impact of foreign exchange of$6
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Revenues for thenine months ended September 30, 2026 were$9,445 million, an increase of$448 million, or
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million, contributions from acquisitions of$154 million, price increases of$42 million, surcharges of$37
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lower prices within our Building Envelope segment and other impacts of$11 million.
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75.4% and 24.6% for thethree months ended September 30, 2026, respectively, and 75.7% and 24.3% for
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Materials segment and Building Envelope segment was 71.9% and 28.1% for thenine months ended
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September 30, 2026, respectively, and 71.1% and 28.9% for thenine months ended September 30, 2025,
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Cost of revenues for thethree months ended September 30, 2026 was$2,690 million, an increase of$92
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million, or 3.5%, from$2,598 million for thethree months ended September 30, 2025. Theincrease for the
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three months ended September 30, 2026 was driven by higher raw materials cost and distribution costs,
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mainly due to increased freight, and fuel costs.
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Cost of revenues for thenine months ended September 30, 2026 was$7,163 million, an increase of$436
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million, or 6.5%, from$6,727 million, for thenine months ended September 30, 2025. Theincrease for the
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nine months ended September 30, 2026 was driven by higher raw materials cost and distribution costs,
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mainly due to increased freight, and fuel costs.
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30, 2026 and 2025, respectively, and 75.8% and 74.8% for thenine months ended September 30, 2026 and
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was 73.6% and 26.4% for thethree months ended September 30, 2026 and 75.1% and 24.9% for thethree
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segment and Building Envelope segment was 71.1% and 28.9% for thenine months ended September 30,
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2026 and 71.5% and 28.5% for thenine months ended September 30, 2025.
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follows:
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ended June 30, 2025, for total cash consideration, net of cash acquired, of$69 million. We
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completedone acquisition in thesix months ended June 30, 2026 andtwo in thesix months ended
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June 30, 2025, for total cash consideration, net of cash acquired, of$425 million and$78 million,
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respectively; and
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months ended June 30, 2025, respectively.
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trade policy uncertainty, energy market disruptions, geopolitical conflicts, fluctuations in interest rates, and
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expect the execution of our ASPIRE program to accelerate synergies and profitable growth, by investing in
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growth opportunities.
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compared to 29.8% and 32.2% for thethree and six months ended June 30, 2025, respectively. We intend to
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product mix.
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material and distribution costs within the Building Materials and Building Envelope segments. These factors
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Revenues for thethree months ended June 30, 2026 were$3,494 million, an increase of$276 million, or
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the second quarter of 2026 was primarily driven by volume growth of$200 million, contributions from
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acquisitions of$54 million, price increases of$16 million, and the favorable impact of foreign exchange of$6
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Revenues for the six months ended June 30, 2026 were$5,675 million, an increase of$368 million, or 6.9%,
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partially offset by lower prices with our Building Envelope segment.
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70.0% and 30.0% for thethree months ended June 30, 2026, respectively, and 70.2% and 29.8% for thethree
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segment and Building Envelope segment was 69.6% and 30.4% for thesix months ended June 30, 2026,
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respectively, and 67.8% and 32.2% for thesix months ended June 30, 2025, respectively.
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Cost of revenues for the three months ended June 30, 2026 was$2,501 million, an increase of$224 million,
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or 9.8%, from$2,277 million for the three months ended June 30, 2025. Theincrease for thethree months
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ended June 30, 2026 consisted primarily ofan increase of$118 million from the Building Materials segment
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andan increase of$91 million from the Building Envelope segment.
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Cost of revenues for the six months ended June 30, 2026 was$4,474 million, an increase of$345 million, or
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8.4%, from$4,129 million, for the six months ended June 30, 2025. Theincrease for thesix months ended
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June 30, 2026 was comprised primarily ofan increase of$238 million from the Building Materials segment
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andan increase of$88 million from the Building Envelope segment.
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2025, respectively, and 78.8% and 77.8% for thesix months ended June 30, 2026 and 2025, respectively.
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also impacted by increased warranty accruals.
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was 68.4% and 31.6% for thethree months ended June 30, 2026 and 69.6% and 30.4% for thethree months
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Building Envelope segment was 69.5% and 30.5% for thesix months ended June 30, 2026 and 69.2% and
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30.8% for thesix months ended June 30, 2025.
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Selling, general and administrative expenses for the three months ended June 30, 2026 were$283 million, a
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decrease of$3 million, or 1.0%, from$286 million for the three months ended June 30, 2025. Thedecrease
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Selling, general and administrative expenses for the six months ended June 30, 2026 were$568 million, an
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increase of$39 million, or 7.4%, from$529 million for the six months ended June 30, 2025. The increase for
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growth.
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Interest expense, net for thethree and six months ended June 30, 2026 was$89 million and$167 million, a
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decrease of$32 million and$72 million, respectively, or 26.4% and 30.1%, from$121 million and$239 million,
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Our Building Envelope segment is subject to seasonal fluctuations in demand, primarily drivenby trends in
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Our Building Envelope segment is subject to seasonal fluctuations in demand, primarily driven by trends in
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A summary of our performance highlightsfor the three and six months ended June 30, 2026 and 2025 is as
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A summary of our performance highlightsfor the three and nine months ended September 30, 2026 and 2025
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•We completed no acquisitions in thethree months ended June 30, 2026 andone in thethree months
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•We completedone acquisition in thethree months ended September 30, 2026 andone in thethree
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•We invested$244 million and$520 million in capital expenditure projects in thethree and six months
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•We invested$262 million and$773 million in net capital expenditure projects in thethree and nine
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ended June 30, 2026, respectively, compared with$235 million and$448 million in thethree and six
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months ended September 30, 2026, respectively, compared with$184 million and$603 million in the
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the SIX Swiss Exchange, where our Ordinary Shares are listed under the symbol “AMRZ”.
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the SIX Swiss Exchange, where our Ordinary Shares are listed under the symbol “AMRZ”. Amrize is no longer a
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and separation-related costs”) are non-recurring in nature, consisting primarily of rebranding. We expect the
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and separation-related costs”)are non-recurring in nature, consisting primarily of rebranding costs and
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Spin-Off and separation-related costs to continue through fiscal year 2027. In line with our ASPIRE program
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separation-related costs to continue through fiscal year 2027. In line with our ASPIRE program (an initiative
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(an initiative launched in the second quarter of 2025 to accelerate synergies by leveraging our scale to
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launched in the second quarter of 2025 to accelerate synergies by leveraging our scale to optimize third-
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optimize third-party spending and drive efficiencies across procurement, logistics, and operating functions),
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party spending and drive efficiencies across procurement, logistics, and operating functions), we will continue
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we will continue to look for operational cost improvement opportunities as a standalone company to drive
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to look for operational cost improvement opportunities as a standalone company to drive lower costs across
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lower costs across our business and corporate functions.
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our business and corporate functions.
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We operate in competitive markets with respect to each of our segments. Recent market conditions, such as
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We operate in competitive markets across each of our segments. Recent market conditions, such as trade
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construction market labor challenges may impact various markets in which we operate. Our Building Envelope
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fluctuations in interest rates, and construction market labor challenges may impact various markets in which
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segment has been impacted by these market conditions. However, our Building Materials segment has
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we operate. Our Building Envelope segment has been impacted by these market conditions. However, our
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remained resilient by leveraging our scale, unique footprint, and diverse product offerings to customers. We
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Building Materials segment has remained resilient by leveraging our scale, unique footprint, and diverse
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streamlining our network. Over the long term, we expect growth in demand due to urbanization, aging
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synergies and profitable growth, by investing in streamlining our network. Over the long term, we expect
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infrastructure, recent onshoring trends, population growth, and historical underinvestment in residential
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growth in demand due to urbanization, aging infrastructure, recent onshoring trends, population growth, and
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housing. As market conditions evolve, we believe that we are uniquely positioned to capitalize on these
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historical underinvestment in residential housing. As market conditions evolve, we believe that we are
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accounted for 30.0% and 30.4% of our revenues for thethree and six months ended June 30, 2026,
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accounted for 24.6% and 28.1% of our revenues for thethree and nine months ended September 30, 2026,
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continue building out our Building Envelope segment through expansions, acquisitions, and development of
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intend to continue building out our Building Envelope segment through expansions, acquisitions, and
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additional solutions and products, as we believe this will unlock long-term value creation. Such expansions
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development of additional solutions and products, as we believe this will unlock long-term value creation.
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and acquisitions depend on our ability to raise capital and seamlessly integrate new products into our current
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Such expansions and acquisitions depend on our ability to raise capital and seamlessly integrate new
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Innovation. Through ourresearch and development engine, we seek to drive cutting-edge innovation to
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Innovation. Through our research and development engine, we seek to drive cutting-edge innovation to
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technologies across our operations. Maintaining this level of innovation requires us tospend a substantial
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technologies across our operations. Maintaining this level of innovation requires us to spend a substantial
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including the jurisdiction in which operating profit is earned and the nature and timing ofdiscrete items.
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including the jurisdiction in which operating profit is earned and the nature and timing of discrete items.
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Our financial resultsfor the three and six months ended June 30, 2026 and 2025 were affected byhigher raw
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Our financial resultsfor the three and nine months ended September 30, 2026 and 2025 were affected by
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are outside of our control and may impact our operations in the future. The extent to which global economic
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operations in the future. The extent to which global economic challenges will ultimately impact our business,
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depend on numerous factors, which are highly uncertain, rapidly changing, and cannot be predicted.
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uncertain, rapidly changing, and cannot be predicted.
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Three and Six Months Ended June 30, 2026 Compared to Three and Six Months Ended June 30, 2025
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Three and Nine Months Ended September 30, 2026 Compared to Three and Nine Months Ended
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8.6%, from$3,218 million for the three months ended June 30, 2025. The increase in our overall revenues for
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2.2%, from$3,690 million for thethree months ended September 30, 2025. The increase in our overall
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from$5,307 million for thesix months ended June 30, 2025. The increase in our overall revenues for the first
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5.0%, from$8,997 million for thenine months ended September 30, 2025. The increase in our overall
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six months of 2026 was primarily attributable to volume growth of$278 million, contributions from
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revenues for thenine months ended September 30, 2026 was primarily attributable to volume growth of$207
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acquisitions of$77 million, and the favorable impact of foreign exchange of$25 million. These factors were
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million, and the favorable impact of foreign exchange of$19 million. These factors were partially offset by
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months ended June 30, 2025, respectively. The proportion of revenues related to the Building Materials
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thethree months ended September 30, 2025, respectively. The proportion of revenues related to the Building
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Cost of revenues as a percentage of Revenues was 71.6% and 70.8% three months ended June 30, 2026 and
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Cost of revenues as a percentage of Revenues was 71.3% and 70.4% for thethree months ended September
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The increase in Cost of revenues in both periods as a percentage of Revenues relates in part tohigher raw
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2025, respectively. The increase in Cost of revenues in both periods as a percentage of Revenues relates in
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material and distribution costs within both segments. Cost of revenues in our Building Envelope segment was
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part to higher raw material and distribution costs within both segments.
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ended June 30, 2025. The proportion of Cost of revenues related to the Building Materials segment and
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months ended September 30, 2025. The proportion of Cost of revenues related to the Building Materials
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for thethree months ended June 30, 2026 was primarily due to lower third-party professional services.
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Thedecrease for thethree months ended September 30, 2026 was primarily due to higher litigation costs
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uniquely positioned to capitalize on these growth opportunities.
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products into our current product mix.
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higher raw material and distribution costs. These factors are outside of our control and may impact our
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operations, financial condition, and results of operations will depend on numerous factors, which are highly
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(1)See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures” for
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Company has operated with a lower debt profile.
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operating costs and higher depreciation, depletion, accretion and amortization expense. Net income margin
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definitions of these non-GAAP financial measures, information about how and why we use these non-GAAP financial measures and a
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reconciliation of each of these non-GAAP financial measures to its most directly comparable financial measure calculated in accordance
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from land expropriation, and proceeds from property and casualty insurance income.
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challenges will ultimately impact our business, operations, financial condition, and results of operations will