10-KPeriod: FY2025

Amrize Ltd Annual Report, Year Ended Dec 31, 2025

Filed February 18, 2026For Securities:AMRZ

Summary

Amrize Ltd. (AMRZ) has filed its 2025 Annual Report on Form 10-K, detailing its performance as a newly independent building solutions company following its spin-off from Holcim Ltd. in June 2025. The company operates across North America, offering a comprehensive range of building materials and envelope solutions, serving over 23,000 customers in the infrastructure, commercial, and residential construction markets. For the year ended December 31, 2025, Amrize reported revenues of $11.8 billion, with net income of $1.18 billion. The company highlights a strategic focus on growth through disciplined acquisitions and investments in its Building Envelope segment, alongside a commitment to shareholder value and innovation. The report also addresses the company's transition to a standalone entity, including the associated costs and the establishment of new corporate functions, while acknowledging the risks inherent in its industry and the broader economic environment.

Financial Statements
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Key Highlights

  • 1Amrize Ltd. completed its spin-off from Holcim Ltd. on June 23, 2025, and is now operating as an independent public company.
  • 2The company reported revenues of $11.8 billion for the fiscal year ended December 31, 2025, with a net income of $1.18 billion.
  • 3Amrize operates in two key segments: Building Materials (72.1% of revenue) and Building Envelope (27.9% of revenue).
  • 4The company made three acquisitions in 2025, two in 2024, and five in 2023, indicating a strategy of growth through inorganic expansion.
  • 5Capital expenditures increased to $788 million in 2025, reflecting investments in production capacity and efficiency improvements.
  • 6Significant debt obligations are in place, including $5.3 billion in senior unsecured notes and a $2.0 billion revolving credit facility.
  • 7The company is actively managing its transition to a standalone entity, incurring separation-related costs but also focusing on operational efficiencies and cost reduction initiatives.

Frequently Asked Questions

Amrize Ltd. is a building solutions company focused on the North American market. It offers a broad range of advanced building solutions from foundation to rooftop, serving customers in the infrastructure, commercial, and residential construction markets. Its product lines include cement, aggregates, ready-mix concrete, asphalt, and roofing systems.

The spin-off from Holcim Ltd. on June 23, 2025, resulted in Amrize becoming an independent public company. This transition involved establishing new corporate functions and incurred separation-related costs. While Amrize no longer benefits from Holcim's centralized services, it has gained direct access to capital resources and a differentiated investment opportunity.

For the year ended December 31, 2025, Amrize reported revenues of $11.8 billion and net income of $1.18 billion. The company also emphasizes Adjusted EBITDA as a key performance metric, which was $3.0 billion for 2025, with an Adjusted EBITDA Margin of 25.5%. The company is focused on managing its significant debt obligations, which stood at $5.3 billion in senior unsecured notes at year-end 2025.

Amrize faces several risks, including economic conditions and inflation impacting construction demand, volatility in raw material and energy costs, intense competition, and the complexities of managing a standalone public company. Specific risks related to its operations include potential disruptions, environmental regulations, and cybersecurity threats. The company also notes a material weakness in its internal controls related to accounting personnel.