Why did net loss and Adjusted EBITDA worsen despite higher revenue?

Revenue growth was concentrated in Building Materials, where Adjusted EBITDA rose 41.7%. That was more than offset by a 37.1% drop in Building Envelope Adjusted EBITDA, from lower roofing volumes, price-cost pressure and a temporary plant disruption, plus higher unallocated corporate costs of $56 million versus $30 million. Selling, general and administrative expenses also rose to $292 million from $239 million, and acquisition and integration-related costs increased to $23 million.

Is the 2026 guidance still achievable given the weak first quarter?

Management reaffirmed guidance and described Q1 as a seasonally small quarter. It points to April price increases in aggregates, U.S. cement and roofing, fuel surcharges, growing new project starts, and expected second-half seasonal repair demand. The Adjusted EBITDA guidance implies growth of 8% to 11% for the year, which requires a meaningful improvement in Building Envelope margins. Management did not provide a quarterly breakdown, so the guidance remains dependent on that second-half recovery.

How is Amrize funding its capital returns and investments while cash flow is negative?

Cash used in operations was $896 million and capital expenditures were $272 million, with $425 million spent on acquisitions, mainly PB Materials. Cash balances fell by $823 million to $1,099 million, and the company took on $777 million of short-term borrowings. Management points to a $4.3 billion total available liquidity position, including a $2.0 billion revolver and $1.2 billion of undrawn commercial paper capacity, and says free cash flow is historically seasonal and weighted to the second half.

What shareholder returns are planned, and when will they occur?

The Board declared a first quarterly dividend of $0.11 per share, with a cum-dividend date of May 11, 2026, an ex-dividend date and record date of May 12, 2026, and payment on May 20, 2026. The dividend is part of an annual dividend of up to $0.44 per share, paid in up to four installments, and is paid from capital contribution reserves, so it is not subject to Swiss withholding tax. The company also plans to begin a $1.0 billion share repurchase program after Q1 results, following approval of the 2025 financial statements at the AGM. The program has a 12-month expiration.

What should investors watch in the coming quarters?

Key items include whether April price increases in aggregates, cement and roofing stick and drive margin expansion, whether Building Envelope recovers in the second half as commercial new starts convert to roofing demand, progress on the 70 bps ASPIRE margin target for 2026, and the pace of the $1.0 billion buyback relative to free cash flow, which is seasonal and was negative in Q1. Investors may also watch the progress of the PB Materials integration, which management expects to be Adjusted EPS and cash accretive in 2026.

AMRZ 8-K: Earnings & Results & Regulation FD

01—Abstract

Summary

Summary of the 8-K filed April 29, 2026. Cited figures are marked; the original filing is the authoritative source.

Amrize Ltd (AMRZ) reported first-quarter 2026 results on April 29, 2026, with revenues up 4.7% to $2,178 million^a, driven by volume growth in Building Materials and the February acquisition of PB Materials.

However, profitability weakened: net loss widened to $118 million^b ($0.21 per diluted share) from $87 million ($0.16) a year earlier, and Adjusted EBITDA fell 10.3% to $192 million, with Adjusted EBITDA margin contracting 150 bps to 8.8%. The quarter is seasonally small for the company, and management emphasized that free cash flow is historically seasonal and weighted to the second half. The quarter showed a sharp divergence between segments.

Building Materials revenue grew 12.9% to $1,500 million^c, with cement volumes up 13.9% and aggregates volumes up 14.1%, and segment Adjusted EBITDA rose 41.7% to $170 million (margin up 230 bps to 11.3%). Building Envelope was weak, with revenue down 9.8% to $678 million and Adjusted EBITDA down 37.1% to $78 million, reflecting soft roofing demand, price-cost pressure and a temporary plant disruption. Management reaffirmed full-year 2026 guidance of $12.29-$12.52 billion in revenue (+4% to +6%) and $3.25-$3.34 billion in Adjusted EBITDA (+8% to +11%), and expects price increases implemented in April to drive improvement through the year.

Balance sheet and capital allocation items drew attention. Free cash flow was a use of $1,163 million^d, cash used in operations was $896 million, and cash fell to $1,099 million from $1,922 million at year-end, partly funded by $777 million of new short-term borrowings.

Gross debt was $6,046 million, net debt $4,947 million, and the net leverage ratio 1.7x. The Board declared a first quarterly dividend of $0.11 per share (payable May 20, 2026) as part of an up-to-$0.44 annual dividend, and the company plans to begin a $1.0 billion share repurchase program after these results.

02—Key points

Key Highlights

Revenue grew 4.7% to $2,178 million, driven by $79 million of volume growth and $24 million from acquisitions, partially offset by $24 million of lower Building Envelope prices.
Adjusted EBITDA declined 10.3% to $192 million, with margin down 150 bps to 8.8%, reflecting weakness in Building Envelope and higher unallocated corporate costs ($56 million vs. $30 million).
Building Materials was the standout: revenue up 12.9% to $1,500 million and Adjusted EBITDA up 41.7% to $170 million, with cement and aggregates volumes up roughly 14%.
Building Envelope struggled: revenue fell 9.8% to $678 million and Adjusted EBITDA fell 37.1% to $78 million on soft roofing demand, price-cost pressure and a temporary plant disruption.
Net loss widened to $118 million ($0.21 per diluted share) from $87 million ($0.16), while adjusted diluted loss per share was $0.16 vs. $0.14 a year earlier.
Free cash flow was a use of $1,163 million; cash declined to $1,099 million and short-term borrowings of $777 million were added, with net leverage at 1.7x.
2026 guidance was reaffirmed (revenue $12.29-$12.52 billion; Adjusted EBITDA $3.25-$3.34 billion), and a first quarterly dividend of $0.11 was declared alongside a planned $1.0 billion share repurchase program.

03—Questions

Frequently Asked Questions

Why did net loss and Adjusted EBITDA worsen despite higher revenue?
Revenue growth was concentrated in Building Materials, where Adjusted EBITDA rose 41.7%. That was more than offset by a 37.1% drop in Building Envelope Adjusted EBITDA, from lower roofing volumes, price-cost pressure and a temporary plant disruption, plus higher unallocated corporate costs of $56 million versus $30 million. Selling, general and administrative expenses also rose to $292 million from $239 million, and acquisition and integration-related costs increased to $23 million.
Is the 2026 guidance still achievable given the weak first quarter?
Management reaffirmed guidance and described Q1 as a seasonally small quarter. It points to April price increases in aggregates, U.S. cement and roofing, fuel surcharges, growing new project starts, and expected second-half seasonal repair demand. The Adjusted EBITDA guidance implies growth of 8% to 11% for the year, which requires a meaningful improvement in Building Envelope margins. Management did not provide a quarterly breakdown, so the guidance remains dependent on that second-half recovery.
How is Amrize funding its capital returns and investments while cash flow is negative?
Cash used in operations was $896 million and capital expenditures were $272 million, with $425 million spent on acquisitions, mainly PB Materials. Cash balances fell by $823 million to $1,099 million, and the company took on $777 million of short-term borrowings. Management points to a $4.3 billion total available liquidity position, including a $2.0 billion revolver and $1.2 billion of undrawn commercial paper capacity, and says free cash flow is historically seasonal and weighted to the second half.
What shareholder returns are planned, and when will they occur?
The Board declared a first quarterly dividend of $0.11 per share, with a cum-dividend date of May 11, 2026, an ex-dividend date and record date of May 12, 2026, and payment on May 20, 2026. The dividend is part of an annual dividend of up to $0.44 per share, paid in up to four installments, and is paid from capital contribution reserves, so it is not subject to Swiss withholding tax. The company also plans to begin a $1.0 billion share repurchase program after Q1 results, following approval of the 2025 financial statements at the AGM. The program has a 12-month expiration.
What should investors watch in the coming quarters?
Key items include whether April price increases in aggregates, cement and roofing stick and drive margin expansion, whether Building Envelope recovers in the second half as commercial new starts convert to roofing demand, progress on the 70 bps ASPIRE margin target for 2026, and the pace of the $1.0 billion buyback relative to free cash flow, which is seasonal and was negative in Q1. Investors may also watch the progress of the PB Materials integration, which management expects to be Adjusted EPS and cash accretive in 2026.

04—Continue

← View all 8-K filings