Amrize NYSE: AMRZ executives said the company opened 2026 with “a strong start,” led by accelerating demand in its building materials business, while its building envelope segment faced softer roofing conditions and a temporary manufacturing disruption. Management reaffirmed full-year guidance and highlighted pricing actions, the early impact of its PB Materials acquisition, and shareholder return plans.
First-quarter results and segment performance
Chairman and CEO Jan Jenisch said Amrize grew first-quarter revenue 4.7% to $2.2 billion and reported $192 million in adjusted EBITDA. He noted the first quarter is “a seasonally small quarter for Amrize,” but said the company was encouraged by demand trends, particularly in building materials.
In building materials, Jenisch said revenue increased 12.9% to about $1.5 billion, supported by “growing new project starts and multi-year supply agreements for mega projects.” He added that the segment delivered double-digit volume growth in both cement and aggregates, and that adjusted EBITDA rose 42% with a 230-basis-point margin expansion. Jenisch attributed the improvement to higher volumes, aggregates pricing, operational efficiency, and benefits from the company’s ASPIRE program.
CFO Baris Oran provided additional detail, reporting that cement volumes increased 13.9% and aggregates volumes grew 14.1% in the quarter. Oran said volume growth accelerated on both a year-over-year and two-year stack basis, which he said gave management confidence that “underlying demand has growing momentum.”
Amrize’s building envelope segment, however, showed weaker results. Jenisch said segment revenue was affected by “softer roofing demand and pricing,” while adjusted EBITDA was pressured by lower volumes, price-cost headwinds, and a “temporary plant disruption.” Oran said building envelope revenue declined 9.8% year-over-year to $678 million, driven largely by soft industry volumes and pricing. Oran added that commercial repair and refurbishment activity was resilient, but new construction remained soft, and residential demand was also weak in the quarter.
Pricing actions, mix effects, and margin commentary
Oran said cement pricing in the first quarter was down 2.4% on a constant-currency basis, though up sequentially. He attributed the year-over-year comparison partly to timing, noting that in 2025 cement pricing in the U.S. and Canada was implemented early in January, while in 2026 U.S. cement pricing returned to a “normal historical cadence in the spring.”
Both Oran and Jenisch also pointed to a mix impact from a large customer project in cement. Oran said the project created “an unfavorable mix impact” to pricing but benefited cement margins. In the Q&A, Jenisch estimated the mix impact at “around 1% for Q1,” and described the project as “super attractive with very high volume deliveries,” albeit at a “special project price” that softened the average selling price.
For aggregates, Oran said pricing increased 1% on a freight-adjusted, constant-currency basis, and was up 3.6% including freight. He said the quarter was affected by mix from large projects, geography, and an acquisition. Jenisch added that on a mix-adjusted basis, aggregates prices were up about 3% in the first quarter.
Management emphasized new price increases and fuel surcharges. Oran said aggregates and U.S. cement price increases were implemented in April, and that additional fuel surcharges were being put in place. He said the company had seen “solid traction” for those increases and expected “slightly positive cement pricing in Q2” and “mid-single digits pricing growth in Q2” for aggregates.
In building envelope, Oran said price-cost was down low single digits as a percentage of revenue during the quarter and that adjusted EBITDA was also affected by a temporary disruption at a residential shingles facility. Jenisch later said one of the company’s three shingle factories was down for four weeks due to a production line failure, calling the impact “quite significant,” though he declined to quantify it. He said the issue had been “solved and rectified and is running.”
Demand outlook: commercial construction strength vs. softer residential
Jenisch said the company was seeing “accelerating customer demand in commercial construction,” which he said accounts for about half of Amrize’s business. He cited demand tied to data centers and energy projects, as well as increased new project starts and multi-year supply agreements for mega projects. Within infrastructure, he said the company expects steady spending across federal, state, and local levels amid “modernization of North America's aging infrastructure.”
Residential new construction and repair and refurbishment remained soft in the first quarter, according to Jenisch. He said the company expects seasonal trends to support weather-related demand in the second half of 2026, with a recovery in new construction expected in 2027.
On building envelope demand, Jenisch said commercial projects that broke ground in 2025 and contributed to higher building materials volumes are expected to convert into roofing volumes in the second half of 2026. He also said reroofing activity had been low due to limited storm seasons, and that a normalization of weather could support more reroofing demand.
Capital allocation, PB Materials acquisition, and shareholder returns
Jenisch said Amrize invested $272 million in capital expenditures in the first quarter and remains on track to invest $900 million in 2026. He said spending is aimed at expanding production and improving operational efficiency, citing cement plant expansions in markets including Texas and Calgary, quarry expansions, and construction of new Malarkey shingle plants in Indiana.
The company also closed its acquisition of PB Materials on Feb. 18. Jenisch described PB Materials as “the aggregates leader in high-growth West Texas,” adding that it brings “50 years of aggregate reserves and 26 operational sites throughout West Texas.” He said the business contributed to first-quarter results despite only being included for six weeks and that Amrize expects the deal to be EPS and cash accretive in 2026.
In response to an analyst question, Jenisch said the purchase multiple was “maybe 12x EBITDA or something” before synergies, and said the company expects PB Materials to “significantly grow” and that it has a “good pipeline” of additional M&A opportunities.
On shareholder returns, Jenisch said the board declared Amrize’s first quarterly dividend of $0.11 per share to be paid May 20, and reiterated that a special one-time dividend for 2025 of $0.44 per share will be paid May 4. He said both dividends will be paid out of capital contribution reserves and “are not subject to Swiss withholding tax.” Jenisch also said the previously announced $1 billion share repurchase program, authorized for 12 months, is planned to begin after the Q1 earnings results.
Oran said Amrize ended the quarter with approximately $1.1 billion in cash and cash equivalents and $4.3 billion of total available liquidity. He said net interest expense is lower year-over-year and is expected to be roughly $340 million for the full year.
Guidance reaffirmed amid cost and macro volatility
Jenisch said the company reaffirmed its 2026 outlook, projecting revenue growth of 4% to 6% and adjusted EBITDA growth of 8% to 11%, including contributions from PB Materials. He added that Amrize expects full-year cement pricing to be up low single digits and aggregates pricing to be up mid-single digits on a freight-adjusted basis.
Asked why the company remained confident in guidance given macro volatility and higher costs, Jenisch pointed to strong volume trends and pricing actions, and discussed Amrize’s energy exposure. He said direct energy spending was about 9% of total spend last year, or about $650 million, with about 60% linked to natural gas. He said natural gas prices were at a 12-month low and “was not impacted by the current geopolitical instability in the Middle East.” Jenisch added that 40% of diesel and other fuel needs for 2026 are already pre-bought, and said the company is using fuel surcharges and price increases to address cost inflation.
When asked whether revenue guidance might be conservative given the quarter’s strong start and additional pricing expected to flow through, Jenisch said the company preferred to remain cautious on the broader economy and emphasized its focus on delivering the adjusted EBITDA growth target.
About Amrize NYSE: AMRZ
Amrize AG focuses on building materials business in North America. The company was incorporated in 2023 and is based in Zug, Switzerland. Amrize AG operates independently of Holcim AG as of June 23, 2025.
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