Amrize Ltd (AMRZ): Results of Operations and Financial Condition
Amrize Ltd (AMRZ) filed an SEC Form 8-K — Results of Operations and Financial Condition. Amrize Reports Second Quarter 2026 Results • Revenues up 8.6% with organic growth of 6.7% on strong demand and pricing • Net Income increased 14.4% to $476 million and Adjusted EBITDA grew 5.8% to $986 million • Diluted Earnings Per Share increased 14.7% and Adjusted Diluted Earn
How this was made
The 30-second read
Why it matters
Traders can update models for FY 2026 revenue and Adjusted EBITDA ranges, and reassess near-term margin risk from oil-price driven cost inflation and price-cost timing.
Market read
A same-day earnings and guidance update with explicit FY 2026 ranges and shareholder return details, plus a stated cost-inflation headwind.
What to watch
The filing emphasizes timing differences between price realization and cost inflation, which can create volatility in quarterly earnings even with full-year guidance.
Amrize Reports Second Quarter 2026 Results
Revenues increased 8.6%, net income increased 14.4%, and adjusted diluted earnings per share grew 8.6%, while Adjusted EBITDA margin declined to 28.2% from 29.0% amid oil price driven cost inflation.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| RevenuesGAAP | $3,494 million | – | 8.6% |
| Net incomeGAAP | $476 million | – | +14.4% |
| Net income marginGAAP | 13.6% | – | +70bps |
| Adjusted EBITDAnon-GAAP | $986 million | – | +5.8% |
| Adjusted EBITDA marginnon-GAAP | 28.2% | – | (80bps) |
| Diluted earnings per share (EPS)GAAP | $0.86 | – | +14.7% |
| Adjusted diluted earnings per sharenon-GAAP | $0.88 | – | +8.6% |
| Unallocated corporate costsother | $44 million | – | – |
| Capital expenditures, netother | $241 million | – | – |
| Six-month revenuesGAAP | $5,675 million | – | 6.9% |
| Six-month net incomeGAAP | $369 million | – | +14.6% |
| Six-month net income marginGAAP | 6.5% | – | +40bps |
| Six-month Adjusted EBITDAnon-GAAP | $1,178 million | – | +1.8% |
| Six-month Adjusted EBITDA marginnon-GAAP | 20.8% | – | (100bps) |
| Six-month diluted earnings per share (EPS)GAAP | $0.67 | – | +15.5% |
| Six-month adjusted diluted earnings per sharenon-GAAP | $0.74 | – | +12.1% |
| Six-month capital expenditures, netother | $511 million | – | – |
| Building Materials cement tons soldother | 6.3 million | – | 5.0% |
| Building Materials aggregates tons soldother | 34.3 million | – | 6.5% |
| Building Materials cement price per tonother | $171.43 | – | (0.1%) |
| Building Materials cement price per ton, constant currencyother | $171.19 | – | (0.2%) |
| Building Materials aggregates price per tonother | $14.67 | – | 4.4% |
| Building Materials aggregates price per ton, constant currencyother | $14.61 | – | 4.0% |
| Six-month Building Materials cement tons soldother | 10.5 million | – | 9.4% |
| Six-month Building Materials aggregates tons soldother | 52.2 million | – | 9.0% |
| Six-month Building Materials cement price per tonother | $170.39 | – | (0.7%) |
| Six-month Building Materials cement price per ton, constant currencyother | $169.78 | – | (1.0%) |
| Six-month Building Materials aggregates price per tonother | $14.96 | – | 3.8% |
| Six-month Building Materials aggregates price per ton, constant currencyother | $14.85 | – | 3.1% |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Building MaterialsRevenue growth was driven by volume growth, contributions from acquisitions, and aggregates price increases. | $2,445 million | – | 8.2% |
FY 2026 outlook
- Revenue$12.5 billion to $12.7 billion
- Tax rate23% - 25%
- NoteAdjusted EBITDA $3.1 billion to $3.2 billion
- NoteCapital Expenditures ~$900 million
- NoteInterest Expense, Net ~$340 million
- NoteCorporate Costs ~$200 million
- NoteCement pricing to be flat or up low single digits
- NoteAggregates pricing to be up mid-single digits on a freight adjusted basis
- NoteLow-single digit growth in commercial roofing volumes
- NoteHigh single digit volume growth in residential roofing
- Note$80 million of ASPIRE savings in 2026
Capital returns
- $502 million returned to shareholders in the second quarter.
- The company launched its $1 billion share buyback program and repurchased $197 million worth of Amrize shares in the second quarter.
- Amrize paid $305 million of dividends including the special dividend for 2025 of $0.44 per share on May 4, 2026, and the first quarter dividend of $0.11 per share on May 20, 2026.
- The Board declared a dividend of $0.11 per share for the second quarter to be paid on August 26, 2026.
What drove it
- Revenue growth was primarily driven by strong volume growth of $200 million, contributions from acquisitions of $54 million from the Building Materials segment, aggregates price increases of $16 million, and a $6 million favorable impact from foreign exchange.
- Adjusted EBITDA growth was driven by higher volumes, aggregates price increases, and ASPIRE savings.
- Building Materials cement volumes were up 5.0%, while Supplementary Cementitious Materials volumes were up double digits.
- Building Materials aggregates volumes were up 6.5% and pricing grew 4.0% on a constant currency, freight adjusted basis.
- Building Envelope sales momentum was driven by a strong pipeline of large-scale commercial projects and growth in residential roofing.
Concerns
- Oil price driven cost inflation drove higher freight, diesel and raw materials costs.
- Adjusted EBITDA margin was 28.2% compared to 29.0% in the second quarter of 2025.
- Lower insurance proceeds compared to the prior period partially offset Adjusted EBITDA growth.
- The timing difference between price realization and oil price driven cost inflation is expected to affect Full Year company earnings.
What to watch
- Cement pricing is expected to be flat or up low single digits for the full year.
- Aggregates pricing is expected to be up mid-single digits on a freight adjusted basis for the full year.
- The company expects second half Building Envelope price-cost to improve compared to the first half of the year.
- The ASPIRE program is expected to achieve $80 million of savings in 2026.
- Additional price increases are expected to be realized in the second half of the year.
Balance sheet and cash flow
- The company invested $241 million in capital expenditures, net for the three months ended June 30, 2026.
- The company invested $511 million in capital expenditures, net for the six months ended June 30, 2026.
- The company expects to invest approximately $900 million in 2026 to expand production, increase operational efficiency and best serve customers.
Analysis
Amrize reported a solid second quarter, with revenues of $3,494 million, up 8.6%, and net income of $476 million, up 14.4%. Diluted EPS increased 14.7% to $0.86, while adjusted diluted EPS increased 8.6% to $0.88. The reported revenue increase was primarily driven by strong volume growth of $200 million, acquisition contributions of $54 million in Building Materials, aggregates price increases of $16 million, and a $6 million favorable foreign-exchange impact.
Building Materials revenues increased 8.2% to $2,445 million. Cement volumes were up 5.0%, aggregates volumes were up 6.5%, and aggregates pricing increased 4.0% on a constant currency, freight adjusted basis. Cement pricing was down 0.2% on a constant currency basis, though the company stated that pricing improved 2.1% compared to Q1 2026 as increases were realized. The company also cited double-digit growth in Supplementary Cementitious Materials volumes and contributions from acquisitions.
Profit growth lagged revenue growth at the adjusted EBITDA level. Adjusted EBITDA increased 5.8% to $986 million, and the adjusted EBITDA margin declined 80 basis points to 28.2%. Higher volumes, aggregates price increases, and ASPIRE savings supported earnings, but higher freight, diesel and raw-material costs and lower insurance proceeds were offsets. Unallocated corporate costs improved to $44 million from $72 million in the second quarter of 2025 and $56 million in the first quarter of 2026.
Capital deployment combined production investment, acquisitions, and shareholder returns. The company invested $241 million in capital expenditures, net during the quarter and cited contributions from PB Materials as well as the July acquisition of Rapid Redi-Mix. It returned $502 million to shareholders, including $197 million of share repurchases and $305 million of dividends. The company launched a $1 billion share buyback program.
For FY 2026, Amrize raised revenue guidance to $12.5 billion to $12.7 billion and set Adjusted EBITDA guidance at $3.1 billion to $3.2 billion. Management expects continued volume growth in cement and aggregates, ongoing price increases in the second half, and $80 million of ASPIRE savings. The principal earnings issue identified in the guidance is the timing difference between price realization and oil price driven cost inflation, which the company expects to affect full-year earnings.
Management, verbatim
We delivered strong revenue growth of 8.6% in the second quarter driven by increased mega-project demand from data centers and energy to advanced manufacturing plants and infrastructure modernization.
Jan Jenisch, Chairman and CEO
Oil price driven cost inflation drove higher freight, diesel and raw materials costs, which we are proactively managing with pricing, fuel surcharges and ASPIRE.
Jan Jenisch, Chairman and CEO
Looking to the back half of the year, we expect continued strong pricing for cement and aggregates.
Jan Jenisch, Chairman and CEO
Not in the filing
stated, not guessed- Gross profit and gross margin were not reported in the provided filing text.
- Operating income and operating margin were not reported in the provided filing text.
- Operating cash flow was not reported in the provided filing text.
- Free cash flow was not reported in the provided filing text.
- Cash and cash equivalents were not reported in the provided filing text.
- Debt was not reported in the provided filing text.
- Building Envelope segment revenue and profitability metrics were not included in the provided filing text.
- Prior FY 2026 outlook from the previous release was not provided.
- Prior-quarter consolidated revenues, net income, Adjusted EBITDA, diluted EPS, and adjusted diluted EPS were not reported in the provided filing text.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
SEC 8-K Item 2.02 with an attached press release covering Q2 2026 results, shareholder returns, and updated FY 2026 guidance.
Ticker impact
Amrize reported Q2 2026 results and raised FY 2026 guidance, citing stronger demand and oil-price driven cost inflation.
Likely positive near-term bias from guidance raise and buyback/dividend, partially offset by disclosed cost-inflation headwind.
The filing includes specific Q2 performance metrics, a concrete FY guidance update, and shareholder return actions, all of which typically drive immediate repricing.
Market effects
Signals demand strength and pricing power in cement/aggregates and roofing, while highlighting sensitivity to diesel and freight costs.
No specific regional macro linkage beyond operating footprint and project demand.
Oil-price driven cost inflation framing may resonate with broader construction materials supply-chain expectations.
Counterpoint
Guidance raise may still mask margin risk if oil-price driven cost inflation persists longer than management expects.
Key entities
- companyAmrize Ltd
Reported Q2 2026 results, launched a $1 billion buyback program, declared a quarterly dividend, and updated FY 2026 guidance.
- programASPIRE program
Company savings initiative expected to deliver $80 million of savings in 2026.
- transactionRapid Redi-Mix acquisition
Acquired in July 2026 to add synergies within the Texas cement and aggregates network.
