Amrize Ltd (AMRZ)

Amrize reported third-quarter 2026 revenue of $3,771 million, up 2.2 percent, and net income of $558 million on 28 October 2026 2.

The company lowered its full-year guidance to revenue of $12.2 billion to $12.4 billion and Adjusted EBITDA, a profit measure before interest, tax and wear-and-tear charges, of $2.95 billion to $3.05 billion 2.

In August the company had guided to revenue of $12.5 billion to $12.7 billion and Adjusted EBITDA of $3.1 billion to $3.2 billion 9.

Management pointed to weather, oil-driven cost inflation and elevated interest rates as the pressures 2.

Price increases added $78 million of revenue, acquisitions $77 million and surcharges $23 million, while lower volumes pulled the total back 2.

On 28 October 2026 the company completed its $1 billion share repurchase program 2.

The open question is the roofing arm, Building Envelope, where the company now expects selling prices to outrun costs only in 2027 2.

Amrize began as the North American business of Holcim Ltd, the Swiss cement group 4. It was reported inside Holcim's North America and Solutions & Products segments 4.

The business built its roofing arm by acquisition: Firestone Building Products, later renamed Elevate Commercial Roofing Systems, in 2021, Malarkey in 2022 and Duro-Last in 2023 1.

It also bought smaller cement, aggregates and ready-mix businesses, 35 acquisitions since 2018 by its own count 4.

Revenue barely moved over the three years to 2025: $11,677 million in 2023, $11,704 million in 2024 and $11,815 million in 2025 1.

Net income rose from $955 million in 2023 to $1,273 million in 2024, then slipped to $1,182 million in 2025 1.

Interest expense, net, fell from $549 million in 2023 to $512 million in 2024 and $413 million in 2025 1.

The turning point came on 28 January 2024, when Holcim announced it would separate its North American business and list it in the United States 4.

Holcim completed the spin-off on 23 June 2025 by distributing 100 percent of Amrize's shares to its own shareholders 1.

Jan Jenisch, who led Holcim from 2017 to 2024, became chairman and chief executive of Amrize 10.

The new company took on $3.4 billion of senior notes as part of the separation 4.

Running alone cost more: selling, general and administrative expenses rose 19.5 percent to $1,128 million in 2025 1.

Operating income fell 13.2 percent to $1,906 million that year 1.

Buying resumed in 2026 with PB Materials, a West Texas aggregates and ready-mix supplier, for $425 million in cash 3.

The two segments

Building Materials sells cement, aggregates (crushed stone, sand and gravel), ready-mix concrete and asphalt 1.

Building Envelope sells roofing and wall systems: single-ply membranes, insulation, shingles, sheathing, waterproofing coatings, adhesives, tapes and sealants 1.

Building Envelope made 27.9 percent of revenue in 2025 1.

In the third quarter Building Materials had revenue of $2,842 million and a segment margin of 33.0 percent, while cement sold at $172.85 a ton 2.

Cement volumes were down 4.2 percent because of weather in the Northeast, South and Central regions 2.

Building Envelope had third-quarter revenue of $929 million, but its segment margin fell to 19.6 percent from 23.7 percent a year earlier 2.

The company says higher freight and raw material costs caused the drop 2.

Brands and rivals

The roofing brands are Duro-Last (PVC membranes), Elevate (commercial roofing and insulation boards), Malarkey (shingles), OX Engineered Products (wall insulation and sheathing), Enverge (spray foam) and Gaco (liquid coatings) 1.

Its principal cement competitors in the United States are Cemex, Buzzi-Unicem, Heidelberg Materials and CRH 1.

In roofing the principal rivals are Carlisle, CertainTeed, GAF, Johns Manville, Owens Corning and RPM 1.

Plants, land and people

The company counts 18 cement plants, 143 terminals, 273 ready-mix concrete plants and 467 aggregates operations 1.

Its estimated reserves were 8,220 million tons at the end of 2025 1.

Malarkey is building a $200-million shingle plant in Franklin, Indiana, which Amrize said in January 2026 was on track to open in 2026 11.

More than 19,000 employees work at more than 1,000 sites in the United States, Canada, Colombia, Switzerland and Jamaica 1.

Jan Jenisch is chairman and chief executive 5.

The finance chief changed twice in 2026: Baris Oran, from GXO Logistics, took over on 1 April, and Samuel Poletti, the company's strategy and M&A chief, replaced him on 24 August 67.

On 11 September 2026 the board named Mario Gross president of Building Envelope after Jake Gosa resigned 8.

Current problems

On 15 January 2026 the Mine Safety and Health Administration issued an imminent danger order at the Ravena cement plant in New York, where no injuries occurred 12.

The company revised earlier financial statements for a warranty error and other misstatements it judged not material 3.

On 16 July 2026 Canada and France told the company they had agreed on transfer pricing for the 2011 to 2015 tax years, and management had not decided whether to accept it 3.

The umbrella, in words

Main brands: Duro-Last, Elevate, Malarkey, OX Engineered Products, Enverge and Gaco in roofing and walls, and cement, aggregates and ready-mix in Building Materials 1.

Duro-Last is owned outright, bought in 2023 1.

Holcim no longer owns Amrize; it distributed all the shares in 2025 1.

Large holders listed in the proxy are Thomas Schmidheiny at 6.8 percent, UBS Group at 6.9 percent and The Vanguard Group at 5.4 percent 5.

For 2026 the company guides to revenue of $12.2 billion to $12.4 billion and Adjusted EBITDA of $2.95 billion to $3.05 billion 2.

It continues to expect cement pricing to be flat to up low-single digits and aggregates pricing to be up mid-single digits 2.

It says weather moderated third-quarter volumes and elevated interest rates may affect fourth-quarter volumes 2.

In roofing it expects commercial volumes to remain resilient and residential roofing to be softer because of lower existing-home sales 2.

The third-quarter dividend is one installment of an annual dividend of up to $0.44 per share approved at the 2026 Annual General Meeting 2.

It assumes capital spending of about $900 million, net interest of about $340 million and a tax rate of 23 to 25 percent 2.

The company expects Building Materials to earn more from price than it loses to costs in the fourth quarter of 2026 2.

It says its savings program is on track to reach $80 million in 2026 2.

The board declared a third-quarter dividend of $0.11 per share, payable on 18 November 2026 2.

The company expects spin-off and separation costs to continue through fiscal 2027 1.

It expects the Malarkey plant in Indiana to open in 2026 11.