Key Highlights

  • Revenue rose 2.2% to USD 3.77 billion, though it came in below the USD 3.83 billion consensus estimate.
  • Adjusted diluted EPS of USD 1.05 matched the prior-year quarter and topped the USD 1.03 consensus estimate.
  • Building Envelope segment adjusted EBITDA fell 14.6% to USD 182 million as freight and raw material costs climbed.
  • Amrize completed its USD 1 billion share repurchase program on October 28 and declared a USD 0.11 dividend.

Amrize Ltd (NYSE:AMRZ) reported third-quarter 2026 revenue of USD 3.77 billion, up 2.2% from USD 3.69 billion a year earlier but below a consensus estimate of USD 3.83 billion. Adjusted diluted earnings per share were USD 1.05, flat with the prior-year quarter and above a consensus estimate of USD 1.03. GAAP diluted EPS was USD 1.02, compared with USD 0.98 a year earlier, and net income grew 3.3% to USD 558 million.

Revenue growth came from price increases of USD 78 million, acquisitions that added USD 77 million and surcharges of USD 23 million, partly offset by lower volumes and currency. Adjusted EBITDA edged up 0.2% to USD 1,076 million, while the margin slipped to 28.5% from 29.1%. Chairman and CEO Jan Jenisch pointed to pricing gains, surcharges and the cost savings program as the main offsets to oil-driven cost inflation.

Building Materials Gains, Building Envelope Slips

Building Materials revenue rose 1.8% to USD 2,842 million, and segment adjusted EBITDA grew 2.7% to USD 938 million, lifting the margin 30 basis points to 33.0%. Cement prices rose 1.8% in constant currency and aggregates prices rose 6.9%, while cement volumes fell 4.2% and aggregates volumes eased 0.2% on weather in the Northeast, South and Central regions.

Building Envelope revenue increased 3.6% to USD 929 million, supported by commercial roofing demand tied to data centers and industrial projects. Segment adjusted EBITDA dropped to USD 182 million from USD 213 million, and the margin narrowed 410 basis points to 19.6%. Shingle volumes were held back by a lack of significant storms and sluggish existing-home sales.

Updated Guidance and Cost Pressures

Amrize now guides to 2026 revenue of USD 12.2 billion to USD 12.4 billion and adjusted EBITDA of USD 2.95 billion to USD 3.05 billion, citing continued cost inflation and elevated interest rates. Assumptions include capital expenditures near USD 900 million, net interest expense near USD 340 million and an adjusted tax rate of 23% to 25%. The company projects Building Materials to be price-cost positive in the fourth quarter, while Building Envelope reaching that status has moved into 2027.

The company also noted that USD 36 million of insurance proceeds booked in the fourth quarter of 2025 do not repeat this year. Nine-month free cash flow was a use of USD 551 million against a use of USD 186 million a year earlier, which management described as seasonal, with most cash generation arriving in the second half.

Open Items and Reference Points

Several dated items frame the next report. The quarterly dividend of USD 0.11 per share is payable on November 18, with the ex-dividend date on November 10. The ASPIRE savings program has delivered USD 73 million through nine months against an USD 80 million full-year target. Net leverage stood at 1.8x on net debt of USD 5,549 million, and cash was USD 299 million, down from USD 1,922 million at year-end. Fourth-quarter price-cost in Building Envelope is guided to improve sequentially from the third quarter, and the PB Materials and Rapid Redi-Mix acquisitions are described as accretive to EPS this year.