Amrize (AMRZ) Q4 2025 earnings summary

Executive summary

• Revenues increased 0.9% year-over-year to $11.8B in FY 2025, with adjusted EBITDA of $3.0B and net income of $1.2B, supported by strong cash flow and a 49% cash conversion rate.

• Net leverage ratio improved to 1.1x, providing flexibility for growth investments and shareholder returns.

• Shareholder returns included a $1B share repurchase authorization, a special one-time dividend of $0.44/share, and an annual ordinary dividend of $0.44/share, both subject to shareholder approval.

• Significant investments in production capacity and efficiency, including major plant expansions and the acquisition of PB Materials in West Texas.

• Completed spin-off and invested in growth initiatives, including new facilities and acquisitions.

Financial highlights

• Q4 2025 revenues were $2.84B, down 0.4% year-over-year; Building Materials Q4 revenues grew 3.9% to $2.16B, with adjusted EBITDA up 5.9% to $705M.

• Building Envelope Q4 revenues declined 11.8% to $678M, with adjusted EBITDA down 23.5% to $130M, mainly due to soft residential roofing demand.

• Full-year free cash flow was $1.5B, with a 49% cash conversion rate.

• FY 2025 adjusted EBITDA margin was 25.5%.

• CapEx increased 23% to $788M in 2025.

Outlook and guidance

• 2026 guidance targets $12.29B–$12.52B in revenue (+4% to +6%) and $3.25B–$3.34B in adjusted EBITDA (+8% to +11%), including PB Materials acquisition.

• Cement pricing expected to rise low single digits; aggregates mid-single digits; positive volume growth anticipated for both.

• Building Envelope expects low single-digit commercial roofing volume growth and flat residential volumes, with improvement in the second half.

• Aspire program to deliver 70 bps margin expansion in 2026 and $250M in synergies by 2028.

• Net leverage ratio expected to remain below 1.5x.