Amrize (NYSE:AMRZ) executives said the company ended 2025 with modest top-line growth, strong cash generation, and a balance sheet they believe positions the building materials and building envelope provider to invest for growth while increasing shareholder returns. Management also provided 2026 guidance calling for revenue growth of 4% to 6% and adjusted EBITDA growth of 8% to 11%, including the contribution from the pending PB Materials acquisition.
2025 results and fourth-quarter performance
Chairman and CEO Jan Jenisch said 2025 marked an important year for the company following its spin-off and launch in June. For the full year, Amrize reported revenue of $11.8 billion, up 0.9%, and adjusted EBITDA of $3.0 billion. The company generated $1.5 billion of cash flow, which management said equated to a 49% cash conversion rate, and ended the year with a net leverage ratio of 1.1x.
Johnson noted cement pricing in the quarter was down 0.8%, while full-year 2025 cement pricing was up 30 basis points on a constant currency basis. He said the company has announced price increases across all markets for 2026, with pricing “phasing in” since the start of the year and a full run-rate assumed by April 1.
Aggregates pricing on a freight-adjusted constant currency basis increased 3.8% in the quarter, Johnson said; including freight, pricing was up 7.3%.
Building materials adjusted EBITDA was $705 million in the fourth quarter, up 4.9% year over year, with adjusted EBITDA margin of 32.6%, up 60 basis points. Johnson attributed the improvement to volume growth, aggregates pricing, production efficiency, and early savings from the company’s Aspire program.
In the building envelope segment, Johnson said fourth-quarter revenue was $678 million, down 11.8% year over year, largely due to softer residential roofing demand. He said commercial reroofing revenue increased during the quarter, describing that activity as often non-discretionary for customers, and cited “robust” data center demand within commercial new construction. He also said adjusted EBITDA in building envelope declined year over year, driven by softer residential roofing demand and an $8 million increase in warranty provisions tied to claims and activity in the residential roofing business.
Demand commentary: data centers, infrastructure, and residential
Management highlighted data centers as a key growth driver. Jenisch said data center construction is a “significant bright spot” and described it as a major infrastructure buildout tied to AI-related demand. He said Amrize supported and supplied more than 30 data center projects in 2025 and expects the work to accelerate.
Jenisch also said the commercial market, which he noted represents about half of Amrize’s business, is improving and should pick up further as interest rates move lower and customers accelerate investments in advanced manufacturing, warehousing, and logistics.
On infrastructure, management described demand as steady, supported by federal, state, and local modernization priorities in the U.S. and Canada.
Residential markets were characterized as soft. Jenisch said new construction remains weak and that the company expects demand to “gradually return later this year.” In response to an analyst question, he added that Amrize is not planning for growth in new residential construction in 2026, but said the company is “very confident” in repair and refurbishment growth, noting that residential is around 20% of the business and about half of that is repair and refurbishment.
Investments, capacity projects, and PB Materials acquisition
Amrize increased investments in 2025 and plans further increases in 2026. Jenisch said the company invested $788 million in 2025 and plans to raise investment to $900 million in 2026. He described opportunities to “debottleneck” plants, expand in attractive markets, and build out distribution capabilities.
Management discussed multiple capacity and expansion projects, including:
- Ste. Genevieve (Missouri) cement plant: Jenisch said the company commissioned a production expansion in December, adding 660,000 tons of annual capacity and increasing total plant capacity to 5.5 million tons annually.
- Midlothian (Texas) cement plant: planned investment to add 100,000 tons of capacity, modernize logistics, and increase efficiency.
- Exshaw (Alberta) cement plant: investment to add 50,000 tons of cement capacity to support the Calgary market.
- Saint-Constant (Quebec) cement plant: investment to expand capacity by 300,000 tons and improve efficiency.
- Oklahoma greenfield aggregates quarry: expected to add about 200 million tons of reserves to serve the Dallas-Fort Worth market.
- Malarkey shingles plant: a state-of-the-art plant intended to expand share in the Midwest and Eastern markets, expected to be commissioned at the end of 2026.
On M&A, Jenisch said the company agreed to acquire PB Materials, describing it as an aggregates leader in West Texas. He said the transaction will add more than $180 million in annual revenue, includes 26 operating sites (13 quarries and 13 ready-mix sites), and provides 50 years of aggregates reserves. Management said the acquisition is expected to be EPS and cash accretive in 2026, received antitrust clearance from the Federal Trade Commission, and is expected to close in the first quarter of 2026.
Cash flow, balance sheet, and capital returns
Johnson said the company’s free cash flow performance reflected working capital management and resilient cash generation, and reiterated that the company’s historical cash conversion has been about 50%.
On the balance sheet, Johnson said net debt at year-end was approximately $3.3 billion, down more than $1.5 billion from the end of the third quarter, and that the company ended 2025 with nearly $6 billion of available liquidity and $5.3 billion in senior notes. He added that the company expects interest expense run-rate to come down in 2026 as it optimizes its capital structure, and expects an effective tax rate of 21% to 23% in 2026. Corporate costs are expected to be approximately $200 million in 2026, which he said is a modest step down from 2025.
Jenisch also outlined a shareholder return plan subject to customary approvals at the annual general meeting in April. He said the board approved a $1 billion share repurchase program and is proposing both a special one-time dividend of $0.44 per share and an annual ordinary dividend of $0.44 per share to be paid in quarterly installments. He said the dividends will be paid out of legal capital reserves and are not subject to Swiss withholding tax.
2026 outlook and Aspire savings targets
For 2026, management guided to revenue growth of 4% to 6% and adjusted EBITDA growth of 8% to 11%, including PB Materials. Jenisch said the company expects accelerating customer demand, supported by improving commercial trends and steady infrastructure, while residential remains soft with improvement later in the year.
Johnson said the company expects 2026 cement pricing to be up low single digits and aggregates pricing to be up mid-single digits on a freight-adjusted basis, and that volumes for both cement and aggregates are expected to be positive.
Within building envelope, Johnson said the company expects low single-digit volume growth in commercial roofing and flat volumes in residential roofing, with the second half better than the first, adding that first-quarter demand has improved compared to the fourth quarter.
Management also emphasized the Aspire cost and efficiency program. Jenisch said the company has onboarded more than 450 new logistics and service providers and launched more than 400 projects, with savings starting in the fourth quarter. He said Amrize is targeting 70 basis points of margin expansion in 2026 and $250 million of full synergies by 2028, with savings coming across logistics, raw materials, and services such as maintenance and equipment.
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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