Amrize Delivers Strong Third Quarter Revenue Growth and Free Cash Flow Generation

CHICAGO/ZUG, October 28, 2025 – Amrize (AMRZ) announced today its third quarter 2025 financial results.

Jan Jenisch, Chairman and CEO: "As our first full quarter operating as Amrize, we made progress across our business and I thank our 19,000 teammates for serving our customers across all of our markets.

Together, we delivered strong revenue growth of 6.6% and Free Cash Flow generation of $674 million, up $221 million. Our Building Materials business had strong sales with increased customer demand, while margin was affected by a temporary equipment outage in our cement network. Within Building Envelope, operational efficiencies and lower raw material costs delivered margin expansion.

This quarter, we made progress across our key organic growth investments and kicked off new projects to expand production and improve efficiency to serve our customers in attractive markets from Dallas-Fort Worth to Calgary.

The actions we are taking from investing in our business to driving synergies with our ASPIRE program are positioning Amrize to capitalize on the significant, long-term demand in our $200 billion addressable market."

Amrize Consolidated Results

Revenues were $3,675 million in the third quarter of 2025 compared to $3,446 million in 2024. Revenues grew 6.6% in the quarter, including organic growth of 6.0% driven by volume growth in Building Materials and commercial roofing, combined with positive aggregates and shingles pricing. Infrastructure demand remained strong and the commercial market improved, while the residential market remained soft with lower new construction and a milder storm season.

Net income was $543 million for the third quarter of 2025, or $0.98 per share, compared with Net income of $552 million, or $1.00 per share, in 2024. Adjusted EBITDA was $1,067 million for the third quarter of 2025 compared with $1,103 million in 2024. Operational efficiencies and lower raw material costs in Building Envelope were offset by $50 million of higher manufacturing and distribution costs associated with a temporary equipment outage in the cement network. The third quarter of 2024 included $39 million of higher asset sales compared to the third quarter of 2025.

^[1] Adjusted EBITDA represents a non-GAAP measure which is defined on page 7 and reconciled on pages 12 and 13.

^[2] Adjusted EBITDA Margin represents a non-GAAP measure which is defined on page 7 and reconciled on pages 12 and 13.

Amrize Building Materials Results

Building Materials Revenues were $2,774 million in the third quarter of 2025 compared to $2,551 million in 2024. Revenue growth of 8.7% in the quarter includes organic growth of 8.9%, which was primarily driven by strong volume growth across cement and aggregates, combined with positive aggregates pricing growth. Third quarter 2025 Revenues were supported by public infrastructure spending, and commercial investments in data centers and energy related projects.

Third quarter 2025 Adjusted EBITDA for the Building Materials segment was $902 million, compared to $942 million in 2024. The decrease was mainly attributable to $50 million of additional manufacturing and distribution costs associated with a temporary equipment outage in the cement network and lower cement pricing. The third quarter of 2024 included $39 million of higher asset sales compared to the third quarter of 2025.

The company is progressing with key organic growth projects to expand production and improve efficiency in attractive markets. It is on track to increase production and improve operational efficiency in the fourth quarter at its flagship Ste. Genevieve cement plant. In the third quarter, Building Materials kicked off new organic growth projects to increase aggregates production in the Great Lakes region and expand production and improve efficiency at its Midlothian, Texas and Exshaw, Alberta cement plants in the Dallas-Fort Worth and Calgary markets, respectively.

^[3] Segment Adjusted EBITDA represents a non-GAAP measure which is defined on page 7 and reconciled on pages 12 and 13.

^[4] Segment Adjusted EBITDA Margin represents a non-GAAP measure which is defined on page 7 and reconciled on pages 12 and 13.

^[5] Cement volume and pricing figures presented above exclude trading and FX impacts. Aggregates volume and pricing figures presented above exclude FX impacts.

Amrize Building Envelope Results

Building Envelope Revenues were $901 million for the third quarter of 2025, compared to $895 million in 2024. Revenue growth of 0.7% was primarily driven by momentum in commercial roofing, repair & refurbishment demand and system sales. Building Envelope achieved revenue growth and market share gains in commercial roofing, while residential roofing was down due to softer new construction and a milder storm season. The Ox Engineered Products acquisition contributed an additional $26 million of revenue during the third quarter.

Third quarter 2025 Adjusted EBITDA for the Building Envelope segment was $217 million, compared to $199 million in 2024. Operational efficiencies and lower raw material costs resulted in 190 basis points of Adjusted EBITDA margin expansion.

The company is on track to open a new state-of-the-art Malarkey shingle factory in Indiana in the second half of 2026 to increase production and expand market share in the attractive Midwest and Eastern markets.

Amrize Cash Flow and Debt

In the third quarter of 2025, operating cash flow was $854 million and Free Cash Flow^[6] was $674 million, up $221 million from third quarter 2024. Higher Cash flow in the quarter was driven by positive working capital and lower cash tax payments partially offset by lower net income and higher CapEx.

Net cash provided from operating activities for the first nine months of fiscal year 2025 was $404 million compared to $555 million for the first nine months of 2024. Lower Net income and working capital timing were the primary drivers of the year-over-year change in cash provided by operating activities. Capital expenditures for the first nine months of fiscal year 2025 totaled $631 million compared to $558 million in the prior year, reflecting an increase in growth investments across the business. 

Gross Debt at the end of the third quarter of 2025 was $5,811 million. Cash and cash equivalents were $826 million, resulting in a decrease in Net Debt^[7] to $4,985 million, compared to $5,597 million in the second quarter of 2025. Improved Net Debt was driven by higher free cash flow enabling the company to repay $385 million of commercial paper in the third quarter of 2025. The Net Leverage Ratio^[8] at the end of the third quarter of 2025 was 1.7x, compared to 1.8x in the second quarter of 2025.

^[6] Free Cash Flow represents a non-GAAP measure which is defined on page 7 and reconciled on pages 12 and 13.

^[7] Net Debt represents a non-GAAP measure which is defined on page 7 and reconciled on pages 12 and 13.

^[8] Net Leverage Ratio represents a non-GAAP measure which is defined on page 7 and reconciled on pages 12 and 13.

Fiscal Year 2025 Financial Guidance^[9]

Amrize is raising its Revenue guidance and confirming its Adjusted EBITDA and Net Leverage Ratio guidance for fiscal year 2025:

The company's 2025 financial guidance includes the following unchanged assumptions:

About Amrize

Amrize (NYSE: AMRZ) is building North America, as the partner of choice for professional builders with advanced branded solutions from foundation to rooftop. With over 1,000 sites and a highly efficient distribution network, we deliver for our customers in every U.S. state and Canadian province. Our 19,000 teammates uniquely serve every construction market from infrastructure, commercial and residential to new build, repair and refurbishment. Amrize achieved $11.7 billion in revenue in 2024 and is listed on the New York Stock Exchange and the SIX Swiss Exchange. Learn more at www.amrize.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain statements in this presentation may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act, such as statements regarding expected cost savings, future financial targets, business strategies, management’s views with respect to future events and financial performance, and the assumptions underlying such expected cost savings, targets, strategies, and statements. Forward-looking statements include those preceded by, followed by or that include the words “will,” “may,” “could,” “would,” “should,” “believes,” “expects,” “forecasts,” “anticipates,” “plans,” “estimates,” “targets,” “projects,” “intends” or similar expressions. Such forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from historical experience or from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, the effect of political, economic and market conditions and geopolitical events; the logistical and other challenges inherent in our operations; the actions and initiatives of current and potential competitors; the level and volatility of, interest rates and other market indices; the ability of Amrize to maintain satisfactory credit ratings; the outcome of pending litigation; the impact of current, pending and future legislation and regulation; factors related to the failure of Amrize to achieve some or all of the expected strategic benefits or opportunities expected from the separation; that Amrize may incur material costs and expenses as a result of the separation; that Amrize has no history operating as an independent, publicly traded company; Amrize's obligation to indemnify Holcim pursuant to the agreements entered into connection with the separation and the risk Holcim may not fulfill any obligations to indemnify Amrize under such agreements; that under applicable tax law, Amrize may be liable for certain tax liabilities of Holcim following the separation if Holcim were to fail to pay such taxes; the fact that Amrize may receive worse commercial terms from third-parties for services it presently receives from Holcim; the fact that certain of Amrize's executive officers and directors may have actual or potential conflicts of interest because of their previous positions at Holcim; potential difficulties in maintaining relationships with key personnel; and that Amrize can not rely on the earnings, assets or cash flow of Holcim; Holcim will not provide funds to finance Amrize's working capital or other cash requirements and other factors which can be found in Amrize’s media releases and Amrize’s filings with the SEC. Any forward-looking statement speaks only as of the date on which it is made. We do not undertake or assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

FINANCIAL MEASURES AND DEFINITIONS

Adjusted EBITDA is defined as Segment Adjusted EBITDA including unallocated corporate costs.

Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by Revenues.

Capital Expenditures, Net includes purchases of property, plant and equipment, proceeds from property and casualty insurance income, proceeds from land expropriation and proceeds from disposals of long-lived assets.

EBITDA is defined as Net income (loss), excluding Depreciation, depletion, accretion and amortization, Interest expense, net and Income tax expense.

EBITDA Margin is defined as EBITDA divided by revenues.

Free Cash Flow is defined as Net Cash provided by Operating Activities less Capital Expenditures, Net.

Net Debt is defined as the sum of Short-term borrowings, Long-term debt and Current portion of long-term debt minus Cash and cash equivalents.

Net Leverage Ratio is defined as Net Debt divided by trailing 12 months Adjusted EBITDA.

Segment Adjusted EBITDA is defined as Net income (loss), and excludes the impact of Depreciation, depletion, accretion and amortization, Interest expense, net, Income tax expense, Loss on impairments, acquisition and integration costs, certain litigation related costs, Spin-off and separation-related costs, restructuring and other costs, Other non-operating (expense) income, net, Income from equity method investments, and unallocated corporate costs.

Segment Adjusted EBITDA Margin is defined as Segment Adjusted EBITDA divided by Revenues.

Total Segment Adjusted EBITDA is defined as Adjusted EBITDA excluding unallocated corporate costs.

This media release contains certain financial measures of historical performance and financial positions that are not prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP").  Non-GAAP financial measures are reconciled to the most comparable U.S. GAAP measures in the schedules attached hereto. Adjusted financial measures are Non-GAAP measures and exclude adjusting items as described and reconciled to comparable U.S. GAAP financial measures in the Reconciliation of U.S. GAAP to Non-GAAP Financial Measures contained in this Media Release.

We believe these adjusted financial measures facilitate analysis and comparisons of our ongoing business operations because they exclude items that may not be indicative of, or are unrelated to, the company’s and our business segments’ core operating performance, and may assist investors with comparisons to prior periods and assessing trends in our underlying businesses. These adjustments are consistent with how management views our businesses. Management uses these non-GAAP financial measures in making financial, operating and planning decisions and evaluating Amrize’s and each business segment’s ongoing performance.

Our non-GAAP financial measures are intended to supplement and should be read together with, and are not an alternative or substitute for, and should not be considered superior to, our reported financial results. Accordingly, users of our financial statements should not place undue reliance on these non-GAAP financial measures. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names. As required by SEC rules, the tables on pages 13 and 14 below present a reconciliation of our presented non-GAAP financial measures to the most directly comparable GAAP measures.