Amrize Ltd. reported first‑quarter 2026 results that showed revenue of $2,178 million, up 4.7% year‑over‑year, and a net loss of $118 million, widening from a $87 million loss in the same quarter of 2025. Adjusted EBITDA fell to $192 million, a 10.3% decline from $214 million in Q1 2025. The company missed earnings expectations, reporting GAAP diluted earnings per share of –$0.21 versus an estimate of –$0.13, and adjusted diluted EPS of –$0.16 versus –$0.13. Revenue beat consensus by roughly $34 million, or 1.6%.
Building Materials drove the revenue growth, with a 12.9% increase in sales, while the Building Envelope segment saw a 9.8% decline to $678 million, impacted by softer roofing demand and a temporary plant disruption. The acquisition of PB Materials, an aggregates leader in high‑growth West Texas, began contributing to the quarter and helped expand Building Materials margins through stronger pricing and operational efficiencies.
Adjusted EBITDA margin contracted 150 basis points to 8.8% from 10.3% in Q1 2025, largely due to the weaker Building Envelope performance. However, Building Materials margins expanded thanks to continued aggregates pricing, operational efficiency, and ASPIRE savings, offsetting some of the headwinds in the legacy segment.
Amrize reaffirmed its full‑year 2026 outlook, maintaining revenue guidance of $12.29 billion to $12.52 billion and adjusted EBITDA guidance of $3.25 billion to $3.34 billion. The company also confirmed a $1 billion share repurchase authorization and declared a quarterly dividend of $0.11 per share, payable on May 20 2026.
Jan Jenisch, Chairman and CEO, said, “I thank our 19,000 Amrize teammates for delivering 4.7% of revenue growth in the first quarter. While this is a seasonally small quarter for Amrize, we are encouraged by our progress and the acceleration of customer demand in Building Materials. With growing new project starts and multi‑year supply agreements for mega‑projects, we achieved double‑digit volume growth in cement and aggregates.” He added, “We also significantly expanded Building Materials margins with continued aggregates pricing, operational efficiency and ASPIRE savings. We completed the acquisition of PB Materials, the aggregates leader in high growth West Texas, which started to positively contribute to our results in the first quarter.” Regarding Building Envelope, Jenisch noted, “Our Building Envelope results were affected by soft roofing demand and pricing. Margins in the segment were impacted by lower volumes, price‑cost and a temporary plant disruption.” He concluded, “Commercial repair and refurbishment continues to be resilient and we expect the strong commercial new starts within Building Materials to convert to new roofing demand as those projects progress through construction. We implemented price increases beginning in April and we expect performance to improve as we move through the year. We are investing for growth with CapEx and M&A, and are returning value to our shareholders with our dividend program and $1.0 billion share repurchase authorization. With an excellent start to the year for Building Materials, we are well positioned to capitalize on accelerating customer demand and deliver profitable growth.”
Investors reacted negatively, citing the EPS miss and the widening net loss as key concerns. The weaker Building Envelope performance and the decline in adjusted EBITDA margin also weighed on sentiment, despite the company’s confidence in its guidance and the positive momentum in Building Materials.
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