Amrize Ltd · NYSE:AMRZ
Amrize — Q4 2025 Earnings Presentation
30 slides from Amrize's earnings presentation, Feb 18, 2026
Slide 1: Full Year 2025 and Q4 2025 Earnings Presentation
Full Year 2025 and Q4 2025 EARNINGS PRESENTATION Jan Jenisch, Chairman and CEO Ian Johnston, CFO February 18, 2026
Slide 2: Safe Harbor Statement
SAFE HARBOR STATEMENT FORWARD-LOOKING STATEMENTS AND Non-GAAP FINANCIAL MEASURES 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 financi
Slide 3: Full Year 2025 and Q4 2025 Highlights
FULL YEAR 2025 AND Q4 2025 HIGHLIGHTS Jan Jenisch, Chairman and CEO The Spheres, Seattle, WA 3 Amrize inside
Slide 4: Full Year 2025 Highlights
FULL YEAR 2025 HIGHLIGHTS STRONG FREE CASH FLOW GENERATION; SHAREHOLDER RETURN PLAN PROPOSED FY 2025 Shareholder Return $11.8B $3.0B $1.0B $0.44 $0.44 Revenues Adjusted EBITDA1 Share Special one-time Annual ordinary +0.9% vs. FY 2024 -5.5% vs. FY 2024 Repurchase2 Dividend3,4 Dividend3,5 $1.5B 49% Fr
Slide 5: Q4 2025 Highlights
Q4 2025 HIGHLIGHTS BUILDING MATERIALS GROWTH CONTINUES; SOFT RESIDENTIAL ROOFING Building Materials $2,161M $705M Building Materials revenues grew 3.9%, continuing positive trend from Q3; Adjusted EBITDA margin up 60bps driven by Revenues Adjusted EBITDA1 volume growth, aggregates pricing, productio
Slide 6: Market Trends
MARKET TRENDS CONTINUED INFRASTRUCTURE DEMAND; IMPROVING COMMERCIAL MARKET Commercial Infrastructure Residential 51% Revenues1 28% Revenues1 21% Revenues1 Q4 2025 Q4 2025 Q4 2025 • Improving commercial demand; data centers • Continued demand from state and federal funding • New construction remains
Slide 7: Partner of Choice for Professional Builders
PARTNER OF CHOICE FOR PROFESSIONAL BUILDERS STRONG PIPELINE OF CUSTOMER PROJECTS INTO 2026 Industrial Warehouse, Ontario New Data Center Campus, Louisiana Amazon Distribution Project Nova Facility, Distribution Center, Minnesota New York Advanced roofing systems with Elevate MAX PVC Key supplier of
Slide 8: Building for the Future: Completed Ste. Genevieve Plant Expansion
BUILDING FOR THE FUTURE COMPLETED STE. GENEVIEVE PLANT EXPANSION PROJECT Commissioned the production expansion at North America’s largest and market leading cement plant Adds 660K tons of cement production, increasing the plant’s total production to 5.5M tons annually, while improving operational ef
Slide 9: Building for the Future: Key Organic Growth Projects
BUILDING FOR THE FUTURE ON TRACK WITH KEY ORGANIC GROWTH PROJECTS FOR 2026 AND BEYOND Midlothian Cement Plant Exshaw Cement Plant St. Constant Cement Plant Texas Alberta Quebec Investing to expand production, modernize Investing to expand production and increase Increasing production and operational
Slide 10: Building for the Future: Key Organic Growth Projects
BUILDING FOR THE FUTURE ON TRACK WITH KEY ORGANIC GROWTH PROJECTS FOR 2026 AND BEYOND Fly Ash Beneficiation Facility Greenfield Aggregates Quarry Malarkey Shingles Plant Virginia Oklahoma Indiana Beneficiating landfilled ash as alternative raw Increasing our aggregates business to serve the New plan
Slide 11: PB Materials Acquisition Strengthens Aggregates Footprint
BUILDING FOR THE FUTURE PB MATERIALS ACQUISITION STRENGTHENS AGGREGATES FOOTPRINT IN WEST TEXAS Aggregates leader in the high-growth West Texas region > $180M > 50 years 26 Annual Revenues Aggregates Reserves Operational sites • Significant synergies expected; Adjusted EPS and cash accretive in 2026
Slide 12: ASPIRE Program on Track
ASPIRE PROGRAM ON TRACK DRIVING VALUE THROUGH SCALE AND FOCUS Progress to Date: ✓ Onboarded 450+ new logistics and service Accelerating providers to optimize third-party spend Synergies and ✓ 400+ projects underway across raw materials, services, logistics and equipment Partnerships for ✓ Started re
Slide 13: Allocating Capital to Deliver Growth & Returns
ALLOCATING CAPITAL TO DELIVER GROWTH & RETURNS INCREASING INVESTMENTS AND RETURNING CASH TO SHAREHOLDERS • Increased CapEx by 23% to $788M in 2025 Capital 1 Invest in the business expenditures • • Increasing CapEx to $900M in 2026 Accelerating organic growth projects in 2026 to increase production c
Slide 14: Q4 2025 and Full Year 2025 Results
Q4 2025 AND FULL YEAR 2025 RESULTS Ian Johnston, CFO Logistics center, Toronto, ON 14 Amrize inside
Slide 15: Building Materials Q4 2025 Results
BUILDING MATERIALS Q4 2025 RESULTS GROWTH CONTINUES; STRONG MARGIN EXPANSION Revenues Adjusted EBITDA1 +3.9% +5.9% • Revenues grew 3.9% driven by higher volumes and continued aggregates pricing growth • Cement2 volumes up 3.6% with 0.8% lower pricing • Aggregates2 volumes increased 3.0% with freight
Slide 16: Building Envelope Q4 2025 Results
BUILDING ENVELOPE Q4 2025 RESULTS RESILIENT COMMERCIAL R&R TRENDS; SOFTER RESIDENTIAL DEMAND Revenues Adjusted EBITDA1 -11.8% -23.5% • Revenues down 11.8% primarily on softer residential roofing demand, partially offset by strong commercial R&R revenues • Adjusted EBITDA lower on residential volumes
Slide 17: FY 2025 Free Cash Flow Bridge
FY 2025 FREE CASH FLOW BRIDGE STRONG ADJUSTED EBITDA CASH FLOW CONVERSION -$270M -$91M -$7M $24M -$196M 49% FCF Conversion1 $1,733M $1,463M 1 2 3 4 2 5 6 FY 2024 Net Income Net Working Cash Taxes/Other Net CapEx FY 2025 Free Cash Flow1 Capital Free Cash Flow1 1 FCF Conversion is calculated on Free C
Slide 18: Strong Balance Sheet & Foundation for Growth
STRONG BALANCE SHEET & FOUNDATION FOR GROWTH ACHIEVED NET LEVERAGE RATIO OF 1.1X VS. GUIDANCE <1.5X Net Debt1 Net Leverage Ratio1,2 (as of quarter end) (as of quarter end) $5,597M $4,985M 1.8x 1.7x $3,347M 1.1x Q2 2025 Q3 2025 Q4 2025 Q2 2025 Q3 2025 Q4 2025 1 See appendix for Non-GAAP reconciliatio
Slide 19: Well Positioned to Deliver Growth and Returns
WELL POSITIONED TO DELIVER GROWTH AND RETURNS ESTABLISHED AN EFFICIENT DEBT CAPITAL STRUCTURE AND OPERATING MODEL Debt Capital Structure as of December 31,2025 FY 2025 FY 20262 Interest Expense, net 1.1x $5.3B $413M $340M Net Leverage Ratio1 Senior Notes vs. $512M FY 2024 Effective Tax Rate $5.9B $1
Slide 20: 2026 Guidance: Key Drivers
2026 GUIDANCE KEY DRIVERS END-MARKETS OUTLOOK Commercial Infrastructure Residential ✓ Lower interest rates to support new ✓ Federal, state and local-level projects ✓ Lower interest rates to support a projects expected to continue recovery in new construction by late 2026 at the earliest ✓ Strong dat
Slide 21: 2026 Guidance
2026 GUIDANCE Revenues $12.29B - 12.52B +4% to +6% Adjusted $3.25B - $3.34B EBITDA +8% to +11% 21 The Company provides forward-looking guidance regarding Adjusted EBITDA. The Company cannot, without unreasonable effort, forecast certain items required to develop meaningful comparable GAAP financial
Slide 22: Appendix
APPENDIX 22 One World Trade Center, New York, NY Amrize inside
Slide 23: Reconciliation of Adjusted EBITDA and Adjusted EBITDA Margin
RECONCILIATION OF ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN (1) Acquisition and integration-related costs are those incurred for business combinations, including advisory, legal, valuation, and other professional fees. Certain warranty charges related to a pre-acquisition manufacturing issue are al
Slide 24: Reconciliation of Net Debt and Net Leverage Ratio
RECONCILIATION OF NET DEBT AND NET LEVERAGE RATIO (1) Acquisition and integration-related costs are those incurred for business combinations, including advisory, legal, valuation, and other professional fees. Certain warranty charges related to a pre-acquisition manufacturing issue are also included
Slide 25: Reconciliation of Free Cash Flow and Cash Conversion
RECONCILIATION OF FREE CASH FLOW AND CASH CONVERSION 25 (1) Capital expenditures, net includes purchases of property, plant and equipment, proceeds from property and casualty insurance income, proceeds from land expropriation and proceeds from disposals of long-lived assets.
Slide 26: Supplementary Data – Historical Quarterly Financial Results
SUPPLEMENTARY DATA – HISTORICAL QUARTERLY FINANCIAL RESULTS Amrize Ltd Totals may not sum due to rounding. ($ in millions, except per share data) (1) Segment revenues for Building Materials are presented net of interproduct Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2
Slide 27: Supplementary Data – Historical Adjusted EPS Reconciliation
SUPPLEMENTARY DATA – HISTORICAL ADJUSTED EPS RECONCILIATION Totals may not sum due to rounding. (1) Acquisition and integration-related costs are those incurred for business combinations, including advisory, legal, valuation, and other professional fees. Certain warranty charges related to a pre-acq
Slide 28: Supplementary Data – Historical Volumes
SUPPLEMENTARY DATA – HISTORICAL VOLUMES (1) Cement volume figures presented above exclude trading. (2) Percentage changes for aggregates - tons sold in Q1 2025 and Q2 2025 are different than historical reporting due to rounding. 28
Slide 29: Supplementary Data – Historical Pricing
SUPPLEMENTARY DATA – HISTORICAL PRICING (1) Cement pricing figures presented above exclude trading. (2) Aggregates pricing figures presented above are freight adjusted, excluding freight revenues. 29 (3) Constant Currency reflects price adjusted to prior period foreign exchange rates.
Slide 30: © 2025 Amrize. All rights reserved.
© 2025 Amrize. All rights reserved.