Amrize Completes $1 Billion Buyback After Slow Quarter

The Tip Desk · October 29, 2026 · 3 min read

Third-quarter revenue rose 2.2% to $3,771 million as weather-affected volumes offset $78 million of price increases, $77 million from acquisitions and $23 million of surcharges.

Amrize (AMRZ), the North American building-materials and roofing company, reported third-quarter 2026 revenue of $3,771 million, up 2.2% from a year earlier, as weather-affected volumes offset $78 million of price increases, $77 million from acquisitions and $23 million of surcharges.

That growth rate slowed from 8.6% in the second quarter. Adjusted EBITDA rose 0.2% to $1,076 million, after 5.8% growth in the prior quarter, as higher freight, diesel and raw-material costs and lower volumes offset pricing, surcharges and acquisitions. Adjusted EBITDA margin compressed 60 basis points to 28.5%.

Net income was $558 million, or $1.02 a share, compared with $540 million, or $0.98 a share, a year earlier. Adjusted diluted earnings were unchanged at $1.05 a share. Chairman and CEO Jan Jenisch said the company delivered resilient results on strong pricing and contributions from recent acquisitions even as weather patterns affected construction.

Building Materials, the larger of the two reportable segments, generated $2,842 million of revenue, up 1.8%. Segment Adjusted EBITDA was $938 million, and the segment margin expanded 30 basis points to 33.0%. Cement volumes fell 4.2% and aggregates volumes fell 0.2% on weather in the Northeast, South and Central regions, the company said, partially offset by steady-state and federally funded multi-year projects. Cement pricing rose 1.8% on a constant-currency basis and aggregates pricing grew 6.9%.

Building Envelope revenue was $929 million, up 3.6%. Segment Adjusted EBITDA fell 14.6% to $182 million, and the segment margin dropped 410 basis points to 19.6%, as higher freight and raw-material costs outweighed improved volumes, pricing and fuel and freight surcharges. Commercial roofing volumes remained strong, the company said, led by expanded system sales, large-scale data centers and industrial projects. Shingle volumes were impacted by a lack of significant storms and sluggish existing-home sales.

The company completed the Rapid Redi-Mix acquisition in Dallas-Fort Worth in the third quarter, after acquiring it in July, and said PB Materials and Rapid Redi-Mix are expected to be EPS accretive this year. Energy, fuel and freight surcharges contributed $23 million across the business. The ASPIRE cost program had delivered $73 million of savings in the first nine months and is on track for $80 million in 2026.

On October 28, 2026, Amrize completed its $1 billion share repurchase program, representing about 4% of share capital, after repurchasing $750 million in the first three quarters. It had returned $1.1 billion to shareholders with buybacks and dividends in that period. The board declared a third-quarter dividend of $0.11 a share, payable November 18.

The company updated full-year 2026 guidance to revenue of $12.2 billion to $12.4 billion and Adjusted EBITDA of $2.95 billion to $3.05 billion, reflecting continued cost inflation and elevated interest rates after a second-quarter raise on demand. It expects Building Materials to be price-cost positive in the fourth quarter, with cement pricing flat to up low-single digits and aggregates pricing up mid-single digits for the full year. Building Envelope price-cost positivity was pushed into 2027.

Capital expenditures were $262 million in the quarter; the company expects about $900 million for 2026. Net debt was $5,549 million as of September 30, and the net leverage ratio was 1.8 times.