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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2026
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____________ to ______________
Commission file number: 1-42542
Amrize Ltd
(Exact name of Registrant as specified in its charter)
Switzerland
98-1807904
(State or Other Jurisdiction of Incorporation or
Organization)
(I.R.S. Employer Identification No.)
Grafenauweg 8
6300
6300
Zug
Switzerland
(Address of Principal Executive Offices)
(Zip Code)
+ 41 41 562 3490
(Registrant’s telephone number, including area code)
Securities to be registered pursuant to Section 12(b) of the Exchange Act:
Title of each class
Trading symbols(s)
Name of exchange on which registered
Ordinary Shares, par value $0.01 per share
AMRZ
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be
submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such
shorter period that the registrant was required to submit such files). Yes ☒ No ☐.
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a
smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated
filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one): 
Large accelerated filer
☐
Accelerated filer
☐
Non-accelerated filer
☒
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition
period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the
Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No ☒.
As of April 24, 2026, the number of outstanding Ordinary Shares was 553,536,609, net of Treasury Shares.
2
Amrize Ltd
Certain Terms
Unless the context requires otherwise, the “Company”, “Amrize”, “we”, “us”, or “our” refers to Amrize Ltd., Inc.
on a consolidated basis. References to the Company’s “Ordinary Shares”, “Common Shares”, “Common Stock”
or “Company Shares” refer to our Ordinary Shares.
3
Amrize Ltd
Cautionary Note Regarding Forward-Looking Statements
Investors are cautioned that all statements in this Quarterly Report on Form 10-Q (the “Quarterly Report”) that relate to the future
involve risks and uncertainties, and are based on assumptions that we believe in good faith are reasonable but which may be
materially different from actual results. These statements, which are forward-looking statements within the meaning of Section
21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and 27A of the Securities Act of 1933, as amended
(the “Securities Act”), and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act, provide
the investor with the Company’s expectations or forecasts of future events. These forward-looking statements concern our goals,
beliefs, expectations, strategies, objectives, plans, future operating results and underlying assumptions, and other statements that
are not necessarily based on historical facts. Without limitation, you can identify these statements by the fact that they do not
relate strictly to historical or current facts, and these statements may contain words such as “may,” “will,” “could,” “should,”
“might,” “projects,” “expects,” “believes,” “anticipates,” “intends,” “plans,” “continue,” “estimate,” or “pursue,” or the negative or
other variations thereof or comparable terms. In particular, they include statements relating to, among other things, future actions,
strategies, future performance, future revenues, income and cash flows, the outcome of contingencies such as legal proceedings,
and regulatory compliance. Actual results may differ materially from those contemplated (expressed or implied) by such forward-
looking statements because of, among other things, potential risks and uncertainties, such as:
•the effect of political, economic and market conditions and geopolitical events;
•the level of demand in the construction industry;
•the cyclicality of the industries and businesses in which our customers operate;
•changes in the cost and/or availability of raw materials required to run our business;
•energy and fuel costs;
•adverse weather conditions and natural disasters;
•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 realize the expected synergies for our acquisitions;
•the ability of Amrize to achieve margin expansion goals;
•the ability of Amrize to maintain satisfactory credit ratings;
•the outcome of pending litigation or future 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 from Holcim Ltd (“Holcim”);
•material costs and expenses as a result of the separation from Holcim;
•our limited history operating as an independent, publicly traded company;
•our 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 used to receive from Holcim
prior to the separation;
•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; and
•potential difficulties in maintaining relationships with key personnel.
These are only some of the factors that may affect the forward-looking statements contained in this Quarterly Report. We operate
in a very competitive and rapidly changing environment. New risks emerge from time to time. Other risks and uncertainties include
those described elsewhere in this Quarterly Report, including Item 2, “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” and Item 3, “Quantitative and Qualitative Disclosures About Market Risk” of Part I, and Item 1,
“Legal Proceedings” and Item 1A, “Risk Factors” of Part II; in the Company’s Annual Report on Form 10-K for the year ended
December 31, 2025, including Item 1A, “Risk Factors,” Item 7, “Management’s Discussion and Analysis of Financial Condition and
Results of Operations,” and Item 7A, “Quantitative and Qualitative Disclosures About Market Risk,” and the Company’s other filings
and submissions within the Securities and Exchange Commission.
It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any
factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking
statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this
Quarterly Report and our future levels of activity and performance, may not occur and actual results could differ materially and
adversely from those described or implied in the forward-looking statements. As a result, you should not regard any of these
forward-looking statements as a representation or warranty by us or any other person or place undue reliance on any such
forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and we do not
undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information,
future developments, or otherwise, except as required by law. You are advised to review any further disclosures we make on
related subjects in our filings with the SEC and in our other public statements.
4
Amrize Ltd
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Consolidated Statements of Operations (Unaudited)
(In millions, except per share data)
For the three months
ended March 31,
2026
2025
Revenues
$2,178
$2,081
Cost of revenues
(1,967)
(1,859)
Gross profit
211
222
Selling, general and administrative expenses
(292)
(239)
Gain on disposal of long-lived assets
5
1
Operating loss
(76)
(16)
Interest expense, net
(70)
(118)
Other non-operating income, net
1
1
Loss before income tax benefit
(145)
(133)
Income tax benefit
27
46
Net loss
(118)
(87)
Net loss attributable to noncontrolling interests
2
—
Net loss attributable to the Company
$(116)
$(87)
Loss per share attributable to the Company:
Basic
$(0.21)
$(0.16)
Diluted
$(0.21)
$(0.16)
Weighted-average number of shares outstanding:
Basic
553.2
553.1
Diluted
553.2
553.1
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
5
Amrize Ltd
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
(In millions)
For the three months
ended March 31,
2026
2025
Comprehensive loss:
Net loss
$(118)
$(87)
Comprehensive income (loss), net of tax:
Foreign currency translation
(64)
16
Net change in fair value of cash flow hedges, net of tax
13
2
Actuarial losses and prior service costs for defined benefit pension plans and other
postretirement benefit plans, net of tax
(2)
(1)
Total other comprehensive income (loss), net of tax
(53)
17
Total comprehensive loss
(171)
(70)
Comprehensive loss attributable to noncontrolling interests
2
—
Comprehensive loss attributable to the Company
$(169)
$(70)
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
6
Amrize Ltd
Condensed Consolidated Balance Sheets
(In millions, except share data)
As of March 31,
As of December 31,
2026
2025
(unaudited)
Assets
Current Assets:
Cash and cash equivalents
$1,099
$1,922
Accounts receivable, net
1,358
1,120
Inventories, net
1,567
1,551
Prepaid expenses and other current assets
260
88
Total current assets
4,284
4,681
Property, plant and equipment, net
8,366
7,935
Goodwill
9,070
9,020
Intangible assets, net
1,703
1,728
Operating lease right-of-use assets, net
604
608
Other noncurrent assets
242
277
Total Assets
$24,269
$24,249
Liabilities and Equity
Current Liabilities:
Accounts payable
$1,021
$1,538
Short-term borrowings
777
—
Current portion of long-term debt
333
333
Operating lease liabilities
131
136
Other current liabilities
792
850
Total current liabilities
3,054
2,857
Long-term debt
4,936
4,936
Deferred income tax liabilities
1,104
1,048
Noncurrent operating lease liabilities
492
500
Other noncurrent liabilities
1,595
1,654
Total Liabilities
11,181
10,995
Commitments and contingencies (see Note 17)
Equity
Common stock, par value of $0.01 per share, 680,250,615 shares authorized,
566,875,513 issued and 553,515,402 outstanding as of March 31, 2026
    566,875,513 issued and 553,082,525 outstanding as of December 31, 2025
6
6
Additional paid-in capital
12,747
12,741
Retained earnings
785
902
Treasury stock, 13,360,111 shares as of March 31, 2026 and 13,792,988 shares as of
December 31, 2025
—
—
Accumulated other comprehensive loss
(444)
(391)
Total equity attributable to the Company
13,094
13,258
Noncontrolling interests
(6)
(4)
Total Equity
13,088
13,254
Total Liabilities and Equity
$24,269
$24,249
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
7
Amrize Ltd
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
For the three months
ended March 31,
2026
2025
Cash Flows from Operating Activities:
Net loss
$(118)
$(87)
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation, depletion, accretion and amortization
236
218
Share-based compensation
9
1
Gain on disposal of long-lived assets
(5)
(1)
Deferred tax benefit
(17)
—
Net periodic benefit cost
3
3
Other items, net
26
27
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable, net
(223)
(310)
Due from related party
—
13
Inventories, net
16
(121)
Accounts payable
(521)
(198)
Due to related party
—
78
Other assets
(159)
(44)
Other liabilities
(136)
(429)
Defined benefit pension plans and other postretirement benefit plans
(7)
(6)
Net cash used in operating activities
(896)
(856)
Cash Flows from Investing Activities:
Purchases of property, plant and equipment
(272)
(211)
Acquisitions, net of cash acquired
(425)
(9)
Proceeds from disposals of long-lived assets
5
2
Net decrease in short-term related-party notes receivable from cash pooling program
—
173
Other investing activities, net
33
(15)
Net cash used in investing activities
(659)
(60)
Cash Flows from Financing Activities:
Transfers to Holcim, net
—
(89)
Proceeds from short-term borrowings, net
777
—
Net repayments of short-term related-party debt
—
(7)
Proceeds from issuances of long-term related-party debt
—
22
Payments of finance lease obligations
(31)
(22)
Shares withheld for employees’ income tax obligations
(3)
—
Other financing activities, net
—
(1)
Net cash provided by (used in) financing activities
743
(97)
Effect of exchange rate changes on cash and cash equivalents
(11)
2
Increase (decrease) in cash and cash equivalents
(823)
(1,011)
Cash and cash equivalents at the beginning of period
1,922
1,585
Cash and cash equivalents at the end of period
$1,099
$574
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
8
Amrize Ltd
Condensed Consolidated Statements of Equity (Unaudited)
(In millions)
Common stock
Treasury stock
Additional
paid-in
Retained
Net parent
Accumulated
other
comprehensive
Equity
attributable to
noncontrolling
Total
Shares
Amount
Shares
Amount
capital
earnings
investment
loss
interests
equity
Balance as of
December 31, 2025
567
$6
(14)
$—
$12,741
$902
$—
$(391)
$(4)
$13,254
Net loss
—
—
—
—
—
(116)
—
—
(2)
(118)
Other comprehensive
loss, net of taxes
—
—
—
—
—
—
—
(53)
—
(53)
Share-based
compensation expense
—
—
1
—
9
—
—
—
—
9
Shares withheld for
employees’ income tax
obligations and other
—
—
—
—
(3)
(1)
—
—
—
(4)
Balance as of March
31, 2026
567
$6
(13)
$—
$12,747
$785
$—
$(444)
$(6)
$13,088
Common stock
Treasury stock
Additional
paid-in
Retained
Net parent
Accumulated
other
comprehensive
Equity
attributable to
noncontrolling
Total
Shares
Amount
Shares
Amount
capital
earnings
investment
loss
interests
equity
Balance as of
December 31, 2024
—
$—
—
$—
$—
$—
$10,521
$(606)
$(1)
$9,914
Net loss
—
—
—
—
—
—
(87)
—
—
(87)
Other comprehensive
income, net of taxes
—
—
—
—
—
—
—
17
—
17
Net transfers to Holcim
—
—
—
—
—
—
(94)
—
—
(94)
Changes in equity
attributable to
noncontrolling interests
—
—
—
—
—
—
(1)
—
1
—
Balance as of March
31, 2025
—
$—
—
$—
$—
$—
$10,339
$(589)
$—
$9,750
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
9
10
Amrize Ltd
Notes to Condensed Consolidated Financial Statements (Unaudited)
Note 1. Organization and basis of presentation
Organization
Amrize Ltd (the “Company”) is a building solutions company focused on the North American market, offering
customers a broad range of advanced building solutions from foundation to rooftop. The Company earns
revenue from the sale of cement, aggregates, ready-mix concrete, asphalt, roofing systems, and other
building solutions.
The Company is organized into two reportable segments — Building Materials and Building Envelope — that
are aligned with the products and services it provides and based upon the information used by the Chief
Operating Decision Maker (“CODM”) in evaluating the performance of the business and allocating resources
and capital.
•Building Materials: The Building Materials segment offers a range of branded solutions delivering
high-quality products for a wide range of applications. These include cement and aggregates, as well
as a variety of downstream products and solutions such as ready-mix concrete, asphalt, and other
construction materials.
•Building Envelope: The Building Envelope segment offers advanced roofing and wall systems,
including single-ply membranes, insulation, shingles, sheathing, waterproofing and protective
coatings, along with adhesives, tapes, and sealants that are critical to the application of roofing and
wall systems.
On June 23, 2025 (the “Separation and Distribution Date”), Holcim Ltd (“Holcim”) completed the previously
announced Spin-Off of the Company (the “Spin-Off”) through a distribution of 100% of the Company’s
outstanding shares (the “Distribution”) to holders of record of Holcim’s ordinary shares, on a pro rata basis as
a dividend-in-kind, as of the close of business on June 20, 2025, which resulted in the issuance of
553,082,069 Ordinary Shares. This amount is based on 566,875,513 Holcim shares outstanding at the
Separation and Distribution Date and 13,793,444 shares not distributed to Holcim shareholders that are held
by the Company as treasury stock. In connection with the Distribution, the Company and Holcim
consummated a series of internal reorganization transactions resulting in the Company becoming the holder,
directly or through its subsidiaries, of the business, activities and operations of Holcim and its affiliates in the
United States, Canada, Switzerland, and Jamaica, as well as certain support operations in Colombia. As a
result of the Distribution, the Company became an independent public company. The Company’s common
stock is listed under the symbol “AMRZ” on the New York Stock Exchange and the SIX Swiss Exchange.
Unless the context otherwise requires, references to “we,” “our,” “us,” and the “Company” refer to (i) Amrize
Ltd’s business prior to the Spin-Off as a carve-out business of Holcim and (ii) Amrize Ltd and its subsidiaries
following the Spin-Off.
Basis of presentation
The Company’s condensed consolidated financial statements and footnotes for the periods prior to the
completion of the Spin-Off were prepared on a “carve-out” basis, and were derived from the consolidated
financial statements and historical accounting records of Holcim. The Company’s condensed consolidated
financial statements for the periods beginning on and after June 23, 2025 are based on its financial position,
results of operations, and cash flows as a stand-alone company.
These unaudited condensed consolidated financial statements have been prepared in accordance with
accounting principles generally accepted in the United States (“U.S. GAAP”) and pursuant to the rules and
regulations of the United States Securities and Exchange Commission (“SEC”) applicable for interim periods.
While the unaudited condensed consolidated financial statements reflect all normal recurring adjustments
that are, in the opinion of management, necessary for fair presentation of the results of the interim period,
they do not include all of the disclosures provided in annual financial statements in accordance with U.S.
GAAP and SEC rules and regulations. These unaudited condensed consolidated financial statements should
be read in conjunction with the Company’s audited consolidated financial statements and accompanying
notes included within the Company’s Form 10-K for the year ended December 31, 2025, filed with the SEC
(“2025 Form 10-K”). 
Prior to the Spin-Off, the Company operated as a wholly-owned subsidiary of Holcim and not as a standalone
company. For periods prior to the Spin-Off, the condensed consolidated balance sheet reflects all of the
assets and liabilities of Holcim that are specifically identifiable or directly attributable to the Company,
11
Amrize Ltd
Notes to Condensed Consolidated Financial Statements (Unaudited)
including Net parent investment as a component of equity. Net parent investment represents Holcim’s
historical investment in the Company and includes accumulated net income attributable to the Company and
the net effect of transactions with Holcim and its subsidiaries. See Note 18 (Related party) for additional
information. All intercompany balances and transactions within the Company have been eliminated in these
unaudited condensed consolidated financial statements.
Prior to the Spin-Off, the Company and Holcim had intercompany activity resulting in revenues and expenses
for both parties. As described in Note 18 (Related party), certain related party transactions between the
Company and Holcim have been included in these unaudited condensed consolidated financial statements.
Pursuant to the Spin-Off, Holcim ceased to be a related party to the Company and accordingly, no related
party transactions or balances have been reported subsequent to the Separation and Distribution Date.
Prior to the Spin-Off, the unaudited condensed consolidated financial statements included expense
allocations for certain corporate, infrastructure and other shared services provided by Holcim on a centralized
basis, including but not limited to accounting and financial reporting, treasury, tax, legal, human resources,
information technology, insurance, employee benefits, and other shared services that are either specifically
identifiable or directly attributable to the Company. These expenses had been allocated to the Company on
the basis of direct usage when specifically identifiable, with the remainder predominantly allocated on a pro
rata basis using revenues. The Company’s management considers this allocation to be a reasonable reflection
of the utilization of services provided or the benefit received by the Company during the periods presented.
However, these expense allocations may not be indicative of the actual expenses that would have been
incurred had the Company been a standalone company during the periods presented, and they may not
reflect what the Company’s results of operations may be in the future. These costs are recorded in Cost of
revenues and Selling, general and administrative expenses. See Note 18 (Related party) for additional
information.
Historically, Holcim used a centralized approach to cash management and financing of operations. Prior to the
Spin-Off, a majority of the Company’s subsidiaries participated in Holcim’s centralized cash management and
financing function. While the Company maintained bank accounts in the name of its respective legal entities in
order to conduct day-to-day business, cash was managed centrally as part of the overall treasury function
and Holcim oversaw a cash pooling program whereby cash was swept from any subsidiary accounts,
including the Company’s accounts, on a daily basis. As such, cash and cash equivalents held by Holcim at the
corporate level were not specifically identifiable or directly attributable to the Company and, therefore, have
not been reflected in these unaudited condensed consolidated financial statements prior to the Spin-Off.
Rather, the Company’s residual cash pooling balances as of the end of each reporting period prior to the Spin-
Off were recorded within Related-party notes receivable. See Note 18 (Related party) for more information.
Further, prior to the Spin-Off, Holcim’s third-party debt and related interest expense was not attributed to the
Company because the Company was not considered the primary obligor of the debt, and the Company was
not a named guarantor or joint and severally liable for any of Holcim’s third-party debt. As part of the Spin-
Off, the Company issued senior unsecured notes and completed a bond exchange as described in Note 10
(Debt) in our 2025 Form 10-K. A portion of the proceeds from the issuance of the senior unsecured notes and
completion of the bond exchange was used to repay the Company’s related-party indebtedness due to
Holcim. Holcim also completed an equity contribution to the Company to settle the remaining related-party
indebtedness due to Holcim as described in Note 18 (Related party). Interest expense, net in the unaudited
condensed consolidated statements of operations reflects interest on borrowing and funding associated with
the related-party note agreements for periods prior to the Spin-Off. Subsequent to the Spin-Off, Interest
expense, net in the unaudited condensed consolidated statements of operations reflects interest expense
primarily related to the newly issued senior unsecured notes, the notes obtained in the bond exchange with
Holcim, the commercial paper program, and interest associated with other long-term debt.
In connection with the Spin-Off, the Company entered or adopted several agreements, including a Separation
and Distribution Agreement, Transition Services Agreement (“TSA”), and Tax Matters Agreement, among
others, that provide a framework for the post-separation relationship between the Company and Holcim.
Under the TSA, the services provided to the Company ended in February of 2026, while certain services that
the Company provides to Holcim are expected to continue through June of 2027. See Note 18 (Related party)
for more information on these agreements.
Additionally, in relation to the Spin-Off, Holcim allocated $5 million of transaction costs to the Company for
the three months ended March 31, 2025. These allocated transaction costs correspond to the costs incurred
by Holcim that are directly attributable to the Company, such as rebranding costs, employee-related costs
(i.e. recruitment and relocation expenses), and costs to establish certain standalone functions. These costs
12
Amrize Ltd
Notes to Condensed Consolidated Financial Statements (Unaudited)
are recorded in Selling, general and administrative expenses, and are deemed to be settled in the period in
which the costs are included in Net parent investment on the condensed consolidated balance sheet for
periods prior to the Spin-Off. The Company also directly recorded certain non-recurring transaction costs
related to the Spin-Off. See Note 14 (Segment information) for detail on total non-recurring Spin-Off and
separation-related costs.
Use of estimates
These unaudited condensed consolidated financial statements are prepared in accordance with U.S. GAAP,
which requires management to make assumptions and estimates about future events and apply judgments
that affect the amounts of assets, liabilities, revenues and expenses reported on these unaudited condensed
consolidated financial statements and accompanying notes. The Company has continued to follow the
accounting policies set forth in the audited consolidated financial statements and accompanying notes
included within the Company’s 2025 Form 10-K filed with the SEC. Management’s assumptions, estimates,
and judgments are based on historical experience, current trends, and other factors that management
believes to be reasonable under the circumstances.
On a regular basis, management reviews the accounting policies, assumptions, estimates, and judgments to
ensure that these unaudited condensed consolidated financial statements are presented fairly and in
accordance with U.S. GAAP, and the Company revises its estimates, as appropriate, when events or changes
in circumstances indicate that revisions may be necessary. These unaudited condensed consolidated
financial statements reflect, in the opinion of management, all material adjustments (which include only
normal recurring adjustments) necessary to fairly state, in all material respects, the results of operations,
financial position, and cash flows of the Company for the periods presented.
Estimates and assumptions have been based on the available information and regulations in place as of
March 31, 2026. Although these assumptions and estimates are based on management’s knowledge of, and
experience with, past and current events, actual results could differ materially from these assumptions and
estimates.
Fair value measurements
The carrying values of the Company’s Cash and cash equivalents and Short-term borrowings approximate
their fair values because of the short-term nature of these instruments. See Note 10 (Debt) for disclosures on
the fair value of Long-term debt.
Note 2. New accounting standards
Recently issued accounting pronouncements not yet adopted
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income -
Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.
Additionally, in January 2025, the FASB issued ASU 2025-01 to clarify the effective date of ASU 2024-03.
The standard is intended to require more detailed disclosures about specified categories of expenses
(including employee compensation, depreciation and amortization) included in certain expense captions
presented on the face of the statements of operations. ASU 2024-03, as clarified by ASU 2025-01, is
effective for fiscal years beginning after December 15, 2026, and for interim periods within annual reporting
periods beginning after December 15, 2027. Early adoption is permitted. The amendments should be applied
either prospectively to financial statements issued for reporting periods after the effective date of ASU
2024-03 or retrospectively to any or all prior periods presented in the financial statements. The Company is
currently evaluating the new standard to determine the impact ASU 2024-03 may have on its financial
statements and related disclosures, and expects to make additional disclosures upon adoption.
Note 3. Revenues
The Company primarily earns revenue from the sale of Building Materials products and Building Envelope
products. Revenue is disaggregated by product line, which the Company believes best depicts how the
nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.
13
Amrize Ltd
Notes to Condensed Consolidated Financial Statements (Unaudited)
The following table disaggregates revenues by product line for each of the Company’s reportable segments:
For the three months
ended March 31,
(In millions)
2026
2025
Building Materials
Cement
$837
$741
Aggregates and other construction materials
764
688
Interproduct revenues
(101)
(100)
Building Envelope
678
752
Total Revenues
$2,178
$2,081
Contract assets include estimated earnings in excess of billings on uncompleted construction contracts. The
current portion of contract assets were $24 million, $25 million, $26 million, and $30 million, as of March 31,
2026, December 31, 2025, March 31, 2025, and December 31, 2024, respectively, and are included within
Prepaid expenses and other current assets on the condensed consolidated balance sheets. The noncurrent
portion of contract assets were $10 million, $13 million, $16 million, and $15 million as of March 31, 2026,
December 31, 2025, March 31, 2025, and December 31, 2024, respectively, and are included within Other
noncurrent assets on the condensed consolidated balance sheets.
Contract liabilities
Contract liabilities relate to payments received in advance of performance under a contract, primarily related
to extended service warranties in the Building Envelope segment. Contract liabilities are recognized as
revenue as (or when) the Company performs under the contract. Contract liabilities were $419 million, $445
million, $395 million, and $408 million, as of March 31, 2026, December 31, 2025, March 31, 2025, and
December 31, 2024, respectively. The Company’s remaining performance obligations represent the
transaction price allocated to performance obligations that are unsatisfied or partially satisfied, consisting of
deferred revenue. The Company expects to recognize $53 million of the deferred revenue during the next
twelve months, and the remaining $366 million thereafter.
Note 4. Acquisitions
Amrize strategically acquires companies in order to increase its footprint and offer products that diversify its
existing offerings. Acquisitions of businesses are accounted for as business combinations using the
acquisition method in accordance with ASC Topic 805, Business Combinations. The results of acquired
businesses have been included in these unaudited condensed consolidated financial statements beginning on
the acquisition date.
The Company completed the acquisition of PB Materials, a provider of aggregates and ready-mix solutions in
the West Texas Region, in the three months ended March 31, 2026 for total cash consideration of $425
million.
The operating results of the acquisition is reported in the Building Materials segment. Pro forma financial
information reflecting the effects of the acquisition for the three months ended March 31, 2026 are not
presented, as the business combination is not material to the Company’s results of operations.
14
Amrize Ltd
Notes to Condensed Consolidated Financial Statements (Unaudited)
The total consideration and the preliminary fair values of identifiable assets acquired and liabilities assumed is
as follows:
(In millions)
Total 2026 Acquisitions
Total consideration
$425
Total assets and liabilities acquired
Inventories
38
Property, plant and equipment
374
Intangible assets
11
Net working capital
5
Deferred tax liabilities
(75)
Other liabilities assumed
(3)
Total identifiable net assets at fair value
350
Goodwill
75
Total estimated fair value of net assets
$425
Goodwill arising from the acquisition represents the excess of the consideration paid over the fair value of net
assets acquired. Goodwill, which is not deductible for tax purposes, was assigned to the Building Materials
segment.
Note 5. Accounts receivable, net
As of
As of
(In millions)
March 31, 2026
December 31, 2025
Trade receivables
$1,351
$1,110
Less: allowance for credit losses
(34)
(34)
Other current receivables, net
41
44
Accounts receivable, net
$1,358
$1,120
The changes in the allowance for credit losses were as follows:
(In millions)
2026
2025
Balance as of January 1
$34
$51
Charge-offs
—
(1)
Provision (credit) for credit losses
(1)
—
Foreign currency translation and other
1
—
Balance as of March 31
$34
$50
Note 6. Inventories, net
As of
As of
(In millions)
March 31, 2026
December 31, 2025
Raw materials, parts, and supplies
$603
$584
Semi-finished and finished goods
964
967
Total inventories, net
$1,567
$1,551
15
Amrize Ltd
Notes to Condensed Consolidated Financial Statements (Unaudited)
Note 7. Property, plant and equipment, net
As of
As of
(In millions)
March 31, 2026
December 31, 2025
Land and mineral reserves
$3,618
$3,337
Buildings and installations
3,031
3,027
Machines, furniture, vehicles and tools
9,705
9,552
Construction in progress
613
470
Finance lease right-of-use assets
564
547
Total property, plant and equipment
17,531
16,933
Less: accumulated depreciation, depletion and impairment
(9,165)
(8,998)
Property, plant and equipment, net
$8,366
$7,935
Depreciation and depletion expense was $198 million and $181 million for the three months ended March 31,
2026 and 2025, respectively. Depreciation expense is recorded within Cost of revenues and Selling, general
and administrative expenses on the unaudited condensed consolidated statements of operations and
depletion expense is recorded within Cost of revenues on the unaudited condensed consolidated statements
of operations.
The Company recorded gains on disposals of long-lived assets of $5 million and $1 million for the three
months ended March 31, 2026 and 2025, respectively.
Note 8. Goodwill and intangible assets, net
Goodwill
The changes in the carrying amount of goodwill by segment were as follows:
(In millions)
Building Materials
Building Envelope
Total
Balance as of January 1
$4,994
$4,026
$9,020
Acquisitions
75
—
75
Foreign currency translation adjustment and other
(25)
—
(25)
Balance as of March 31, 2026
$5,044
$4,026
$9,070
No goodwill impairment triggering events were identified during the three months ended March 31, 2026.
Intangible assets, net
Amortization of long-lived intangible assets was $35 million and $34 million for the three months ended
March 31, 2026 and 2025, respectively, and is included within Cost of revenues and Selling, general and
administrative expenses on the unaudited condensed consolidated statements of operations. The Company
does not have any indefinite-lived intangible assets other than goodwill.
16
Amrize Ltd
Notes to Condensed Consolidated Financial Statements (Unaudited)
Note 9. Additional financial information
Other current liabilities consisted of the following:
As of
As of
(In millions)
March 31, 2026
December 31, 2025
Employee-related liabilities other than pension
$123
$212
Finance lease liabilities
117
111
Accrued interest
95
76
Accrued purchases of property, plant and equipment
91
90
Income tax payable
54
111
Contract liabilities
53
44
Indirect taxes
40
37
Self-insurance reserves
40
30
Asset retirement obligations
39
39
Pension liabilities
22
23
Warranty reserves
22
25
Other(1)
96
52
Total Other current liabilities
$792
$850
_________________
(1)Other current liabilities primarily consist of other general liabilities, litigation reserves and environmental liabilities.
Other noncurrent liabilities consisted of the following:
As of
As of
(In millions)
March 31, 2026
December 31, 2025
Contract liabilities
$366
$401
Finance lease liabilities
312
327
Asset retirement obligations
252
255
Pension liabilities
226
229
Liabilities for unrecognized tax benefits
140
140
Self-insurance reserves
94
102
Warranty reserves
78
64
Environmental remediation liabilities
57
60
Other(1)
70
76
Total Other noncurrent liabilities
$1,595
$1,654
__________________
(1)Other noncurrent liabilities primarily consist of litigation reserves, end of lease costs, and employee-related liabilities other than
pensions.
17
Amrize Ltd
Notes to Condensed Consolidated Financial Statements (Unaudited)
Note 10. Debt
Effective interest
rate as of March 31,
As of
March 31,
As of
December 31,
(In millions)
2026
2026
2025
3.500% Unsecured Notes due 2026
3.53%
$326
$326
4.750% Unsecured Notes due 2046
4.81%
554
554
4.600% Unsecured Notes due 2027
4.65%
700
700
4.700% Unsecured Notes due 2028
4.76%
700
700
4.950% Unsecured Notes due 2030
5.01%
1,000
1,000
5.400% Unsecured Notes due 2035
5.47%
1,000
1,000
7.125% Unsecured Notes due 2036
7.25%
445
445
6.875% Unsecured Notes due 2039
6.99%
191
191
6.500% Unsecured Notes due 2043
6.61%
239
239
4.200% Unsecured Notes due 2033
4.24%
50
50
7.650% Private Placement due 2031
7.80%
50
50
Other
11
12
Total principal
5,266
5,267
Unamortized (discounts), premiums and debt issuance costs
3
2
Total long-term debt
5,269
5,269
Less: current portion of long-term debt
(333)
(333)
Long-term debt
$4,936
$4,936
Debt is reported on the condensed consolidated balance sheets at par value adjusted for unamortized
discount or premium and unamortized issuance costs. The fair value of the Company’s long-term debt was
$5,011 million as of March 31, 2026 (comprised of $4,950 million in unsecured notes and $61 million in other
long-term debt), compared to $5,047 million as of December 31, 2025 ($4,989 million in unsecured notes and
$58 million in other long-term debt). The fair value of the unsecured notes is based on listed market prices
and was categorized as Level 1 in the fair value hierarchy.
The fair value of the Company’s long-term debt was as follows:
(In millions)
As of March 31, 2026
Carrying amount
$4,936
Fair value
$5,011
The Company recognized interest expense related to third-party debt of $72 million and $11 million for the
three months ended March 31, 2026 and 2025, respectively. Debt issuance costs amortized to Interest
expense, net on the unaudited condensed consolidated statements of operations were immaterial for the
three months ended March 31, 2026 and 2025. See Note 18 (Related party) for interest expense related to
borrowings and funding associated with the related-party note agreements for periods prior to the Spin-Off.
Bank credit
The Company has a commercial paper program for the issuance of short-term promissory notes with a
maximum aggregate principal amount of $2 billion outstanding at any time (“Commercial Paper Program”).
The Commercial Paper Program provides for private placements in the United States under Section 4(a)(2) of
the Securities Act. The short-term promissory notes issued under the Commercial Paper Program will be
unsecured notes ranking at least pari passu with all of our other senior unsecured indebtedness. These short-
term promissory notes are anticipated to be offered at par less a discount representing an interest factor or, if
interest bearing, at par. During the three months ended March 31, 2026, the Company utilized the Commercial
Paper Program. As of March 31, 2026, the amount outstanding was $777 million. The weighted average
interest rate for borrowings under the Commercial Paper Program was 4.22% for the three months ended
18
Amrize Ltd
Notes to Condensed Consolidated Financial Statements (Unaudited)
March 31, 2026. There were no borrowings outstanding under the Commercial Paper Program as of
December 31, 2025.
The Company has a 5-year committed, senior unsecured revolving credit facility that may be used for general
corporate purposes (the “Revolving Credit Facility”) with commitments of $2 billion. There were no
outstanding balances under the Revolving Credit Facility as of March 31, 2026 and December 31, 2025.
Covenants
Certain debt instruments contain restrictive covenants, including a financial covenant that requires the
Company to maintain a Consolidated Net Leverage Ratio (as defined in the Credit Agreement), which
measures consolidated net debt as of such date relative to consolidated earnings before interest, taxes,
depreciation and amortization for the four consecutive fiscal quarters then ended, of no more than 3.75 to 1,
tested at the end of each fiscal quarter. As of March 31, 2026, the Company was in compliance with the
financial covenants of its debt agreements.
Note 11. Leases
The Company has significant operating and finance leases, including buildings and installations, land,
machinery and equipment, furniture and fixtures, land fleet equipment, marine fleet equipment, and rail fleet
equipment located primarily in the United States and Canada.
Balance sheet information related to leases was as follows:
As of
As of
(In millions)
March 31, 2026
December 31, 2025
Operating lease right-of-use assets, net
$604
$608
Finance lease right-of-use assets, net
401
420
Total lease assets, net
$1,005
$1,028
Current portion of operating lease liabilities
$131
$136
Current portion of finance lease liabilities
117
111
Noncurrent portion of operating lease liabilities
492
500
Noncurrent portion of finance lease liabilities
312
327
Total lease liabilities
$1,052
$1,074
Finance lease right-of-use assets, net are included as a component of Property, plant and equipment, net on
the condensed consolidated balance sheets. The current portion of finance lease liabilities are included within
Other current liabilities, and the noncurrent portion of finance lease liabilities are included within Other
noncurrent liabilities on the condensed consolidated balance sheets.
The following table summarizes the components of lease expense recorded in the unaudited condensed
consolidated statements of operations:
For the three months ended
March 31,
(In millions)
2026
2025
Operating lease expense
$44
$41
Finance lease expense:
  Amortization of leased assets
31
25
  Interest on lease liabilities
5
4
Short term lease cost
14
12
Variable lease cost
1
1
Total lease expense
$95
$83
19
Amrize Ltd
Notes to Condensed Consolidated Financial Statements (Unaudited)
Note 12. Asset retirement obligations
Asset retirement obligation (“ARO”) costs related to accretion of the Company’s liabilities and depreciation of
the related assets were as follows:
For the three months ended
March 31,
(In millions)
2026
2025
Accretion
$3
$3
Depreciation
6
5
Total costs
$9
$8
The following summarizes the current and noncurrent portions of the Company’s liability for asset retirement
obligations, as presented in Other current liabilities and Other noncurrent liabilities, respectively, on the
condensed consolidated balance sheets:
As of
As of
(In millions)
March 31, 2026
December 31, 2025
Current ARO liability
$39
$39
Noncurrent ARO liability
252
255
Total ARO liability
$291
$294
The changes in the Company’s asset retirement obligations were as follows:
(In millions)
2026
Balance as of January 1
$294
Accretion expense
3
Liabilities settled
(3)
Foreign currency translation adjustment
(3)
Balance as of March 31
$291
Note 13. Income taxes
The Company’s interim provision for income tax is determined based on our estimated annual effective tax
rate, adjusted for tax attributable to infrequent or unusual items, which are recognized in the period in which
they occur. The provision for income taxes and the effective tax rates for the periods presented were as
follows:
For the three months ended
March 31,
(In millions, except for percentage data)
2026
2025
Total tax benefit
$27
$46
Effective income tax rate
18.6%
34.6%
The 2026 effective income tax rate was primarily impacted by a discrete adjustment related to miscellaneous
expenses that were not material to the quarter. The 2025 effective income tax rate was primarily impacted by
the Organization for Economic Co-operation and Development Pillar Two (‘‘OECD Pillar Two’’) regulatory
guidance released in January 2025, which resulted in a reduction in the OECD Pillar Two tax.
Note 14. Segment information
The Company is organized into two reportable segments — Building Materials and Building Envelope — that
are aligned with the products and services it provides and based upon the information used by the CODM in
evaluating the performance of the business and allocating resources and capital. The Building Materials
segment offers a range of branded solutions delivering high-quality products for a wide range of applications.
These include cement and aggregates, as well as a variety of downstream products and solutions such as
20
Amrize Ltd
Notes to Condensed Consolidated Financial Statements (Unaudited)
ready-mix concrete, asphalt, and other construction materials. The Building Envelope segment offers
advanced roofing and wall systems, including single-ply membranes, insulation, shingles, sheathing,
waterproofing and protective coatings, along with adhesives, tapes, and sealants that are critical to the
application of roofing and wall systems.
The Company determines its operating segments based on the discrete financial information that is regularly
evaluated by its CODM in deciding how to allocate resources and in assessing performance. The CODM was
determined to be the Company’s CEO as he is responsible for allocating resources and assessing
performance. The discrete financial information regularly evaluated by the CODM and operating segment
conclusions are consistent prior to and following the completion of the Spin-Off. For both segments, the
CODM uses Segment Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) in
the financial planning and resource allocation process. The CODM considers Segment Adjusted EBITDA on a
monthly basis to evaluate the performance of each segment and make decisions about allocating resources
to each segment. Segment Adjusted EBITDA excludes the impact of Depreciation, depletion, accretion and
amortization, Loss on impairments, unallocated corporate costs, acquisition and integration-related costs,
certain litigation-related costs, Spin-Off and separation-related costs, restructuring and other costs, Interest
expense, net, and Other non-operating income, net. The accounting policies applicable to each segment are
consistent with those used on these unaudited condensed consolidated financial statements.
The key performance indicators for the Company’s reportable segments are presented in the following table.
Certain totals presented below may not agree with the line items on the unaudited condensed consolidated
statements of operations primarily due to (i) depreciation, depletion, accretion and amortization and (ii)
unallocated corporate costs.
For the three months
ended March 31,
(In millions)
2026
2025
Revenues:
Building Materials
$1,500
$1,329
Building Envelope
678
752
Total Revenues
$2,178
$2,081
Cost of revenues:
Building Materials
$1,231
$1,118
Building Envelope
511
527
Total cost of revenues
$1,742
$1,645
Other segment expenses(1):
Building Materials
$99
$91
Building Envelope
89
101
Total other segment expenses
$188
$192
Segment Adjusted EBITDA:
Building Materials
$170
$120
Building Envelope
78
124
Total Segment Adjusted EBITDA
$248
$244
_________
(1)Other segment expenses consist of selling, general and administrative expenses, and gains on disposals of long-lived assets.
21
Amrize Ltd
Notes to Condensed Consolidated Financial Statements (Unaudited)
For the three months
ended March 31,
(In millions)
2026
2025
Total Segment Adjusted EBITDA
$248
$244
Reconciling items:
Depreciation, depletion, accretion and amortization
(236)
(218)
Interest income
8
14
Interest expense
(78)
(132)
Acquisition and integration-related costs(1)
(23)
(3)
Litigation-related costs(2)
(2)
—
Restructuring and other costs(3)
(3)
—
Spin-off and separation-related costs(4)
(4)
(9)
Unallocated corporate costs
(56)
(30)
Other non-operating income, net(5)
1
1
Total reconciling items
(393)
(377)
Loss before income tax benefit
$(145)
$(133)
_________
(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.
(2)Litigation-related costs include certain litigation settlements, environmental remediation, and legal-related consulting and professional
fees that are not representative of expenses arising in the ordinary course of business.
(3)Restructuring and other costs include charges associated with non-core sites.
(4)Spin-Off and separation-related costs notably include rebranding costs.
(5)Other non-operating income, net primarily consists of costs related to gains on proceeds from property and casualty insurance.
The Company’s capital expenditures by segment were as follows:
For the three months ended
March 31,
(In millions)
2026
2025
Capital expenditures(1):
Building Materials
$203
$184
Building Envelope
69
27
Total capital expenditures
$272
$211
__________________
(1)Capital expenditures for the three months ended March 31, 2026 and 2025 exclude noncash transactions for capital expenditure-
related accounts payable.
The Company’s assets by segment were as follows:
As of
As of
(In millions)
March 31, 2026
December 31, 2025
Segment assets(1):
Building Materials
$15,412
$14,993
Building Envelope
7,169
6,959
Total segment assets
22,581
21,952
Other assets(2)
1,688
2,297
Total assets
$24,269
$24,249
__________________
(1)Segment assets are comprised of Accounts receivable, net, Inventories, net, Property, plant and equipment, net, Goodwill, Intangible
assets, net, and Operating lease right-of-use assets, net.
(2)Other assets are mainly comprised of Cash and cash equivalents, Other current and noncurrent assets, and corporate assets.
22
Amrize Ltd
Notes to Condensed Consolidated Financial Statements (Unaudited)
Note 15. Pension and other postretirement benefits
Defined benefit pension plans
The Company sponsors various defined benefit pension plans for employees, which are largely closed to new
entrants and frozen to future accruals, as described in Note 15 (Pension and other postretirement benefits) in
our 2025 Form 10-K. Defined benefit pension plans had net periodic pension costs of $2 million for the three
months ended March 31, 2026 and 2025. Other postretirement benefit plans had net periodic postretirement
benefit costs of $1 million for the three months ended March 31, 2026 and 2025.
Defined contribution plans
The Company sponsors various defined contribution plans for U.S. and Canadian employees. Expense
recognized with the defined contribution plans totaled $29 million and $27 million for the three months ended
March 31, 2026 and 2025, respectively, and is included within Cost of revenues and Selling, general and
administrative expenses on the unaudited condensed consolidated statements of operations.
Union-sponsored multiemployer pension plans
The Company participates in and contributes to various union-sponsored multiemployer pension plans for
U.S. and Canadian employees. The risks of participating in multiemployer pension plans differ from single
employer plans as follows:
•Assets contributed to a multiemployer pension plan by one employer may be used to provide
benefits to employees of other participating employers;
•If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be
borne by the remaining participating employers; and
•If the Company chooses to stop participating in one or more of the multiemployer pension plans to
which it contributes, the Company may be required to pay those plans an amount based on the
underfunded status of the plan, referred to as a withdrawal liability.
Total contributions to union-sponsored multiemployer pension plans were $6 million for the three months
ended March 31, 2026 and 2025.
23
Amrize Ltd
Notes to Condensed Consolidated Financial Statements (Unaudited)
Note 16. Accumulated other comprehensive loss
The changes in the balances for each component of Accumulated other comprehensive loss, net of tax, were
as follows:
(In millions)
Foreign Currency
Translation
Adjustment
Cash Flow
Hedges
Defined Benefit
Pension Plans and
Other
Postretirement
Benefit Plans
Total
Balance as of December 31, 2025
$(431)
$(1)
$41
$(391)
Other comprehensive income (loss) before
reclassifications
(64)
11
—
(53)
Amounts reclassified from Accumulated other
comprehensive loss to Net income
—
2
(2)
—
Net current-period Other comprehensive income (loss)
(64)
13
(2)
(53)
Other comprehensive loss attributable to noncontrolling
interests
—
—
—
—
Balance as of March 31, 2026
$(495)
$12
$39
$(444)
Balance as of December 31, 2024
$(634)
$(7)
$35
$(606)
Other comprehensive income (loss) before
reclassifications
16
3
—
19
Amounts reclassified from Accumulated other
comprehensive loss to Net income
—
(1)
(1)
(2)
Net current-period Other comprehensive income (loss)
16
2
(1)
17
Other comprehensive loss attributable to noncontrolling
interests
—
—
—
—
Balance as of March 31, 2025
$(618)
$(5)
$34
$(589)
The following amounts were reclassified from Accumulated other comprehensive loss to Net loss:
For the three months ended
March 31,
(In millions)
2026
2025
Net change in fair value of effective portion of cash flow hedges
Cost of revenues
$2
$(1)
Income tax benefit
—
—
Total
2
(1)
Actuarial losses and prior service costs for defined benefit pension plans and other
postretirement benefit plans
Other non-operating income, net
(2)
(1)
Income tax benefit
—
—
Total
(2)
$(1)
Total amounts reclassified from Accumulated other comprehensive loss to Net loss
$—
$(2)
The Company releases tax effects from Accumulated other comprehensive loss when the underlying items
affect earnings.
24
Amrize Ltd
Notes to Condensed Consolidated Financial Statements (Unaudited)
Note 17. Commitments and contingencies
Commitments
In the ordinary course of business, the Company enters into purchase commitments for goods and services
including various products and capital expenditures for property, plant and equipment. As of March 31, 2026,
the Company had purchase commitments for capital expenditures of $221 million and other contractual
commitments for products and intangibles of $609 million, compared to $207 million and $601 million,
respectively, as of December 31, 2025.
Contingencies
In the ordinary course of conducting its business activities, the Company is involved in judicial, administrative,
and regulatory investigations and proceedings, as well as lawsuits and claims of various natures, involving
both private parties and governmental authorities, relating to product liability, workers’ compensation,
automotive liability, general and commercial liability, competition, environmental, employment, health and
safety, and other matters. These claims and proceedings include insured, self-insured, and uninsured matters
that are brought on an individual, collective, representative, and class-action basis.
The Company records a liability for contingencies when the occurrence of a loss is probable and the amount
can be reasonably estimated, and records legal fees as incurred. If a range of amounts can be reasonably
estimated and no amount within the range is a better estimate than any other amount, then the minimum of
the range is accrued. The Company does not accrue liabilities when the likelihood that the liability has been
incurred is probable but the amount cannot be reasonably estimated or when the liability is believed to be
only reasonably possible or remote. For contingencies where an unfavorable outcome is probable or
reasonably possible and which are material, the Company discloses the nature of the contingency and, where
an estimate can reasonably be made, an estimate of the possible loss. Accruals are based on the best
information available, but in certain situations, management is unable to estimate an amount or range of a
reasonably possible loss, including, but not limited to, when: (i) the damages are indeterminate, (ii) the
proceedings are in the early stages, (iii) numerous parties are involved, or (iv) the matter involves novel or
unsettled legal theories.
The aggregate range of reasonably possible losses in excess of accrued liabilities, if any, associated with
these unresolved legal actions is not material. In some cases, the Company cannot reasonably estimate a
range of loss because there is insufficient information regarding the matter. Although it is not possible to
predict with certainty the outcome of these unresolved legal actions, the Company believes that these
actions will not individually or in the aggregate have a material adverse effect on our consolidated results of
operations, financial position, or liquidity. 
Warranties
The Company provides standard warranties on many of its products within the Building Envelope segment.
The liability for standard warranty programs is included in Other current liabilities and Other noncurrent
liabilities. The change in the standard warranty liability for the three months ended March 31, 2026 and 2025
is as follows:
(In millions)
2026
2025
Balance as of January 1
$89
$60
Increase for warranties
27
8
Decrease for payments
(16)
(8)
Balance as of March 31
$100
$60
The increase for warranties relates to provisions for new product sales and adjustments to the warranty
accrual for updated estimates of the costs necessary to settle specific product liability claims. The
adjustments primarily relate to a pre-acquisition manufacturing issue.
Environmental matters
The Company’s operations are subject to and affected by federal, state, provincial, and local laws and
regulations relating to, among other things, environmental matters (including climate change and greenhouse
gas emissions), health and safety matters (including related to the use of hazardous materials), and other
regulatory matters. Environmental operating permits, which are subject to modification, renewal, and
25
Amrize Ltd
Notes to Condensed Consolidated Financial Statements (Unaudited)
revocation, may be required for the Company’s operations. The Company monitors and reviews its
operations, procedures, and policies for compliance with these laws and regulations. Despite these
compliance efforts, risk of environmental liability is inherent in the operation of the Company’s business, as it
is with other companies engaged in similar businesses, and there can be no assurance that environmental
liabilities or noncompliance will not have a material adverse effect on the Company’s financial condition,
results of operations, or liquidity.
The Company accrued environmental remediation obligations of $67 million and $69 million for cleanup,
restoration and ongoing maintenance and monitoring requirements as of March 31, 2026 and December 31,
2025, respectively, which are included in Other current liabilities and Other noncurrent liabilities on the
condensed consolidated balance sheets.
Off balance sheet arrangements
Periodically, the Company enters into off balance sheet commitments, including surety bonds and letters of
credit, to fulfill certain obligations related to specific projects, insurance, and site restoration. As of March 31,
2026 and December 31, 2025, the Company had outstanding commitments amounting to $747 million and
$751 million, respectively. Historically, no material claims have been made against these financial instruments.
The Company did not have any other off balance sheet arrangements as of March 31, 2026 and December
31, 2025.
Self-insurance reserves
The Company’s wholly-owned captive insurance company, Mountain Prairie Insurance Company (“MPIC”),
which is subject to applicable insurance rules and regulations, is the primary insurer for the Company’s
exposure related to workers’ compensation, general liability, property, product liability, and automobile
liability. Additionally, the Company maintains a self-insurance reserve for health insurance programs offered
to eligible employees. The Company purchases excess coverage from unrelated insurance carriers and
obtains third-party coverage for other forms of insurance.
MPIC establishes a reserve for estimated losses on reported claims and those incurred but not yet reported
utilizing actuarial projections and historical trends. The reserves are classified within Other current liabilities
or Other noncurrent liabilities on the condensed consolidated balance sheets based on projections of when
the estimated loss will be paid. The estimates that are utilized to record potential losses on claims are
inherently subjective, and actual claims could differ from amounts recorded, which could result in an increase
or decrease of expense in future periods.
Self-insurance reserves were $134 million and $132 million as of March 31, 2026 and December 31, 2025,
respectively.
Note 18. Related party
Pursuant to the Spin-Off, Holcim ceased to be a related party to the Company and accordingly, no related
party transactions or balances have been reported subsequent to the Separation and Distribution Date. In
connection with the Spin-Off, the Company entered into a number of agreements with Holcim to govern the
Spin-Off and provide a framework for the relationship between the parties going forward, including, but not
limited to the following:
•Separation and Distribution Agreement - sets forth the principal actions to be taken in connection
with the Spin-Off, including the transfer of assets and assumption of liabilities, and establishes
certain rights and obligations between the Company and Holcim following the Spin-Off, including
procedures with respect to claims subject to indemnification and related matters.
•Transition Services Agreement - governs all matters relating to the provision of services between the
Company and Holcim on a transitional basis. The services the Company receives primarily include
support for information technology-related functions. The transition services generally commenced
on the date of Spin-Off and are expected to be completed over a period of one year, but no longer
than two years after the Spin-Off.
•Tax Matters Agreement - governs the respective rights, responsibilities, and obligations between the
Company and Holcim with respect to all tax matters, in addition to certain restrictions which generally
prohibit the Company from taking or failing to take any action for periods of varying length, from two
years to as long as five years, following the Spin-Off that would prevent the Spin-Off from qualifying
26
Amrize Ltd
Notes to Condensed Consolidated Financial Statements (Unaudited)
as tax-free for U.S. federal income tax purposes, including limitations on the Company’s ability to
pursue certain strategic transactions. The allocation of liabilities for payroll taxes and reporting and
other employee tax matters is covered by the Employee Matters Agreement and the allocation of
liabilities for all other taxes is covered by the Tax Matters Agreement.
The financial statement impact of these agreements was immaterial for the three months ended March 31,
2026. Under the TSA, the services provided to the Company ended in February 2026, while certain services
that the Company provides to Holcim are expected to continue through June 2027.
The following discussion summarizes activity between the Company and Holcim that occurred prior to the
completion of the Spin-Off.
Related-party transactions
The Company and Holcim historically had intercompany activity, resulting in revenues and expenses for both
parties prior to the Spin-Off. Transactions between the Company and other businesses of Holcim were
considered related-party transactions. Revenues for products and services provided to Holcim by the
Company were $25 million for the three months ended March 31, 2025. The costs incurred by the Company
related to products and services purchased from Holcim were $31 million for the three months ended March
31, 2025 and are contained within Cost of revenues on the unaudited condensed consolidated statements of
operations.
Certain related-party transactions between the Company and Holcim have been included in these unaudited
condensed consolidated financial statements prior to the Spin-Off. Trade receivables and payables, as well as
non-trade receivables and payables, between the Company and Holcim are cash settled and are presented
within Accounts receivable, net and Accounts payable on the unaudited condensed consolidated balance
sheets. These amounts were previously presented as Due from related-party and Due to related-party,
respectively. The net effect of the settlement of these intercompany transactions is reflected within Cash
flows from operating activities on the unaudited condensed consolidated statements of cash flows.
The Company also generated revenues from its equity method investees of $2 million for the three months
ended March 31, 2026 and 2025, respectively.
Allocation of corporate expenses
The unaudited condensed consolidated statements of operations include expense allocations for certain
corporate, infrastructure, and other shared services that were provided by Holcim on a centralized basis,
including but not limited to accounting and financial reporting, treasury, tax, legal, human resources,
information technology, insurance, employee benefits, and other shared services that are either specifically
identifiable or directly attributable to the Company, prior to the Spin-Off. These expenses had been allocated
to the Company on the basis of direct usage when specifically identifiable, with the remainder predominantly
allocated on a pro rata basis using revenues. The Company’s management considers this allocation to be a
reasonable reflection of the utilization of services provided or the benefit received by the Company during the
periods presented prior to the Spin-Off. However, these expense allocations may not be indicative of the
actual expenses that would have been incurred had the Company been a standalone company during the
periods presented, and they may not reflect what the Company’s results of operations may be in the future.
All such amounts have been deemed to have been incurred and settled by the Company in the period in
which the costs were recorded and are included within Net parent investment on the condensed consolidated
balance sheets prior to the Spin-Off.
Allocations for management costs and corporate support services provided to the Company prior to the Spin-
Off were $27 million for the three months ended March 31, 2025, including $8 million in Cost of revenues and
$19 million in Selling, general and administrative expenses.
Cash management and financing
Prior to the Spin-Off, a majority of the Company’s subsidiaries participated in Holcim’s centralized cash
pooling program. Depending on the Company’s contributions and withdrawals to and from the cash pool, it
was either in a net lending or borrowing position. Amrize’s position in the Holcim cash pooling program was
settled prior to the Spin-Off. For the three months ended March 31, 2025, the Company paid interest expense
of less than $1 million, on borrowings from Holcim’s centralized cash management and financing function. For
the three months ended March 31, 2025, the Company received interest income of $5 million on amounts
contributed to the cash pooling program.
27
Amrize Ltd
Notes to Condensed Consolidated Financial Statements (Unaudited)
Related-party notes payable
The Company had short-term and long-term borrowing arrangements with Holcim prior to the Spin-Off. The
borrowing arrangements with Holcim were primarily for working capital needs and for financing certain
acquisitions and had an aggregate principal balance of $7,645 million as of June 22, 2025. Prior to the Spin-
Off, the Company settled $5,646 million of related-party notes payable, with the remaining $1,999 million
contributed by Holcim to the Company as equity. The Company recognized interest expense from related-
party notes payable of $108 million for the three months ended March 31, 2025.
Net parent investment
As a result of the Spin-Off, Net parent investment in the condensed consolidated balance sheets was fully
settled on the Separation and Distribution Date. Prior to the Spin-Off, Net parent investment in the unaudited
condensed consolidated statements of equity represented Holcim’s historical investment in the Company, the
net effect of transactions with Holcim and allocations from Holcim, and the Company’s accumulated earnings.
Net transfers to Holcim are included within Net parent investment. The components of Net transfers to
Holcim on the unaudited condensed consolidated statements of cash flows and the reconciliation to the
corresponding amounts presented within the unaudited condensed consolidated statements of equity, which
includes certain non-cash elements, were as follows for the three months ended March 31, 2025:
•Net transfers to Holcim of $89 million for general financing activities and allocation of corporate
expenses, and
•Other non-cash activities to Holcim of $5 million.
Note 19. Supplemental cash flow information
For the three months
ended March 31,
(In millions)
2026
2025
Interest paid
$53
$71
Income taxes paid
147
207
Operating cash flows used for operating leases
(44)
(41)
Operating cash flows used for finance leases
(5)
(4)
Financing cash flows used for finance leases
(31)
(22)
Non-cash investing and financing transactions were as follows:
For the three months
ended March 31,
(In millions)
2026
2025
Accrued purchases of property, plant and equipment
$91
$55
Right-of-use assets obtained in exchange for new operating lease liabilities
23
46
Right-of-use assets obtained in exchange for new finance lease liabilities
24
19
28
Amrize Ltd
Notes to Condensed Consolidated Financial Statements (Unaudited)
Note 20. Loss per share and shareholders’ equity
Basic loss per share is computed by dividing net loss attributable to the Company by the weighted-average
number of shares outstanding during the applicable period. Diluted loss per share is the same as basic loss
per share, as the effect of all dilutive securities would be antidilutive. The three months ended March 31,
2026 excludes 4.2 million of potentially dilutive share-based awards as their effect would have been anti-
dilutive.
The calculation for basic and diluted earnings per share for any period presented prior to the Spin-Off were
based on the number of shares outstanding on the Separation and Distribution Date and have been
retrospectively presented. For periods prior to the Spin-Off, there are no dilutive equity instruments as there
were no Company share-based awards outstanding at the time.
The calculation of basic and diluted loss per share for the three months ended March 31, 2026 and 2025 was
as follows:
For the three months
ended March 31,
(In millions, except per share data)
2026
2025
Numerator:
Net loss
$(118)
$(87)
Net loss attributable to noncontrolling interests
2
—
Net loss attributable to the Company
$(116)
$(87)
Denominator:
Basic weighted-average number of shares outstanding
553.2
553.1
Dilutive effect of share-based awards
—
—
Diluted weighted-average number of shares outstanding
553.2
553.1
Loss per share
Basic
$(0.21)
$(0.16)
Diluted
$(0.21)
$(0.16)
Share repurchase program
On April 21, 2026, the Board of Directors approved a share repurchase authorization of $1.0 billion, with a 12-
month expiration. The Company implemented the share repurchase program after the annual general meeting
on April 21, 2026. Share repurchases will be made either in the open market or through privately negotiated
transactions. Our share repurchase program will be executed in compliance with Swiss law. See Note 23 in
our 2025 Form 10-K for more information.
Note 21. Share-based compensation
During the first quarter of 2026, the Company granted Performance Stock Units (“PSUs”) representing
604,356 ordinary shares of the Company at target performance levels. These PSUs cliff vest in March 2029.
The number of ordinary shares of PSUs to be received upon vesting will be determined based on the relative
achievement of performance metrics. PSUs are based on internal financial performance metrics or total
shareholder return relative to a peer group.
Note 22. Subsequent events
The Company has evaluated subsequent events occurring through to the date the unaudited condensed
consolidated financial statements were issued. Based upon this review, the Company did not identify any
subsequent events that would have required adjustment or disclosure in the unaudited condensed
consolidated financial statements except as disclosed below.
29
Amrize Ltd
Special one-time dividend and ordinary annual dividend
On April 21, 2026, at the Company's 2026 annual general meeting of shareholders, the shareholders approved
the following payments out of the legal reserves from capital contributions: (i) a one-time cash dividend in the
form of a special distribution of $0.44 per outstanding share (the “Special Dividend”), and (ii) an ordinary
annual cash dividend in the form of a regular distribution of up to $0.44 per outstanding share (“Ordinary
Dividend”) to be paid in up to four (4) installments at the discretion of the Company’s Board of Directors (the
“Board”).
The Special Dividend was paid on May 4, 2026, with an ex-dividend date of April 24, 2026. The Board
determined the first installment of the Ordinary Dividend to be $0.11 per outstanding share, payable on
May 20, 2026, with an ex-dividend date of May 12, 2026.
See Note 23 in our 2025 Form 10-K for more information.
30
Amrize Ltd
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of
Operations
The following discussion and analysis of our financial condition and results of operations should be read in
conjunction with our unaudited condensed consolidated financial statements and accompanying notes
included elsewhere in this Quarterly Report. Some of the information contained in the following discussion
and analysis includes forward-looking statements that involve risks and uncertainties. Refer to the sections
entitled “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in our 2025 Form 10-K
for a discussion of forward-looking statements and important factors that could cause actual results to differ
materially from the results described in or implied by the forward-looking statements contained in the
following discussion and analysis.
Overview
We are a building solutions company focused on the North American market, offering customers a broad
range of advanced building solutions from foundation to rooftop. We serve customers across the
infrastructure, commercial, and residential construction markets, from new builds to repair and refurbishment
(“R&R”). Our more than 19,000 employees operate across more than 1,000 sites and facilities in the United
States, Canada, Colombia, Switzerland, and Jamaica, providing customers with trusted brands and advanced
building solutions for the full building lifecycle. Our trusted brands and advanced solutions, combined with our
operational expertise, make us a trusted partner for customers, consisting of contractors, building owners,
architects, engineers, public authorities, and cities across the United States and Canada.
We earn revenue from the sale of cement, aggregates, ready-mix concrete, asphalt, roofing systems, and
other building solutions. We operate in two reportable segments, offering a complete range of advanced
solutions to support large-scale and complex construction projects from bridges to data centers in the areas
of residential, commercial, and infrastructure construction. Our services span new construction as well as
R&R, with R&R accounting for 43% of overall revenues in 2025.
•Our Building Materials segment offers a range of branded solutions delivering high-quality products
for a wide range of applications across North America. Key product offerings of this segment include
cement and aggregates, as well as a variety of downstream products and solutions such as ready-
mix concrete, asphalt, and other construction materials.
•Our Building Envelope segment offers advanced roofing and wall systems, including single-ply
membranes, insulation, shingles, sheathing, waterproofing and protective coatings, along with
adhesives, tapes, and sealants that are critical to the application of roofing and wall systems. Our
Building Envelope products are sold individually or in warrantied systems for new construction or R&R
in commercial and residential projects. These products are sold either directly to contractors or
through an authorized distributor or dealer network in North America.
Seasonality
Our Building Materials segment operating results for the first and fourth quarters are generally lower than
those for the second and third quarters, which benefit from more favorable weather and increased
construction activity. In addition to impacting demand, adverse weather can disrupt production schedules,
shipments, and project timelines, affecting costs, efficiencies, and profitability. We manage these seasonal
fluctuations through operational planning and flexible workforce management, but quarter-to-quarter results
may not be indicative of full-year performance.
Our Building Envelope segment is subject to seasonal fluctuations in demand, primarily driven by trends in
new construction, renovation, and repair activities across both residential and commercial markets. Demand
for our building envelope products, which include roofing, wall systems, and related solutions, generally
increases during periods of favorable weather, as construction and renovation projects are most active in the
second and third calendar quarters. This pattern reflects the broader industry trend, where project starts and
completions are concentrated in the spring and summer months, particularly in our key geographic markets.
We continuously monitor market conditions and adjust our production and inventory management strategies
to align with anticipated seasonal demand and potential weather-related disruptions. Despite these efforts,
the inherent seasonality and unpredictability of weather events may result in fluctuations in our quarterly
revenues, earnings, and cash flow.
31
Amrize Ltd
Financial Summary
A summary of our performance highlights for the three months ended March 31, 2026 and 2025 is as follows:
For the three months
ended March 31,
(In millions, except for percentage data)
2026
2025
Revenues
$2,178
$2,081
Net loss
$(118)
$(87)
Net loss margin
(5.4%)
(4.2%)
Adjusted EBITDA
$192
$214
Adjusted EBITDA Margin
8.8%
10.3%
Cash flows used in operating activities
$(896)
$(856)
Capital Allocation
We believe our disciplined approach to capital allocation allows us to invest in our business to drive
sustainable growth, pursue strategic mergers and acquisitions, and return capital to shareholders. We remain
committed to diligently executing this capital allocation strategy through continuous enhancements to our
facilities, investment in new greenfield projects, and increased allocation of capital towards future growth
initiatives. Furthermore, we have historically been able to effectively acquire and merge businesses in
fragmented industries, aligning with our overarching capital allocation strategies.
•We completed one acquisition in each of the three months ended March 31, 2026 and 2025, for total
cash consideration, net of cash acquired, of $425 million and $9 million, respectively; and
•We invested $272 million in capital expenditure projects in the three months ended March 31, 2026,
compared with $211 million in the three months ended March 31, 2025.
Transition to Standalone Company
On June 23, 2025, Holcim completed the previously announced Spin-Off through a distribution of 100% of the
Company’s outstanding shares to holders of record of Holcim’s ordinary shares, on a pro rata basis as a
dividend-in-kind, as of the close of business on June 20, 2025. As a result of the Distribution, the Company
became an independent public company, subject to the requirements of the New York Stock Exchange and
the SIX Swiss Exchange, where our Ordinary Shares are listed under the symbol “AMRZ”.
In connection with the Spin-Off, we entered into or adopted several agreements including a Separation and
Distribution Agreement, Transition Services Agreement, and Tax Matters Agreement, among others. These
agreements allocate between Holcim and us various assets, liabilities, rights and obligations (including with
respect to employee benefits and tax-related assets and liabilities), and govern the relationship between the
Company and Holcim for certain commercial matters (including manufacturing, supply, and insurance)
following the Spin-Off. See Note 18 (Related party) to our unaudited condensed consolidated financial
statements included elsewhere in this Quarterly Report for more information on these agreements.
In connection with the Spin-Off, we are establishing additional procedures and practices as a standalone
public company. As a result, we incurred additional expenses in 2025 related to the establishment and
operation of new functions including rebranding, employee-related costs, executive leadership compensation,
accounting and financial reporting, compliance and regulatory, human resources, information technology,
marketing and communications, insurance, and other operating costs. Certain of these costs (the “Spin-Off
and separation-related costs”) are non-recurring in nature, consisting primarily of rebranding. We expect the
Spin-Off and separation-related costs to continue through fiscal year 2027. In line with our ASPIRE program
(an initiative launched in the second quarter of 2025 to accelerate synergies by leveraging our scale to
optimize third-party spending and drive efficiencies across procurement, logistics, and operating functions),
we will continue to look for operational cost improvement opportunities as a standalone company to drive
lower costs across our business and corporate functions.
32
Basis of Presentation
Our unaudited condensed consolidated financial statements and accompanying notes included elsewhere in
this Quarterly Report have been prepared in accordance with U.S. GAAP and the rules and regulations of the
SEC. Prior to the Spin-Off, we operated as a wholly-owned subsidiary of Holcim, and not as a standalone
company. These unaudited condensed consolidated financial statements and footnotes reflect the historical
financial position, results of operations, and cash flows of the Company as historically managed within Holcim
for periods prior to the completion of the Spin-Off and reflect the financial position, results of operations, and
cash flows of the Company as a standalone company for periods after the completion of the Spin-Off. The
unaudited condensed consolidated financial statements and footnotes for the period prior to the Spin-Off
included elsewhere in this Quarterly Report were prepared on a “carve-out” basis in connection with the Spin-
Off and have been derived from the consolidated financial statements and historical accounting records of
Holcim. See Note 1 (Organization and basis of presentation) to our unaudited condensed consolidated
financial statements included elsewhere in this Quarterly Report.
Prior to the Spin-Off, our unaudited condensed consolidated financial statements included expense
allocations for certain corporate, infrastructure, and other shared services provided by Holcim on a
centralized basis, including but not limited to accounting and financial reporting, treasury, tax, legal, human
resources, information technology, insurance, employee benefits, and other shared services that are either
specifically identifiable or directly attributable to us. These expenses had been allocated to us on the basis of
direct usage when specifically identifiable, with the remainder predominantly allocated on a pro rata basis
using revenues. See Note 18 (Related party) to our unaudited condensed consolidated financial statements
included elsewhere in this Quarterly Report.
Prior to the Spin-Off, we participated in Holcim’s centralized cash management and financing function. Our
residual cash pooling balances as of the end of each reporting period were recorded within Related-party
notes receivable, and we had related-party note agreements in place with Holcim for the financing of our
capital needs, which were reflected as Related-party notes payable. Interest expense, net in the unaudited
condensed consolidated statements of operations reflects interest on borrowing and funding associated with
the related-party note agreements, for periods prior to the Spin-Off.
Certain related-party transactions between the Company and Holcim have been included in our unaudited
condensed consolidated financial statements prior to the Spin-Off. Additionally, as part of the Spin-Off, the
Company issued senior unsecured notes and completed a bond exchange. A portion of the proceeds from the
issuance of the senior unsecured notes and completion of the bond exchange was used to repay the
Company’s related-party indebtedness due to Holcim. Holcim also completed an equity contribution to the
Company to settle the remaining related-party indebtedness due to Holcim. See Note 10 (Debt) in our 2025
Form 10-K and Note 18 (Related party) to our unaudited condensed consolidated financial statements
included elsewhere in this Quarterly Report for additional information.
Macroeconomic Trends
We operate in competitive markets with respect to each of our segments. Recent market conditions, such as
trade policy uncertainty, energy market disruptions, geopolitical conflicts, fluctuations in interest rates, and
construction market labor challenges may impact various markets in which we operate. While our Building
Envelope segment has been impacted by these market conditions, our Building Materials segment has
remained resilient, as we have been able to leverage our scale, unique footprint, and diverse product
offerings to customers. We expect the execution of our ASPIRE program to accelerate synergies and
profitable growth, by investing in streamlining our network. Over the long term, we expect growth in demand
due to urbanization, aging infrastructure, recent onshoring trends, population growth, and historical
underinvestment in residential housing. As market conditions evolve, we believe that we are uniquely
positioned to capitalize on these growth opportunities.
Factors Affecting Our Performance
We continue to evolve our business to improve performance and drive sustainable growth. Building on our
large operating footprint of over 1,000 sites and facilities, we believe we are well positioned to capitalize on
strong commercial and residential construction spend and infrastructure investments across North America.
The future success of our business depends on many factors. While these factors present opportunities for
us, they also pose risks and challenges, including those discussed below and in “Risk Factors” under Item 1A
of our 2025 Form 10-K. We must successfully address these risks to achieve growth, improve our results of
operations, and generate profits.
33
Amrize Ltd
Emphasis on Building Envelope. Our strong presence in the Building Materials category has allowed us to
acquire additional product lines, such as roofing and insulation products, in the Building Envelope segment. By
acquiring Firestone Building Products (later renamed to Elevate Commercial Roofing Systems) in 2021,
Herbert Malarkey Roofing Company (“Malarkey”) in 2022, and Duro-Last, LLC, Critical Point, LLC, Oscoda
Plastics, LLC, Plastatech Engineering Limited, LLC, Anvil Paints & Coatings, LLC and Tip-Top Screw
Manufacturing, LLC (collectively, “Duro-Last”) in 2023, we bolstered our roofing system offerings and
positioned ourselves to meet growing demand for re-roofing and new builds. Our Building Envelope segment
accounted for 31.1% and 36.1% of our revenues for the three months ended March 31, 2026 and 2025,
respectively. We intend to continue building out our Building Envelope segment through expansions,
acquisitions, and development of additional solutions and products, as we believe this will unlock long-term
value creation. Such expansions and acquisitions depend on our ability to raise capital and seamlessly
integrate new products into our current product mix.
Emphasis on Aggregates. Our scaled aggregates franchise shows compelling growth potential. The North
American aggregates industry is fragmented and consists of specialized businesses that present ideal
opportunities for acquisition and future growth. We have the size, scale, and financial capabilities to procure
businesses that we believe would expand our offerings. Although inorganic growth through acquisitions may
subject us to significant up-front costs, we believe such acquisitions will enhance our competitive advantage,
provide strategic value creation, and ultimately increase our Building Materials revenue and Segment
Adjusted EBITDA.
Infrastructure Investment. Demand for our products is directly related to the level of activity in the
construction industry, which includes residential, commercial and infrastructure construction. A recent focus
on improving infrastructure in North America is being fueled by, among other things, funding from federal,
state and local governments who are focused on addressing aging infrastructure across North America. We
are leveraging our market position across North America and diverse product offerings to secure our
involvement in airport, highway, bridge and related infrastructure projects. Our ability to capitalize on this
growing need for infrastructure-related projects across North America has the capability to increase our
scope of operations and revenues.
Innovation. Through our research and development engine, we seek to drive cutting-edge innovation to
address our customers’ greatest ambitions. We believe we are at the forefront of new product developments,
and our experts span all building fields, from masons and engineers to material scientists and experts in
artificial intelligence and data mining. We conduct cutting-edge research and empower smart design while
deploying new building technologies. We also partner with leading construction sector startups to scale up
new technologies across our operations. Maintaining this level of innovation requires us to spend a substantial
amount on research and development efforts, as well as on retaining and recruiting talent. Whether this
spending results in increased revenue and more profitable operations will depend on our ability to introduce
new products and improve our current product offerings. Although we will strive to introduce new products
and to develop and market new construction techniques and technologies, our efforts may be unsuccessful
or unprofitable resulting in impairments, which could negatively affect our results of operations and market
positions.
Components of Results of Operations
Revenues
We earn revenue from the sale of Building Materials products (cement, aggregates, ready-mix concrete,
asphalt, and other construction materials) and Building Envelope products (advanced roofing and wall
systems, including single-ply membranes, insulation, shingles, sheathing, waterproofing, and protective
coatings, along with adhesives, tapes, and sealants that are critical to the application of roofing and wall
systems). Revenues are recognized in accordance with Financial Accounting Standards Board Accounting
Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers, and ASC 340-40, Other
Assets and Deferred Costs—Contracts with Customers, when we satisfy a performance obligation by
transferring a promised good or service to a customer. This occurs when the customer obtains control of that
good or service. See Note 3 (Revenues) included in the unaudited condensed consolidated financial
statements included elsewhere in the Quarterly Report for more information.
Operating Costs and Expenses
The key components of our operating costs and expenses consist of Cost of revenues, Selling, general and
administrative expenses, Gain on disposal of long-lived assets, and Loss on impairments, as defined and
outlined below:
34
Cost of Revenues
Cost of revenues primarily consists of all direct production costs of products, including labor, materials,
transportation, and fuel. Cost of revenues also includes a portion of our depreciation, depletion, accretion,
and amortization expense related to property, plant, and equipment directly attributable to the production of
goods sold, as well as the service cost component of defined benefit pension plan and other postretirement
benefit plan expenses, operating lease expenses, and finance lease expenses. Proceeds from business
interruption insurance claims, if any, are treated as reductions to the related Cost of revenues incurred.
Selling, General and Administrative Expenses
Selling, general and administrative expenses primarily include salaries and related costs for roles not directly
attributable to the production of goods sold, such as sales and marketing, legal, finance and accounting,
information technology, human resources, and certain other employees. Selling, general and administrative
expenses also include a portion of our depreciation, depletion, accretion, and amortization expense related to
property, plant, and equipment, intangible assets not directly attributable to the production of goods sold,
acquisition-related transaction costs, the service cost component of defined benefit pension plan and other
postretirement benefit plan expenses, operating lease expenses, and finance lease expenses. Additionally,
prior to the Spin-Off, Selling, general and administrative expenses also include expense allocations for certain
corporate, infrastructure, and other shared services provided by Holcim on a centralized basis, including but
not limited to accounting and financial reporting, treasury, tax, legal, human resources, information
technology, insurance, employee benefits, and other shared services.
Gain on Disposal of Long-Lived Assets
Gain on disposal of long-lived assets primarily includes gains on the disposal and retirement of specific
assets, such as ready-mix concrete, cement, and roofing assets.
Interest Expense, net
Interest expense, net primarily consists of interest incurred on third-party notes, finance leases, commercial
paper, related-party notes prior to the Spin-Off, bank fees, and the amortization of the associated deferred
financing costs, net of interest income.
Other Non-Operating Income, net
Other non-operating income, net primarily includes the amortization of actuarial gains or losses on pension
and other postretirement benefit plans, curtailment, and settlement gains or losses incurred in connection
with pension and other postretirement benefit plans.
Income Tax Benefit
Income tax benefit consists of federal, state, and local income taxes related to the tax jurisdictions in which
we conduct business. Income tax provision consists of taxes currently payable and deferred amounts related
to both Swiss and non-Swiss taxes on our income. The effective tax rate depends on a number of factors,
including the jurisdiction in which operating profit is earned and the nature and timing of discrete items.
Results of Operations
As discussed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations-
Overview-Factors Affecting Our Performance” and “Management’s Discussion and Analysis of Financial
Condition and Results of Operations-Overview-Macroeconomic Trends” above, and as discussed in more
detail below, our results of operations are highly dependent upon activities within the construction industry,
economic cycles within the public and private business sectors, and seasonality. Accordingly, financial results
for any period presented, or period-to-period comparisons of reported results, may not be indicative of future
results of operations.
Our financial results for the three months ended March 31, 2026 and 2025 were affected by softer demand
within the Building Envelope segment. These factors are outside of our control and may impact our operations
in the future. The extent to which global economic challenges will ultimately impact our business, operations,
financial condition, and results of operations will depend on numerous factors, which are highly uncertain,
rapidly changing, and cannot be predicted.
35
Amrize Ltd
Consolidated Statements of Operations
For the three months ended
March 31,
(In millions, except for percentage data)
2026
2025
%
change
Revenues
$2,178
$2,081
4.7%
Cost of revenues
(1,967)
(1,859)
(5.8)%
Gross profit
211
222
(5.0)%
Selling, general and administrative expenses
(292)
(239)
(22.2)%
Gain on disposal of long-lived assets
5
1
400.0%
Operating loss
(76)
(16)
(375.0)%
Interest expense, net
(70)
(118)
40.7%
Other non-operating income, net
1
1
—%
Loss before income tax benefit
(145)
(133)
9.0%
Income tax benefit
27
46
(41.3)%
Net loss
(118)
(87)
(35.6)%
Net loss attributable to noncontrolling interests
2
—
—%
Net loss attributable to the Company
$(116)
$(87)
(33.3)%
Net loss margin
(5.4)%
(4.2)%
Adjusted EBITDA(1)
$192
$214
(10.3)%
Adjusted EBITDA Margin(1)
8.8%
10.3%
__________________
(1)See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures” for
definitions of these Non-GAAP financial measures, information about how and why we use these Non-GAAP financial measures, and a
reconciliation of each of these Non-GAAP financial measures to its most directly comparable financial measure calculated in accordance
with U.S. GAAP.
Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025
Revenues
Revenues for the three months ended March 31, 2026 were $2,178 million, an increase of $97 million, or 4.7%,
from $2,081 million for the three months ended March 31, 2025. The increase in our overall revenues was
primarily driven by volume growth of $79 million and contributions from acquisitions of $24 million from our
Building Materials segment. These factors were partially offset by lower market demand as well as lower
prices of $24 million within our Building Envelope segment. Foreign exchange benefitted Amrize by $18
million for the quarter, as the Canadian dollar strengthened against the U.S. dollar. The proportion of revenues
related to the Building Materials segment and Building Envelope segment was 68.9% and 31.1% for the three
months ended March 31, 2026 and 63.9% and 36.1% for the three months ended March 31, 2025,
respectively.
Analysis of Change
Organic Growth
(In millions, except for
percentage data)
For the three
months
ended March
31, 2025
Volume
Price
Acquisitions
Foreign
Exchange
For the three
months
ended March
31, 2026
%
change
Total Revenues
2,081
79
(24)
24
18
2,178
4.7%
36
Amrize Ltd
Cost of revenues
Cost of revenues for the three months ended March 31, 2026 was $1,967 million, an increase of $108 million,
or 5.8%, from $1,859 million for the three months ended March 31, 2025. The increase was comprised of an
increase of $138 million from the Building Materials segment and a decrease of $20 million from the Building
Envelope segment.
The Cost of revenues increase within Building Materials was less than Revenues growth versus the first
quarter of the prior year, reflecting gross profit margin expansion from cost efficiencies. The decrease within
Building Envelope was due to lower volumes, partially offset by increased warranty expense.
Cost of revenues as a percentage of Revenues was 90.3% and 89.3% for the three months ended March 31,
2026 and 2025, respectively. The increase in Cost of revenues as a percentage of Revenues relates in part to
increased warranty accruals. The proportion of Cost of revenues related to the Building Materials segment
and Building Envelope segment was 72.3% and 27.7% for the three months ended March 31, 2026 and 69.5%
and 30.5% for the three months ended March 31, 2025, respectively.
Selling, general and administrative expenses
Selling, general and administrative expenses for the three months ended March 31, 2026 were $292 million,
an increase of $53 million, or 22.2%, from $239 million for the three months ended March 31, 2025. In the first
quarter of 2025, this activity was primarily developed on a “carve-out” basis from Holcim, while the current
period activity reflects costs incurred to establish a stand-alone organization. The increase was primarily due
to personnel costs for higher headcount and compensation, as well as professional services related to
developing a stand-alone organization.
Gain on disposal of long-lived assets
Gain on disposal of long-lived assets for the three months ended March 31, 2026 was $5 million, an increase
of $4 million, from $1 million for the three months ended March 31, 2025.
Interest expense, net
Interest expense, net for the three months ended March 31, 2026 was $70 million, a decrease of $48 million,
or 40.7%, from $118 million for the three months ended March 31, 2025. The decrease in interest expense, net
was primarily driven by a decrease in related-party debt. Since the Spin-Off, the Company has operated with
a lower debt profile.
Other non-operating income, net
Other non-operating income, net for the three months ended March 31, 2026 and 2025 was $1 million.
Income tax benefit
Income tax benefit for the three months ended March 31, 2026 was $27 million, a decrease of $19 million, or
41.3%, from $46 million for the three months ended March 31, 2025. The effective income tax rate for the
three months ended March 31, 2026 was 18.6%, compared to 34.6% for the three months ended March 31,
2025. The 2026 effective income tax rate was primarily impacted by a discrete adjustment related to
miscellaneous expenses that were not material to the quarter. The 2025 effective income tax rate was
primarily impacted by the OECD Pillar Two regulatory guidance released in January 2025, which resulted in a
reduction in the OECD Pillar Two tax.
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Amrize Ltd
Adjusted EBITDA and Adjusted EBITDA Margin
Adjusted EBITDA for the three months ended March 31, 2026 decreased to $192 million from $214 million for
the three months ended March 31, 2025. Adjusted EBITDA Margin was 8.8% for the three months ended
March 31, 2026, compared to 10.3% for the three months ended March 31, 2025. Adjusted EBITDA in the
Building Materials segment increased $50 million, primarily driven by significant demand growth from our
customers. In the Building Envelope segment, Adjusted EBITDA decreased $46 million primarily due to price
decreases and the impact of lower volumes, as well as higher costs related to a temporary plant disruption.
Increased corporate costs of $26 million in the first quarter of 2026 caused the remaining Adjusted EBITDA
decrease as the organization operated on a standalone basis in the current period, as compared to a carve-
out basis in the first quarter of 2025. Adjusted EBITDA and Adjusted EBITDA Margin performance was as
follows:
Analysis of Change
Organic Growth
(In millions, except for
percentage data)
For the three
months ended
March 31, 2025
Volume
Price
Other2
Acquisitions
Foreign
Exchange
For the three
months ended
March 31, 2026
% change
Adjusted EBITDA(1)
214
32
(24)
(34)
3
1
192
(10.3)%
Adjusted EBITDA Margin(1)
10.3%
8.8%
__________________
(1)See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures” for
definitions of these non-GAAP financial measures, information about how and why we use these non-GAAP financial measures, and a
reconciliation of each of these non-GAAP financial measures to its most directly comparable financial measure calculated in accordance
with U.S. GAAP.
(2)Primarily higher corporate costs related to the development of a stand-alone organization.
Results of Operations by Segment
Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025
For the three months ended
March 31,
(In millions)
2026
2025
%
change
Segment revenues:
Building Materials(1)
$1,500
$1,329
12.9%
Building Envelope
678
752
(9.8)%
Total revenues
$2,178
$2,081
4.7%
For the three months ended
March 31,
(In millions)
2026
2025
%
change
Segment Adjusted EBITDA:
Building Materials
$170
$120
41.7%
Building Envelope
78
124
(37.1)%
Total Segment Adjusted EBITDA
248
244
1.6%
Unallocated corporate costs
(56)
(30)
(86.7)%
Adjusted EBITDA(2)
$192
$214
(10.3)%
__________________
(1)Segment revenues for Building Materials are presented net of interproduct revenues between our Cement and Aggregates and other
construction materials product lines of $101 million and $100 million for the three months ended March 31, 2026 and 2025, respectively.
(2)See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures” for
definitions of these non-GAAP financial measures, information about how and why we use these non-GAAP financial measures and a
reconciliation of each of these non-GAAP financial measures to its most directly comparable financial measure calculated in accordance
with U.S. GAAP.
38
Amrize Ltd
Building Materials
Building Materials segment revenues for the three months ended March 31, 2026 were $1,500 million, an
increase of $171 million, or 12.9%, from $1,329 million for the three months ended March 31, 2025. The
increase was primarily driven by significantly higher cement and aggregates customer demand, contributions
from the acquisition of PB Materials, and favorable impacts of foreign currency.
Cement revenues for the three months ended March 31, 2026 were $837 million, an increase of $96 million,
or 13.0%, from $741 million for the three months ended March 31, 2025. Aggregates and other construction
materials revenues for the three months ended March 31, 2026 were $764 million, an increase of $76 million,
or 11.0%, from $688 million for the three months ended March 31, 2025.
Volumes
For the three months ended March 31,
in millions
2026
2025
% Change
Cement - tons sold1
4.1
3.6
13.9%
Aggregates - tons sold
17.8
15.6
14.1%
Average Selling Price - Year over Year
For the three months ended March 31,
$ per ton
2026
2025
% Change
Constant
Currency2
% Change
Constant
Currency
Cement - price per ton1
$168.83
$171.76
(1.7%)
$167.67
(2.4%)
Aggregates - price per ton3
$15.52
$15.14
2.5%
$15.29
1.0%
Average Selling Price - Sequential
For the three months ended
Constant Currency2
$ per ton
March 31,
2026
December 31,
2025
% Change
March 31,
2026
December 31,
2025
% Change
Cement - price per ton1
$168.83
$167.52
0.8%
$167.67
$166.51
0.7%
Aggregates - price per ton3
$15.52
$13.79
12.5%
$15.29
$13.77
11.0%
__________________
1 Cement volume and pricing figures presented above exclude trading.
2 Constant Currency reflects price adjusted to prior period foreign exchange rates.
3 Aggregates pricing figures presented above are freight adjusted, excluding freight revenues.
Building Materials Segment Adjusted EBITDA for the three months ended March 31, 2026 was $170 million, an
increase of $50 million, or 41.7%, from $120 million for the three months ended March 31, 2025. The increase
in Building Materials Segment Adjusted EBITDA was mainly attributable to significant demand growth from our
customers due to new project starts and multi-year mega projects. Additionally, we experienced economies
of scale from the significant volume growth resulting in margin expansion.
Building Envelope
Building Envelope segment revenues for the three months ended March 31, 2026 were $678 million, a
decrease of $74 million, or 9.8%, from $752 million for the three months ended March 31, 2025. The decrease
was primarily driven by lower volumes, which reflects softer market demand, and lower pricing.
Building Envelope Segment Adjusted EBITDA for the three months ended March 31, 2026 was $78 million, a
decrease of $46 million, or 37.1%, from $124 million for the three months ended March 31, 2025. The
decrease in Building Envelope Segment Adjusted EBITDA was attributable to price decreases and the impact
of lower volumes, as well as higher costs related to inflation and a temporary plant disruption.
39
Amrize Ltd
Non-GAAP Financial Measures
In addition to the key operational metrics above and our financial results as reported under U.S. GAAP, we
evaluate our operating performance using certain financial measures, including Total Segment Adjusted
EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin, EBITDA and EBITDA Margin, and Free Cash Flow, that
are not defined by, or prepared in accordance with, U.S. GAAP. We refer to these measures as “non-GAAP”
financial measures.
These non-GAAP financial measures should not be considered as alternatives to the earnings measures
defined by U.S. GAAP. We utilize these non-GAAP financial measures, among others, to assess our operating
performance and to provide a consistent comparison of performance from period to period and as a basis for
strategic planning and forecasting given our belief that such non-GAAP financial measures closely correlate
to long-term enterprise value. We believe that measuring performance on the basis of Total Segment
Adjusted EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin, EBITDA and EBITDA Margin, and Free Cash
Flow is useful to investors because it enables consistent evaluation of our operational performance and
liquidity period to period.
“Total Segment Adjusted EBITDA” is defined as Net income (loss), and excludes the impact of Depreciation,
depletion, accretion and amortization, Interest expense, net, Income tax benefit, Acquisition and integration-
related costs, Litigation-related costs, Loss on impairments, Restructuring and other costs, Spin-off and
separation-related costs, Other non-operating (income) expense, net, Income from equity method
investments, and unallocated corporate costs. “Adjusted EBITDA” is defined as Total Segment Adjusted
EBITDA including unallocated corporate costs. “Adjusted EBITDA Margin” is defined as Adjusted EBITDA
divided by revenues. “EBITDA” is defined as Net income (loss), excluding Depreciation, depletion, accretion
and amortization, Interest expense, net, and Income tax benefit. “EBITDA Margin” is defined as EBITDA
divided by revenues. “Free Cash Flow” is defined as net cash provided by (used in) operating activities plus
proceeds from property and casualty insurance, proceeds from land expropriation, and proceeds from
disposals of long-lived assets less purchases of property, plant and equipment.
Total Segment Adjusted EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin, EBITDA and EBITDA Margin,
and Free Cash Flow have limitations as analytical tools and should not be considered in isolation or as
substitutes for an analysis of our results as reported under U.S. GAAP. Because of these limitations, Total
Segment Adjusted EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin, EBITDA and EBITDA Margin, and
Free Cash Flow should not be considered as replacements for revenues, net income (loss), net income (loss)
margin or net cash provided by (used in) operating activities, as determined by U.S. GAAP, or as measures of
our profitability. We compensate for these limitations by relying primarily on our U.S. GAAP results and using
non-GAAP financial measures only for supplemental purposes.
40
Reconciliation of Non-GAAP Financial Measures
Total Segment Adjusted EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, EBITDA and EBITDA Margin are
monitored by management in order to efficiently allocate resources between segments and to assess
performance. The table below reconciles our net loss and net loss margin, the most directly comparable
financial measures calculated in accordance with U.S. GAAP, to Total Segment Adjusted EBITDA, Adjusted
EBITDA, Adjusted EBITDA Margin, EBITDA, and EBITDA Margin, respectively.
For the three months
ended March 31,
(In millions, except for percentage data)
2026
2025
Net loss
$(118)
$(87)
Depreciation, depletion, accretion and amortization
236
218
Interest expense, net
70
118
Income tax benefit
(27)
(46)
EBITDA
161
203
Acquisition and integration-related costs(1)
23
3
Litigation-related costs(2)
2
—
Restructuring and other costs(3)
3
—
Spin-off and separation-related costs(4)
4
9
Other non-operating income, net(5)
(1)
(1)
Adjusted EBITDA
192
214
Unallocated corporate costs
56
30
Total Segment Adjusted EBITDA
$248
$244
Building Materials
$170
$120
Building Envelope
$78
$124
Net loss margin
(5.4)%
(4.2)%
EBITDA Margin
7.4%
9.8%
Adjusted EBITDA Margin
8.8%
10.3%
_________________
(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.
(2)Litigation-related costs include certain litigation settlements, environmental remediation, and legal-related consulting and professional
fees that are not representative of expenses arising in the ordinary course of business.
(3)Restructuring and other costs include charges associated with non-core sites.
(4)Spin-Off and separation-related costs notably include rebranding costs.
(5)Other non-operating income, net primarily consists of costs related to gains on proceeds from property and casualty insurance.
Free Cash Flow is monitored by management to assess liquidity. The table below reconciles our net cash
provided by (used in) operating activities, the most directly comparable financial measure calculated in
accordance with U.S. GAAP, to Free Cash Flow.
For the three months
ended March 31,
(In millions)
2026
2025
Net cash used in operating activities
$(896)
$(856)
Capital expenditures, net(1)
(267)
(209)
Free cash flow
$(1,163)
$(1,065)
__________________
(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.
41
Liquidity and Capital Resources
Our ability to fund our cash needs will depend on our ongoing ability to generate cash from operations. In
addition, we will rely on access to the capital markets, in particular for debt financing, in order to satisfy
capital requirements not satisfied by cash flows from operating activities, particularly between April and
October, due to the seasonality of our business. We expect to utilize our capital resources to fund operations
and capital expenditures, pursue strategic acquisitions and other business development transactions, and
repay our indebtedness over time. We continually evaluate our liquidity requirements in light of our operating
needs, growth initiatives, and capital resources. We believe that our existing cash reserves, cash flow from
operations, as well as a range of available financing activities will provide adequate resources to fund our
short-term and long-term capital requirements, including our debt requirements and expected pension
contributions for at least the next twelve months.
Cash Flows
The following table summarizes our net cash used in and provided by operating, investing and financing
activities for the periods indicated:
For the three months ended
March 31,
(In millions)
2026
2025
Net cash provided by (used in):
Operating activities
$(896)
$(856)
Investing activities
(659)
(60)
Financing activities
743
(97)
Effect of exchange rate changes on cash and cash equivalents
(11)
2
Decrease in cash and cash equivalents
(823)
(1,011)
Cash and cash equivalents - beginning of period
1,922
1,585
Cash and cash equivalents - end of period
$1,099
$574
Working Capital
Due to the seasonal nature of our business, we typically use cash as working capital increases in the first half
of the year. This increase is driven by higher sales activity and the related impact in accounts receivable,
increased inventory from production, and higher maintenance activities at the beginning of our production
season. In the second half of the year, working capital becomes a source of cash as revenue activity peaks,
drawing down inventory, and collecting outstanding accounts receivable. We may periodically utilize
customer early‑payment programs and adjust the timing of certain payments.
Cash Flows from Operating Activities
Our most significant source of operating cash flows is cash received from customer purchases of our Building
Materials and Building Envelope products. Our primary use of cash from operating activities is to pay for our
manufacturing operations.
For the three months ended March 31, 2026 and 2025, net cash used in operating activities was $896 million
and $856 million, respectively. The increase in cash used in operating activities of $40 million was primarily
driven by a higher net loss of $31 million and the timing of cash collections and payments.
Cash Flows from Investing Activities
For the three months ended March 31, 2026 and 2025, cash used in investing activities was $659 million and
$60 million, respectively. The increase in cash used in investing activities for the three months ended March
31, 2026, as compared to the three months ended March 31, 2025, was primarily driven by an increase in
acquisition spending of $416 million, primarily related to the acquisition of PB Materials, and a decrease in net
investments to cash pooling of $173 million in the prior period. See Note 18 (Related party) to our unaudited
condensed consolidated financial statements included elsewhere in this Quarterly Report for additional
information on the settlement of the cash pooling program.
42
Amrize Ltd
Cash Flows from Financing Activities
For the three months ended March 31, 2026 cash provided by financing activities was $743 million, compared
to cash used in financing activities of $97 million for the three months ended March 31, 2025. The increase in
cash provided by financing activities three months ended March 31, 2026, as compared to the three months
ended March 31, 2025, was primarily driven by an increase in proceeds from short-term borrowings of $777
million. See Note 10 (Debt) to our unaudited condensed consolidated financial statements included elsewhere
in this Quarterly Report for additional information.
Contractual Obligations and Commitments
Under various agreements, we are obligated to make future cash payments in fixed amounts. These include
payments under our debt and other borrowings, in addition to pension and other postretirement benefit plan
contributions. The following table presents our significant contractual obligations and commitments with
definitive payment terms as of March 31, 2026:
(In millions)
Remainder
of 2026
2027
2028
2029
2030
Thereafter
Total
Principal on debt and other
borrowings
$1,110
$700
$700
$3
$1,000
$2,530
$6,043
Operating lease obligations
123
140
106
88
62
246
765
Finance lease obligations
105
119
93
56
32
113
518
Pension and postretirement
contributions
21
27
25
24
23
411
531
Purchase obligations(1)
535
69
54
47
37
88
830
Total
$1,894
$1,055
$978
$218
$1,154
$3,388
$8,687
_________________
(1)Purchase obligations is comprised of purchase commitments of $609 million for goods and services and capital expenditures of $221
million for property, plant and equipment.
Off Balance Sheet Arrangements
Periodically, we enter into off balance sheet commitments, including surety bonds and letters of credit, to
fulfill certain obligations related to specific projects, insurance and site restoration. As of March 31, 2026 and
December 31, 2025, we had outstanding commitments amounting to $747 million and $751 million,
respectively. Historically, no material claims have been made against these surety bonds and letters of credit.
We did not have any other off balance sheet arrangements as of March 31, 2026 and December 31, 2025.
Critical Accounting Estimates
The Company outlined its critical accounting estimates in its Annual Report on Form 10-K for the year ended
December 31, 2025. There were no changes to the Company’s critical accounting estimates during the three
months ended March 31, 2026. 
43
Amrize Ltd
Item 3. Quantitative and Qualitative Disclosures About Market Risk
We are exposed to certain market risks, which exist as a part of our ongoing business operations. We monitor
and manage these financial exposures as an integral part of our overall risk management program. To manage
the aforementioned risks, we may, from time to time, use forward contracts, options, swaps, caps, collars,
and floors or pursue other strategies to limit our exposure to changes in markets including changes in interest
rates, currency exchange rates, and commodity prices. For the three months ended March 31, 2026, there
have been no material changes to our market risks from those disclosed in the 2025 Form 10-K.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the
Exchange Act) are designed to ensure that information required to be disclosed by the Company in reports
that it files or submits under the Exchange Act is (i) recorded, processed, summarized and reported within the
time periods specified in SEC rules and forms and (ii) accumulated and communicated to the Company’s
management, including its principal executive officer and principal financial officer, as appropriate to allow
timely decisions regarding required disclosure.
In connection with the preparation of this Quarterly Report, an evaluation of the effectiveness of the design
and operation of our disclosure controls and procedures as of March 31, 2026 was carried out under the
supervision and with the participation of the Company’s management, including the Chief Executive Officer
and Chief Financial Officer (“the Certifying Officers”). Based on this evaluation, the Certifying Officers
concluded that the Company’s disclosure controls and procedures were not effective as of March 31, 2026
because of our previously reported material weakness in our internal control over financial reporting, as
described in the Risk Factors section of the Company’s Annual Report on Form 10-K for the year ended
December 31, 2025.
Notwithstanding the identified material weakness, management has concluded that the condensed
consolidated financial statements included in this Quarterly Report on Form 10-Q present fairly, in all material
respects, our financial position, results of operations and cash flows for the periods disclosed in conformity
with U.S. GAAP.
Material Weakness
A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial
reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim
financial statements will not be prevented or detected on a timely basis.
As previously disclosed, management identified a material weakness in the design and operation of our
internal control over financial reporting related to insufficient accounting and supervisory personnel who have
the appropriate level of U.S. GAAP technical accounting experience and training.
Ongoing Remediation Efforts to Address the Previously Identified Material Weakness
Management, under the oversight of the Audit Committee, is in the process of implementing measures
designed to remediate the factors contributing to the material weakness, including:
•Continuing to recruit, onboard and train qualified personnel with U.S. GAAP and SEC experience to
support enhanced control ownership and timely, consistent execution of internal control over
financial reporting;
•Establishing and advancing Finance Policy and Disclosure Committees comprised of appropriately
qualified personnel;
•Utilizing outside resources with specialized accounting expertise to supplement internal resources as
needed.
While we have taken steps to implement our remediation plan, the material weakness will not be considered
remediated until the enhanced controls operate for a sufficient period of time and management has
concluded, through testing, that the related controls are effective. We will continue to monitor the
effectiveness of our remediation plan and refine the plan as appropriate.
44
Amrize Ltd
Changes in Internal Controls over Financial Reporting
The Company implemented a new system for financial consolidation and reporting. The Company began
using this system for the fiscal year beginning on January 1, 2026. Additionally, we continued our remediation
efforts in connection with the material weakness described above.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
The Company is from time to time a party to various legal proceedings that arise in the ordinary course of
business. See Note 17 (Commitments and contingencies) of this Form 10-Q for additional discussion
concerning our legal proceedings.
The Company has elected to use a $1 million sanctions threshold for disclosing certain proceedings under
environmental laws to which a governmental authority is a party. Applying this threshold, there were no
relevant legal proceedings to disclose for this period.
Item 1A. Risk Factors
There were no material changes to the risk factors disclosed in of our 2025 Form 10-K.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
None.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
For information concerning mine safety violations or other regulatory matters required by Section 1503(a) of
the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K see Exhibit
95 of this report, which is incorporated herein by reference.
Item 5. Other Information
None.
Item 6. Exhibits
*  Filed herewith
** This certification is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of
1933, as amended, or the Exchange Act.
45
Amrize Ltd
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Amrize Ltd
By:
/s/ Baris Oran
Name:
Baris Oran
Title:
Chief Financial Officer
(Duly authorized officer and principal financial officer)
Date:
May 7, 2026
EXHIBIT 31.1
CERTIFICATION PURSUANT TO
RULE 13a-14 OF THE SECURITIES EXCHANGE ACT OF 1934,
AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Jan Jenisch, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Amrize Ltd;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) [language omitted in accordance with Exchange Act Rule 13a-14(a)] for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. [paragraph omitted in accordance with Exchange Act Rule 13a-14(a)];

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 7, 2026


By:
/s/ Jan Jenisch
Name:
Jan Jenisch
Title:
Chief Executive Officer
EXHIBIT 31.2
CERTIFICATION PURSUANT TO
RULE 13a-14 OF THE SECURITIES EXCHANGE ACT OF 1934,
AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Baris Oran, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Amrize Ltd;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) [language omitted in accordance with Exchange Act Rule 13a-14(a)] for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.[paragraph omitted in accordance with Exchange Act Rule 13a-14(a)];

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 7, 2026


By:
/s/ Baris Oran
Name:
Baris Oran
Title:Chief Financial Officer
EXHIBIT 32
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Amrize Ltd (the “Company”) for the quarterly period ended March 31, 2026 (the “Report”), we, Jan Jenisch, Chief Executive Officer, and Baris Oran, Chief Financial Officer, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of our knowledge:

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.Information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.




By:
/s/ Jan Jenisch
By:
/s/ Baris Oran
Name:
Jan Jenisch
Name:
Baris Oran
Title:
Chief Executive Officer
Title:
Chief Financial Officer
Date:May 7, 2026Date:May 7, 2026
EXHIBIT 95 - MINE SAFETY DISCLOSURE EXHIBIT

The operation of the Company’s domestic aggregates quarries and mines is subject to regulation by the federal Mine Safety and Health Administration (MSHA) under the Federal Mine Safety and Health Act of 1977 (the Mine Act). MSHA inspects the Company’s mining operations on a regular basis and issues various citations and orders when it believes a violation has occurred under the Mine Act. Whenever MSHA issues a citation or order, it also generally proposes a civil penalty, or fine, related to the alleged violation. Citations or orders may be contested and appealed, and, as part of that process, are often reduced in severity and amount; they are sometimes dismissed.
Under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act), the Company is required to present information regarding certain mining safety and health citations which MSHA has issued with respect to its mining operations in its periodic reports filed with the Securities and Exchange Commission (SEC). In evaluating this information, consideration should be given to factors such as: (i) the number of citations and orders will vary depending on the size of the quarry or mine and types of operations (i.e., underground or surface); (ii) the number of citations issued will vary from inspector to inspector and location to location; and (iii) citations and orders can be contested and appealed, and in that process, may be reduced in severity and amount, and are sometimes dismissed.
The Company has provided the information below in response to the SEC’s rules and regulations issued under the provisions of the Dodd-Frank Act. The disclosures reflect U.S. mining operations only, as the requirements of the Dodd-Frank Act and the SEC rules and regulations thereunder do not apply to the Company’s mining operations outside the United States.
The Company presents the following items in Appendix 1 regarding certain mining safety and health matters for the three months ending March 31, 2026:
●Total number of violations of mandatory health or safety standards that could significantly and substantially (S&S) contribute to the cause and effect of a mine safety or health hazard under section 104 of the Mine Act for which the Company has received a citation from MSHA (hereinafter, “Section 104 S&S Citations”). If MSHA determines that a violation of a mandatory health or safety standard is likely to result in a reasonably serious injury or illness under the unique circumstance contributed to by the violation, MSHA will classify the violation as a “significant and substantial” violation (commonly referred to as an S&S violation). MSHA inspectors will classify each citation or order written as an S&S violation or not.
●Total number of orders issued under section 104(b) of the Mine Act (hereinafter, “Section 104(b) Orders”). These orders are issued for situations in which MSHA determines a previous violation covered by a Section 104(a) citation has not been totally abated within the prescribed time period, so a further order is needed to require the mine operator to immediately withdraw all persons (except authorized persons) from the affected area of a quarry or mine.

EXHIBIT 95 - MINE SAFETY DISCLOSURE EXHIBIT

●Total number of citations and orders for unwarrantable failure of the mine operator to comply with mandatory health or safety standards under Section 104(d) of the Mine Act (hereinafter, “Section 104(d) Citations and Orders”). These violations are similar to those described above, but the standard is that the violation could significantly and substantially contribute to the cause and effect of a safety or health hazard, but the conditions do not cause imminent danger, and the MSHA inspector finds that the violation is caused by an unwarranted failure of the operator to comply with the health and safety standards.
●Total number of flagrant violations under section 110(b)(2) of the Mine Act (hereinafter, “Section 110(b)(2) Violations”). These violations are penalty violations issued if MSHA determines that violations are “flagrant”, for which civil penalties may be assessed. A “flagrant” violation means a reckless or repeated failure to make reasonable efforts to eliminate a known violation of a mandatory health or safety standard that substantially and proximately caused, or reasonably could have been expected to cause, death or serious bodily injury.
●Total number of imminent danger orders issued under section 107(a) of the Mine Act (hereinafter, “Section 107(a) Orders”). These orders are issued for situations in which MSHA determines an imminent danger exists in the quarry or mine and results in orders of immediate withdrawal of all persons (except certain authorized persons) from the area of the quarry or mine affected by its condition until the imminent danger and the underlying conditions causing the imminent danger no longer exist.
●Total dollar value of proposed assessments from MSHA under the Mine Act. These are the amounts of proposed assessments issued by MSHA with each citation or order for the time period covered by the reports. Penalties are assessed by MSHA according to a formula that considers a number of factors, including the mine operator’s history, size, negligence, gravity of the violation, good faith in trying to correct the violation promptly, and the effect of the penalty on the operator’s ability to continue in business.
●Total number of mining-related fatalities. Mines subject to the Mine Act are required to report all fatalities occurring at their facilities unless the fatality is determined to be “non-chargeable” to the mining industry. The final rules of the SEC require disclosure of mining-related fatalities at mines subject to the Mine Act. Only fatalities determined by MSHA not to be mining-related may be excluded.
●Receipt of written notice from MSHA of a pattern (or a potential to have such a pattern) of violations of mandatory health or safety standards that are of such nature as could have significantly and substantially contributed to the cause and effect of other mine health or safety hazards under Section 104(e) of the Mine Act. If MSHA determines that a mine has a “pattern” of these types of violations, or the potential to have such a pattern, MSHA is required to notify the mine operator of the existence of such a thing.
●Legal actions before the Federal Mine Safety and Health Review Commissions pending as of the last day of period.
●Legal actions before the Federal Mine Safety and Health Review Commissions initiated during this period.
●Legal actions before the Federal Mine Safety and Health Review Commissions resolved during this period.

EXHIBIT 95 - MINE SAFETY DISCLOSURE EXHIBIT

The Federal Mine Safety and Health Review Commission (the Commission) is an independent adjudicative agency that provides administrative trial and appellate review of legal disputes arising under the Mine Act. The cases may involve, among other questions, challenges by operators to citations, orders, and penalties they have received from MSHA, or complaints of discrimination by miners under Section 105 of the Mine Act. Appendix 1 shows, for each of the Company’s quarries and mines identified, as of March 31, 2026, the number of legal actions pending before the Commission, along with the number of legal actions initiated before the Commission during the period, as well as resolved during the period. In addition, Appendix 1 includes a footnote to the column for legal actions before the Commission initiated, pending, or resolved as of the last day of the period, which footnote breaks down that total number of legal actions pending by categories according to the type of proceeding in accordance with various categories established by the Procedural Rules of the Commission.

Certain citations and orders reflected in the table below are subject to informal conferences or discussions with the Mine Safety and Health Administration (“MSHA”). These informal proceedings do not constitute legal actions before the Federal Mine Safety and Health Review Commission and, accordingly, are not included as legal actions for purposes of Item 104 of Regulation S-K.

EXHIBIT 95 - MINE SAFETY DISCLOSURE EXHIBIT

APPENDIX 1

The table below sets forth, by mine, the total number of citations and/or orders issued by MSHA during the period covered by this report under the indicated provisions of the Mine Act, together with the total dollar value of proposed assessments, if any, from MSHA, received during the three months ending March 31, 2026. Of our 110 active MSHA-regulated facilities during the reporting period, we received 83 federal mine safety inspections during the reporting period. Of our 110 facilities, 98 did not receive any significant citations or orders.


Name of Operation
Number of Inspections
Total Number of
S&S Citations
Mine Act 104(b) Orders
Mine Act 104(d) Citations and Orders
Mine Act 110(b)(2) Violations
Mine Act 107(a) Orders
Total Dollar Value of Proposed MSHA Assessments
(dollars in thousands)
Total Number of Mining Fatalities
Received
Notice of
Pattern of
Violations
Under
Section
104(e)
Received
Notice of
Potential to
Have Pattern
under section
104(e)
125 Penwell
1
1
0
0
0
0
$0.00
0
No
No
533 Marble
1
3
0
0
0
0
$0.00
0
No
No
Alpena Cement Plant
2
5
0
0
0
0
$11.01
0
No
No
Ambrose Sand Plant
1
2
0
0
0
0
$5.13
0
No
No
Fredonia Quarry
0
1
0
0
0
0
$0.34
0
No
No
Geocycle LLC
5
1
0
0
0
0
$8.19
0
No
No
Holly Hill Cement Plant
4
3
0
0
0
0
$75.93
0
No
No
Portland Cement Plant
3
3
0
0
0
0
$0.00
0
No
No
Ravena Cement Plant
1
4
0
0
0
2
$4.30
0
No
No
Ste. Genevieve Cement Plant
3
8
0
0
0
0
$8.86
0
No
No
The RS&D Mine
1
1
0
0
0
0
$1.78
0
No
No
Theodore Cement Plant
5
4
0
1
0
0
$83.71
0
No
No
Other - 98
56
0
0
0
0
0
$10.90
0
No
No
Total
83
36
0
1
0
2
$210.14
0
No
No

EXHIBIT 95 - MINE SAFETY DISCLOSURE EXHIBIT


The table below sets forth the total number of reportable legal actions* initiated, pending, and resolved for the three months ending March 31, 2026.

Name of OperationPending Legal ActionsLegal Actions InitiatedLegal Actions Resolved
Hagerstown Cement Plant1
Holly Hill Cement Plant311
Midlothian Cement Plant11
Ste. Genevieve Cement Plant1
Theodore Cement Plant2
Three Rivers Quarry11

* Of the eight pending legal actions as of March 31, 2026: eight were contests of citations or orders referenced in Subpart B of 29 CFR Part 2700, which includes contests of citations and orders issued under Section 104 of the Mine Act, and contests of imminent danger orders under Section 107 of the Mine Act, and were also contests of proposed penalties referenced in Subpart C of 29 CFR Part 2700, which are administrative proceedings before the Commission challenging a civil penalty that MSHA has proposed for the violation contained in a citation or order; none were complaints for compensation referenced in Subpart D of 29 CFR Part 2700; none were a complaint of discharge, discrimination, or interference referenced in Subpart E of 29 CFR Part 2700; none were applications for temporary relief referenced in Subpart F of 29 CFR Part 2700; and none were appeals of judges’ decisions or orders to the Federal Mine Safety and Health Review Commission referenced in Subpart H of 29 CFR Part 2700.

Contests pending as of period-end on the MDRS, but which are subsequently vacated, are not included in any reports on the MDRS. Citations that are final and then reopened are also not included in reports on the MDRS. As a result, discrepancies may appear between the prior reporting period’s “Pending Legal Actions” and “Legal Actions Resolved” for the current reporting period.