Amrize Ltd
For the period ended Mar 31, 2026. Filed May 7, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 7, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-10-29.
0002035989-25-000037
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-07.
0002035989-26-000057
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
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65 unchanged; 232 reworded; 142 added; 269 removed; 13 previous and 17 current paragraphs rearranged.
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A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (142)
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following discussion and analysis.
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mix concrete, asphalt, and other construction materials.
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Our Building Materials segment operating results for the first and fourth quarters are generally lower than
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those for the second and third quarters, which benefit from more favorable weather and increased
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construction activity. In addition to impacting demand, adverse weather can disrupt production schedules,
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shipments, and project timelines, affecting costs, efficiencies, and profitability. We manage these seasonal
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fluctuations through operational planning and flexible workforce management, but quarter-to-quarter results
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Our Building Envelope segment is subject to seasonal fluctuations in demand, primarily driven by trends in
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new construction, renovation, and repair activities across both residential and commercial markets. Demand
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for our building envelope products, which include roofing, wall systems, and related solutions, generally
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increases during periods of favorable weather, as construction and renovation projects are most active in the
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second and third calendar quarters. This pattern reflects the broader industry trend, where project starts and
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completions are concentrated in the spring and summer months, particularly in our key geographic markets.
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We continuously monitor market conditions and adjust our production and inventory management strategies
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to align with anticipated seasonal demand and potential weather-related disruptions. Despite these efforts,
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the inherent seasonality and unpredictability of weather events may result in fluctuations in our quarterly
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revenues, earnings, and cash flow.
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compared with$211 million in thethree months ended March 31, 2025.
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following the Spin-Off. See Note 18 (Related party) to ourunaudited condensed consolidated financial
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(an initiative launched in the second quarter of 2025 to accelerate synergies by leveraging our scale to
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optimize third-party spending and drive efficiencies across procurement, logistics, and operating functions),
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Prior to the Spin-Off, ourunaudited condensed consolidated financial statements included expense
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Form 10-K and Note 18 (Related party) to ourunaudited condensed consolidated financial statements
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Macroeconomic Trends
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trade policy uncertainty, energy market disruptions, geopolitical conflicts, fluctuations in interest rates, and
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construction market labor challenges may impact various markets in which we operate. While our Building
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Envelope segment has been impacted by these market conditions, our Building Materials segment has
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operations, and generate profits.
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acquiring Firestone Building Products (later renamed to Elevate Commercial Roofing Systems) in 2021,
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accounted for 31.1% and 36.1% of our revenuesfor the three months ended March 31, 2026 and 2025,
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Adjusted EBITDA.
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involvement in airport, highway, bridge and related infrastructure projects. Our ability to capitalize on this
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scope of operations and revenues.
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or unprofitable resulting in impairments, which could negatively affect our results of operations and market
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positions.
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good or service. See Note 3 (Revenues) included in theunaudited condensed consolidated financial
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outlined below:
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Income Tax Benefit
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within the Building Envelope segment. These factors are outside of our control and may impact our operations
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(1)See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures” for
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United States and Canada.
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asphalt and other construction materials.
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We are the largest provider of cement in the United States and Canada as measured by revenues and production
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volume, the second largest commercial roofing company in North America as measured by revenues, and a leader in
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advanced wall systems. We are also among the two largest aggregates companies in 85% of the markets in which we
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operate, and are strongly positioned in ready-mix concrete. Building on our large operating footprint, we believe we
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investments across North America. State-of-the-art facilities across a large distribution network help us minimize
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our distribution costs and provide exceptional customer service.
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Activity in the construction industry is dependent to a considerable extent on the seasonal impact of weather in
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our operating locations. We typically experience higher activity during spring, summer and fall and significantly
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lower activity in winter due to inclement weather. In addition to impacting demand for our products and services,
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adverse weather can negatively impact the construction and R&R application of our products for a variety of
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reasons. For example, workers may not be able to work outdoors in sustained high temperatures, heavy rainfall and/
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or other unfavorable weather conditions. Therefore, financial results for any interim period do not necessarily
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indicate the results expected for the full year.
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•Total revenues of$3,675 million, compared with$3,446 million in thethree months ended September 30, 2024;
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•Net income of$543 million, compared with$552 million in thethree months ended September 30, 2024;
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•Net income margin of 14.8%, compared with 16.0% in thethree months ended September 30, 2024;
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•Adjusted EBITDA of$1,067 million, compared with$1,103 million in thethree months ended September 30,
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2024; and
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•Adjusted EBITDA Margin of 29.0%, compared with 32.0% in thethree months ended September 30, 2024.
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•Total revenues of$8,976 million, compared with$8,855 million in thenine months ended September 30, 2024;
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•Net income of$884 million, compared with$981 million in thenine months ended September 30, 2024;
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•Net income margin of 9.8%, compared with 11.1% in thenine months ended September 30, 2024;
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•Adjusted EBITDA of$2,228 million, compared with$2,390 million in thenine months ended September 30,
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•Adjusted EBITDA Margin of 24.8%, compared with 27.0% in thenine months ended September 30, 2024; and
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•Cash flows provided by operating activities of$404 million, compared with$555 million in thenine months
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ended September 30, 2024.
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overarching capital allocation strategies.
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acquisition in thethree months ended September 30, 2024;
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•We completed three acquisitions in thenine months ended September 30, 2025 for total cash consideration,
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net of cash acquired, of$86 million, compared withone acquisition in thenine months ended September
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compared with$221 million in thethree months ended September 30, 2024; and
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compared with$558 million in thenine months ended September 30, 2024.
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On May 14, 2025, the holders of Parent’s ordinary shares approved the Spin-off. On the Separation and
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independent public company. The Company’s common stock is listed under the symbol “AMRZ” on the New York
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to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report.
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Prior to the Spin-off, our unaudited condensed consolidated statements of operations included expense
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party) to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report.
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Market Conditions and Outlook
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conjunction with our unaudited condensed consolidated financial statements and accompanying notes included
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conjunction with ourunaudited condensed consolidated financial statements and accompanying notes
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elsewhere in this Quarterly Report. Some of the information contained in the following discussion and analysis
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included elsewhere in this Quarterly Report. Some of the information contained in the following discussion
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includes forward-looking statements that involve risks and uncertainties. Refer to the sections entitled “Cautionary
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and analysis includes forward-looking statements that involve risks and uncertainties. Refer to the sections
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Note Regarding Forward-Looking Statements” and “Risk Factors” for a discussion of forward-looking statements
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entitled “Cautionary Note Regarding Forward-Looking Statements” and“Risk Factors” in our 2025 Form 10-K
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and important factors that could cause actual results to differ materially from the results described in or implied by
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for a discussion of forward-looking statements and important factors that could cause actual results to differ
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We are the largest building solutions company focused exclusively on the North American market, offering
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We are a building solutions company focused on the North American market, offering customers a broad
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customers a broad range of advanced building solutions from foundation to rooftop. We serve customers across the
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range of advanced building solutions from foundation to rooftop. We serve customers across the
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(“R&R”). Our more than 19,000 employees operate across more than 1,000 sites and facilities in the United States
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(“R&R”). Our more than 19,000 employees operate across more than 1,000 sites and facilities in the United
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and Canada, providing customers with trusted brands and advanced building solutions for the full building lifecycle.
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building solutions for the full building lifecycle. Our trusted brands and advanced solutions, combined with our
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Our trusted brands and advanced solutions, combined with our operational expertise, make us a trusted partner for
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operational expertise, make us a trusted partner for customers, consisting of contractors, building owners,
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customers, consisting of contractors, building owners, architects, engineers, public authorities and cities across the
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architects, engineers, public authorities, and cities across the United States and Canada.
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We earn revenue from the sale of cement, aggregates, ready-mix concrete, asphalt, roofing systems and other
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We earn revenue from the sale of cement, aggregates, ready-mix concrete, asphalt, roofing systems, and
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building solutions. We operate in two reportable segments, offering a complete range of advanced solutions to
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other building solutions. We operate in two reportable segments, offering a complete range of advanced
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support large-scale and complex construction projects from bridges to data centers in the areas ofresidential,
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solutions to support large-scale and complex construction projects from bridges to data centers in the areas
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commercial and infrastructure construction. Our services span new construction as well as R&R, with R&R
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of residential, commercial, and infrastructure construction. Our services span new construction as well as
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accounting for 44% of overall revenues in 2024.
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R&R, with R&R accounting for 43% of overall revenues in 2025.
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•Our Building Materials segment offers a range of branded solutions delivering high-quality products for a
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•Our Building Materials segment offers a range of branded solutions delivering high-quality products
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wide range of applications across North America. Key product offerings of this segment include cement
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for a wide range of applications across North America. Key product offerings of this segment include
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and aggregates, as well as a variety of downstream products and solutions such as ready-mix concrete,
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cement and aggregates, as well as a variety of downstream products and solutions such as ready-
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membranes, insulation, shingles, sheathing, waterproofing and protective coatings, along with adhesives,
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membranes, insulation, shingles, sheathing, waterproofing and protective coatings, along with
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tapes and sealants that are critical to the application of roofing and wall systems. Our Building Envelope
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adhesives, tapes, and sealants that are critical to the application of roofing and wall systems. Our
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products are sold individually or in warranted systems for new construction or R&R in commercial and
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Building Envelope products are sold individually or in warrantied systems for new construction or R&R
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residential projects. These products are sold either directly tocontractors or through an authorized
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in commercial and residential projects. These products are sold either directly to contractors or
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distributor or dealer network in North America.
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through an authorized distributor or dealer network in North America.
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A summary of our performance highlights for thethree months ended September 30, 2025 is as follows:
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A summary of our performance highlightsfor the three months ended March 31, 2026 and 2025 is as follows:
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We believe our balanced approach to capital allocation allows us to invest in our business to drive sustainable
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We believe our disciplined approach to capital allocation allows us to invest in our business to drive
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growth, pursue strategic mergers and acquisitions and return capital to shareholders. We remain committed to
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sustainable growth, pursue strategic mergers and acquisitions, and return capital to shareholders. We remain
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diligently executing this capital allocation strategy through continuous enhancements to our facilities, investment in
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committed to diligently executing this capital allocation strategy through continuous enhancements to our
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new greenfield projects and increased allocation of capital towards future growth initiatives. Furthermore, we have
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facilities, investment in new greenfield projects, and increased allocation of capital towards future growth
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historically been able to effectively acquire and merge businesses in fragmented industries, aligning with our
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initiatives. Furthermore, we have historically been able to effectively acquire and merge businesses in
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•We completedone acquisition in thethree months ended September 30, 2025, compared withone
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•We completedone acquisition in each of thethree months ended March 31, 2026 and 2025, for total
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30, 2024 for total cash consideration, net of cash acquired, of$21 million;
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cash consideration, net of cash acquired, of$425 million and$9 million, respectively; and
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•We invested$185 million in capital expenditure projects in thethree months ended September 30, 2025,
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•We invested$272 million in capital expenditure projects in thethree months ended March 31, 2026,
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Distribution Date, Parent completed the previously announced Spin-off through a distribution of 100% of the
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On June 23, 2025, Holcim completed the previously announced Spin-Off through a distribution of 100% of the
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Company’s outstanding shares to holders of record of Parent’s ordinary shares, on a pro rata basis as a dividend-in-
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Company’s outstanding shares to holders of record of Holcim’s ordinary shares, on a pro rata basis as a
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kind, as of the close of business on June 20, 2025. As a result of the Distribution, the Company became an
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dividend-in-kind, as of the close of business on June 20, 2025. As a result of the Distribution, the Company
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In connection with the Spin-off, we became subject to the requirements of the New York Stock Exchange and
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became an independent public company, subject to the requirements of the New York Stock Exchange and
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Stock Exchange and the SIX Swiss Exchange.
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the SIX Swiss Exchange, where our Ordinary Shares are listed under the symbol “AMRZ”.
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agreements allocate between Parent and us various assets, liabilities, rights and obligations (including with respect to
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agreements allocate between Holcim and us various assets, liabilities, rights and obligations (including with
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employee benefits and tax-related assets and liabilities) and govern the relationship between the Company and
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respect to employee benefits and tax-related assets and liabilities), and govern the relationship between the
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materially from the results described in or implied by the forward-looking statements contained in the
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States, Canada, Colombia, Switzerland, and Jamaica, providing customers with trusted brands and advanced
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may not be indicative of full-year performance.
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fragmented industries, aligning with our overarching capital allocation strategies.
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Off and have been derived from the consolidated financial statements and historical accounting records of
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using revenues. See Note 18 (Related party) to ourunaudited condensed consolidated financial statements
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value creation. Such expansions and acquisitions depend on our ability to raise capital and seamlessly
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statements included elsewhere in the Quarterly Report for more information.
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corporate, infrastructure, and other shared services provided by Holcim on a centralized basis, including but
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financing costs, net of interest income.
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with pension and other postretirement benefit plans.
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Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025
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proceeds from property and casualty insurance, proceeds from land expropriation, and proceeds from
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addition, we will rely on access to the capital markets, in particular for debt financing, in order to satisfy
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and$856 million, respectively. Theincrease in cash used in operating activities of$40 million wasprimarily
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condensed consolidated financial statements included elsewhere in this Quarterly Report for additional
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definitive payment terms as of March 31, 2026:
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the forward-looking statements contained in the following discussion and analysis.
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are well positioned to capitalize on expected strong commercial and residential construction spend and infrastructure
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A summary of our performance highlights for thenine months ended September 30, 2025 is as follows:
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•We invested$631 million in capital expenditure projects in thenine months ended September 30, 2025,
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America, has the capability to increase our scope of operations and revenues.
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and other postretirement benefit plans and gains on proceeds from property and casualty insurance.
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the three months ended September 30, 2024, respectively.
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ofan increase of$195 million from the Building Materials segment anda decrease of$47 million from the Building
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Building Envelope was assisted by operational efficiencies. Cost of revenues as a percentage of Revenues was
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cash provided by (used in) operating activities plus proceeds from property and casualty insurance, proceeds from
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proceeds from property and casualty insurance.
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statements included elsewhere in this Quarterly Report.
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consolidated financial statements included elsewhere in this Quarterly Report.