Amrize Ltd
For the period ended Jun 30, 2026. Filed Aug 10, 2026.
View on SEC.govAbout this filing
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.
Jun 30, 2026 · Filed Aug 10, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious 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 OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-10.
0002035989-26-000067
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.
Compared 456 previous paragraphs and 530 current paragraphs.
269 unchanged; 96 reworded; 159 added; 77 removed; 14 previous and 6 current paragraphs rearranged.
Tables are not compared: 13 previous and 13 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (159)
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•We completed no acquisitions in thethree months ended June 30, 2026 andone in thethree months
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completedone acquisition in thesix months ended June 30, 2026 andtwo in thesix months ended
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respectively; and
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ended June 30, 2026, respectively, compared with$235 million and$448 million in thethree and six
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months ended June 30, 2025, respectively.
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growth opportunities.
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accounted for 30.0% and 30.4% of our revenues for thethree and six months ended June 30, 2026,
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compared to 29.8% and 32.2% for thethree and six months ended June 30, 2025, respectively. We intend to
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product mix.
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Loss on Impairments
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Loss on impairments primarily includes losses on the impairment of long-lived assets, specifically intangible
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assets, losses recognized on investments when changes in facts and circumstances indicate their carrying
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values may not be recoverable, as well as the losses identified as a part of the annual impairment review of all
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property, plant, and equipment.
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Income Tax Expense
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Income from Equity Method Investments
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Income from equity method investments primarily includes the results of our share of income from our equity
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method investments.
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material and distribution costs within the Building Materials and Building Envelope segments. These factors
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Revenues for thethree months ended June 30, 2026 were$3,494 million, an increase of$276 million, or
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the second quarter of 2026 was primarily driven by volume growth of$200 million, contributions from
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acquisitions of$54 million, price increases of$16 million, and the favorable impact of foreign exchange of$6
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million.
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Revenues for the six months ended June 30, 2026 were$5,675 million, an increase of$368 million, or 6.9%,
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from$5,307 million for thesix months ended June 30, 2025. The increase in our overall revenues for the first
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six months of 2026 was primarily attributable to volume growth of$278 million, contributions from
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acquisitions of$77 million, and the favorable impact of foreign exchange of$25 million. These factors were
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partially offset by lower prices with our Building Envelope segment.
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70.0% and 30.0% for thethree months ended June 30, 2026, respectively, and 70.2% and 29.8% for thethree
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months ended June 30, 2025, respectively. The proportion of revenues related to the Building Materials
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segment and Building Envelope segment was 69.6% and 30.4% for thesix months ended June 30, 2026,
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respectively, and 67.8% and 32.2% for thesix months ended June 30, 2025, respectively.
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Cost of revenues for the three months ended June 30, 2026 was$2,501 million, an increase of$224 million,
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or 9.8%, from$2,277 million for the three months ended June 30, 2025. Theincrease for thethree months
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ended June 30, 2026 consisted primarily ofan increase of$118 million from the Building Materials segment
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andan increase of$91 million from the Building Envelope segment.
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Cost of revenues for the six months ended June 30, 2026 was$4,474 million, an increase of$345 million, or
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8.4%, from$4,129 million, for the six months ended June 30, 2025. Theincrease for thesix months ended
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June 30, 2026 was comprised primarily ofan increase of$238 million from the Building Materials segment
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andan increase of$88 million from the Building Envelope segment.
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Removed paragraphs (77)
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•We completedone acquisition in each of thethree months ended March 31, 2026 and 2025, for total
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compared with$211 million in thethree months ended March 31, 2025.
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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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Income Tax Benefit
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Revenues for thethree months ended March 31, 2026 were$2,178 million, an increase of$97 million, or 4.7%,
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Building Materials segment. These factors were partially offset by lower market demand as well as lower
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prices of$24 million within our Building Envelope segment. Foreign exchange benefitted Amrize by$18
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related to the Building Materials segment and Building Envelope segment was 68.9% and 31.1% for thethree
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months ended March 31, 2026 and 63.9% and 36.1% for thethree months ended March 31, 2025,
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respectively.
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Cost of revenues for thethree months ended March 31, 2026 was$1,967 million, an increase of$108 million,
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or 5.8%, from$1,859 million for thethree months ended March 31, 2025. Theincrease was comprised ofan
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increase of$138 million from the Building Materials segment anda decrease of$20 million from the Building
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Envelope segment.
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The Cost of revenues increase within Building Materials was less than Revenues growth versus the first
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quarter of the prior year, reflecting gross profit margin expansion from cost efficiencies. Thedecrease within
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Building Envelope was due to lower volumes, partially offset by increased warranty expense.
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and Building Envelope segment was 72.3% and 27.7% for thethree months ended March 31, 2026 and 69.5%
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Selling, general and administrative expenses for thethree months ended March 31, 2026 were$292 million,
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an increase of$53 million, or 22.2%, from$239 million for thethree months ended March 31, 2025. In the first
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period activity reflects costs incurred to establish a stand-alone organization. Theincrease was primarily due
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topersonnel costs for higher headcount and compensation, as well as professional services related to
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developing a stand-alone organization.
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of$4 million, from$1 million for thethree months ended March 31, 2025.
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a lower debt profile.
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Other non-operating income, netfor thethree months ended March 31, 2026 and 2025 was$1 million.
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Income tax benefit
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Income taxbenefit for thethree months ended March 31, 2026 was$27 million, a decrease of$19 million, or
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41.3%, from$46 million for thethree months ended March 31, 2025. The effective income tax rate for the
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three months ended March 31, 2026 was 18.6%, compared to 34.6% for thethree months ended March 31,
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miscellaneous expenses that were not material to the quarter. The 2025 effective income tax rate was
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Adjusted EBITDA for thethree months ended March 31, 2026 decreased to$192 million from$214 million for
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thethree months ended March 31, 2025. Adjusted EBITDA Margin was 8.8% for thethree months ended
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March 31, 2026, compared to 10.3% for thethree months ended March 31, 2025. Adjusted EBITDA in the
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Building Materials segment increased$50 million, primarily driven by significant demand growth from our
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customers. In the Building Envelope segment, Adjusted EBITDA decreased$46 million primarily due to price
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decreases and the impact of lower volumes, as well as higher costs related to a temporary plant disruption.
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Increased corporate costs of $26 million in the first quarter of 2026 caused the remaining Adjusted EBITDA
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decrease as the organization operated on a standalone basis in the current period, as compared to a carve-
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out basis in the first quarter of 2025. Adjusted EBITDA and Adjusted EBITDA Margin performance was as
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Reworded paragraphs (96)
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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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solutions to support large-scale and complex construction projects, such as bridges and data centers, in the
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of residential, commercial, and infrastructure construction. Our services span new construction as well as
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areas of residential, commercial, and infrastructure construction. Our services span new construction as well
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R&R, with R&R accounting for 43% of overall revenues in 2025.
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as R&R, with R&R accounting for 43% of overall revenues in 2025.
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Building Envelope products are sold individually or in warrantied systems for new construction or R&R
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systems for new construction or R&R in commercial and residential projects. These products are sold
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through an authorized distributor or dealer network in North America.
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either directly to contractors or through an authorized distributor or dealer network in North America.
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Our Building Envelope segment is subject to seasonal fluctuations in demand, primarily driven by trends in
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Our Building Envelope segment is subject to seasonal fluctuations in demand, primarily drivenby trends in
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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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A summary of our performance highlightsfor the three and six months ended June 30, 2026 and 2025 is as
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cash consideration, net of cash acquired, of$425 million and$9 million, respectively; and
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June 30, 2025, for total cash consideration, net of cash acquired, of$425 million and$78 million,
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•We invested$272 million in capital expenditure projects in thethree months ended March 31, 2026,
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•We invested$244 million and$520 million in capital expenditure projects in thethree and six months
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construction market labor challenges may impact various markets in which we operate. While our Building
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construction market labor challenges may impact various markets in which we operate. Our Building Envelope
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Envelope segment has been impacted by these market conditions, our Building Materials segment has
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segment has been impacted by these market conditions. However, our Building Materials segment has
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remained resilient, as we have been able to leverage our scale, unique footprint, and diverse product
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remained resilient by leveraging our scale, unique footprint, and diverse product offerings to customers. We
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offerings to customers. We expect the execution of our ASPIRE program to accelerate synergies and
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expect the execution of our ASPIRE program to accelerate synergies and profitable growth, by investing in
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profitable growth, by investing in streamlining our network. Over the long term, we expect growthin demand
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streamlining our network. Over the long term, we expect growth in demand due to urbanization, aging
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due to urbanization, aging infrastructure, recent onshoring trends, population growth, and historical
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infrastructure, recent onshoring trends, population growth, and historical underinvestment in residential
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underinvestment in residential housing. As market conditions evolve, we believe that we areuniquely
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housing. As market conditions evolve, we believe that we are uniquely positioned to capitalize on these
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respectively. We intend to continue building out our Building Envelope segment through expansions,
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continue building out our Building Envelope segment through expansions, acquisitions, and development of
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acquisitions, and development of additional solutions and products, as we believe this will unlock long-term
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additional solutions and products, as we believe this will unlock long-term value creation. Such expansions
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value creation. Such expansions and acquisitions depend on our ability to raise capital and seamlessly
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and acquisitions depend on our ability to raise capital and seamlessly integrate new products into our current
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involvement in airport, highway, bridge and related infrastructure projects. Our ability to capitalize on this
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involvement in airport, highway, bridge, digital, and related infrastructure projects. Our ability to capitalize on
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growing need for infrastructure-related projects across North America has the capability to increase our
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this growing need for infrastructure-related projects across North America has the capability to increase our
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Innovation. Through our research and development engine, we seek to drive cutting-edge innovation to
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Innovation. Through ourresearch and development engine, we seek to drive cutting-edge innovation to
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address our customers’ greatest ambitions. We believe we are at the forefront of new product developments,
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address our customers’ needs. We believe we are at the forefront of new product developments, and our
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and our experts span all building fields, from masons and engineers to material scientists andexperts in
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experts span all building fields, from masons and engineers to material scientists and experts in artificial
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artificial intelligence and data mining. We conduct cutting-edge research and empower smart design while
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intelligence and data mining. We conduct cutting-edge research and empower smart design while deploying
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deploying new building technologies. We also partner with leading construction sector startups to scale up
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new building technologies. We also partner with leading construction sector startups to scale up new
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new technologies across our operations. Maintaining this level of innovation requires us to spend a substantial
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technologies across our operations. Maintaining this level of innovation requires us tospend a substantial
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Income tax benefit consists of federal, state, and local income taxes related to the tax jurisdictions in which
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Income tax expense consists of federal, state, and local income taxes related to the tax jurisdictions in which
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including the jurisdiction in which operating profit is earned and the nature and timing of discrete items.
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including the jurisdiction in which operating profit is earned and the nature and timing ofdiscrete items.
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Our financial resultsfor the three months ended March 31, 2026 and 2025 were affected by softer demand
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Our financial resultsfor the three and six months ended June 30, 2026 and 2025 were affected byhigher raw
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in the future. The extent to which global economic challenges will ultimately impact our business, operations,
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are outside of our control and may impact our operations in the future. The extent to which global economic
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financial condition, and results of operations will depend on numerous factors, which are highly uncertain,
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depend on numerous factors, which are highly uncertain, rapidly changing, and cannot be predicted.
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Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025
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Three and Six Months Ended June 30, 2026 Compared to Three and Six Months Ended June 30, 2025
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from$2,081 million for thethree months ended March 31, 2025. Theincrease in our overall revenues was
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8.6%, from$3,218 million for the three months ended June 30, 2025. The increase in our overall revenues for
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million for the quarter, as the Canadian dollar strengthened against the U.S. dollar. The proportion of revenues
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The proportion of revenues related to the Building Materials segment and Building Envelope segment was
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Cost of revenues as a percentage of Revenues was 90.3% and 89.3% for the three months ended March 31,
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Cost of revenues as a percentage of Revenues was 71.6% and 70.8% three months ended June 30, 2026 and
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2026 and 2025, respectively. The increase in Cost of revenues as a percentage of Revenues relates in part to
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The increase in Cost of revenues in both periods as a percentage of Revenues relates in part tohigher raw
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increased warranty accruals. The proportion of Cost of revenues related to the Building Materials segment
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The proportion of Cost of revenues related to the Building Materials segment and Building Envelope segment
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and 30.5% for thethree months ended March 31, 2025, respectively.
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Building Envelope segment was 69.5% and 30.5% for thesix months ended June 30, 2026 and 69.2% and
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quarter of 2025, this activity was primarily developed on a “carve-out” basis from Holcim, while the current
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In 2025, Selling, general and administrative expenses were primarily developed on a “carve-out” basis from
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adhesives, tapes, and sealants. Our Building Envelope products are sold individually or in warrantied
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ended June 30, 2025, for total cash consideration, net of cash acquired, of$69 million. We
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challenges will ultimately impact our business, operations, financial condition, and results of operations will
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ended June 30, 2025. The proportion of Cost of revenues related to the Building Materials segment and
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GAAP. We refer to these measures as “non-GAAP” financial measures.
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GAAP. Because of these limitations, Total Segment Adjusted EBITDA, Adjusted EBITDA and Adjusted EBITDA
Rearranged previous paragraphs (14)
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adhesives, tapes, and sealants that are critical to the application of roofing and wall systems. Our
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in commercial and residential projects. These products are sold either directly to contractors or
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positioned to capitalize on these growth opportunities.
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integrate new products into our current product mix.
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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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rapidly changing, and cannot be predicted.
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reduction in the OECD Pillar Two tax.
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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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Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025
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definitions of these non-GAAP financial measures, information about how and why we use these non-GAAP financial measures and a
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reconciliation of each of these non-GAAP financial measures to its most directly comparable financial measure calculated in accordance
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Building Materials Segment Adjusted EBITDAfor the three months ended March 31, 2026 was$170 million, an
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condensed consolidated financial statements included elsewhere in this Quarterly Report for additional
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in this Quarterly Report for additional information.