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, such as bridges and 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. 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. 45 Amrize Ltd Financial Summary A summary of our performance highlights for the three and six months ended June 30, 2026 and 2025 is as follows: For the three months For the six months ended June 30, ended June 30, (In millions, except for percentage data) 2026 2025 2026 2025 Revenues $3,494 $3,218 $5,675 $5,307 Net income $476 $416 $369 $322 Net income margin 13.6% 12.9% 6.5% 6.1% Adjusted EBITDA $986 $932 $1,178 $1,157 Adjusted EBITDA Margin 28.2% 29.0% 20.8% 21.8% Cash flows provided by (used in) operating activities $418 $406 $(475) $(441) 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 no acquisitions in the three months ended June 30, 2026 and one in the three months ended June 30, 2025, for total cash consideration, net of cash acquired, of $69 million. We completed one acquisition in the six months ended June 30, 2026 and two in the six months ended June 30, 2025, for total cash consideration, net of cash acquired, of $425 million and $78 million, respectively; and •We invested $244 million and $520 million in capital expenditure projects in the three and six months ended June 30, 2026, respectively, compared with $235 million and $448 million in the three and six months ended June 30, 2025, respectively. 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 19 (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), 46 Amrize Ltd we will continue to look for operational cost improvement opportunities as a standalone company to drive lower costs across our business and corporate functions. 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 19 (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 19 (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. Our Building Envelope segment has been impacted by these market conditions. However, our Building Materials segment has remained resilient by leveraging 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 47 Amrize Ltd of our 2025 Form 10-K. We must successfully address these risks to achieve growth, improve our results of operations, and generate profits. 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 30.0% and 30.4% of our revenues for the three and six months ended June 30, 2026, compared to 29.8% and 32.2% for the three and six months ended June 30, 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, digital, 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’ needs. 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. 48 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: 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. Loss on Impairments Loss on impairments primarily includes losses on the impairment of long-lived assets, specifically intangible assets, losses recognized on investments when changes in facts and circumstances indicate their carrying values may not be recoverable, as well as the losses identified as a part of the annual impairment review of all property, plant, and equipment. 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 Expense Income tax expense 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. Income from Equity Method Investments Income from equity method investments primarily includes the results of our share of income from our equity method investments. 49 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 and six months ended June 30, 2026 and 2025 were affected by higher raw material and distribution costs within the Building Materials and Building Envelope segments. 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. Consolidated Statements of Operations For the three months For the six months ended June 30, ended June 30, (In millions, except for percentage data) 2026 2025 % Change 2026 2025 % Change Revenues $3,494 $3,218 8.6% $5,675 $5,307 6.9% Cost of revenues (2,501) (2,277) (9.8)% (4,474) (4,129) (8.4)% Gross profit 993 941 5.5% 1,201 1,178 2.0% Selling, general and administrative expenses (283) (286) 1.0% (568) (529) (7.4)% Gain on disposal of long-lived assets 3 4 (25.0)% 8 5 60.0% Loss on impairments (2) (2) —% (2) (2) —% Operating income 711 657 8.2% 639 652 (2.0)% Interest expense, net (89) (121) 26.4% (167) (239) 30.1% Other non-operating income, net (1) 1 n/m 1 2 (50.0)% Income before income tax expense and income from equity method investments 621 537 15.6% 473 415 14.0% Income tax expense (146) (122) (19.7)% (105) (94) (11.7)% Income from equity method investments 1 1 —% 1 1 —% Net income 476 416 14.4% 369 322 14.6% Net loss attributable to noncontrolling interests 2 1 100.0% 4 1 300.0% Net income attributable to the Company $478 $417 14.6% $373 $323 15.5% Net income margin 13.6% 12.9% 6.5% 6.1% Adjusted EBITDA(1) $986 $932 5.8% $1,178 $1,157 1.8% Adjusted EBITDA Margin(1) 28.2% 29.0% 20.8% 21.8% __________________ (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. Three and Six Months Ended June 30, 2026 Compared to Three and Six Months Ended June 30, 2025 Revenues Revenues for the three months ended June 30, 2026 were $3,494 million, an increase of $276 million, or 8.6%, from $3,218 million for the three months ended June 30, 2025. The increase in our overall revenues for the second quarter of 2026 was primarily driven by volume growth of $200 million, contributions from 50 Amrize Ltd acquisitions of $54 million, price increases of $16 million, and the favorable impact of foreign exchange of $6 million. Revenues for the six months ended June 30, 2026 were $5,675 million, an increase of $368 million, or 6.9%, from $5,307 million for the six months ended June 30, 2025. The increase in our overall revenues for the first six months of 2026 was primarily attributable to volume growth of $278 million, contributions from acquisitions of $77 million, and the favorable impact of foreign exchange of $25 million. These factors were partially offset by lower prices with our Building Envelope segment. The proportion of revenues related to the Building Materials segment and Building Envelope segment was 70.0% and 30.0% for the three months ended June 30, 2026, respectively, and 70.2% and 29.8% for the three months ended June 30, 2025, respectively. The proportion of revenues related to the Building Materials segment and Building Envelope segment was 69.6% and 30.4% for the six months ended June 30, 2026, respectively, and 67.8% and 32.2% for the six months ended June 30, 2025, respectively. Analysis of Change Organic Growth (In millions, except for percentage data) For the three months ended June 30, 2025 Volume Price Acquisitions Foreign Exchange For the three months ended June 30, 2026 % Change Total Revenues $3,218 $200 $16 $54 $6 $3,494 8.6% Analysis of Change Organic Growth (In millions, except for percentage data) For the six months ended June 30, 2025 Volume Price Acquisitions Foreign Exchange For the six months ended June 30, 2026 % Change Total Revenues $5,307 $278 $(12) $77 $25 $5,675 6.9% Cost of revenues Cost of revenues for the three months ended June 30, 2026 was $2,501 million, an increase of $224 million, or 9.8%, from $2,277 million for the three months ended June 30, 2025. The increase for the three months ended June 30, 2026 consisted primarily of an increase of $118 million from the Building Materials segment and an increase of $91 million from the Building Envelope segment. Cost of revenues for the six months ended June 30, 2026 was $4,474 million, an increase of $345 million, or 8.4%, from $4,129 million, for the six months ended June 30, 2025. The increase for the six months ended June 30, 2026 was comprised primarily of an increase of $238 million from the Building Materials segment and an increase of $88 million from the Building Envelope segment. Cost of revenues as a percentage of Revenues was 71.6% and 70.8% three months ended June 30, 2026 and 2025, respectively, and 78.8% and 77.8% for the six months ended June 30, 2026 and 2025, respectively. The increase in Cost of revenues in both periods as a percentage of Revenues relates in part to higher raw material and distribution costs within both segments. Cost of revenues in our Building Envelope segment was also impacted by increased warranty accruals. The proportion of Cost of revenues related to the Building Materials segment and Building Envelope segment was 68.4% and 31.6% for the three months ended June 30, 2026 and 69.6% and 30.4% for the three months ended June 30, 2025. The proportion of Cost of revenues related to the Building Materials segment and Building Envelope segment was 69.5% and 30.5% for the six months ended June 30, 2026 and 69.2% and 30.8% for the six months ended June 30, 2025. Selling, general and administrative expenses In 2025, Selling, general and administrative expenses were primarily developed on a “carve-out” basis from Holcim, as well as Spin-off related costs. In 2026, this activity reflects the costs to operate a stand-alone organization. Selling, general and administrative expenses for the three months ended June 30, 2026 were $283 million, a decrease of $3 million, or 1.0%, from $286 million for the three months ended June 30, 2025. The decrease for the three months ended June 30, 2026 was primarily due to lower third-party professional services. 51 Amrize Ltd Selling, general and administrative expenses for the six months ended June 30, 2026 were $568 million, an increase of $39 million, or 7.4%, from $529 million for the six months ended June 30, 2025. The increase for the six months ended June 30, 2026 primarily consists of organic growth from personnel expenses for higher corporate headcount and costs to operate on a stand-alone basis. PB Materials contributed to inorganic growth. Gain on disposal of long-lived assets Gain on disposal of long-lived assets for the three and six months ended June 30, 2026 was $3 million and $8 million, respectively, compared to $4 million and $5 million for the three and six months ended June 30, 2025, respectively. Loss on impairments Loss on impairments for the three and six months ended June 30, 2026 and 2025 was immaterial. Interest expense, net Interest expense, net for the three and six months ended June 30, 2026 was $89 million and $167 million, a decrease of $32 million and $72 million, respectively, or 26.4% and 30.1%, from $121 million and $239 million, for the three and six months ended June 30, 2025, respectively. 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 expense, net was immaterial for the presented periods. Income tax expense Income tax expense for the three and six months ended June 30, 2026 was $146 million and $105 million, respectively, an increase of $24 million and $11 million, from $122 million and $94 million, for the three and six months ended June 30, 2025, respectively. The effective income tax rates for the three and six months ended June 30, 2026 were 23.5% and 22.2%, compared to 22.7% and 22.7% for the three and six months ended June 30, 2025. The 2026 effective income tax rate was impacted by an adjustment of uncertain tax positions. The 2025 effective income tax rate benefited from the OECD Pillar Two regulatory guidance released in January 2025, which resulted in a reduction in the OECD Pillar Two tax. Income from equity method investments Income from equity method investments for the three and six months ended June 30, 2026 and 2025 was immaterial. Net Income and Net Income Margin Net income for the three months ended June 30, 2026 increased to $476 million from $416 million for the three months ended June 30, 2025. The increase was driven by the benefit from higher volumes, aggregates price increases, lower interest expense, lower corporate costs, and the contribution from acquisitions. These drivers were partially offset by higher operating costs, notably higher freight, diesel, and raw material costs within both segments, as well as higher depreciation, depletion, accretion and amortization expense. Net income margin was 13.6% for the three months ended June 30, 2026, compared to 12.9% for the three months ended June 30, 2025. Net income for the six months ended June 30, 2026 increased to $369 million from $322 million for the six months ended June 30, 2025. Net income was favorably impacted by the benefit from higher volumes, aggregates price increases, lower interest expense, and the contribution from acquisitions. These items were offset by higher operating costs, higher depreciation, depletion, accretion and amortization expense, and lower prices. Net income margin was 6.5% for the six months ended June 30, 2026, compared to 6.1% for the six months ended June 30, 2025. Adjusted EBITDA and Adjusted EBITDA Margin Adjusted EBITDA for the three months ended June 30, 2026 increased to $986 million from $932 million for the three months ended June 30, 2025. The increase was driven by the benefit from higher sales volumes, aggregates price increases, lower corporate costs, ASPIRE savings, $8 million of contributions from acquisitions, and $4 million for the impact of foreign exchange. These drivers were partially offset by higher 52 Amrize Ltd operating costs, notably higher freight, diesel, and raw material costs within both segments. The prior period included a discrete adjustment for insurance proceeds. Adjusted EBITDA Margin was 28.2% for the three months ended June 30, 2026, compared to 29.0% for the three months ended June 30, 2025. Adjusted EBITDA for the six months ended June 30, 2026 increased to $1,178 million from $1,157 million for the six months ended June 30, 2025. Adjusted EBITDA was favorably impacted by the benefit from higher sales volumes, aggregates price increases, $11 million of contributions from acquisitions, and $6 million for the impact of foreign exchange. These items were mostly offset by higher operating costs and lower prices. Adjusted EBITDA Margin was 20.8% for the six months ended June 30, 2026, compared to 21.8% for the six months ended June 30, 2025. Results of Operations by Segment Three and Six Months Ended June 30, 2026 Compared to Three and Six Months Ended June 30, 2025 For the three months ended June 30, For the six months ended June 30, (In millions) 2026 2025 % Change 2026 2025 % Change Segment revenues: Building Materials(1) $2,445 $2,259 8.2% $3,948 $3,600 9.7% Building Envelope 1,049 959 9.4% 1,727 1,707 1.2% Total revenues $3,494 $3,218 8.6% $5,675 $5,307 6.9% For the three months ended June 30, For the six months ended June 30, (In millions) 2026 2025 % Change 2026 2025 % Change Segment Adjusted EBITDA: Building Materials $793 $754 5.2% $960 $886 8.4% Building Envelope 237 250 (5.2)% 318 373 (14.7)% Total Segment Adjusted EBITDA 1,030 1,004 2.6% 1,278 1,259 1.5% Unallocated corporate costs (44) (72) 38.9% (100) (102) 2.0% Adjusted EBITDA(2) $986 $932 5.8% $1,178 $1,157 1.8% __________________ (1)Segment revenues for Building Materials are presented net of interproduct revenues between our Cement and Aggregates and other construction materials product lines of $151 million and $146 million for the three months ended June 30, 2026 and 2025, respectively, and $252 million and $246 million for the six months ended June 30, 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. Building Materials Building Materials segment revenues for the three and six months ended June 30, 2026 were $2,445 million and $3,948 million, an increase of $186 million and $348 million, or 8.2% and 9.7%, from $2,259 million and $3,600 million for the three and six months ended June 30, 2025, respectively. The increase for the three months ended June 30, 2026 was driven by volume growth of $101 million, contributions from acquisitions of $54 million, price increases of $25 million, and the favorable impact of foreign currency of $6 million. The increase for the six months ended June 30, 2026 was driven by volume growth of $225 million, contributions from acquisitions of $77 million, the favorable impact of foreign currency of $24 million, and price increases of $22 million. Cement revenues for the three and six months ended June 30, 2026 were $1,293 million and $2,133 million, an increase of $107 million and $194 million, or 9.0% and 10.0%, from $1,186 million and $1,939 million for the three and six months ended June 30, 2025, respectively. Aggregates and other construction materials revenues for the three and six months ended June 30, 2026 53 Amrize Ltd were $1,303 million and $2,067 million, an increase of $84 million and $160 million, or 6.9% and 8.4%, from $1,219 million and $1,907 million for the three and six months ended June 30, 2025, respectively. Volumes For the three months ended June 30, For the six months ended June 30, in millions 2026 2025 % Change 2026 2025 % Change Cement - tons sold1 6.3 6.0 5.0% 10.5 9.6 9.4% Aggregates - tons sold 34.3 32.2 6.5% 52.2 47.9 9.0% Average Selling Price - Year over Year For the three months ended June 30, $ per ton 2026 2025 % Change Constant Currency2 % Change Constant Currency Cement - price per ton1 $171.43 $171.52 (0.1%) $171.19 (0.2%) Aggregates - price per ton3 $14.67 $14.05 4.4% $14.61 4.0% Average Selling Price - Year over Year For the six months ended June 30, $ per ton 2026 2025 % Change Constant Currency2 % Change Constant Currency Cement - price per ton1 $170.39 $171.56 (0.7%) $169.78 (1.0%) Aggregates - price per ton3 $14.96 $14.41 3.8% $14.85 3.1% Average Selling Price - Sequential For the three months ended Constant Currency2 $ per ton June 30, 2026 March 31, 2026 % Change June 30, 2026 March 31, 2026 % Change Cement - price per ton1 $171.43 $168.83 1.5% $171.19 $167.67 2.1% Aggregates - price per ton3 $14.67 $15.52 (5.5%) $14.61 $15.29 (4.4%) __________________ 1 Cement volume and pricing figures presented above exclude trading. 2 Constant Currency Price per Ton reflects price adjusted to prior period foreign exchange rates. Constant Currency Price per Ton represents a Non-GAAP measure, which is defined in Non-GAAP Financial Measures. 3 Aggregates pricing figures presented above are freight adjusted, excluding freight revenues. Building Materials Segment Adjusted EBITDA for the for the three and six months ended June 30, 2026 was $793 million and $960 million, an increase of $39 million and $74 million, or 5.2% and 8.4%, from $754 million and $886 million for the three and six months ended June 30, 2025, respectively. The increase in both periods was mainly attributable to the benefit from volume growth, aggregates price increases, contributions from acquisitions, and ASPIRE savings, partially offset by higher freight and diesel costs and insurance proceeds in the prior year related to insurable events in 2024. Building Envelope Building Envelope segment revenues for the three and six months ended June 30, 2026 were $1,049 million and $1,727 million, an increase of $90 million and $20 million, or 9.4% and 1.2%, from $959 million and $1,707 million for the three and six months ended June 30, 2025, respectively. The increase in both periods was primarily driven by strong volumes, which were partially offset by lower pricing. Pricing improved sequentially in 2026 as price increases were phased in throughout the second quarter of 2026. Building Envelope Segment Adjusted EBITDA for the three and six months ended June 30, 2026 was $237 million and $318 million, a decrease of $13 million and $55 million, or 5.2% and 14.7%, from $250 million and $373 million for the three and six months ended June 30, 2025, respectively. The decrease in both periods in the Building Envelope Segment Adjusted EBITDA was attributable to price decreases, higher freight costs from trucking shortages, and the impact of material cost inflation, partially offset by the benefit from strong volumes. 54 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, Free Cash Flow, Organic Growth, and Constant Currency Price per Ton, 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, Free Cash Flow, Organic Growth, and Constant Currency Price per Ton 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 expense (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 expense (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. “Organic Growth” is a non-GAAP financial measure that excludes acquisitions and divestitures and the impact of fluctuations in foreign currency exchange rates. Management believes the organic revenue growth measure provides users with useful supplemental information regarding the Company’s ongoing revenue performance and trends by presenting revenue growth excluding the impact of foreign exchange as well as the impact of acquisitions and divestitures. “Constant Currency Price per Ton” is defined as price per ton adjusted to prior period foreign exchange rates, which is intended to eliminate the impact of foreign currency exchange rate fluctuations. Constant currency measures are calculated by translating local currency financial results into U.S. Dollars using the weighted-average exchange rates in effect during the comparable period. Management believes constant currency performance metrics provide useful supplemental information to investors by isolating underlying operational trends from foreign currency volatility. Total Segment Adjusted EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin, EBITDA and EBITDA Margin, Free Cash Flow, Organic Growth, and Constant Currency Price per Ton 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, Free Cash Flow, Organic Growth, and Constant Currency Price per Ton should not be considered as replacements for revenues, net income (loss), net income (loss) margin, net cash provided by (used in) operating activities, revenue growth, or price per ton, 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. 55 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 income and net income 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 For the six months ended June 30, ended June 30, (In millions, except for percentage data) 2026 2025 2026 2025 Net income $476 $416 $369 $322 Depreciation, depletion, accretion and amortization 257 226 494 444 Interest expense, net 89 121 167 239 Income tax expense 146 122 105 94 EBITDA 968 885 1,135 1,099 Acquisition and integration-related costs(1) 10 17 28 21 Litigation-related (settlements) costs(2) (5) 4 (3) 4 Loss on impairments(3) 2 2 2 2 Restructuring and other costs(4) 5 9 8 9 Spin-off and separation-related costs(5) 6 17 10 25 Other non-operating expense (income), net(6) 1 (1) (1) (2) Income from equity method investments (1) (1) (1) (1) Adjusted EBITDA 986 932 1,178 1,157 Unallocated corporate costs 44 72 100 102 Total Segment Adjusted EBITDA $1,030 $1,004 $1,278 $1,259 Building Materials $793 $754 $960 $886 Building Envelope $237 $250 $318 $373 Net income margin 13.6% 12.9% 6.5% 6.1% EBITDA Margin 27.7% 27.5% 20.0% 20.7% Adjusted EBITDA Margin 28.2% 29.0% 20.8% 21.8% _________________ (1)Acquisition and integration-related costs are those incurred for business combinations (including advisory, legal, valuation, and other professions fees) as well as the unfavorable effects of purchase accounting. Certain warranty charges related to pre-acquisition manufacturing issues are also included. (2)Litigation-related (settlements) 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)Loss on impairments consist of one-time charges on the Company’s investments and property, plant, and equipment. (4)Restructuring and other costs include charges associated with non-core sites and termination-related severance costs (5)Spin-Off and separation-related costs notably include rebranding costs and professional services supporting Sarbanes-Oxley implementation efforts. (6)Other non-operating income, net primarily consists of costs related to gains on proceeds from property and casualty insurance. 56 Amrize Ltd Free Cash Flow is monitored by management to assess liquidity. The table below reconciles our net cash used in operating activities, the most directly comparable financial measure calculated in accordance with U.S. GAAP, to Free Cash Flow. For the six months ended June 30, (In millions) 2026 2025 Net cash used in operating activities $(475) $(441) Capital expenditures, net: Purchases of property, plant and equipment (520) (448) Proceeds from disposals of long-lived assets 9 7 Proceeds from land expropriation — 20 Proceeds from property and casualty insurance — 2 Total capital expenditures, net (511) (419) Free cash flow $(986) $(860) 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 may access capital markets, in particular for debt financing, or enter into factoring agreements with unrelated financial institutions to sell certain receivables on a non-recourse basis 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, repay our indebtedness over time, and return cash to shareholders through dividends and share repurchases. 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 six months ended June 30, (In millions) 2026 2025 Net cash provided by (used in): Operating activities $(475) $(441) Investing activities (896) (11) Financing activities 188 (566) Effect of exchange rate changes on cash and cash equivalents (10) 34 Decrease in cash and cash equivalents (1,193) (984) Cash and cash equivalents - beginning of period 1,922 1,585 Cash and cash equivalents - end of period $729 $601 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 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. 57 Amrize Ltd 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 six months ended June 30, 2026 and 2025, net cash used in operating activities was $475 million and $441 million, respectively. The increase in cash used in operating activities of $34 million was primarily driven by higher accounts receivable and settlement of amounts due to related parties, partially offset by higher net income and non-cash expenses. Cash Flows from Investing Activities For the six months ended June 30, 2026 and 2025, net cash used in investing activities was $896 million and $11 million, respectively. The increase in cash used in investing activities for the six months ended June 30, 2026, as compared to the six months ended June 30, 2025, was primarily driven by the acquisition of PB Materials for $425 million during the six months ended June 30, 2026 and an increase in proceeds from cash pooling of $522 million in the six months ended June 30, 2025. Cash Flows from Financing Activities For the six months ended June 30, 2026, net cash provided by financing activities was $188 million compared to cash used in financing activities of $566 million for the six months ended June 30, 2025. The increase in cash provided by financing activities for the six months ended June 30, 2026, as compared to the six months ended June 30, 2025, was primarily driven by proceeds from borrowings during the six months ended June 30, 2026 and a net repayment of borrowings during the six months ended June 30, 2025, partially offset by dividends paid and shares repurchased during the six months ended June 30, 2026. 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 June 30, 2026: (In millions) Remainder of 2026 2027 2028 2029 2030 Thereafter Total Principal on debt and other borrowings $1,069 $700 $700 $3 $1,000 $2,529 $6,001 Operating lease obligations 88 155 121 95 66 268 793 Finance lease obligations 66 114 87 57 34 107 465 Pension and postretirement contributions 13 27 25 24 23 411 523 Purchase obligations(1) 709 90 59 46 37 101 1,042 Total $1,945 $1,086 $992 $225 $1,160 $3,416 $8,824 _________________ (1)Purchase obligations is comprised of purchase commitments of $776 million for goods and services and capital expenditures of $266 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 June 30, 2026 and December 31, 2025, we had outstanding commitments amounting to $798 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 June 30, 2026 and December 31, 2025. Critical Accounting Estimates There have been no material changes to the critical accounting estimates outlined in our Annual Report on Form 10-K for the year ended December 31, 2025. 58