A North American building materials company that supplies cement, aggregates, ready-mix concrete, asphalt, and roofing systems to professional builders — everything "from foundation to rooftop." It was born in June 2025 when the global materials giant Holcim spun off its North American operations into an independent company. The name blends "ambition" and "rising," and some of its plants, like the Alpena cement works in Michigan, have been running since 1907.
Amrize Q2 net income rose 14.6% to $478M as volumes rebounded, but gross margin contracted on higher costs.
Amrize's volumes rebounded sharply from a weak first quarter. rose 8.6% to $3.49 billion and increased 14.6% to $478 million, driven by higher cement and aggregates shipments and the PB Materials acquisition, though narrowed 0.8 points to 28.4% as raw material and freight costs rose. The seasonal cash recovery is underway, but first-half remains deeply negative and the cost trajectory bears watching.
Key takeaways
rose 8.6% to $3,494 million, with management attributing $200 million of the increase to volume growth and $54 million to acquisitions.
increased 14.6% to $478 million, helped by lower following the reduction of related-party debt after the spin-off.
contracted 0.8 points to 28.4%, as cost of revenues rose to 71.6% of sales, pressured by higher raw material, freight, and diesel costs across both segments.
Building Materials grew 8.2% on higher cement and aggregates volumes and price gains, while Building Envelope revenue rose 9.4% on strong volumes but lower pricing.
increased 5.8% to $986 million, but the margin dipped to 28.2% as operating cost inflation offset volume gains and savings from the ASPIRE cost-synergy program.
was negative $986 million for the first half of the year, reflecting seasonal use and $520 million in .
What changed
SG&A expense trajectory: After Q1 showed a 22.2% increase in SG&A to $292 million, Q2 SG&A was not separately disclosed, but the filing notes operating cost inflation offset ASPIRE savings, suggesting standalone costs remain elevated.
Building Materials volumes: The volume recovery flagged as a watch item materialized, with cement and aggregates volumes driving the $200 million volume increase after a prior-year period marked by weather and residential softness.
What to watch
trajectory: Whether the 0.8-point contraction persists into the second half as raw material, freight, and diesel costs remain elevated, or if pricing actions can recover the spread.
Full-year : Whether the second-half seasonal cash generation matches or exceeds the prior year's $1.8 billion, given the deeper first-half burn of $986 million.
Building Envelope pricing: Whether the lower pricing that accompanied the 9.4% volume recovery stabilizes or continues to erode, and if the 's $4.0 billion balance faces increased risk.
Section summaries
Management's Discussion and Analysis
Q2 2026 revenue rose 8.6% to $3.5B on volume and acquisitions, while net income grew 14.4% to $476M.
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Consolidated Q2 increased 8.6% to $3,494M, driven by $200M in volume growth and $54M from acquisitions.
Building Materials grew 8.2% on higher cement and aggregates volumes and price gains, while Building Envelope rose 9.4% on strong volumes but lower pricing.
Seasonal cash conversion: The Q1 free cash outflow of $1.17 billion partially reversed in Q2 with a $173 million inflow, but the first-half total of negative $986 million is a deeper burn than the negative $450 million in the first half of the prior year, indicating the full-year run rate remains under pressure.
Building Envelope demand: rose 9.4% on strong volumes, a reversal from the 9.8% decline in Q1, though lower pricing indicates the demand recovery is being supported by price concessions.
ASPIRE cost-synergy program: Whether savings from the program begin to outpace operating cost inflation in the second half, providing a path back to prior operating margins.
contracted as cost of revenues rose to 71.6% of sales, pressured by higher raw material, freight, and diesel costs across both segments.
rose 14.4% to $476M, helped by lower after the Spin-Off reduced related-party debt.
increased 5.8% to $986M, but margin dipped to 28.2% as operating cost inflation offset volume and ASPIRE savings.
was negative $986M for the first half, reflecting seasonal use and $520M in .
Quantitative and Qualitative Disclosures About Market Risk
We are exposed to certain market risks, which exist as a part of our ongoing business operations. We monitor and manage these financial exposures as an integral part of our overall risk management program. To manage the aforementioned risks, we may, from time to time, use forwar…
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We are exposed to certain market risks, which exist as a part of our ongoing business operations. We monitor
and manage these financial exposures as an integral part of our overall risk management program. To manage
the aforementioned risks, we may, from time to time, use forward contracts, options, swaps, caps, collars,
and floors or pursue other strategies to limit our exposure to changes in markets including changes in interest
rates, currency exchange rates, and commodity prices.
For the six months ended June 30, 2026, there have been no material changes to our market risks from those
disclosed in the 2025 Form 10-K.
The Company is from time to time a party to various legal proceedings that arise in the ordinary course of business. See Note 18 (Commitments and contingencies) of this Form 10-Q for additional discussion concerning our legal proceedings. The Company has elected to use a $1 mill…
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The Company is from time to time a party to various legal proceedings that arise in the ordinary course of
business. See Note 18 (Commitments and contingencies) of this Form 10-Q for additional discussion
concerning our legal proceedings.
The Company has elected to use a $1 million sanctions threshold for disclosing certain proceedings under
environmental laws to which a governmental authority is a party. Applying this threshold, there were no
relevant legal proceedings to disclose for this period.