Amrize cuts 2026 revenue outlook to $12.2–12.4 billion
Key Facts
Amrize cut its 2026 revenue outlook to a range of $12.2–12.4 billion and adjusted EBITDA to $2.95–3.05 billion, according to its third-quarter results announcement distributed by Business Wire. Its second-quarter guidance had put revenue at $12.5–12.7 billion and adjusted EBITDA at $3.1–3.2 billion. The quarter’s results showed limited year-over-year growth in adjusted earnings, while the company said cost inflation and interest rates were among the factors affecting its guidance update. Amrize shares closed at $40.23 on October 27, according to L7 data.
Amrize reported third-quarter revenue of $3.771 billion, up 2.2% from the same period a year earlier. Net income rose 3.3% to $558 million, while adjusted EBITDA increased just 0.2% to $1.076 billion. The figures show a divergence between growth in revenue and net income, on the one hand, and the limited increase in adjusted operating earnings, on the other. In the first nine months of 2026, revenue rose 5% to $9.445 billion and net income increased 7.5% to $927 million. Operating cash flow, however, fell to $222 million from $417 million in the same period of 2025.
Chief Executive Jan Jenisch said third-quarter revenue growth was supported by strong pricing and contributions from recent acquisitions. He added that weather patterns affected construction activity during the quarter, a factor the company faced alongside cost pressures. Amrize said in its second-quarter guidance that its outlook reflected rising demand and cost inflation driven by oil prices. It said at the time that the lag between passing through price increases and the impact of inflation appearing in costs would affect full-year earnings. This puts revenue performance in the context of demand and pricing growth, while the profitability of some operations remained under pressure from higher input costs.
The pressure was more pronounced in the Building Envelope segment, where adjusted earnings fell 14.6% to $182 million in the third quarter, despite a 3.6% increase in revenue to $929 million. The company attributed the delay in improvement in the price-cost relationship to the scale of cost inflation and said the segment’s price-cost spread was now expected to turn positive in 2027. By contrast, it expected the Building Materials segment to turn positive on price versus cost in the fourth quarter of 2026. It also expected sequential improvement in this measure for Building Envelope in the fourth quarter compared with the third quarter, while maintaining 2027 as the expected timing for a positive spread in the segment.
On shareholder returns, Amrize said it returned $1.1 billion to shareholders through share repurchases and dividends in the first nine months of the year. It declared a quarterly dividend of $0.11 per share, payable on November 18, 2026. The company had set the release of its third-quarter results for after the U.S. market close on October 28. It also announced a live webcast to discuss the results on October 29 at 7:30 a.m. Central Time. The discussion will give the company an opportunity to provide details of its annual guidance following the cuts to its revenue and adjusted earnings outlook, and to explain its cost trajectory and fourth-quarter expectations for price versus cost.