Q4 2025 Amrize AG Earnings Call

February 18, 2026

We ask that you. Please hold all questions until the completion of the formal remarks at which time you will be given instructions for the question and answer session.

So as a reminder, this conference is being recorded today. If you have any objections. Please disconnect at this time I will now turn the call over to everyone I'm, an Ani Vice president of Investor Relations.

Great. Thank you so much and good morning, everyone. Welcome to <unk> fourth quarter 2025 earnings Conference call, We released our fourth quarter and full year financial results yesterday. After the market close you can find both our earnings release and presentation for today's call on the Investor Relations section of our website at investors <unk> Dot com.

On the call with me today are John <unk>, Our chairman Chairman and CEO, Ian Johnston, our CFO, John will open todays call with highlights from the full year and fourth quarter as well as the growth investments, we're making in our business and we will then review our financial performance for the quarter before turning the call back to <unk> to discuss our outlook for 2026, we will then take your question.

Before we begin during the call and in our slide presentation, we reference certain non-GAAP financial measures, which we believe provide useful information for investors.

We include reconciliations of non-GAAP financial measures to U S. GAAP in our earnings release and slide presentation. As a reminder, today's call is being webcast live and recorded a transcript and recording of this conference call will be posted to our website and.

Statements made about future results and performance plans expectations and objections objectives are forward looking statements.

These forward looking statements are subject to risks and uncertainties that could cause actual results to differ from those presented during the call the various factors, including but not limited to those discussed in our form 10 bottles and in other reports filed with the SEC.

Speaker #1: Customers as the partner of choice for their most important building projects. For the full year 2025, we increased revenues by 0.9% to $11.8 billion, with $3.0 billion in adjusted EBITDA.

The company undertakes no obligation to publicly update or revise any forward looking statements that I will now turn the call over to Jan.

Speaker #1: We generated a strong cash flow of $1.5 billion, and our cash conversion rate was 49%. Overall, we completed the year with a net leverage ratio of 1.1 times.

Thank you Rune and bank.

Everyone for joining us today.

125 was a very important year for mris.

Speaker #1: Our strong cash conversion and balance sheet provide the flexibility and firepower to fuel our growth and return cash to our shareholders. We increased our investments to 788 million dollars during 2025 to expand production, improve efficiencies, and best serve our customers in the most attractive markets.

<unk> did our successful spinoff and allowance in June of the company.

I have focused my time at our operations and projects across North America to see our well connection meet with customers and hear from our people.

What I see is the market, leading footprint and a performance driven.

Together, we are delivering for our customers as the partner of choice for their most important building projects.

Speaker #1: Last month, we were excited to announce our agreement to acquire PB Materials: The Aggregates Leader in West Texas, a significantly expanding our position in this high-growth region.

Full year 2025, we increased revenues by.

9% to 11 $8 billion three.

$3 billion in adjusted EBITDA.

Speaker #1: Delivering shareholder return before has approved a 1 billion dollar share repurchase program, and it's proposing a special one-time dividend of 44 cents per share payable following the annual general meeting.

We generated a strong cash flow of one 5 billion.

Our cash conversion rate was 49%.

Overall, we completed the year with a net leverage ratio of one one times.

Our strong cash conversion and balance sheet for flexibility and firepower to fuel our growth and return cash to our shareholders.

Speaker #1: The board is also proposing an annual ordinary dividend of 44 cents per share to be paid in quarterly installments. These dividends will be paid out of legal capital reserves from tax capital contributions and are not subject to Swiss refunding tax.

Increased our investments to $788 million during 2025 expand production.

<unk> efficiencies and best serve our customers in the most attractive markets.

Speaker #1: The dividend and share program are subject to customary shareholder approvals at our AGM in April. Looking to the future, we are well positioned in our $200 billion addressable market, and we have set our 2026 guidance reflecting accelerating customer demand and profitable growth.

Jan Jenisch: Customers as the partner of choice for their most important building projects. For the full year 2025, we increased revenues by 0.9% to $11.8 billion, with $3 billion in Adjusted EBITDA. We generated a strong cash flow of $1.5 billion, and our cash conversion rate was 49%. Overall, we completed the year with a net leverage ratio of 1.1 times. Our strong cash conversion and balance sheet provide flexibility and firepower to fuel our growth and return cash to our shareholders. We increased our investments to $788 million during 2025 to expand production, improve efficiencies, and best serve our customers in the most attractive markets. Last month, we were excited to announce our agreement to acquire PB Materials, the aggregates leader in West Texas, significantly expanding our position in this high-growth region.

Last month, we were excited to announce our agreement to acquire.

The exits leader invest Texas significantly expanding our position in this high growth region.

Delivering shareholder return.

One is approved a $1 billion share repurchase program.

Speaker #1: This includes 4 to 6 percent growth in revenues and 8 to 11 percent growth in adjusted EBITDA. Let us look at some of the highlights of the fourth quarter.

And is proposing a special one time dividend of <unk> 44 per share payable following the annual general meeting.

The board is also proposing an annual ordinary dividend of <unk> 44 per share to be paid.

Speaker #1: We saw growth continued growth in building materials. The segment's revenues grew 3.9 percent, and more important, we expanded our adjusted EBITDA margins by 60 basis points.

Paid quarterly.

We paid out of capital reserves.

Next Kevin contributions and are not subject to Swiss withholding tax.

Speaker #1: Both cement and aggregates volumes were up, and we have strong aggregates pricing growth in addition to production efficiency gains, and first savings from our SBIR program.

The dividend and the share program is subject to customary shareholder approvals at our AGM in April.

Looking to the future we are well positioned in our 200 billion addressable market and we have set our 2006 guidance, reflecting accelerating customer demand and profitable growth.

Speaker #1: Within our building annual business, our results were affected by soft residential roofing volumes, and we expect residential demand to gradually return in this year.

Jan Jenisch: Delivering shareholder return, the board has approved a $1 billion share repurchase program, and is proposing a special one-time dividend of $0.44 per share, payable following the annual general meeting. The board is also proposing an annual ordinary dividend of $0.44 per share, be paid in quarterly installments. These dividends will be paid out of legal capital reserves from tax capital contributions and are not subject to Swiss withholding tax. The dividend and share program are subject to customary shareholder approvals at our AGM in April. Looking to the future, we are well-positioned in our $200 billion addressable market, and we have set our 2026 guidance reflecting accelerating customer demand and profitable growth. This includes 4% to 6% growth in revenues and 8% to 11% growth in Adjusted EBITDA. Let us look at some of the highlights of the Q4.

This includes 4% to 6% growth in revenues and 8% to 11% growth in adjusted EBITDA.

Speaker #1: Our commercial roofing margins were up, driven by resilient repair and refurbishment. At the total company level, revenues were slightly lower, 0.4 percent in the fourth quarter.

Let us look at some of the highlights of the fourth quarter.

You saw growth continuing to grow and build materials.

Speaker #1: Let us look at some of the market trends. At Amrise, we see continued infrastructure demand and an improving commercial landscape. In the commercial market, which makes up half of our business, demand is improving led by new data centers.

Segment revenues grew three 9% and more important we expanded our adjusted EBITDA margins at 60 basis points.

Oh man.

It's volumes.

And we have strong exits pricing growth. In addition to production efficiency gains and further savings from our <unk> program.

Speaker #1: Data center construction has been and continues to be a significant bright spot as hyperscalers rapidly build out the infrastructure that will power the AI economy.

Within our building envelope business our results were affected a self residential roofing volumes and we expect with the dental demand to gradually gradually return in this year.

Speaker #1: This is the largest infrastructure expansion in recent history, and the United States is at the center. In fact, over 40 percent of global data center infrastructure investment is expected to be spent in the United States through 2030.

Our commercial roofing margins were up driven by resuming rupiah and refurbishing.

At the total company level.

The slightly lower by 4% in the fourth quarter.

Speaker #1: Speed, efficiency, innovation, and reliability are key in this market. Making it a space where Amrise Building Solutions and unparalleled footprint offer strong competitive advantages.

Jan Jenisch: We saw growth, continued growth in building materials. The segment's revenues grew 3.9%, and more important, we expanded our Adjusted EBITDA margins by 60 basis points. Both cement and aggregates volumes were up, and we have strong aggregates pricing growth in addition to production efficiency gains and fuel savings from our Aspire program. Within our building materials business, our results were affected by soft residential roofing volumes, and we expect residential demand to gradually, gradually return in this year. Our commercial roofing margins were up, driven by resilient repair and refurbishment. At the total company level, revenues were slightly lower, 0.4% in Q4. Let us look at some of the market trends at Amrize. We see continued infrastructure demand and an improving commercial landscape. In the commercial market, which makes up half of our business, demand is improving, led by new data centers.

Let us look at some of the market trends at the Emirates.

We see continued infrastructure demand and an improving commercial landscape.

Speaker #1: In 2025 alone, we supported and supplied more than 30 data center projects and we will see that work accelerating into this year. For us, we have just as much opportunity to supply the data centers as we do to support the infrastructure surrounding them.

In the commercial market, which makes up optical business demand is improving led by new data centers.

And the construction has been and continues to be a significant bright spot as hyper scale rapidly build out the infrastructure.

Power the AI.

Speaker #1: In 2026, we expect the commercial market to pick up as interest rates continue to move lower and as customers accelerate their investments in advanced manufacturing, warehousing, and logistics.

This is the largest infrastructure expansion in recent history and the United States is at the center.

In fact over 40% of global data Center infrastructure investment is expected to be spent in the United States through 2015.

Speaker #1: In infrastructure, demand continues to be steady with federal, state, and local authorities prioritizing modernization projects. We see increasingly domestic-focused agendas of our customers in both the United States and Canada.

B efficiency innovation and reliability are key in this market.

Looking at the space, the Mris billing solutions, an unparalleled footprint of our strong competitive advantages.

In 2025 alone.

Speaker #1: Each country is prioritizing national investments to build strong futures. Within residential, new construction remains soft. We expect demand to gradually return later this year.

Supported and supply more than 30 data center projects and we will see that we are accelerating into this year.

Jan Jenisch: Data center construction has been, and continues to be, a significant bright spot as hyperscalers rapidly build out the infrastructure that will power the AI economy. This is the largest infrastructure expansion in recent history, and the United States is at the center. In fact, over 40% of global data center infrastructure investment is expected to be spent in the United States through 2030. Speed, efficiency, innovation, and reliability are key in this market, making it a space where Amrize Building Solutions and unparalleled footprint offer strong competitive advantages. In 2025 alone, we supported and supplied more than 30 data center projects, and we will see that work accelerating into this year. For us, we have just as much opportunity to supply the data centers as we do to support the infrastructure surrounding them.

For us.

Just as much opportunity to supply the data centers.

Speaker #1: As the US continues to have a significant housing shortage that will drive longer-term growth. As interest rates continue to decline, we expect pent-up demand to unwind and construction activity to accelerate across all sectors.

Due to support the infrastructure surrounding them.

In 2026, we expect the commercial market to pick up as interest rates continue to move lower and as customers accelerate their investments in advanced manufacturing warehousing and logistics and.

Speaker #1: If we turn to slide seven, you can see our strong pipeline of key projects into 2026, which are directly aligned to these growth trends.

In infrastructure demand continues to be steady with federal state and local authorities prioritizing modernization projects.

You see increasingly domestic focused agendas of our.

Speaker #1: We are supplying advanced building materials to new data center campuses like in Louisiana, we're supplying water infrastructure projects like in Dallas, airport modernizations like in Colorado, and a new Amazon distribution facility in New York City.

Our customers in both the United States and Canada.

Each country's prioritize national investments to build strong futures.

Residential new construction remains soft we expect demand to gradually return later this year.

Speaker #1: We are seeing increasing demand for our high-performance elevate max PVC roofing systems, and are supporting a new industrial warehouse in Ontario and a significant data center project in North Dakota.

As the U S continues to have a significant housing shortage that food <unk> longer term growth.

Jan Jenisch: In 2026, we expect the commercial market to pick up as interest rates continue to move lower and as customers accelerate their investments in advanced manufacturing, warehousing, and logistics. In infrastructure, demand continues to be steady, with federal, state, and local authorities prioritizing modernization projects. We see increasingly domestic-focused agendas of our customers in both the United States and Canada. Each country is prioritizing national investments to build strong futures. Within residential, new construction remains soft. We expect demand to gradually return later this year. As the US continues to have a significant housing shortage, that will drive longer-term growth. As interest rates continue to decline, we expect pent-up demand to unwind and construction activity to accelerate across all sectors. If we turn to slide 7, you can see our strong pipeline of key projects into 2026, which are directly aligned to these growth trends.

As interest rates continue to decline, we expect pent up demand to unwind and construction activity to accelerate across all sectors.

Speaker #1: We see increasing data center demand for the max PVC roofing system going forward. These are just a few of our project highlights, and they reflect the mega trends underpinning long-term growth in the North American market.

And please turn to slide seven.

You can see a strong pipeline of key projects into 2026.

Speaker #1: As we move into 2026, we have a big pipeline of projects, and new ones are kicking off every month. We move to slide eight.

Each are directly aligned to these growth trends.

Yes, applying advanced billing materials.

New data center campuses slightly Louisiana is supplying water infrastructure projects like in Dallas efflux of organizations like Colorado, and a new Amazon distribution facility in New York City.

Speaker #1: You can see some of our important expansion projects. Our completed our SinGen plant expansion to support growing demand and increase our efficiency. In December, we commissioned the production expansion of our flagship cement plant in Missouri adding 660,000 tons of production capacity per year and increasing the plant's total capacity to 5.5 million tons annually.

We are seeing increasing demand for our high performance <unk> Max PVC roofing systems and are supporting our new industrial warehouse in Ontario, and a significant data center project in North Dakota.

The increase in data center demand for the Max Tuc roofing system going forward.

These are just a few of our project highlights and they reflect the makeup trends underpinning long term growth is in North America.

Speaker #1: Our SinGen plant is North America's largest market-leading plant, setting the standard for high performance. If we turn to slide nine, you can see that we are on track with key organic growth projects for this year and beyond.

Okay.

As we move into 2026, you have a big pipeline of projects and new ones are kicking up every month.

Jan Jenisch: We are supplying advanced building materials to new data center campuses like in Louisiana. We're supplying water infrastructure projects like in Dallas, airport modernizations like Colorado, and a new Amazon distribution facility in New York City. We are seeing increasing demand for our high-performance Elevate MAX PVC roofing systems, and are supporting a new industrial warehouse in Ontario and a significant data center project in North Dakota. We see increasing data center demand for the MAX PVC roofing system going forward. These are just a few of our project highlights, and they reflect the mega trends underpinning long-term growth in the North American market. As we move into 2026, we have a big pipeline of projects, and new ones are kicking off every month. We move to slide 8. You can see some of our important expansion projects. We completed our St.

We move to slide eight.

Speaker #1: The building on the success of our SinGen plant expansion we are on track with key growth projects for 2026 and beyond. To serve the booming Texas region, we are investing in our Midlothian cement plant to expand production capacity by 100,000 tons, modernize logistics, and increase operational efficiency at the same time.

You can see some of our important expansion projects.

Our completed our Xinjiang plant expansion to support growing demand.

And.

Increase our efficiency.

In December we commissioned the production expansion of our flagship cement plants in Missouri, adding 660000 tons of production capacity per year.

Speaker #1: In Alberta, Canada, we are investing in our Exxo cement plant to add 50,000 tons of cement production capacity, supporting the growing Calgary market. In Quebec, we are investing to expand our Saint Constance cement plant by 300,000 tons, and further strengthening our position in Canada and increasing efficiency of these facilities.

<unk> with the pans total capacity with five 5 million tons annually.

Alison Jen plant itself America's largest market, leading plant setting the standard for high performance.

If you turn to slide nine.

And see that we are on track with key organic growth projects, both this year and beyond.

We're building on the success of our Shenzhen and expansion we are on track with key growth projects for 2026 and beyond.

Speaker #1: If we turn to slide 10 now, we see more growth projects in Virginia. We are progressing with our new fly ash facility to enable the use of recycled landfill as a high-quality supplementary material.

Jan Jenisch: Gen plant expansion to support growing demand and increase our efficiency. In December, we commissioned the production expansion of our flagship cement plant in Missouri, adding 660,000 tons of production capacity per year, increasing the plant's total capacity to 5.5 million tons annually. Our St. Gen plant is North America's largest market-leading plant, setting the standard for high performance. If you turn to slide nine, you can see that we are on track with key organic growth projects for this year and beyond. Building on the success of our St. Gen plant expansion, we are on track with key growth projects for 2026 and beyond. To serve the booming Texas region, we are investing in our Midlothian cement plant to extend production capacity by 100,000 tons, modernize logistics, and increase operational efficiency at the same time.

The sale of the booming, Texas region investing Amit lowest in cement plant to expand production capacity by 100000 tons modernized logistics and increase operational efficiency at the same time.

Speaker #1: We are progressing with our greenfield aggregates quarry in Oklahoma, adding about 200 million tons of reserves to serve the fast-growing Dallas-Fort Worth market.

In Alberta, Canada, we are investing in our <unk> cement plant to add 50000 tons of cement production capacity supporting the growing category markets.

Speaker #1: On the building envelope side, we are progressing with our new state-of-the-art Milwaukee shingles plant to expand our market share to the attractive Midwest and Eastern markets.

<unk>, we are investing to expand our single source.

Speaker #1: We expect this plant to be commissioned at the end of 2026, putting us in a strong position to deliver more volumes for when residential demand picks up.

Cement plant by 300000 tonnes and further strengthening our position in Canada, and increasing efficiency of the specifics.

If you turn to slide 10 now.

Speaker #1: We move to slide 11. Let me talk about our latest acquisition, PB Materials. It strengthens our aggregates footprint in West Texas. We announced the acquisition earlier this year.

The a C Moore.

Both projects in Virginia, progressing with our new fly ash facilities to enable the use of recycled landfill, that's a high quality supplementary material.

Yes, progressing default Greenfield aggregates quarry in Oklahoma, adding about 200 million tons up reserves.

Speaker #1: This will strengthen our aggregates business, add over $180 million in annual revenue, add 50 years of aggregates reserves, and 26 operational sites in West Texas.

So the fast growing Dallas Fort worth market.

Jan Jenisch: In Alberta, Canada, we are investing in our Exshaw cement plant to add 50,000 tons of cement production capacity, supporting the growing Calgary market. In Quebec, we are investing to expand our Saint-Constant cement plant by 300,000 tons, and further strengthening our position in Canada and increasing efficiency of these facilities. If you turn to slide 10 now, you see more growth projects. In Virginia, we are progressing with our new fly ash facility to enable the use of recycled landfills as a high-quality supplementary material. We are progressing with our Greenfield aggregates quarry in Oklahoma, adding about 200 million tons of reserves to serve the fast-growing Dallas-Fort Worth market. On the building envelope site, we are progressing with our new state-of-the-art Malarkey Shingles plant to expand our market share to the attractive Midwest and Eastern markets.

On the building envelope sites.

We are progressing with our new state of the art on Lockheed shingles plants to expand our market share to the attractive Midwest and eastern markets.

Speaker #1: To serve long-term demand as infrastructure data centers and commercial investments drive construction growth. This acquisition will be EPS and cash equative already this year.

We expect this plant to be commissioned at the end of 2026, putting us in a strong position to deliver more volumes.

Speaker #1: We just received antitrust clearance from the Federal Trade Commission, and now expect this acquisition to close in the first quarter of 2026. Looking beyond PB Materials, we have a strong M&A pipeline, and plan to continue making smart deals to accelerate our profitable growth.

When residential demand picks up.

If you move to slide 11.

Let me talk about our latest acquisition <unk> materials.

Strength of our aggregates footprint in West Texas.

We announced the acquisition of <unk> this year.

Speaker #1: Let us move to slide 12, our Aspire program, which is on track to drive value through scale and focus. We made good progress here in the fourth quarter.

This will strengthen our aggregates business.

At over $180 million in annual revenue.

Adding 50 years of exits reserves and 26 operational sites invest Texas.

Speaker #1: We have now onboarded over 450 new logistics and service providers to optimize third-party spend, and we launched more than 400 projects to leverage our scale and drive synergies across raw materials services logistics and equipment.

So long term demand as infrastructure data centers and commercial investments right on spot to growth.

This acquisition.

Will be EPS and cash accretive already this year.

Jan Jenisch: We expect this plant to be commissioned at the end of 2026, putting us in a strong position to deliver more volumes for when residential demand picks up. We move to slide 11. Let me talk about our latest acquisition, PB Materials, which strengthens our aggregates footprint in West Texas. We announced the acquisition early this year. This will strengthen our aggregates business, add over $180 million in annual revenue, adding 50 years of aggregates reserves and 26 operational sites in West Texas to serve long-term demand as infrastructure, data centers, and commercial investments drive construction growth. This acquisition will be EPS and cash accretive already this year. We just received antitrust clearance from the Federal Trade Commission, and now expect this acquisition to close in Q1 2026.

We just received antitrust clearance from the Federal Trade Commission and now expect this acquisition to close in the first quarter of 2006.

Speaker #1: We started realizing savings in the fourth quarter last year, and we are now targeting a 70 basis point margin expansion in 2026 and $250 million of full synergies by 2028.

Looking beyond TB materials, you have a strong M&A pipeline and plan to continue making smart deals to accelerate our profitable growth.

Now, let's move to slide 12, our <unk> program, which is on track.

Speaker #1: Let us talk about allocating capital on slide 13. You see our priorities: increasing investments and returning cash to shareholders. We are committed to a capital allocation strategy that invests for growth and delivers value to our shareholders.

To drive value through scale and focus.

We made good progress here in the fourth quarter, yes.

We have now on boarded over 450, new logistics and service providers to optimize third party spend and we launched more than 400 projects to leverage our scale and drive synergies across raw materials services logistics and equipment.

Speaker #1: We raised our CapEx investments last year by 23%, and this year we plan to increase our investments further to 900 million dollars. We are on track with our M&A strategy, and we have a strong pipeline of targets.

Started realizing savings in the fourth quarter last year, and we are now targeting a 70 basis points of margin expansion in <unk> six and <unk>.

Speaker #1: Led by aggregates and with additional opportunities in building envelope. Our strong cash conversion and balance sheet allows us to also return cash to our shareholders.

Jan Jenisch: Looking beyond PB Materials, we have a strong M&A pipeline and plan to continue making smart deals to accelerate our profitable growth. Let us move to slide 12, our Aspire program, which is on track to drive value through scale and focus. We made good progress here in Q4. We have now onboarded over 450 new logistics and service providers to optimize third-party spend, and we launched more than 400 projects to leverage our scale and drive synergies across raw materials, services, logistics, and equipment. We started realizing savings in Q4 last year, and we are now targeting 70 basis points of margin expansion in 2026, and $250 million of total synergies by 2028. Let us talk about allocating capital. On slide 13, you see our priorities, increasing investments and returning cash to shareholders...

50.

Milligan.

All the synergies by 2028.

Speaker #1: The board has just approved a $1 billion share repurchase and is proposing a special one-time dividend of 44 cents per share payable following the AGM in April.

And let's talk about <unk>.

Allocating capital on slide 13, CLO priorities, increasing investments and returning cash to shareholders.

Speaker #1: The board also proposes an annual ordinary dividend of 44 cents per share to be paid in quarterly installments. Both dividends will be paid out of legal capital reserves and are not subject to Swiss withholding tax.

We are committed to a cabinet location strategy and invest for growth and delivers value to our shareholders.

We raised our Capex investments last year by 23% and this year, we plan to increase our investments for the 900 million.

Speaker #1: I'm very pleased to have established a strong balance sheet and platform for growth that enables us to return value to our shareholders while further increasing our growth investments through CapEx and M&A.

We are on track with our M&A strategy and have a strong pipeline of targets led by aggregates and with additional opportunities in building.

But strong cash conversion and balance sheet allows us to also return cash to our shareholders.

Speaker #1: Before discussing our guidance for this year in more detail, I turn over to Ian and he gives us more details on our financial results.

<unk> has just approved a $1 billion share repurchase and is proposing a special one time dividend of 44 cents per share payable following the AGM in April.

Speaker #2: Thank you, Ian. I'll begin on slide 15 with our results by segment, starting with building materials. For strong volume and revenue performance in Q3, we saw continued momentum and margin expansion in our building materials segment during the fourth quarter as new infrastructure and data centers and commercial projects broke ground.

The board also proposing an annual ordinary dividend of <unk> 44 cents per share to be paid in quarterly installments.

Jan Jenisch: We are committed to a capital allocation strategy that invests for growth and delivers value to our shareholders. We raised our CapEx investments last year by 23%, and this year we plan to increase our investments further to $900 million. We are on track with our M&A strategy, and we have a strong pipeline of targets, led by aggregates and with additional opportunities in building envelope. Our strong cash conversion and balance sheet allows us to also return cash to our shareholders. The board has just approved a $1 billion share repurchase and is proposing a special one-time dividend of $0.44 per share, payable following the AGM in April. The board also proposing an annual ordinary dividend of $0.44 per share to be paid in quarterly installments.

Both dividends will be paid out of legal capital reserves and are not subject to assist with forward and tax.

Speaker #2: Revenues were approximately 2.2 billion dollars in the quarter, an increase of 3.9%, driven primarily by higher volumes across both our cement and aggregates businesses combined with continued aggregates pricing growth.

I am very pleased to have established a strong balance sheet and platform for growth and enables us to return value to our shareholders, while further increasing our growth investments.

Speaker #2: Cement volumes increased 3.6% and aggregates grew 3%. We continue to see steady support from federal, state, and local infrastructure spending as well as growth in select commercial markets, particularly in data centers and warehousing, and logistics, which we expect to continue in 2026.

Through Capex and M&A.

Before discussing our guidance for this year in more detail I'd turn it over to Ian.

It gives us more details on our financial results.

Thank you Jan ill begin on slide 15, with our results by segment, starting with building materials.

Speaker #2: Cement pricing for the quarter was down. 2025 was up 30 basis points on a constant currency basis. As we mentioned last quarter, we have announced price increases in 2026 in our markets.

For strong volume and revenue performance in Q3, we saw continued momentum and margin expansion in our building materials segment during the fourth quarter as new infrastructure and data centers commercial projects broke ground.

Jan Jenisch: Both dividends will be paid out of legal capital reserves and are not subject to Swiss withholding tax. I'm very pleased to have established a strong balance sheet and platform for growth that enables us to return value to our shareholders while further increasing our growth investments through CapEx and M&A. Before discussing our guidance for this year in more detail, I turn over to Ian, and he gives us more details on our financial results.

Speaker #2: Driven by the positive volume trend, we have seen across our cement business over the last two quarters and into the new year. Pricing has been phasing in since the start of the year with full run rate in place soon by April 1st.

Revenues were approximately $2 $2 billion in the quarter, an increase of three 9%.

Given primarily by higher volumes.

And aggregates businesses combined with continued aggregates pricing drops.

Speaker #2: As a reminder, our markets are driven by local demand varying by geographic region. That said, we continue to see favorable pricing dynamics across our network supported by our inland positions and high growth attractive markets.

<unk> volumes increased three 6% and aggregates grew 3%.

We continue to see steady support on federal state and local infrastructure spending as well as growth in select commercial markets, particularly in data centers and warehousing and logistics, which we expect to continue in 2020.

Speaker #2: Meanwhile, aggregates pricing on a freight-adjusted constant currency basis increased 3.8% in the quarter. Including freight, pricing was up 7.3%. We continue to see healthy aggregates pricing supported by strong local market fundamentals and ongoing infrastructure demand.

Ian Johnston: Thank you, Jan. I'll begin on slide 15 with our results by segment, starting with building materials. For strong volume and revenue performance in Q3, we saw continued momentum and margin expansion in our building materials segment during the fourth quarter, as new infrastructure and data centers and commercial projects broke ground. Revenues were approximately $2.2 billion in the quarter, an increase of 3.9%, driven primarily by higher volumes across our cement and aggregates businesses, combined with continued aggregates pricing growth. Cement volumes increased 3.6%, and aggregates grew 3%. We continue to see steady support from federal, state, and local infrastructure spending, as well as growth in select commercial markets, particularly in data centers and warehousing and logistics, which we expect to continue in 2026.

Cement pricing for the quarter was down 8%.

Our full year 2025 was up 30 basis points on a constant currency basis.

As we mentioned last quarter, we have announced price increases in 2026.

Speaker #2: Building Materials adjusted EBITDA was $705 million in the fourth quarter, up 4.9% compared to the prior year. Adjusted EBITDA margin was 32.6%, up 60 basis points.

In our markets.

Okay.

We are seeing across our cement business over the last two quarters and then in a year.

This thing has been facing and since the start of the year with full run rate in place soon by first.

Speaker #2: The increase in adjusted EBITDA was primarily due to volume growth, aggregates pricing, production efficiency, and early Aspire savings. Moving forward, we expect cement pricing to be up both single digits and aggregates pricing to be up mid-single digits on a freight-adjusted basis in 2026.

As a reminder, our markets are driven by local demand varied by geographic regions.

That said, we continue to see favorable pricing dynamics across our network supported by our inland positions in high growth market.

Yes.

Meanwhile, aggregates pricing.

Speaker #2: Given the positive customer demand we see across these businesses, we expect volumes for both cement and aggregates to be positive this year. Before we move to building envelope results, it's worth noting that the first quarter is typically a seasonally slower quarter for building materials, as we perform annual maintenance and build inventory ahead of the peak selling season.

Okay.

Currency basis increased three 8% quarter.

Excluding freight pricing was up seven 3%.

Ian Johnston: Cement pricing for the quarter was down 0.8%, while full year 2025 was up 30 basis points on a constant currency basis. We mentioned last quarter, we have announced price increases in 2026 in our markets, driven by the positive volume trend we have seen across our cement business over the last two quarters and into the new year. Pricing has been phasing in since the start of the year, with full run rate in place assumed by April 1. As a reminder, our markets are driven by local demand, varying by geographic region. That said, we continue to see favorable pricing dynamics across our network, supported by our inland positions and high growth attractive markets. Meanwhile, aggregates pricing on a freight-adjusted, constant currency basis increased 3.8% in the quarter, including freight, pricing was up 7.3%.

We continue to see healthy aggregates pricing supported by strong local market fundamentals and ongoing infrastructure connection.

Building materials, adjusted EBITDA was $705 million in the fourth quarter up four 9% compared to the prior year.

Speaker #2: Moving to slide 16, turning to the building envelope fourth quarter results, we're 678 million dollars. A decrease of 11.8% compared to the prior year.

While adjusted EBITDA margin was 32, 6% 60 basis.

The increase in adjusted EBITDA was primarily due to volume growth aggregates pricing.

Speaker #2: The decline was largely driven by softer residential roofing demand. That said, when we look across our business, commercial reroofing activity remains strong with revenues up during the quarter as this type of spend is often nondiscretionate for our customers.

Efficiency and early aspire savings.

Moving forward, we expect cement pricing to be up low single digits and aggregates pricing to be up mid single digits on a freight adjusted basis in 2026.

Speaker #2: In commercial new construction, we continue to see robust data center demand. As Ian mentioned earlier, our max PVC product line at Elevate is addressing the higher performance specifications that many of our data center customers require.

Given the positive customer demand, we see across these businesses, we expect volumes for both cement and aggregates two components of that this year.

While we move to building envelope results, it's worth noting that the first quarter is typically a seasonally slower quarter for building materials as we perform annual maintenance and build inventory ahead of the peak shocks.

Ian Johnston: We continue to see healthy aggregates pricing, supported by strong local market fundamentals and ongoing infrastructure demand. Building materials adjusted EBITDA was $705 million in Q4, up 4.9% compared to the prior year, while adjusted EBITDA margin was 32.6%, up 60 basis points. The increase in adjusted EBITDA was primarily due to volume growth, aggregates pricing, production efficiency, and early SMR savings. Moving forward, we expect cement pricing to be up low single digits and aggregates pricing to be up mid-single digits on a freight-adjusted basis in 2026. Given the positive customer demand we see across these businesses, we expect volumes for both cement and aggregates to be positive this year.

Speaker #2: So far, we've been pleased with the traction and expect this product will continue driving growth for us in the future. Meanwhile, we have also started to see a recovery in warehousing, distribution, and logistics end markets.

Moving to slide 16.

Two the building envelope fourth quarter results were $678 million, a decrease of 11, 8% compared to the prior year.

Speaker #2: As interest rates and the cost of capital move lower, we expect further improvements across commercial new construction. Building envelope adjusted EBITDA was down year-over-year, largely due to softer residential roofing demand and an $8 million increase in warranty provisions to reflect claims and activity in our residential roofing business.

Okay.

This initial roofing demand.

That said when we look across our business.

<unk> re roofing activity remained strong with revenues up during the quarter. After this type of spend is often non discretionary.

Speaker #2: We continue to see pressure on residential demand from higher interest rates and affordability concerns. These headwinds were partially offset by an increase in commercial roofing margins driven by resilience repair and deferred demand.

On discretionary for our customers.

And commercial new construction, which tended to C. Ross data center demand.

As Jan mentioned earlier, our Max PVC product line and elevate is addressing the higher performance specifications as many of our data center customers.

Ian Johnston: Before we move to building envelope results, it's worth noting that Q1 is typically a seasonally slower quarter for building materials, as we perform annual maintenance and build inventory ahead of the peak selling season. Moving to slide 16. Turning to the building envelope, Q4 results were $678 million, a decrease of 11.8% compared to the prior year. The decline was largely driven by softer residential roofing demand. That said, when we look across our business, commercial reroofing activity remains strong, with revenues up during the quarter, as this type of spend is often nondiscretionary for our customers. In commercial new construction, we continue to see robust data center demand. As Jan mentioned earlier, our max PVC product line at Elevate is addressing the higher performance specifications that many of our data center customers require.

Speaker #2: Moving into 2026, we are focused on what we can control. We launched Aspire to improve our third-party cost base, making significant progress and expect additional savings to materialize in 2026.

So far we've been pleased with the traction and expect this product will continue driving growth for us in the future.

Meanwhile, we are also starting to see a recovery in warehousing distribution and logistics end markets.

Speaker #2: While residential demand remains soft, we expect strong demand for commercial R&R to continue and lower interest rates to support a broader recovery across new commercial roofing capitals.

Interest rates and cost of capital lower we expect further improvements.

Actual new construction.

<unk> adjusted EBITDA was down year over year, largely due to softer residential roofing demand and an eight eight.

Speaker #2: As a result, we expect low single-digit volume growth in commercial roofing. In residential, we expect flat volumes for the year, with the second half being better than the first half.

$8 million increase in warranty provisions to reflect claims activity in our residential roofing business.

Speaker #2: So far, Q1 customer demand has improved compared to Q4. Looking out further, we continue to see a long tailwind of growth in commercial R&R activity driven by aging commercial roofing stock that needs to be replaced.

We continue to see pressure on residential demand from higher interest rates and afforded affordability concerns.

These headwinds were partially offset by an increase in commercial roofing margins driven by resilient repair and refurbishment to map.

Speaker #2: We are also encouraged by recent policy developments that aim to address affordability which can support new construction and help bridge the housing gap. And as I mentioned earlier, our focus is on operations and efficiently running the business through different economic environments.

We enter 2026, we are focused on what we can control.

Aspire to group, our third party cost base.

Ian Johnston: So far, we've been pleased with the traction and expect this product will continue driving growth for us in the future. Meanwhile, we have also started to see a recovery in warehousing, distribution, and logistics end markets. As interest rates and the cost of capital move lower, we expect further improvements across commercial new construction. Building Envelope Adjusted EBITDA was down year-over-year, largely due to softer residential roofing demand and an $8 million increase in warranty provisions to reflect claims activity in our residential roofing business. We continue to see pressure on residential demand from higher interest rates and affordability concerns. These headwinds were partially offset by an increase in commercial roofing margins, driven by resilient, repair, and refurbishment distribution demand. Looking into 2026, we are focused on what we can control.

<unk> progress and expect additional savings to materialize in 2020.

Speaker #2: We continue to see a path towards best-in-class EBITDA margins over time. Moving to slide 17, we had a strong cash flow performance during the year.

While residential demand remains soft we expect strong demand congressional R&R to continue and lower interest rates to support a broader recovery across new commercial wins.

Speaker #2: We generated approximately 1.5 billion dollars, representing a 49% cash conversion rate on adjusted EBITDA. This is in line with our historical average cash conversion of approximately 50%.

<unk>.

As a result, we expect low single digit volume growth each March roofing.

In residential we expect flat volumes for the year second half being better than the first.

So far Q1 customer demand has improved compared to Q4.

Speaker #2: 2025 free cash flow was lower due to net income and increased organic capex growth. Cash flow is a key performance indicator for all of the P&L leaders across our business.

Looking out further we continue to see a long tailwind of growth and commercial R&R activity driven by agent commercial roofing stock that needs to be.

Speaker #2: Our free cash flow performance in 2025 demonstrates the strength of our working capital management and resilience underlying cash generation of our business. Moving to slide 18, we are very pleased with the progress we made post-spend to further strengthen our financial position during our first year as an Amrize At the end of the year, our net leverage ratio was 1.1 times delivering on our commitment of less than 1.5 times on a year.

We're also encouraged by recent policy developments aimed to address affordability, which can support new construction and helped bridge the housing.

Ian Johnston: We launched Aspire to improve our third-party cost base, making significant progress, and expect additional savings to materialize in 2026. While residential demand remains soft, we expect strong demand for commercial R&R to continue and lower interest rates to support a broader recovery across new commercial roofing catalysts. As a result, we expect low single-digit volume growth in commercial roofing. In residential, we expect flat volumes for the year, the second half being better than the first half. So far, Q1 customer demand has improved compared to Q4. Looking out further, we continue to see a long tailwind of growth in commercial R&R activity, driven by an aging commercial roofing stock that needs to be replaced. We are also encouraged by recent policy developments that aim to address affordability, which can support new construction and help bridge the housing gap.

And as I mentioned earlier, our focus is on operations and efficiently running the business through different economic environments.

To see a path towards asked in class EBITDA margins.

Moving to slide 17, we have it.

Strong cash flow performance during the year.

We generated approximately $1 $5 billion, representing a 49% cash conversion rate on adjusted EBITDA.

Speaker #2: Net debt at the end of the year was approximately 3.3 billion dollars. Down over 1.5 billion dollars from the end of the third quarter as we generated strong cash flow at the end of the year.

This is in line with our historical average cash conversion of approximately 50%.

2025 free cash flow was lower due to net income and increased organic capex.

Speaker #2: Turning to slide 19, in 2025, we established a solid foundation to deliver growth and return capital to shareholders in 2026. As of December 31st, we had 5.3 billion dollars in senior notes.

Cash flow is a key performance indicator for all of the P&L leaders across our business our free cash flow performance in 2025 demonstrates the strength of our working capital management.

Speaker #2: Nearly $6 billion of available liquidity and a low leverage ratio, providing us with amplifier power to accelerate growth this year. We are also effectively managing our interest expense and expect run rate to come down in 2026 compared to 2025 as we continue to optimize our capital structure.

A resilient underlying cash generation of our business.

Turning to slide 18.

Ian Johnston: As I mentioned earlier, our focus is on operations and efficiently running the business through different economic environments. We continue to see a path towards best-in-class EBITDA margins. Moving to slide 17. We had a strong cash flow performance during the year. We generated approximately $1.5 billion, representing a 49% cash conversion rate on adjusted EBITDA. This is in line with our historical average cash conversion of approximately 50%. 2025 free cash flow was lower due to net income and increased organic CapEx growth. Cash flow is a key performance indicator for all of the P&L leaders across our business. Our free cash flow performance in 2025 demonstrates the strength of our working capital management and resilient underlying cash generation of our business. Moving to slide 18.

We're very pleased with the progress we've made post spin to further strengthen our financial position during our first year of an ambulance.

At the end of the year, our net leverage ratio was one one times delivering on our commitment of less than one five times on a year.

Speaker #2: We expect our effective tax rate to stabilize in the range of 21 to 23 percent in 2026, and corporate costs are expected to be approximately 200 million dollars this year.

Net debt at the end of the year was approximately $3 $3 billion down over $1 $5 billion from the end of third quarter as we generated strong cash flow at the end.

Speaker #2: A modest step down from 2025. The sufficient capital structure and operating model allows us to continue generating significant cash in 2026 and drive profitability.

<unk>.

Turning to slide 19.

<unk> 2025, we established a solid foundation to deliver growth and return capital to shareholders in 2026.

Speaker #2: This model also lays the foundation for our capital allocation strategy, putting us in an excellent position to announce our shareholder return plan, all while continuing to invest in organic growth projects and value and pursue value of creative M&A.

As of December 31, we had $5 $3 billion in senior notes nearly.

$6 billion of available liquidity and a low leverage ratio.

Riding us with ample firepower.

Speaker #2: This speaks to our financial firepower and our business and flexibility of our balance sheet. With that said, I will pass it back to Ian to cover our 2026 cash flow.

Accelerated growth this year.

Ian Johnston: We are very pleased with the progress we made post-spin to further strengthen our financial position during our first year as Amrize. At the end of the year, our net leverage ratio was 1.1 times, delivering on our commitment of less than 1.5 times by a year. Net debt at the end of the year was approximately $3.3 billion, down over $1.5 billion from the end of the third quarter, as we generated strong cash flow at the end of the year. Turning to slide 19. In 2025, we established a solid foundation to deliver growth and return capital to shareholders in 2026.

You are also effectively managing our interest expense and expect run rate to come down to down in 2026 compared to 2025, as we continue to optimize our capital structure.

Speaker #1: Thank you, Ian. When we look at the guidance of 2026, I'm confident that this will be a year of accelerating demand from our customers.

We expect our effective tax rate to stabilize in the range of 21% to 23% in 2026 corporate costs are expected to be approximately $200 million this year modest.

Speaker #1: The commercial market will continue its improving trends. As lower interest rates support new products, adding to already strong demand for data centers, but also for other projects in logistics and manufacturing facilities where we have a lot of sideline projects.

Modest step down from 2025.

The sufficient capital structure and operating model allows us to continue generating significant cash in 2026 and drive profitable.

Speaker #1: We have a good demand here, which will unfold throughout this year. In infrastructure, the demand will continue to be strong. As governments prioritize modernization, only in the residential market, we will remain soft with improvements rather towards the end of the year.

This model also lays the foundation work.

Asian strategy, putting us in an excellent position to announce shareholder return plan, all while continuing to invest in organic growth projects and value and pursue value accretive M&A.

Ian Johnston: As of 31 December, we had $5.3 billion in senior notes, nearly $6 billion of available liquidity, and a low leverage ratio, providing us with ample firepower to accelerate growth this year. We are also effectively managing our interest expense and expect run rate to come down in 2026 compared to 2025, as we continue to optimize our capital structure. We expect our effective tax rate to stabilize in the range of 21% to 23% in 2026, and corporate costs are expected to be approximately $200 million this year, a modest step down from 2025. This efficient capital structure and operating model allows us to continue generating significant cash in 2026 and drive profitably.

This speaks to our financial our firepower and our business and flexibility of our balance sheet.

With that said I will pass it back to you on to cover our 2026.

Speaker #1: We expect pricing and volumes in building materials to be key growth contributors in 2026. Cement pricing is expected to increase; low single-digit percentage range while aggregates pricing is expected to increase mid-single-digit percentage range.

Thank you Ian and you look at the guidance for 2026 I'm quantity.

Quantity then that this will be the year of accelerating demand from our customers.

The commercial market will continue its improving trends as lower interest rates support new products, adding to already strong demand for Ddos Ngos, but also for other projects in logistics and manufacturing facilities, where we have a lot of.

Speaker #1: The market trends and increasing customer demand will drive volume growth in both cement and aggregates. Building envelope, we expect low single-digit growth in commercial roofing volumes.

Pipeline projects, we have.

Ian Johnston: This model also lays the foundation for our capital allocation strategy, putting us in an excellent position to announce our shareholder return plan, all while continuing to invest in organic growth projects and pursue value-accretive M&A. This speaks to our financial power, firepower, and our business and flexibility of our balance sheet. With that said, I will pass it back to Jan to cover our 2026 outlook.

Good.

Speaker #1: While we see flat volumes in residential roofing with demand improving in the second half of the year. Very important for us, we aspire program is a key priority and will deliver significant results in 2026.

Demand here, which will unfold throughout this year and.

In infrastructure the demand will continue to be strong.

As government Upsized modernization.

Only in the residential market.

We will remain soft with improvements rather towards the end of the year.

Speaker #1: We are now targeting a margin expansion of 70 basis points and are on track with our goal of $250 million in synergies through 2028.

We expect pricing and volumes in billing materials to be to grow call. It because in 2026 cement pricing is expected to increase low single digit percentage range.

Jan Jenisch: Thank you, Ian. When we look at the guidance of 2026, I'm confident that this will be a year of accelerating demand from our customers. The commercial market will continue its improving trends as lower interest rates support new products, adding to already strong demand for data centers, but also for other projects in logistics and manufacturing facilities, where we have a lot of sidelined projects. We have a good demand here, which will unfold throughout this year. In infrastructure, the demand will continue to be strong as governments prioritize modernization. Only in the residential market, we will remain soft, with improvements rather towards the end of the year. We expect pricing and volumes in building materials to be key growth contributors in 2026.

Speaker #1: Based on this momentum from our customers to all the programs under our control, we have set our 2026 guidelines or guidance with 4 to 6 percent revenue growth and 8 to 11 percent EBITDA growth.

While aggregates pricing is expected to increase mid single digit percentage range.

Our market trends and increasing customer demand will drive volume growth, both cement and aggregates.

Building envelope, we expect low single digit growth in commercial volumes.

Speaker #1: Both numbers include the contribution from our recent PV materials acquisition. With that, I now pass back to Arul to open up our question and answer session.

While we see flat volumes in residential roofing demand improving in the second half.

Very important for US Aspire program is a key priority and we will deliver significant results in 2006.

Speaker #2: Thank you, Ian. Operator, we're now ready to begin the question and answer session.

Speaker #3: Thank you. At this time, if you would like to ask a question, please use the 'raise hand' button, which can be found on the black bar at the bottom of your screen.

We are now targeting a margin expansion of 70 basis points and are on track with our goal of $250 million in synergies.

Speaker #3: When it is your turn, you will receive a message on your screen from the host, allowing you to talk. Then you will hear your name called.

28.

Speaker #3: Please accept, unmute your audio, and ask your question. If you are dialing in via telephone, please use star nine to raise your hand and star six to unmute.

Based on this momentum from our customers to all the progress under our control we have set our 'twenty finished six guidelines or guidance.

Jan Jenisch: Cement pricing is expected to increase low single-digit percentage range, while aggregates pricing is expected to increase mid-single-digit percentage range. A market trend and increasing customer demand will drive volume growth in both cement and aggregates. Building envelope, we expect low single-digit growth in commercial roofing volumes, while we see flat volumes in residential roofing, with demand improving in the second half of the year. Very important for us, the Aspire program is a key priority and will deliver significant results in 2026. We are now targeting a margin expansion of 70 basis points... and are on track with our goal of $250 million in synergies through 2028.

Speaker #3: As a reminder, we will allow analysts one question today. We will wait one moment to allow the queue to form. Our first question is from Adrian Huerta from JP Morgan.

4% to 6% revenue growth.

And the 8% to 11% EBITDA growth.

Both numbers include the contributions from our recent <unk> acquisition.

Speaker #3: Please unmute your line and ask your question.

With that I'll now pass back to our room and to open up our question and answer session.

Speaker #2: Thank you. Can you hear me?

Speaker #4: We can hear you.

Speaker #2: Hi, Johnny and Arun. Thank you for taking my question. And congrats on the results. My question has to do with the cement prices. I want to understand a little bit better why this confidence on getting a low single-digit price increase for the year.

Thank you Jan operator, we're now ready to begin the question and answer session.

Thank you at this time, if you would like to ask a question. Please use the right hand box in which can be found on the black bar at the bottom of your screen. When it is you'll attend you will receive a message on your screen from the highest allowing me to talk and then you will hear named code can you take that Amit.

Speaker #2: I mean, just from comments from other companies, it seems like a traction on price increases at the beginning of the year is not going as expected.

Jan Jenisch: Based on this momentum from our customers to all the programs under our control, we have set our 2026 guidelines or guidance, with 4 to 6% revenue growth and 8 to 11% EBITDA growth. Both numbers includes the contribution from our recent PB Materials acquisition. With that, I now pass back to Arun and to open up our question-and-answer session.

Ask your question if youre dialing in by <unk> nine to raise your hand and <unk> as a reminder, we will allow one question today.

Speaker #2: What are you seeing on your own markets? And where do you see better pricing traction and where do you think it might be a bit more difficult to get the increases that you're looking for?

We will wait when they meant to allow the key to food.

Our first question is from Adrian <unk> from J P. Morgan. Please on mute your line and ask your question.

Speaker #4: I think ink that's good morning. No, look, we are confident and we're going to see a price increase. For our Amrize products this year, I think we make good progress in this and we have I have nothing negative, really, to report here.

Thank you can you hear me.

We can hear you.

Hi, Johnny and everyone. Thank you for taking my question.

Aroon Amarnani: Thank you, Jan. Operator, we're now ready to begin the question-and-answer session.

And congrats on the on the results My question has to do with the cement prices.

Operator: Thank you. At this time, if you would like to ask a question, please use the Raise Hand button, which can be found on the black bar at the bottom of your screen. When it is your turn, you will receive a message on your screen from the host, allowing you to talk, and then you will hear your name called. Please accept, unmute your audio, and ask your question. If you are dialing in via telephone, please use star nine to raise your hand and star six to unmute. As a reminder, we will allow analysts one question today. We will wait one moment to allow the queue to form. Our first question is from Adrian Huerta from J.P. Morgan. Please unmute your line and ask your question.

Speaker #2: And if I may ask just a follow-up question, again, thank you for that. On the Aspire program, good to see a larger target on savings this year than the run rate of 50 basis points.

I wanted to understand a little bit better.

Why this confidence in getting a low single digit price increase for the year I mean, just from goldman's from other companies. It seems like good traction on price increases.

Speaker #2: Now with a target of 70 basis points, any more color on where these savings which should be for somewhere around 100 million dollars between SG&A or by segment within envelope or materials?

Beginning of the year is not going as expected.

What are you seeing them on your own markets, and where you see better pricing traction.

And where do you think it might be a bit more difficult to get that to get the increases that you are you looking for.

Speaker #2: Where are most of these savings coming from?

Speaker #4: Oh, great. A good question. Look, I mean, I'm very excited. As you know, we have over 7 billion dollars of positive third-party and we haven't done really the synergies.

Yes, good morning Noelle.

Look we are confident and we kind of see a price increase for our mris.

Adrian Huerta: Thank you. Can you hear me?

This year I think we made good progress in this.

Speaker #4: So we have doubled the company just in the past few years from 6 to 12 billion dollars and we have not really run that synergy program.

Aroon Amarnani: We can hear you.

Adrian Huerta: Hi, Johnny and Arun. Thank you for taking my question, and congrats on the results. My question has to do with the cement prices. I want to understand a little bit better why this confidence on getting a low single price increase for the year. I mean, just from comments from other companies, it seems like a traction on price increases at the beginning of the year is not going as expected. What are you seeing on your own markets, and where do you see better pricing traction, and where do you think it might be a bit more difficult to get the increases that you're looking for?

In behalf.

I have nothing negative to report.

Speaker #4: So, very exciting now to have savings, of course. We have it in logistics, we have it in raw materials, and we have a lot in services, which are provided to us for maintenance, for equipment, and other things.

And if I may ask just a follow up question.

Again, thank you for that.

On the aspire program good to see a larger target on savings. This year then.

The run rates of 50 basis points.

Speaker #4: So we make great progress. You can see already in the fourth quarter results in building materials that we had quite a significant impact from the Aspire program and this is just the start.

With a target of 70 basis points.

Any more color on where these savings, which should be somewhere around $100 million.

Between SG&A or by segment within the envelope of materials, where most of these savings coming.

Speaker #4: So we are very confident to see a significant contribution. This year from Aspire and that's why I also guide this to be fully margin accretive.

Oh, great. Good question look I mean, I'm very excited.

Jan Jenisch: Yes, good morning. No, look, we are confident, and we're gonna see a price increase for our RMX products this year. I think we make good progress in this, and, and we have... I have nothing negative for you to report here.

We have over $7 billion of cost of goods Audi.

Speaker #2: Great. Thank you, Jen. Appreciate it.

I'll have Don really.

Speaker #4: Thank you.

Synergies so we have doubled the company.

Speaker #3: Thank you. Our next question is from Anthony Pettinari from Citigroup. Please unmute your line and ask your question.

So similar to the past two years from $6 billion to $12 billion and.

And we have not really run that synergy program. So very exciting now to how savings off of course, we haven't in logistics, we haven't enrolled materials and we haven't a lot of services, which are provided to us our main demands for equipment and other things. So we make great progress you can see already in that.

Speaker #5: Hi, this is Asher Stonen on for Anthony. Thanks for taking my question. And just in terms of compare and contrasting the way you're looking at 2026 versus maybe how you're thinking three months ago, what are you seeing in terms of project backlogs, cancellations, etc.?

Adrian Huerta: If I may ask just a follow-up question. Again, thank you for that. On the Aspire program, good to see a larger target on savings this year than the run rate of fifty basis points, now with a target of seventy basis points. Any more color on where these savings, which should be somewhere around $100 million between SG&A or by segment, within envelope or materials, where are most of these savings coming from?

Speaker #5: And then on top of that, your positive volume growth outlook for '26, how does that break out between your different end markets, between commercial infrastructure and residential?

In the fourth quarter results in the billing materials up by a significant impact from the <unk> program and this is just the start so we are very confident to see a significant contribution.

Speaker #4: Look, I'm very happy how things are accelerating with our customers. You have to see that strongest market segment in last year was infrastructure, where we have these programs running and we are very happy to supply a lot of those projects.

This year from S fire and that's why also guide this to be fully.

Jan Jenisch: Oh, great. A good question. Look, I mean, I'm very excited. As you know, we have over $7 billion of cost to third party, and we haven't done really the synergies. So we have doubled the company just in the past two years, from $6 to $12 billion, and we have not really run that synergy program. So very exciting now to have savings. Of course, we have it in logistics, we have it in raw materials, and we have it a lot in services which are provided to us for maintenance, for equipment, and other things. So we make great progress. You can see already in the Q4 results in building materials, that we have quite a significant impact from the Aspire program, and this is just the start.

Margin accretive.

Great. Thank you again appreciate it.

Speaker #4: However, at Amrize, we do 50% of sales. We do with our commercial customers. And that's really key. And that market has really picked up from mid last year and you can see it from some indexes like DOCS.

Thank you.

Thank you Amit. This question is from Anthony Pettinari from Citigroup. Please on mute your line and ask a question.

Hi, This is asher sone in on for Anthony Thanks for taking my question.

Speaker #4: So we have an increasing number of starting projects and we can literally see it with our customers. They have a backlog of projects not only for data centers, but for logistics, for infrastructure, around logistics centers, for manufacturing facilities.

Just in terms of you know.

Comparing contrasting the way Youre looking at 2026 versus maybe how you were thinking three months ago. What are your what are you seeing in terms of project backlog cancellations et cetera, and then on top of that your positive volume growth outlook for 2006, how does that break out between your different end markets between commercial infrastructure in residential.

Speaker #4: And this will unfold. We have no canceled projects. A lot of sidelined and slowed down and now we see that coming. The two cuts in interest rates has helped a lot.

<unk> built a very healthy.

Jan Jenisch: So we are very confident to see a significant contribution this year from Aspire, and that's why I also guide this to be fully margin accretive.

Things are accelerating with all our customers you have to see that the strongest market segment.

Speaker #4: Many people, most people always speak about the mortgage rates. And the interest cuts, but actually for us, the interest rate is more important for our commercial customers.

Last year was infrastructure, where we have these programs running it and we're very happy to supply a lot of those projects. However at enterprise, we do 50% of sales, we do with our commercial customers and that's really key in that market has really picked up from mid last year and we can see it from.

Adrian Huerta: Great. Thank you, Jan. Appreciate it.

Speaker #4: And this is why I'm very excited for this year and I will see an accelerating demand and number of projects. From our commercial customers.

Jan Jenisch: Thank you.

Operator: Thank you. Our next question is from Anthony Pettinari, from Citigroup. Please unmute your line and ask your question.

Asher Sohnen: Hi, this is Asher Sonnen on for Anthony. Thanks for taking my question. And just in terms of, you know, comparing, contrasting, the way you're looking at 2026 versus maybe how you were thinking three months ago, what are you seeing in terms of project backlogs, cancellations, et cetera? And then on top of that, your, your positive, volume growth outlook for 2026, how does that break out between your different end markets, between commercial, infrastructure, and residential?

Some indexes that docs have you ever increasing.

Speaker #3: Thank you. Our next question is from Trade Rooms from Stevens. Please unmute your line and ask your question. Trade Rooms from Stevens, if you could please unmute your line and go ahead with your question.

A number of projects.

Project semi can lift for us to give our customers.

The backlog of projects not only for data centers, but for logistics for infrastructure around logistics centers four manufacturing facilities and this will unfold. We have low Council project allows sidelines and Tom and slowed down and now we see we see that coming.

Speaker #6: Got it. Can you hear me now?

Speaker #3: Please go ahead.

Speaker #6: Okay. Thank you. Sorry for that. Yeah, just on the acquisition, maybe if we could touch on that. PB Materials, aggregates lead business with some ready mix.

Jan Jenisch: Oh, look, I'm very happy how things are accelerating with all our customers. You have to see that the strongest market segment in last year was infrastructure, where we have these programs running, and we are very happy to supply a lot of those projects. However, at Amrize, we do 50% of sales we do with our commercial customers, and that's really key. That market has really picked up from mid last year, and then you can see it from some indexes like docks. So we have an increasing number of starting projects, and we can literally see it with our customers. They have a backlog of projects, not only for data centers, but for logistics, for infrastructure around logistic centers, for manufacturing facilities, and this will unfold.

<unk> constant interest rates us out the laughter many people still most people.

Speaker Pelosi mortgage rates and the interest cuts, but actually for us the interest rates is more important for our commercial customers. So this is why I'm.

Speaker #6: It's included I believe it's included in the full-year guide. It's doing 180 million in annual revenue. Any other details maybe you could give us there around PB, the understand it's in West Texas and geographically where it stands.

Very excited for this year and we.

We will see an accelerating demand a number of projects.

Our commercial customers.

Speaker #6: But anything around the maybe the annual production or tonnage or how much it's adding to the overall volume being positive this year in aggregates?

Yeah.

Thank you. Our next question is from Trey Grooms from Stephens. Please on mute your line and ask a question.

Speaker #6: Any other details that maybe you could give us? Thank you.

Speaker #4: No, no, thank you. Great question. And look, we have a great slide on this slide 11. And I think what's key here for me is first of all, the size of the acquisition, over 180 million dollars.

Okay.

Yeah.

<unk> Stephens if he could please on mute your line and go ahead with your question.

Got it can you hear me now.

Jan Jenisch: We have no canceled projects, a lot of sidelines, and slowed down, and now we see, we see that coming. The two cuts in interest rates has helped a lot. Many people, most people always speak about the mortgage rates and the interest cuts, but actually for us, the interest rate is more important for our commercial customers. This is why I'm very excited for this year, and I, we will see an accelerating demand and number of projects from our commercial customers.

Please go ahead.

Speaker #4: We're going to close that very soon now in Q1. So very excited now when the season really starts that we have this business with us.

Thank you.

Sorry for that.

Yeah, just on the acquisition, maybe if we could touch on that PB materials.

Speaker #4: It's already a very well margined product. A business which has now significant synergies. I like we bought a little map there where you can see how well that fits with our footprint in Texas, especially also how our cement terminals can now fully service all those sites.

Aggregates led business with some ready mix. It's included I believe it's included in the in the full year guide.

It's doing $180 million in annual revenue any other details maybe you could give us there around P. B.

I understand it's in West, Texas, and geographically, where it stands but anything around the maybe the annual production or tonnage or how much it's adding to the the overall volume being positive this year in aggregates and any other details you maybe you could give us. Thank you.

Speaker #4: We have about 26 sites and 13 are quarries. And another 13 are ready mix sites. So it's a well-balanced business and the other market leader around 30% of market share.

Operator: Thank you. Our next question is from Trey Grooms, from Stephens. Please unmute your line and ask your question. Trey Grooms from Stephens, if you could please unmute your line and go ahead with your question.

Thank you great question and look we have a great slide on this slide 11, and I think what's key here for me is first of all the size of the acquisition over $180 million, you're going to close that very soon now in Q1. So very excited now with the season really starts that would be how does business with us.

Speaker #4: So I'm very happy we could onboard now them with our very successful business in Texas.

Trey Grooms: Got it. Can you hear me now?

Operator: Please go ahead.

Speaker #3: Thank you. Our next question is from Brian Blair from Oppenheimer. Please unmute your line and ask your question.

Trey Grooms: Okay. Thank you. Sorry for that. Yeah, just on the acquisition, maybe if we could touch on that, PB Materials, aggregates-led business, with some ready mix. It's included. I believe it's included in the full year guide. It's doing $180 million in annual revenue. Any other details maybe you could give us there around PB? You know, I understand it's in West Texas and geographically where it stands, but anything around the, maybe the annual production or tonnage or how much it's adding to the overall volume being positive this year in aggregates? Any other details that maybe you could give us? Thank you.

Speaker #7: Thank you, everyone. You offered pretty good color on the visibility in commercial and infrastructure project outlook. I was hoping we could drill down a little bit on the residential side.

It's already a.

Very well margin product business rich asked about significant synergies I like Avi you bought a little map daily and see how well that fits with our footprint in Texas, especially also our cement terminals and all will be service.

Speaker #7: And we know that there's weakness anticipated and understandably so over the near term. Looking to the back half, there's some degree of recovery. Against relatively weak comps.

All of those.

Sites on behalf of about 26 sites operating sites.

Speaker #7: If we look at the low versus high end of your guidance, are you willing to quantify what is baked in, specific to residential market activity?

And.

<unk> qualities and another 13, our ready mix side.

Well balanced business and the other market dialogue, 30% of market shares so I'm very happy because we can onboard now.

Speaker #7: As we look to the back half, are there specific?

Jan Jenisch: No. Oh, no, thank you. Great question. And look, we have a great slide on slide eleven, and I think what's key here for me is, first of all, the size of the acquisition, over $180 million. We're gonna close that very soon now in Q1. So very excited now when the season really starts, that we have this business with us. It's already a very well-margined product business, which has now significant synergies. I like, we bought a little map there, where you can see how well that fits with our footprint in Texas, especially also our cement terminals and our, who we service, all those sites. We have about 26 sites, operating sites, and 13 are quarries and another 13 are ready-mix sites.

Speaker #4: No, I wish I could share with you, but I think what's exciting about residential, while it's only around 20% of our is repair and refurbishment.

Our very successful.

In Texas.

Thank you. Our next question is from Brian Drab from Oppenheimer. Please on mute your line and ask a question.

Speaker #4: And this gives us this resilient demand from the residential customers. Now, that was slowed down last year. We had much less storm impacts like we had in years before.

Okay.

Thank you good morning, everyone.

Are you would you offered a pretty good color on the visibility in our commercial and infrastructure.

Speaker #4: But this has really slowed us down, especially in Q4. But we believe this will normalize this year again. So to the question, I'm quite confident that repair and refurbishment, we will see significant growth for us in 2026.

Project outlook I was hoping we could drill down a little bit on the residential side and we know that there's weakness anticipated and understandably. So over the near term looking to the back half there is some degree of recovery.

Against the relatively weak comps.

Speaker #4: New residential, that needs to be seen if that sees a recovery towards the end of the year or let's say a start of recovery.

If we look at the low versus high end of your guidance are you willing to quantify what is baked in specific to residential market.

Jan Jenisch: So it's a, it's a well-balanced business, and they are the market leader, around 30% of market share. So I'm very happy we could, we can onboard now them with, with our very successful business in Texas.

Speaker #4: But in our numbers, we're not planning for any growth in new construction residential, but very confident about repair and refurbishment.

Thanks.

No I wish I could I could share with you, but I think what's exciting about residential wireless only around 20% of our business and 50% of that is repair and refurbishment and this gives us this resilient demand from the residential customers and that was.

Speaker #3: Our next question comes from Pujarini Ghosh from Bernstein. Please unmute your line and ask your question.

Operator: Thank you. Our next question is from Brian Blair, from Oppenheimer. Please unmute your line and ask your question.

Speaker #8: Hi, thanks for taking my question. One follow-up on the guidance. Please, can you confirm that you have not baked in any future potential acquisitions in the revenue and EBITDA growth guidance for 2026?

Brian Blair: Thank you. Good morning, everyone. You offered pretty good color on the visibility in commercial and infrastructure project outlook. I was hoping we could drill down a little bit on the residential side. And we know that, you know, there's weakness anticipated and understandably so over the near term. Looking to the back half, there's some degree of recovery against the relatively weak comps. If we look at the low versus high ends of your guidance, are you willing to quantify what is baked in, you know, specific to residential market activity, through to the back half?

Bryan Blair: Thank you. Good morning, everyone. You offered pretty good color on the visibility in commercial and infrastructure project outlook. I was hoping we could drill down a little bit on the residential side. And we know that, you know, there's weakness anticipated and understandably so over the near term. Looking to the back half, there's some degree of recovery against the relatively weak comps. If we look at the low versus high ends of your guidance, are you willing to quantify what is baked in, you know, specific to residential market activity, through to the back half?

Slowed down last year, you know, we have much less storm impact slightly hadn't yet before this has reached slow restyling, especially in Q4, but we believe this will normalize this year again, so so to the question I thought on freedom that repair and refurbishment, we will see a significant growth for us.

Speaker #8: And could you give some color around the CapEx spend that you are going to do in 2026 and how much new capacity addition in terms of the overall portfolio does these new projects bring in?

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New residential as you know that.

It's to be seen if that she is a recovery towards the end of the year. What I'd say is thought of as I worry, but I don't know anomalous youre not planning for any growth in new construction residential, but very confident about with gamba coach.

Speaker #4: Oh, hey, good morning. Thank you for the question. So the guidance of 4 to 6 percent revenue growth and 8 to 11 percent EBITDA growth is organic, including the PB materials acquisition.

Jan Jenisch: No, I wish I could share with you, but I think what's exciting about residential, while it's only around 20% of our business, and 50% of that is repair and refurbishment, and this gives us this resilient demand from the residential customers. Now, that was slowed down last year. You know, we had much less storm impacts like we had in years before, but this has really slowed us down, especially in Q4. But we believe this will normalize this year again. So to the question, I'm quite confident that repair and refurbishment, we will see significant growth for us in 2026. New residential, you know, that needs to be seen if that sees a recovery towards the end of the year or let's say, a start of recovery.

Our next question comes from can you give me any Gulfstream vaccine scheme from the airline and ask your question.

Speaker #4: We are very confident about these numbers. We have to see we have now these accelerating demand from our customers and our order books which are on a good level.

Hi, Thanks for taking my question one follow up on the.

Guidance. These can you confirm that you have not baked in any future potential acquisitions.

Speaker #4: And then we have a lot of self-help. So we're going to see the pricing this year. We have the SBIR program and we have the first impact from our new growth CapEx programs.

Revenue and EBITDA growth guidance for 2026.

And could you give some color around that.

The Capex spend that you are going to do in 2026.

Speaker #4: Very excited to start to run our flagship cement plant in St. Louis at higher volumes. And then the other CapEx will come. I think at this point, we don't give a break which is maintenance CapEx and growth CapEx, but you can see as we come somewhere from below 600 million dollars to 900 million dollars this year, you see already that we are more than doubling our growth CapEx.

How much new capacity addition in terms of the overall.

For you guys you know these new projects.

Jan Jenisch: But, in our numbers, we're not planning for any growth in new construction residential, but very confident about repair and refurbishment.

Hi.

Oh, Hey, good morning. Thank you for the question so the guidance of 4% to 6% revenue growth at 8% to 11% EBITDA growth is organic.

Operator: Our next question comes from Poojavini Ghosh, from Bernstein. Please unmute your line and ask your question.

The chair of this acquisition.

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Speaker #4: And this is a good thing. We have a lot of low-hanging fruits to debottleneck, to expand in new markets. This is a new plan of Malaki.

Confident confident about these numbers you have to CV now these accelerating in <unk>.

Poojavini Ghosh: Hi, thanks for taking my question. One follow-up on the guidance. Please, can you confirm that you have not baked in any future potential acquisitions in the revenue and EBITDA growth guidance for 2026? And could you give some color around, you know, the CapEx spend that you are going to do in 2026? And, yeah, how much new capacity addition in terms of the overall portfolio does, you know, these new projects bring in?

Pooja Ghosh: Hi, thanks for taking my question. One follow-up on the guidance. Please, can you confirm that you have not baked in any future potential acquisitions in the revenue and EBITDA growth guidance for 2026? And could you give some color around, you know, the CapEx spend that you are going to do in 2026? And, yeah, how much new capacity addition in terms of the overall portfolio does, you know, these new projects bring in?

<unk> from our customers and our order books, which are on a good level and then we have a lot of self help so and we see the pricing this year beyond the <unk> program and we have the first impact.

Speaker #4: To enter the Eastern markets or is it new terminals to distribute our cement and aggregates? And of course, we are excited to debottleneck some of our best performing cement plants to increase the volumes.

Our new growth Capex programs that we are excited too.

Speaker #4: But also to further improve the efficiencies.

The staffer Ron our flagship cement plant in St. Louis.

Speaker #3: Thank you. Our next question is from Yasin Tuari from On Field Research. Please unmute your line and ask your question.

Higher volumes and then yes, the Capex will come.

At this point, we don't give it up.

Speaker #9: Yes, good morning. Thank you very much for taking my question. Just one question. Regarding your building envelope business, we see that QXO has acquired Bitcoin and is aiming to substantially increase its margin and also double its EBITDA.

Great great.

Greg, which is maintenance capex and growth Capex budget can sheet and sitcoms summary up from below $600 million to $900 million. This year with seal ready that we are more than doubling our growth Capex and this is this is a good thing do you have a lot of low hanging fruits boutique.

Jan Jenisch: Oh, hey, good morning. Thank you for the question. The guidance of 4% to 6% revenue growth and 8% to 11% EBITDA growth is organic, including the PB Materials acquisition. We are very confident about these numbers. You have to see, we have now this accelerating demand from our customers, and our order books, which are on a good level, and then we have a lot of self-help. We can pursue the pricing this year. We have the Aspire program, and we have the first impact from our new growth CapEx programs. Very excited to start to run our flagship cement plant in St. Louis at higher volumes, and then the other CapEx will come.

Speaker #9: And I think one of the levers is to work on changing the relationship with roofing product suppliers including Amrise. Could you give us some color on what has happened over the past year in terms of your relationship and what has been the impact of this development so far on your commercial strategy and potentially even your overall strategy as a group?

Bottleneck to expanding new market sees as a new class of malarkey.

And to the east Submarkets or is it new terminals to distribute our cement aggregates and of course, we are excited to Debottleneck Samad Hall, best performing cement plants to increase the volumes, but also to further improve efficiencies.

Speaker #4: Look, we are partnering with the distributors in roofing and they are very good companies. The company you mentioned, they're another two big nationwide roofing distributors.

Thank you. Our next question is from your asking Tommy from Unfilled Research Keith Amit Your line and ask a question.

Speaker #4: And then there are many local businesses in roofing distribution. I think what is important for us is that we are not focusing on the distributor itself.

Jan Jenisch: I think we-- at this point, we don't give a break, which is maintenance CapEx and growth CapEx. But you can see as we come somewhere from below $600 million to $900 million, this year. You see already that we are more than doubling our growth CapEx, and this is a good thing. We have a lot of low-hanging fruits to debottleneck, to expand in new markets. This is a new plant of Malarkey to enter the eastern markets, or is it new terminals to distribute our cement and aggregates? And of course, we are excited to debottleneck some of our best performing cement plants, to increase the volumes, but also to further improve the efficiencies.

Good morning, Thank you very much for taking my question.

Just one question regarding your building envelope business.

We see that the <unk>.

Speaker #4: We are focusing on the end customer. So we have the ambition to build the best roofs. So all what we do is we focus on innovation, providing the best systems, brand everything.

Economies mean to substantially increase its margin.

So devoted EBITDA.

I think one of the liver is to work on changing the relationship with roofing products should play out.

Speaker #4: We are offering the training for the roofing contractor. We are offering the warranty. We are offering the roofing inspections. So when you look at our business, the distributor has an important function to make sure our product is on time on the construction site.

It.

Could you give us some kudos on the weather happens, although the best over the best.

In terms of your relationship and what has been the impact of these developments will fall off on the on your credentials for the.

Potentially even.

Speaker #4: But beyond that, we just focus on the best roof, the best service, the best warranty. For the end customer. And I think we do about 30% of the roofing business is direct, about 70% goes to distribution.

So the political.

Look we are past the wrangler distribute just in roofing and Theyre very good companies to company you mention that another shoe big nationwide to roofing distributors and then there are many local businesses in roofing distribution I think what is important for US is that you are not folks.

Operator: Thank you. Our next question is from Yasin Tewari from Onfield Research. Please unmute your line and ask your question.

Speaker #4: So I have nothing to report here. I know there are some distributors. I like to talk a lot about their future, but I can just tell you we partner with all of them and we make decisions who is our partner in a certain geographic market.

Yasin Tewari: Good morning. Thank you very much for taking my question. Just one question regarding your building envelope business. We see that QXO has acquired Beacon and is aiming to substantially increase its margin and also double its EBITDA. I think one of the levels is to work on changing the relationship with roofing product suppliers, including Amrize. Could you give us some color on what has happened over the past year in terms of your relationship? What has been the impact of these developments so far on your commercial strategy and potentially even your overall strategy as a group?

Yassine Touahri: Good morning. Thank you very much for taking my question. Just one question regarding your building envelope business. We see that QXO has acquired Beacon and is aiming to substantially increase its margin and also double its EBITDA. I think one of the levels is to work on changing the relationship with roofing product suppliers, including Amrize. Could you give us some color on what has happened over the past year in terms of your relationship? What has been the impact of these developments so far on your commercial strategy and potentially even your overall strategy as a group?

Just focusing on the distributor.

Itself you are focusing on the end customer. So we have the ambition to build the best routes. So all what we do is we focus on innovation combined the best systems brands everything you're offering the training for the roofing contractor offering the warranty if you operate the roofing and spectrum. So when you look at our business.

Speaker #4: So I think we're in a very good spot here to further increase our market share and expand our systems for roofing.

Speaker #3: Thank you. Our next question is from Ana Plemons from Bank of America. Please unmute your line and ask your question.

Hum.

The distributor as an important function to make sure our product is on time on the construction site.

Speaker #9: question is regarding your Q4 free cash flow generation. Very impressive. Around 1.7 billion dollars, I believe, is it the normal inflow in your view considering seasonality?

Beyond that we just opus on the best drove the best service the best warranty for the end customer and so if we do I think we do about 30% of the roofing business is direct about 70% goes through distribution. So I have nothing to report.

Jan Jenisch: Look, we are partnering with the distributors in roofing, and they are very good companies. The company you mentioned, there are another two, big nationwide, the roofing distributors, and then there are many local businesses in roofing distribution. I think what is important for us is that we are not focused, focusing on the distributor, itself. We are focusing on the end customer. So we have the ambition to build the best roofs. So all what we do is we focus on innovation, providing the best systems, brand everything. We are offering the training for the roofing contractor. We are offering the warranty, we are offering the roofing inspection. So when you look at our business, the distributor has an important function to make sure our product is on time on the construction site.

Speaker #9: Or was there any specific effect related to the merger or to accounting that we need to consider?

There are some distributor site I'd like to talk a lot about their future.

Speaker #4: No, I think it's nothing special. I think we have I mean, our cash flow conversion from EBITDA is around 50%. This is what we also target for the future.

I can just tell you we partner with all of them and we make decisions who is our partner in a certain geographic market. So so I think doing a very good spot ships to further increase our market share and expand our our systems for roofing.

Speaker #4: So I'm very happy in this first year of Amrise, we just started the company in June last year. So we're very happy to that we were able to deliver.

Thank you. Our next question is from mainland, Spain banking to the name of cafes, Amit Your line and ask a question.

Speaker #4: Also considering our significant increase in CapEx spend, very happy to nevertheless deliver such strong cash flow. So I think should expect from us that this will continue in the years to come.

Thank you very much.

My question is regarding your Q4 free cash flow generation very impressive around $1 $7 billion I believe.

Jan Jenisch: But, beyond that, we just focus on the best roof, the best service, the best warranty for the end customer. And we do, I think we do about 30% of the roofing business is direct, about 70% goes to distribution. So I have nothing to report here. I know, there are some distributors I like to talk a lot about their future, but, I can just tell you, we partner with all of them, and we make decisions, who is our partner in a certain geographic market? So, so I think we are in a very good spot here to further increase our market share and, and expand our, our systems for roofing.

Speaker #3: Thank you. Our next question is from Julia Radlinger from UBS. Please unmute your line and ask your question.

Is it the normal inflow in your view considering seasonality.

Or were there any specific effect related to the mail journal to towards counting that we need to consider.

Speaker #10: Hey, thanks very much, guys. Ian, Ian, Arun, any color you can give investors on building envelope earnings in 2026? I know you're guiding to overall positive volumes, commercial up a little bit, resi more flat.

No I think it's nothing special I think rehab.

Our cash flow.

Conversion from EBITDA is around 50%.

Speaker #10: But what about margins? If resy roofing volumes are as you expect and commercial as well, should we expect building envelope EBITDA to be up as well in 2026?

This is what you're also targeting for the future. So I'm very upbeat in this first year of <unk>.

Right now we just started the company in June of last year. So I think I'd be happy to do that.

Operator: Thank you. Our next question is from Arnold Lehmann, from Bank of America. Please unmute your line and ask your question.

Speaker #4: Yeah, I mean, look, when you look at our guidance that we want to grow the EBITDA 8 to 11% this year, you can imagine that this is true for both segments.

We're able to deliver all of the considering our significant increase in opex span very happy to nevertheless, deliver such strong cash flows.

Arnaud Lehmann: Thank you very much. My question is regarding your Q4 Free Cash Flow generation. Very impressive, around $1.7 billion, I believe. Is it the normal inflow in your view, considering seasonality, or were there any specific effects related to the merger or to accounting that we need to consider?

Arnaud Lehmann (Bank of Amer: Thank you very much. My question is regarding your Q4 Free Cash Flow generation. Very impressive, around $1.7 billion, I believe. Is it the normal inflow in your view, considering seasonality, or were there any specific effects related to the merger or to accounting that we need to consider?

Speaker #4: For building materials and for building envelope. And we have strong programs in place also with Aspire to increase our efficiencies in building envelope as well.

I think should expect from us that this will continue in the years to come.

Thank you. Our next question is from Julian matching from UBS. Please on mute your line and ask you a question.

Speaker #4: We have pricing in place. And our target is to increase price over cost in building envelope in 2026.

Hey, Thanks, very much guys John Ian Arun.

Any color you can give investors.

Speaker #3: Thank you. Our next question is from Thomson from Barclays. Please unmute your line and ask your question.

Building envelope earnings in 2026, I know, you're guiding to overall positive volumes commercial up a little bit.

Jan Jenisch: No, I think it's nothing special, Arnold. I think we have, I mean, our cash flow conversion from EBITDA is around 50%. This is what we also target for the future. So I'm very happy in this first year of Amrize. You know, we just started the company in June last year, so we're very happy that we were able to deliver. Also, considering our significant increase in CapEx spend, very happy to nevertheless deliver such strong cash flows. So you, I think, should expect from us that this will continue in the years to come.

Speaker #10: Yeah, hi, thanks. Thanks for taking your questions. Could you maybe just elaborate a little bit on the volume and materials? I think you said volume will be a growth contributor to the materials business, both cement and aggregates.

Raising more flat.

But what about margins if resi roofing volumes are as you expect in commercial as well should we expect building envelope EBITDA to be up as well in 2026.

Speaker #10: Is that the sort of low single-digit, mid-single-digit number? And is that predominantly driven by the self-help and organic growth that you have as you ramp things in, or do you think that's more a sort of market growth number?

Yes, I'm going to look at when you look at our guidance that if you want to grow the EBITDA of 8% to 11%. This year you can imagine that this is true for both segments for billing materials and for building envelope and be up strong.

Progress in place also that S fire to increase our efficiencies and building envelope as well.

Speaker #10: And I guess maybe just slightly linked to that, can you talk a little bit about how you plan to approach the St. John ramp-up?

Operator: Thank you. Our next question is from Julia Radlinger, from UBS. Please unmute your line and ask your question.

Speaker #10: Obviously, it sounds like commercial and infra demand is okay. Resy a little bit weaker, but it's still a decent amount of capacity to try and bring to the market.

Pricing in place and our target is to increase price over cost and getting the envelope in 2026.

Julian Radlinger: Hey, thanks very much, guys, Jan, Ian, Arun. Any color you can give investors on building envelope earnings in 2026? I know you're guiding to overall positive volumes, commercial up a little bit, resi more flat. But what about margins? If, if resi roofing volumes are as you expect in commercial as well, should we expect building envelope EBITDA to be up as well in 2026?

Speaker #10: If you can just talk about the strategy of how you'll introduce those volumes. Thank you.

Thank you. Our next question is from Tom <unk> from Barclays. Please on mute your line and ask a question.

Speaker #4: I think it's important if you run Amrise and you guide the year and you give the targets to your salesforce to all the people responsible.

Yes, hi, thanks for taking my questions.

Could you, maybe just elaborate a little bit.

Speaker #4: I very much like to focus on ourselves, right? I don't make a big market prediction. So, like, the St. John expansion is based on our customers demanding the product.

The volume of materials I think you said voting will be a growth contributor to the materials business, both cement and aggregates is that sort of low single digit mid single digit number and is that.

Jan Jenisch: Yeah, I mean, look, when you look at our guidance that we want to grow the EBITDA 8% to 11% this year, you can imagine that this is true for both segments, for building materials and for building envelope. And we have strong programs in place also with Aspire to increase our efficiencies in building envelope as well. We have pricing in place, and our target is to increase price over cost and build the envelope in 2026.

Speaker #4: And this is how we work. And this is why we come up that we believe our volumes will increase in 2026. And this is all I can say at this point.

Is that predominantly proven by the self help and organic growth. You have is your ramps in general do you think thats more of a sort of market growth number.

Speaker #4: We make this all for the customers and we have good order books and again, nothing negative to report here.

And I guess, maybe just slightly linked to that can you talk a little bit about how you plan to approach the state general ramp up.

Let's see it it sounds like commercial and then for demand is a K recipe a little bit at the facility to the amount of capacity to try and bring to the market. If you can just talk about the strategy of how we will introduce those volumes. Thank you.

Speaker #3: Thank you. As a reminder, if you would like to ask a question, please use the raise hand button, which can be found on the black bar at the bottom of your Zoom screen.

Speaker #3: And when it's your turn, you'll receive a message to ask your question. If you are dialed in by phone, please use star nine to raise your hand and star six to unmute.

Operator: Thank you. Our next question is from Tom Sang, from Barclays. Please unmute your line and ask your question.

So I think it's important issue if you ran and rise and you do guide the year end to give you targets to your sales force to all of the people responsible I very much like to focus on ourselves iomega big market predictions. So like the <unk> expansion is based on our customers.

Speaker #3: Our next question is from Carlos Caburasi from Kepler Shiver. If you'd like to unmute your line and please ask your question.

Tom Zhang: Yeah. Hi, thanks. Thanks for taking our questions. Could you maybe just elaborate a little bit on, you know, the volume and materials? I think you said volume will be a growth contributor to the materials business, both cement and aggregates. Is that a sort of low single digit, mid-single digit number? And is that, you know, is that predominantly driven by the self-help and, and, and organic growth that you have as you ramp St. Gen, or do you think that's more a sort of market growth number? And I guess maybe just slightly linked to that, can you talk a little bit about how you plan to approach the St. Gen ramp up?

Speaker #11: Hi, everyone. Thank you for the presentation and for seeing my questions. Just wondering on CapEx, if you could give us some color regarding the expected investments during the rest of the decade.

Many of the product.

And this is how we work and this is slightly come up that you believe our volumes did increase in Wi Fi six and this is all I can say at this point do you make this.

Speaker #11: I'm just wondering if we should expect a further acceleration from the 900 in 2026, or is it going to be kind of flat or a front-loaded performance that will normalize as we get closer to 2030?

I'll put the customers and we have good order books.

Again, nothing negative to report yet.

Yeah.

Tom Zhang: Obviously, you know, it sounds like commercial and infrastructure demand is okay, resi a little bit weaker, but it's still a decent amount of capacity to try and bring to the market. If you can just talk about the strategy of how you'll introduce those volumes. Thank you.

Speaker #11: Thank you.

Thank you as a reminder, if you would like to ask a question. Please use the base hand buses trucks, and which can be found on the black bar at approximately the same screen and when it <unk> will receive a message to ask your question. If you want to open by saying <unk> Johan <unk> six to one.

Speaker #4: Look, I'm very happy to invest in the business. So I was happy that we have the opportunity. A lot of low-hanging fruits on the CapEx side.

Speaker #4: And we're doing all the good projects. So that adds up to around 900 million CapEx spent this year. I think this is already a significant increase, especially when you focus on the growth CapEx.

Jan Jenisch: I think it's important if you, if you run MRIs, and you, you guide the year, and you give the targets to your sales force, to all the people responsible. I very much like to focus on ourselves. I, I don't make a big market prediction, so like the St. Gen expansion is based on our customers demanding the product, and, and this is how we work, and this is why we come up, that we believe our volumes will increase in 2026. And, and this is all I can say at this point. We make this, all for the customers, and we have good order books, and, again, nothing negative to report here.

Next question is from Carlos <unk> from Turkish if you'd like to meet your line. Please ask your question.

Speaker #4: This means we're more than double the growth CapEx this year, and I think this is in a good spot. And then we will take it from here.

Hi, everyone. Thank you for the presentation I'll keep my questions.

Speaker #4: Those projects, we also introduce here. I think we have two slides on like six of the most important projects for us. And then also keeps us busy because you not only have to execute this and commission the plan or whatever the CapEx is about, you also have to commercialize the volumes into the market.

Just wondering on Capex, if you could give us some color regarding the expected investments during the rest of the decade I'm. Just wondering if we should expect a further acceleration from benign hunt ready in 2006 or is it going to be kind of lab or a frontloaded performance that wisdom.

Speaker #4: So I think we are on a great track to fully support our growth ambition for 2026. And then we will see later this year what the CapEx is for the years to come.

So as we get closer to 'twenty study. Thank you.

Operator: Thank you. As a reminder, if you would like to ask a question, please use the Raise Hand button, which can be found on the black bar at the bottom of your Zoom screen, and when it's your turn, you'll receive a message to ask your question. If you are dialed in by phone, please use star nine to raise your hand and star six to unmute. Our next question is from Carlos Cabarrasi from Kepler Cheuvreux. If you'd like to unmute your line, and please ask your question.

I'm very happy to invest in the business. So I was happy that we have the opportunity to a lot of low hanging fruits on the capex side and we're doing all the good projects. So that adds up to around 900 million in comp expense. This year I think this is already a significant increase especially when you focus.

Speaker #4: But I think 900 million is a good number for us.

Speaker #3: Thank you. Our next question is from Keith Hughes from Tourist. Please unmute your line and ask your question. Please press star six to unmute your line.

On the growth Capex this means to be more than doubled the growth capex.

This year I think this is cynical and then we will take it from here. Those projects. You also introduce C. I think you have two slides on like six of the most important projects for US and then also keeps us busy because you not only have to execute this and commission the planned or whenever the Capex is about you also have to commercialize.

Speaker #3: Oh, we've got you. Thank you.

Carlos Caburrasi Ortega: Hi, everyone. Thank you for the presentation and for taking my questions. Just wondering on CapEx, if you could give us some color regarding the expected investments during the rest of the decade. I'm just wondering if we should expect a further acceleration from the 900 in 2026, or is it gonna be kind of flat or a front-loaded performance that will normalize as we get closer to 2030? Thank you.

Carlos Caburrasi: Hi, everyone. Thank you for the presentation and for taking my questions. Just wondering on CapEx, if you could give us some color regarding the expected investments during the rest of the decade. I'm just wondering if we should expect a further acceleration from the 900 in 2026, or is it gonna be kind of flat or a front-loaded performance that will normalize as we get closer to 2030? Thank you.

Speaker #12: Oh, there we go. Thank you. Yeah, question on pricing on the roofing markets. Can you talk about in the fourth quarter what pricing was like in residential and commercial and what you're expecting in your guidance for calendar 26 on pricing?

Speaker #4: And for us in roofing, it's a bit of an ambiguous demand if you like to talk straightforward about price. In roofing, it's a bit different.

Other volumes into the market.

I think it'd be on a great track to fully support our growth ambitions for 2026, and then we will see later this year what the Capex is for the years to come but I think $900 million is a good number for us.

Speaker #4: We like to talk about price over cost. And I think, as we shared a bit in the presentation, we were very satisfied with the commercial roofing margins.

Jan Jenisch: Look, I'm very happy to invest in the business, so I was happy that we have the opportunity, a lot of low-hanging fruits on the CapEx side, and we are doing all the good projects. So that adds up to around $900 million CapEx spend this year. I think this is already a significant increase, especially when you focus on the growth CapEx. This means we more than double the growth CapEx this year. I think this is in a good spot, and then we will take it from here.

Speaker #4: They increased. So we had a positive price over cost. In commercial roofing, and we had quite a disruption in the residential market, which I think will be a fully stabilized already in the first months of this year.

Thank you. Our next question is from Keith <unk> from tourist please on mute your line and ask a question.

Speaker #4: But nevertheless, there was quite a big disruption we saw in the fourth quarter and also with maybe a bit softer pricing. And I think that pricing even will come back now very fast already this year.

These Prescott sorry can you hear me.

We are now online.

Thank you.

Jan Jenisch: Those projects we also introduce here, I think we have two slides on, like, six of the most important projects for us, and that also keeps us busy because you not only have to execute this and commission the plan or whatever the CapEx is about, you also have to commercialize the volumes into the market. I think we are on a great track to fully support our growth ambition for 2026, and we will see later this year what the CapEx is for the years to come. I think $900 million is a good number for us.

A question on pricing on the roofing markets can you talk about the fourth quarter, what pricing looks like in residential and commercial and what you were expecting.

Speaker #4: So, for the full year—I mentioned this before—we are targeting a positive price-over-cost growth in the Building Envelope segment.

Our guidance for calendar 'twenty sorry, Brian.

As promised in roofing <unk> aggregates cement, if you like to talk straightforward about price.

Speaker #12: Great. Thank you.

Speaker #3: We have no further questions at this time. I will now turn the call back over to Arun Aminani for closing remarks.

In roofing is a bit different we like to talk about price cost and I guess, we share the best in the presentation you grow very satisfied.

Speaker #4: Great. Thank you, operator. Thank you all for joining us for our fourth quarter and full year 25 earnings call. We look forward to speaking with you after we report our first quarter 26 results in the coming months.

Commercial roofing margins. They increase so we had a positive price over cost and commercial roofing MB had a quite a disruption in the residential market, which I think will be fully stabilized already in the first months of this year, but nevertheless, it was quite a.

Speaker #4: Thanks, everybody.

Operator: Thank you. Our next question is from Keith Hughes from Truist. Please unmute your line and ask your question. Please press star six-

A big disruption you saw in <unk>.

Keith Hughes: Can you hear me now?

In the fourth quarter and also the maybe a bit of price and I think that pricing, even though come back now.

Operator: We've got you. Thank you.

Keith Hughes: Ah, there we go. Thank you. Yeah, a question on pricing on the roofing markets. Can you talk about in Q4, what pricing was like in residential and commercial, and what you're expecting in your guidance for calendar 2026 on pricing?

These costs already this year, so so for the full year.

Mentioned this before we have obviously a positive price over cost growth in the building envelope side.

Jan Jenisch: For us in roofing, it's a bit so in aggregate cement, we like to talk straightforward about price. In roofing is a bit different. We like to talk about price over cost, and I guess we share the bit in the presentation. We were very satisfied with the commercial roofing margins. They increased, so we had a positive price over cost in commercial roofing, and we had quite a disruption in the residential market, which I think will be fully stabilized already in the first months of this year. But nevertheless, there was quite a big disruption you saw in the fourth quarter, and also there's maybe a bit of the pricing. I think that pricing even will come back now, maybe faster really this year.

Okay.

Thank you.

We have nice set of questions. At this time I will now turn the call back over to <unk> for closing remarks.

Great. Thank you operator, thank you all for joining us for our fourth quarter and full year 25 earnings call. We'll look forward to speaking with you. After we report first quarter 2006 results in the coming months. Thanks, everybody.

This concludes the <unk> Q4, 2025 earnings Conference call you May now disconnect.

Jan Jenisch: So, for the full year, I mentioned this before, we are targeting a positive Price Over Cost growth in the Building Envelope segment.

Keith Hughes: Thank you.

Operator: We have no further questions at this time. I will now turn the call back over to Arun Amanani for closing remarks.

Aroon Amarnani: Great. Thank you, operator. Thank you all for joining us for our Q4 and full year 2025 earnings call. We look forward to speaking with you after we report our Q1 of 2026 results in the coming months. Thanks, everybody.

Operator: This concludes Amrize's Q4 2025 earnings conference call. You may now disconnect.

Q4 2025 Amrize AG Earnings Call

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