$AMRZ · Amrize Ltd
Amrize Ltd filed its Q3 FY2026 10-Q, reporting revenue of $3.771B (+2.2% YoY) and net income attributable to the Company of $559M ($1.02 diluted EPS). Total Segment Adjusted EBITDA was flat at $1.12B, but the Building Envelope segment saw a 14.6% EBITDA decline to $182M. Cash and equivalents dropped sharply to $299M from $1.922B at year-end, reflecting $750M in share repurchases, $467M in acquisitions, and $364M in dividends.
- Q3 revenue $3.771B (+2.2% YoY), net income attributable to the Company $559M (+3.1% YoY)
- Diluted EPS $1.02 vs $0.98 prior year; basic share count declined to 544.6M from 553.1M
- Building Envelope Segment Adjusted EBITDA fell 14.6% YoY to $182M on $929M revenue
- Cash and equivalents plunged to $299M from $1.922B at year-end 2025, driven by $750M in buybacks and $467M in acquisitions
- Nine-month operating cash flow halved to $222M vs $417M prior year, pressured by $1.069B receivables build
Extended-hours trading shows AMRZ at $41.30, down 0.75% from the regular close of $41.61. The modest after-hours dip suggests the Building Envelope margin compression and cash drain are weighing against otherwise steady top-line growth.
The sharp cash drawdown and diverging segment performance — Building Materials steady, Building Envelope deteriorating — raise questions about capital allocation and margin trajectory heading into year-end.
Building Materials segment held up with +2.7% Segment Adjusted EBITDA growth, but Building Envelope's 14.6% EBITDA decline mirrors margin pressure seen across building products peers facing sticky input costs and uneven demand.
Higher raw material and distribution costs continue to pressure margins, particularly in Building Envelope. The company warns that global economic challenges remain highly uncertain and rapidly changing, with financial results highly dependent on construction industry cycles and seasonality.