AMRZ changes
Pick any two versions below to diff them.
- Price
- $37.83 → $38.80(+2.6%)
- Discount
- 0% → −2%(−2.0 pts)
- Next earnings
- 2026-11-06 → 2026-10-28
- Next earnings is estimate
- Yes → No
- Thesis
- The market prices Amrize for higher costs, flat cement prices and many changes in its management. In Q2 2026, revenues rose 8.6%, but the adjusted EBITDA margin fell to 28.2% from 29.0%, because oil prices raised freight, diesel and raw material costs. Amrize revised its 2026 adjusted EBITDA guidance to $3.1 billion to $3.2 billion for this reason, and it now expects cement prices to be flat or up only low single digits. In 2026, Amrize also changed its CFO twice, in April and in August, appointed a new chief accounting officer and replaced the president of Building Envelope. For the gap to close, three things must be true. Amrize must reach its 2026 guidance, with price increases and fuel surcharges catching up with costs in the second half. Aggregates prices must keep rising at mid-single-digit rates, and demand from data centers, energy and factories must keep cement and aggregates volumes growing. The new finance team must keep the company's reports and guidance reliable. The Q3 2026 report on October 28, estimated for about November 6, 2026, is the next test. The 2027 guidance in February 2027 is the main test. If these checks pass, the gap can close over the next three to five quarters. The main reason it may not close is a slowdown in US construction, which would lower volumes and prices together.
- Checkpoints
- Nov 6Oct 28, 2026 (estimate): Q3 2026 earnings: price against cost. Pending. Watch: Results on track for adjusted EBITDA of $3.1 billion to $3.2 billion, with better price against cost than in the first half, pass; a cut to the guidance fails. Feb 2027 (estimate): 2027 guidance. Pending. Watch: 2027 guidance for adjusted EBITDA growth with higher cement and aggregates prices passes; guidance for flat or lower adjusted EBITDA fails.
- Recent events
- 2026-10-14: Amrize said it will release its Q3 2026 results on October 28, 2026, after the US market closes, and hold its webcast on October 29, 2026. 2026-09-11: Amrize appointed Mario Gross as President, Building Envelope. Jake Gosa, the former president, gave notice of his resignation on September 6, 2026, and stays an employee during his 12-month notice period. 2026-08-28: The board appointed Zane Nielsen as Chief Accounting Officer and Corporate Controller from September 1, 2026, replacing Richard Hoffman in that role. 2026-08-24: Amrize appointed Samuel J. Poletti, its Chief Strategy and M&A Officer, as CFO. He succeeded Baris Oran, who had become CFO on April 1, 2026. 2026-08-06: Amrize reported Q2 2026 results. Revenues rose 8.6% to $3,494 million, with organic growth of 6.7%. Net income rose 14.4% to $476 million, and adjusted EBITDA rose 5.8% to $986 million. Amrize returned $502 million to shareholders. It raised its 2026 revenue guidance to $12.5 billion to $12.7 billion and set adjusted EBITDA guidance at $3.1 billion to $3.2 billion, because of cost inflation from oil prices. 2026-05-04: Amrize paid a special dividend of $0.44 per share for 2025, and on May 20, 2026, it paid its first quarterly dividend of $0.11 per share. In Q2 2026, it also launched a $1 billion share buyback program and bought back $197 million of shares.