Amrize Guides 4–6% Revenue, 8–11% EBITDA Growth with PB Materials Deal and $900m Capex
Amrize delivered 2025 revenue of $11.8 billion (up 0.9%) and adjusted EBITDA of $3.0 billion with net leverage at 1.1x. It forecasts 2026 revenue growth of 4–6% and EBITDA growth of 8–11%, backed by a pending $180 million PB Materials acquisition and $900 million capex plan.
1. 2025 Financial Performance
Amrize reported fourth-quarter revenue down 0.4% year over year and building materials revenue of $2.2 billion, up 3.9% driven by cement and aggregates volume growth. For full-year 2025, revenue reached $11.8 billion (up 0.9%), adjusted EBITDA totaled $3.0 billion, cash flow was $1.5 billion (49% conversion) and net leverage stood at 1.1x.
2. 2026 Guidance and PB Acquisition
The company forecasts 2026 revenue growth of 4–6% and adjusted EBITDA growth of 8–11%, inclusive of the pending PB Materials acquisition. PB Materials will contribute over $180 million of annual revenue, 26 operating sites and 50 years of aggregates reserves, and is expected to be both EPS- and cash-accretive on closing.
3. 2026 Investment and Capex Projects
Amrize plans $900 million of investments in 2026, including major capacity expansions: Ste. Genevieve cement plant (+660,000 tons), Midlothian (+100,000 tons), Exshaw (+50,000 tons), Saint-Constant (+300,000 tons), a new Oklahoma aggregates quarry and a Malarkey shingles plant commissioning by late 2026.
4. Market Demand Trends
Data center construction and commercial infrastructure are cited as key demand drivers, with the company supporting over 30 data center projects in 2025. Residential new construction remains soft, but repair and refurbishment activity is expected to strengthen later in the year.