Amrize’s separation from Holcim and its North American building network

Two companies after the North American separation

Amrize became independent on 23 June 2025 when Holcim completed the separation of its North American business. Holcim shareholders received one Amrize share for each Holcim share. Amrize opened at 46 Swiss francs on the SIX Swiss Exchange, corresponding to a market value of 24.7 billion Swiss francs, or $30.24 billion. Its shares subsequently fell 8.8% during trading that day.

Holcim’s shares fell 33% from the previous Friday’s close as the North American business left the group. They nevertheless stood 10.5% above brokers’ reference price for the remaining company. Zuercher Kantonalbank analyst Martin Huesler associated selling in Amrize with some investors’ greater interest in Holcim’s decarbonisation strategy. Holcim had announced the separation decision in January 2024, before the subsequent rise in U.S. tariffs. Its March strategy targeted average annual earnings-before-interest-and-taxes growth of 6–10% through 2030, including contributions from mergers and acquisitions.

A name announced before independence

Holcim introduced the Amrize name on 21 February 2025. The company connected the name with ambition and rising, describing the two elements as expressions of its intended approach to customers and construction.

At that stage, the North American business still operated within Holcim. The new identity was due to take effect when the separation was completed, subject to shareholder and customary approvals. Jan Jenisch was designated chairman and chief executive of the future company.

Materials and envelope systems within one business

Amrize’s initial Form 10 registration statement was publicly filed on 28 February 2025. Its two operating segments brought together different parts of construction supply. Building Materials covered cement, ready-mix concrete and aggregates. Building Envelope covered systems extending from roofing to insulation. OneCem and Elevate were among the brands identified for these markets, with customers across infrastructure, commercial and residential construction, including repair and refurbishment.

The historical accounts covered 2022–2024 and were prepared on a carve-out basis using U.S. generally accepted accounting principles. They came from Holcim’s consolidated records, but their accounting basis differed from the International Financial Reporting Standards used in Holcim’s annual reports. Amrize also provided unaudited pro forma information for 2024. The registration announcement distinguished the historical financial statements from that pro forma information. The filing remained subject to changes before becoming effective.

Approvals, exchanges and liquidity arrangements

Holcim shareholders approved the spin-off at their 14 May 2025 annual meeting with 99.75% voting in favour. By 2 June, the U.S. Securities and Exchange Commission had declared Amrize’s Form 10 effective, and the company had authorisation to list on the New York Stock Exchange and SIX. The distribution used holdings at the close of business on 20 June. Amrize’s operational headquarters were in Chicago, while its registered office was in Zug, Switzerland.

The June arrangements included $3.4 billion in bonds, a $2 billion committed credit facility and a $2 billion commercial-paper programme. A further $1.7 billion bridge loan was available. These descriptions identified different financing instruments and available liquidity, rather than a single amount of cash already drawn. S&P Global Ratings assigned BBB+ and Moody’s assigned Baa1, both with stable outlooks. Amrize would trade as AMRZ; Holcim retained HOLN on SIX.

Four maturities in the April bond offering

Amrize completed a $3.4 billion bond offering on 7 April 2025, before the share distribution. Investor subscriptions exceeded the offering by more than four times. The debt comprised four tranches with different maturities and fixed coupons:

• $700 million maturing in 2027, with a 4.60% coupon.
• $700 million maturing in 2028, with a 4.70% coupon.
• $1 billion maturing in 2030, with a 4.95% coupon.
• $1 billion maturing in 2035, with a 5.40% coupon.

Ian Johnston, then designated chief financial officer, regarded the demand as evidence of investor confidence in the planned company. That was management’s assessment of the offering. The four maturities set out the bond structure for the future standalone business; the offering did not itself complete the corporate separation. Amrize was still preparing for a listing expected by the end of the first half of 2025.

Targets presented for the standalone business

At its 25 March 2025 investor day in New York, Amrize set medium-term objectives for 2025–2028. It targeted compound annual revenue growth of 5–8% and adjusted EBITDA growth of 8–11%. Other objectives included more than $8 billion of cumulative free cash flow over those four years and cash conversion above 50%. The targets included smaller bolt-on acquisitions but excluded transformational mergers and acquisitions.

Management prioritised investment in the business, acquisitions and shareholder returns. Amrize had completed 35 acquisitions since 2018 as of the March presentation. It described mineral reserves and its production, distribution and logistics footprint as resources supporting its North American operations. The financing arrangements at that point included a $5.1 billion bridge loan and a $2 billion committed credit facility. These were the arrangements described in March, before subsequent bond financing. The growth rates and cash objectives were targets, with attainment subject to operating and market conditions.

Commercial roofing added before the spin-off

Holcim completed its Duro-Last acquisition on 3 April 2023, adding commercial roofing systems to the business that later formed part of Amrize’s envelope portfolio. Duro-Last was based in Saginaw, Michigan, with eight manufacturing locations across the United States. It made custom-fabricated thermoplastic single-ply roofing systems and brought 840 employees. Its pro forma net sales were $540 million.

Duro-Last’s factory fabrication formed a distinct part of the roofing offer. The company claimed that custom fabrication could eliminate up to 85% of field seams, reducing work required during installation. That upper limit did not describe every roof or an independently measured result for each project. Its range included cool-roof systems and the Recycle Your Roof programme. Holcim expected $60 million of annual synergies from the acquisition and anticipated roofing-system sales exceeding $4 billion. Those figures described expected integration benefits and the broader roofing business, rather than Duro-Last’s sales alone.

Insulation and weatherisation broadened the portfolio

On 8 October 2024, Holcim signed an agreement to acquire OX Engineered Products. The company supplied insulation systems for residential and commercial buildings, with manufacturing facilities in the Midwest and Southeast of the United States. Its products included housewraps, structural sheathing and integrated insulation systems. Holcim’s announcement put estimated 2024 net sales at $136 million and identified a workforce of 210 people.

Miljan Gutovic, Holcim’s chief executive, presented OX’s technologies as complementary to the group’s North American building-envelope range. Holcim expected the transaction to add to earnings per share from its first year, but that was an acquisition forecast. The October agreement remained subject to customary conditions and U.S. regulatory clearance, with completion expected in the fourth quarter of 2024. The announcement therefore recorded a signed agreement and expected timetable, rather than an already completed purchase. Amrize’s later operating results identified OX within the envelope business.

Financial measures at the June market debut

Amrize’s 23 June 2025 launch announcement listed 36 acquisitions completed since 2018, compared with 35 in the March presentation. Its 2024 reconciliation showed net income of $1.273 billion, EBITDA of $3.042 billion and adjusted EBITDA of $3.181 billion. Adjusted EBITDA included further adjustments and was a non-GAAP measure. It was neither net income nor a replacement for the financial statements prepared under U.S. GAAP.

The same reconciliation showed $2.282 billion of cash provided by operating activities in 2024. After net capital expenditures of $549 million, free cash flow was $1.733 billion. Amrize defined that measure using operating cash flow, specified proceeds and purchases of property, plant and equipment. Its adjusted EBITDA cash-conversion ratio was free cash flow divided by adjusted EBITDA, reported as 0.54 for 2024. The cash-flow measure, profit measure and conversion ratio each described a different aspect of the historical business. Their definitions accompanied the company’s entry into public trading.

Holcim’s remaining geography and reporting perimeter

Following the separation, Holcim pursued its NextGen Growth 2030 strategy under chief executive Miljan Gutovic. Its identified areas of focus included Europe, Australia, North Africa and Latin America. The company intended to expand higher-value building solutions, including energy-efficient building systems and high-performance concrete. These were strategic priorities for the remaining group, with expected benefits described by management.

Holcim’s completion announcement gave restated 2024 net sales of 16.2 billion Swiss francs, excluding sales to Amrize. It also identified more than 48,000 employees and operations in 45 markets. The restated sales figure reflected the new reporting perimeter after the North American separation. Holcim and Amrize now had dedicated management teams and separately traded shares. Their geographical focus and business figures therefore needed to be read within the stated perimeter and reporting period, rather than treated as the financial results of an unchanged group.

More capacity at Ste. Genevieve

On 16 December 2025, Amrize announced commissioning of an expansion at its cement plant in Ste. Genevieve, Missouri. The project added 660,000 short tons of annual production capacity, taking the plant’s total capacity to 5.5 million short tons a year. The unit was short tons, rather than metric tonnes. The figures described the plant’s production capability, not cement output actually achieved during the year.

The expansion formed part of Amrize’s $700 million of investment across its operations in 2025. That company-wide figure was not the disclosed cost of the Missouri project alone. Jaime Hill, president of Amrize Building Materials, associated the additional capacity with supplies for infrastructure, data centres, manufacturing and high-rise construction. Amrize also linked it with its Made in America cement offering. The December announcement recorded an expansion that had been commissioned, following the capacity-addition plan described in the August operational update.

Production investments and the ASPIRE programme

In its 6 August 2025 operational update, Amrize introduced ASPIRE, targeting more than $250 million of synergies through 2028 and over 50 basis points of annual margin improvement. The programme covered third-party spending, the operational footprint and logistics. Incremental savings were expected in the second half of 2025, with the full annual savings run rate beginning in 2026. These remained objectives at the announcement date.

The update also identified physical investments across the network. Amrize acquired Langley Concrete Group’s operations, including two precast facilities in British Columbia, Canada, and opened an Oklahoma quarry with 200 million tons of reserves serving Dallas–Fort Worth. It broke ground on a Virginia fly-ash beneficiation facility for recycled, landfilled ash. A Malarkey shingle factory in Indiana was planned for the second half of 2026, increasing capacity by over 50%. Expansion at the St. Constant cement plant in Quebec was intended to add 300,000 tons of capacity. These projects had different completion stages.

Dated corrections to the standalone accounts

On 6 August 2026, Amrize disclosed revisions to some earlier financial statements. The most significant identified misstatement involved understated deferred revenue for extended warranties arising from the Duro-Last and Malarkey acquisitions. The understatement was $78 million at 31 December 2025 and $76 million at 31 March 2026. Amrize assessed the combined misstatements as immaterial to previously issued statements, while concluding that correcting them entirely in the current period would have been material to its 2026 results.

The revised table for the second quarter of 2025 changed revenue from $3.220 billion to $3.218 billion and net income from $428 million to $416 million. Those corrections were disclosed in 2026 and apply to the specified earlier period. The dated filing and accompanying exhibit identify the revised statements. They distinguish the figures originally presented during Amrize’s first months as an independent company from the subsequently corrected accounts, alongside the separately dated developments in its manufacturing and distribution network.

A cement carrier for the Great Lakes network

Amrize celebrated the MV Tamarack’s launch in Toronto on 18 September 2025. The cement carrier had cargo capacity exceeding 10,000 cubic metres and a deadweight of 12,500 DWT. Those were different measures of the vessel’s capacity. Tamarack replaced two older ships under a partnership with Eureka Shipping. Eureka, a joint venture between CSL Group and SMT Shipping, owned the vessel; Amrize used the shipping partnership to strengthen cement distribution.

The vessel was beginning a planned 15-year service period. Its design included diesel-electric propulsion, advanced manoeuvrability, shore-power compatibility, noise insulation and energy-saving cargo handling. These features described the ship’s equipment and intended operation, rather than a claim of zero emissions. Amrize connected the transport investment with supplies to infrastructure, commercial and residential construction. Through Innocon, it had supplied Toronto projects including the Ontario Line’s Pape Tunnel and Underground Station and Daniels on Parliament. The carrier announcement placed the new vessel within that distribution network.

A further aggregates agreement in West Texas

Amrize signed an agreement to acquire PB Materials Holdings and announced it on 6 January 2026. PB Materials combined an aggregates business with a ready-mix concrete network in West Texas. The proposed purchase would add 26 operational sites, more than $180 million of annual revenue and over 50 years of aggregates reserves. Amrize identified 340 employees and expected the transaction to add to earnings per share and cash generation in 2026.

PB Materials originated from the combination of Wallach Concrete, Highland Concrete and Crockett County Mining. Its regional facilities extended across West Texas and southeastern New Mexico. Jan Jenisch presented the agreement as part of Amrize’s investment strategy for North American markets. PB Materials chief executive Christopher Crouch emphasised the two companies’ relationships with employees, customers and communities. The transaction was expected to close in the first half of 2026, subject to customary closing conditions. The January announcement documented an agreement and anticipated benefits; it did not establish that completion had already occurred.