Amrize LtdAMRZ
Amrize Ltd Segments Disclosure
Segment and geographic information
The Company is organized into two reportable segments — Building Materials and Building Envelope — that
are aligned with the products and services it provides and based upon the information used by the CODM in
evaluating the performance of the business and allocating resources and capital. The Building Materials
segment offers a range of branded solutions delivering high-quality products for a wide range of applications.
These include cement and aggregates, as well as a variety of downstream products and solutions such as
ready-mix concrete, asphalt and other construction materials. The Building Envelope segment offers
advanced roofing and wall systems, including single-ply membranes, insulation, shingles, sheathing,
waterproofing and protective coatings, along with adhesives, tapes and sealants that are critical to the
application of roofing and wall systems.
The Company determines its operating segments based on the discrete financial information that is regularly
evaluated by its CODM in deciding how to allocate resources and in assessing performance. The CODM was
determined to be the Company’s CEO as he is responsible for allocating resources and assessing
performance. The discrete financial information regularly evaluated by the CODM and operating segment
conclusions are consistent prior to and following the completion of the Spin-Off. For both segments, the
CODM uses Segment Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) in
the financial planning and resource allocation process. The CODM considers Segment Adjusted EBITDA on a
monthly basis to evaluate the performance of each segment and make decisions about allocating resources
to each segment. Segment Adjusted EBITDA excludes the impact of Depreciation, depletion, accretion and
amortization, Loss on impairments, unallocated corporate costs, acquisition and integration-related costs,
certain litigation-related costs, Spin-Off and separation-related costs, restructuring and other costs, Interest
expense, net and Other non-operating income (expense), net. The accounting policies applicable to each
segment are consistent with those used on these consolidated financial statements.
The key performance indicators for the Company’s reportable segments are presented in the following table.
Certain totals presented below may not agree with the line items on the consolidated statements of
operations primarily due to (a) depreciation, depletion, accretion and amortization and (b) unallocated
corporate costs.
For the years ended December 31, | ||||||
(In millions) | 2025 | 2024 | 2023 | |||
Revenues: | ||||||
Building Materials | $8,514 | $8,329 | $8,564 | |||
Building Envelope | 3,301 | 3,375 | 3,113 | |||
Total Revenues | $11,815 | $11,704 | $11,677 | |||
Cost of revenues: | ||||||
Building Materials | $5,693 | $5,470 | $5,956 | |||
Building Envelope | 2,239 | 2,265 | 2,112 | |||
Total cost of revenues | $7,932 | $7,735 | $8,068 | |||
Other segment expenses(1): | ||||||
Building Materials | $336 | $307 | $294 | |||
Building Envelope | 330 | 340 | 316 | |||
Total other segment expenses | $666 | $647 | $610 | |||
Segment Adjusted EBITDA: | ||||||
Building Materials | $2,485 | $2,552 | $2,314 | |||
Building Envelope | 732 | 770 | 685 | |||
Total Segment Adjusted EBITDA | $3,217 | $3,322 | $2,999 | |||
Reconciling items: | ||||||
Depreciation, depletion, accretion and amortization | (914) | (889) | (851) | |||
Interest income | 48 | 35 | 15 | |||
Interest expense | (461) | (547) | (564) | |||
Acquisition and integration-related costs(2) | (64) | (46) | (30) | |||
Litigation-related costs(3) | (46) | (9) | (8) | |||
Loss on impairments(4) | (15) | (2) | (15) | |||
Restructuring and other costs(5) | (19) | (16) | (52) | |||
Spin-off and separation-related costs(6) | (43) | (24) | — | |||
Unallocated corporate costs | (210) | (141) | (155) | |||
Other non-operating income (expense), net(7) | 4 | (55) | (36) | |||
Total reconciling items | (1,720) | (1,694) | (1,696) | |||
Income before income tax expense and income from equity method investments | $1,497 | $1,628 | $1,303 | |||
_________
(1)Other segment expenses consist of selling, general and administrative expenses and gains on disposals of long-lived assets.
(2)Acquisition and integration-related costs are those incurred for business combinations, including advisory, legal, valuation, and other
professional fees. Certain warranty charges related to a pre-acquisition manufacturing issue are also included.
(3)Litigation-related costs include certain litigation settlements, environmental remediation, and legal-related consulting and professional
fees that are not representative of expenses arising in the ordinary course of business.
(4)Loss on impairments consist of one-time charges on the Company’s investments and property, plant and equipment.
(5)Restructuring and other costs include charges associated with non-core sites.
(6)Spin-Off and separation-related costs notably include rebranding costs.
(7)Other non-operating (income) expense, net primarily consists of costs related to pension and other postretirement benefit plans and
gains on proceeds from property and casualty insurance.
The Company’s capital expenditures by segment were as follows:
For the years ended December 31, | ||||||
(In millions) | 2025 | 2024 | 2023 | |||
Capital expenditures(1): | ||||||
Building Materials | $654 | $565 | $555 | |||
Building Envelope | 134 | 77 | 75 | |||
Total capital expenditures | $788 | $642 | $630 | |||
__________________
(1)Capital expenditures for the years ended December 31, 2025, 2024 and 2023 exclude noncash transactions for capital
expenditure-related accounts payable.
The Company’s assets by segment were as follows:
As of December 31, | ||||
(In millions) | 2025 | 2024 | ||
Segment assets(1): | ||||
Building Materials | $14,993 | $14,306 | ||
Building Envelope | 6,959 | 6,987 | ||
Total segment assets | 21,952 | 21,293 | ||
Other assets(2) | 2,297 | 2,512 | ||
Total assets | $24,249 | $23,805 | ||
__________________
(1)Segment assets are comprised of Accounts receivable, net, Inventories, Property, plant and equipment, net, Goodwill,
Intangible assets, net and Operating lease right-of-use assets, net.
(2)Other assets for the year ended December 31, 2025 include corporate-related Property, plant and equipment, net and
Operating lease right-of-use assets, net.
Geographic Information
Revenues by geographic area, attributed to countries based on the invoicing legal entity, were as follows:
For the years ended December 31, | ||||||
(In millions) | 2025 | 2024 | 2023 | |||
Revenues: | ||||||
United States | $9,111 | $9,026 | $8,986 | |||
Canada | 2,675 | 2,678 | 2,691 | |||
Other | 29 | — | — | |||
Total revenues | $11,815 | $11,704 | $11,677 | |||
Long-lived assets by geographic area were as follows:
As of December 31, | ||||
(In millions) | 2025 | 2024 | ||
Long-lived assets by geographical area (1) : | ||||
United States | $5,672 | $5,467 | ||
Canada | 2,244 | 2,067 | ||
Other | 19 | — | ||
Total long-lived assets by geographical area | $7,935 | $7,534 | ||
__________________
(1)Long-lived assets, which represents Property, plant and equipment, net, is comprised of land & mineral reserves,
buildings & installations, machines, furniture, vehicles and tools.
Information about major customers
The Company’s operations are primarily conducted in the United States and Canada, and its customers are
primarily contractors, builders, infrastructure developers, transportation authorities and the residential
market. The Company operates in several niche markets in which a large portion of its revenues are
attributable to a few large distributors. However, no individual customer represents more than 10% of the
Company’s revenues and there are no material dependencies or concentrations of individual customers that
require disclosure.
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.