Amrize Ltd 2025年度报告

On June 23, 2025, we launched Amrize as anindependent, publicly traded company to bethe partner of choice for the professionalbuilders of North America. We have set astrong foundation and are well positioned forlong term, profitable growth. In the commercial market we expect growthin 2026 as customers accelerate investmentsin manufacturing, warehousing and logistics. Within infrastructure, demand continues tobe steady. We see increasinglydomestic-focused agendas both in the U.S.and Canada. Each country is prioritizingnational investments and domestic materialsto build strong futures, which positionsAmrize well as the local partner with nationalscale. In 2025, we increased Revenues to $11.8billion and delivered $1.2 billion of Netincome and $3.0 billion of Adjusted EBITDA1.We generated strong Operating Cash Flow of$2.2 billion and Free Cash Flow1of $1.5billion, and we finished the year with a NetLeverage Ratio1of 1.1x. The residential market remained soft in 2025with interest rate and affordability concernslimiting construction activity. As we closed 2025, we saw growingcustomer demand in cement and aggregates,as well as continued positive pricing. OurBuilding Envelope business was affected bythe soft residential roofing market, whilecommercial repair and refurbishmentremained resilient. As interest rates continue to decline, weexpect pent up demand to unwind andconstruction activity to accelerate across allsectors. Long term, North America is the worldʼs mostattractive construction market driven bymega trends from infrastructuremodernization and onshoring of advancedmanufacturing to data center expansion andthe need to bridge the housing gap. Strong Long-Term Market Demand We serve a $200 billion addressable marketacross commercial, infrastructure andresidential construction. In the commercial sector, we saw improvingdemand as 2025 progressed. Data centerconstruction continues to be a bright spot ashyperscalers rapidly build out theinfrastructure that will power the AI economy. We have a strong pipeline of projects and areproud to be serving our customersʼmostdemanding builds across these growthtrends. Investing for Growth In Oklahoma, we are investing in a greenfieldaggregates quarry, adding 200 million tons ofreserves for the region. We are increasing growth investments toexpand production, improve efficiencies andbest serve our customers. In Western Canada, we are adding 50,000tons of production capacity at our ExshawCement Plant to support the growing Calgarymarket. In 2025, we invested $788 million in CapEx, a23% increase from 2024. In 2026, we plan toincrease CapEx to $900 million. In December 2025, we completed theproduction expansion of our cement plant inSte. Genevieve, Missouri, North Americaʼslargest and market-leading cement plant,adding 660,000 tons of capacity, increasingthe plantʼs total capacity to 5.5 million tonsannually. In Québec, we are investing to expand our St.Constant Cement Plant by 300,000 tons ofproduction capacity and increase operationalefficiency. In Franklin, Indiana, we are building astate-of-the-art Malarkey shingles plant toexpand our market share to the attractiveMidwest and Eastern markets. To serve growing demand in the DallasFort-Worth region, we are expandingproduction capacity at our MidlothianCement Plant by 100,000 tons, modernizingplant logistics and increasing operationalefficiency. In addition to CapEx, we are executing on ourM&A strategy and have a strong pipeline ofvalue-accretive opportunities ahead. In 2025, we completed three bolt-onacquisitions and early this year we completedthe acquisition of PB Materials, theaggregates leader in high-growth WestTexas. The Board is also proposing an annualordinary dividend of $0.44 per share, to bepaid in quarterly installments. These dividends, to be voted on by ourshareholders, will be paid out of capitalcontribution reserves and are not subject toSwiss withholding tax. Part of our profitable growth strategy, thisacquisition strengthens our aggregatesbusiness, adding over 50 years ofaggregates reserves in West Texas to servelong term demand. PB Materials adds 26operational sites into our network, extendingoperations throughout Texas and theSouthern region as infrastructure, energyprojects, data centers and commercialinvestments drive construction growth. I thank my fellow Board Members for theirleadership in the first year of Amrize.Together, we are providing stronggovernance to support the companyʼspriorities of market leadership and superiorvalue creation. As I engage with our teammates andcustomers, I am truly excited about thefuture. We have established a strongfoundation and are well positioned to deliverlong term, profitable growth. Driving Synergies with ASPIRE We launched our ASPIRE program in 2025 toaccelerate synergies. Leveraging our scaleacross 1,000 sites and two businesssegments, we are optimizing third partyspending and driving efficiencies in ouroperational footprint and log