Amrize Tweaking Estimates; Expect Strength in Materials but Continued Weakness in Envelope; PT Stays $70

Research evidence excerpt

Amrize Tweaking Estimates; Expect Strength in Materials but Continued Weakness in Envelope; PT Stays $70

J P M O R G A N North America Equity Research

14 May 2026

Amrize

Tweaking Estimates; Expect Strength in Materials but

Continued Weakness in Envelope; PT Stays $70

Following AMRZ’s 1Q results, which came in below expectations on weakness in Americas Construction Materials

ACEnvelope despite a positive surprise in Materials, we are raising our FY26 Adrian E Huerta

EBITDA estimate slightly. We are forecasting FY26 EBITDA of $3.32 bn (52-81) 8152-8720

(+10% y/y and +1% vs. prior) compared with guidance of $3.25-$3.34 bn adrian.huerta@jpmorgan.com

(+8% to +11% y/y), which includes the impact of the PB Materials acquisition J.P.MorganMorganGrupoCasaFinancierode Bolsa, S.A. de C.V., J.P.

which closed on Feb 18th. Recall, this acquisition generates ~$185 mn of annual

Garrett Greenblatt

revenue and holds a ~30% market share in West Texas via 26 operating sites (13 (1-212) 622-0424

aggs sites and 13 RM sites), and we estimate that it adds ~1% to EBITDA growth garrett.greenblatt@jpmorgan.com

on an annualized basis. Meanwhile, we are forecasting revenues +7% y/y and we J.P. Morgan Securities LLC

expect FY26 EBTIDA margins to be +0.9pp to 26.4%, driven by a favorable European Building & Construction

price-cost spread and a 70 bps benefit from ASPIRE program initiatives which are and Infrastructure

on track. By segment, we are forecasting Materials FY26 EBITDA +14% y/y (+5% Elodie Rall AC

vs prior) and margins +1.3pp to 30.5% (+0.7pp vs prior), with cement and aggs vols (44-20) 7134-5911

+5%/+12% and cement and aggs pricing +1.5%/+3%. For Envelope, we are elodie.rall@jpmorgan.com

forecasting EBITDA -7% y/y (-15% vs prior) with margins -1.4pp to 20.8% (- J.P. Morgan Securities plc