Amrize Ltd

Red flags

• Management concluded disclosure controls were ineffective at December 31, 2025 because of a material weakness involving insufficient accounting and supervisory personnel with appropriate U.S. GAAP technical experience; remediation is not yet complete.
• Debt increased to $5.27 billion of principal from $998 million at year-end 2024, and third-party interest expense rose to $216 million from $43 million, materially increasing financial risk.
• Standard warranty liabilities rose to $89 million from $60 million, including a $51 million increase for pre-existing warranties attributed notably to a pre-acquisition manufacturing issue.
• 2025 adjusted EBITDA fell to $3.01 billion from $3.18 billion and net income fell to $1.18 billion from $1.27 billion despite modest revenue growth.
• The company has $207 million of capital-expenditure commitments and $601 million of other contractual commitments, alongside $1.07 billion of lease liabilities.