Amrize AG (AMRZ) 2026 Q1 法說會逐字稿

Hello, and welcome to the Amrize Q1 2026 earnings conference call. (Operator Instructions) Also, as a reminder, this conference is being recorded today. If you have any objections, please disconnect at this time.

大家好，歡迎參加 Amrize 2026 年第一季財報電話會議。(接線員指示) 另外提醒各位，本次會議將於今日錄音。如有任何異議，請於此時中斷連線。

I will now turn the call over to Arun Amarnani, Vice President of Investor Relations.

現在我將把電話交給投資人關係副總裁 Arun Amarnani。

Thank you, and good morning. Welcome to Amrize's first-quarter 2026 earnings conference call. We released our first-quarter financial results yesterday after the market closed. You can find both our earnings release and presentation for today's call in the Investor Relations section of our website at investors.amrize.com.

謝謝，各位早安。歡迎參加 Amrize 2026 年第一季財報電話會議。我們已於昨日收盤後公布第一季財務結果。您可至 investors.amrize.com 我們網站的投資人關係專區，查閱本次財報新聞稿以及今日電話會議的簡報。

On the call with me today are Jan Jenisch, our Chairman and CEO; and Baris Oran, our CFO. Jan will open today's call with highlights from the first quarter. Baris will then review our financial performance before turning the call back to Jan to discuss our outlook for 2026. We will then take your questions.

今天與我一同出席電話會議的有董事長暨執行長 Jan Jenisch，以及財務長 Baris Oran。Jan 將先就第一季重點為今日會議開場。接著 Baris 將回顧我們的財務表現，之後再交回給 Jan 說明我們對 2026 年的展望。最後我們將開放提問。

Before we begin, during the call and in our slide presentation, we reference certain non-GAAP financial measures, which we believe provide useful information for investors. We include reconciliations of non-GAAP financial measures to US GAAP in our earnings release and slide presentation.

在開始之前，於本次電話會議及投影片簡報中，我們會提及若干非 GAAP 財務衡量指標，我們相信這些指標能為投資人提供有用資訊。我們已在財報新聞稿與投影片簡報中，提供非 GAAP 財務衡量指標與美國 GAAP 之間的調節表。

As a reminder, today's call is being webcast live and recorded. A transcript and any recording of this conference call will be posted to our website. Any statements made about future results and performance, plans, expectations, and objectives are forward-looking statements.

提醒各位，今日電話會議將進行線上直播並錄音。本次電話會議的逐字稿及任何錄音將公布於我們的網站。任何關於未來結果與表現、計畫、預期與目標的陳述，均屬前瞻性陳述。

These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from those presented during the call due to various factors, including, but not limited to, those discussed in our 2025 Form 10-K and in other reports filed with the SEC. The company undertakes no obligation to publicly update or revise any forward-looking statements.

這些前瞻性陳述受風險與不確定性影響，可能因各種因素導致實際結果與本次電話會議所呈現者有所差異，包括但不限於我們在 2025 年 Form 10-K 以及向 SEC 提交的其他報告中所討論的事項。本公司不承擔公開更新或修訂任何前瞻性陳述的義務。

With that, I'll now turn the call over to Jan.

接下來，我把電話交給 Jan。

Thank you, Aroon, and thank you all for joining us today. We had a strong start to the year. While this is a seasonally small quarter for Amrize, we are encouraged by our progress and the acceleration of customer demand driven by our Building Materials segment. For the first quarter, Amrize delivered revenue growth of 4.7%. We had an excellent start in Q1 for Building Materials. With growing new project starts and multiyear supply agreements for mega projects, we achieved double-digit volume growth in both cement and aggregates and increased revenues by 12.9% to $1.5 billion.

謝謝你，Aroon，也謝謝各位今天加入我們。我們今年開局強勁。雖然第一季對 Amrize 而言屬於季節性較小的季度，但我們對自身進展以及由建材（Building Materials）事業部帶動的客戶需求加速感到鼓舞。第一季 Amrize 營收成長 4.7%。建材事業部在第一季有非常好的開局。隨著新專案開工增加，以及針對大型專案的多年期供應協議，我們在水泥與骨材兩項產品的出貨量皆達到雙位數成長，營收亦成長 12.9% 至 15 億美元。

We also grew Building Materials adjusted EBITDA by 42% and expanded margin by 230 basis points. This was driven by accelerating growth in volumes, continued aggregates pricing, operational efficiency and gains from our ASPIRE program. With aggregates and US cement price increases put in place in April and strong volumes continuing, our Building Materials business is well positioned for 2026.

我們也使建材事業部調整後 EBITDA 成長 42%，並將利潤率擴大 230 個基點。這主要受惠於出貨量加速成長、骨材價格持續上漲、營運效率提升，以及 ASPIRE 計畫帶來的效益。隨著骨材與美國水泥的漲價已於 4 月到位，且強勁出貨量延續，我們的建材業務已為 2026 年做好良好布局。

In our Building Envelope segment, revenue was affected by softer roofing demand and pricing. Adjusted EBITDA was impacted by lower volumes, price cost, and temporary plant disruption. Commercial roofing repair and refurbishment remained resilient, while new construction remained soft in the first quarter. We expect the strong commercial new starts we are seeing within Building Materials to convert to new roofing demand as those projects progress through construction.

在建築外殼（Building Envelope）事業部方面，營收受到屋頂需求轉弱與定價影響。調整後 EBITDA 受到出貨量下降、價格與成本因素，以及工廠短期中斷的影響。商用屋頂維修與翻新仍具韌性，而新建案在第一季仍偏弱。我們預期，在建材事業部所見到的強勁商用新開工，將隨著這些專案施工推進而轉化為新的屋頂需求。

We implemented price increases beginning in April, and we expect price costs to improve as we move through the year. At the total company level, we grew revenues by 4.7% to $2.2 billion with $192 million in adjusted EBITDA. We operated on a stand-alone basis in the first quarter of 2026 compared to a carve-out basis in the first quarter of 2025. Excluding the unallocated corporate costs, our total adjusted EBITDA was up 1.6% in the first quarter of 2026.

我們自 4 月起實施漲價，並預期隨著年度推進，價格與成本的差距將有所改善。在公司整體層面，我們營收成長 4.7% 至 22 億美元，調整後 EBITDA 為 1.92 億美元。相較於 2025 年第一季以分拆（carve-out）基礎運作，2026 年第一季我們以獨立公司（stand-alone）基礎運作。若排除未分攤的公司層級成本，我們 2026 年第一季的總調整後 EBITDA 年增 1.6%。

For future growth, we are investing in our operations and executing value-accretive M&A. We invested $272 million in capital expenditures and are on track to invest $900 million in 2026 to expand production, increase operational efficiency, and best serve customers in the most attractive markets.

為了未來成長，我們正投資於營運並執行具增值效益的併購。我們投入 2.72 億美元資本支出，並按計畫在 2026 年投資 9 億美元，以擴充產能、提升營運效率，並在最具吸引力的市場中更好地服務客戶。

We also completed the acquisition of PB Materials on February 18. This was a great acquisition, and PB Materials already started to positively contribute to our results in the first quarter. Delivering shareholder return, our Board has declared Amrize's first quarterly dividend of $0.11 per share, and we plan to begin our share repurchase program after Q1 earnings results. Overall, we are off to a good start to the year and are well positioned to deliver on our 2026 guidance.

我們也於 2 月 18 日完成對 PB Materials 的收購。這是一項非常成功的收購，PB Materials 已在第一季開始對我們的業績帶來正面貢獻。在股東報酬方面，董事會已宣告 Amrize 首次季度股利，每股 0.11 美元，且我們計畫在第一季財報公布後啟動庫藏股回購計畫。整體而言，我們今年開局良好，並已具備充分條件達成 2026 年的財測指引。

Looking to the market environment. We are seeing accelerating customer demand in commercial construction, which makes up half of our business. Strong data center demand and energy projects are accelerating growth. We also saw an increase in new project starts in the quarter, and we're able to secure multi-year supply agreements supporting several mega projects.

接著談市場環境。我們看到商用建築的客戶需求正在加速，而商用建築約占我們業務的一半。強勁的資料中心需求與能源專案正推動成長加速。我們也在本季看到新專案開工增加，並能夠取得多年期供應協議，以支援數個大型專案。

Within infrastructure, we expect steady spending on the federal, state and local level with ongoing modernization of North America's aging infrastructure. We see increasingly domestic-focused agendas in both the United States and Canada. Each country is prioritizing national investments to build strong futures and Amrize is positioned exceptionally well for this.

在基礎建設方面，隨著北美老舊基礎設施持續現代化，我們預期聯邦、州與地方層級的支出將保持穩健。我們看到美國與加拿大皆日益聚焦於國內優先的政策議程。兩國都在優先推動國家投資以打造更強健的未來，而 Amrize 在此方面具備極佳的有利位置。

Within residential, new construction and repair and refurbishment demand remained soft in the first quarter. We expect that seasonal trends will support weather-related demand in the second half of the year with new construction recovery expected in 2027.

在住宅市場方面，第一季新建案以及維修與翻新需求仍偏弱。我們預期季節性趨勢將在下半年支撐與天候相關的需求，而新建案的復甦預計在 2027 年出現。

Overall, we are seeing growth trends from infrastructure modernization and onshoring of manufacturing to data center expansion and the digital economy taking shape on the ground. And these projects have significant size and scale for Amrize.

整體而言，我們看到從基礎建設現代化、製造業回流（onshoring），到資料中心擴張與數位經濟在各地落地成形的成長趨勢。而這些專案對 Amrize 而言具有顯著的規模與量體。

Let me share some of our project highlights as we see increased new starts and mega projects. In Colorado, we are a key supplier of Building Materials for the highest dam raise in the US, which will triple capacity to reliably serve water supply to Denver. In New York City, Amrize is delivering significant volumes of Building Materials to a major river ground stabilization program. We are a key supplier to projects supporting the digital economy, including an Amazon distribution facility in New York and multiple data centers, including two large new builds in Texas.

隨著新開工增加與大型專案推進，我分享一些專案亮點。在科羅拉多州，我們是美國最高水壩加高工程的主要建材供應商，該工程將把容量提升至三倍，以可靠地為丹佛提供供水。在紐約市，Amrize 正為一項大型河岸地盤穩定化計畫提供大量建材。我們也是支援數位經濟相關專案的主要供應商，包括紐約的一座亞馬遜配送設施，以及多座資料中心，其中包含德州兩個大型新建案。

Our Elevate roofing system, which is ideally suited to support data center projects, is also serving other mega projects like Northwestern University's new Ryan Field, one of the nation's most significant new stadium builds. These are just some examples of our projects and new ones are kicking off every month.

我們的 Elevate 屋頂系統非常適合支援資料中心專案，同時也服務其他大型專案，例如西北大學（Northwestern University）的新 Ryan Field，這是全美最重要的新體育場館建設之一。以上只是我們部分專案的例子，而且每個月都有新的專案啟動。

While we support our customers, we are also driving synergies and operational excellence with our ASPIRE program. We continued to make good progress in the first quarter. We have now onboarded over 650 new logistics and service providers, optimizing our third-party spend. With our ASPIRE program, we are on track to achieve 70 basis points of margin expansion in 2026 and $250 million in synergies through 2028.

在支持客戶的同時，我們也透過 ASPIRE 計畫推動協同效應與營運卓越。我們在第一季持續取得良好進展。我們目前已導入超過 650 家新的物流與服務供應商，優化我們的第三方支出。透過 ASPIRE 計畫，我們正按計畫在 2026 年實現 70 個基點的利潤率擴張，並在 2028 年前達成 2.5 億美元的協同效益。

Let's look at our capital allocation. We are executing on our capital allocation strategy for growth and shareholder return. We invested $272 million in capital expenditures in the first quarter and are on track to invest $900 million in 2026.

接下來看看我們的資本配置。我們正在執行以成長與股東回報為核心的資本配置策略。第一季我們投入 2.72 億美元的資本支出，並正按計畫在 2026 年投資 9 億美元。

We are progressing well on our key organic growth projects. This includes our flagship cement plant expansions in attractive markets from Texas to Calgary, investments to expand our quarries, and the building of our new Malarkey shingle plant in Indiana.

我們在關鍵的內生成長專案上進展順利。這包括我們在具吸引力市場（從德州到卡加利）的旗艦水泥廠擴建、擴大採石場的投資，以及在印第安納州興建新的 Malarkey 瀝青瓦工廠。

A key highlight of the first quarter was the close of the acquisition of PB Materials, the aggregates leader in high-growth West Texas. This acquisition strengthens our aggregates business, adding 50 years of aggregate reserves and 26 operational sites throughout West Texas.

第一季的一大重點是完成收購 PB Materials（西德州高成長市場的骨材領導者）。此收購強化了我們的骨材業務，新增 50 年的骨材儲量，並在西德州各地增加 26 個營運據點。

With just six weeks as part of Amrize in the first quarter, PB Materials has started to contribute to our revenues, and we see significant growth and synergy opportunities ahead. We expect the acquisition of PB Materials to be EPS and cash accretive in 2026. Following this acquisition, we have a strong pipeline of aggregates-led M&A opportunities to grow our footprint in the most attractive markets.

在第一季僅有六週納入 Amrize 之後，PB Materials 已開始對我們的營收做出貢獻，我們也看到前方顯著的成長與協同機會。我們預期收購 PB Materials 將在 2026 年對每股盈餘（EPS）與現金流具增益效果。完成此收購後，我們擁有強勁、以骨材為主導的併購（M&A）機會管線，可在最具吸引力的市場擴大我們的版圖。

We are delivering on our priority to return cash to our shareholders. The special one-time dividend for 2025 of $0.44 per share will be paid on May 4 to shareholders. In addition, the Amrize Board has declared the first quarterly dividend of $0.11 per share to be paid on May 20. Both dividends will be paid out of capital contribution reserves and are not subject to Swiss withholding tax.

我們正落實將現金回饋股東的優先事項。2025 年一次性特別股利每股 0.44 美元，將於 5 月 4 日支付給股東。此外，Amrize 董事會已宣告首度季度股利每股 0.11 美元，將於 5 月 20 日支付。兩項股利皆將由資本投入準備金支付，且不適用瑞士預扣稅。

The previously announced $1 billion share repurchase program with a 12-month authorization is planned to begin after Q1 earnings results. We continue to focus on delivering for our customers, investing for growth, and returning cash to our shareholders.

先前已宣布、授權期 12 個月的 10 億美元庫藏股回購計畫，預計在第一季財報結果公布後開始執行。我們將持續聚焦於為客戶交付成果、投資成長，並將現金回饋給股東。

Before discussing our 2026 guidance, I will turn over to Baris, who will review our quarterly financial results in more detail.

在討論我們的 2026 年指引之前，我將把時間交給 Baris，由他更詳細地回顧我們的季度財務結果。

Thank you, Jan. I'll begin with our results by segment, starting with Building Materials. We saw another quarter of margin expansion and accelerating customer demand in our Building Materials segment. Revenues were $1.5 billion in the quarter, an increase of 12.9%. This increase in revenue reflects double-digit volume growth, both in our cement and aggregates business, driven by new starts and multi-year mega projects.

謝謝你，Jan。我將從分部別業績開始，先談建材（Building Materials）。我們在建材分部再度看到利潤率擴張，以及客戶需求加速。本季營收為 15 億美元，成長 12.9%。營收成長反映水泥與骨材業務皆有雙位數的銷量成長，主要由新開工案與多年期大型專案所帶動。

During the quarter, cement volumes increased 13.9% and aggregates grew 14.1%. It's worth noting that volume growth for both cement and aggregates accelerated on a year-over-year basis and on a two-year stack basis. This trend gives us confidence that underlying demand has growing momentum.

本季水泥銷量成長 13.9%，骨材成長 14.1%。值得注意的是，水泥與骨材的銷量成長不論以年對年或兩年疊加基礎來看皆呈加速。此趨勢讓我們對基本需求動能正在增強更具信心。

Cement pricing for Q1 was down 2.4% on a constant currency basis but up sequentially. Recall that last year, cement pricing in both the US and Canada was in place in early January, while this year, US cement pricing returned to its normal historical cadence in the spring, which created a tougher year-over-year comparison for Q1. Also, cement pricing during Q1 saw an unfavorable mix impact from a large customer project. While this project was a modest headwind to pricing, it benefited our cement margins during the quarter.

第一季水泥價格以固定匯率計下滑 2.4%，但較前一季上升。請回想去年美國與加拿大的水泥定價在 1 月初即已到位；而今年美國水泥定價回到歷史上較正常的春季節奏，導致第一季年對年比較更具挑戰。此外，第一季水泥定價也受到大型客戶專案帶來的不利產品組合影響。雖然該專案對定價造成小幅逆風，但在本季有助於提升我們的水泥利潤率。

Overall, we continue to see favorable pricing dynamics across our network, supported by our inland positions in high-growth and attractive markets. With Canada cement price increases in place during Q1, we implemented US cement price increases in April.

整體而言，在我們的營運網絡中，我們仍持續看到有利的定價動態，並受惠於我們在高成長且具吸引力市場的內陸據點布局。在加拿大水泥漲價於第一季到位後，我們已於 4 月在美國實施水泥漲價。

Turning to aggregates. Pricing on a freight-adjusted and constant currency basis increased 1% in the quarter and was up 3.6%, including freight. Aggregates pricing in the first quarter was impacted by mix effects from large projects, geography, and in acquisition. Aggregates price increases were implemented in April with the full run rate now in place. Across both cement and aggregates, additional fuel surcharges are also being implemented. So far, we have seen solid traction for these price increases.

接著談骨材。本季以運費調整後且以固定匯率計的價格上升 1%，若含運費則上升 3.6%。第一季骨材定價受到大型專案、地理分布以及併購帶來的組合效應影響。骨材漲價已於 4 月實施，目前完整的運行速率（run rate）已到位。在水泥與骨材兩項業務上，我們也正在加收額外燃料附加費。截至目前，我們已看到這些漲價措施取得良好進展。

We expect slightly positive cement pricing in Q2 and stronger year-over-year pricing trends as we move through 2026. On top, for aggregates, we expect mid-single-digit pricing growth in Q2.

我們預期第二季水泥定價將略為正向，並在邁入 2026 年的過程中呈現更強的年對年定價趨勢。此外，就骨材而言，我們預期第二季定價將有中個位數的成長。

Building Materials adjusted EBITDA was $170 million in the first quarter, up 41.7% compared to prior year. We saw solid margin expansion of 230 basis points. The increase in adjusted EBITDA and improvement in margin was primarily due to continued volume growth, coupled with aggregates pricing, operational efficiency and ASPIRE savings.

建材分部第一季調整後 EBITDA 為 1.70 億美元，較去年同期成長 41.7%。我們看到 230 個基點的穩健利潤率擴張。調整後 EBITDA 的增加與利潤率改善，主要來自持續的銷量成長，並結合骨材定價、營運效率提升與 ASPIRE 節省效益。

As we look out to Q2 and the rest of the year, we are monitoring the dynamic geopolitical environment and recent spike in energy prices. We have and we plan to take additional pricing actions as needed to address cost inflation. Our goal is to continue expanding margins. Along the same lines and given the momentum we have seen across our cement and aggregates businesses since Q3 of last year, we continue to expand volume growth for both businesses to be positive this year.

展望第二季與今年其餘時間，我們正關注多變的地緣政治環境以及近期能源價格的飆升。我們已採取並計畫在需要時採取額外的定價行動，以因應成本通膨。我們的目標是持續擴大利潤率。同樣地，鑑於自去年第三季以來我們在水泥與骨材業務所見的動能，我們仍預期兩項業務今年的銷量成長將為正。

Turning to Building Envelope. First-quarter revenues were $678 million, a decrease of 9.8% compared to prior year. The decline was largely driven by soft industry volumes and pricing. On the commercial side, we saw resilient demand for repair and refurbishment activity, while new construction remained soft in the quarter. As a reminder, new commercial roofing demand typically lags broader commercial construction activity by 12 to 18 months.

接著談建築外殼（Building Envelope）。第一季營收為 6.78 億美元，較去年同期下降 9.8%。下滑主要由產業銷量疲弱與定價走弱所致。在商用端，我們看到維修與翻新活動需求具韌性，而新建工程在本季仍偏弱。提醒一下，新商用屋頂需求通常會落後整體商用建築活動約 12 至 18 個月。

With accelerating new commercial construction in our Building Materials segment, we expect that to support an improvement in new commercial roofing demand as we move into second half and seasonally stronger roofing quarters.

隨著我們建材分部的新商用建築加速，我們預期這將在進入下半年以及屋頂業務季節性較強的季度時，支撐新商用屋頂需求的改善。

Turning to residential. Demand was soft in Q1. More seasonal trends should support stronger weather-related repair and refurbishment demand later this year. Looking ahead, we continue to expect flat volumes for the full year with improvement in the second half of 2026.

再看住宅端。第一季需求偏弱。較符合季節性的趨勢應可在今年稍晚支撐與天候相關的維修與翻新需求走強。展望未來，我們仍預期全年銷量持平，並在 2026 年下半年有所改善。

Building Envelope adjusted EBITDA was down double digits year over year due to lower volumes and price cost. Price cost was down low-single digits as a percentage of revenues during the quarter. Adjusted EBITDA was also impacted by a temporary plant disruption in our residential shingles business. This disruption was short term and was resolved in Q1.

建築外殼分部調整後 EBITDA 因銷量下降與價格/成本因素，年對年呈雙位數下滑。本季價格/成本占營收比重下降低個位數。調整後 EBITDA 亦受到我們住宅瀝青瓦業務一項暫時性工廠中斷的影響。該中斷為短期事件，並已於第一季解決。

With respect to recent volatility in energy markets, we moved quickly to put price increases in place during April and are implementing fuel surcharges across our roofing brands. In addition, we have announced a second round of pricing actions across select brands in Q2 to further address ongoing cost pressures to address any further risks.

針對近期能源市場的波動，我們在4月迅速採取行動調漲價格，並在我們的屋面品牌全面導入燃油附加費。此外，我們已宣布在第二季針對部分品牌進行第二輪定價措施，以進一步因應持續的成本壓力並處理任何進一步風險。

Our approach remains disciplined and focused on the levers within our control. We expect adjusted EBITDA to be improved by pricing and ASPIRE savings as we move through the year.

我們的方法仍然嚴謹自律，並聚焦於我們可控的槓桿。隨著年度推進，我們預期調整後EBITDA將受惠於定價與ASPIRE節省而改善。

We have a strong balance sheet. As of March 31, we had approximately $1.1 billion of cash and cash equivalents with $4.3 billion of total available liquidity. This financial strength, coupled with our investment-grade balance sheet, gives us significant liquidity to deploy capital for growth investments and return cash to shareholders.

我們擁有強健的資產負債表。截至3月31日，我們約有11億美元的現金及約當現金，總可用流動性為43億美元。這項財務實力，加上我們投資等級的資產負債表，使我們具備充足流動性，可用於部署資本以進行成長投資並回饋現金給股東。

Our net interest expense is lower year over year, and we expect our net interest expense to be roughly $340 million for the full year. Our track record of generating high free cash flow, coupled with a strong balance sheet, puts us in an excellent position to return cash to shareholders.

我們的淨利息費用較去年同期下降，且我們預期全年淨利息費用約為3.4億美元。我們長期以來能產生高自由現金流的紀錄，加上強健的資產負債表，使我們處於極佳位置得以回饋現金給股東。

With that, I'll pass it back to Jan to cover our 2026 outlook.

接下來，我把時間交還給Jan，請他說明我們對2026年的展望。

Thank you, Baris. As we look ahead, the key drivers supporting our 2026 guidance are consistent. Our footprint is well positioned to take advantage of the accelerating demand we are seeing with our commercial and infrastructure customers.

謝謝你，Baris。展望未來，支撐我們2026年指引的關鍵驅動因素仍然一致。我們的布局位置良好，能把握我們在商用與基礎建設客戶端所看到的加速需求。

Building Materials had an excellent start to the year, and we expect this accelerated customer demand to drive our growth and margin expansion in 2026. We continue to expect cement pricing to be up low single digits and aggregates pricing to be up mid-single digits on a freight-adjusted basis for the full year.

建材事業今年開局表現非常出色，我們預期這股加速的客戶需求將在2026年推動我們的成長與利潤率擴張。我們仍預期全年水泥價格將上漲低個位數百分比，骨材價格在運費調整後將上漲中個位數百分比。

Aggregates and US cement price increases were put in place in April and fuel surcharges are being implemented to offset cost inflation. So far, we have seen solid traction for these increases and customer demand is remaining strong.

骨材與美國水泥的漲價已於4月到位，並正導入燃油附加費以抵銷成本通膨。截至目前，我們看到這些調漲取得良好進展，客戶需求仍維持強勁。

Building Materials delivered strong first quarter and is well positioned for accelerated profitable growth in 2026. In Building Envelope, we expect low single-digit growth in commercial roofing volumes, and we see flat volumes in residential roofing. We implemented price actions in April across our commercial and residential roofing brands, including fuel surcharges.

建材事業第一季表現強勁，並已為2026年加速的獲利成長做好準備。在建築外殼（Building Envelope）方面，我們預期商用屋面銷量將呈低個位數成長，而住宅屋面銷量則持平。我們已於4月在商用與住宅屋面品牌全面實施定價措施，包括燃油附加費。

We have also announced price increases for select brands effective in May and June. As pricing actions are realized in Q2, we expect price cost to improve as we move through the year. Finally, the ASPIRE program remains a key priority, and we are making good progress towards our saving targets.

我們也已宣布部分品牌將於5月與6月生效的漲價。隨著第二季逐步反映定價措施，我們預期價差（價格相對成本）將在年度推進中改善。最後，ASPIRE計畫仍是關鍵優先事項，我們正朝節省目標取得良好進展。

Based on these drivers, we are reaffirming our 2026 guidance. For the full year 2026, we expect revenues to grow 4% to 6%, and we expect adjusted EBITDA to grow 8% to 11%, which includes contribution from our PB Materials acquisition.

基於上述驅動因素，我們重申2026年指引。就2026年全年而言，我們預期營收成長4%至6%，調整後EBITDA成長8%至11%，其中包含我們收購PB Materials所帶來的貢獻。

With that, I pass it back to Aroon to open our Q&A session.

接下來，我把時間交還給Aroon，開始我們的問答環節。

Thank you, Jan. Operator, we're now ready to begin the question-and-answer session.

謝謝你，Jan。主持人，我們現在準備開始問答環節。

(Operator Instructions) Anthony Pettinari, Citi.

（主持人指示）Anthony Pettinari，花旗（Citi）。

Good morning. Jan, just big picture, given a pretty volatile macro environment and obviously, some higher costs in the economy. I'm just wondering if you could talk a little bit more about what gives you sort of confidence in reiterating the '26 guide given kind of events in the last couple of months.

早安。Jan，從大方向來看，考量到宏觀環境相當波動，且顯然經濟中有一些成本上升。我想請你多談一點，在過去幾個月發生這些事件的背景下，是什麼讓你有信心重申2026年的指引？

Hi, Anthony, good morning. Yeah, I think we had a good start to the year. I mean, look, we have -- Q1 for Amrize is a very small quarter. However, I think we have all the basics and all the initiatives we need for 2026 in place.

嗨，Anthony，早安。是的，我認為我們今年開局不錯。我的意思是，你看，對Amrize而言，第一季是一個非常小的季度。不過，我認為我們已具備2026年所需的所有基本面與各項措施。

I'm especially very happy to see the increasing demand from our customers. You have seen the double-digit volume growth we had in Q1 for both the cement and aggregates, very encouraging, especially as you see that we had already in Q3 and Q4 last year volume growth in Building Materials.

我特別高興看到客戶需求正在增加。你已看到我們第一季在水泥與骨材兩者都出現兩位數的銷量成長，這非常令人鼓舞，尤其是考量到去年第三季與第四季我們在建材事業就已經出現銷量成長。

So -- and we talked about this last year. I think quite a lot that we see our commercial customers and the commercial projects now to start. And we have seen a lot of new project starts for Amrize in beginning of the year with long-term supply agreements for mega projects from data centers, energy projects, warehousing to logistics. Infrastructure continued with a good solid demand for us, and we see a good backlog now for the remaining of the year.

所以——而且我們去年也談過這點。我認為我們相當清楚地看到商用客戶與商用專案現在開始啟動。今年年初，我們看到Amrize有許多新專案開工，並與資料中心、能源專案、倉儲到物流等大型專案簽訂長期供應協議。基礎建設對我們的需求仍維持良好且穩健，我們也看到今年剩餘期間有不錯的在手訂單。

If you talk about -- yeah, well, the volatile environment and probably addressing the energy cost, I'd like to give you a bit of background. So we have at Amrize, like what we showed, I think, at our last conference, we had last year, 9% of our total spend was direct energy spend, which is about $650 million. And out of that, 60% is linked to natural gas. So either natural gas directly used in our factories or natural gas as used for electric power.

如果你談到——是的，在波動的環境下以及可能需要因應能源成本，我想提供一些背景。在Amrize，如同我們展示的，我想是在上次的會議上，我們去年總支出中有9%是直接能源支出，約為6.5億美元。其中有60%與天然氣連動。也就是天然氣直接用於我們的工廠，或天然氣用於發電。

And those 60% natural gas, they have actually seen a downward trend. This year, we are at the moment on a 12-month low in natural gas prices, so was not impacted by the current geopolitical instability in the Middle East. And this is, I would say, very confirming for us. We have 40% of diesel and other fuels we are using. Here, we have 40% of that diesel and fuel is pre-bought already for '26. And the remainder of those, of course, have an increase, and this is what we currently, I would say, tackle with fuel surcharges for our deliveries and also with the price increases we see now for our segments, Building Envelope and Building Materials.

而這60%的天然氣實際上呈現下行趨勢。今年目前天然氣價格處於12個月低點，因此未受到目前中東地緣政治不穩定的影響。我會說，這對我們而言是非常正面的確認。我們使用的柴油與其他燃料占40%。在這部分，我們已有40%的柴油與燃料為2026年預先採購。其餘部分當然有所上升，而這正是我們目前透過配送的燃油附加費，以及我們在建築外殼與建材兩大事業部目前看到的漲價來因應的。

So overall, Anthony, I'm -- I would say we have our basics right for the full year. And I'm especially happy to see that the volumes picked up so significantly beginning of the year. We see this also continued into April. So we believe we have quite a healthy demand from our customers. And now we do everything which is in our control to make sure we deliver not only growth, but also the bottom line as promised in our guidance.

總體而言，Anthony，我會說我們已把全年基本面打好。我特別高興看到年初銷量回升得如此顯著。我們也看到這股趨勢延續到4月。因此我們相信客戶需求相當健康。接下來，我們會把所有可控的事情都做到位，確保不僅交出成長，也能如指引所承諾地交出獲利表現。

Keith Hughes, Truist.

Keith Hughes，Truist。

Yes. Can you hear me?

是的。你聽得到我嗎？

Yes.

聽得到。

Okay. Thank you. I had a lot of problems with the webcast. Let me ask my question. You made some positive comments on cement pricing for the rest of the year. It looks like you're anticipating the guidance to be accelerating into the positive categories. How strong do you think you can get in the second half? And what's causing the turnaround from what's been some fairly weakish numbers for about a year or so in cement?

好的。謝謝。我在網路直播上遇到很多問題。讓我問我的問題。你們對今年剩餘時間的水泥定價發表了一些正面評論。看起來你們預期指引將加速轉為正向。你認為下半年能有多強？另外，水泥在過去大約一年左右出現一些相當疲弱的數字，現在是什麼原因造成反轉？

Yeah. Hey, thanks, Keith. Yes. Look, we are happy how the year has started, especially considering the double-digit volume growth we see in cement. I think as Baris mentioned in his presentation, we had a rather high comparison prices in Q1 last year. So we are down now. But I think this is how we plan to do it. We have a bit of a mix effect. We have one very large customer project where we supply a lot of cement and which lowers a bit the price, but of course, increases the margin and the EBITDA significantly.

是的。嗨，謝謝你，Keith。是的。你看，我們對今年的開局感到滿意，尤其考量到我們在水泥看到的兩位數銷量成長。我想如Baris在簡報中提到的，我們去年第一季的價格比較基期相當高。所以我們現在是下降的。但我認為這正是我們的規劃方式。我們有一些產品組合效應。我們有一個非常大的客戶專案，我們供應大量水泥，這會讓價格稍微降低，但當然會顯著提高毛利與EBITDA。

So that mix impact, I would estimate, is around 1% for Q1. But nevertheless, of course, with a significant increase in EBITDA. Now going forward, we have the pricing now in place for April. Let's see. I think the prices are sticking. We have the fuel surcharges additionally for deliveries in place. And I will -- I think we're going to see positive pricing throughout the year now. Baris mentioned, we believe that Q2 already will show a positive price compared to last year, and this is all good.

因此，我估計這個組合影響在第一季大約是1%。但無論如何，當然EBITDA是顯著增加的。接下來，我們已經把4月的價格到位了。我們再看看。我認為價格是站得住的。另外，我們也已針對交付加上燃料附加費。而我會——我想我們現在將在全年看到正向的定價。Baris提到，我們相信第二季相較去年就會呈現正向價格，這都很好。

Very similar important is the aggregates pricing. Here also, we have some mix impact here from geographies to the PB Materials acquisition and also some large-scale projects. So if I do a mix adjusted price, prices are up in Q1, 3% in aggregates. And as Baris mentioned, we target to see a 5% price increase for Q2. So I believe we are in very good territory on the pricing, especially when you see that in combination with the significant volume increase, which will help us to be much more efficient in our supply chains and in our factories.

同樣重要的是骨材的定價。在這裡，我們也有一些組合影響，來自不同地理區域、PB Materials的併購，以及一些大型專案。所以如果我做組合調整後的價格，第一季骨材價格上升了3%。而如Baris所提到的，我們目標是在第二季看到5%的漲價。因此我相信我們在定價方面處於非常好的位置，尤其是當你把它與顯著的銷量增加結合來看，這將幫助我們在供應鏈與工廠端變得更有效率。

Pujarini Ghosh, Bernstein.

Pujarini Ghosh，Bernstein。

Hi, can you hear me?

嗨，你們聽得到我嗎？

Yes, Pujarini. Good morning.

是的，Pujarini。早安。

Hi. Good morning. Thanks for taking my question. So on Building Envelope, what are you expecting in terms of the pricing growth for the full year? And like how much are you trying to pass through? And just one clarification from the previous question. So on cement pricing, you mentioned the mix effect is around 1%. So like of the minus 2.4% pricing impact, like can you disaggregate that between like how much of that is --

嗨。早安。謝謝讓我提問。關於Building Envelope，你們對全年定價成長的預期是什麼？以及你們打算轉嫁多少？另外針對前一個問題做個釐清。關於水泥定價，你提到組合效應大約是1%。所以在-2.4%的定價影響中，你能否拆分一下其中有多少是--

That's correct. Yes, that's correct. So look, I think on Building Envelope, our target for the year is to be positive price over cost. Of course, we had a tough start to the year. The pricing was under pressure, coming basically from the soft demand in Q4, if you remember, and now we have to turn this around. We are positive.

沒錯。是的，沒錯。所以你看，我認為在Building Envelope方面，我們今年的目標是價格相對成本為正。當然，我們今年開局很艱難。定價承受壓力，基本上是來自第四季需求疲軟（如果你還記得），而現在我們必須把它扭轉過來。我們是正向的。

We put price increases in place for April, fuel surcharges in place, and we have also more pricing for selected brands coming up in May and June. So we believe -- so our target is to be price over cost positive for the year and to make this a successful year for Building Envelope.

我們已在4月實施漲價、也已加上燃料附加費，並且在5月與6月還會針對部分品牌推出更多定價措施。所以我們相信——我們今年的目標是價格相對成本為正，並讓Building Envelope今年成為成功的一年。

Cedar Ekblom, Morgan Stanley.

Cedar Ekblom，Morgan Stanley。

Thanks very much. Hi, Jan. I'd like to dig a little bit more into the Building Envelope division because it was clearly the laggard in the group, pulling down a bit of the good performance in Materials. You talked to an outage at your residential roofing facility. Can you give us some color on what happened there, the potential impact to numbers, whether it's fully resolved or not and give us some confidence that we're not going to see this operating headwind repeat in quarters going forward? Thank you.

非常感謝。嗨，Jan。我想再深入一點談Building Envelope事業部，因為它顯然是集團中表現最落後的部分，稍微拖累了Materials的良好表現。你提到住宅屋頂工廠發生停工。你能否說明一下那裡發生了什麼事、對數字可能造成的影響、是否已完全解決，以及能否讓我們更有信心未來幾季不會再看到這種營運逆風重演？謝謝。

Good morning, Cedar. Yes, I mean, as always, we report very transparently. And again, I don't want to sugarcoat. Q1 was not where we wanted to be with Building Envelope, not on sales, not on EBITDA. And I think while we had the volume decline and also some softer pricing, we had -- in addition, we had one of our three shingle factories was out for a four-week period due to some error or some failure in the production line, and this has been solved and rectified and is running, but that has quite influenced us in the first quarter.

早安，Cedar。是的，我的意思是，一如既往，我們非常透明地揭露。而且再次強調，我不想粉飾。第一季Building Envelope的表現不如我們預期，無論是營收或EBITDA都不是。我想除了銷量下滑以及定價較疲弱之外，我們——另外，我們三座瀝青瓦工廠中的一座因為生產線的某些錯誤或故障停了四週，這已經解決並修復、也已恢復運轉，但這對我們第一季的影響相當大。

Could you put some numbers around what the operating cost headwind or not?

你能否就營運成本逆風的影響提供一些數字範圍，或是沒有？

No, it was quite significant. You can imagine if one of your three factories is down for four weeks, that has a significant impact. We don't want to provide a number to this, but that wasn't a good number.

不，那影響相當顯著。你可以想像，如果三座工廠中的一座停工四週，影響會很大。我們不想就此提供具體數字，但那不是個好看的數字。

Trey Grooms, Stephens.

Trey Grooms，Stephens。

Yeah. Hey, good morning, everyone. This is Ethan on for Trey. Thanks for taking the question. I wanted to ask on the aggregates business specifically. You've got the April price increase effective. And you mentioned that you're implementing fuel surcharges where necessary to mitigate the impact of higher diesel costs. So I wanted to ask about your philosophy around potentially incremental pricing or midyear base price increases aside from just fuel surcharges. So any color on that would be very helpful. Thanks.

是的。嗨，各位早安。我是Ethan，代Trey發言。謝謝讓我提問。我想特別問一下骨材業務。你們4月的漲價已生效。你也提到在必要時會實施燃料附加費，以減輕柴油成本上升的影響。所以我想問你們對於可能的額外定價、或年中基本價格上調（不只是燃料附加費）的理念是什麼。如果能提供一些說明會很有幫助。謝謝。

Hi, Ethan. Good morning. Look, first of all, we are really -- nothing you would like to see, again, our mix price increase or mix net increase of 3% in the first quarter with this very, very good supply or high volumes we have. Now going into the second quarter, we have more price increases and fuel surcharges. I think this will be very positive for us. Baris mentioned this will be 5% or we expect a 5% price increase against second quarter of last year. So this is very good.

嗨，Ethan。早安。你看，首先，我們真的——再說一次，第一季在供應非常好或銷量很高的情況下，我們的組合價格上漲或組合淨上漲達到3%，這正是你會想看到的。接著進入第二季，我們會有更多漲價與燃料附加費。我認為這對我們會非常正面。Baris提到，這將是5%，或我們預期相較去年第二季會有5%的漲價。所以這非常好。

What is the philosophy? I think we did well in the pricing in aggregates for the last couple of years. And I think now this year, we enter into a season where our customers have a higher demand, which is very helpful both from operational efficiency, but then also will support the pricing.

理念是什麼？我認為過去幾年我們在骨料的定價方面做得不錯。而我認為今年我們進入一個季節，我們的客戶需求更高，這對營運效率非常有幫助，同時也會支撐定價。

So let's see how the year turns. So at the moment, we are focusing everything now April and May to make this all happen, and then we see for the next steps later this year.

所以讓我們看看今年會如何發展。目前我們把所有重點放在四月和五月，確保這些都能落地，然後今年稍晚再看下一步。

Michael Dudas, Vertical Research.

Michael Dudas，Vertical Research。

Thank you. Good morning, everybody.

謝謝。各位早安。

Good morning, Michael.

早安，Michael。

And welcome, Baris. Well, looking at the Building Envelope side and your commercial business, maybe you could give a sense of order activity, the confidence level you're seeing on that commercial front. And you talk about the larger projects that have been started in the last several quarters that will flow through into maybe backlog opportunities later this year. So how confident level do you see given the order activity from the customer base on that front?

也歡迎你，Baris。那麼，從建築外殼（Building Envelope）以及你們的商業業務來看，或許你可以談談訂單活動的情況，以及你在商業端看到的信心程度。你也提到過去幾季啟動的較大型專案，可能會在今年稍晚轉化為積壓訂單（backlog）機會。因此，就客戶端的訂單活動而言，你對那一端的信心程度如何？

Yes, hi, Michael. Yes. Look, again, Q1 was a tough quarter for Building Envelope. It was better than Q4 last year, but of course, not where we want to be. Now for the next three quarters to complete the year, we are a bit confident we're going to see much more demand from our customers.

是的，嗨，Michael。是的。你看，第一季對建築外殼來說是艱難的一季。比去年第四季好，但當然還不是我們想要的水準。至於接下來三季以完成全年，我們有些信心會看到客戶需求明顯增加。

So we expect, for example, the commercial projects that broke ground in 2025, which led to a significant increase in volumes for Building Materials. They are expected to convert into roofing volumes in the second half of '26.

例如，我們預期2025年動工的商業專案，曾帶動建材（Building Materials）出貨量顯著增加。這些專案預計會在26年下半年轉化為屋頂（roofing）出貨量。

So in addition, we have the reroofing. Reroofing was on a low activity level in Q1 and in '25, also due to a very -- to no storm seasons really happening. And if we normalize the weather seasons this year, we expect a more significant reroofing business for us for this year.

此外，我們還有翻修屋頂（reroofing）。翻修屋頂在第一季以及25年都處於較低的活動水準，也因為天氣因素——基本上沒有真正出現風暴季。如果今年天氣季節回歸常態，我們預期今年翻修屋頂業務會更為顯著。

So again, after you have two soft quarters, it's not always easy to make a big confident announcement. But what we see now in April and the trends I talked about, I think we're going to see now different demand levels for our roofing business.

所以再說一次，在經歷兩個疲弱季度之後，要做出非常有信心的宣告並不總是容易。但從我們現在四月看到的情況，以及我提到的趨勢，我認為我們的屋頂業務接下來會看到不同層級的需求。

Thank you.

謝謝。

Julian Radlinger, UBS.

Julian Radlinger，瑞銀（UBS）。

Hey, guys. Thanks very much. So back to this large customer in -- that negatively impacted cement prices, but positively impacted margins, presumably through the volume leverage. For you to call out one specific customer, I assume that really is quite a sizable one. And so can you help us understand maybe how much that contributed to volumes as well, even just roughly?

嗨，各位。非常感謝。回到那位大型客戶——它對水泥價格造成負面影響，但對利潤率則是正面影響，推測是透過量的槓桿效應。你們特別點名一位客戶，我想那應該是相當大的一位。你們能否協助我們理解它對出貨量的貢獻大概有多少，即便只是粗略估計？

And then also, are prices for this specific customer -- that's a new one -- also going up now in April? Or is that different? Thank you.

另外，這位特定客戶——這是新的——其價格在四月也會上調嗎？還是會不一樣？謝謝。

Hey, Julian, good morning. I'm afraid I cannot answer all the details to your question. But first of all, we have to see we had a 14% volume growth in cement in Q1. We are very excited about this, right? And this is the third consecutive quarter of cement increase, and now it's really, really significant. So this is based on many customers and many projects. And then we have one large customer, one large customer project, which is super attractive with very high-volume deliveries.

嗨，Julian，早安。恐怕我無法回答你問題中的所有細節。但首先，我們必須看到第一季水泥出貨量成長了14%。我們對此非常振奮，對吧？而且這是水泥連續第三季成長，現在真的非常顯著。這是基於許多客戶與許多專案。同時我們有一位大型客戶、一個大型客戶專案，因為交付量非常大，所以非常具吸引力。

And there is a special project price in place, and this is why we have a softening of the average cement price. But overall, this is a very good thing. This we expect will continue throughout the year, and I don't want to comment so much on the volume. Again, we have 14% volume growth in cement, and the larger part is outside of this special project.

該專案採用特殊的專案價格，因此我們看到平均水泥價格有所走軟。但整體而言，這是一件非常好的事。我們預期這種情況會持續全年，我不想對出貨量多做評論。再說一次，我們第一季水泥出貨量成長14%，而其中較大部分是在這個特殊專案之外。

Okay. Thanks a lot, guys. Good luck.

好的。非常感謝，各位。祝好運。

Martin Hüsler, ZKB.

Martin Hüsler，ZKB。

Yes, thank you. I hope you can hear me. My question is about your sales outlook. And I'm just wondering because you foresee 4% to 6%, which looks rather conservative, taking into account the very strong start to the year and now even more pricing to kick in for the rest of the next quarters. Would you agree that this guidance looks rather cautious? Or what is the main risk that sales should not grow faster?

是的，謝謝。希望你們聽得到我。我的問題是關於你們的銷售展望。我只是想知道，因為你們預期成長4%到6%，考量到今年開局非常強勁，而且接下來幾季還會有更多定價生效，這看起來相當保守。你們是否同意這份指引看起來偏謹慎？或者說，銷售無法更快成長的主要風險是什麼？

Good morning, Martin. And I'm afraid I will not adjust the guidance now based on your comments, but it's -- when we talked about beginning of the year for the guidance for the year, I think it took a bit of courage to say we're going to grow this year 4% to 6% because obviously, we didn't grow like that in the last two years. So we came out. And now we just want to be a bit cautious.

早安，Martin。恐怕我不會因為你的評論就立刻調整指引，但——當我們在年初談到全年指引時，我認為要說今年將成長4%到6%其實需要一些勇氣，因為顯然過去兩年我們並沒有這樣的成長。所以我們提出了這個指引。而現在我們只是希望稍微保守一些。

I think if the math works out, we're going to see a very good year. We have the pricing coming. We have -- the PB Materials acquisition, by the way, has started phenomenal. If you just take the sales of six weeks in the lower Q1 season, you can imagine that we're going to have very strong contribution from that acquisition in West Texas.

我認為如果數學算得通，我們會看到非常好的一年。我們有定價即將到來。另外，順帶一提，PB Materials 的收購開局非常出色。如果你只看第一季淡季的六週銷售，你就能想像這項收購在西德州將帶來非常強勁的貢獻。

Now having said that, we don't want to bet on the overall economy. This is why we are cautious. We believe the 4% to 6% are sufficient for us to deliver on the more important KPI of 8% to 11% EBITDA. And this is what we focus on. So all the pricing, the fuel surcharges, the efficiencies we put in place now, they should deliver that result based on the growth. And then we -- I think we're going to talk after Q2 how the momentum is curving and maybe we have a different discussion. But for now, I think we have a pretty sharp guidance for 2026.

話雖如此，我們不想押注整體經濟。這就是我們保持謹慎的原因。我們相信4%到6%的成長足以讓我們達成更重要的KPI，也就是8%到11%的EBITDA。這才是我們的重點。因此，所有的定價、燃料附加費（fuel surcharges）、以及我們現在導入的效率措施，都應該能在這樣的成長基礎上交付該結果。然後我想我們會在第二季之後再討論動能的走勢，也許會有不同的討論。但就目前而言，我認為我們對2026年的指引相當明確。

(Operator Instructions) Will Jones, Redburn.

（接線員指示）Will Jones，Redburn。

Thanks. Good morning. Perhaps I could just come back to cement pricing again, please. There's some talk of regional differences. I just wonder what you may be seeing coastal versus inland or maybe US versus Canada? And then just whether you think the wider cost environment at the moment has any impact on import economics for the industry? Thanks.

謝謝。早安。我想再回到水泥定價的問題。市場上有一些關於區域差異的討論。我想知道你們看到的沿海與內陸，或美國與加拿大之間，是否有什麼差異？另外，目前更廣泛的成本環境是否會對產業的進口經濟性造成任何影響？謝謝。

Hi, Will. Good morning. Yeah. Look, I don't think we -- I don't want to make any new announcement on the pricing. I think you saw beginning of the year, we reported earlier, we have already implemented a 3% price increase for entire Canada. You also saw some regional price increases in the US. However, remember that we had a higher sales price increase in Q1 2025.

嗨，Will。早安。是的。你看，我認為我們——我不想就定價做任何新的宣布。我想你在年初已經看到，我們先前已經報告過，我們已在加拿大全境實施了3%的漲價。你也看到我們在美國部分地區進行了區域性漲價。不過，請記得我們在2025年第一季的銷售價格調漲幅度更高。

So now looking forward to the year, I hear comments from people with fuel surcharges or energy costs given reason for extra price increases. Also people talk about significant cost increases for import cement and all that. And we're going to see that, I think, in Q2, how this turns out. But for the moment, we are, I think, confident what we just announced in pricing and volumes, what we want to do now for this year.

所以現在展望今年，我聽到有人提到燃油附加費或能源成本，作為額外漲價的理由。也有人談到進口水泥等帶來的顯著成本上升。我想我們會在第二季看到結果會如何發展。但就目前而言，我認為我們對剛剛宣布的定價與銷量目標有信心，這也是我們今年想要推進的方向。

Yassine Touahri, On Field Research.

Yassine Touahri，On Field Research。

Yes, good morning. Thank you very much for taking my question. It would be on your import strategy. I think that you imported approximately 10% of your cement volume in 2025, about 2 million tons. And I can imagine that now that you're commissioning your grinding mill in Ste. Genevieve, you will replace some of these imports by local production.

是的，早安。非常感謝讓我提問。我的問題是關於你們的進口策略。我想你們在2025年進口了約占水泥銷量10%的量，大約200萬噸。我可以想像，現在你們在Ste. Genevieve啟用磨粉廠後，你們會以本地生產取代其中一部分進口。

Could you give us an idea of where you would see imports landing in 2026? Could it, let's say, for example, half to only 1 million tons and 5% of your cement shipments? It would be great to get a sense of the strategy there in midterm as well. Could we (multiple speakers)?

你們能否讓我們了解一下，2026年的進口量大概會落在什麼水準？例如，是否可能減半到僅100萬噸、約占水泥出貨量5%？也希望能了解中期策略的大方向。我們可以(多位講者)？

Hey, good morning, Yasin. The strategy of Amrize is not built on importing cement. And we are now upgrading our cement plants, our cement network to basically go almost to zero imports. So the very low volumes of imports at the moment for some specific coastal area. Besides that, we are supplying everything from domestic production.

嗨，早安，Yasin。Amrize的策略並不是建立在進口水泥之上。我們正在升級我們的水泥工廠與水泥供應網路，基本上要把進口降到幾乎為零。目前僅在某些特定沿海地區有非常少量的進口。除此之外，我們全部由國內生產供應。

As you rightly said, we commissioned the planned expansion in the largest North American cement plant at Ste. Genevieve next to St. Louis, and this will enable us now to have a couple of hundred thousand of extra volumes available for us. We also have continued now capacity projects in Texas, in Alberta province, in Montreal, Quebec province.

如你所說，我們已在北美最大的水泥廠Ste. Genevieve（位於聖路易斯附近）完成並啟用規劃中的擴建，這將使我們現在可額外取得數十萬噸的供應量。我們也持續在德州、亞伯達省，以及魁北克省蒙特婁推進產能專案。

So you can expect from us that import will not play a significant role for us in the future, will be already -- I don't have a number for you for the outlook. I'm not sure this year, but it will be in the low hundred thousands or something. This will not play a role for us and will only be limited to a specific coastal area and will not play a role within our network.

因此你可以預期，進口未來不會在我們的業務中扮演重要角色——而且已經——我目前沒有可提供的展望數字。我不確定今年會是多少，但大概會是幾十萬噸的低位水準之類。這對我們不會構成影響，且只會限於特定沿海地區，在我們的網路內不會扮演角色。

Arnaud Lehmann, Bank of America.

Arnaud Lehmann，美國銀行。

Thank you so much. Good morning, gentlemen. So just on acquisitions, do you have more acquisitions equivalent to PB Materials in the pipeline? And also on PB Materials, is it fair to say that the valuation multiple was, let's say, high single digit or maybe low double-digit EBITDA based on the acquisition spending that you published today? Thank you.

非常感謝。早安，各位先生。關於併購，你們的管線中是否還有更多類似PB Materials的併購案？另外，就PB Materials而言，根據你們今天公布的收購支出，是否可以說其估值倍數大約是高個位數，或可能是低雙位數的EBITDA倍數？謝謝。

Thank you. Hey, good morning, Arnaud. No, good -- first of all, PB Materials was a great acquisition. You will see, I think, throughout the year when we report more details, you will -- I expect them to really overdeliver of our business plan. You remember, I think we announced last year, sales was around $185 million with very good margins. And we expect this to significantly grow already in the first year with Amrize. So very, very exciting.

謝謝。嗨，早安，Arnaud。不——好——首先，PB Materials是一筆很棒的收購。我想你會在今年我們披露更多細節時看到——我預期他們的表現會大幅超出我們的商業計畫。你還記得，我想我們去年宣布過，銷售額約為1.85億美元，且毛利率非常好。而我們預期在加入Amrize後，第一年就會顯著成長。所以非常、非常令人振奮。

You will also see when the 10-Q comes out, you will see the acquisition price for the business. And your estimate is not so wrong. With [port] synergies, I think, yeah, maybe 12 times EBITDA or something for the business. So we could buy them, I think, at a very reasonable multiple and the synergies and the business going forward will be very -- is a very attractive acquisition for us. And I look very much forward to report more details as the year progresses.

你也會在10-Q公布時看到該業務的收購價格。而你的估計並沒有差太多。加上[port]協同效益，我想，是的，可能大約是12倍EBITDA之類的。所以我認為我們以非常合理的倍數買下它們，而協同效益與未來業務發展將會非常——對我們而言是一筆非常有吸引力的收購。我也非常期待隨著今年進展，向大家報告更多細節。

Of course, we want to do more acquisitions like that, and we have a good pipeline. And I hope we can announce a few or a couple more deals throughout this year.

當然，我們希望做更多這樣的併購，而且我們有不錯的案源管線。我希望我們能在今年陸續宣布幾筆或再多一兩筆交易。

This concludes our Q&A session. I will now turn the call back over to Aroon Amarnani for closing remarks.

問答環節到此結束。我現在把電話交回給Aroon Amarnani做結語。

Thank you all for joining us for our first-quarter 2026 earnings call. We look forward to speaking to you after we report second-quarter 2026 results in August. Thank you.

感謝各位參加我們2026年第一季財報電話會議。我們期待在8月公布2026年第二季業績後，再與各位交流。謝謝。

This concludes the Amrize Q1 2026 earnings conference call. You may now disconnect.

Amrize 2026年第一季財報電話會議到此結束。您現在可以掛線。