Amrize AG: Equity Story Remains Very Attractive

Amrize AG remains a Buy as Building Materials drives robust organic volume growth and margin expansion, despite mixed Q1 2026 segment results. BM segment revenue rose 12.9% with cement and aggregates volumes up ~14%, while margin expanded 230 bps to 11.3%, signaling high-quality demand. Commercial demand drivers have broadened beyond data centers to include energy, warehousing, logistics, and multi-year project starts, supporting durable growth visibility.