Amrize Ltd

facilities feature quarries, crushers, raw material mills, kilns, finishing mills, storage silos, and terminals for

distribution. Our footprint is comprised of over 1,000 sites and facilities, including 18 cement plants, 143

terminals, 56 cementitious product operations, 273 ready-mix concrete plants, 467 aggregates operations, 37

concrete product sites, and 50 asphalt operations. Additionally, we maintain a commercial real estate

presence throughout the United States and Canada. These locations consist of owned and leased properties

that are primarily utilized as offices for administrative and business purposes. We have a principal executive

office in Zug, Switzerland, operational headquarters in Chicago and regional offices throughout the United

States and Canada (including in Nashville, Toronto and Calgary), as well as shared service center in Colombia.

Our network of quarries, pits and mills provide us with raw materials such as hard rock, sand and gravel to

manufacture various building materials such as aggregates, cement, asphalt, ready-mix concrete and other

concrete products. Our reserves and resources are sourced from 376 aggregates pits and quarries and 16

cement quarries across the United States and Canada. Most cement plants have one or more associated

quarries adjacent to the plant. The majority of production sites use surface mining methods.

We own or lease the real estate on which our main raw materials, aggregates and other minerals are located.

Of our 376 aggregates pits and quarries, 239 are on owned lands, 114 are on leased lands and 23 are on

lands owned in part and leased in part. Of our 16 cement quarries, 15 are on owned lands and one is on leased

land. None of our mineral reserve and resource sites are deemed individually material to our business or

financial condition. The following map presents the location of our mining properties:

As of December 31, 2025, our Building Materials segment includes estimated total reserves of 8,220 million

tons (consisting of 3,952 million tons of proven reserves and 4,268 million tons of probable reserves) and

estimated total resources of 6,412 million tons (consisting of 1,072 million tons of measured resources, 1,827

million tons of indicated resources and 3,513 million tons of inferred resources). Our reserve and resource

estimates have been estimated by qualified persons in accordance with Subpart 1300 of SEC Regulation S-K.

Across our Building Envelope operations, we maintain 51 facilities throughout North America, which

encompass 34 manufacturing facilities, 12 warehouses and five centers focused on research and

development applications. We maintain 12 facilities under our Elevate business and 9 locations within our

Duro-Last operations. Malarkey and Gaco each operate from 4 locations, while the remaining 5 sites support

our Ox and Enverge business lines.

Reserves

A mineral reserve is an estimate of tonnage and grade or quality of indicated and measured mineral resources

that, in the opinion of a qualified person, can be the basis of an economically viable project. More specifically,

it is the economically mineable part of a measured or indicated mineral resource, which includes diluting

materials and allowances for losses that may occur when the material is mined or extracted. Mineral reserves

are classified into two categories — probable and proven reserves — based on geological confidence and the

application of modifying factors to demonstrate that the extraction of indicated or measured mineral

resources is economically viable under reasonable investment and market assumptions. A probable mineral

reserve is the economically mineable part of an indicated and, in some cases, a measured mineral resource. A

proven mineral reserve is the economically mineable part of a measured mineral resource.

Our estimated 3,952 million tons of proven reserves and 4,268 million tons of probable reserves are broken

down by material type (between hard rock and sand & gravel). Reserve estimates include hard rock and sand

& gravel of suitable quality that are economically viable for extraction based on drilling, sampling, testing and

modeling completed by or under the supervision of qualified persons, as well as supervised contractors and

consultants. The application of reasonable modifying factors including economic, operational, commercial,

legal, environmental compliance, permitting and other factors have been considered by the qualified persons

in converting indicated or measured resources to reserves.

During the year ended December 31, 2025, the average sales price for aggregates (excluding freight) in the

United States was $16.32 per ton, while cement averaged $169.33 per ton. In Canada, the average sales

price for aggregates (excluding freight) was $11.43 per ton, and cement was $168.92 per ton. These prices,

which are used for estimation of both mineral reserves and resources, are impacted by product mix,

geographic location, and foreign currency rates.

The following table provides a summary of our proven and probable reserves as of December 31, 2025:

Reserves

Proven · Probable · Total

(In millions of tons, except percentage data) · Total · Hard Rock · Sand & Gravel · Total · Hard Rock · Sand & Gravel · Total · Hard Rock · Sand & Gravel

United States · 1,395 · 82% · 18% · 2,178 · 98% · 2% · 3,573 · 91% · 9%

Canada · 1,002 · 92% · 8% · 1,594 · 87% · 13% · 2,596 · 89% · 11%

Subtotal · 2,397 · 86% · 14% · 3,772 · 93% · 7% · 6,169 · 90% · 10%

United States · 1,466 · 100% · 152 · 100% · 1,618 · 100%

Canada · 89 · 100% · 344 · 100% · 433 · 100%

Subtotal · 1,555 · 100% · 496 · 100% · 2,051 · 100%

Total · 3,952 · 92% · 8% · 4,268 · 94% · 6% · 8,220 · 93% · 7%

Resources

• North America Shared Services S.A.S. Colombia⁵

• We are affected by the level of demand in the construction industry.
• We and our customers participate in cyclical industries and regional markets, which are subject
• to industry downturns.
• Changes in the cost and/or availability of raw materials required to run our business, including
• related supply chain disruptions, could have a material adverse effect on our business, financial
• condition and results of operations.
• High energy and fuel costs have had and may continue to have a material adverse effect on our
• operating results.
• The development and introduction of new products and technologies, or the failure to do so,
• could have a material adverse effect on our business, financial condition, liquidity and results of
• We operate in a highly competitive industry with numerous players employing different
• competitive strategies and if we do not compete effectively, our revenues, market share and
• results of operations may be adversely affected.
• Activities in our business can be hazardous and can cause injury to people or damage to
• property in certain circumstances.
• We could face claims related to product liability, workers’ compensation, automotive liability
• and general liability and we may not have sufficient insurance to cover those claims.
• We may face warranty claims if customers are not satisfied with the performance of our
• Building Envelope products.
• Our portfolio of products, and in particular our Building Envelope portfolio, has grown largely
• through acquisitions, and there is no assurance that we will be able to continue to acquire
• additional products to support future growth.
• We may not be able to successfully integrate or realize the expected benefits from any
• acquisitions or joint ventures.
• The loss of, a significant decline in business with, or pricing pressures from, one or more of our
• key customers or distributors could adversely affect our financial condition, liquidity and
• Our operations and ability to source products and materials can be affected by adverse
• weather conditions and natural disasters, which could have a material adverse effect on our
• If we fail to accurately forecast project budgets and timelines, or if we deliver projects that do
• not meet contracted standards, it could have a material adverse effect on our business,
• financial condition, liquidity and results of operations.
• We could be adversely affected by any significant or prolonged disruption to our production
• Labor activism and unrest, rising labor rates, further unionization, work stoppages or failure by
• us to maintain satisfactory labor relations, could adversely affect our results of operations.
• We depend on the recruitment and retention of qualified personnel, and our failure to attract
• and retain such personnel could adversely affect our businesses.
• We are increasingly dependent on information technology and our systems and infrastructure,
• as well as those provided by third-party service providers, face certain risks, including
• cybersecurity risks. An inability to successfully maintain information technology systems and
• their security, as well as protect data and other confidential information, could adversely affect
• our business and reputation.
• Our intellectual property rights may not provide meaningful commercial protection for our
• products, manufacturing processes or services, which could have a material adverse impact on
• our business, financial condition and results of operations.
• We may be required to defend our intellectual property against infringement or against
• infringement claims of others.
• Our insurance coverage may not cover all the risks to which we may be exposed, and
• unexpected factors affecting our self-insurance could adversely affect our business and
• financial condition.
• Future pandemics and epidemics, such as the COVID-19 pandemic, could materially adversely
• affect our financial condition and results of operations.
• Some of our products are commodities, which are subject to significant changes in supply and
• demand and price fluctuations.
• Our business is capital intensive, resulting in significant fixed and semi-fixed costs. Therefore,
• our earnings are sensitive to changes in volume.
• Significant changes in the cost and availability of transportation and related logistical
• disruptions could adversely affect our financial condition, liquidity, results of operations and
• business, including our trading operations.
• Fluctuations in foreign exchange rates may have an adverse effect on our business.
• Our use of derivative financial instruments could negatively affect our net income and liquidity.
• Political, social and geopolitical events, possible changes in public policies and other societal
• risks could have a material adverse effect on our business, financial condition, liquidity and
• Our goodwill and intangible long-lived assets represent a substantial amount of our total
• assets. Significant underperformance in any of our operations in the future may give rise to a
• material write-down of goodwill or long-lived assets, adversely effecting on our business,
• results of operations and financial condition.
• We are subject to the laws and regulations of the countries where we operate and do business
• and non-compliance, any material changes in such laws and regulations and/or any significant