Building materials manufacturer Amrize reported higher revenue in the first quarter of 2026. Profitability, however, declined slightly. The company has confirmed its full-year forecast and will pay a quarterly dividend for the first time. Revenue rose 4.7 percent to $2.18 billion from January to March, the former Holcim subsidiary announced on Wednesday evening. The larger Building Materials segment grew by 12.9 percent, while the smaller Building Envelope segment shrank by 9.8 percent. Operating profit adjusted for special costs (Adj. EBITDA) fell by 10.3 percent to $192 million. The corresponding margin sank to 8.8 percent from 10.3 percent in the same quarter of the previous year. With these figures, Amrize significantly missed analysts' expectations. The bottom line was a net loss of $118 million. In the same period of the previous year, the loss had amounted to $87 million. The annual forecast is confirmed: Management continues to expect revenue of $12.29 to $12.52 billion and adjusted EBITDA of $3.25 to $3.34 billion for the full year 2026. The company also implemented price increases in April and anticipates an improvement in results as the year progresses. Finally, Amrize announced the payment of a quarterly dividend for the first time. The Board of Directors approved a payout of $0.11 per share effective May 20. The dividend will be distributed from capital reserves. In addition, the Board of Directors approved a $1.0 billion share buyback programme with a term of 12 months.

The Swiss stock market closed midweek with a sharp decline. The SMI dropped 0.9 percent to 13,032 points. Among individual stocks, UBS shares were the day’s top performer in the SMI, rising 3.2 percent. The bank benefited in the first quarter from brisk trading activity amid increased market volatility and from the fact that more high-net-worth clients were investing their money with the bank. This reassured investors regarding the bank’s performance as it nears the completion of the Credit Suisse integration and seeks to cushion the impact of Switzerland’s plans to overhaul its banking regulations, according to reports. In contrast, the majority of SMI stocks suffered losses, some of them significant. Kühne + Nagel dropped 3.9 percent, Lonza gave up 1.8 percent, and shares of index heavyweights Nestlé, Roche, and Novartis decreased by up to 1.4 percent. Shares of elevator manufacturer Schindler closed 1.0 percent lower. The Finnish group Kone is acquiring its German competitor TK Elevator for nearly $24 billion. The transaction would create the world’s largest elevator manufacturer by revenue.

Europe
European stock markets faltered on Wednesday. The Stoxx Europe 600 index fell 0.6% to 603 points. In Paris, the CAC 40 and the SBF 120 each lost 0.4%. In Frankfurt, the DAX 40 slipped 0.3%, while the FTSE 100 gave up 1.2% in London. SOPRA STERIA (+17.5%): The IT services company confirmed its financial targets for 2026 on Wednesday, as its revenue rose during the first three months of the year for the second consecutive quarter. ADP GROUP (-7%): The airport operator announced on Tuesday evening that first-quarter revenue had declined due to the impact of the conflict in the Middle East on its business. AMUNDI (+6.9%): The asset management firm released quarterly results on Wednesday that significantly exceeded analysts’ expectations. AIRBUS (+5.1%): The European aerospace and defense group maintained its 2026 targets on Tuesday evening, after reporting a sharp decline in first-quarter results amid supply chain issues involving engines from the American company Pratt & Whitney. PERNOD RICARD (-3.1%): The spirits producer confirmed that it has ended discussions with its U.S. competitor Brown-Forman regarding a merger.

United States
Major indexes finished mixed on Wednesday, with the Dow industrials losing 0.6%, the S&P 500 slipping less than 0.1% and the Nasdaq composite gaining less than 0.1%, after the Fed’s rate decision to hold rates steady. Investors welcomed strong results from consumer-discretionary companies such as Starbucks, which rose roughly 8.4% to its best performance since March 2025, and Taco Bell parent Yum! Brands, which added around 2.2%. Traders also piled back into some of the stocks most burned by an OpenAI-driven selloff on Tuesday and lifted Intel another 12%. GE HealthCare plummeted 13.2 percent following the release of its first-quarter results. The medical technology company lowered its outlook and plans to merge its two largest segments. AbbVie (+3.3%), on the other hand, raised its forecast for adjusted annual earnings. Seagate Technology rose 11.1 percent; the hard drive manufacturer exceeded market expectations for earnings and revenue in the third fiscal quarter—and traders also cited a convincing outlook. Other stocks in the storage and memory chip sector also gained ground: Micron Technology added 2.8 percent. The credit card company Visa exceeded earnings expectations for the second fiscal quarter, and its stock price soared 8.3 percent. Brown-Forman fell 10.3 percent after the French spirits group Pernod Ricard ended talks with the Jack Daniel’s maker regarding a potential merger.

Asia
Negative sentiment is dominating East Asian stock markets on Thursday. Earnings reports released late Wednesday by major U.S. tech companies—namely Amazon, Alphabet, Meta, and Microsoft—did not impress across the board. In Tokyo, the Topix is down 1.8 percent. In Seoul, the Kospi slipped 0.9 percent. On the Hong Kong stock exchange, the Hang Seng Index dipped 1.2 percent. The Shanghai stock market held up better, with the Composite Index trending firmly higher after the official manufacturing Purchasing Managers’ Index for April came in better than expected. On the oil market, the price of a barrel of Brent climbed 6.6 percent to $125.85. Among individual stocks in Tokyo, Fujitsu plummeted by nearly 14 percent. The software and IT company had missed market expectations with its revenue and profit forecast.

Bonds
Long-dated U.S. government debt yields edged higher on Wednesday. The 10-year Treasury note yield jumped 6 basis points to 4.41%. As of Wednesday afternoon, traders are now betting that a rate increase is more likely than a cut. They see a nearly 90% chance that the Federal Reserve doesn’t cut rates at all in 2026, according to CME FedWatch.

Analysis
Target price for VAT: UBS raises to CHF 650 (560) - Buy
Target price for Zehnder: UBS lowers to CHF 90 (97) - Buy
Target price for Bucher: UBS reduces to CHF 338 (385) - Neutral

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