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Buzzi (BZU) investor relations material
Buzzi H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary5 Aug, 2025
Executive summary
Net sales rose 6.5% year-over-year to €2,187 million, driven by consolidation changes and volume rebound in Central and Eastern Europe, but results were below last year's record levels due to less favorable price and cost trends and mixed demand across regions.
Cement shipments increased 23.7% and ready-mix concrete volumes grew 3.7% in H1 2025, mainly due to consolidation scope changes.
EBITDA declined 4.8% to €526 million, with margin contraction due to higher costs in the US, Germany, and Italy, and net profit fell 8.4% to €386.3 million.
Cash generation remained strong, with net cash from operations exceeding last year despite lower EBITDA.
Net cash position decreased by €64 million, mainly due to M&A, FX effects, and dividend payments.
Financial highlights
Cement and clinker sales reached 14.9 million tons (+23.7% year-over-year); ready-mix concrete at 4.8 million m³ (+3.7%).
Net sales increased to €2,187.4 million (+6.5%); like-for-like sales up 0.9%.
EBITDA fell 4.8% to €526.0 million; recurring EBITDA down 4.0% to €526.3 million.
EBITDA margin dropped to 24.1% from 26.7% in H1 2024.
Net cash from operations was €354.3 million, up 3.2% year-over-year.
Outlook and guidance
Recurring EBITDA for full-year 2025 expected between €1,100 million and €1,200 million, down from €1,280 million last year, mainly due to FX and scope changes.
Management is more optimistic for the second half, expecting improved volumes, especially in the US, and stable or better margins in Brazil and Eastern Europe.
Construction activity in Italy stabilizing; Central Europe recovery to continue at a moderate pace; Eastern Europe remains optimistic; Brazil demand resilient; Mexico expects construction slowdown.
Risks are mainly volume-related in the US; cost risks are seen as limited for H2.
FX volatility, especially USD and BRL, poses significant risk to results.
How did the Alpe-Adria deal impact Italy sales?
Why did US construction investment decline?
What's driving optimism in Poland's demand?
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H2 202527 Mar, 2026
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Frequently asked questions
Buzzi S.p.A. is an Italy-based company primarily involved in the production, distribution, and sale of cement, ready-mix concrete, and natural aggregates. Established in 1872, the company has a long-standing presence in the construction materials sector. Its operations extend beyond Italy to include other parts of Europe and the Americas. The company is headquartered in Casale Monferrato, Italy, and its shares are listed on the Borsa Italiana.
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