Buzzi (BZU) investor relations material

Executive summary

• Net sales for H1 2026 were €2,188.5 million, stable year-over-year (+0.1%), with cement volumes up 5.4% due to scope changes and UAE expansion, while ready-mix volumes declined 4.2%.

• EBITDA declined 8.2% to €482.7 million, with margin compression to 21.7% from 24.0%, mainly due to cost inflation and adverse FX impacts, especially in the U.S. and Russia.

• Net profit fell 16.8% to €324.5 million, reflecting lower operating profit and higher production costs.

• Some geographies, such as Brazil, Mexico, and the UAE, performed significantly better than last year, while Central Europe, the U.S., and Russia underperformed.

• Solid cash generation supported ongoing capex and share buybacks, with net cash position at €896 million at period end.

Financial highlights

• Cement and clinker sales reached 15.7 million tons (+5.4% year-over-year); ready-mix concrete sales were 4.6 million m³ (-4.2%).

• EBITDA for H1 2026 was €483 million, down from €526 million in H1 2025; recurring EBITDA was €475 million (-9.7%).

• Net cash from operating activities was €261.5 million, down from €354.3 million in H1 2025.

• Share buyback program used €180 million in H1, reaching €200 million by mid-July.

• CapEx increased to €275.2 million, with full-year expectations around €550–560 million.

Outlook and guidance

• Full-year 2026 recurring EBITDA expected between €1.1 and €1.2 billion, a decline from last year but still considered sound.

• H2 expected to be less challenging, with potential for partial recovery in EBITDA margin, especially in the U.S.

• Demand in main geographies expected to remain broadly in line with H1; pricing actions and cost controls to support profitability.

• Inflationary pressures and volatile energy markets anticipated to persist, with FX headwinds mainly from a weaker USD.

• Energy cost incentives in Italy and Germany are expected to continue supporting margins.