Buzzi (BZU) H1 2025 earnings summary

Executive summary

• Net sales rose 6.5% year-over-year to €2,187.4 million, driven by consolidation changes, acquisitions, and resilient demand in key markets.

• EBITDA declined 4.8% to €526.0 million, with margin contraction due to higher costs in the US, Germany, and Italy.

• Net profit fell to €389.8 million from €421.9 million, impacted by increased production costs, higher amortization, taxes, and FX headwinds.

• Net cash position decreased by €64 million to €691.2 million, mainly due to M&A, FX effects, and dividend payments.

• Major acquisitions included full control of the Brazilian JV, entry into the UAE via Gulf Cement, and a strategic partnership in the Alpe-Adria region.

Financial highlights

• Cement deliveries surged 23.7% to 14.9 million tons; ready-mix concrete output up 3.7% to 4.8 million m³.

• 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.

• Operating profit (EBIT) declined 14% to €365.9 million.

• Dividend payments rose to €124 million from €108 million year-over-year.

Outlook and guidance

• Recurring EBITDA for full-year 2025 expected between €1,100 million and €1,200 million.

• Management expects improved volumes and margins in H2, with stable or better trends in Brazil and Eastern Europe.

• US outlook remains cautious due to demand slowdown and economic uncertainty; Central Europe recovery to continue at a moderate pace.

• Demand in Italy stabilizing; Brazil to see slight growth; Mexico expects construction slowdown.

• FX volatility and US market uncertainty remain key risks for the outlook.