Buzzi (BZU) Investor presentation summary

Strategic positioning and business overview

• Operates a well-balanced portfolio across mature and emerging markets, with over 40 million tons of cement capacity and 350 concrete plants globally.

• Maintains a long-term strategy with a core shareholder base and experienced management, focusing on selective capex, M&A, and shareholder remuneration.

• International presence spans Italy, USA, Germany, Brazil, UAE, Mexico, and Eastern Europe, with significant regional diversification in sales and EBITDA.

• Recent expansions include full control over Cimento Nacional (Brazil), UAE entry, and divestment from Ukraine.

Financial performance and capital allocation

• FY 2025 net sales reached €4.52 billion (+4.8%), EBITDA at €1.24 billion (-3.1%), and net cash position at €1.13 billion.

• EBITDA margin declined to 27.4% due to higher costs and FX headwinds, despite positive scope effects from acquisitions.

• Cumulative net cash from operations over 10 years was ~€5.8 billion, with disciplined capex averaging 7.8% of sales.

• Shareholder returns since 2016 totaled ~€1.1 billion, split between dividends (~€710 million) and buybacks (~€400 million).

• S&P upgraded the long-term rating to BBB+ in June 2025, reflecting a strong balance sheet and net cash position since 2021.

Regional and operational highlights

• USA remains the largest contributor (35% of sales, 47% of EBITDA), followed by Central Europe, Italy, and Brazil.

• Cement volumes increased by 21.2% in 2025, mainly from Brazil consolidation and UAE acquisition; ready-mix volumes rose 1.8%.

• Eastern Europe benefited from favorable price-over-cost dynamics, while other regions saw margin declines.

• Net sales by country show growth in Brazil and Poland, with declines in Italy and the USA due to FX and market conditions.