Buzzi (BZU) Investor presentation summary

Strategic positioning and operations

• Maintains a well-balanced portfolio with exposure to both mature and emerging markets, supported by over 40 million tons of cement capacity and 350 concrete plants worldwide.

• International presence spans Italy, USA, Germany, Luxembourg, Netherlands, Poland, Brazil, UAE, Mexico, Russia, Algeria, Slovenia, Austria, Czech Republic, and Slovakia.

• Ownership is split between the founding family (59%) and the market (41%), with a market cap of approximately €7.1 billion as of August 2026.

• Net sales for FY2025 reached €4.5 billion, EBITDA €1.2 billion, and net cash €1.1 billion.

• History of strategic acquisitions and market entries, including recent full control of Cimento Nacional in Brazil and entry into the UAE market.

Financial performance and capital allocation

• Net sales grew at a 6.0% CAGR and EBITDA at a 9.4% CAGR from 2016 to 2025, with EBITDA more than doubling in this period.

• Maintains disciplined capital allocation, with an average Capex/Sales ratio of 7.8% and cumulative net cash from operations of ~€5.8 billion over 10 years.

• Returned ~€1.1 billion to shareholders since 2016, including €710 million in dividends and €400 million in buybacks.

• Achieved consistent deleveraging, moving to a net cash position and earning an S&P rating upgrade to BBB+ in June 2025.

• Focuses on margin protection, selective capex, and maintaining investment grade metrics with net debt/EBITDA below 1.5x.

H1 2026 performance

• Cement volumes increased by 5.4% (including scope changes), while ready-mix volumes declined by 4.2%.

• Net sales remained stable at €2,189 million, with EBITDA at €483 million and a margin of 22.1%.

• Profitability improved in Italy, Poland, UAE, and Brazil, but higher production costs pressured margins elsewhere.

• Net cash position decreased by €214 million due to share buybacks and higher capex.