Buzzi (BZU) Investor presentation summary

Operating footprint and profile

• Operations span mature and emerging markets, with more than 40 mt of cement capacity and 350 ready-mix plants.

• FY2025 regional exposure: USA 35% of sales and 47% of EBITDA; Italy 17% and 15%; Central Europe 22% and 12%; Eastern Europe 16% and 17%.

• FY2025 net sales were €4.5bn, EBITDA €1.2bn and net cash €1.1bn; market cap was ~€6.6bn at 30 September 2026.

• Ownership at 30 September 2026: Buzzi family 59%, market 41%.

Financial track record and capital allocation

• 2016–2025 net sales CAGR was 6.0% and EBITDA CAGR 9.4%; EBITDA more than doubled over the period.

• Ten-year cumulative operating cash generation was ~€5.8bn, industrial-asset investment ~€2.8bn and financial investments ~€0.8bn; average capex/sales was ~7.8%.

• Net cash position strengthened in 2025; S&P upgraded the long-term rating to BBB+ in June 2025, with stable outlook and A-2 short-term rating.

• Since 2016, ~€1.1bn was returned to shareholders, including ~€710m in dividends and ~€400m in buybacks; equity FCF CAGR was 17%.

• Financial priorities include selective capex averaging ~8% of sales, positive average ROIC vs. WACC spread and net debt/EBITDA below 1.5x.

H1 2026 performance

• Cement volumes rose 5.4% including scope changes, while ready-mix volumes fell 4.2% YoY; European cement volumes were slightly lower amid weaker demand and Q1 weather impacts.

• Net sales were €2,189m, broadly stable YoY and down 1.1% like-for-like; scope changes contributed €61m.

• EBITDA declined 8.2% YoY to €483m, with margin down 190 bps to 22.1%; positive scope effect was €9m.

• At constant scope, profitability improved in Italy, Poland, UAE and Brazil; higher production costs pressured margins in other regions.

• Net cash fell from €1,110m at FY2025 to €896m at H1 2026, mainly reflecting buybacks and higher capex.