Buzzi (BZU) Investor presentation summary

Strategic positioning and operations

• International network with a balanced portfolio across mature and emerging markets, over 40 mt cement capacity, and 350 concrete plants.

• Long-term oriented core shareholder base and experienced management team.

• Asset quality and selective capital allocation drive sustainable growth and shareholder remuneration.

• Presence in Italy, USA, Brazil, UAE, Germany, Luxembourg, Netherlands, Poland, Czech Republic, Slovakia, Russia, Mexico, Slovenia, and Algeria.

• Market cap of ~€8.3 billion, with 2025 net sales of €4.5 billion, EBITDA of €1.2 billion, and net cash of €1.1 billion.

Financial performance and capital allocation

• Net sales CAGR (2016–2025) of 6.0% and EBITDA CAGR of 9.4%, with EBITDA more than doubling over the period.

• Margin protection achieved by passing higher costs onto selling prices.

• Cumulative net cash from operations of ~€5.8 billion and industrial investments of ~€2.8 billion over 10 years.

• Average Capex/Sales ratio of 7.8%, reflecting disciplined investment decisions.

• Net cash position since 2021, with S&P rating upgraded to BBB+ in June 2025.

Shareholder returns and financial discipline

• Equity free cash flow CAGR of 17% since 2016, with ~€1.1 billion returned to shareholders (~€710m dividends, ~€400m buybacks).

• Commitment to sustainable dividend policy and share buybacks.

• Maintains investment grade metrics, with net debt/EBITDA ratio below 1.5x.

• Focus on cash generation to support growth and shareholder remuneration.