Buzzi (BZU) Q1 2026 TU earnings summary

Executive summary

• Cement volumes rose 10.4% year-over-year, mainly due to the UAE consolidation; ready-mix concrete volumes fell 8.6%.

• Net sales declined 1.2% to €960.3 million compared to Q1 2025, or -1.5% like-for-like.

• Growth in the US and Brazil offset European weakness caused by adverse weather and structural challenges.

• The UAE contributed positively, while Russia and Poland saw significant declines.

Financial highlights

• Cement and clinker sales reached 7.0 million tons (+10.4% year-over-year); ready-mix concrete sales dropped to 2.0 million m³ (-8.6%).

• Net cash position at quarter-end was €1,019 million, down from €1,110 million at year-end 2025.

• Capital expenditures totaled €116.5 million, down from €223.3 million in Q1 2025.

• Treasury share buybacks amounted to €102.3 million in Q1 2026.

Outlook and guidance

• Operating performance in Q1 was broadly in line with expectations, with US strength offsetting European weakness.

• Macroeconomic and geopolitical uncertainties persist, impacting supply chains and costs.

• Guidance for the full year is deferred to interim results due to seasonality and limited visibility.

• Recurring EBITDA is expected to decrease slightly versus 2025, reflecting cost pressures and less favorable USD exchange rates.