Buzzi (BZU) AGM 2025 Presentation summary

Corporate structure and investment highlights

• Operates through a network of subsidiaries, joint ventures, and associates across Europe, the Americas, and North Africa, with significant stakes in companies like Dyckerhoff, Alamo Cement, and Corporacion Moctezuma.

• Buzzi family holds 53% of shares, with 6% treasury shares and 41% held by the market; share price up 34% year-to-date as of May 2025.

• Dividend per share for 2024 increased by 17%, reflecting strong shareholder returns.

Financial performance and capital allocation

• Net sales reached €4,313m in 2024, with a 5.5% CAGR since 2015; EBITDA margin improved by 12 percentage points over the same period.

• Generated €5.2b in net cash from operations over 10 years, maintaining an average capex/sales ratio of 8%.

• Achieved €0.8b net cash at end of 2024, with gross debt reduced by €0.9b over 10 years.

• 2024 saw €932.6m in operating cash flow (+13.9%), €448.4m in capex (+47.6%), and €260m returned to shareholders (~27% payout).

• Buyback program acquired 4.11m shares (2.1% of capital) in 2024-2025, with 6% of shares now held as treasury stock.

FY 2024 operational overview

• Net sales remained stable due to favorable pricing offsetting volume declines; EBITDA grew 2.6% to €1,276m, with margin up to 29.6%.

• Positive price over cost evolution in Italy and the US offset lower margins in Central and Eastern Europe.

• Sound cash generation supported higher capex, M&A, and improved shareholder returns.

• 2025 recurring EBITDA expected to consolidate at 2024’s high level.