Buzzi (BZU) H2 2024 earnings summary

Executive summary

• Net sales for FY 2024 were €4,313 million, stable year-over-year, with favorable pricing offsetting volume declines.

• EBITDA rose 2.6% to €1,276 million, with margin improving to 29.6%.

• Net profit declined 2.5% to €942.3 million, impacted by non-recurring items and currency effects.

• Strong operating cash flow of €1,178 million supported higher capex, M&A, and a proposed 17% dividend increase.

• Major transactions included full consolidation of Brazil and divestment of Ukrainian and French assets.

Financial highlights

• Cement and clinker sales volumes were stable at 26.3 million tons; ready-mix concrete sales fell 3.7% to 9.7 million m³.

• EBITDA margin improved to 29.6% (+80bps year-over-year).

• Net cash position at year-end was €755 million.

• CapEx increased to €448 million (+47.6% year-over-year), with €89 million for decarbonization.

• Total payout to shareholders was about €260 million, with a 17% dividend increase and share buybacks.

Outlook and guidance

• 2025 is expected to deliver operational results close to 2024, with stable or slightly improved results but more downside risk from cost inflation and weak volumes.

• Construction activity is stabilizing at low levels in most markets; price over cost evolution remains a focus.

• Volume growth is unlikely in most geographies except Brazil, where a 3-4% increase is possible.

• Energy and fuel cost tailwinds from 2024 are not expected to continue; 2025 will see higher input costs.

• Focus remains on maintaining profitability through cost control and selective price increases.