Buzzi (BZU) Infrastructure & Energy Day Presentation summary

Strategic positioning and operations

• Balanced portfolio spans mature and emerging markets, with strong positions in the USA, Eurozone, Mexico, and Brazil, totaling over 40 mt cement capacity and 400 concrete plants including JVs.

• History of expansion through acquisitions in key regions, including the US, Germany, Mexico, Brazil, and recent divestments in Ukraine and East Slovakia.

• Group structure features significant family ownership (53%), a €6.7 billion market cap, and diversified sales and EBITDA contributions across Italy, Central/Eastern Europe, USA, Mexico, and Brazil.

• Extensive global footprint with major cement and ready-mix operations in Europe, the Americas, and selective presence in Africa and Eastern Europe.

Financial performance and capital allocation

• Net sales grew at a 6.2% CAGR and EBITDA at 12.7% CAGR (2014–2023), with EBITDA margin rising 12 percentage points to 29%.

• EBITDA by country highlights strong US and Mexico margins, with recent margin improvements in Italy and resilience in other regions.

• Generated €4.5 billion in operating cash over 10 years, with €2.4 billion invested in industrial assets and €0.5 billion in market entry/expansion.

• Achieved consistent deleveraging, moving to a net cash position and maintaining investment grade metrics, supporting growth and Net Zero transition.

• Returned ~€750 million to shareholders since 2014 via dividends and buybacks, with a 21% equity FCF CAGR and commitment to sustainable dividend growth.

H1 2024 results and regional trends

• H1 2024 saw cement and ready-mix volumes decline (down 8% and 8.8% respectively), with net sales at €2,150 million and recurring EBITDA at €548 million.

• EBITDA margin remained stable at 26.7%, with positive price dynamics in Italy and the US offsetting weaker Central/Eastern Europe.

• Net cash position improved by €100 million versus FY 2023; guidance for 2024 recurring EBITDA remains at record 2023 levels.

• Regional net sales and EBITDA show growth in Mexico and Italy, declines in Germany, Poland, and Benelux, and stable performance in the US.

• Cash flow from operations and capex increased in H1 2024, with an ongoing €200 million buyback program and a shareholder structure dominated by family and market investors.