Buzzi (BZU) Investor presentation summary

Strategic positioning and operational footprint

• Maintains a well-balanced portfolio with exposure to both mature and emerging markets, supported by over 40 million tons of cement capacity and 350 concrete plants worldwide.

• International presence spans Italy, Central and Eastern Europe, USA, Brazil, UAE, Mexico, Russia, Algeria, and more, with significant production and distribution assets in each region.

• Core shareholder structure is long-term oriented, with the Buzzi family holding 53% and a market capitalization of approximately €8.9 billion as of June 2026.

• History of strategic acquisitions and market entries, including recent full control over Cimento Nacional in Brazil and entry into Gulf Cement Company in UAE.

Financial performance and capital allocation

• Net sales reached €4.5 billion and EBITDA €1.2 billion in FY 2025, with a net cash position of €1.1 billion.

• Demonstrated solid growth with a net sales CAGR of 6.0% and EBITDA CAGR of 9.4% from 2016 to 2025, driven by strong demand and effective price management.

• Cumulative net cash from operations over the past decade totaled ~€5.8 billion, with disciplined capex averaging 7.8% of sales and selective investments in new and existing markets.

• Maintains a strong balance sheet, achieving consistent deleveraging and a net cash position since 2021; S&P upgraded long-term rating to BBB+ in June 2025.

• Returned ~€1.1 billion to shareholders since 2016 through dividends and buybacks, with a commitment to sustainable remuneration policies.

Recent results and outlook

• Q1 2026 cement volumes increased by 10.4% due to UAE consolidation, while ready-mix volumes declined by 8.6%.

• Net sales for Q1 2026 decreased by 1.2%, impacted by adverse weather in Europe and negative FX effects, partially offset by scope expansion.

• Maintains strong net cash position, supporting strategic growth and shareholder returns.

• 2026 recurring EBITDA is expected to marginally decline amid increased macroeconomic and geopolitical uncertainty.