Buzzi (BZU) Investor Presentation summary

Company overview and strategy

• Operates internationally with a balanced portfolio across mature and emerging markets, over 40 mt cement capacity, and 350 concrete plants.

• Core shareholder base and experienced management drive long-term strategy and results orientation.

• History of expansion through acquisitions in Italy, US, Russia, Mexico, Brazil, and recent entry into UAE.

• Group structure features significant exposure to the US (40% of sales), with Italy, Central and Eastern Europe, Brazil, and Mexico also key regions.

• Maintains a disciplined, balanced financial approach with selective capex, M&A, and focus on shareholder returns.

Financial performance and capital allocation

• Net sales reached €4.3b and EBITDA €1.3b in FY 2024, with a 29.6% EBITDA margin, reflecting strong price dynamics and cost control.

• EBITDA grew 2.6% in 2024, driven by scope changes and margin improvement, despite FX headwinds.

• Cumulative net cash from operations over 10 years was ~€5.2b, with €2.7b invested in industrial assets and €0.6b in market entry/expansion.

• Net cash position at €798m in 2024, with consistent deleveraging and investment grade metrics.

• ~€990m returned to shareholders since 2014, split between dividends (€590m) and buybacks (€400m); 2024 payout ratio ~27%.

Regional and operational highlights

• US is the largest contributor to sales and EBITDA, with strong margin performance (38.4% in 2024).

• Italy and Brazil showed resilient demand, while Central Europe faced weaker housing investment.

• Cement and ready-mix volumes remained stable, with price increases across all major markets.

• 2024 saw stable operating results at constant perimeter, with positive price over cost evolution in Italy and US offsetting lower margins elsewhere.

• Buyback program in 2024-2025 acquired 4.11m shares (2.1% of capital), with total cash to shareholders at ~€260m.