Buzzi (BZU) Q1 2025 TU earnings summary

Executive summary

• Cement volumes rose 23.0% year-over-year, mainly due to the inclusion of Brazil; ready-mix concrete volumes up 3.9%.

• Net sales increased 8.7% to €972.2 million compared to Q1 2024, with like-for-like growth of 0.3%.

• U.S. deliveries slowed due to adverse weather, while Eastern Europe remained strong and Central Europe showed recovery.

Financial highlights

• Cement sales reached 6.4 million tons (+23.0% year-over-year); ready-mix concrete at 2.2 million m³ (+3.9%).

• Net sales breakdown: Italy €192.1m (+0.7%), U.S. €355.2m (-3.3%), Germany €169.9m (-0.2%), Poland €41.2m (+46.0%), Brazil €80.8m.

• Positive net financial position of €755.3 million, unchanged from year-end 2024.

Outlook and guidance

• U.S. delivery weakness seen as temporary, with expected stabilization and recovery in coming quarters.

• Europe, especially Central and Eastern regions, expected to consolidate gains; Italy to benefit from infrastructure projects.

• Brazil's growth to normalize; Mexico faces construction slowdown.

• Operating results for 2025 expected to approach 2024's excellent levels, but global uncertainty and downside risks remain.