Buzzi (BZU) Q3 2024 TU earnings summary

Executive summary

• Cement and concrete volumes declined by 6.4% and 7.6% respectively, mainly due to weak demand in Central Europe and lack of recovery in Italy and the US.

• Consolidated net sales for the first nine months reached €3,184.3 million, down 2.5% like for like compared to the previous year.

• Net financial position improved to €1,001 million at September 2024, up €203 million from December 2023.

• Extraordinary transactions included the acquisition of full ownership of Cimento Nacional in Brazil and the sale of Ukraine assets, reducing the net financial position by about €360 million.

Financial highlights

• Cement sales: 18.8 million tons (down from 20.1 million in 2023); ready-mix concrete: 7.2 million m³ (down from 7.7 million).

• Net sales: €3,184.3 million, down 3.6% year-over-year; like for like, down 2.5%.

• Positive net financial position of €1,001 million at period end, up from €798 million at 2023 year-end.

• Foreign exchange had a negative impact of €31.7 million; scope changes reduced net sales by €4 million.

Outlook and guidance

• Operating results for full year 2024 expected to be similar but not to exceed 2023 record levels, net of consolidation changes.

• Recurring EBITDA for 2024 anticipated to be in line with 2023, excluding scope changes.

• Demand in the US and Italy expected to remain weak; Central Europe challenging but improving; Poland and Czech Republic resilient.