Executive Summary

O S V L U M E	I Q 2 l d l i d i l l h i i l l i I l d E E d h d i t t t t t t n c e m e n v o u m e s e c n e n a g e o g r a p e s, p a r c u a r y n a y a n a s e r n u r o p e, u e o e p a n e m c i t, t f t h U S A F Q 2 h l t d 6. 1 % m p a c a p a r r o m e o r a s a w o e, c e m e n o w n - Y T D t l d ( 3. 4 % ) t 1 3. 4 t d i t l i t d ( 6. 3 % ) c e m e n v o u m e s o w n a m o n ; r e a y -m x c o n c r e e v o u m e s m o r e m p a c e - - f S I t l t t i d t t h l k d i d t i l t i t i l M t t d i J b t Y T D a y : s e v e r e c o n r a c o n u e o e o c o w n o n u s r a o p e r a o n s u n a y. r o n g e r r e n n u n e u • f l t i l l d i i i t l H i i t d i d t i o m e s s o n s g n c a n e a e r m p a c o n r e a -m p r o c o n v u w y. v y x u S f f, f C 1 9 U i t d t t t i t h i t h l t h k t i l i t i d- d t i t i n e a e s c e m e n p n e r s a a n s o m a r g n a m p a c r o m o a n n o r e s r c o n s o n : u v • i i i ( i h N h- E ) d i l i h l d t t t t t t t t t c o n s r u c o n a c v y e x c e p n e o r a s ; r e a y -m x s g y o w n C l E C Y T D l i h l d i G d f b l i L b ( k A i l d t t t e n r a u r o p e : e m e n s g y o w n n e r m a n y a n u n a v o r a e n u x e m o u r g v e r y w e a p r a n • d i M J ). R d i i G h k d i f f b i i f i l d i t t t t t t t s r o n g e r r e n n a y u n e e a y m x u p n e r m a n y a n s o e r e n s c o p e u s g n c a n y o w n n - B l e n e u x E t E t l i h t l b t t i C h R b l i h i l U k i P l d d R i a s e r n u r o p e : c e m e n s g y e e r n z e c e p u c, m e a n w e r a n e, o a n a n u s s a m o r e • f f t d b t h d i d i d d a e c e y e p a n e m c ; r e a y -m x e c r e a s e
P R I C E S	F b l i t h b d i l l i t i l l i P l d d I t l a o r a e a r a n c e a c r o s s e o a r n o c a c r r e n c e s, p a r c a r n o a n a n a v v u u y y
F O R E I G N E X C H A N G E	A l € 1 1 d N l d € 3 E B I T D A f d l l d h i t t t t m o s m a v a n a g e o n e s a e s a n m o n r o m s r o n g e r o a r a n r y v n a
F I N A N C I A S L	N S l € 1, 2 0 ( € 1, 1 9 i 2 0 1 9 ), 1. 4 % l i k f l i k t t 5 5 e a e s a m m n e- o r- e • - E B I T D A € 3 1 4 ( € 2 8 9 i 2 0 1 9 ), 8. 3 % l i k f l i k t + a m m n e- o r- e • N t d b t t € 3 8 5 € 5 6 8 t d 2 0 1 9 e e a m v e r s u s m a y e a r e n •
G U I D A N C E	G f % % i d 2 0 2 0 i E B I T D A t d t d b t 5 d 1 0 l t a n c e o r r e c r r n g e p e c e o e c r e a s e e e e n a n e r s s a s e a r u : u x w v u y

Volumes H1 2020

Price Index by country

In local currency; FY16 = 100

FX changes

	H 1 2 0	H 1 1 9	D	2 0 1 9	C t u r r e n
E U R 1 =	a g v	a g v	%	A g v
U S D	1. 1 0	1. 1 3	2 5 +	1. 1 2	1. 1 9
R U B	7 6 6 7	7 3 7 4	4 0 -	7 2 4 6	8 9 5 9
U A H	2 8 6 3	3 0 4 2	5 9 +	2 8 9 2	3 3 2 1
C Z K	2 6 3 3	2 5 6 8	2 5 -	2 5 6 7	2 6 6 6
P L N	4 4 1	4 2 9	2 8 -	4 3 0	4 4 5
M X N	2 3 8 4	2 1. 6 5	1 0 1 -	2 1. 5 6	2 5 1 8
B R A	5 4 1	4 3 4	2 4 6 -	4 4 1	6 3 1

H1 20 Financial Highlights

Net Cash from operations (€m, % of sales) Net Debt (€m)

EBITDA (€m, % of sales)

Results by Geographic Area | Italy & United States of America

•

• Cement volumes down due to lockdown of industrial operations in Mar and Apr. Recovery trend in May and June. Stronger impact on readymix production
•Favourable trend for selling prices.
• 13% of consolidated H1 net sales (17% in H1 19) and 3% of consolidated H1 EBITDA (11% in H1 19)
Cement volumes improved thanks to marginal impact from Covid-19 and no restrictions on the construction sector in the vast majority of the country. Ready-mix slightly down
No relevant changes in average selling prices in local currency
40% of consolidated H1 net sales (38% in H1 19) and 57% of consolidated H1 EBITDA (50% in H1 19)

Results by Geographic Area | Central & Eastern Europe

EBITDA (€m)

Central Europe

• Cement volumes only slightly down in Germany, thanks to limited negative impact from Covid-19. Luxembourg unfavorable after very weak April and stronger trend in May-June. Ready-mix concrete up thanks to different scope in Germany
•Average selling prices improved
• 27% of consolidated H1 net sales (27%in H1 2019) and 19% of consolidated H1 EBITDA (18% in H1 19)
• Cement volumes slightly better in Czech Republic, meanwhile Ukraine, Poland and Russia perfomed worse, more affected by the pandemic; readymix negatively impacted too
Average selling prices in local currency improved (Poland in particular)
• 18% of consolidated H1 net sales (19%in H1 19) and 21% of consolidated H1 EBITDA (21% in H1 19)

EBITDA (€m)

Results by Geographic Area | Mexico & Brazil (valued at equity)

• Cement volumes slightly up, thanks to ^a series of civil works considered strategic by the government, which allowed the carrying on of production and sales in the plants. Ready-mix decreased significantly
• Average selling prices in local currency declined
• Negative impact from the depreciation of the Mexican peso (-10%)
Cement volumes improved despite some cointainment measures introduced by the local authorities following the worsening of the pandemic in the country
• Positive variance in selling prices, in local currency
• Negative impact from the meaningful depreciation of the Brazilian real (-25%)

Net sales by country

	H 1 2 0	H 1 1 9	D	D	F o r e x	S c o p e	l- f- l D
E U R m			A b s	%	b a s	b a s	%
I t l a y	2 2 0. 8	2 5 3. 4	( ) 3 2 6	1 2 9 -	-	6. 9	1 5. 6 -
U i d S t t t n e a e s	6 1 1. 6	1 5 7 7.	3 4 6	6. 0 +	1 0 5.	-	3. 4 +
G e r m a n y	3 3 9. 4	3 2 2 4	1 7. 0	5. 3 +	-	4 8	3. 8 +
L / N h l d t u x e e r a n s	9 1. 2	9 6. 7	( ) 5. 5	5. 7 -	-	-	5. 7 -
C / S h R l k i e c e p o a a z v	7 5. 2	7 4 9	0. 3	0. 4 +	( ) 1. 6	-	2 6 +
P l d o a n	5 5. 2	5 8. 2	( ) 3. 0	5. 2 -	( ) 1. 5	-	2 6 -
U k i r a n e	1. 5 7	2 9 5	( 1. 2 )	2 3 -	3. 1	-	8. 1 -
R i u s s a	9 2 9	1 0 0. 6	( ) 7. 7	7. 7 -	( ) 3. 7	-	4 0 -
E l im in t io a ns	( 1 7. 9 )	( 1 7. 5 )	( 0. 4 )
T t l o a	1, 5 2 0. 1	1, 5 1 8. 7	1. 4	0. 1 +	1 1. 3	1 1. 7	1. 4 -

M i ( % ) 1 0 0 e x c o	2 6 6. 8	3 0 3. 7	( ) 3 6. 9	1 2. 2 -	( ) 2 7. 0	-	3. 3 -
B i l ( 1 0 0 % ) r a z	6 1. 2	6 5. 5	( 2 ) 4.	6. 5 -	( 1 1 ) 5.	-	1 6. 5 +

EBITDA by country

	H 1 2 0	H 1 1 9	D	D	F o r e x	S c o p e	f- l- l D
E U R m			b a s	%	b a s	b a s	%
I t l a y	8. 8	( 1) 3 2 1	( ) 2 3. 4	7 2 7 -	-	( ) 2 1	6 6. 2 -
U i d S t t t n e a e s	1 8 0. 1	1 4 3. 0	3 7. 0	2 5. 9 +	4 4	-	2 2 8 +
G e r m a n y	1. 8 5	4 2 1	9. 7	2 3. 1 +	-	0. 4	2 2 1 +
/ L N t h l d e e r a n s u x	6. 4	9. 0	( ) 2 6	2 8. 9 -	-	-	2 8. 9 -
C h R / S l k i e c e p o a a z v	1 9. 7	1 7. 7	2 0	1 1. 7 +	( 0. 5 )	-	1 4 4 +
P l d o a n	1 4 5.	1 2 5	2 9	2 3. 4 +	( 0. 4 )	-	2 6. 9 +
U k i r a n e	6. 7	1 7.	( 0. ) 4	5. 4 -	0. 4	-	1 1. 0 -
R i s s a u	2 4 8	2 4 6	0. 2	1. 0 +	( ) 1. 0	-	5. 0 +
A d j tm ts u s e n	0. 2	0. 5
T l t R i o a e c u r r n g	3 1 3. 9	2 8 8. 6	2 3 5.	8. 8 +	2. 9	( 1. ) 7	8. 3 +

M i ( 1 0 0 % ) e x c o	1 2 6. 4	1 3 2. 6	( 6. 2 )	4. 7 -	( 6. 4 )	-	4. 9 +
B i l ( 1 0 0 % ) r a z	1 6. 5	7. 5	9. 1	1 0 0 >	( 4. 1 )	-	1 0 0 >

(1) Thereof 15.0 €m from CO² intercompany sales

EBITDA variance analysis

Energy costs impact

Consolidated Income Statement

	H 1 2 0	H 1 1 9	D	D
E U Rm			b a s	%
N t S l e a e s	1, 5 2 0. 1	1, 5 1 8. 7	1. 4	0. 1 +
E B I T D A f h i h, i o w c n o n r e c u r r n g % f l ( i ) o s a e s r e c u r r n g	3 1 3. 9 - 2 0. 7 %	2 8 8. 6 - 1 9. 0 %	2 3 5.	8. 8 +
D i i d i i t t t e p r e c a o n a n a m o r z a o n	( 1 2 8. 4 )	( 1 2 3. 0 )	( 5. 5 )
O i P f i ( E B I T ) t t p e r a n g r o % f l o s a e s	1 8 5. 5 % 1 2. 2	1 6 6 5. % 1 0. 9	0. 4	2. 8 +
E i t i q e a r n n g s u y	1 4 8. 9	3 4 2	1 1 4 7
N f i t t e n a n c e c o s s	( 5 5. 0 )	( 2 9. 0 )	( 2 6. 0 )
f f P i t b t r o e o r e a x	2 7 9. 4	1 7 0. 8	1 0 8. 6	6 3. 6 +
I t n c o m e a x e x p e n s e	( 6 2 ) 7	( 3 6. 1 )	( 2 6. 6 )
N f i t t e p r o	2 1 6. 7	1 3 4. 7	8 2. 0	6 0. 9 +
M i i t i n o r e s	( 0. 2 )	( 0. 1 )	( 0. 1 )
C l i d d f i t t t o n s o a e n e p r o	2 1 6. 5	1 3 4. 6	8 1. 9	6 0. 8 +

Consolidated Cash Flow Statement

E U Rm	H 1 2 0	H 1 1 9
C h d f i t t a s g e n e r a e r o m o p e r a o n s	2 5 6. 2	1 9 5. 2
% f s le o a s	1 6. 9 %	1 3. 0 %
I i d t t n e r e s p a	( 1 8. 3 )	( 1 9. 3 )
I t i d n c o m e a p a x	( 2 3. 5 )	( 2 7. 5 )
N t h b t i t i i t i e c a s o p e r a n g a c e s y v	2 1 4. 4	1 4 8. 4
% f s le o a s	1 4. 1 %	9. 8 %
C i l d i t t a p a e x p e n u r e s	( 1 0 7. 6 )	( 1 2 6. 3 )
I F R S 1 6 l i e a s n g	-	( 9 3. ) 7
E i i t t t q u y n v e s m e n s	( 0. ) 7	( 0. ) 5
f P h t h r c a s e o r e a s r s a r e s u u y	( ) 7. 3	-
f R t t i b l b d t i + e p a m e n o c o n e r e o n o p o n y v	-	1 1 4 8
D i i d d i d v e n s p a	( 3 1. 9 )	( 2 6. 8 )
D i i d d f i t v e n s r o m a s s o c a e s	1 7 1. 0	4 9. 1
D i l f f i d d i t t t s p o s a o x e a s s e s a n n v e s m e n s	1 0. 4	5. 7
T l i d i f f d d i i t t r a n s a o n e r e n c e s a n e r v a v e s	( 1. 2 ) 7	( 0. 9 )
A d i t t b l c c r e n e r e s p a a e u y	3. 3	4 5
I t t i d n e r e s r e c e v e	6. 4	0. 8
C h i l i d t i d t h a n g e n c o n s o a o n a r e a a n o e r	( 4 1 )	( 3. 6 )
C h i t d b t a n g e n n e e	1 8 2. 7	1. 7 5
N f i i l i i ( d f i d ) t t e n a n c a p o s o n e n o p e r o	( 3 8 5. 1 )	( 8 1 9. 0 )

Net Financial Position

	J 2 0 u n	D 1 9 e c	∆	J 1 9 u n
E U Rm			b a s
C f h d t h i i l t a s a n o e r n a n c a a s s e s	1, 0 4 5. 0	8 4 0. 9	2 0 4. 1	6 3 9. 2
S h d b t- t t o r e r m e	( 4 0. ) 7	( 2. 2 ) 7	3 1. 5	( 3 8 9. ) 7
S h t- t l i o r e r m e a s n g	( 2 2. 5 )	( 2 2. 5 )	-	( 2 1. 4 )
N t h t- t h e s o r e r m c a s	9 8 1. 8	7 4 6. 1	2 3 5. 7	2 2 8. 1
f L t i i l t o n g e r m n a n c a a s s e s -	2. 4	2. 9	( 0. ) 5	3. 3
L d b t t o n g e r m e -	( 1, 2 9 4. 2 )	( 1, 2 4 2. 1 )	( 5 2. 1 )	( 9 7 8. 4 )
L t l i o n g e r m e a s n g -	( ) 7 5. 1	( ) 7 4. 7	( ) 0. 4	( ) 7 2. 1
N t d b t e e	( ) 3 8 5. 1	( ) 5 6 7. 8	1 8 2. 7	( ) 8 1 9. 0

Gross debt breakdown (1,432.4 €m )

Guidance 2020: Recurring EBITDA expected to decrease between 5% and 10% versus 2019 results

Italy

In the second half, ^a foreseeable moderate recover in demand will only partially offset the loss in volumes suffered during the lockdown period
Operating results expected to be higher than previous year, net of the sale of CO² emission rights

USA

Demand expected to contract in the second half due to the concerns and growing uncertainties following the critical epidemiological picture
Operating results in local currency expected to close somewhat down in comparison with previous year

Central Europe

Expected some marginal slowdown in demand in the second half
Operating results should remain in line with previous year

Eastern Europe

In the second half, demand is not expected to rebound due to the continuing criticality of the epidemiological picture and the related greater uncertainties regarding the timing of the economic recovery
Operating results expected to worsen in comparison with previous year

Appendix

Buzzi Unicem at a Glance

International multi-regional, "heavy-side" group, focused on cement, ready-mix and aggregates
Dedicated management with a long-term vision of the business
Highly efficient, low cost producer with strong and stable cash flows
Successful geographic diversification with leading positions in attractive markets
Italy (# 2 cement producer), United States (# 4 cement producer), Germany (# 2 cement producer), material joint venture assets in Mexico and Brazil
Significant positions in Luxembourg, The Netherlands, Poland, Czech Republic, Slovakia, Russia and Ukraine, as well as entry point in Slovenia and Algeria
High quality and environmentally friendly assets
Leading product and service offering
Conservative financial profile and balanced growth strategy

"Value creation through lasting, experienced know-how and operating efficiency"

Shares & Shareholders

S h C a r e a	i l t p a
O d i • r n a r y	1 6 3 4 9 1 4 9 5 , ,
S • i a v n g s	0 1 1, 9 9 4 7 4 ,
N b f h m e r o s a r e s u	2 0 6 0 6 1, 0 9 8 ,

Ordinary Shares

• B i h l d i o n g s u z z	9 4 6 1, 3 0 0 7 ,
--------------------------------------------------------------------	--------------------------------------------

•Free float 67,486,691

•Treasury shares 401,158

Cement plants location and capacity

2019 Consumption vs. Peak

Historical series of cement consumption by country

Net Cash Flow from Operations and Capex| €m

Debt Maturity Profile

Total nominal value of debt and borrowings (except €m 98 leasing), stood at €m 1,267 at June 2020
As at June 2020 available €m 322m of undrawn committed facilities (€m 300 for Buzzi Unicem, €m22 for Dyckerhoff)

Historical EBITDA development by country

		2 0 1 1	2 0 1 2	2 0 1 3	2 0 1 4	2 0 1 5	2 0 1 6	2 0 1 7	2 0 1 8	2 0 1
I ta ly	EB ITD A	10 3 ,	-5, 9	-18 1 ,	-18 7 ,	-37 2 ,	-22 2 ,	-79 7 ,	-1, 7	43 ,
	in ma rg	1, 8%	-1, 2%	-4, 2%	-4, 8%	-9, 8%	-5, 9%	-18 6% ,	-0, 4%	8, 6%
Ge rm an	EB ITD A	90 3 ,	72 2 ,	108 1 ,	88 6 ,	72 1 ,	76 8 ,	78 1 ,	82 5 ,	102 ,
y	in ma rg	14 2% ,	12 0% ,	18 0% ,	14 7% ,	12 6% ,	13 4% ,	13 3% ,	13 0% 15 , , 23 1 22 , , 7% 11 11 , , 43 6 46 , , 26 5% 27 , , 31 9 32 1 , , 28 6% 25 , , 7, 0 21 , 8, 0% 15 , 50 1 57 , , 27 0% 26 , , 34 1, 2 40 2, 9% 31 32 , , 5 7 7, 2 7 2 8, % 2 0, 1 2 2, 6	1%
Lu / x	EB ITD A	35 0 8, 3 11 5 15 9 19 7 , , , ,	25 8 ,	17 6 ,
Ne t he lan ds r	in ma rg	7% 15 ,	3% 4,	3% 6,	7% 9,	7% 11 ,	7% 14 ,	4% 9,		8%
Cz / h Re ec p	EB ITD A	35 2 ,	25 4 ,	19 2 ,	27 0 ,	32 6 ,	34 4 ,	36 5 ,		9 4 3 7 3 5% 9% 0 9% 7 9% 7 4%
S lov k ia a	in ma rg	20 5% ,	17 0% ,	14 6% ,	20 2% ,	24 0% ,	25 2% ,	24 7% ,
Po lan d	EB ITD A	36 9 ,	21 8 ,	27 1 ,	18 2 ,	22 7 ,	23 4 ,	24 1 ,
	in ma rg	26 6% ,	20 0% ,	26 8% ,	20 4% ,	20 4% ,	24 6% ,	24 9% ,
U kra ine	EB ITD A	6, 9	15 8 ,	12 3 ,	11 0 ,	4, 0	12 8 ,	16 0 ,
	in ma rg	6, 2%	11 8% ,	10 0% ,	12 5% ,	7% 5,	16 1% ,	16 9% ,	0 6 2 1 % %
Ru ia ss	EB ITD A	65 7 ,	96 1 ,	92 6 ,	73 4 ,	48 4 ,	43 2 ,	46 ,
	in ma rg	37 4% ,	41 0% ,	37 2% ,	35 0% ,	29 0% ,	28 0% ,	24 9% ,	36 9, 0% 33 , 5 0 8, 1 8, 1
S U A	EB ITD A	71 4 ,	123 9 ,	15 1, 0	20 7, 3	31 1, 7	35 6, 5
	in ma rg	8% 12 ,	2% 18 ,	7% 20 ,	2% 24 ,	1% 28 ,	9% 31 ,
Me ico	EB ITD A	82 6 ,	97 5 ,	77 5 ,
x	in ma rg	7% 34 ,	2% 36 ,	2% 33 ,	Ad tion of op S IFR 11
	E B I T D A	4 3 3	4 5 1	4 8 2	4 2 7	4 7 2	5 5 6
Gr ou p		4,	5,	1,	2,	3,	0,
	in ma rg	% 1 5, 6	% 1 6, 2	% 1 7, 5	% 1 6, 9	% 1 7, 8	% 2 0, 6

Estimated trend of CO² emission and allowances in the first half EU ETS phase IV period (2021-2025)

(Reduction scenario includes CO² reduction projects and >/< 15% rule)

Breakdown of CO2emissions per country in 2019

Solutions for de-carbonization

			factors influencing feasibility:
$\bullet$ $\bullet$	CLINKER CEMENT	冒 EMBUREAU	low very high *
	CONCRETE	2050 CARBON NEUTRALITY	performance		availability of				increase of
	CONSTRUCTION	ROADMAP	and market	standards	supplementing	permits	nimby	R&D	cost	capex
	CARBONATION	(Kg CO2/t cement)	acceptance		materials/fuels				production
cements with a lower clinker content		$-72$	$***$	***	*				$*$	$***$
alternative fuels with biomass content		$-71$			**	***	*		$*$	**
technical update (BAT)		$-61$								*
new cements with lower carbon footprint		$-17$	$***$	$***$	***	$*$		*	$\ast$	$**$
carbon capture		$-280$				***	*	*	*	*
concrete recipe optimization		$-52$	$***$	*	$***$				$***$	$*$
H ₂ + electrification		$-19$			*			本本	*	*
decarbonated raw materials		$-27$			*					**
carbon neutral trasnsport		$-17$			*					***
CO ₂ uptake		$-51$
already achieved up to 2017 since 1990		$-116$
total		$-783$

CCS situation: where are we now?

Good news…

•Various CC options available although not all with the same level of technical readiness (TRL).
•Storage and utilization solutions potentially available.
•EU financing.

Bottlenecks

•High costs
•Lack of infrastructure
•Not enough renewable energy / H2
•NIMBY syndrome

What do we need to go forward?

• High costs entail risk of carbon leakage. We need rules for maintaining our competitiveness.
•Infrastructure projects and support for storage still missing.
•Renewable energy supply.
• New liaisons and new alliances between energy intensive industry and big emitters.
•Stakeholder dialogue to prevent/limit NIMBY.