Buzzi Unicem — Interim / Quarterly Report 2020

May 18, 2020

Executive Summary Q1 2020

Volumes Q1 2020

Price Index by country

In local currency; FY16 = 100

FX changes

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

Net sales by country

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

Results by Geographic Area | Italy & United States of America

• • Despite a safisfactory start of the year, cement volumes down due to lockdown of industrial operations from 2nd half of Mar. Stronger impact on readymix production
• •Favourable trend for selling prices.

• •17% of consolidated Q1 net sales (18% in Q1 2019)

• • Cement volumes improved thanks to favourable weather conditions and marginal impact from Covid-19 (no restrictions on activities in 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 Q1 net sales (39% in Q1 19)

Results by Geographic Area | Central & Eastern Europe

• • Cement volumes better than last year in Germany, thanks to limited negative impact from Covid-19. Luxembourg stable despite very weak Mar shipments following lockdown decisions locally and in France. Ready-mix concrete stable.
• •Average selling prices improved

• •27% of consolidated Q1 net sales (27% in Q1 2019)

• • Cement volumes improved in Czech Republic meanwhile Russia, Poland and Ukraine more affected by restrictions and economic uncertainties. Ready mix slightly up

• •Average selling prices in local currency improved
• •17% of consolidated Q1 net sales (17% in Q1 2019)

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

• • Cement volumes slightly up thanks to the continuation of a series of infra works considered strategic by the government, together with restrictions on economic activities due to the spread of the pandemic.
• •Average selling prices in local currency declined

• • Negative impact from the depreciation of the Mexican peso

• • Cement volumes down due to the bad weather conditions in South-East region and to the first negative impact of Covid-19

• •Positive variance in selling prices, in local currency
• • Negative impact from the depreciation of the Brazilian real (-14.9%)

YTD Trading Update

• • Italy: Construction sector not considered among the core activities (few exceptions). All of our production and trade has been suspended since ²³ March. From ⁴ May, we were allowed to resume our business. The reopening plan initially envisages the restart of shipments and then, according to demand levels, of continous production in the various plant
• • Germany: Downward trend in April, despite fewer restrictions imposed by the government on personal mobility
• • Luxembourg: Restrictions on production and sales activies in force since March. The plant resumed commercial activity and cement production since the last week of April
• • Czech Republic: Restrictions indirectly affecting our business. In April sales were down (more in the cement business) and possible return to levels close to normal is expected in May. Least impacted market in Eastern Europe
• • Poland: The high epidemic indicators in April led to widespread restriction on mobility. Gradual easing plan expected in May. In April, cement sales showed ^a clear reduction. Sharper decline in ready-mix concrete

YTD Trading Update (2)

• • Ukraine: The restrictive regulations are expected to remain in force until mid-May, but industrial activities are outside. In April our volumes slowed down strongly
• • Russia: Severe restrictions on individual mobility and production (including construction sector) were introduced until mid-May. In late April, new disease outbreaks were identified also in the Ural area, where our production plants are located. Cement sales throughtout April indicate ^a clear slowdown in the demand from private sector. The government is showing active support for some infra projects, but oil-well cement is suffering
• • United States of America: Throughout April, our plants, with the exception on Stockertown (PA) which was touched by the interruption of construction activities in the North-East, maintained regular operations. Sales volumes in line with ²⁰¹⁹ YTD, except oil-well cement shipments

Net Financial Position

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

Gross debt breakdown (1,437.4 €m )

2019 Financial Highlights

Net Sales by country

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

EBITDA by country

	2 0 1 9	2 0 1 8	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	3 4 4	( 1. ) 7	1 4 5	1 0 0 >	-	0 4 -	1 0 0 >
S U i t d t t n e a e s	0 2 4 7	3 1. 2 4	6 1. 5	1 8 0 +	2 1. 0	-	1 1. 9 +
G e r m a n y	1 0 2 3	8 2 5	1 9 8	2 4 0 +	-	1. 2	2 2 6 +
/ L N t h l d u x e e r a n s	2 2 7	2 3 1	( ) 0 4	1. 6 -	-	-	1. 6 -
C / S h R l k i z e c e p o v a a	4 6 3	4 3 6	2 7	6 3 +	0 1 -	-	6 4 +
P l d o a n	3 2 1	3 1. 9	0 3	0 9 +	0 3 -	-	1. 7 +
U k i r a n e	2 1. 0	0 7	1 0 4	1 0 0 >	2 1	-	1 0 0 >
R i u s s a	5 7 7	0 1 5	7 5	1 0 5 +	1. 2	-	1 2 6 +
E l i i t i m n a o n s	( 0. 2 )	( 0. 4 )	0. 2
T t l o a	7 2 8 1	5 7 7 2	1 5 0 9	2 6 1 +	2 4 0	2 8 -	2 2 5 +
M i ( 1 0 0 % ) e x c o	2 5 2 2	2 8 9 0	( ) 3 6 7	1 2 7 -	1 2 8	-	1 7 1 -
B i l ( 1 0 0 % ) r a z	2 3 4	3 1. 8	( 8 4 )	2 6 6 -	0 6 -	-	2 4 8 -

EBITDA variance analysis

Net Cash Flow from Operations and Capex ^|€m

Consolidated Income Statement

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

Consolidated Cash Flow Statement

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

Debt Maturity Profile

• Total nominal value of debt and borrowings (except €m 97 leasing), stood at €m 1,266 at December 2019
• As at December 2019 available €m 321m of undrawn committed facilities (€m 300 for Buzzi Unicem, €m21 for Dyckerhoff)

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), joint venture 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 | Dividend Proposal

Cement plants location and capacity

2019 Consumption vs. Peak

Historical series of cement consumption by country

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 ly ta	E B I T D A	1 0, 3	-5, 9	-1 8, 1	-1 8, 7	-3 7, 2	-2 2, 2	-7 9, 7	-1, 7	4 3,
	in ma rg	1, 8 %	-1, 2 %	-4, 2 %	-4, 8 %	-9, 8 %	-5, 9 %	-1 8, 6 %	-0, 4 %	8, 6 %
Ge rm an	E B I T D A	9 0, 3	7 2, 2	1 0 8, 1	8 8, 6	7 2, 1	7 6, 8	7 8, 1	8 2, 5	1 0 2,
y	in ma rg	1 4, 2 %	1 2, 0 %	1 8, 0 %	1 4, 7 %	1 2, 6 %	1 3, 4 %	1 3, 3 %	1 3, 0 %	1 5, 1 %
Lu / x	E B I T D A	3 5, 0	8, 3	1 1, 5	1 5, 9	1 9, 7	2 5, 8	1 7, 6	2 3, 1	2 2,
Ne t he lan ds r	in ma rg	1 5, 7 %	4, 3 %	6, 3 %	9, 7 %	1 1, 7 %	1 4, 7 %	9, 4 %	1 1, 7 %	1 1, 8 %
Cz h Re / ec p	E B I T D A	3 5, 2	2 5, 4	1 9, 2	2 7, 0	3 2, 6	3 4, 4	3 6, 5	9 4 3 7 4 3, 6 4 6, 3 2 6, 5 % 2 7, 5 % 3 1, 9 3 2, 1 2 8, 6 % 2 9 % 5, 0 2 1, 0 7, 8, 0 % 1 9 % 5, 0, 1 5 5 7, 7 2 0 % 2 6, 9 % 7, 3 4 1, 2 4 0 2, 7 3 1, 9 % 3 2, 4 % 5 7 7, 2 7 2 8, 1 2 0, 1 % 2 2, 6 %
S lov k ia a	in ma rg	2 0, 5 %	1 7, 0 %	1 4, 6 %	2 0, 2 %	2 4, 0 %	2 5, 2 %	2 4, 7 %
Po lan d	E B I T D A	3 6, 9	2 1, 8	2 1 7,	1 8, 2	2 2, 7	2 3, 4	2 4, 1
	in ma rg	2 6, 6 %	2 0, 0 %	2 6, 8 %	2 0, 4 %	2 0, 4 %	2 4, 6 %	2 4, 9 %
U kr ine a	E B I T D A	6, 9	1 8 5,	1 2, 3	1 1, 0	4, 0	1 2, 8	1 6, 0
	in ma rg	6, 2 %	1 1, 8 %	1 0, 0 %	1 2, % 5	% 5, 7	1 6, 1 %	1 6, 9 %
Ru ia ss	E B I T D A	6 5, 7	9 6, 1	9 2, 6	3, 4 7	4 8, 4	4 3, 2	4 6, 0
	in ma rg	3 4 % 7,	4 1, 0 %	3 2 % 7,	3 0 % 5,	2 9, 0 %	2 8, 0 %	2 4, 9 %
U S A	E B I T D A	7 1, 4	1 2 3, 9	1 5 1, 0	2 0 7, 3	3 1 1, 7	3 5 6, 5	3 6 9, 6
	in ma rg	1 2, 8 %	1 8, 2 %	2 0, 7 %	2 4, 2 %	2 8, 1 %	3 1, 9 %	3 3, 0 %
Me ico x	E B I T D A	8 2, 6	9 7, 5	7 7, 5	A do t ion f p o
	in ma rg	3 % 4, 7	3 6, 2 %	3 3, 2 %	S 1 1 I F R
	E B I T D A	4 3 4, 3	4 5 5, 1	4 8 1, 2	4 2 2, 7	4 7 3, 2	5 5 0, 6	5 0 8, 2
Gr ou p	in ma rg	1 5, 6 %	1 6, 2 %	1 7, 5 %	1 6, 9 %	1 7, 8 %	2 0, 6 %	1 8, 1 %